Global Affairs Live

Karen DeYoung, Steve Erlanger, and Gideon Rachman join Ivo Daalder to discuss 2022's biggest stories in their eyes. From the Ukraine-Russia war and its impact on global markets to the faltering of authoritarian rule and the unexpected revival of the West, they reflect on a tumultuous year and what 2023 might hold.  

Sweden and Finland have officially applied for NATO membership following Russia's full-scale invasion of Ukraine, marking a significant security policy change for the two Nordic nations. In light of this historic geopolitical shift, experts discuss what obstacles remain to a northern enlargement of NATO, how Moscow might respond, and the overall implications for European security. 

A flurry of meetings and calls have taken place in recent days between the leaders and top diplomats of the United States, Russia, Ukraine, and European nations, in an effort to forestall potential Russian military action in Ukraine. With a diplomatic breakthrough remaining elusive and Russian forces continuing to mass close to Ukraine's border, what might be President Putin's next move—and is there still hope for de-escalation? General Wesley K. Clark, Ivo H. Daalder, Susan Glasser, Bianna Golodryga and Lieutenant General Mark Hertling discuss this, and more, as tensions with Russia continue to grow. 

The Summit for Democracy on December 9 and 10 brought together the heads of over 100 countries to discuss the state of political freedom around the world. Convened by President Biden, the Summit struck a somber tone, as participants grappled with the growing power of authoritarian states and the rising popularity of populist leaders within the democratic world. Michael Abramowitz, Ivo Daalder, Anders Fogh Rasmussen, and Nathalie Tocci consider the scale of the challenges raised at the Summit, and how the world's democracies might respond.

Democracies are facing multiplying challenges, from structural changes to geopolitical shifts to cultural transformations. Though the United States remains one of the strongest democratic nations in the world, it is by no means immune to democratic backsliding. As the American public becomes more polarized on issues such as press freedom and US-Russia relations, the question of how core democratic commitments is being even more sharply presented. Will our institutions hold? Do the systemic weaknesses revealed by recent pressures on the US Constitution require fundamental change in how it is interpreted and implemented? How likely is it that our democracy could erode, and can we mitigate the risk?

Identity has become a defining—and divisive—political concept around the world. In recent years appeals to group identity have underpinned the election of Donald Trump, the success of the Brexit “leave” campaign, the rise of politicized Islam and anti-immigrant nationalism, and the emergence of powerful social movements like #metoo. But as demands for recognition based on nationality, ethnicity, religion, and gender have risen in prominence, these narrower identities are conflicting with the universal values of liberal democracy, argues Francis Fukuyama. What is driving the focus on identity in politics today? And can identity be molded in a way that supports rather than undermines democracy?  

Food transcends beyond the plate, creating both pleasure and purpose. It defines our place in the world and the issues we care most about. This year's James Beard Foundation honorees are recognized for their leadership within their communities, their contributions to their cultural heritage, and their utilization of farming and food as a form of advocacy for social good. How have these leaders elevated social issues through food and culture? How have they brought about disruption, awareness, and purposeful change?

Amid Brexit, a rising China, and an increasingly assertive Russia, Germany finds itself in the middle of a range of foreign policy challenges. Meanwhile, reverberations from the US-China trade war are taking their toll on Germany's export-driven economy, contributing to its slowest rate of growth in five years. The rise of populism worldwide has also reached German politics, with its consequent pressure on Germany's postwar liberal democracy. As the era of Chancellor Angela Merkel's leadership comes to a close, how will Germany confront the foreign policy challenges it faces? In what ways will Germany's internal politics affect its decision-making on external issues? Will the US pullback from the world stage be met with more robust German diplomacy?

America's post-war history offers a blueprint for a more equitable economic future, argue MIT economists Jonathan Gruber and Simon Johnson. Starting in 1940, unprecedented public investment allowed for breakthroughs in science and technology. Advancements such as radar, digital computers, jet engines, and eventually the internet, enabled America to achieve economic supremacy, and were themselves catalysts for even greater economic growth. Yet in recent decades innovation has tended to reinforce inequality and concentrate wealth in a few coastal enclaves. How can America recreate an economy where the benefits of growth are shared more widely? And will technology help or hinder this process?

The Sahel region of Africa faces many challenges in building a more peaceful and prosperous future. From violent extremism to increasing migrant and refugee flows, instability in the Sahel has become a focus for regional and global policy leaders. In order to achieve a sustainable peace, the underlying causes for regional instability must be addressed. How can sustainable development and regional partnerships help improve security in the Sahel? What other policies can help enhance economic and physical security in the region?

Concerns over Iran's increasing influence in the Middle East have placed high on the US foreign policy agenda. The alliance with Saudi Arabia, withdrawing from the JCPOA, and recent decision to retain over 2,000 troops in Syria, reflect Washington's wider effort to contain Tehran. Yet, foreign policy experts warn that America's new strategy may be missing the bigger picture, namely the changing geopolitical dynamics in the Middle East. New power shifts, such as Turkey's pivot toward Iran and Russia, and Putin's increasing role as a mediator in Syria, could weaken America's influence in the region. How effective is the United States' current strategy in the Middle East? And how would America's further disengagement from that part of the world impact its reputation as a global leader?

The Republic of Ghana is widely considered to be a shining star in Sub-Saharan Africa. With growing economic strength and a strong democratic political system that recently experienced another peaceful transition of power, Ghana's successes mean further prosperity for its people, the West African region, and the African continent. Please join us at the Chicago Council on Global Affairs as we discuss Ghana's future with President Nana Akufo-Addo.

Is Russia back? Following a decade of post-Soviet malaise, Russia has reemerged under the leadership of President Vladimir Putin as a chief player on the world stage. Indeed, Putin's Russia has been ever more assertive in testing—and defying—the liberal international order created after World War II. From its annexation of Crimea and intervention in eastern Ukraine, to its burgeoning partnership with China and steady military buildup in the Arctic, Russia is presenting new challenges to the US and its partners around the world. Yet, with a petro-economy the size of Italy's, few close allies, and military spending eclipsed by that of the US, has Russia truly resumed its Soviet superpower status? How will Russia's role in the world change in the wake of the US retreat from global leadership?

In the coming years, artificial intelligence could fuel tensions between the United States and China, argues quantitative futurist, Amy Webb. Today, nine giant corporations—six American, three Chinese—control the bulk of the data and advances in computing that underpin these technologies. But while the US tech titans face little oversight and report primarily to shareholders, the Chinese government closely supervises the work of its tech companies, guiding research and investment in ways that are beneficial to the state. With competition between these superpowers intensifying, will China's centralized, top-down approach give it the edge in the race for technological supremacy? How can the White House, Pentagon, and Silicon Valley craft a shared national strategy for AI?

Trade tensions rose sharply in 2018 between the United States and China as both sides imposed steep tariffs on imports of certain goods. The mounting tension between the world's two largest economies caused global markets to drop, and uncertainty remains as to whether negotiators will be able to break the impasse and end the trade war. What can we expect in 2019 for US-China economic relations? What happens if the United States and China fail to reach a final agreement on trade issues? Join the Council on Global Affairs as trade experts Phil Levy and Derek Scissors discuss the state of trade relations between the United States and China and the implications for the global economy.

Next year China is expected to implement a far-reaching Social Credit system, using data collected from a multitude of digital sources to score the "trustworthiness" of its citizens. For many in the West, such all-encompassing surveillance might sound darkly Orwellian. But the platforms and devices used by the Chinese system are proliferating, and today the United States government and tech giants like Facebook and Google, possess previously unimaginable troves of information on the public's activities and interests. How can democratic societies prevent this mass collection of data from being misused in ways that undermine rights and freedoms, or leave public opinion open to manipulation? Where do we draw the line between privacy and transparency in the digital age?

Women's rights have become increasingly important to development efforts. On the eve of International Women's Day 2019, Melanne Verveer joined the Council's Katelyn Jones to consider progress made, to acknowledge past and present challenges, and to identify future policy avenues on the path to gender equality nationally and globally.

We're doing it wrong. As government and the market economy, two highly debated and complex pillars of our society, become more sophisticated and powerful, the core of society, the community, the third pillar, is being lost. When the gap between communities and the political and economic elite grows too wide, it has manifested itself in violence and populism. With communities left out of the equation, Raghuram Rajan suggests that we are "doing it wrong." In an era of globalization and digital connectivity, what does a healthy third pillar look like? Will a shift to strengthening and empowering local communities be the answer to growing economic disparity and political unrest? 

In the 1980s Joseph Nye coined the term “soft power,” referring to a country's ability to attract rather than coerce. For many years America has enticed the world through the appeal of its cultural outputs, even when US foreign policy is unpopular. It has unleashed an attractive arsenal of Hollywood blockbusters, genre-shaping tunes, and mega brands such as McDonald's and Apple. As these cultural phenomena spread globally, so did US influence, attracting partners and support. Yet, in the age of the “America First” modus operandi, is US soft power—expressed through culture, education, diplomacy and aid—declining? And to what extent is the American story being eclipsed by a rising China, the world's other movie hubs, Bollywood and Nollywood, and even K-pop bands? 

In an era of decentralized terrorism, digital threats, and an unpredictable political climate, national security tactics are being put to the test. This is especially true concerning Israel, Palestine, and the United States, where shifts are happening as fast as policy can be developed. How are these actors staying up-to-date with regional and domestic challenges ranging from nuclear dangers, to demographic and societal changes, and political factionalism? And what impact has America's recent foreign policy shift had in the region? Join the Council, Chuck Freilich, and Shibley Telhami for an exploration of Israel's national security focus, the current situation in Palestine, US relations, and the impact of Russia's growing influence in the region. 

Warfare today is a mixture of ancient principles and modern realities. Military planners must consider a bewildering range of conventional and emerging threats—everything from the actions of rival nations, to terror networks, cyber-attacks, eroding international treaties, and even climate change. In this complex and fraught security environment, the United States faces no shortage of potential flashpoints as it seeks to defend its global interests. How, then, can the nation avoid war? And if it is drawn into armed conflict, what weapons, tactics, and strategic principles will help the US win?

In late 2012, ISIS began kidnapping Western journalists and aid workers in Syria. While several European governments paid millions of dollars in ransom, and their hostages were freed, the United Kingdom and United States refused, arguing that any ransom would fuel terrorism and encourage further kidnappings. As a result, many American and British hostages faced a terrible fate. What overlapping moral, political, and legal considerations must governments confront when their citizens are taken hostage? Should governments—or citizens and corporations—ever pay ransom to terrorists?

On December 1, Andrés Manuel López Obrador was sworn in as Mexico's president, beginning a new era in relations between the United States and its southern neighbor. The two nations share a complex set of overlapping interests on trade, security, and immigration, which have drawn them closer together in recent decades. But presidents Trump and López Obrador were elected on vows to put their nations first: to win deals against the forces of globalization and the political establishment, and to wrest better terms from NAFTA, while the US is taking an ever harder line on immigration and border security. As right wing and left wing populist leaders face each other across the Rio Grande, what are the prospects for future cooperation?

Over the past few decades, changing economic and demographic trends have led to a new demand for innovative downtown spaces. However, as people and wealth are increasingly concentrated in city centers, resources have been invested into projects that often exclude low-income communities. Transformative placemaking frames urban regeneration as an equity issue and calls upon city leaders and innovators to address equal access to public spaces and invest in communities with less social and economic capital. How can innovative development expand work and educational opportunities for all - rather than expand the urban equity gap? How can city governments and the private development sector re-define the parameters of urban development?

Prime Minister May's Brexit deal was been overwhelmingly rejected by the House of Commons on January 15, and no one seems sure what will happen next. Is the United Kingdom headed for a "no deal" or "Norway option" Brexit, a general election, another referendum, or perhaps months of further division and disruption? For the Council's second exclusive members-only Brexit update conference call, anlysts and commentators from Brussels and London will join Council president Ivo Daalder to discuss and consider the many possibilities.

Located in the basement of the White House, the Situation Room has been the scene of some of modern history's most fraught moments. For years it has served as a secure communications center with global reach, where policymakers analyze highly classified intelligence while debating and guiding America's national and foreign strategy. In the early 1990s, the “Sit Room” housed opposing views among diplomats, military and intelligence officers, and White House staff on how to end the Bosnian War, the deadliest conflict in Europe since WWII. Join the Council for a behind-the-scenes account into the complexities and challenges of global policy-making in the White House's most guarded decision-making space.

Despite extensive health advancements following the Spanish Flu, HIV, and SARS pandemics, the world is still highly vulnerable to the spread of infectious diseases. In fact, the number of outbreaks has more than tripled in the last forty years. Without coordinated public health action, experts predict that the next pandemic—one with the potential to take millions of lives and cost the global economy billions of dollars—is not a matter of “if, but when”. How can we strengthen our health systems, prepare our global cities, and educate our communities to best prevent it?

International humanitarian disasters have become a grim reality that frequents our newsfeeds. To address the numerous challenges and extensive needs for post-disaster recovery, major donor countries have spent decades developing and perfecting the legal framework around assistance delivery. Despite those efforts, regulatory barriers remain under significant stress as the nature and evolution of humanitarian disasters grow more complex. How can international organizations and individual governments ensure that policy challenges do not limit their ability to assist populations in need? What are effective ways to engage relevant stakeholders in crafting comprehensive, effective, and clear legislature that enables adequate humanitarian action and sensible human rights protections while respecting boundaries proscribed by law?

Millennials are becoming the most influential consumers in America and the world. They are taking over the US workforce and some are soon to be the recipients of the largest wealth transfer ever. Their financial behaviors—how they spend, save, and invest money, manage student debt, prepare for retirement, and secure sustainable wealth—are crucial indicators of global economic trends. And their embrace of digital banking, cryptocurrency, and even robo-advisors are disrupting the entire financial sector. In what ways are financial institutions today changing their business models to satisfy millennial preferences? How has the long shadow of the financial crash shaped millennial attitudes toward money, and should we be bracing ourselves for another crash?

Since the June summit between American President Donald Trump and North Korean leader Kim Jong-un, progress on the denuclearization of the Korean Peninsula has been sporadic. Both leaders have made cautious moves aimed at trust building, while North and South Korea have concurrently taken even bolder steps toward conciliation. Still, the fundamental points of contention remain: North Korea has nuclear weapons, sanctions on Pyongyang persist, and a peace treaty to end the Korean War—which began in 1950—has yet to be signed. As the US and North Korea make plans for a second Trump-Kim summit, will expectations for a lasting peace be met, or will recent progress prove only an illusion? How much trilateral cooperation is occurring behind the scenes? Are we at the brink of an ultimate deal, or an inevitable disappointment?

On November 15 United Kingdom Prime Minister Theresa May announced details of the draft Brexit deal she has negotiated with the European Commission. Council members were invited to join a conference call with expert analysts to discuss the deal, and its political and economic ramifications for the UK. 

The United States has been the dominant global power for over a quarter of a century, yet it has struggled to realize its lofty vision for a more peaceful and prosperous world. Relations with China and Russia have soured, the European Union is wobbling, and violent extremism continues to spread, all in the face of US efforts to maintain international stability. The reason, Stephen Walt argues, lies in America's sense of omnipotence, which has encouraged successive administrations to pursue ambitious, risky, and often unnecessary foreign policy adventures. Is it time for the United States to develop a more restrained foreign policy outlook? Or would this only invite greater instability?

Nestled in the heart of the Middle East, the Hashemite Kingdom of Jordan has played a pivotal role in the struggle for peace in the region. While neighboring Syria, Israel, Iraq, and Saudi Arabia have attracted an array of headlines—from sectarian disputes to proxy wars and social media revolutions—Jordan has not gone unscathed from the tensions surrounding it. Terrorist networks, the bordering Israel-Palestine conflict, and the Syrian civil war have burdened the country's borders, resources, and security. Notably, it has become central to hosting Syrian refugees, with the Zaatari camp now Jordan's fourth largest city. Yet, despite nearby turmoil, the Hashemite Kingdom continues to engage in strategic partnerships with adjoining countries and maintain strong relations with the United States. Jordanian journalist Rana F. Sweis portrays the intricacies and complexities of life in Jordan and the Middle East.

The center appears to be collapsing across Latin America. In Colombia, Ivan Duque's tough stance on the FARC peace deal and the economy swept him into office in June. Andres Manuel Lopez Obrador's left-wing populism delivered a historic electoral victory in Mexico this past July. And Jair Bolsonaro's outspoken, far-right platform has made him a frontrunner for Brazil's presidential election in October. Twenty years after Hugo Chavez took power with a populist agenda, Venezuela is in turmoil. Will this new wave deliver on their promises to tackle the region's corruption and inequalities? And how will these elections affect relations with the United States?

Distrust in digital news media is on the rise. The digital revolution has reshaped American news habits, making information readily available and engaging. Yet, concerns over misinformation and “fake news”, objective reporting sources, news feed algorithms, and the security of users' data are increasing among the public. What role do journalists, news dissemination platforms, and consumers have in identifying and countering false information? And how will continued technological innovations shape news platforms and the way future generations will consume news?

The global economy as we know it is changing before our eyes. The Trump administration has implemented shifts in economic policy—retreating from multilateral trade negotiations, deploying tariffs, and passing a huge tax reform bill—that have already made their mark on America's economy and Americans' daily lives. The great debate now is around these policies' long-term impact. Could these policies could spur growth and address the concerns of those left behind by globalization and technology for decades to come? Or will they further weaken not only Americans' financial mobility, but also America's role as economic superpower on the world stage?

From shale gas to solar power, the US government has historically invested in the kinds of high-risk, high-reward energy projects that the private sector is loath to touch. Yet as the current administration's recent attempts to eliminate the Department of Energy's cutting-edge research arm ARPA-E demonstrate, this kind of investment is always precarious. The Trump Administration has proposed cutting R&D investment across the board at a time when countries like China and India double down on investment in clean energy and renewables. How can the United States maintain its global leadership position on energy innovation in the current political environment?

Proponents of globalization promised a world of shared prosperity and universal liberal values. But the political upheavals of recent years have been driven by a sense that, for many in the West, globalization failed to deliver. Rising inequality, rapid social change, and the fissiparous effects of technology have created fertile ground for populists with promises to “take back” control of their nations from globalist elites and outside forces. Does today's political climate of distrust and division spell the end of the age of globalism? And as this world order is dismantled what might take its place?

Council President Ivo Daalder and James M. Lindsay, senior vice president and director of studies at the Council on Foreign Relations, will take the stage tonight to discuss their new book The Empty Throne: America's Abdication of Global Leadership—an inside look at President Trump's foreign policy and its implication for global order.  Has America relinquished its global leadership role? From the ruins of World War II the United States led the creation of an international order based on strong alliances, free and open markets, and a commitment to democracy and human rights. But today this order, and the historic peace and prosperity it has underpinned for seven decades, is unravelling—a process that has dramatically accelerated since the election of President Trump and his America First agenda. What does this new foreign policy outlook mean for America's influence and security? How might the rest of the world respond as the US abandons the institutions and agreements it once established?

Why are money matters a taboo for many women? Tremendous progress has been made globally towards women's financial empowerment with record numbers of women joining workforces and managing their personal finances. Yet, research continues to show that women earn less than men and that men are four times more likely than women to ask for a raise – and when women do ask, they receive 30 percent less than men. Women are also less likely to invest, generating an investment gap between genders that can reach as high as $1 million over time. As a result, women retire with two-thirds the money of men, even though they usually live years longer. Women are also primarily responsible for unpaid work, especially in developing countries where they often lack access to financial services, and in some countries even require male consent to work. What role does gender inequality play in money and finance? How can we demystify money and empower women through financial literacy?

Ambassador Chan Heng Chee, a leading strategic thinker, diplomat, and commentator on international issues, will visit the Chicago Council on Global Affairs as its third . The fellowship was established by the Council's board of directors to honor Marshall M. Bouton, who served as president of the Council from 2001 to 2013 and is a recognized expert on Asia. Each year a prominent scholar, former senior policymaker, or public intellectual known for contributions to Asia's economic and political development and/or international relations speaks at the Council on Global Affairs.

There is no more serious task a president can undertake than to lead a nation into war. Those presidents who held the office during wartime have sometimes needed to shelve their domestic policy ambitions. In addition, presidents of war have also had to contend with challenges from the Constitution's War Powers Clause, Congress, the media, anti-war protestors and even their closest advisors during conflict. How have presidents coped with the pressures of war? And how has the scope of Presidential power evolved over the course of America's conflicts?

The burgeoning US-China trade war promises to dominate headlines this year for a good time to come. But the larger story of China's economy is just as intriguing. A structural transition from a manufacturing-led economy to a services- and consumer-based one is proceeding apace. This economic shift will intersect with large-scale demographic changes as the population ages. Though that may have its own impact on the labor force, it will also create the largest middle class the country has ever seen. Together, these concomitant transitions have serious implications for international investors and multinationals seeking to do business in China. What industries have successful multinationals tapped into? What should they know as the new consumer class rises—and flashes its wealth?

The most significant challenge to the post-Cold War international order is the growing power of ambitious states opposed to the West. Iran, China, and Russia stand poised to take advantage of the US withdrawal from the world stage and reshape the world order. Iran's relations with Russia and China have helped it form a bulwark against Western efforts to isolate it. From political exchanges and international trade agreements to military cooperation, closer cooperation among the “triple axis” on these issues would have critical implications for US interests and the Western liberal order it has championed for decades. Will these relationships prevent the US from fully isolating Iran once again? Where are relations between Iran and Russia and Iran and China heading, and how could the US react?   

Strong global leadership has been a pillar of US foreign policy for more than half a century, but some believe the Trump administration's America First agenda strays from the country's enduring tradition of international engagement. But disengagement in the Middle East and an empty “pivot to Asia” in the Obama administration also signaled a similar drift from internationalism. For years, public support of the nation's visible role in the world was a given, but is there a more fundamental shift in American thinking?

The so called ISIS caliphate may have lost swaths of territory, but thousands of its surviving members and the broader jihadist movement continue to exist. The tensions and drivers that provided a breeding ground for ISIS and al-Qaeda to operate from within and beyond the Middle East are still present. Foreign influences, regional sectarian tensions, and economic instability help drive radicalization and instability. In what ways will the caliphate's demise strengthen or weaken the overall jihadist network? What are the prospects for ISIS to resurge in the region given the inability to fully destroy its fighting force thus far? And how should America direct its foreign policy and military presence in the region?   

As two of the nation's top policymakers and regulators, Sheila Bair and Hank Paulson were at the frontlines fighting to contain the worst financial crisis since the Great Depression. Ten years later, the country's economic situation could not be more different: the unemployment rate is at historic lows, corporations are flush with cash, and there has been consistent economic expansion. Further, banks are better capitalized and the financial sector more regulated. Yet US debt is surging, the Trump administration is moving to defang the Dodd-Frank Act, and subprime loans are making a comeback. How confident are policymakers in the lessons they've learned and the regulations they've implemented since 2008? Is our economy truly safer today—and will it be ready when the next crisis hits?

Climate change has commanded global attention for decades – but critical solutions at scale have yet to be implemented. While policy and protest continue to dominate the dialogue, photographers and documentarians have witnessed the extraordinary effects of climate change on the front lines. From narratives on climate aggregators in the world's largest cities, to sweeping aerial shots of storm ravaged towns, visual storytelling has a profound ability to affect the way we view climate change. Can visual arts cut through the politics and rhetoric to engage the public and galvanize action on one of the most complex and pressing issues of our time?

The theft of emails from Democratic National Committee servers prior to the 2016 presidential election may have changed the course of American democracy. But election meddling is only one facet of a broad and pervasive cyber threat to the United States, argues David Sanger, with government servers, military networks, and critical infrastructure all infiltrated by foreign powers. In doing so these nations are following in the footsteps of the United States, which became the first nation to deploy a cyber weapon with its 2006 attack on Iran's nuclear program. Having created this “perfect weapon” why was the United States so unprepared to guard against it? What does the age of cyber warfare mean for US democracy and security?

The largest port city in Europe, the City of Rotterdam, has a culture of embracing novel ideas from around the world. As the city continues to reinvent itself with a focus on relevance and resilience, it has become a hub for innovation in the drive towards environmental sustainability and economic growth. Through the promotion of a circular economy and energy transition, Mayor Aboutaleb has set an ambitious goal to significantly reduce waste and energy consumption in Rotterdam by 2022. How can innovations like blockchain technology and urban design be used to accelerate a sustainable city? What can global cities learn from Rotterdam's plan as the world pursues shared goals of economic prosperity and clean energy?

Ever since the financial crisis ended, monetary policy has been plagued by a central mystery: Why has inflation been so low? While unemployment decreased steadily and growth picked up, inflation consistently undershot the Federal Reserve's inflation goal of 2 percent. Until this May, that is. Recent data revealed that, for the first time in six years, inflation was on target. Economists rejoiced, relieved that the economy was—finally—behaving the way their models predicted. Yet there is a nagging sense that though inflation has finally returned, the mystery has not yet been solved. If it took so long to hit 2 percent, is that the appropriate target in the first place? Is the current framework of our monetary policy due for a reckoning?