Increasing cyber and hybrid risks will test the European Union’s system of fragmentation on issues of security but centralisation on financial and other economic issues. This asymmetry was not an obstacle in a world in which security threats were more contained or of a different nature. But...

The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...

The structure of the world economy has been changing quickly during the last decade. The emerging global economy is much more fragmented than in the past and characterised by different global actors, each one with specific features and roles. In this setting, both Brazil and the European Union...

This report examines key aspects of the European Union-China economic relationship, including trade, investment and China’s key strategic project overseas, the Belt and Road Initiative (BRI). We conclude that China is, and will continue to be, a major trade and investment partner for EU...

The EU is a relatively open economy and has benefited from the global multilateral system. We argue that the EU should defend its strategic interests with three steps. First, it should collaborate with partners around the world in defence of multilateralism. Second, it should establish deeper...