European countries need to raise defence expenditures on a sustained basis. Jeromin Zettelmeyer, Armin Steinbach and Guntram Wolff consider the proposed European Defence Mechanism and answer some of the burning questions about the EDM

Which countries will be pivotal for the success of EU defence funding instruments? Marco Buti and Marcello Messori say that history shows that decisions by single EU countries can determine whether member states as a whole take up new European initiatives

Cybercrime is in the rise and cybercriminals are getting more innovative. Michael Barr examines how Gen AI enables deepfake technology and what should be done to protect against this risk in finance

Agnès Bénassy-Quéré considers the idea that there could be lasting reversal of exchange rates following an international currency agreement highly speculative, and argues that a multipolar system would attenuate the Triffin dilemma and provide the US with a deficit-adjustment tool

The tariff policy of the United States is coming to light. Ignacio García Bercero argues that the European Union should reinforce European leadership and seek allies as part of a strategy on US tariffs, and should not get sucked into US decoupling from China

The European Union should form an international open trade coalition in response to Trump’s tariffs, says André Sapir. A formal commitment to open rules-based trade by the EU and likeminded countries is essential to respond to today’s dangerous new trade reality