NATO’s 2010 Strategic Concept officially broadened the alliance’s mission beyond collective defense, reflecting a peaceful Europe and changes in alliance activities. NATO had become an international security facilitator, a crisis-manager even outside Europe, and a liberal democratic club as much as a mutual-defense organization. However, Russia’s re-entry into great power politics has changed NATO’s strategic calculus.

Russia’s aggressive annexation of Crimea in 2014 and its ongoing military support for Ukrainian separatists dramatically altered the strategic environment and called into question the liberal European security order. States bordering Russia, many of which are now NATO members, are worried, and the alliance is divided over assessments of Russia’s behavior.  Against the backdrop of Russia’s new assertiveness, an international group of scholars examines a broad range of issues in the interest of not only explaining recent alliance developments but also making recommendations about critical choices confronting the NATO allies. While a renewed emphasis on collective defense is clearly a priority, this volume’s contributors caution against an overcorrection, which would leave the alliance too inwardly focused, play into Russia’s hand, and exacerbate regional fault lines always just below the surface at NATO. This volume places rapid-fire events in theoretical perspective and will be useful to foreign policy students, scholars, and practitioners alike.

With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China.

Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.