This speech by José Luis Escrivá offers a nuanced perspective on the evolving global economic order, blending geopolitical realism with a defense of central banking’s stabilizing role. The strongest version of his argument—his "steelman"—is that trust, institutionalized through credible monetary policy and technological safeguards, is the linchpin of resilience in an era of fragmentation and rapid change. He rightly highlights how geoeconomic pressures often backfire due to dynamic adaptations, ...