Political cooperation does not mean economic dependence

A robust economic system that can sustain shocks of any nature, including political, is needed.

European Union fiscal rules: is a better system feasible?

EU countries seem to be converging on a set of reform objectives. But can these be jointly satisfied? Two recent proposals offer some hope.

How have sanctions impacted Russia?

In this paper we assess both the immediate economic impact and the likely longer-term impact of sanctions on the Russian economy.

National fiscal policy responses to the energy crisis

The advance of China’s private sector pauses, but the trend is unclear

The drop in the previous private-sector advance should not be viewed as the start of a new trend of continuous decline, at least not yet.

Europe’s promised semiconductor subsidies need to be better targeted

The proposed European Chips Act over-emphasises semiconductor production subsidies, focusing too little on increasing value-added in research.

The critical importance of chips – and having a plan for them

The Chips Act is the first, and an imperfect, step towards a long-term strategy that still needs to be designed.