The impact of global versus regional energy shocks on the EU
Not all energy shocks are alike. This column uses a multi-country, multi-sector DSGE model with production networks and trade linkages to compare a Europe-centric regional
Reciprocal sovereignty: A third constitutional tradition for Europe
The central constitutional question for Europe is how sovereign democracies can govern common goods together without creating a sovereign European state. This column proposes reciprocal
One global shock, many inflation paths: Inflation persistence after the Great Moderation
The post-COVID inflation surge was global, but inflation persistence was not. This column argues that the key difference lies in how strongly external shocks fed
From openness to vulnerability: Mapping the EU’s foreign dependencies and geopolitical exposure
Recent crises and trade tensions have revealed that EU reliance on foreign suppliers can pose serious risks, especially for essential goods. This column provides a
Gold falls as dollar and yields climb, inflation pressures hover
Despite being an inflation hedge, gold struggles in an elevated interest rate environment. Gold eased on Thursday, pressured by a stronger U.S. dollar and high
When energy shocks bite harder: Non-linear inflation dynamics
The conflict in the Middle East has exposed the euro area to higher energy prices. Using a flexible empirical framework, this column shows that inflation
A smarter approach to electricity rationing
Ukraine’s grid operators have primarily relied on rotational outages to manage power scarcity, but this effectively functions as regressive tax on those least equipped to
The different effects of oil and gas supply shocks on euro area inflation
The surge in energy prices since March 2026 has revived questions about the pass-through to consumer prices. This column argues that oil supply shocks have
OpenAI gives European companies access to its latest models to bolster resilience
U.S. artificial intelligence giant OpenAI said it was granting access to its latest models including GPT-5.5-Cyber to Deutsche Telekom, BBVA and dozens more European companies
A silver lining to the European energy crisis: Energy efficiency, productivity, and potential output
The 2022 natural gas price shock triggered the largest rise in fossil fuel prices in Europe since the 1970s. This column examines the impact on
