The Sound of Economics

• How can the EU get its act together?

  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. Relevant research: Jason Furman, Trump’s tariffs leave us in the second worst of all worlds, opinion, Financial Times, 4 Aug 2025 Sapir, A. (2025/2005) ‘Globalisation and the reform of European social models’ Policy Brief 22/2025, Bruegel (Original work published in 2005) Dom, R. and N. Poitiers (2025) ‘The European single market: restarting the perpetual revolution’, Working Paper 15/2025, Bruegel Heussaff, C. and G. Zachmann (2025) ‘Upgrading Europe’s electricity grid is about more than just money’, Policy Brief 04/2025, Bruegel Pisani-Ferry, J, B Weder di Mauro and J Zettelmeyer (eds) (2025), ‘Paris Report 3: Global Action Without Global Governance: Building coalitions for climate transition and nature restoration‘, CEPR Press, Paris & London.

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• Disaster risk in euro-area bond markets

  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. Relevant research: Ajovalasit, S., A. Consiglio, G. Pagliardi and S. Zenios (2024) "Incorporating political risk into analysis of sovereign debt sustainability", Analysis, Bruegel Anaya Longaric, P., K. Cera, G. Georgiadis and C. Kaufmann (2025), “Investment funds and euro disaster risk”, Working Paper No. 3029, European Central Bank

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• Why European firms are rethinking their presence in China

  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!

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• 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

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• Where do insurance firms and pension funds invest?

  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. The discussion is based on an upcoming Bruegel Policy Brief written by Marie-Sophie Lappe and David Pinkus.

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