
The Sound of Economics
- Episodes
- 484
- Released
- weekly
- Latest episode
- Nov 10, 2026
About the podcast
The Sound of Economics brings you insights, debates, and research-based discussions on economic policy in Europe and beyond.
The podcast is produced by Bruegel, an independent and non-doctrinal think tank based in Brussels. It seeks to contribute to European and global economic policy-making through open, fact-based, and policy-relevant research, analysis, and debate.
Episodes 484
France on the brink
In this episode of the Sound of Economics, host Rebecca Christie speaks about France’s politics and economy with Bruegel’s Jean Pisani-Ferry and Shahin Vallée, senior associate fellow at the German Council on …
Show notes
In this episode of the Sound of Economics, host Rebecca Christie speaks about France’s politics and economy with Bruegel’s Jean Pisani-Ferry and Shahin Vallée, senior associate fellow at the German Council on Foreign Relations. Why is France in such turmoil and who could be its next president? Where will the budget standoff lead? How does Europe adjust to waning French influence and a possible weakening of the Franco-German alliance that has long been at its economic core? As Marine Le Pen and Jean-Luc Mélenchon lead early polling for next year’s elections, what are the possible consequences for the European Union? Will a strong candidate emerge from a more centrist party? And what will France do about its debt? Pisani-Ferry and Vallée break down what’s going on and where we could be headed, as well as the long-term outlook for European alliances across defence, industry and economic cooperation.
Relevant research:
- Mayer, F., J. Pisani-Ferry, D. Schwarzer and S. Vallée (2022) ‘Enlarging and deepening: giving substance to the European Political Community', Policy Contribution 15/2022, Bruegel
- Pisani-Ferry, J. (2023) 'Why Europe’s Franco-German Engine Is Stalling', Project Syndicate
- Macron's snap election gamble, Bruegel podcast with Rebecca Christie, Jean Pisani-Ferry and André Sapir, 2024
- What's next for France and Europe? Bruegel podcast with Jean Pisani-Ferry, Bryn Watkins and Guntram B. Wolff, 2017
- Vallée, S. (2026) 'France needs a new cross-party budget rule', L'Opinion
Cars, costs and China
In this episode of the Sound of Economics, host Rebecca Christie speaks with Bruegel’s Ben McWilliams and Ilaria Mazzocco about the triple challenge facing European Union automakers. Electric and autonomous …
Show notes
In this episode of the Sound of Economics, host Rebecca Christie speaks with Bruegel’s Ben McWilliams and Ilaria Mazzocco about the triple challenge facing European Union automakers. Electric and autonomous vehicles require a big shift in the EU’s mindset towards cars. As diesel and other fuel prices soar, car buyers are looking for affordable transportation. On top of that, Europe must decide how to support its own industries as Chinese competition surges. What would be the best ways to preserve European jobs and expertise within the global supply chain? What is possible, given political realities? How can the EU bridge the disconnect between its desire for a strong manufacturing sector and its society’s need for affordable and accessible electric and hybrid cars?
Related research:
- Bjerkan-Wade, B., I. García Bercero, A. Mathieu Collin, B. McWilliams and S. Tagliapietra (2026) 'The European Union’s automotive sector needs a plan, not undue protection', Policy Brief 19/2026, Bruegel
- Cai, R. and Mazzocco, I. (2026) 'The New Carbon Order: China’s Response to Europe’s CBAM', Report, CSIS
- U.S.-China Relations and the Future of America’s Energy and Automotive Sectors, Event recording, CSIS
- Mazzocco, I. (2025) 'Will the United States Push Europe Toward China?', Commentary, CSIS
After the boom: how China’s local governments pay the bills
For roughly two decades, China's local governments used the revenue from selling land to property developers to build roads, metro lines and new urban districts, and to cover a large share of their spending …
Show notes
For roughly two decades, China's local governments used the revenue from selling land to property developers to build roads, metro lines and new urban districts, and to cover a large share of their spending. But when the property market slumped, developers began to default and land sales fell sharply, leaving localities with heavy debts and a shrinking source of revenue.
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero welcome Tianlei Huang to discuss the problem. They explore how China’s land finance model helped fund the country’s economic development and why it could not last. With no single source able to replace the vast revenue from land sales, they argue that deep structural reform will be needed to stabilise local government finances.
Relevant research:
- Huang, T. (2025) 'The fiscal fallout from China’s property bust', East Asia Forum
- García-Herrero, A. (2025) 'Ten challenges facing China’s economy', Analysis 25/2025, Bruegel
- Huang, T. (2026) 'China's property bust is spilling across its borders', Blog post, Peterson Institute of International Economics
Equity finance for defence and innovation
In this episode of The Sound of Economics, host Rebecca Christie speaks about financing European innovation with the Jacque Delors Centre’s Marlene Schörner and Louise Tumchewics of the Royal Danish Defence …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks about financing European innovation with the Jacque Delors Centre’s Marlene Schörner and Louise Tumchewics of the Royal Danish Defence College, specialist in the geoeconomics of defence and electronic warfare. Why do European companies need venture capital and public listings? Does it matter if promising companies go to US markets once they start to scale up? How can private investment finance defence and dual-use technology, and where do governments especially need to work with outside investors to develop new capabilities? What about sustainable finance – are venture capital and equity markets helping a new generation of clean technology, and does defence resilience have a role to play in ESG markets?
Related research:
- Arampatzi, A., Christie, R., Evrard, J., Parisi, L., Rouveyrol, C., van Overbeek, F. (2025) 'A single market for capital: five priorities for the EU', Policy Brief No. 1161, SUERF – The European Money and Finance Forum
- Merler, S. (2025) 'Can defence investment be sustainable? The European Commission thinks so', First Glance, Bruegel
- Schörner, M. (2026) 'One fund to scale them all? Filling crucial financing gaps with the Scaleup Europe Fund', Policy Brief, Jacque Delors Centre
- Schörner, M. (2026) 'How to revive Europe’s stock market listings: Europe should strengthen its public equity markets to finance innovation', Policy Brief, Jacque Delors Centre
The Pandemic recovery revolution
In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Zsolt Darvas and Debora Revoltella about the European Union’s unprecedented, joint-debt funded Recovery and Resilience …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Zsolt Darvas and Debora Revoltella about the European Union’s unprecedented, joint-debt funded Recovery and Resilience Fund, paid for with the NextGenerationEU bond sales program. As the European Commission gets ready to make the program’s final disbursements, did the project work? How much of its promised funding was actually spent? Did countries meet the conditions they agreed were necessary to get EU money? What about Italy? As the EU heads into its next seven-year budget cycle, what lessons can we learn to make the common budget more responsive to national performance? The political battle between austerity and investment will continue, and the RRF offers valuable lessons for what to do next.
Related research:
- Christie, R., G. Claeys and P. Weil (2021) ‘Next Generation EU borrowing: a first assessment’, Policy Contribution 22/2021, Bruegel
- Darvas, Z., R. Dom, M. Lappe, P. Saint-Amans and A. Steinbach (2025) ‘Bigger, better funded and focused on public goods: how to revamp the European Union budget’, Blueprint, Bruegel
- Darvas, Z., L. Welslau and J. Zettelmeyer (2023) 'The EU Recovery and Resilience Facility falls short against performance-based funding standards', Analysis 08/2023, Bruegel
- Darvas, Z and L. Welslau (2023) ‘First lessons from the Recovery and Resilience Facility for the EU economic governance framework’, Analysis, Economic Governance and EMU Scrutiny Unit
- ‘EIB Investment Report 2025/2026’, Report, European Investment Bank
- Revoltella, D., T. Bending and A. Kolev (2022) ‘Recovery as a springboard for change’, Policy Brief No. 269, SUERF – The European Money and Finance Forum
BRICs at 25
In this episode of the Sound of Economics, host Rebecca Christie discusses the economic sway of Brazil, Russia, India and China with Jim O’Neill, who coined the BRIC acronym in 2001, and Bruegel researchers …
Show notes
In this episode of the Sound of Economics, host Rebecca Christie discusses the economic sway of Brazil, Russia, India and China with Jim O’Neill, who coined the BRIC acronym in 2001, and Bruegel researchers Suman Bery and Alicia García-Herrero. Do these countries still have much in common? How dominant is China? Is it possible for the now BRICS to represent 'the Global South' and which countries should participate? What about geopolitical factors like the Iran conflict and Russia’s ongoing war with Ukraine? Is the world ready to move away from the dollar, and what should be the global role of the renminbi? How is India managing its relationship with the United States and market access with trading partners? Global economic governance is stretched farther than ever, and the world’s significant economies have to figure out some way to relate.
Relevant research:
- García-Herrero, A. (2026) 'The real BRICS summit happened in a side room with Modi and Xi', Opinion, Brussels Times
- Bery, S (2026), ‘Reconciling domestic goals with global adjustment: Challenges for Indian economic management‘, in Rey, H, B Weder di Mauro and J Zettelmeyer (eds), Paris Report 4: The New Global Imbalances, CEPR Press, Paris & London
- BRICS+ Thinking
China's AI governance playbook
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero are joined by Kristy Loke to examine how China governs artificial intelligence and what that means for the global AI race.Relevant …
Show notes
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero are joined by Kristy Loke to examine how China governs artificial intelligence and what that means for the global AI race.
Relevant research:
- García-Herrero, A. and T. Storella (2026) 'China’s artificial intelligence goals and strategic choices for Europe', Analysis 24/2026, Bruegel
- García-Herrero, A. (2026) 'Tough choices ahead as the US pushes a global artificial-intelligence divide', First Glance, Bruegel
- García-Herrero, A. (2026) 'China Treats AI as Comprehensive Strategy and That Makes a Big Difference', Op-ed, CommonWealth Magazine
- Loke, K. (2026) 'China’s AI Safety Catch-Up Is Hiding in Plain Sight', Opinion, The Wire China
- Loke, K. and S. Casper (2026) 'The AI Issue America and China Can Cooperate On Now', Opinion, The Wire China
- Héigeartaigh, S. and K. Loke (2026) 'China isn’t racing to artificial general intelligence — but U.S. companies are', Opinion, The Wire China
- Cunningham, R. and K. Loke (2026) 'Why America’s AI Dream Is Failing to Launch', article, The Information
- Siddiqui, S., K. Loke, S. Clare, M. Lu, A. Richardson, L. Ibrahim, C. McGlynn and J. Ding (2025) 'Promising Topics for US–China Dialogues on AI Safety and Governance', Research paper, Oxford
What’s threatening financial stability?
In this episode of The Sound of Economics, host Rebecca Christie discusses financial stability with Bruegel Director Jeromin Zettelmeyer and Olaf Sleijpen, President of De Nederlandsche Bank and a member of the …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie discusses financial stability with Bruegel Director Jeromin Zettelmeyer and Olaf Sleijpen, President of De Nederlandsche Bank and a member of the European Central Bank (ECB) Governing Council. What are the risks? How much should we worry about long-term interest rates and soaring budget deficits? Are the biggest threats coming from inside or outside the euro area? What are the ECB’s crisis-fighting tools, and how soon can they be ready? How much of a financial-stability risk is France's ballooning debt? This podcast touches on the European Commission’s banking reform effort, the risks from artificial intelligence and cybersecurity, and the need for resilience and economic growth.
Related research:
- ‘Priorities and trade-offs for the next round of EU banking reform’, Event, 13 October 2026, Bruegel
- Frieda, G. (2026) 'What is driving the global rise in long-term interest rates?', Analysis 23/2026, Bruegel
- Sleijpen, O. (2026) ‘Geopolitics, Trade Uncertainty and Inflation: Chimera or Reality?’, Speech, 17 June, De Nederlandsche Bank
- Sleijpen, O. (2026) ‘Racing the clock: Europe’s Journey to a Savings and Investment Union’, Speech, 16 June, De Nederlandsche Bank
- Weder di Mauro, B. and J. Zettelmeyer (2026) 'The new global imbalances: why care, why now and what should be done?', Essay 01/2026, Bruegel
State of the Union live
In this special live episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel Director Jeromin Zettelmeyer, Deputy Director Simone Tagliapietra and Non-resident Fellow Elina Ribakova about …
Show notes
In this special live episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel Director Jeromin Zettelmeyer, Deputy Director Simone Tagliapietra and Non-resident Fellow Elina Ribakova about the 2026 State of the Union speech, delivered 16 September in Strasbourg by European Commission President Ursula von der Leyen. Energy, China, defence, the single market – what were her priorities and can she convince the European Union to take action? What about her proposal to look into “associate” EU membership for Canada? Did Prime Minister Mark Carney’s 17 September speech move things forward? What does the EU need to do and where will the necessary investment come from? How will big member states like France and Germany shape the debate? As the war in Ukraine continues, how will the EU manage its economic and security commitments? International alliances and political resilience will be more critical than ever in navigating these challenges.
Related research:
- Christie, R., García Bercero, I., Kirkegaard, J.K., Luck, P. (2026) 'What the US-Canada trade war means for Europe', Podcast, Bruegel
- García-Herrero, A., Ribakova, E., Risinger, L. (2026) 'The China‑Russia asymmetric partnership: Implications for Europe', Policy Article, Kiel Institute for the World Economy
- Ribakova, E., Risinger, L. (2026) 'Europe’s Untapped Arsenal', Opinion piece, Foreign Affairs
- Steinbach, A., Wolff, G.B. & Zettelmeyer, J. (2025) 'The Governance and Funding of European Rearmament', Intereconomics, 60(4), ZBW – Leibniz-Informationszentrum Wirtschaft
- Tagliapietra, S., Wolff, G. B. (2026) 'Europe’s climate-resilience moment has arrived', First glance, Bruegel
- Tagliapietra, S. (2025) 'Europe’s fight should start by doing away with hesitation', First glance, Bruegel
- Zettelmeyer, J. (2026) 'Europe’s challenges: what is new?', Newsletter feature, 31 August, Bruegel
The Sound of Economics Live: The State of the European Union 2026What the US-Canada trade war means for Europe
In this episode of The Sound of Economics, host Rebecca Christie sits down with Philip Luck, director of the Center for Strategic and International Studies economics programme, and Bruegel’s Ignacio García …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie sits down with Philip Luck, director of the Center for Strategic and International Studies economics programme, and Bruegel’s Ignacio García Bercero and Jacob Funk Kirkegaard to discuss the trade war between the United States and Canada. As the US announces import bans on various Canadian products, this podcast explores how Washington and Ottawa got to this point. What will happen next, and what will be the spillovers for Europe? The European Union has a strong free trade agreement with Canada and is discussing further integration in areas like digital policy. Will Mark Carney’s scheduled September visit to Strasbourg move the dial? What will be the impact on Canada’s internal economy, not to mention the EU single market? Will the EU and Canada move closer to establishing a coalition in support of rules-based trade? And how will the upcoming US November mid-term elections affect – or not – what happens next in the trade wars?
Relevant research:
- Luck, P. (2026) ‘Elbows Up: Economic Coercion and U.S. Border Labor Markets in the 2025 Trade War’, SRRN
- Luck, P. (2026) ‘Elbows Up: The Price of Economic Coercion Against Canada’, Analysis, Center for Strategic and International Studies
- García Bercero, I. (2026) ‘An EU strategy in the wake of the United States Supreme Court tariffs ruling’, First Glance, Bruegel
- García Bercero, I. (2026) ‘Defining the new strategic direction for European Union trade policy’, First Glance, Bruegel
- Kirkegaard, J. (2026) ‘Europe Is Stuck With America’, Opinion piece, Foreign Affairs
- Christie, R. (2026) ‘Stuck in the Middle Again’, Opinion piece, Internationale Politik Quarterly
Iceland, Switzerland, Europe
In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Heather Grabbe and Stefanie Walter about Iceland’s referendum on restarting European Union accession talks, Switzerland’s …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Heather Grabbe and Stefanie Walter about Iceland’s referendum on restarting European Union accession talks, Switzerland’s upcoming votes on EU relations and what Europe has to offer for countries inside and outside the club. Why did Icelandic voters reject the proposal to reopen talks? Why does Switzerland have such a complicated relationship with its neighbouring countries, even as it remains part of the Schengen passport-free travel zone? Economic and security concerns are more intertwined than ever with Europe’s relationships with the United Kingdom, Ukraine and North Africa, especially given changes at NATO. Democracy is the cornerstone of Europe’s alliances and also comes with a host of complications – how can the European institutions position Brussels best?
Relevant research:
- Grabbe, H. (2026) ‘Jilted by Iceland – but Wider Europe is forming through new cooperation structures around the EU’, First Glance, Bruegel
- Grabbe, H. and S. Lehne (2016) 'Can the EU survive populism?', Carnegie Endowment
- Malet, G. and S. Walter (2024) 'The reverberations of British Brexit politics abroad', European Union Politics, 25(1), 63-85.
- Malet, G. and S. Walter (2023) 'Have your cake and eat it, too? Switzerland and the feasibility of differentiated integration after Brexit', West European Politics
- Marini, M. and S. Walter (2024) 'Learning from precedent: how the British Brexit experience shapes nationalist rhetoric outside the UK', Journal of European Public Policy
- De Vries C., S. Hobolt and S. Walter (2021) 'Politicizing International Cooperation: The Mass Public, Political Entrepreneurs, and Political Opportunity Structures', International Organization
- Walter, S. (2021) 'Quo vadis, Swiss-European Union relations?', Blog Post, Bruegel
Europe’s new anti-money laundering agency
In this episode of The Sound of Economics, host Rebecca Christie speaks about how to fight financial crime with Bruegel’s Nicolas Véron and James Freis, former chief compliance officer at Deutsche Börse and …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks about how to fight financial crime with Bruegel’s Nicolas Véron and James Freis, former chief compliance officer at Deutsche Börse and former head of FinCEN, the United States Financial Crimes Enforcement Network. The European Union is setting up its new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), which from 2028 will have a combination of supervisory and standard-setting duties. What does it mean to start a new EU agency? What effect will it have for prevention and enforcement in areas like fraud, tax evasion and other abuses? What is the EU’s history in this area, and what past weaknesses is the new agency trying to correct? Given such a big and important mandate, will AMLA have the resources to do its job?
Related research:
- Freis, J. H. and M. Waibel (2024) ‘The United States-Led Development of Financial Sanctions Since 1945’, in C. Zilioli, R. Bismuth and L. Thévenoz (eds) International Sanctions: Monetary and Financial Law Perspectives, Brill
- Véron, N. (2025) ‘Updated assessment: Memo to the commissioner responsible for financial services’, First Glance, Bruegel
- Véron, N. and J. Kirschenbaum (2019) ‘A Major Step Toward Combating Money Laundering in Europe’, Blog Post, Bruegel
- Véron, N. and J. Kirschenbaum (2018) ‘A better European Union architecture to fight money laundering’, Policy Brief, Bruegel
Billionaires? In this economy?
In this episode of The Sound of Economics, host Rebecca Christie talks about the rise of billionaires in the global economy and United States politics with guests David de Jong, author of the nonfiction book …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie talks about the rise of billionaires in the global economy and United States politics with guests David de Jong, author of the nonfiction book Nazi Billionaires, and Karel Lannoo, chief executive of the Brussels-based think tank CEPS. How are today’s billionaires shaping the US political climate, and how have things changed from the first Trump administration? What are the geopolitical consequences? How can Europe emulate US dynamism and economic growth while also resisting the conflicts of interest that arise when money and policy overlap? Will proposals currently pushed by the European Commission – like 'EU Inc' and the Capital Markets Union – shift the needle in this regard? What role does taxation play? This episode tackles some of the hard and complicated questions about money, politics and prosperity in today’s world.
Related research:
- Arnal, J. and Lannoo, K. (2026) ‘Do not blame Basel: the Output Floor and Europe’s banking competitiveness debate’, CEPS In-depth Analysis, CEPS
- Arnal, J., Lannoo, K. and Thomadakis, A. (2024) ‘Staying ahead of the curve’, Task force report, CEPS
- Christie, R. (2026) ‘The billionaire paradox’, First glance, Bruegel
- de Jong, D. (2022) ‘Nazi Billionaires: The Dark History of Germany’s Wealthiest’ Dynasties’, Harper Collins
- de Jong, D. (2024) ‘The Richest Man in Germany Is Worth $44 Billion. The Source of His Family Fortune? The Nazis Know’, News Story, September 12 , Vanity Fair
- EU Tax Compass is a Bruegel-led project co-funded by the European Union
Are jobs disposable now?
In this episode of The Sound of Economics, host Rebecca Christie speaks about the future of work with Bruegel’s Alexandre Mendonça and MIT professor Paul Osterman, author of a new book called Disposable …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks about the future of work with Bruegel’s Alexandre Mendonça and MIT professor Paul Osterman, author of a new book called Disposable Workers: the Transformation of Employment. In the United States and the European Union, companies are shifting away from long-term permanent jobs to a system with less certainty. Which industries have been most affected and how does that look for their workers? Who benefits from part-time work? Which workers are most disadvantaged? How can public policy adjust around these new dynamics? Artificial intelligence changes what skills workers need and immigration trends shape which workers are available. What conditions will help the economy grow and thrive?
Related research:- Osterman, P. (2026) ' Disposable Workers: The Transformation of Employment', Upcoming, Harvard University Press
- Mendonça, A. (2025) 'On Labor Markets, Inequality and Productivity', Dissertation, Stockholm School of Economics
- Christie, R., M. Grzegorczyk and D. Mulcahy (2022) 'Better pensions for the European Union’s self-employed', Policy Contribution 05/2022, Bruegel
Building the best safe asset
In this episode of the Sound of Economics, host Rebecca Christie sits down with Bruegel Director Jeromin Zettelmeyer, researcher Silvia Merler and Bank of France Deputy Governor Agnès Bénassy-Quéré to talk …
Show notes
In this episode of the Sound of Economics, host Rebecca Christie sits down with Bruegel Director Jeromin Zettelmeyer, researcher Silvia Merler and Bank of France Deputy Governor Agnès Bénassy-Quéré to talk about common European debt and the idea of a 'safe asset'. What makes government bonds a part of public infrastructure as well as a tool for financing public goods? Why is how to borrow money for public goods treated as a separate question from how to spend it? Should the European Union sell more common debt or look at a layered system that works with national borrowers, such as the swap proposal put forward by Olivier Blanchard and Angel Ubide? Will United States Treasury bonds always be the world’s only major reference asset, or will the EU get a seat at that table? This episode discusses what a safe asset is, why it matters to Europe and what steps policymakers should take next.
Related research:
- Lappe, M.S and J. Zettelmeyer (2026) ‘A sober look at the case for common European Union debt,’ Working Paper 20/2026, Bruegel
- Bénassy-Quéré, A. (2025) 'Looking for a “fair” international monetary system,' VoxEU Column, 16 April, CEPR
- Merler, S. (2025) 'More EU debt issuance would be the best response to Trump’s tariffs,' First Glance, Bruegel
- Christie, R. (2022) 'If it doesn’t trade, is it really marketable debt?,' Blog Post, Bruegel
Christie, R. (2025) 'Unlocking the Own Resources Debate – Debt and Competitiveness,' Testimony, Bruegel
The battle for the AI stack
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero are joined by Bertin Martens and Paul Triolo to take stock of the global artificial intelligence race, from energy and chips to …
Show notes
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero are joined by Bertin Martens and Paul Triolo to take stock of the global artificial intelligence race, from energy and chips to models and applications. They discuss China's progress in catching up to the US, what the recent turmoil around Anthropic's most advanced models reveals about the politics of releasing frontier AI and why Europe, dependent on the US for both chips and models, is left exposed on all sides. They explore whether an "Airbus for AI", an initiative for pooling compute, capital and expertise across member states, could close the gap, and what it would take for Brussels' new cloud and AI industrial proposals to matter at scale.
Relevant research:
- García-Herrero, A. and B. Martens (2026) 'Stack battles: the US-China artificial-intelligence rivalry is moving beyond chips alone', Analysis 18/2026, Bruegel
- García-Herrero, A. and B. Martens (2026) 'Europe needs a strategy to close the artificial intelligence compute gap', Analysis 13/2026, Bruegel
The UK, the EU – and Ukraine?
In this episode of The Sound of Economics, host Rebecca Christie talks about the future of European Union-United Kingdom relations with Bruegel’s Heather Grabbe and Richard Corbett, a former UK Labour Party MEP …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie talks about the future of European Union-United Kingdom relations with Bruegel’s Heather Grabbe and Richard Corbett, a former UK Labour Party MEP and also a former advisor to a president of the European Council. Did Brexit turn out the way its supporters hoped, and what have been the economic costs? Will the UK look to rejoin the single market any time soon? The EU has a slate of prospective new members lined up for closer relations who could take priority, especially Ukraine, whose candidacy has been fast-tracked because of the ongoing war. How does Kyiv’s progress affect British prospects? Would the UK have to join the euro if it wanted to come back fully? Are other kinds of relationships possible? With global uncertainty higher than ever, the UK and the EU still have great incentive to work together.
Relevant research:
- García Bercero, I. and H. Grabbe (2025) 'The EU-UK reset: a first, big step in the right direction', First Glance, Bruegel
- Grabbe, H. (2026) 'Symbolic membership for Ukraine could bring practical security benefits to the EU', First Glance, Bruegel
- Berg, J., R. Christie and H. Geeroms (2026) 'The UK is still not ready for real rapprochement with the European Union', First Glance, Bruegel
- Corbett, R. (2026) 'Institutional aspects of Ukrainian accession to the EU', Policy Brief, FEPS
- Corbett, R. (2026) 'Is Britain considering a return to the EU?', Comment, Encompass
- Corbett, R. (2026) 'Rejoining the EU Quickly is a Realistic Prospect', 26 May, International Policy Digest
Europe's China shock 2.0
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero invite Philippe Le Corre to examine the growing tensions at the heart of European Union-China relations. With China reporting a …
Show notes
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero invite Philippe Le Corre to examine the growing tensions at the heart of European Union-China relations. With China reporting a record $1.2 trillion trade surplus last year, European industries face intensifying competition across a far wider range of sectors than before, from chemicals and green tech to pharmaceuticals and, most visibly, the auto industry. They explore whether the EU's new trade instruments are up to the task, why member state fragmentation may be a bigger obstacle than Beijing itself and how the risk of Chinese retaliation constrains every move Brussels makes.
Relevant research:- García Bercero, I., B. McWilliams and S. Tagliapietra (2026) ‘The flaws in the European Union’s proposed Industrial Accelerator Act and how to fix them’, Policy Brief 10/2026, Bruegel
This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, bringing you monthly analysis of China in the world, as seen from Europe. Sign up now to receive it in your mailbox!AI, demographics and China
In this episode of The Sound of Economics, host Rebecca Christie looks into the future with Bruegel’s emerging talents Maria Catarina Louro, Tillman Schenk and Théo Storella. Demographic change is coming for …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie looks into the future with Bruegel’s emerging talents Maria Catarina Louro, Tillman Schenk and Théo Storella. Demographic change is coming for the world, as fewer new workers grow up to replace earlier generations of workers. China is at a crossroads of not only population decline but also industrial dominance, putting its economy in renewed competition with the United States and Europe. And artificial intelligence will change the workforce, the manufacturing base and the productivity outlook all over the world. How should current policymakers and thinkers shape the world that lasts beyond their lifetimes? How can the field of economics contribute?
Relevant research:
- Bruegel Dataset (2023) 'China economic database', version of 27 May 2026, Bruegel
- Dabrowski, M. and M. Catarina Louro (2025) 'Economic convergence, demography, labour markets: what progress have EU candidate countries made?' Analysis 29/2025, Bruegel
- García-Herrero, A., T. Storella and J. Xu (2025) 'European companies operating in China: from digging in to rethinking their presence', Working Paper 14/2025, Bruegel
- Richter, P. and T. Schenk (2025) 'EU data processing consent reform must account for market incentives', Analysis 39/2025, Bruegel
- Schenk, T. (2026) 'Chips Act 2.0 and beyond: Indispensability, not self-sufficiency', Comment May 2026, Encompass
What you need to know about ETS
In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Simone Tagliapietra and Flora Marchioro about the European Union’s pathbreaking carbon trading scheme. Two decades in, what …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Simone Tagliapietra and Flora Marchioro about the European Union’s pathbreaking carbon trading scheme. Two decades in, what have we learned about capping emissions and using tradeable allowances to rein in pollution from energy-intensive sectors? What are the stakes of this year’s review of ETS, which includes electricity and heat generation, industrial manufacturing, domestic aviation and the maritime sector? Why is the EU now creating a second round of ETS 2, covering buildings and road transport, and what are its prospects? Who gets the money from ETS revenues and how is it earmarked? And how is the EU working to prevent carbon leakage and manage its new carbon border adjustment mechanism? This discussion will get you up to speed and ready for what comes next.
Relevant research:
- Mramor, T. and S. Tagliapietra (2026) 'Europe’s emissions trading system is an ally, not an enemy, of industrial competitiveness', Analysis 03/2026, Bruegel
- Tagliapietra, S. and G. Zachmann (2026) 'Five reasons why attacking the EU carbon market is economic self-sabotage', First Glance, Bruegel
- Pahle, M., D. Sultani and G. Zachmann (2026) 'Defragmenting European Union climate policy', Policy Brief 03/2026, Bruegel
Where is the growth?
In this episode of The Sound of Economics, host Rebecca Christie discusses the European Commission’s spring economic forecast with Bruegel’s Andreas Billmeier and Mahmood Pradhan. Growth is slowing down while …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie discusses the European Commission’s spring economic forecast with Bruegel’s Andreas Billmeier and Mahmood Pradhan. Growth is slowing down while inflation surges in response to higher energy prices. Is the job market on the brink of a bigger slump? Will energy markets adjust again or will this cycle last longer? How might the European Central Bank react? Looking outside the European Union, how is the UK economy faring? Will the costs of Brexit force a reassessment of UK-EU relations in London? As long as global conditions remain so uncertain, European economies are unlikely to bounce back – so how can policymakers find the growth they need? With bigger economies like Germany and Italy in the doldrums while Poland, Denmark and Sweden show more resilience, how should the EU respond and what could be coming next?
Relevant research:
- European Commission (2026) 'Spring 2026 economic forecast: Slowdown in growth as energy shock drives up inflation', 21 May
- Weder di Mauro, B. and J. Zettelmeyer (2026) 'The new global imbalances: why care, why now and what should be done?', Essay 01/2026, Bruegel
Reassessing China's role in the Middle East
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Jonathan Fulton to interrogate some persistent assumptions about China's role in the Middle East. From the …
Show notes
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Jonathan Fulton to interrogate some persistent assumptions about China's role in the Middle East. From the China–Iran partnership to the Saudi–Iran rapprochement, they explore whether the conventional wisdom misreads a deeply complex region – overstating Chinese ambition, understating local agency and flattening a relationship that is transactional, rather than strategic.
Relevant research:
- Fulton, J. (2025) ‘Present without impact? How the Middle East perceives China’s diplomatic engagement’, Issue Brief, Atlantic Council
- García-Herrero, A. (2026) 'What the war in Iran means for China', Analysis 06/2026, Bruegel
Money, stablecoins and the dollar
In this episode of The Sound of Economics, host Rebecca Christie sits down with renowned economists Barry Eichengreen and Lucrezia Reichlin to discuss the past, present and future of money. Will the dollar …
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In this episode of The Sound of Economics, host Rebecca Christie sits down with renowned economists Barry Eichengreen and Lucrezia Reichlin to discuss the past, present and future of money. Will the dollar remain the world’s global currency? How should we think about the euro and the renminbi? What about stablecoins? Eichengreen discusses current risks in the context of his new book Money beyond borders : global currencies from Croesus to crypto. Reichlin discusses Bruegel’s new paper, prepared for the 22-23 May 2026 informal meeting of European Union economic and finance ministers, which proposes allowing stablecoin issuers to pay interest and to have access to central bank reserves. As ministers gather in Cyprus, which currently holds the European Council presidency and was the birthplace of coined money in the 6th century BCE, we talk about how money came to be, where its risks lie and how to make the best use of it going forward.
Related research:
- Reichlin, L., B. Sangers and J. Zettelmeyer (2025) ‘A new strategy to contain stablecoin risks in the European Union’, Policy Brief 09/2026, Bruegel
- Reichlin, L. (2025) 'The European Union should embrace decentralised finance and make it safe', Analysis 40/2025, Bruegel
- Eichengreen, B. J. (2026) 'Money beyond borders : global currencies from Croesus to crypto.' Princeton, New Jersey : Princeton University Press
The European project
In this episode of The Sound of Economics, host Rebecca Christie speaks with European Commissioner Valdis Dombrovskis, Bruegel Director Jeromin Zettelmeyer and research fellow Anne Bucher about how to make the …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks with European Commissioner Valdis Dombrovskis, Bruegel Director Jeromin Zettelmeyer and research fellow Anne Bucher about how to make the European Union work better. Ukraine, Bruegel’s newest state member, will soon receive more financial support but needs Europe to keep up its sanctions on Russia. How will the enlargement process shape relations between Kyiv and its neighbours? Closer to home, how should the Brussels institutions tackle simplification and deregulation? Can the European Commission do a better job with impact assessments to manage the costs and trade-offs of its policies? Does the EU need tougher enforcement against national gold-plating? As member states and the European Parliament put their stamp on, and add complexity to, new legislation, policymakers must find the political will to make the system work.
Relevant research:
- Bucher, A. and E. Golberg (2026) ‘Better regulation in the European Union needs a fresh start,’ Policy Brief 01/2026, Bruegel.
- European Commission (2026) 'A Simpler, Clearer and Better Enforced EU Rulebook', Communication, 28 April 2026.
- Zettelmeyer, J. (2025) 'Draghi on a shoestring: the European Commission’s Competitiveness Compass', Analysis 02/2025, Bruegel.
Weapons, war and confusion
In this episode of The Sound of Economics, host Rebecca Christie talks about the defence industry with Bruegel’s Guntram Wolff and journalist Sharon Weinberger, author of the books Imaginary Weapons, The …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie talks about the defence industry with Bruegel’s Guntram Wolff and journalist Sharon Weinberger, author of the books Imaginary Weapons, The Imagineers of War and the forthcoming Valley of Death. What defence systems are Europe and the US buying? Are countries like Poland and the Baltic states re-inventing how the EU approaches joint defence? How is the defence industry structured and what have been the major changes of the past 20 years? Does Europe really need its own DARPA – the US defence innovation agency? What is the future of joint procurement and how should public policy act? With ongoing wars in Ukraine and Iran, as well as heightened uncertainty in Asia and around the world, these questions are back in the spotlight.
Relevant research:
- Becht, M., J. Mejino-López and G. Wolff (2026) 'Who controls the defence industry?', Working Paper 08/2026, Bruegel
- Kapstein, E., J. Ospital and G. Wolff (2026) ‘Reforming European defence procurement to boost military innovation and startups’, Policy Brief 04/2026, Bruegel
- Weinberger, S., 'Washington Rewrites the Rules of Funding Technological Innovation', The Wall Street Journal, 20 April 2026
- Weinberger, S. (2026) Valley of Death: How Big Tech is the Future of War, Little, Brown and Company
Future-proofing and creative destruction
In this episode of The Sound of Economics, host Rebecca Christie talks about sustainable finance with Bruegel’s Silvia Merler and Dirk Schoenmaker. How will markets adjust to the European Union’s new disclosure …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie talks about sustainable finance with Bruegel’s Silvia Merler and Dirk Schoenmaker. How will markets adjust to the European Union’s new disclosure framework, watered down by an 'omnibus' simplification package. Is it really simpler? Who is using the new disclosures and how could clearer rules attract more investment? How can the EU manage the creative destruction of transition and minimise the risk of stranded assets? They also discuss how United States asset managers invest and how they cast their governance votes. Should the European Central Bank offer a separate interest rate for finance linked to the energy transition? How do green bonds, sustainability-linked bonds and transition finance work in the market? For sustainable finance to reach its potential, the EU will need to improve its capital markets generally and find ways to make its disclosure framework more practical and internationally viable.
Relevant research:
- Merler, S. (2025) ‘How to improve the European Union’s sustainable finance framework’, Policy Brief 05/2025, Bruegel.
- Merler, S. (2025a) 'Streamlining or hollowing out? The implications of the Omnibus package for sustainable finance', First Glance, 03 March, Bruegel.
- Schoenmaker, D. (2026) 'Risks for Europe of US dominance of global asset management', Policy Brief 07/2026, Bruegel.
Exploring Chinese trade deflection
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Isabelle Mejean and Vincent Vicard to present their study on Chinese trade deflection, a chapter in the 2026 edition …
Show notes
In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Isabelle Mejean and Vincent Vicard to present their study on Chinese trade deflection, a chapter in the 2026 edition of the Paris Report, a CEPR-Bruegel initiative. They discuss the scale and speed of this redirection, what the European Union can do about it and the bigger structural problem facing European industry.
Relevant research:
- Emlinger, C, I Mejean, K Lefebvre and V Vicard (2026), ‘EU under pressure? Exploring Chinese trade deflection‘, in Rey, H, B Weder di Mauro and J Zettelmeyer (eds), Paris Report 4: The New Global Imbalances, CEPR Press, Paris & London.
This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, bringing you monthly analysis of China in the world, as seen from Europe. Sign up now to receive it in your mailbox!Hungary’s future
In this special episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Zsolt Darvas and Heather Grabbe about the historic Hungarian election of April 2026. Péter Magyar and his TISZA …
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In this special episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel’s Zsolt Darvas and Heather Grabbe about the historic Hungarian election of April 2026. Péter Magyar and his TISZA party won in a landslide over the Fidesz party and Prime Minister Viktor Orbán, who has been in power for the past 16 years and changed the course of the European Union. Can Hungary unlock its EU funds and stay within its budget guardrails? What about the energy sector? Will the new government be more transparent about contracts with ties to Chinese and Russian investment? Is Hungary’s outlook on Ukraine likely to change? Will Hungary ever join the euro? How will the winners put together a new government to carry out their campaign promises? The discussion covers all this and more after nearly 80% of Hungarian voters went to the polls.
Related research:
- Darvas, Z. (2026) ‘Hungary’s new beginning – under tight fiscal constraints’, First Glance,13 April, Bruegel.
- Darvas, Z. (2019) 'With or without you: are central European countries ready for the euro?', Policy Contribution 12/2019, Bruegel.
- Grabbe, H., J. Pisani-Ferry and J. Zettelmeyer (2025) ‘Updated assessment: Memos to the commissioners responsible for EU foreign, enlargement, and partnerships policies’, First Glance, 30 January, Bruegel.
- 'Hungary's revived euro adoption prospects', Finance Focus Event, 06 May 2026 with Júlia Király and Nicolas Véron, Bruegel.
Why are global imbalances rising, and why does it matter?
In this episode of The Sound of Economics, host Rebecca Christie speaks about global imbalances with Bruegel Director Jeromin Zettelmeyer and Beatrice Weder di Mauro, director of the Center for Economic Policy …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks about global imbalances with Bruegel Director Jeromin Zettelmeyer and Beatrice Weder di Mauro, director of the Center for Economic Policy Research (CEPR). To launch the 2026 edition of the CEPR Paris report, they discuss why trade deficits and surpluses are soaring and what risks should worry us most. US external and public debt is at a historic high, raising new questions about the dollar as a safe haven. China seems on track to export even greater quantities at low prices, undermining the viability of industry everywhere else. Is a soft landing still feasible? What are the implications if not?
Relevant research:
- Rey, H., B. Weder di Mauro and J. Zettelmeyer (eds) (2026), Paris Report 4: The New Global Imbalances, CEPR Press, Paris and London.
Europe’s electric vehicle conundrum
In this episode of The Sound of Economics, host Rebecca Christie speaks about electric cars with Bruegel’s Ugnė Keliauskaitė, Antoine Mathieu Collin and Ben McWilliams. Europe is navigating its transition to …
Show notes
In this episode of The Sound of Economics, host Rebecca Christie speaks about electric cars with Bruegel’s Ugnė Keliauskaitė, Antoine Mathieu Collin and Ben McWilliams. Europe is navigating its transition to green technology while facing energy shocks from the Iran war. How will the automotive sector adapt? Can the European Union make the most of its industrial and trade policy instruments to support industry with minimal protectionism? What do electric vehicle supply chains look like now? Who pays the costs to consumers and industry of making these changes, or funding the related government programmes? Bruegel’s clean tech tracker shows what manufacturing is happening in Europe and where the investment is coming from. How are these trends shaping the global auto trade, and what will be Europe’s best shot to secure jobs and growth? As the US and China ramp up industrial policy, the EU needs to stay competitive.
Relevant research:
- Bruegel Dataset (2025) 'European Clean Tech Tracker'.
- García-Bercero, I., A. Mathieu Collin, B. McWilliams, N. Poitiers and S. Tagliapietra (2026) ‘Made with Europe’ not ‘Made in Europe’ should guide EU industrial policy’, First Glance, 10 February, Bruegel.
- Keliauskaitė, U., B. McWilliams and G. Zachmann (2026) 'Dependence on fossil fuels, not on the United States, is Europe’s worry', Analysis 05/2026, Bruegel.
This podcast has been supported by the European Climate Foundation. Responsibility for the information and views set out in this podcast lies with the authors. The European Climate Foundation cannot be held responsible for any use which may be made of the information contained or expressed therein.
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