Geopolitical risk is reshaping global finance, one bank loan at a time
Geopolitical tensions are increasingly reshaping the flow of trade, investment and capital flows. This column documents that the same process is also reshaping bank lending.
Lifting the curtain on the EU’s debt
The EU’s far-reaching response to a series of major shocks has turned it into a major borrower on international financial markets. Debt issued by the
The cost of not innovating: Frontier AI models, cyber defence, and EU strategic autonomy
The cyber threat landscape changed dramatically in April 2026 with the emergence of frontier AI models from OpenAI and Anthropic. Access to these models was
Capital inflows boost output, even after accounting for expectations
Emerging market economies that are expected to perform well may attract more foreign capital, making it difficult to establish the causal effects of capital inflows
The smokestack illusion: Who really pays for net zero
Reaching net-zero CO2 emissions by 2050, as prescribed by the Paris Agreement, is hard to imagine without a carbon tax. This column estimates that reaching
Quantifying financial repression through the lens of portfolio choice: A century of evidence
With public debt at high peacetime levels, how advanced economies can reduce debt burdens is again at the centre of policy debate. This column examines
Measuring what work generative AI does: Survey evidence versus chat logs
The chat logs of AI companies are often used to measure what work AI actually does. This column uses a nationally representative US survey that
How minimum wages reshape firms and their productivity from within
How far can minimum wages rise without damaging jobs and output? This column uses evidence from France to show that firms respond not only by
Tax policy considerations for the circular economy
EU fiscal systems still favour linear production, as virgin extraction stays largely unpriced and labour-intensive repair is penalised. About 88 percent of materials are thrown
From AI pilots to scale: Improving the delivery of public services
How can AI be used to deliver better public services? That’s one of the big questions for developing countries. Governments are already experimenting with AI
