The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
The Open Centre: Reimagining Europe’s offer to a fractured world
English Summary
The article argues that Europe must redefine its global role by becoming an 'open centre'—a force for measure and equilibrium rather than a hegemonic power. This requires accepting that the world is no longer Europe-centric (decentering) and adopting a strategy of 'value-based realism.' Crucially, external relevance hinges on domestic renewal: Europe must first rebuild its internal civic bargain to restore trust and cohesion. If successful at home, Europe's new offer will be to act as a non-exclusive partner in solving concrete global problems—such as sustainable infrastructure or digital standards—by accommodating plurality without sacrificing coherence.
中文摘要
本文論述歐洲必須重新定義其全球角色，轉型為一個「開放中心」（open centre）——即一種促進衡量與平衡的力量，而非霸權力量。這要求歐洲接受世界已不再是以自身為中心的格局（去中心化），並採納「價值基礎的現實主義」戰略。關鍵在於外部相關性取決於內部更新：歐洲必須先重建其內部的公民契約，以恢復信任和凝聚力。若能在國內取得成功，歐洲新的全球定位將是作為一個非排他性的夥伴，協助解決具體的全球問題——例如永續基礎設施或數位標準——在不犧牲整體一致性的前提下，接納多元性。
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