The Iran energy shock is a test of European discipline on state aid. Roel Dom and Simone Tagliapietra argue that the latest EU temporary state-aid framework is needed to shield industries and consumers from short-term costs, but should not become more permanent

The US–Iran relationship appears to be at its lowest point in decades. Simon Johnson and Amir Kermani describe how the twin blockades of the Strait of Hormuz create the possibility of a time-consistent agreement linking the nuclear issue, sanctions relief, and uninterrupted navigation

Global efforts to tackle the climate and nature crises have not progressed as hoped, says Christine Lagarde. This sharpens the case for deeper analysis from the research and central banking communities to better understand the risks to price and financial stability

The dramatic developments unfolding globally, spanning wars, geopolitical shifts, and trade disruptions, have caught Europe off balance. Marco Buti, Giancarlo Corsetti and Anna Peychev discuss the 2026 Florence Report and urge the EU to replace its broken ‘reduced responsibility model’ with a New European Social Contract integrating defence, finance, and the supply of public goods

Across developed countries there is a growing perception that social progress has stalled. Paul Johnson, James Banks, Tim Besley, Richard Blundell, Angus Deaton, Robert Joyce, and Debra Satz argue that stronger economic growth, more dynamic labour markets, and policies that help opportunities take root are essential to tackling inequalities

Andrew Bailey argues that modern central bank independence is well-defined for monetary policy but incomplete, and highlights the challenges for a central bank’s financial stability mandate