The world's fiscal buffers are shrinking
In addition to growth, inflation, and interest rates, government debt is once again taking center stage. The IMF describes the global fiscal situation as increasingly strained: Global public debt stood at 93.9% of global GDP in 2025 and, according to current projections, is heading toward 100% of global GDP by 2028. Less room to maneuver in the event of a crisis. This means […]
Regulation is now in effect—not at some point in the future
In the European financial and technology sectors, regulation is no longer just an abstract topic for the future. DORA has been in effect since January 17, 2025, and requires financial firms to organize their digital operational resilience in a structured manner—that is, to systematically manage ICT risks, outages, dependencies on third-party providers, and reporting processes. EU AI Act: Progressive, but Binding At the same time, the EU AI […]
Artificial intelligence is no longer a topic for the future—it is now a reality in business operations
The adoption of AI in businesses has crossed a threshold beyond which it can no longer be referred to as a pilot project. According to Eurostat, by 2025, 20.0% of EU companies with at least ten employees were already using AI technologies in their business operations. Among large companies, the share was as high as 55.03%. From Innovation Project to Operational Standard AI is thus no longer just […]
The FX market is cross-border, institutional, and concentrated
63% of revenue, 4 locations, a global network. The global foreign exchange market is highly internationalized. According to the BIS, in April 2025, approximately 63% of global FX turnover consisted of cross-border transactions. At the same time, 50% of the total volume was attributable to transactions with “other financial institutions”—such as funds, insurers, pension funds, or other non-bank financial players. Institutional investors alone accounted for […]
Demand for hedging can now be clearly measured
The latest BIS data show not only that the foreign exchange market is large, but also what it is used for. Outright forwards—that is, contracts through which market participants lock in future exchange rates—reached an average daily volume of 1.8 trillion U.S. dollars in April 2025. Their share of global FX turnover rose to 19%, up from 15% in 2022. […]
The FX market is not a niche segment, but rather a global infrastructure
9.6 trillion U.S. dollars—every day. When people talk about currencies, they aren’t discussing a niche topic, but rather one of the world’s largest market infrastructures. The Bank for International Settlements estimates that global OTC FX trading volume in April 2025 will average 9.6 trillion U.S. dollars per day—a 28% increase compared to 2022. The operating system of the global economy This […]
The interest rate landscape remains divided
In 2026, the major central banks are not on the same page. The U.S. Federal Reserve is targeting a federal funds rate range of 3.50% to 3.75%. The European Central Bank’s deposit facility rate stands at 2.00%, while the Swiss National Bank is keeping its key interest rate at 0%. More Than Just Statistics: What Interest Rate Differentials Really Drive These differences are […]
Inflation hasn't gone away—it's just less dramatic
Inflation is no longer an exceptional phenomenon, but it is not over yet. In the eurozone, annual inflation stood at 2.6% in March 2026, up from 1.9% in February. In the U.S., the Consumer Price Index rose 3.3% year-over-year in March 2026. No cause for alarm—but no all-clear either. These figures […]
Global trade remains strong—but it is becoming more fragile
35 Trillion U.S. Dollars: A Strong Signal Global trade remains a powerful force in the world economy. According to UNCTAD, the value of global trade rose to approximately 35 trillion U.S. dollars in 2025—an increase of about 2.5 trillion U.S. dollars, or nearly 7.5 percent, compared with 2024. International interdependence, demand, and cross-border value creation thus remain intact. However, the […]
The global economy continues to grow—but under increased pressure
Solid Growth, Rising Risks The global economy will not be in a recession in 2026, but it is heading into a significantly more challenging environment. The International Monetary Fund forecasts global growth of 3.1% for 2026 and 3.2% for 2027. At the same time, the Fund expects global inflation to rise slightly again in 2026, […]
