Macroeconomic policy and governance

Hungary’s new beginning – under tight fiscal constraints

The long-awaited change of government gives Hungary an opportunity to tackle tough economic and social challenges while re-aligning with Europe

Zsolt Darvas

Debt sustainability in Japan and the case for a fiscal council

Rising rates are testing Japan’s fiscal framework, with debt dynamics hinging on growth and pointing to the need for adjustment and a fiscal council

Tomomi Miyazaki, Marie-Sophie Lappe and Roel Dom

What will it take to make Japan’s debt sustainable?

Marie-Sophie Lappe

The Digital Euro and Monetary Credibility

Rebecca Christie

Europe’s Untapped Arsenal

Elina Ribakova

Montenegro’s power connection to the EU

How do Montenegro and the Western Balkans manage electricity, CBAM and the green transition?

Rebecca Christie, Admir Šahmanović, Rouven Stubbe and Nina Vujanović

The costs and failures of air defence in the Iran conflict and what they mean for Europe

Shoring up Europe’s defensive capabilities needs to focus on cheap interceptors and offensive capability to target military industries

Alexandr Burilkov and Guntram B. Wolff

To what extent should regional EU funding be conditional on national reforms?

Zsolt Darvas

Europe’s dependence on US foreign military sales: evidence for policy makers from a new database

Juan Mejino-López and Guntram B. Wolff

National plans, regional voices: cohesion policy in the next European Union budget

NRPPs could raise the EU added value of the 2028–34 budget, but reform conditions and decision-making must better reflect regional needs

Zsolt Darvas, Marie-Sophie Lappe, Bo Sangers and Jeromin Zettelmeyer

Stuck in the Middle Again

Europe is up against too many crises and with too little time to prepare

Rebecca Christie

The link between the European Semester and the next EU budget

Zsolt Darvas

Investing for tomorrow: long-term investment, economic scale and the green transition

Climate mitigation investment increases with long horizons, economic scale and investor diversity, underscoring long-term capital and climate clubs

Philip Ushchev and Guntram B. Wolff