National policies are the best protection against euro-area financial fragmentation risks

An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.

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.

How European Union energy policies could mitigate the coming recession

The European Union faces recession, but the way in which policymakers manage the energy crisis will determine its depth and duration.

European natural gas demand tracker

Does the European Union need an energy crisis fund?

An EU energy fund is justified, but for different reasons than commonly assumed, with implications for the fund’s design.