Dilemmas for the EU
The EU is grappling with deficit-financing of defence expenditure and maintenance of fiscal discipline. Lucio Pench assesses the implications of the recourse to the escape clauses of the Stability and Growth Pact
Read more
Fiscal policy
A robust strategy for a new era
The level of uncertainty is exceptionally high. Christine Lagarde says maintaining stability in a new era will be hard, and will require an ability to react as necessary
Read more
AI: hypothetical scenarios for the future
Advances in AI have accelerated rapidly over the past few years. Michael Barr considers generative AI, which he believes has the potential to change how we think about productivity, labour markets and the macroeconomy
Read more
How can we find an exit?
Patrick Minford discusses the deep hole that UK governments have dug for the British economy, and considers what can be done to return the United Kingdom to growth
Read more
Making Europe stronger
EPGs are public goods which can be more effectively provided at the EU level than the national level. Kalin Anev Janse, Roel Beetsma, Marco Buti, Klaus Regling and Niels Thygesen argue that the EU’s new MFF should focus on the benefits of common spending on such public goods
Read more
Accelerating climate investment
Europe faces a large climate investment gap. Irene Monasterolo, Antonia Pacelli, Marco Pagano and Carmine Russo propose filling this gap through the joint issuance of European climate bonds that would be funded by selling GHG emission allowances via the ETS extended to all sectors
Read more
The leading challenges facing central bankers
Monetary policy is being eased as inflation falls. Christopher Waller considers the geopolitical risks that will remain a challenge for central bankers in 2025
Read more
The end of ‘enjoy now, pay later’
Concerns over government debt have been on the rise. Martin Larch provides a brief history of government debt in the EU and draws attention to some important issues that are normally kept in the background
Read more
Setbacks and strides forward
The global economy is facing rifts comparable to the pressures that resulted in ‘economic nationalism, a collapse in global trade and the Great Depression of the 1920s, Christine Lagarde warns
Read more
Reflecting on recent times
Policymakers’ responses to global events have laid bare the challenges and trade-offs inherent in addressing monetary policy and financial stability shocks. Andrew Bailey discusses what lessons can be learnt
Read more