The Sound Of Economics

Will Europe do what it takes to defend the continent and the single market? In this episode of The Sound of Economics, host Rebecca Christie is joined by Bruegel Director Jeromin Zettelmeyer and Senior Fellows Simone Tagliapietra and Reinhilde Veugelers to discuss the highs and lows of the past 12 months. As Bruegel celebrated its 20th anniversary with close to 100 events held across the European Union, the EU itself grappled with how to support Ukraine, how to boost its self defence and how to strengthen its economy to face modern challenges. From the Green Deal to competitiveness, technology and innovation, Europe has the potential to lead if its members – particularly France and Germany – can find the political will. Explore 2025 Wrapped where we highlight 20 outputs of the year.

In this episode of The Sound of Economics, host Rebecca Christie is joined by Professor Amita Batra, of Jawaharlal Nehru University's Centre for South Asian Studies, and Bruegel Senior Fellow Ignacio Garcia Bercero to discuss the European Union-India trade relationship and its potential. What scope is there for a free trade agreement, particularly regarding tricky sectors like steel and automotive manufacturing? How will Europe’s new Carbon Border Adjustment Mechanism affect the dynamic? Is there room for closer cooperation given the geopolitical pressures posed by the United States and China? Working together, India’s growth and the EU’s trade experience have the potential to find more common ground, if political obstacles can be overcome. Related research:  Batra, A. (2022) India’s Trade Policy in the 21st Century, Routledge García-Bercero, I. and A. Sapir (2025) ‘The time is right to make a European Union-India trade deal happen’, Policy Brief 19/2025, Bruegel

In this episode of The Sound of Economics, Yuyun Zhan sits down with Alicia García-Herrero and Marc Hijink to examine the Nexperia case – the Dutch semiconductor firm owned by China’s Wingtech – and how it became a flashpoint in Europe’s evolving relationship with China. We unpack how corporate governance disputes, US export controls, Chinese industrial policy and Europe’s growing focus on tech sovereignty collided in a single, high-stakes conflict. 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!

In this episode of The Sound of Economics, host Rebecca Christie discusses Ukraine peace talks with Bruegel’s Guntram Wolff and Nicolas Véron, and how the EU can manage the high-stakes standoff between Kyiv, Moscow and Washington. Over the past week, proposals from both sides of the Atlantic have jumpstarted efforts to find a way to stop the fighting. The EU is also locked in an internal debate over how to leverage Russia’s frozen cash to help Ukraine, a debate that affects the euro’s global reputation as well as the current budget. Bruegel’s experts take on the debate and gauge its chances for moving forward or petering out. Related research: Charles Lichfield & Nicolas Véron, An EU reparations loan is the right way to help Ukraine, Bruegel First Glance, 14 October 2025 Mejino-López, J. and G. Wolff (2025) ‘Europe’s dependence on US foreign military sales and what to do about it’ Policy Brief 27/2025, Bruegel

New ideas on reaching climate targets as COP30 gets underway In this episode of The Sound of Economics, host Rebecca Christie sits down with Bruegel’s Georg Zachmann and professor Jos Delbeke, former Director General of the European Commission’s climate division, to discuss how Europe can use its ambitious climate targets to best catalyse global decarbonisation. Zachmann proposes to develop the European Emission Trading System into an anchor for mitigation activities in other sectors and countries. Delbeke acknowledges the need to enhance the ETS so that it can continue to play its important role in the efficient decarbonisation of the EU economy. But he cautions against a direct use of foreign mitigation credits in EU trading systems. Ten years after the Paris accord, how can Europe be more proactive in the global debate and make the most of this year’s UN climate conference? Related research: Zachmann, G. (2025) 'A Strawman Proposal to Use International Flexibility in Achieving Developed Countries Clima

In this episode of The Sound of Economics, host Rebecca Christie sits down with Alexandra Jour-Schroeder, deputy director general of the European Commission’s DG FISMA, and Bruegel’s Silvia Merler, to discuss savings, investment and financial literacy. Sharing national best practices, monitoring what works and using EU funding can all support member state efforts to keep citizens in the know. They also discuss ways the EU can support development of accessible savings accounts and products. Better understanding of financial markets allows households to save for the future in ways that reflect their own priorities.  Related research: European Commission (2025), "EU to boost financial literacy and investment opportunities for citizens", available at https://commission.europa.eu/news-and-media/news/eu-boost-financial-literacy-and-investment-opportunities-citizens-2025-09-30_en Christie, R. McCaffrey, C. and D. Pinkus (2024) "EU savers need a single-market place to invest", Analysis, Bruegel

Fixing gender inequality could reap big gains for the entire economy In this episode of The Sound of Economics, host Rebecca Christie sits down with economist Anna Gifty Opoku-Agyeman and Bruegel’s Marie-Sophie Lappe to discuss gender inequality and how economics can help to fix it. The data shows that it costs more to be a woman in society, especially a Black woman, in areas ranging from health care, to pension savings and workplace routines. These extra burdens drag the whole economy down – but this also means that progress towards gender equality can pull the whole economy up. Related research: Christie, R. (2023) ‘Taking up space’, European Commission Christie, R. and M. De Ridder (2022) 'Closing the gender gap for self-employed women in the European Union’, Bruegel Blog, 20 July Darvas, Z. (2025) ‘How has Europe’s gender wealth gap evolved, and why?’, Bruegel Newsletter, 03 November Darvas, Z. and N. Ruer (2025) 'Gender wealth inequality in the European Union: a distributional perspective', Working

As COP30 approaches, what is the real state of EU–China climate relations? In this episode of The Sound of Economics, Yuyun Zhan sits down with Alicia García-Herrero and Cecilia Trasi to explore the state of EU–China climate relations. The discussion explores how both economies share a vision for a green transition but follow strikingly different paths—China prioritising industrial policy and green technology exports, the EU focusing on costly emission pricing and regulation. They also identify pragmatic areas of collaboration like common taxonomies for green finance or joint circular-economy initiatives. They also reflect on whether either side can lead the global climate agenda in a fragmented geopolitical landscape. Relevant research Trasi, C. (2025) 'Convergence, not alignment: EU-China climate relations ahead of COP30', Analysis, 9 October, Bruegel García-Herrero, A. (2025) 'Escalating US-China rare earth tensions signal determination to decouple', First Glance, 15 October, Bruegel  This episode is

In this episode of the Sound of Economics, host Rebecca Christie sits down with Bruegel’s Marie-Sophie Lappe and Francesco Nicoli, authors of a recent study on green public procurement, as well as Karolis Granickas of the Open Contracting Partnership non-governmental organisation. They discuss how governments decide what to buy, and what European policy can do to make this process work better. Is there a way for this purchasing to advance the climate transition agenda too? How can governments balance price, product choices and the impact on their local economies? How does this fit with the global context and balancing the pros and cons of non-EU products? This podcast aims to demystify the contracting cycle and unpack some of the issues at stake. Related research: Lappe, M. and F. Nicoli (2025) ‘Advantages and pitfalls of green public procurement as a European strategic tool’, Working Paper 21/2025, Bruegel Towards a Green Procurement Union: trade-offs and strategic choices, Bruegel event, 24 September 20

In this episode of The Sound of Economics, host Rebecca Christie sits down with Bruegel’s Heather Grabbe and Guntram Wolff to talk about the real costs of a changing climate. With all the fuss over how to manage the climate transition, economists may be overlooking the rising expenses of the changes happening now. From the rising cost of insurance to future housing shocks, evolving weather trends and water scarcity mean the world could be facing big hits to productivity and gross domestic product. What will be the scale of the change? What should economists be studying? How should policymakers act? They discuss what happens when these shocks collide and intensify, rather than occurring one at a time, and how the world can respond.  Related research: Barata da Rocha, M., H. Grabbe and N. Poitiers (2025) ‘Climate risks to global supply chains’, Working Paper 20/2025, Bruegel  Claeys, G., M. Le Mouel, S. Tagliapietra, G.B. Wolff and G. Zachmann (2024) The Macroeconomics of Decarbonisation Implications and Pol

In this episode of The Sound of Economics, Rebecca Christie speaks about migration trends in the Western Balkans with Bruegel’s Nina Vujanovic and Nina Ruer, as well as Professor Herbert Brücker from Berlin’s Humboldt University in Germany, Since 2015, workers have been heading to Germany from Albania, Bosnia-Herzegovina, Montenegro, North Macedonia, Serbia and Kosovo, aided by a regulation specific to that region. How have those workers assimilated? What has been the effect on the countries they leave behind? Can better policy address youth unemployment and skills shortages? The discussion tackles the data, the outlook and the political context for Germany, the Western Balkan countries and the EU accession process.  Relevant research: Ruer, N. and N. Vujanović (2025) ‘Migration flows from the Western Balkans to Germany: implications and recommendations’, Working Paper 19/2025, Bruegel Ruer, N. and N. Vujanović (2025) 'Understanding Serbian youth discontent through the lens of the labour market', Analysis,

In this episode of The Sound of Economics, Bruegel’s Rebecca Christie, Zsolt Darvas and Jacob Funk Kirkegaard discuss the European Commission’s budget plan and the battle for the next multiannual financial framework. Will the budget be enough to cover the EU’s needs? What is an “own resource” and how do the member states contribute? Can the EU overhaul the way it supports agriculture, and does it make sense to merge support for farmers with support for lower-income countries? And how will Europe find the money to help Ukraine and finance its own defence and security needs? As the financing debate heats up, Europe will need to decide what public goods it values enough to invest in. Relevant research: Darvas, Z., R. Dom, M.S. Lappe, P. Saint-Amans and A. Steinbach (2025) 'Bigger, better funded and focused on public goods: how to revamp the European Union budget', Blueprint 37, Bruegel, available at https://www.bruegel.org/book/bigger-better-funded-and-focused-public-goods-how-revamp-european-union-budget  S

In this episode of The Sound of Economics, Yuyun Zhan sits down with Alicia García-Herrero and Ben McWilliams to explore China’s quest for energy self-sufficiency and especially its attempt to become an “electrostate”. Can a country transform its vast energy needs into a strategic advantage; and what does it mean for the world if that country is China? And where does Europe stand in this race? Relevant research Alicia García-Herrero and Haoxin Mu, China can decarbonise the world – but even that won’t fix its overcapacity problem, Bruegel Analysis, 25 September 2025  European Clean Tech Tracker, Bruegel dataset, Compiled by Marie Jugé, Ugnė Keliauskaitė, Ben McWilliams and Simone Tagliapietra, last updated 3 September 2025  Heussaff, C. and G. Zachmann (2025) ‘Upgrading Europe’s electricity grid is about more than just money’, Policy Brief 04/2025, Bruegel How we made it: will China be the first electrostate? Financial Times, 20 May 2025 This episode is part of the ZhōngHuá Mundus series of The Sound o

In this episode of The Sound of Economics, host Rebecca Christie talks with Niclas Poitiers and Damien Levie, head of the FDI screening unit in the European Commission's Directorate-General for Trade and Economic Security. They discuss how the EU aims to reduce risks, track projects and coordinate national procedures related to non-EU investments in companies and critical infrastructure. How can the EU protect itself when investors from China, the U.S. and other countries want to make a purchase? How should countries decide which deals are important? Would a so-called 28th regime, or pan-EU legal framework, offer a way around bureaucratic backlogs? This conversation explains what is at stake as the Commission, member states and the European Parliament start talks on how to revise the rules. Relevant research: Interinstitutional talks begin on EU’s revised FDI screening mechanism, News article, Directorate-General for Trade and Economic Security, European Commission Rethinking global supply chains: insight

In this episode of The Sound of Economics, we discuss the State of the Union address that Ursula von der Leyen, President of the European Commission, delivered on 10 September 2025.  Bruegel's Rebecca Christie, Simone Tagliapietra, Reinhilde Veugelers and Jeromin Zettelmeyer discuss whether the EU is ready to meet the moment. How can Europe boost its economic and geopolitical independence? What steps are most needed to improve productivity and green growth. Did Von der Leyen give a good speech, given the difficulties of asserting European influence in the aftermath of the U.S. recent trade talks? They discuss how Europe can integrate and boost its economy to prepare for a better future. Relevant research: Jeromin Zettelmeyer, Draghi on a shoestring: the European Commission’s Competitiveness Compass, Bruegel Analysis, 3 February 2025   McWilliams, B., S. Tagliapietra and G. Zachmann (2025) ‘Europe’s energy information problem’, Policy Brief 07/2025, Bruegel   Aghion, P., D. Hémous and R. Veugelers (2025/20

In this episode of The Sound of Economics, Rebecca Christie discusses central bank independence and credibility with Francesco Papadia and Lucrezia Reichlin, Bruegel fellows and former top officials at the European Central Bank. As the Federal Reserve comes under increasing political pressure in the U.S., understanding what central banks do and why they are needed is more important than ever. Traditional monetary policy, digital currency, financial supervision and climate-related initiatives all play a role in how central banks operate today. Relevant research: Lucrezia Reichlin and Jeromin Zettelmeyer, The European Central Bank must adapt to an environment of inflation volatility, Bruegel Analysis, 12 June 2024 The ECB’s Digital Euro and new operational framework: is there an overlap? Bruegel event, 2 June 2025 Véron, N. (2024) ‘Europe’s banking union at ten: unfinished yet transformative’ Book, Bruegel Véron, N. (2025) ‘Breaking the deadlock: a single supervisor to unshackle Europe's capital markets uni

In this episode of The Sound of Economics, we explore where Europe fits into a world of geopolitical uncertainty and whether it can rise to the challenge. Host Rebecca Christie is joined by Jeromin Zettelmeyer, Bruegel's Director, and Jason Furman, the Aetna Professor of the Practice of Economic Policy at Harvard University and former top economic adviser under President Barack Obama.  They argue that the EU needs to use mobilise all its resources to safeguard growth, advance low-carbon transition and strengthen its defence capacity. Achieving this, however, means breaking down internal barriers, which will demand ambitious transitional reforms from both member states and the EU itself — and time is of the essence. We will continue our discussion in Bruegel Annual Meetings 2025. Sign up to follow the livestream on 3 September. Relevant research: Jason Furman, Trump’s tariffs leave us in the second worst of all worlds, opinion, Financial Times, 4 Aug 2025 Sapir, A. (2025/2005) ‘Globalisation and the refor

In this episode of The Sound of Economics, host Rebecca Christie is joined by ECB Senior Economist Christoph Kaufmann and Bruegel’s Stavros Zenios to unpack how disaster risk, political instability and investor behaviour collide in euro-area bond markets. They explore why investment funds respond differently to fiscal and political shocks, compared to other investor groups, and what are the consequences for both periphery and core countries. The conversation also addresses the disciplining role of markets, the sustainability of public debt and the need for a euro-area safe asset. Relevant research: Ajovalasit, S., A. Consiglio, G. Pagliardi and S. Zenios (2024) "Incorporating political risk into analysis of sovereign debt sustainability", Analysis, Bruegel Anaya Longaric, P., K. Cera, G. Georgiadis and C. Kaufmann (2025), “Investment funds and euro disaster risk”, Working Paper No. 3029, European Central Bank

In this episode of The Sound of Economics, we explore the shifting strategies of European companies operating in China, as unveiled in a new Bruegel paper co-authored by Alicia García-Herrero, Théo Storella, and Jianwei Xu. Host Yuyun Zhan speaks with Alicia and Théo about the findings, which are based on panel survey data from the European Chamber of Commerce in China. The discussion dives into the four typologies of firm strategy, doubling down, hedging, hibernating, and exiting. Why are some firms staying despite envisioning less profitability? Why are others hedging their bets by expanding elsewhere? Speakers also also touch on broader macroeconomic challenges such as deflation, overcapacity and declining foreign direct investment in China, with implications for European policy and business resilience. This conversation was recorded on 25 July 2025, just after the EU-China Summit. This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, b

In this episode of The Sound of Economics, host Rebecca Christie is joined by Simon O’Connor, head of the secretariat for the Ukraine Donor Platform, along with Tyson Barker (Atlantic Council) and Bruegel’s Elina Ribakova. The guests discuss the challenges of financing reconstruction while the war is ongoing, the role of the defence industrial base, and Ukraine’s growing strategic importance to European defence. They also examine Ukraine’s evolving partnership with the U.S., the future of reconstruction efforts, and the importance of reform and anti-corruption in long-term planning. With the Ukraine Donor Platform helping to coordinate financial support, speakers highlight the delicate balance between urgent wartime needs and planning for a resilient, post-war economy. Relevant research: Ukraine Donor Platform meetings in Rome, 9-10 July, 2025 Strategic lessons from Ukraine for strengthening European security — KSE Institute report Charting a Path Forward for the U.S.-Ukraine Minerals Deal