Join us for this public event with Robert Holzmann, Governor of the Austrian National Bank.

Governor Holzmann will discuss selected issues of unconventional monetary policy instruments (UMP): Assuming inflation is tamed, can we go back to conventional monetary policy before 2008, when short-term policy interest rates (and reserve requirements) dominated the monetary policy tool box? Or do we have to apply again UMP – with learnings from recent past and perhaps new unconventional instruments? This talk offers selected considerations about the intentions, effectiveness, and options of UMP in the Euro area and beyond.

Meet our speaker and chair 

Robert Holzmann is the Governor of the Austrian National Bank, and member of the Governing Council of the European Central Bank (since 2019), and elected member of the Austrian Academy of Sciences (since 2014). He holds honorary positions at the South-Western University in Economics and Finance, Chengdu, University of Malaya, Kuala Lumpur and University of New South Wales, Sydney. Before his return to academia in 2011, he held various positions at the World Bank including for 12 years Sector Director and acting Senior Vice President. Before joining the World Bank in 1997 he was an academic in Austria and Germany, and senior economist at the IMF and OECD.

Daniela Gabor is Professor of Economics at SOAS. 

Donato Di Carlo is an assistant professor in political economy at the LSE European Institute.

More about this event

The European Institute (@LSEEI) is a centre for research and graduate teaching on the processes of integration and fragmentation within Europe.

OMFIF (@OMFIF), the Official Monetary and Financial Institutions Forum, is an independent forum for central banking, economic policy and public investment.

Unconventional monetary policy – quo vadis?

10 Children's visions of digital futures, Kym Sylwander & Aisling

11 How can data help us to understand and address complex problems? Dr Alexandra Gomes

13 What is it like to be interviewed by AI, and how will it transform research? Justine Nayral

12 Perceptions of inequality - what do we really know? Queena Chong

On the May 7th, 2025, India launched missile strikes on Pakistan in response to a terrorist attack in Indian-administered Jammu and Kashmir on April 22nd. On May 10th a ceasefire was reached following mediation from the United States. 

To discuss the US’ part in brokering a ceasefire, and the US’ responses to disputes between India and Pakistan over the past three decades, in June 2025 the Phelan US Centre spoke to Lisa Curtis, senior fellow and director of the Indo-Pacific Security Program at the Center for a New American Security. 

The conversation covers the recent India–Pakistan crisis and the US’ role, how US involvement in the Kashmir dispute has evolved over the years, and how China’s growing influence has complicated how the US approaches India–Pakistan relations. 

This episode was produced by Chris Gilson and Luke Digweed.   

Further reading and resources 

“How America Can Keep the Peace Between India and Pakistan”, Foreign Affairs, May 13, 2025 

“Democracy in South Asia amid U.S. Aid Cuts What’s at Stake for Great Power Competition”, Center for a New American Security, May 15. 2025 

LSE: The Ballpark | The US and India–Pakistan tensions with Lisa Curtis

In January 2025, the release of a new model and chatbot by Chinese artificial intelligence (AI) company, DeepSeek, sent shockwaves through the tech industry in the US and elsewhere. DeepSeek’s launch was only one milestone in the ongoing AI competition between China and the US which has seen the US try to restrict the exports of key components used in AI development to other countries.

In the second episode of The Ballpark’s miniseries on AI and the US, the Phelan US Centre explored the ongoing AI competition between China and the US with Angela Zhang, Professor of Law at the Gould School of Law of the University of Southern California. Professor Zhang is an expert on AI regulation, both in China and globally.

They spoke about China’s current approach to AI regulation, and how this compares with the US, and why China may be content with being a “close second” in the AI race.

Further reading and resources

•	High Wire: How China Regulates Big Tech and Governs Its Economy by Angela Huyue Zhang (Oxford University Press, 2024)
•	The Promise and Perils of China’s Regulation of Artificial Intelligence, Columbia Journal of Transnational Law, 21 January 2025


LSE: The Ballpark | The US-China AI race with Professor Angela Zhang

In response to what the US sees as potential growing threats from China and North Korea, nuclear weapons are becoming a more and more important part of US alliance commitments and partnerships in East Asia. But what does this focus on nuclear weapons for both deterrence and reassurance mean for US foreign policy and for the security of the region? And could there be an alternative which puts a greater focus on conventional armed forces?

To discuss these topics, in June 2025 the Phelan US Centre spoke to Dr Lauren Sukin about her recent article, in the Journal for Peace and Nuclear Disarmament, with Samuel Seitz of MIT, “Deemphasizing Nuclear Weapons in Nuclear Deterrence: The Case for Conventional Counterforce”. Dr Sukin is Assistant Professor in LSE’s Department of International Relations and a Centre Affiliate at the LSE Phelan US Centre. 

Further reading and resources

-	Seitz, S. and Sukin, L. (2025). Deemphasizing Nuclear Weapons in Nuclear Deterrence: The Case for Conventional Counterforce. Journal for Peace and Nuclear Disarmament, [online] 8(1), pp.15–35. 

LSE: The Ballpark | Deemphasizing Nuclear Weapons in Nuclear Deterrence with Dr Lauren Sukin

In July 2025 the Phelan US Centre spoke to Professor Kimberley S. Johnson, Professor of Social and Cultural Analysis at New York University and the John G. Winant Visiting Professor of American Government at the University of Oxford, about the recent history of the US administrative state and racial representation in the US government and administration They also discussed the second Trump administration’s moves to dismantle Diversity, Equity and Inclusion measures in the US government as part of Project 2025

This episode was produced by Chris Gilson and Luke Digweed.  

Further reading and resources

•	Dark Concrete: Black Power Urbanism and the American Metropolis by Professor Kimberley S. Johnson (Cornell University Press, 2025) – to be published on 15 December 2025
•	Reforming Jim Crow: Southern Politics and State in the Age Before Brown by Professor Kimberley S. Johnson (Oxford University Press, 2010)
•	Governing the American State: Congress and the New Federalism, 1877-1929 by Professor Kimberley S. Johnson (Princeton University Press, 2007)


LSE: The Ballpark | The Administrative State with Professor Kimberley S. Johnson

In an article in the latest issue of Foreign Affairs, “Beware the Europe You Wish For, The Downsides and Dangers of Allied Independence”, former US Assistant Secretary of Defense for International Security Affairs, Celeste Wallander, wrote on the potential downsides of Europe spending more on its own defense for the transatlantic alliance and for American foreign policy leadership.  

 

To discuss her article, In July 2025 the Phelan US Centre spoke to Dr Celeste Wallander, Executive Director of Penn Washington. They spoke about NATO members’ greater investment in defence, the connection between defence strategy and global influence and the future of US-European relations. 

 

This episode was produced by Chris Gilson and Luke Digweed.   

 

Further reading and resources 

 

“Beware the Europe You Wish For, The Downsides and Dangers of Allied Independence” Celeste Wallander, Foreign Affairs, 24 June 2025 

LSE: The Ballpark | The US’ changing relationship with NATO and Europe with Dr Celeste Wallander

In an article in the July/August edition of Foreign Affairs magazine, “Might Unmakes Right: The Catastrophic Collapse of Norms Against the Use of Force”, Oona Hathaway and Scott Shapiro look at the history of the prohibition of the use of force between states and discuss what they see as the current assault on this prohibition.

To discuss her article, in July 2025 the Phelan US Centre spoke to Professor Oona Hathaway, the Gerard C. and Bernice Latrobe Smith Professor of International Law at Yale Law School. They spoke about the shift in US foreign policy since the return of the Trump administration, the historic move from war being a legitimate diplomatic tool to being constrained by law, and the role of sanctions in enforcing international norms about the use of force.

This episode was produced by Chris Gilson and Luke Digweed.  

Further reading and resources

•	Follow Professor Oona Hathaway on X (@oonahathaway), Bluesky (‪@oonahathaway.bsky.social‬‬) and LinkedIn (https://www.linkedin.com/in/oona-hathaway) 
•	“Might Unmakes Right: The Catastrophic Collapse of Norms Against the Use of Force”, Oona Hathaway and Scott Shapiro, Foreign Affairs, 24 June 2025
•	“The Dangerous Rise of “Dual-Use” Objects in War”, Oona A. Hathaway, Azmat Khan & Mara R. Revkin, The Yale Law Journal, June 2025
•	“War Unbound Gaza, Ukraine, and the Breakdown of International Law”, Foreign Affairs, Oona Hathaway, 23 April 2024
•	The Internationalists: How a Radical Plan to Outlaw War Remade the World Oona Hathaway and Scott Shapiro (Simon and Schuster, 2017)


LSE: The Ballpark | Might unmakes right with Professor Oona Hathaway

The LSE European Institute,  is a world class centre for the study of Europe. Follow our podcast feed, for the latest analysis and research  on European politics and current affairs, and the policy challenges confronting the EU and the UK.

Unconventional monetary policy – quo vadis?

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