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.

The ECB’s Digital Euro and new operational framework: is there an overlap? Bruegel event, 2 June 2025

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.

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.

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, 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 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

In this episode of The Sound of Economics, host Rebecca Christie discusses how insurance funds invest in the global economy with Patrick Hoedjes, Head of Policy and Supervisory Convergence Department of the European Insurance and Occupational Pensions Authority (EIOPA), and Bruegel’s Jesper Berg, Marie-Sophie Lappe and David Pinkus. Where is the money going? What role does European policy play? How can we make sure citizens understand their options and have confidence in the system? They also discuss new research on how much insurance company and pension fund investments stay in Europe, a key question in the EU capital markets debate.

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.

In this episode of The Sound of Economics, host Rebecca Christie discusses how common financial-services supervision could jumpstart the EU single market with Bruegel’s Nicolas Véron and Enrico Letta, former Italian prime minister and author of the EU’s flagship single-market report. They talk about ways to boost the European Securities and Markets Authority, the current regulator, and move away from national silos by putting ESMA offices in every member state. They also discuss how better capital markets would make the EU more competitive and lead to a stronger and safer European economy.

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?

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 talks about the proposed digital euro with ECB Executive Board member Piero Cipollone and Bruegel Senior Fellow Pablo Hernández de Cos. Why does the EU need a Central Bank Digital Currency (CBDC)? How much should citizens be able to hold? How will it affect financial stability and the banking system? They discuss the state of play and why the case for the digital euro has become stronger.