Banks cannot engineer a balance between exchange rates and interest rates in a country with free capital flows, where banks’ funding conditions are affected by the global economic environment and by country risk. As Turkey has demonstrated, using banks for this purpose destroys both internal and external economic balances.

The latest political pledge to amend Bosnia’s electoral law and constitution in line with rulings by the European Court of Human Rights looks destined to fail. It’s time the institutions of state take the lead, with the help of NGOs, academics and the international community.

“It is a massive strategic blunder at a time when President Biden will be seeking to put together an international partnership of liberal democracies to deal with the bullying loutish behavior and assault on our international rules by Chinese Communists.” — Former Hong Kong Governor Lord Patten, Daily Mail, January …