# Challenges and opportunities: what lies ahead for the world economy?

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Text version: https://stenobird.com/podcast/euro-matters-the-european-central-bank-podcast-1063898/challenges-and-opportunities-what-lies-ahead-for-the-world-economy.md
Podcast: [Euro Matters – the European Central Bank Podcast](https://stenobird.com/podcast/euro-matters-the-european-central-bank-podcast-1063898)
Published: 2025-07-04T03:00:09+00:00
Episode link: https://soundcloud.com/europeancentralbank/challenges-and-opportunities-what-lies-ahead-for-the-world-economy
Audio file: http://dts.podtrac.com/redirect.mp3/feeds.soundcloud.com/stream/2123834256-europeancentralbank-challenges-and-opportunities-what-lies-ahead-for-the-world-economy.mp3
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Duration seconds: 1281

## Resource

Tariffs and geopolitical conflicts have created uncertainty around the world. But how does the new trade environment affect inflation and the economy? How can central banks adapt? And what is the potential impact on the dominance of the US dollar ? In the third episode of our special Sintra series of the ECB Podcast, our host Paul Gordon talks to London School of Economics Professor Silvana Tenreyro. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 4 July 2025 and recorded on 1 July 2025. In this episode: 01:30 How is the world economy doing? What developments are having an impact on our economy today? And what uncertainties are arising from tariffs, trade fragmentation and armed conflicts in different parts of the world? 03:30 Tariffs, trade fragmentation and the economy How can trade tariffs and fragmentation affect economic growth and inflation in the euro area and beyond? 06:25 How are prices changing? How are prices changing in different countries? Will tariffs cause prices in the United States to rise, and those in Asia and Europe to fall? And why? 07:55 Lessons for central banks Given the extremely high level of uncertainty, what lessons from past shocks can central banks apply in the future? Why do we need clearly defined frameworks? And what role do governments play? 09:55 How can governments prepare for potential shocks? Investing in technologies that are difficult to substitute, diversifying energy sources and creating buffers for critical inputs – why it’s crucial that governments have a strategy to withstand various shocks. 12:05 What is a dominant currency? When is a currency considered internationally “dominant”? And what dominant currencies have there been in the past? 13:40 Dollar domina…

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