After Credit Suisse, markets find bail-in less credible
When Credit Suisse failed in March 2023, Swiss authorities, against market expectations, set aside the resolution plan and arranged a UBS takeover backed by public
Higher utilisation explains the recent surge in productivity growth
US labour productivity has accelerated since 2022. Output per hour grew around 2.5% per year from the end of 2022 to the start of 2026,
Harmonising access and reinventing the procurement of innovative medicines in Europe
Europe pays for innovative medicines through 27 uncoordinated national negotiations, generating access delays, cross-country pricing externalities, and a weak position vis-à-vis both pharmaceutical firms and
Opening the black box of Europe’s new fiscal rules
The EU’s fiscal rules in force since 2024 are often criticised for their complexity. The official implementation requires thousands of lines of code and a
Beyond tariffs: why Europe and India must prioritise investment into manufacturing
The signing of the EU-India Free Trade Agreement (FTA) in January 2026 represents a significant milestone in bilateral economic relations, for both sides. However, it
A sober look at the case for common European Union debt
More EU debt will not lower public borrowing costs or deepen markets without fiscal-union features, permanent issuance and credible fiscal backstops. Proposals for common European
A plan for a World Trade Organization sectoral agreement on semiconductors
Trade weaponisation is straining WTO rules, but a semiconductor pact could show how to manage security risks. To promote their economic security, or simply to
Feeding the Next Generation: Why East Asia’s Agricultural Support Policies Need to Change
Rice feeds nearly 690 million people across Southeast Asia. For decades, governments across the region built entire policy architectures around producing it — subsidizing inputs,
The macroeconomic impact of the Recovery and Resilience Facility: An analysis for Italy, Spain, and Greece
The EU Recovery and Resilience Facility was launched to support post-Covid recovery while accelerating structural transformation through investment and reform. This column provides a preliminary
Climate fairness, economic development, and Europe’s responsibility
The idea of equal cumulative emissions per person is simple: every individual should have an equal claim on the atmosphere regardless of where they live.
