Why Europe’s banks stay home: Regulatory fragmentation and the cost of an incomplete banking union
Despite major institutional reforms, the European Banking Union remains incomplete. Banking markets remain fragmented along national lines, which constrains Europe’s growth potential. This column uses
International carbon trading: a strategic lever to boost global decarbonisation
International carbon credits can support the EU’s 2040 target if buyers’ club rules and leverage ensure real mitigation gains abroad. Article 6 of the Paris
Resilience is a network property: Europe’s integration test for 2050
Europe is converging on a definition of economic security as reduced dependence – de-risking, reshoring, buying European. This column argues that the definition is mistaken.
Lifelong learning is becoming increasingly important in response to labour market transformations
As digital, environmental, and demographic transformations reshape labour markets, skills influence who benefits from these changes and who falls behind. This column presents the findings
Achieving a European Banking Union without increasing risks
European banking remains fragmented, leaving billions of euros inefficiently allocated. Reforms to establish a European deposit insurance system have been proposed to allow cross-border banking
Rebuilding the world order: Two strategies for a fragmented world
As the postwar international order fragments and universal agreement becomes increasingly elusive, policymakers face a pressing question: what form of cooperation can replace the postwar
Occupational licensing across countries: New evidence from 44 nations
Occupational licensing has attracted growing attention in advanced economies, yet little has been known about its prevalence outside the US. This column presents new evidence
Dollar erosion: The macroeconomic consequences of losing reserve currency status
The dollar’s role as the world’s reserve currency has been blamed for an overvalued exchange rate that hollows out US manufacturing. This column quantifies what
How oil price shocks redraw the map of conflict
Oil price shocks do not simply make conflict more likely everywhere; they change where violence happens. Using monthly georeferenced data for 131 low- and middle-income
Place-based industrial policies in the long run
There is growing evidence that place-based industrial policies lead to positive economic effects. This column analyses the “Million-Rouble Plants” programme of the 1950s when the
