Ethan Harvey | Europinion

Running on Empty: How the West Is Engineering Its Own Energy Shock

It seems an energy crisis is once again being manufactured, not only by war but by deliberate policy. The Strait of Hormuz, the passageway for a fifth of the world’s traded oil, is shut once again. The US Strategic Petroleum Reserve is at its lowest level since 1983. Russia, the world’s second-largest diesel exporter, has banned all diesel exports. And Europe heads into the winter with the lowest gas reserves in 15 years, while paradoxically purchasing record volumes of gas f

Ethan Harvey

Jul 207 min read

Stability at Any Price: Nabiullina's High-Rate Gamble

Russia’s Central Bank raised its key interest rate to a two-decade high of 21% in late 2024 after a surge in inflation. Since then, it has pursued a policy of monetary easing, with the cut from 14.5% to 14.25% on 19th June marking the ninth consecutive cut. This has surprised some analysts, who were expecting a 50-basis-point cut. More broadly, it reflects the cautious approach that Elvira Nabiullina, Governor of the Central Bank of Russia, has taken toward the economy, with

Ethan Harvey

Jul 146 min read

Blairism in a Flat Cap: The Burnham Illusion

In violation of the constitutional conventions that Britain usually holds dear, Britain will endure a long, directionless interval following Keir Starmer's resignation on 22nd June. The election of a new leader, Andy Burnham, who was sworn in as MP also on the 22nd June after winning the Makerfield by-election, is the likely replacement. If Burnham’s leadership bid faces no contest, he is likely to take over in the 17-20th July period, rather than in September, as some have s

Ethan Harvey

Jul 37 min read