Reforming European defence procurement to boost military innovation and startups
European defence procurement practices must evolve to embrace innovative startups and small firms, in order to meet modern battlefield needs. The war in Ukraine has demonstrated how
The case for a European Union digital enforcement authority
The European Union’s digital rulebook could be better enforced by delegating some of the European Commission’s powers to an independent agency. The European Commission plays
The non-fungible token bubble: What investors actually earned
The non-fungible token market exploded in 2021, but by late 2022 prices had collapsed. This column uses blockchain records for two major non-fungible token platforms
A wartime labour market: The case of Ukraine
The full-scale Russian invasion of Ukraine in 2022 has generated one of the largest labour supply and reallocation shocks in recent history. This column reveals,
AI and the distribution of income between capital and labour
The swift rise of artificial intelligence is raising fundamental concerns about the future of work. This column uses data from 238 regions across 21 European
Fiscal drag in Europe: How inflation is quietly affecting public revenue
The 2022 inflationary spike in Europe has brought renewed interest in fiscal drag. Using harmonised microdata for 21 European countries, this column documents that the
Credit default swaps: Analysis and policies
Credit default swap spreads have become critical benchmarks for credit risk assessment. A recent report from the European Systemic Risk Board, however, uncovers a range
Banking on nonbanks
Nonbank financial institutions play a central role in global credit markets, raising concerns about regulatory arbitrage, financial stability, and the effectiveness of macroprudential policy. While
How sanctions can help stabilise global oil supply
There were initial concerns that the introduction of the Russian oil price cap in 2022 would see Russia cut production, global oil supply fall, and
From tariffs to trade flows: Diversion effects and China’s exports to the EU
High US tariffs on imports from China in the first half of 2025 led to concerns about a large-scale redirection of Chinese exports to the
