The Sound of Economics

In this discussion, Bruegel’s economics experts—Jeromin Zettelmeyer, Simone Tagliapietra, and Reinhilde Veugelers—evaluate Ursula von der Leyen’s recent address on the EU’s future. They probe Europe’s economic vulnerabilities, the urgency for a cohesive Green Deal, and the pressing need for national reforms in housing and pensions. The conversation dives into technology’s role in productivity, challenges in the automotive sector, and the path to financial integration in the EU. They also tackle geopolitical challenges and the push for energy independence amid changing global dynamics.

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 union’, Bruegel blueprint series 35, Bruegel

Join Jeromin Zettelmeyer, Director at Bruegel, and Jason Furman, former economic adviser to Barack Obama, as they dive into Europe's pivotal role amidst global uncertainty. They discuss the urgent need for the EU to unify resources for economic growth and defense, while overcoming internal barriers. The conversation touches on the implications of U.S. tariffs, the importance of European unity in trade negotiations, and the challenges of climate change, emphasizing the critical reforms needed for a cohesive and resilient Europe.

In this discussion, Christoph Kaufmann, a Senior Economist at the European Central Bank, and Stavros Zenios from Bruegel analyze the intersection of political instability and investor behavior in euro area bond markets. They illuminate how different investment funds respond to fiscal shocks, revealing 'doom loops' that complicate debt sustainability. The conversation touches on the pressing need for safe assets and proactive policies to mitigate disaster risks, with real-world implications highlighted through examples like the Greek crisis.

Théo Storella, a research assistant specializing in China affairs, and Alicia García-Herrero, a senior fellow at Bruegel, discuss the evolving strategies of European firms in China. They reveal insights from their research, highlighting four strategic approaches: doubling down, hedging, hibernating, and exiting. The conversation touches on the challenges posed by deflation and declining foreign investment, as well as the need for European companies to diversify their operations. They emphasize the importance of adapting to China's complex market while considering broader economic trends.

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

Join Patrick Hoedjes, a key player at EIOPA, along with researchers David Pinkus and Marie-Sophie Lappe from Bruegel, and former Danish central banker Jesper Berg. They dive into where insurance funds and pension investments are flowing in Europe, debunking myths about capital flight to the U.S. The conversation highlights how generational attitudes towards risk differ and tackles the challenges of voluntary pension plans in Germany. With a look at Denmark's pension models, they discuss the future of retirement savings amid changing policies.

In this episode of The Sound of Economics, host Rebecca Christie is joined by Bruegel’s Director Jeromin Zettelmeyer and Affiliate Fellow Ben McWilliams to discuss new research on climate action and international cooperation. They present their chapter in the Paris Report 3, exploring the decarbonisation of energy-intensive industries, the design of the Clean Industrial Deal, and relatively high energy costs. They discuss how the EU could work in partnership with developing countries to achieve efficient global industrial decarbonisation. Bruegel has released two Policy Briefs which feature in the Paris Report 3: Global Action Without Global Governance: Building coalitions for climate transition and nature restoration, a joint initiative by Bruegel and CEPR (Pisani-Ferry et al, 2025). This year’s focus is on accelerating the energy transition and restoring nature in emerging and developing economies. Relevant research: McWilliams, B., S. Tagliapietra and J. Zettelmeyer (2025) ‘Reconciling the European Union’s clean industrialisation goals with those of the Global South’, Policy Brief 18/2025, Bruegel Pisani-Ferry, J., B. Weder di Mauro and J. Zettelmeyer (2025) ‘Building coalitions for climate transition and nature restoration’, Policy Brief 17/2025, Bruegel CEPR (2025) Paris Report 3: Global Action Without Global Governance: Building coalitions for climate transition and nature restoration, Centre for Economic Policy Research, available at https://cepr.org/publications/books-and-reports/paris-report-3-global-action-without-global-governance-building

In this discussion, Nicolas Véron, a senior fellow at Bruegel with a focus on financial regulation, and Enrico Letta, former Italian Prime Minister and proponent of EU integration, dive into the future of the EU's capital markets. They explore how establishing a single capital markets supervisor could enhance competitiveness and safety in Europe's economy. The duo emphasizes the importance of streamlining the European Securities and Markets Authority and moving away from national silos to unleash the potential of financial services across member states.

Critical technologies including artificial intelligence, semiconductors and quantum computing are gaining increasing attention due to their strategic importance and indispensable role in national security. In this episode of The Sound of Economics, Yuyun Zhan invites Alicia García-Herrero and Claudio Feijóo to look into how the world’s three leading global economies, China, the US and the EU, are advancing in these cutting-edge sectors. Which economies are leading in specific subfields? How quickly are these technologies being translated into real-world applications? Relevant publications: García-Herrero, A., M. Krystyanczuk and R. Schindowski (2025) ‘Radical novelties in critical technologies and spillovers: how do China, the US and the EU fare?’, Working Paper 07/2025, Bruegel García-Herrero, A., M. Krystyanczuk and R. Schindowski (2025) ‘Which companies are ahead in frontier innovation on critical technologies? Comparing China, the European Union and the United States’, Working Paper 08/2025, 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!