Stablecoins have emerged as a major innovation with broad implications for payments and international finance. Richard Portes explores the risks such stablecoins pose to financial stability and measures that could contain these risks
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There will be a post-war reconstruction of Ukraine. Charles Lichfield and Nicolas Véron examine how European Union countries should agree to back a clever financing workaround that would leave Russia’s assets untouched but leverage them to support Ukraine
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There is a steel overcapacity problem. Ignacio García Bercero considers a European Commission proposal for a tight quota and high steel tariffs that risks undermining perceptions of the European Union as a reliable trading partner
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Christine Lagarde states we can take comfort in having overcome a large inflation shock after the pandemic, and in how the economy has coped so far with an upheaval in trade relations, but warns we must remain alert to possible new shocks that may still lie ahead
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The rules-based international system has fundamentally altered. André Sapir, Jacob Funk Kirkegaard and Jeromin Zettelmeyer examine the short-term risks, medium-term scenarios and policy choices and discuss how Europe can hold its own in a multipolar world
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EU candidate countries remain far from EU averages in terms of GDP per capita and their demographic and labour market characteristics. Marek Dabrowski and Maria Catarina Louro examine selected income, demographic and labour market indicators to assess progress
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The EU is engaged in an unprecedented struggle for independence, values and democracy in a world shaped by the re-emergence of imperial ambitions. Simone Tagliapietra says Ursula von der Leyen is right to say Europe is in a ‘fight’ around competitiveness and values, but it may lack the right pugilistic attitude
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For frontier AI models, more training data improves performance. Tweaks to EU copyright requirements in the AI Act Code of Practice will maintain the AI growth momentum, for now – but will also create new challenges. Bertin Martens discusses
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The US willingness to weaponise trade makes clear that transatlantic economic relations have become entirely transactional. Luis Garicano argues that Europe must respond to US tariffs with economic strength: faster productivity growth, cheaper energy, a genuine continental market, and tech leadership
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Russia’s expansionist drive reaches far beyond Ukraine. Patrick van Schie argues that European countries should grow up militarily within NATO, an organization that has operated with unmatched success at deterring the enemies of the free world
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