Calls for a digital euro increasingly invoke monetary sovereignty. Lucrezia Reichlin argues that an effective defence of monetary sovereignty will continue to depend on regulation, fiscal capacity, and the ECB’s willingness to absorb risk when it matters

Andrew Bailey emphasises the need for robust international cooperation, supported by multilateral institutions, and why they need to be supported by an international rules-based system, setting out some of the conditions that help make this system work and what challenges they might face

EU member states may now exceed deficit limits if the borrowing finances defence. Paolo Surico proposes exempting innovation-related expenditure, rather than procurement, to raise long-run growth while maintaining fiscal responsibility and strategic autonomy

AI offers substantial benefits to society. Stephen Cecchetti, Robin Lumsdaine, Tuomas Peltonen and Antonio Sánchez Serrano discuss significant concerns regarding risks to the financial system and propose a mix of competition and consumer protection policies address these vulnerabilities

Each financial crisis brings more financial supervision, more models and larger buffers – but still fragility persists. Jon Danielsson argues that resilience should be the organising principle of supervision, rooted in the basic idea that has long governed finance itself: diversification

Governments globally have been ramping up initiatives to modernize their digital payment and financial systems. S Yash Kalash writes that nations must guard, strengthen digital rails to secure financial sovereignty