We live in uncertain times. Military conflict, including in Europe, is reshaping the geopolitical landscape. People are suffering. And our economies are also affected, which is a specific challenge for central banks.Our co-host Paul Gordon discusses this with Moritz Schularick, President of the Kiel Institute for the World Economy.The views expressed are those of the speakers and not necessarily those of the European Central Bank.Published on 5 July 2024 and recorded on 2 July 2024.Geopolitical risk can materialise unexpectedly. What are the risks in these uncertain times? How is the geopolitical landscape changing?What does military conflict mean for the economy? And how do events in other parts of the world affect us?Wars have an impact on our economies, including on inflation. This poses a challenge for central banks.How can we manage geopolitical risks better? Is more independence the only way?Moritz Schularick shares his hot tip with our listeners.The ECB Forum on Central Bankinghttps://www.ecb.europa.eu/press/conferences/html/20240701_ecb_forum_on_central_banking.en.html Federle, J, A Meier, G Müller, W Mutschler and M Schularick (2024), ‘DP18834 The Price of War‘, CEPR Discussion Paper No. 18834. CEPR Press, Paris & London. https://cepr.org/publications/dp18834 The Crisis of Democratic Capitalism by Martin Wolf European Central Bankhttps://www.ecb.europa.eu/home/html/index.en.html European Banking Supervisionhttps://www.bankingsupervision.europa.eu/home/html/index.en.html