The island's rapid industrialisation over the past decade and its development as the main trade and financial centre of South-East Asia, supported by a phenomenal growth in tourism, constitute yet another Asian economic miracle.

This year marks the 25th anniversary of the EU's Macroeconomic Dialogue (MED). Since entering its third decade, the MED has already faced two massive crises: the COVID-19 pandemic and the surge in energy prices. Yet European economic policymakers continue to face multiple macro-structural...