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Germany's fiscal rules dilemma

Without further reform, European Union fiscal rules could stop Germany from using the new fiscal space it has freed up for itself

Armin Steinbach and Jeromin Zettelmeyer

Who should be charged? Principles for fair allocation of electricity system costs

This Policy Brief sets out four principles for pricing electricity fairly

Conall Heussaff, Eva Jüngling, Simone Tagliapietra and Georg Zachmann

The proposed European Defence Mechanism: questions and answers

Answering ten questions on the proposed EDM

Jeromin Zettelmeyer, Armin Steinbach and Guntram B. Wolff

The economic impact of Trump’s tariffs on Europe: an initial assessment

It is likely that Trump’s tariffs will be a limited hit to Europe, though some regions and industries could suffer and may need protective measures

Madalena Barata da Rocha, Nicolas Boivin and Niclas Poitiers

Climate change could trigger debt crises, with adaptation providing only partial relief

Climate change is likely to significantly undermine sovereign debt sustainability, especially from the mid-2040s

Matteo Calcaterra, Andrea Consiglio, Vincenzo Martorana, Massimo Tavoni and Stavros Zenios

The quickly fading memory of why and when bank capital is important

Deregulation should not be equated with lowering capital requirements in the EU

Jesper Berg, Nicolas Boivin and Hans Geeroms

Ending European Union imports of Russian uranium

Continuing to do business with Rosatom, the company responsible for the commercial relationship on uranium with the EU, raises four issues

Olena Lapenko, Ben McWilliams, Roman Nitsovych and Georg Zachmann

Green intersections: the global embedding of climate change in policy

Ketan Ahuja, Rim Berahab, Margherita Bianchi, Jason Bordoff, Mauricio Cárdenas, Ruud De Mooij, Karim El Aynaoui, Vitor Gaspar, Heather Grabbe, Ricardo Hausmann, Jomo Kwame Sundaram, Wensheng Peng, Avinash Persaud, Simone Tagliapietra, Nathalie Tocci and Xiaochuan Zhou

The governance and funding of European rearmament

Europe must accelerate rearmament through deeper cooperation and innovative governance to counter Russia’s aggression and shifting US policies

Guntram B. Wolff, Armin Steinbach and Jeromin Zettelmeyer

Making the best of the new EU Social Climate Fund

Governments should employ good practices in tackling building and transport emissions whilst protecting the most vulnerable

Eva Jüngling, Giovanni Sgaravatti, Simone Tagliapietra and Georg Zachmann

Towards sustainable energy security. Europe needs a new strategy now

Szymon KardaÅ›, Maciej Jakubik, UgnÄ— KeliauskaitÄ—, Georg Zachmann and Maciej Zaniewicz

Europe urgently needs a common strategy on Russian gas

An uncoordinated approach threatens EU energy security and the green transition

UgnÄ— KeliauskaitÄ—, Simone Tagliapietra and Georg Zachmann

Eastern European Economies Amidst the Global and Regional Shocks

Marek Dabrowski

Dilemmas for the EU in deficit-financing of defence expenditure and maintenance of fiscal discipline

In this paper, we assess the implications of the recourse to the escape clauses of the Stability and Growth Pact

Lucio Pench

The demographic divide: inequalities in ageing across the European Union

Demographic changes will pose challenges to all EU countries, but not in a uniform way

David Pinkus and Nina Ruer

How DeepSeek has changed artificial intelligence and what it means for Europe

This Policy Brief analyses innovations in AI models over the past half year and examines the economic implications for AI companies and policymakers

Bertin Martens