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

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 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

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

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

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