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Each day FT Leader writers on the Editorial Board meet to discuss the topics to be considered for Leader columns. Here are the issues that dominated this week:

After a pair of royal leaders focusing on the death of Queen Elizabeth II and the ascent of King Charles III, our Editorial Board has returned to financial territory in recent days.

The ever-strengthening dollar is posing problems for Europe and Asia alike, we wrote - and against the odds. "America’s shrinking share of global output, the rise of digital currencies and the weaponisation of the dollar in sanctions against Russia have all been cited as reasons for its potential demise. Yet the currency still has... a dominant role in global trade and finance.”

We focused on EU efforts to stave off a winter energy crisis, as Vladimir Putin ramps up pressure by withholding gas supplies. “Europe has held its ground well so far,” we concluded. “But the economic war with Putin will finally be won or lost on how well the bloc can stick together.”

And as China's emerging-market lending exposes it to rising losses, we urged greater cooperation with the international community. “The chances of averting crises, or dealing with them swiftly, will be greatly enhanced by such a spirit of co-operation between China and western-led agencies,” we concluded.
Royal uncertainties

King Charles III will lead the London procession before the Queen’s lying-in-state today. Her funeral on Monday will end a period of national mourning. But what next for the monarchy she leaves behind? The King has promised to uphold the “precious principles” of UK democracy, but beyond that, the future of the Commonwealth is precarious.

Critics say the 56-member political association of states that rose from the ashes of the British Empire has lost its sense of purpose, with UK global influence in decline and republican voices pushing for an end to the role of an hereditary monarch, particularly in the Caribbean.

There may be resistance at home, too. The Queen kept out of politics, but the new King is known for his outspoken views, which could encourage populits to turn on him. A domestic threat to the monarchy will come from the right , not the left, argues Robert Shrimsley.

And how will he spend his time? In the past, he has channelled his many preoccupations through the Duchy of Cornwall , an estate created almost 700 years ago to fund the next in line to the throne.

Most of the duchy’s income comes from commercial property, but it also includes historic houses, farming and even retail parks. The entire duchy will now transfer to the Prince of Wales. Don’t miss Andrew Hill’s long read on the royal finances, and the Queen’s diligent stewardship of her family’s business affairs.

Monday has been designated as a bank holiday, but UK businesses have come under fire over sudden - and seemingly irrational - closure announcements. Holiday camps Center Parcs dropped plans to close for the Queen’s funeral after a backlash from holidaymakers who originally had been told they would have to leave sites for 24 hours. Not everyone wants to spend a day in solemn reflection.

The race to fix the energy crisis

The sky-high energy prices and market dysfunction triggered by Russia’s invasion of Ukraine and Putin’s curtailment of gas supplies to Europe have pushed European leaders to reckon with their failing energy strategies, and that of the bloc.

Critical infrastructure needs far more robust oversight, as I argue in my column this week.

The EU is pressing ahead with windfall taxes on energy companies’ profits, with European Commission president Ursula von der Leyen outlining measures to raise €140bn to ease the impact of soaring prices. Some member states have their own schemes and may want greater flexibility. Last week, France said it would cap electricity and gas price rises for consumers at 15 per cent.

Our video explains how Putin held Europe hostage over energy.

The UK, too, is looking for ways to overhaul its power market and break the link between wholesale prices and domestic power. Businesses are urging the government to act quickly over its promise to spend £150bn in state energy support - but they have been told they have to wait longer than households .

But consumers gained some relief this week as inflation fell below 10 per cent in August on the back of lower petrol prices - though the UK’s rate is still the highest in the G7. The government, meanwhile, pressed on with its strategy of focusing on growth this week by mooting plans to scrap the cap on bankers’ bonuses.

Find out how your country is faring with our global inflation tracker.

Best of business news

Two in-depth stories stood out this week. The first explained how Wall Street stormed the music business , with investors pouring billions of dollars into buying rights, turning pop songs into an asset class. The phenomenon was pioneered by a London-listed investment trust called Hipgnosis. Now the spending has stalled.

The second looked at "debt monsters" - the companies flashing warning signals against rising interest rates and faltering economies. As central banks raise rates, scores of debt-laden companies are trying to service higher interest bills with reduced cashflows.

Also in business news, Citi has come up with a plan to retain junior bankers as competition for talent hots up. The US lender has opened a hub in the sunshine beach resort of Málaga in southern Spain, to offer what it promises will be a different route into the banking industry, complete with eight-hour days and work-free weekends. And a more alluring lifestyle to those less keen to return to city centre offices.

Such working hours are standard and fundamental to a healthy relationship between employer and employee, rather than “quiet quitting” , as Sarah O’Connor argues in her column this week.

Meanwhile, Martin Wolf sets out the longer term challenge of protecting middle class professionals from a third wave of globalisation: the potential for outsourcing and technology to eradicate their jobs.

Elsewhere, Elon Musk was given another boost in his legal battle with Twitter this week, when a whistleblower accused the social media platform of prioritising “profits over security” . The Tesla chief still faces a battle to extricate himself from his $44bn agreement to buy the company by arguing that it misled regulators on the number of bots on its platform.

And a reminder this week that interim CEOs need not tread water. Howard Schultz is set on a Starbucks rebound after the coffee chain “lost its way”. He has just unveiled a $450mn revamp of the chain’s North American cafés, and says its best days are ahead.
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