The Periphery as Stress Test: Emerging Markets in the New Regime

This is the third part of a four-part series on capital, power, and credibility in 2025. The first essay looked at monetary policy and the cost of capital in a year that did not deliver the clean pivot everyone had been promised. The second described how trade, investment, and statecraft have turned globalisation into geometry, with blocs and corridors now shaping where goods and capital can move.