Intereconomics | Review of European Economic Policy

<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8"> <title>Intereconomics | Review of European Economic Policy</title> <base href="https://www.intereconomics.eu/"> <meta name="robots" content="index,follow"> <meta name="description" content="Intereconomics is an academic journal that publishes articles by experts on current economic and social policy issues affecting Europe."> <meta name="generator" content="Contao Open Source CMS"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="assets/css/f00d03697272.css"> <script src="assets/js/c8d97feb7fe7.js"></script> <meta property="og:type" content="article"> <meta property="og:title" content="Intereconomics"> <meta property="og:site_name" content="Intereconomics"> <meta property="og:description" content="Intereconomics is an academic journal that publishes articles by experts on current economic and social policy issues affecting Europe."> <meta property="og:image" content="https://www.intereconomics.eu/files/images/general/opengraph-image-ie.png"> <meta property="og:url" content="https://www.intereconomics.eu/"> <meta property="og:locale" content="en_GB"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@Intereconomics_"> <meta name="twitter:title" content="Intereconomics"> <meta name="twitter:description" content="Intereconomics is an academic journal that publishes articles by experts on current economic and social policy issues affecting Europe."> <meta name="twitter:image" content="https://www.intereconomics.eu/files/images/general/twitter-image-ie.png"> <link type="text/css" rel="stylesheet" href="//fast.fonts.net/cssapi/0743c75c-9da2-4771-a554-5b5cfdf97ef4.css"/>     <script type="text/javascript"> //var et_pagename = ""; //var et_areas = ""; //var et_url = ""; //var et_target = ""; //var et_tval = ""; //var et_tonr = ""; //var et_tsale = 0; //var et_basket = ""; //var et_cust = 0; </script> <script id="_etLoader" type="text/javascript" charset="UTF-8" data-block-cookies="true" data-respect-dnt="true" data-secure-code="JoEoHm" src="//static.etracker.com/code/e.js"></script>   </head> <body id="top" class="win ie trident ie7 home intereconomics"> <div id="sidedrawer-wrapper" class="sidedrawer-wrapper" aria-hidden="true"> <div class="sidedrawer-overlay"> </div> <div class="sidedrawer" aria-modal="true" aria-labelledby="sidedrawer-title"> <header> <h2 id="sidedrawer-title" class="offscreen">Navigation</h2> <button class="sidedrawer-button-close" aria-label="Close menu"><svg width="24px" height="24px" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Close menu</title> <g id="icon-close" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <path d="M2,0 L22,0 C23.1045695,0 24,0.8954305 24,2 L24,22 C24,23.1045695 23.1045695,24 22,24 L2,24 C0.8954305,24 0,23.1045695 0,22 L0,2 C0,0.8954305 0.8954305,0 2,0 Z" id="icon-close-bg" fill="#006AB2"></path> <path d="M6.29289322,6.29289322 C6.65337718,5.93240926 7.22060824,5.90467972 7.61289944,6.20970461 L7.70710678,6.29289322 L11.949,10.535 L16.1923882,6.29289322 C16.5829124,5.90236893 17.2160774,5.90236893 17.6066017,6.29289322 C17.9670857,6.65337718 17.9948152,7.22060824 17.6897903,7.61289944 L17.6066017,7.70710678 L13.364,11.949 L17.6066017,16.1923882 L17.6897903,16.2865955 C17.9948152,16.6788867 17.9670857,17.2461178 17.6066017,17.6066017 C17.2461178,17.9670857 16.6788867,17.9948152 16.2865955,17.6897903 L16.1923882,17.6066017 L11.949,13.364 L7.70710678,17.6066017 C7.31658249,17.997126 6.68341751,17.997126 6.29289322,17.6066017 C5.93240926,17.2461178 5.90467972,16.6788867 6.20970461,16.2865955 L6.29289322,16.1923882 L10.535,11.949 L6.29289322,7.70710678 L6.20970461,7.61289944 C5.90467972,7.22060824 5.93240926,6.65337718 6.29289322,6.29289322 Z" id="icon-close-x" fill="#FFFFFF" fill-rule="nonzero"></path> </g> </svg></button> </header> <div id="sidedrawer-content" class="sidedrawer-content"> <div class="sidedrawer-section sidedrawer-section-link"> <p class="sidedrawer-section-link-p"><a href="/">Home</a></p> </div> <div class="sidedrawer-section sidedrawer-section-navbar"> <ul class="sidedrawer-section-navbar-ul level_1"> <li class="first"> <a href="archive/year/2025/number/1.html">Current issue</a> </li> <li> <a href="archive.html">Volumes</a> </li> <li> <a href="authors.html">Authors</a> </li> </ul> </div> <div class="sidedrawer-section sidedrawer-section-navbar"> <ul class="sidedrawer-section-navbar-ul level_1"> <li class="first"> <a href="events.html">Events</a> </li> <li> <a href="about-us.html">About us</a> </li> <li> <a href="submissions.html">Submissions</a> </li> <li> <a href="order.html">Order</a> </li> <li> <a href="contact.html">Contact</a> </li> </ul> </div> <div class="sidedrawer-section sidedrawer-section-button"> <p><a href="newsletter.html" class="button">Newsletter</a></p> <p class="sidedrawer-section-social"><a href="https://www.linkedin.com/company/intereconomics" class="sidedrawer-section-social-list-item" target="_blank"><svg role="img" width="50px" height="50px" viewBox="0 0 50 50" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" aria-labelledby="svg-title-linkedin"> <title id="svg-title-linkedin">Intereconomics on LinkedIn</title> <g id="icon-linkedin" class="social-icon" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <circle id="bg" fill="#006AB2" class="social-icon" cx="25" cy="25" r="25"></circle> <path d="M18.9244643,34 L14.3633929,34 L14.3633929,19.3117257 L18.9244643,19.3117257 L18.9244643,34 Z M16.6414732,17.3081095 C15.1829911,17.3081095 14,16.1000468 14,14.6415321 C14,13.1826542 15.1826279,12 16.6414732,12 C18.1003186,12 19.2829464,13.1826542 19.2829464,14.6415321 C19.2829464,16.1000468 18.0994643,17.3081095 16.6414732,17.3081095 Z M35.9950893,34 L31.4438393,34 L31.4438393,26.8498404 C31.4438393,25.1457845 31.4094643,22.9604678 29.0724554,22.9604678 C26.7010714,22.9604678 26.3376786,24.8118485 26.3376786,26.7270698 L26.3376786,34 L21.7815179,34 L21.7815179,19.3117257 L26.1559821,19.3117257 L26.1559821,21.3153418 L26.2198214,21.3153418 C26.82875,20.1612982 28.3162054,18.9434139 30.5353571,18.9434139 C35.1514286,18.9434139 36,21.9832139 36,25.9315163 L36,34 L35.9950893,34 Z" id="icon" fill="#FFFFFF" fill-rule="nonzero"></path> </g> </svg></a> <a href="https://bsky.app/profile/intereconomics.bsky.social" class="sidedrawer-section-social-list-item" target="_blank"><svg role="img" width="50px" height="50px" viewBox="0 0 50 50" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" aria-labelledby="svg-title-bluesky"> <title id="svg-title-bluesky">Intereconomics on BlueSky</title> <g id="bluesky" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <circle id="bg" fill="#006AB2" cx="25" cy="25" r="25"></circle> <path d="M18.2023171,16.8566648 C20.9538596,18.9223493 23.913456,23.1106971 25.0000703,25.3584081 C26.0867674,23.1108626 29.0461983,18.9223079 31.7978236,16.8566648 C33.7831913,15.3661494 37,14.2128734 37,17.8826588 C37,18.6155649 36.5797956,24.0394503 36.3333418,24.9199969 C35.476671,27.9813858 32.3549927,28.7622088 29.578209,28.2896185 C34.4319737,29.1157102 35.6667251,31.8520252 33.0001338,34.5883402 C27.9357497,39.7851373 25.721142,33.2844444 25.1534212,31.61873 C25.0493942,31.3133649 25.0007159,31.170512 25,31.2919843 C24.99928,31.1705078 24.9506058,31.3133645 24.8465788,31.61873 C24.2791063,33.2844444 22.06454,39.7853028 16.9998662,34.5883402 C14.3332336,31.8520252 15.5679436,29.1155447 20.421791,28.2896185 C17.6449245,28.7622088 14.5232049,27.9813817 13.6666582,24.9199969 C13.4201962,24.0393676 13,18.6154821 13,17.8826588 C13,14.2128734 16.2168915,15.3661494 18.2021764,16.8566648 L18.2023171,16.8566648 Z" id="icon" fill="#FFFFFF" fill-rule="nonzero"></path> </g> </svg></a></p> </div> <div class="sidedrawer-section sidedrawer-section-footernav"> <div class="sidedrawer-section-part-1"> </div> <div class="sidedrawer-section-part-2"> <ul class="sidedrawer-section-footernav-ul level_1"> <li class="first"> <a href="data-protection.html">Data protection</a> </li> <li> <a href="imprint.html">Imprint</a> </li> </ul> </div> </div> </div> </div> </div> <div id="zbw-flag"> <p> <span class="zbw-flag-text">A service of the</span> <span class="zbw-flag-logo"><a href="http://www.zbw.eu/en/" target="_blank">ZBW</a></span> </p> </div> <div id="wrapper"> <header id="header" class="header"> <div class="inside"> <div class="header-sidedrawer-button-wrapper"> <button class="header-sidedrawer-button" data-custom-open="sidedrawer-wrapper"><svg width="28px" height="28px" viewBox="0 0 28 28" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Navigation öffnen</title> <g id="lines" transform="translate(3.000000, 6.000000)" fill="#FFFFFF"> <rect id="line" x="0" y="0" width="22" height="2" rx="1"></rect> <rect id="line" x="0" y="7" width="22" height="2" rx="1"></rect> <rect id="line" x="0" y="14" width="22" height="2" rx="1"></rect> </g> </svg></button> </div> <div class="header-logo header-logo-intereconomics" role="banner"> <p> <a href="/"> <strong class="header-logo-intereconomics-line-1">Intereconomics<br /></strong> <em class="header-logo-intereconomics-line-2">Review of European Economic Policy</em> </a> </p> </div> <div class="header-search-nav"> <div class="inside">  <div class="mod_form header-search block" id="header-search"> <form action="search.html" method="get" enctype="application/x-www-form-urlencoded" novalidate> <div class="formbody"> <input type="text" name="query" id="ctrl_117" class="text" value="" placeholder="Search in articles"> <button type="submit" class="search-submit" title="Suche starten"> <svg width="22px" height="22px" viewBox="0 0 22 22" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" aria-label="Suche starten"> <g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <path d="M20.2888889,22 L12.5888889,14.3 C11.9777778,14.7888889 11.275,15.1759259 10.4805556,15.4611111 C9.68611111,15.7462963 8.84074074,15.8888889 7.94444444,15.8888889 C5.72407407,15.8888889 3.84490741,15.1199074 2.30694444,13.5819444 C0.768981481,12.0439815 0,10.1648148 0,7.94444444 C0,5.72407407 0.768981481,3.84490741 2.30694444,2.30694444 C3.84490741,0.768981481 5.72407407,0 7.94444444,0 C10.1648148,0 12.0439815,0.768981481 13.5819444,2.30694444 C15.1199074,3.84490741 15.8888889,5.72407407 15.8888889,7.94444444 C15.8888889,8.84074074 15.7462963,9.68611111 15.4611111,10.4805556 C15.1759259,11.275 14.7888889,11.9777778 14.3,12.5888889 L22,20.2888889 L20.2888889,22 Z M7.94444444,13.4444444 C9.47222222,13.4444444 10.7708333,12.9097222 11.8402778,11.8402778 C12.9097222,10.7708333 13.4444444,9.47222222 13.4444444,7.94444444 C13.4444444,6.41666667 12.9097222,5.11805556 11.8402778,4.04861111 C10.7708333,2.97916667 9.47222222,2.44444444 7.94444444,2.44444444 C6.41666667,2.44444444 5.11805556,2.97916667 4.04861111,4.04861111 C2.97916667,5.11805556 2.44444444,6.41666667 2.44444444,7.94444444 C2.44444444,9.47222222 2.97916667,10.7708333 4.04861111,11.8402778 C5.11805556,12.9097222 6.41666667,13.4444444 7.94444444,13.4444444 Z" id="icon-search" class="svg-icon-search" fill="#1E2323" fill-rule="nonzero"></path> </g> </svg> </button> </div> </form> </div>  <div class="header-navbar-articles"> <div class="inside"> <nav class="mod_customnav block"> <ul class="level_1"> <li class="first"> <a href="archive/year/2025/number/1.html">Current issue</a> </li> <li> <a href="archive.html">Volumes</a> </li> <li> <a href="authors.html">Authors</a> </li> <li> <a href="events.html">Events</a> </li> <li> <a href="newsletter.html">Newsletter</a> </li> </ul> </nav> </div> </div> </div> </div> </div> </header> <div id="container" class="content-container content-1-col"> <div class="inside"> <main id="main" class="content-main"> <div class="inside"> <div class="mod_article first slider-story block" id="article-710"> <div class="swiper"> <div class="swiper-wrapper"> <div class="slider-story-item swiper-slide"> <div class="slider-story-image"> <img src="assets/images/a/background_GR_24-b300bcbf.png" srcset="assets/images/a/background_GR_24-b300bcbf.png 1x, assets/images/c/background_GR_24-c0a9da86.png 1.5x, assets/images/3/background_GR_24-91ebd2c0.png 2x" width="1080" height="570" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> <div class="slider-story-textbox"> <h3 class="slider-story-kicker-title"> <span class="slider-story-kicker">Forum · Issue 1 · 2025<br></span> <span class="slider-story-title"><a href="https://www.intereconomics.eu/contents/year/2025/number/1/article/eu-competitivness-navigating-challenges-seizing-opportunities.html">EU Competitiveness: Navigating Challenges and Seizing Opportunities</a></span> </h3> <div class="slider-story-teaser"> <p>Europe’s economic productivity faces long-term stagnation, with recent shocks such as the war in Ukraine disrupting the post-pandemic recovery and exposing vulnerabilities in the EU’s competitiveness. Against this backdrop, Mario Draghi’s recent report has reignited policy debates on fostering economic productivity through innovation, advancing education and skills. This Forum features contributions from the participants in the 2024 joint annual CEPS-Intereconomics conference and examines a number of the key questions to consider in addressing EU competitiveness.</p> <p class="slider-story-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2025/number/1/article/eu-competitivness-navigating-challenges-seizing-opportunities.html">Read more</a> </p> <div class="swiper-pagination"></div> </div> </div> <div class="swiper-button-next-wrapper swiper-button-wrapper"> <button class="swiper-button-next swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Previous Forum</title> <g id="icon-arrow-left-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 10.58625 1.58625 4.30875 7.875 18 7.875 18 10.125 4.30875 10.125 10.58625 16.41375 9 18 7.10542736e-15 9"></polygon> </g> </svg> </button> </div> <div class="swiper-button-prev-wrapper swiper-button-wrapper"> <button class="swiper-button-prev swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Next Forum</title> <g id="icon-arrow-right-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 7.41375 1.58625 13.69125 7.875 5.32907052e-15 7.875 5.32907052e-15 10.125 13.69125 10.125 7.41375 16.41375 9 18 18 9"></polygon> </g> </svg> </button> </div> </div> <div class="slider-story-item swiper-slide"> <div class="slider-story-image"> <img src="assets/images/4/brussels-4056171_1280-638ed1fa.jpg" srcset="assets/images/4/brussels-4056171_1280-638ed1fa.jpg 1x, assets/images/3/brussels-4056171_1280-66c4cdab.jpg 1.111x" width="1080" height="570" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> <div class="slider-story-textbox"> <h3 class="slider-story-kicker-title"> <span class="slider-story-kicker">Forum · Issue 6 · 2024<br></span> <span class="slider-story-title"><a href="https://www.intereconomics.eu/contents/year/2024/number/6/article/the-priorities-of-the-next-eu-commission.html">The Priorities of the Next EU Commission</a></span> </h3> <div class="slider-story-teaser"> <p>The new European Commission has taken shape during a period of significant geopolitical unrest. In this Forum, our authors look at some of the priorities for the European Commission for 2024-2029 and beyond. How can the EU prepare itself for the uncertainty of a possible global trade war? What should the EU do about its Eastern Neighborhood expansion plans that have continued to stall? How can industrial policy help to create a single market for defence goods? What should be the priorities of the Commission with regards to the financial sector? This Forum examines these questions deeply and offers recommendations.</p> <p class="slider-story-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/6/article/the-priorities-of-the-next-eu-commission.html">Read more</a> </p> <div class="swiper-pagination"></div> </div> </div> <div class="swiper-button-next-wrapper swiper-button-wrapper"> <button class="swiper-button-next swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Previous Forum</title> <g id="icon-arrow-left-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 10.58625 1.58625 4.30875 7.875 18 7.875 18 10.125 4.30875 10.125 10.58625 16.41375 9 18 7.10542736e-15 9"></polygon> </g> </svg> </button> </div> <div class="swiper-button-prev-wrapper swiper-button-wrapper"> <button class="swiper-button-prev swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Next Forum</title> <g id="icon-arrow-right-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 7.41375 1.58625 13.69125 7.875 5.32907052e-15 7.875 5.32907052e-15 10.125 13.69125 10.125 7.41375 16.41375 9 18 18 9"></polygon> </g> </svg> </button> </div> </div> <div class="slider-story-item swiper-slide"> <div class="slider-story-image"> <img src="assets/images/e/gears-1236578_1280-218b1b54.jpg" srcset="assets/images/e/gears-1236578_1280-218b1b54.jpg 1x, assets/images/5/gears-1236578_1280-ec698d9b.jpg 1.111x" width="1080" height="570" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> <div class="slider-story-textbox"> <h3 class="slider-story-kicker-title"> <span class="slider-story-kicker">Forum · Issue 5 · 2024<br></span> <span class="slider-story-title"><a href="https://www.intereconomics.eu/contents/year/2024/number/5/article/the-future-of-european-industrial-policy.html">The Future of European Industrial Policy</a></span> </h3> <div class="slider-story-teaser"> <p>In the current landscape of significant technological, economic and geopolitical shifts, Europe needs a forward-looking industrial policy to boost innovation, productivity, quality job creation, sustainability and growth. However, simultaneous crises, including the COVID-19 pandemic and the Russian war of aggression against Ukraine, have resulted in supply chain strains, rising energy prices and general uncertainty. Still, challenges can create opportunities for companies and citizens – if they are addressed properly. This Forum considers the priorities for the future of European industrial policy that are critical for the EU’s economic security.</p> <p class="slider-story-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/5/article/the-future-of-european-industrial-policy.html">Read more</a> </p> <div class="swiper-pagination"></div> </div> </div> <div class="swiper-button-next-wrapper swiper-button-wrapper"> <button class="swiper-button-next swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Previous Forum</title> <g id="icon-arrow-left-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 10.58625 1.58625 4.30875 7.875 18 7.875 18 10.125 4.30875 10.125 10.58625 16.41375 9 18 7.10542736e-15 9"></polygon> </g> </svg> </button> </div> <div class="swiper-button-prev-wrapper swiper-button-wrapper"> <button class="swiper-button-prev swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Next Forum</title> <g id="icon-arrow-right-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 7.41375 1.58625 13.69125 7.875 5.32907052e-15 7.875 5.32907052e-15 10.125 13.69125 10.125 7.41375 16.41375 9 18 18 9"></polygon> </g> </svg> </button> </div> </div> <div class="slider-story-item swiper-slide"> <div class="slider-story-image"> <img src="assets/images/4/AdobeStock_136106782-7a9bc30b.jpeg" srcset="assets/images/4/AdobeStock_136106782-7a9bc30b.jpeg 1x, assets/images/3/AdobeStock_136106782-970f71ae.jpeg 1.5x, assets/images/0/AdobeStock_136106782-5f44cb05.jpeg 2x" width="1080" height="570" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> <span class="offscreen" data-copyright="AdobeStock|136106782">AdobeStock|136106782</span> </div> <div class="slider-story-textbox"> <h3 class="slider-story-kicker-title"> <span class="slider-story-kicker">Forum · Issue 4 · 2024<br></span> <span class="slider-story-title"><a href="https://www.intereconomics.eu/contents/year/2024/number/4/article/ensuring-european-security-and-stability.html">Ensuring European Security and Stability</a></span> </h3> <div class="slider-story-teaser"> <p>Russia’s war of aggression in Ukraine has forced Europe to confront its shortcomings with regard to providing its own security and to reconsider its reliance on the United States, which may be – under a potential Trump administration – much less supportive. This Forum focuses on what needs to be done now to address Europe’s security concerns and guarantee stability for the foreseeable future. Is meeting NATO spending targets enough to support European defence? What would it take to make Europe more self-sufficient? How does Europe protect itself against malicious cyberattacks? And what role do women specifically play in supporting defence efforts and future reconstruction in Ukraine?</p> <p class="slider-story-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/4/article/ensuring-european-security-and-stability.html">Read more</a> </p> <div class="swiper-pagination"></div> </div> </div> <div class="swiper-button-next-wrapper swiper-button-wrapper"> <button class="swiper-button-next swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Previous Forum</title> <g id="icon-arrow-left-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 10.58625 1.58625 4.30875 7.875 18 7.875 18 10.125 4.30875 10.125 10.58625 16.41375 9 18 7.10542736e-15 9"></polygon> </g> </svg> </button> </div> <div class="swiper-button-prev-wrapper swiper-button-wrapper"> <button class="swiper-button-prev swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Next Forum</title> <g id="icon-arrow-right-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 7.41375 1.58625 13.69125 7.875 5.32907052e-15 7.875 5.32907052e-15 10.125 13.69125 10.125 7.41375 16.41375 9 18 18 9"></polygon> </g> </svg> </button> </div> </div> <div class="slider-story-item swiper-slide"> <div class="slider-story-image"> <img src="assets/images/7/shortages-41415ede.jpeg" srcset="assets/images/7/shortages-41415ede.jpeg 1x, assets/images/c/shortages-d24b8e37.jpeg 1.5x, assets/images/a/shortages-b8047ed4.jpeg 2x" width="1080" height="570" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> <span class="offscreen" data-copyright="AdobeStock|#516608718">AdobeStock|#516608718</span> </div> <div class="slider-story-textbox"> <h3 class="slider-story-kicker-title"> <span class="slider-story-kicker"><br></span> <span class="slider-story-title"><a href="https://www.intereconomics.eu/contents/year/2024/number/3/article/from-unemployment-struggles-to-labour-market-shortages.html">From Unemployment Struggles to Labour Market Shortages?</a></span> </h3> <div class="slider-story-teaser"> <p>After decades marked by struggles to combat high unemployment, today’s main challenge is labour market shortages. Since the aftermath of the COVID-19 pandemic and despite the economic slowdown driven by Russia’s invasion of Ukraine, EU labour markets have demonstrated remarkable resilience. Employment reached a record high in 2022 and the trend is expected to continue. Most companies, in the EU and beyond, are now struggling to fill vacancies. Labour and skill shortages in several sectors are the new problems to overcome. What are the reasons behind these shortages? Are these only temporary issues?</p> <p class="slider-story-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/3/article/from-unemployment-struggles-to-labour-market-shortages.html">Read more</a> </p> <div class="swiper-pagination"></div> </div> </div> <div class="swiper-button-next-wrapper swiper-button-wrapper"> <button class="swiper-button-next swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Previous Forum</title> <g id="icon-arrow-left-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 10.58625 1.58625 4.30875 7.875 18 7.875 18 10.125 4.30875 10.125 10.58625 16.41375 9 18 7.10542736e-15 9"></polygon> </g> </svg> </button> </div> <div class="swiper-button-prev-wrapper swiper-button-wrapper"> <button class="swiper-button-prev swiper-button offscreen"> <svg width="18px" height="18px" viewBox="0 0 18 18" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"> <title>Next Forum</title> <g id="icon-arrow-right-purple" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <polygon id="Path" fill="#974777" fill-rule="nonzero" points="9 5.32907052e-15 7.41375 1.58625 13.69125 7.875 5.32907052e-15 7.875 5.32907052e-15 10.125 13.69125 10.125 7.41375 16.41375 9 18 18 9"></polygon> </g> </svg> </button> </div> </div> </div> <div class="slider-story-more-link"> </div> </div> </div> <div class="mod_article teaserbox-wrapper teaserbox-wrapper-3-cols block" id="article-711"> <div class="teaserbox-item teaserbox-imagebox teaserbox-item-vertical"> <a class="teaserbox-link" href="https://www.intereconomics.eu/contents/year/2025/number/1/article/transatlantic-economic-relations-in-a-trumpian-world.html"> <div class="teaserbox-image"> <img src="assets/images/4/white%20house-ca703024.jpeg" srcset="assets/images/4/white%20house-ca703024.jpeg 1x, assets/images/f/white%20house-3f75888e.jpeg 1.5x, assets/images/7/white%20house-8146c11b.jpeg 2x" width="320" height="215" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> <h3 class="teaserbox-kicker-title"> <span class="teaserbox-kicker">Editorial<br></span> <span class="teaserbox-title">Transatlantic Economic Relations in a Trumpian World</span> </h3> </a> <div class="teaserbox-teaser"> <p>Contrary to most of the hand-wringing that has met Trump's second term, especially with regard to his penchant for tariffs, <strong>Daniel Gros</strong> argues that the Trump II Administration could, if handled well, present more opportunities than threats for Europe.</p> <p class="teaserbox-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2025/number/1/article/transatlantic-economic-relations-in-a-trumpian-world.html" rel="noopener">Read more</a> </p> </div> </div> <div class="teaserbox-item teaserbox-imagebox teaserbox-item-vertical"> <a class="teaserbox-link" href="https://www.intereconomics.eu/contents/year/2024/number/5/article/an-innovation-based-industrial-policy-for-the-eu.html"> <div class="teaserbox-image"> <img src="assets/images/6/Policy%20advise-3bdbbde5.jpeg" srcset="assets/images/6/Policy%20advise-3bdbbde5.jpeg 1x, assets/images/6/Policy%20advise-2b1b224c.jpeg 1.5x, assets/images/c/Policy%20advise-02b09b5d.jpeg 2x" width="320" height="215" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> <span class="offscreen" data-copyright="©chones/Adobe Stock">©chones/Adobe Stock</span> </div> <h3 class="teaserbox-kicker-title"> <span class="teaserbox-kicker">Forum<br></span> <span class="teaserbox-title">An Innovation-Based Industrial Policy for the EU</span> </h3> </a> <div class="teaserbox-teaser"> <p>The innovation system can develop and deploy unique new sustainable solutions to serve security of supply while generating comparative advantages on world markets. But the innovation system cannot do this on its own. For vertical policies to be efficient, they need to be flanked by horizontal policies ensuring large, open, competitive markets, writes <strong>Reinhilde Veugelers</strong>.</p> <p class="teaserbox-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/5/article/an-innovation-based-industrial-policy-for-the-eu.html" rel="noopener">Read more</a> </p> </div> </div> <div class="teaserbox-item teaserbox-imagebox teaserbox-item-vertical"> <a class="teaserbox-link" href="https://www.intereconomics.eu/contents/year/2024/number/5/article/rationales-for-industrial-policy-in-the-semiconductor-industry.html"> <div class="teaserbox-image"> <img src="assets/images/1/pexels-pok-rie-33563-1432680-2e58500f.jpg" srcset="assets/images/1/pexels-pok-rie-33563-1432680-2e58500f.jpg 1x, assets/images/e/pexels-pok-rie-33563-1432680-ebb6c320.jpg 1.5x, assets/images/b/pexels-pok-rie-33563-1432680-bb90433d.jpg 2x" width="320" height="215" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> <h3 class="teaserbox-kicker-title"> <span class="teaserbox-kicker">Forum<br></span> <span class="teaserbox-title">Industrial Policy in the Semiconductor Industry</span> </h3> </a> <div class="teaserbox-teaser"> <p>Despite concerns and the traditional reservations among economists against industrial policy in general, there are compelling reasons for pursuing an industrial policy approach that includes subsides, write <strong>Fabrice Naumann</strong> and <strong>Monika Schnitzer</strong>, particularly in the European semiconductor industry.</p> <p class="teaserbox-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/5/article/rationales-for-industrial-policy-in-the-semiconductor-industry.html" rel="noopener">Read more</a> </p> </div> </div> <div class="teaserbox-item teaserbox-imagebox teaserbox-item-vertical"> <a class="teaserbox-link" href="https://www.intereconomics.eu/contents/year/2024/number/6/article/the-european-union-s-geopolitical-ambitions-enlargement-neighbourhood-and-necessary-institutional-changes.html"> <div class="teaserbox-image"> <img src="assets/images/f/EU_people-83026c5e.jpeg" srcset="assets/images/f/EU_people-83026c5e.jpeg 1x, assets/images/a/EU_people-f30254d4.jpeg 1.5x, assets/images/1/EU_people-70e8a2e2.jpeg 2x" width="320" height="215" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> <span class="offscreen" data-copyright="AdobeStock|#495371483">AdobeStock|#495371483</span> </div> <h3 class="teaserbox-kicker-title"> <span class="teaserbox-kicker">Forum<br></span> <span class="teaserbox-title">Enlargement, Neighbourhood and Institutional Changes</span> </h3> </a> <div class="teaserbox-teaser"> <p>Without institutional reform aimed at reducing unanimity requirements, the EU enlargement process will move slowly and could easily be trapped by domestic policy considerations, writes <strong>Marek Dabrowski</strong>. To make processes more efficient, there must be limitations on member states’ veto power.</p> <p class="teaserbox-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/6/article/the-european-union-s-geopolitical-ambitions-enlargement-neighbourhood-and-necessary-institutional-changes.html" rel="noopener">Read more</a> </p> </div> </div> <div class="teaserbox-item teaserbox-imagebox teaserbox-item-vertical"> <a class="teaserbox-link" href="https://www.intereconomics.eu/contents/year/2024/number/6/article/trade-at-the-heart-of-the-eu-s-economic-security.html"> <div class="teaserbox-image"> <img src="assets/images/5/EU_US-4283241f.jpeg" srcset="assets/images/5/EU_US-4283241f.jpeg 1x, assets/images/c/EU_US-e3e73129.jpeg 1.5x, assets/images/f/EU_US-381bc335.jpeg 2x" width="320" height="215" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> <span class="offscreen" data-copyright="AdobeStock|#334470178">AdobeStock|#334470178</span> </div> <h3 class="teaserbox-kicker-title"> <span class="teaserbox-kicker">Forum<br></span> <span class="teaserbox-title">Trade at the Heart of the EU’s Economic Security</span> </h3> </a> <div class="teaserbox-teaser"> <div> <p>What is at stake now that new global tariffs are almost certain to materialise? <strong>Maria Demertzis</strong> looks at this question by considering the merits of countervailing duties on Chinese electric vehicles in the EU as well as simulations of a global trade war.</p> </div> <p class="teaserbox-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/6/article/trade-at-the-heart-of-the-eu-s-economic-security.html" rel="noopener">Read more</a> </p> </div> </div> <div class="teaserbox-item teaserbox-imagebox teaserbox-item-vertical"> <a class="teaserbox-link" href="https://www.intereconomics.eu/contents/year/2025/number/1/article/what-a-first-week.html"> <div class="teaserbox-image"> <img src="assets/images/e/LfA-569df0ec.jpg" srcset="assets/images/e/LfA-569df0ec.jpg 1x, assets/images/1/LfA-6f604cd4.jpg 1.5x, assets/images/c/LfA-5c753d8a.jpg 2x" width="320" height="215" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> <h3 class="teaserbox-kicker-title"> <span class="teaserbox-kicker">Letter from America<br></span> <span class="teaserbox-title">What a First Week</span> </h3> </a> <div class="teaserbox-teaser"> <p><strong>Barry Eichengreen</strong> looks back at Donald Trump's action-packed first week in the White House and breaks down the actions he has taken on tariffs, immigration, energy, cryptocurrency and foreign policy.</p> <p class="teaserbox-teaser-link"> <a href="https://www.intereconomics.eu/contents/year/2025/number/1/article/what-a-first-week.html" rel="noopener">Read more</a> </p> </div> </div> </div> <div class="mod_article boxes-historical-and-current-issue block" id="article-712"> <div class="ce_text box-quote-of-the-month first block"> <h2>Quote of the Month</h2> <div class="text_container"> <p>"Rather than waiting for markets to fail, we need to proactively pursue legislative goals, guided by multi-criteria analysis and trade-off assessments. While cost-benefit analysis is still useful for certain regulatory acts, it is not suitable for goal-based policymaking, where criteria and goals should align."</p> <p><strong>Andrea Renda</strong><strong><br></strong></p> <p><a title="https://www.intereconomics.eu/contents/year/2025/number/1/article/the-triple-transition-and-the-dawn-of-quantum-policymaking.html" href="contents/year/2025/number/1/article/the-triple-transition-and-the-dawn-of-quantum-policymaking.html" target="_blank" rel="noopener">The Triple Transition and the Dawn of Quantum Policymaking</a></p> </div> </div> <div class="ce_rsce_box_this_issue last ce_text box-current-issue box-current-issue-new last block"> <div class="inside"> <div class="text_container"> <h2>Current Issue</h2> <p class="box-current-issue-date">Volume 60<br>2025<br>Issue 1</p> <p class="box-current-issue-buttons"> <a class="button" href="https://www.intereconomics.eu/archive/year/2025/number/1.html">Read online</a> </p> </div> <div class="image_container"> <img src="assets/images/e/Cover%201%202025-343bbf43.png" srcset="assets/images/e/Cover%201%202025-343bbf43.png 1x, assets/images/7/Cover%201%202025-d4fb6cd0.png 1.5x, assets/images/4/Cover%201%202025-5cbbbb48.png 2x" width="200" height="264" alt=""> <script> window.respimage && window.respimage({ elements: [document.images[document.images.length - 1]] }); </script> </div> </div> </div> </div> <div class="mod_article last block" id="article-713"> <div class="box-chart-of-the-month"> <h2>Figure of the Month</h2> <div class="box-chart-of-the-month-text box-imagebox-text"> <div class="box-chart-of-the-month-image"> <img src="assets/images/8/Arnal_fig_1-a44d932f.png" width="650" height="214" alt=""> </div> <div class="box-chart-of-the-month-title-teaser"> <h3 class="box-chart-of-the-month-title">Total assets of credit institutions, 1997-2023</h3> <p>The EU hosts the world’s largest banking system by assets. Total bank assets in the EU27 reached approximately €41.9 trillion in 2023, or 247% of the region’s GDP. This contrasts sharply with the US, where total bank assets were valued at €21.2 trillion, or 85% of GDP. However, despite this scale, EU banks exhibit weaker structural performance compared to their global peers, as evidenced by consistently lower stock market valuations.</p> </div> <p class="box-chart-of-the-month-link"> <a href="https://www.intereconomics.eu/contents/year/2024/number/6/article/are-the-european-commission-s-plans-on-financial-services-what-the-eu-needs.html" rel="noopener">Read the full article</a> </p> </div> </div> </div> </div> </main> </div> </div> <footer id="footer" class="footer"> <div class="inside"> <div class="footer-block-1"> <div class="footer-newsletter"> <div class="inside"> <h2>Subscribe to our newsletter</h2> <p><a href="newsletter.html" class="button">Sign up now</a></p> </div> </div> </div> <div class="footer-block-2"> <div class="inside"> <div class="footer-info"> <p>Intereconomics is published by ZBW – Leibniz Information Centre for Economics and CEPS – Centre for European Policy Studies. Intereconomics is a platform for the publication of policy relevant aspects of economic research. It provides up-to-date information for policymakers and supports the exchange of ideas for the improvement of policy approaches. Intereconomics represents over 50 years of economic policy oriented publishing.</p> <p><a href="about-us.html" class="button button-border grey">More about us</a></p> </div> <div class="footer-navbar"> <div class="footer-navbar-block footer-navbar-block-1"> <p class="footer-navbar-block-1-p"><a href="/">Home</a></p> <ul class="footer-navbar-block-1-ul"> <li class="first"> <a href="archive/year/2025/number/1.html">Current issue</a> </li> <li> <a href="archive.html">Volumes</a> </li> <li> <a href="authors.html">Authors</a> </li> </ul> </div> <div class="footer-navbar-block footer-navbar-block-2"> <ul class="footer-navbar-block-2-p"> <li class="first"> <a href="events.html">Events</a> </li> <li> <a href="about-us.html">About us</a> </li> <li> <a href="submissions.html">Submissions</a> </li> <li> <a href="order.html">Order</a> </li> <li> <a href="contact.html">Contact</a> </li> </ul> </div> </div> <div class="footer-navbar-legal-social"> <div class="footer-navbar-legal"> <ul> <li class="first"> <a href="imprint.html">Imprint</a> </li> <li> <a href="data-protection.html">Data protection</a> </li> </ul> </div> <div class="footer-navbar-social"> <p class="footer-social"><a href="https://www.linkedin.com/company/intereconomics" class="footer-social-link" target="_blank"><svg role="img" width="50px" height="50px" viewBox="0 0 50 50" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" aria-labelledby="svg-title-linkedin"> <title id="svg-title-linkedin">Intereconomics on LinkedIn</title> <g id="icon-linkedin" class="social-icon" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <circle id="bg" fill="#006AB2" class="social-icon" cx="25" cy="25" r="25"></circle> <path d="M18.9244643,34 L14.3633929,34 L14.3633929,19.3117257 L18.9244643,19.3117257 L18.9244643,34 Z M16.6414732,17.3081095 C15.1829911,17.3081095 14,16.1000468 14,14.6415321 C14,13.1826542 15.1826279,12 16.6414732,12 C18.1003186,12 19.2829464,13.1826542 19.2829464,14.6415321 C19.2829464,16.1000468 18.0994643,17.3081095 16.6414732,17.3081095 Z M35.9950893,34 L31.4438393,34 L31.4438393,26.8498404 C31.4438393,25.1457845 31.4094643,22.9604678 29.0724554,22.9604678 C26.7010714,22.9604678 26.3376786,24.8118485 26.3376786,26.7270698 L26.3376786,34 L21.7815179,34 L21.7815179,19.3117257 L26.1559821,19.3117257 L26.1559821,21.3153418 L26.2198214,21.3153418 C26.82875,20.1612982 28.3162054,18.9434139 30.5353571,18.9434139 C35.1514286,18.9434139 36,21.9832139 36,25.9315163 L36,34 L35.9950893,34 Z" id="icon" fill="#FFFFFF" fill-rule="nonzero"></path> </g> </svg></a> <a href="https://bsky.app/profile/intereconomics.bsky.social" class="footer-social-link" target="_blank"><svg role="img" width="50px" height="50px" viewBox="0 0 50 50" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" aria-labelledby="svg-title-bluesky"> <title id="svg-title-bluesky">Intereconomics on BlueSky</title> <g id="bluesky" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"> <circle id="bg" fill="#006AB2" cx="25" cy="25" r="25"></circle> <path d="M18.2023171,16.8566648 C20.9538596,18.9223493 23.913456,23.1106971 25.0000703,25.3584081 C26.0867674,23.1108626 29.0461983,18.9223079 31.7978236,16.8566648 C33.7831913,15.3661494 37,14.2128734 37,17.8826588 C37,18.6155649 36.5797956,24.0394503 36.3333418,24.9199969 C35.476671,27.9813858 32.3549927,28.7622088 29.578209,28.2896185 C34.4319737,29.1157102 35.6667251,31.8520252 33.0001338,34.5883402 C27.9357497,39.7851373 25.721142,33.2844444 25.1534212,31.61873 C25.0493942,31.3133649 25.0007159,31.170512 25,31.2919843 C24.99928,31.1705078 24.9506058,31.3133645 24.8465788,31.61873 C24.2791063,33.2844444 22.06454,39.7853028 16.9998662,34.5883402 C14.3332336,31.8520252 15.5679436,29.1155447 20.421791,28.2896185 C17.6449245,28.7622088 14.5232049,27.9813817 13.6666582,24.9199969 C13.4201962,24.0393676 13,18.6154821 13,17.8826588 C13,14.2128734 16.2168915,15.3661494 18.2021764,16.8566648 L18.2023171,16.8566648 Z" id="icon" fill="#FFFFFF" fill-rule="nonzero"></path> </g> </svg></a></p> </div> </div> </div> </div> <div class="footer-block-3"> <div class="footer-logos"> <p><a href="https://www.zbw.eu/en/"><img src="files/system/images/footer-logo-zbw.png" alt="ZBW – Leibniz-Informationszentrum Wirtschaft / Leibniz Information Center for Economics" width="300" height="80"></a><a href="https://www.ceps.eu/"><img src="files/system/images/footer-logo-ceps.png" alt="CEPS – Center for European Policy Studies" width="153" height="80"></a><a href="https://www.leibniz-gemeinschaft.de/en/"><img src="files/system/images/footer-logo-leibniz-en.png" alt="Member of Leibniz-Gemeinschaft" width="182" height="116"></a><a href="https://www.sciendo.com"><img src="files/system/images/footer-logo-sciendo.png" alt="Springer" width="260" height="78"></a></p></div> </div> </div> </footer> </div> <script src="/files/system/js/ally.min.js"></script> <script src="/files/system/jquery/general.js"></script> <script src="/files/system/js/swiper-bundle.min.js"></script> <script src="/files/system/js/general.js"></script> </body> </html>

CINXE.COM

Intereconomics | Review of European Economic Policy