European defence governance and financing
In a context of shifting US commitments, external threats, and global competition over trade, technology, critical minerals, talent, and intellectual property, Europe’s lack of defence
Conflict in dismissals: Evidence from ‘separations by mutual agreement’ in France
Dismissals are costly and are often subject to stringent employment protection regulations. This column explores how France’s 2008 introduction of separation by mutual agreement affected
Beyond military sales: The market premium on dual-use research and development
The sharp rise in European defence spending – driven by Russia’s full-scale invasion of Ukraine, President Trump’s re-election and the weakening of US security guarantees,
The unbearable lightness of the sovereign greenium
Since 2016, many governments have issued ‘green’ debt instruments to support the transition to a low-carbon economy. This column shows that a yield discount on
Public money, private innovation: How government funding built – and sustains – America’s technological leadership
The US has long been the world’s innovation powerhouse, based on a system that combines public funding with private initiative. Yet this model is under
AI for financial sector supervision: New evidence from emerging market and developing economies
AI offers opportunities to improve efficiency, inclusion, and oversight in the financial sector. This column shows, however, that AI adoption remains limited in most emerging
Credit and product innovation in emerging markets: Evidence from India
Access to finance is an important driver of innovation in developed countries. This studies a 2006 reform in India that expanded credit access for many
Assessing the Commission’s Multiannual Financial Framework proposal: First-order principles
Since the European Commission’s 2028-34 Multiannual Financial Framework proposal in July, much has been written about its ambitions, the levels of funding involved, and its
Monetary policy transmission through cross-selling banks
When central banks raise or lower policy rates, banks typically pass these changes through only incompletely to the interest rates they pay on customer deposits.
Rewiring trade for a warming world: How COP30 can turn climate goals into trade rules
The challenge for policymakers at COP30 is not to reach universal agreement on the exact ‘price’ of carbon, but to build rules that function amid
