

The Sound of Economics
Bruegel
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.
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
Mentioned books

Oct 1, 2025 • 50min
What should Europe pay for
Zsolt Darvas, a Senior Fellow at Bruegel specializing in EU budget reform, and Jacob Funk Kirkegaard, an expert on European public goods and defense spending, delve into the complexities of the European Commission's budget plan. They discuss the implications of shifting funds towards defense and research while questioning the effectiveness of current agricultural subsidies. The conversation explores how Europe can collectively address pressing issues like support for Ukraine and the challenges of financing public goods, emphasizing the importance of national contributions and the concept of 'own resources.'

Sep 25, 2025 • 27min
China’s race to electrification
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 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!

Sep 17, 2025 • 44min
EU foreign direct investment, explained
Damien Levie, head of the EU's FDI screening unit, and Niclas Poitiers, a researcher at Bruegel, delve into the intricacies of foreign direct investment in Europe. They discuss the EU's strategies for safeguarding itself from non-EU acquisitions, particularly focusing on risks from China and the U.S. The duo explores the need for a harmonized legal framework to streamline assessments and how competition among member states complicates the screening process. The conversation highlights the balancing act between protecting strategic assets and ensuring economic competitiveness.

Sep 10, 2025 • 1h 1min
The Sound of Economics Live: The State of the European Union 2025
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.

Sep 4, 2025 • 46min
The ECB is not the Fed
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

Aug 27, 2025 • 55min
How can the EU get its act together?
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.

Aug 20, 2025 • 42min
Disaster risk in euro-area bond markets
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.

Jul 30, 2025 • 26min
Why European firms are rethinking their presence in China
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.

Jul 23, 2025 • 37min
Rebuilding Ukraine: international support, defence and recovery
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

Jul 16, 2025 • 44min
Where do insurance firms and pension funds invest?
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.