Cecilia Malmström

Financial Times, Best Books of 2022: Economics The startling picture of how China’s revolution in finance and technology is changing both Wall Street and the way individuals manage their personal finances. The future of finance – the way Wall Street operates and how individuals manage their money - is on the verge of upheaval. And the force underlying the change comes from China, where finance and technology are being merged into a system with consequences that resonate far beyond China’s border. The changes of this global revolution in finance and technology - fintech - will be as powerful as those wrought in social media, retailing and advertising by giants such as Amazon, Facebook, Google, and Twitter, which have overturned how we shop and communicate. China reinvented money with lightning speed, transforming a backward, antiquated cash-based finance system into one centered on super-apps created by technology giants Alibaba and Tencent. More powerful than anything available outside of China, they allow their billion users to pay, borrow, invest, buy goods and services, travel, chat (and far more) all fused together in one mobile phone application. Think Facebook, Google, Twitter, Goldman Sachs, Amazon, J.P. Morgan Chase all rolled into one app. We in the West need to understand China’s cashless revolution for reasons ranging from the macroeconomic to issues of personal liberty: The cutting edge of finance is now in China, forcing major financial firms in the United States and the West to figure out how not to be left behind.. China’s cashless revolution is also a harbinger of our future if we let the genie out of the bottle and allow big tech to become big finance. As money goes digital and central banks around the world consider launching digital currencies, we may have both immense convenience and a frightening concentration of power that could violate our privacy, stifle competition, increase financial risk, and give big firms or the government more control over our financial lives. And, once this genie is out of the bottle, the struggle to put it back in may be impossible.

A REESE'S BOOK CLUB PICK Winner of the 2022 BookTube Silver Medal in Fiction * Shortlisted for the Women's Prize for Fiction "A wise novel of love and grief, roots and branches, displacement and home, faith and belief. Balm for our bruised times." -David Mitchell, author of Utopia Avenue A rich, magical new novel on belonging and identity, love and trauma, nature and renewal, from the Booker-shortlisted author of 10 Minutes 38 Seconds in This Strange World. Two teenagers, a Greek Cypriot and a Turkish Cypriot, meet at a taverna on the island they both call home. In the taverna, hidden beneath garlands of garlic, chili peppers and creeping honeysuckle, Kostas and Defne grow in their forbidden love for each other. A fig tree stretches through a cavity in the roof, and this tree bears witness to their hushed, happy meetings and eventually, to their silent, surreptitious departures. The tree is there when war breaks out, when the capital is reduced to ashes and rubble, and when the teenagers vanish. Decades later, Kostas returns. He is a botanist looking for native species, but really, he's searching for lost love. Years later a Ficus carica grows in the back garden of a house in London where Ada Kazantzakis lives. This tree is her only connection to an island she has never visited--- her only connection to her family's troubled history and her complex identity as she seeks to untangle years of secrets to find her place in the world. A moving, beautifully written, and delicately constructed story of love, division, transcendence, history, and eco-consciousness, The Island of Missing Trees is Elif Shafak's best work yet.