Digital Money and Monetary Power: Europe’s Strategic Choice in a New Financial Order As of June 2026 The global financial order is undergoing a quiet but profound structural shift. At first glance, it may look like a familiar contest between the U.S. dollar and China’s renminbi. But the real issue is broader. The next financial order may not be determined only by which currency is used more often. It may be shaped by who controls digital payment rails, stablecoins, central bank digital currencies, tokenised assets, wholesale settlement infrastructure, and the standards that govern financial data. A stablecoin is a digital token designed to maintain a stable value, usually by being pegged to a fiat currency. A central bank digital currency, or CBDC, is a digital form of public money issued or backed by a central bank. CBDCs can be divided into retail CBDCs, designed for households and businesses, and wholesale CBDCs, designed for banks, financial institutions, and market infrastructures...
Hormuz Is Reopening. Europe’s Energy Vulnerability Is Not. The Strait of Hormuz, America’s Energy Leverage, and the New Balance Facing Switzerland and Europe As of June 23, 2026 Executive Summary The Strait of Hormuz crisis is not just another Middle Eastern flashpoint. It is a stress test for Europe’s economic model, exposing the continent’s dependence on external energy, external security, and external demand. Oil prices have eased faster than many might have expected in the face of war risk. That does not mean the market is ignoring geopolitics. It means the market is pricing a more complex combination of forces: the partial restoration of traffic through Hormuz, a temporary 60-day U.S. authorization for Iranian oil sales, softer demand, and the growing role of U.S. and non-Middle Eastern supply. As of June 23, Reuters reported Brent trading near $77 a barrel, with prices pressured by the U.S. sanctions waiver and signs that shipping through Hormuz was gradually recovering. ( ...