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

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

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

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

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