AI is transforming finance faster than the authorities can adapt. Jon Danielsson argues that while AI enhances the financial system’s efficiency, it also poses new, poorly understood risks, and ineffective supervision will mean a higher risk of financial crisis
From resilience to strength
The EU must speed up its integration and overhaul a model of export-led growth that has faltered amid mounting geopolitical turmoil. Christine Lagarde warns that the EU is increasingly vulnerable to shocks and is lagging behind in areas that will drive growth such as AI
Reforming the global trading system
The global trading system needs to reform. Ignacio García Bercero considers a first step in coalition building where two of the world’s major trading blocs have signalled their willingness to work to repair a system undermined by the US and China
The EU’s digital deregulation push
The European Commission is seeking to reduce the burden of its digital rulebook. Mario Mariniello discusses a new framework and shows how EU digital reforms must balance efficiency with transparent recognition of distributive consequences
Securing strategic autonomy
Europe’s lack of defence capabilities leaves it vulnerable to economic and foreign policy pressure. Philipp Hildebrand, Hélène Rey and Moritz Schularick outline key principles for establishing a European Future of Defence Architecture and a framework for its financing
Rewiring trade for a warming world
The challenge for policymakers is to build rules that function amid disagreement in a divided world. Dennis Snower discusses how COP30 can turn climate goals into trade rules
Tax
Sanctions without borders?
Thematic sanctions are being increasingly used as a foreign policy tool. Henrietta Worthington and Jaime Rosenberg consider the benefits and challenges for multinational organisations operating across jurisdictions
The flawed rationale behind America’s reciprocal tariffs
The Trump administration imposed ‘reciprocal tariffs’ using powers granted under the International Emergency Economic Powers Act. Gene Grossman and Alan Sykes argue that the tariffs do not meet two core requirements for the exercise of emergency powers under the Act
Trump’s tariffs as fiscal folly
In 2025 the US government underwent a large fiscal switch. Kimberly Clausing and Maurice Obstfeld evaluate tariffs as a broad tool of fiscal policy, reviewing both tax policy and macroeconomic considerations, and concludes that this fiscal switch will leave most Americans worse off
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World Commerce Review Volume 19 Issue 3
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