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A live recording from The Big Romance about a 2008 Sub Pop-released classic album of the 2000s. Listen on Apple | Android | Patreon | Pocketcasts | CastBox | Stitcher | Spotify | RSS Feed | Podlink Step into a world of misty melodies and cavernous echoes with Seattle band Fleet Foxes' landmark debut – a defining record of the late-2000s indie folk revival. Led by Robin Pecknold, the album blends the lush, pastoral harmonies of the 1960s with a haunting baroque-pop sensibility and lyrical themes rooted in nature, tradition, and introspection. Like the Bruegel painting on its cover, every track reveals a dense, beautiful world that evokes a timeless – almost mythic Americana sound. This podcast episode is a live recording from our listening party in The Big Romance in April, with guest journalist and Fleet Foxes fan Aoife Barry. Our next Listening Party is Smashing Pumpkins later this month and it's sold out. Listen Closely: Fleet Foxes – Fleet Foxes (2008) A Nialler9 listening party, hosted by Niall Byrne with guest Aoife Barry. Before the album Niall: Hello everyone, how are you? Welcome to the Listen Closely album listening party. I'm Niall, and this is Aoife Barry. Aoife: Hello. Niall: We're here tonight because Aoife picked this album, as she has before. You picked Jeff Buckley last year. Aoife: Yeah, and we ended up doing three of them. Niall: We did, we went to Cork. We did two here and then we went to Cork to talk about Jeff Buckley. And you were at the My Bloody Valentine listening party last year as well, back in October. Aoife: It must have been October, yeah. Niall: Well, obviously we're here for a very different album tonight: Fleet Foxes by Fleet Foxes, from 2008. As you heard there, we played a bit of the Sun Giant EP by the band, which came out a few months before this album, because we want to give the album its full due. They're a little different, and we'll talk about that. But yeah, you picked the record. Aoife: I did. I obviously must like it. And it's such an incredible record. Is there anybody here who hasn't heard it? That's really exciting, if so. I'm excited for you to hear it. You got a sneak peek there of what the vibe is going to be. I picked it because I love this record, but I also had a funny story about how I first heard them. Back in 2008, when this record came out, I'd read about this band called Fleet Foxes in a music magazine. I don't even think I'd heard a song yet, this is back in the day. And I was on holidays in Berlin, and in the tiny little hostel we were staying in, they had a sign up on the wall: "Who's playing tonight? Fleet Foxes, Café Zapata." I said to my boyfriend, "I think that's a band I read about in the magazine, will we go see them?" And he was like, "Grand." So we went, and they were unbelievable. It was so good. Beach House were supporting them. So it was 2008 smacking you in the face. Niall: Come on. Aoife: And I took photos, which I found. I have photos. Artifacts. One is terrible, the other one's not so terrible, taken on one of those little Canon digital cameras. And I still have the ticket, I kept the ticket, I'm one of those hoarders who keeps all their gig tickets. But it was so good: the venue they played in had a dragon that breathed fire out every fifteen minutes. Niall: So they'd be playing and this dragon… Aoife: I'm not even exaggerating. Fire would just shoot out of this mechanical dragon. It was so Berlin. And Fleet Foxes were so stunning, and Beach House were so stunning. I love Crosby, Stills, Nash & Young, I love all those harmony vibes, I wish I was born in the seventies, sadly I was not. So I fell in love with them immediately, and I've been a big fan ever since. Although I'll say I probably dipped a little bit around the Crack-Up era, their third album, but then I saw them when Shore came out, their most recent album, and fell right back in love with them. Niall: We're going to talk about all the albums that come afterwards, but we'll start with this one, because this is presumably your favourite, or one of them. Aoife: Shore is up there as well for me, but yeah. Niall: So what was it about Fleet Foxes at the time? For context: in 2008 there was quite a lot of this kind of music around. We previously did Bon Iver's For Emma, Forever Ago as a listening party, and the funny thing, which I only found out when we did this, is that they have the same origin story in a way. Both songwriters went to a cabin in the woods to pour their heart out and write the songs. Aoife: I think Justin Vernon just got there first in terms of the marketing. Niall: So they must have pulled back on talking about it too much, because it's basically the same thing. They never really talked about Robin Pecknold's writing process in those terms. Aoife: For Emma was such a massive moment, everybody was obsessed with this guy who broke up with a girl and went to a cabin and wrote a record about it. It was the ur indie-folk album. Niall: What was really appealing about Fleet Foxes is that they were so young, between about twenty-two and twenty-seven, and Robin Pecknold was twenty-one when he wrote the record. Which is frankly offensive, you shouldn't be allowed to be so talented at twenty-one. Aoife: I know. And they were clearly these people from Seattle, which we associate with grunge, and then it becomes this place where they're bringing out all the pastoral, outdoorsy, mountain-and-sea vibes of the Washington area. They're obviously really influenced by the seventies too, by Crosby, Stills, Nash & Young, by Laurel Canyon, but also by Appalachian folk. There's a real purity to what they're doing. The harmonies are unbelievable, there's even a bit of a gospel feeling. So these young guys made this album that was being called an iconic American record on release. The Guardian called it a landmark American album, something like that. And that's special, because you don't get that many records immediately being called landmark. Niall: It was a very exciting time for music around then. I actually brought some records. We mentioned Beach House and Teen Dream earlier, that's a bit later, 2010. I wanted to do a listening party for that at some point, that'd be good craic. Around that time you had Animal Collective and Panda Bear, Person Pitch was right there, that was the apex for that very experimental scene. A few years later we had Sufjan, our very first listening party. And Bon Iver, of course. There's also stuff like Neutral Milk Hotel very much of that vibe. Aoife: I've noticed people covering Neutral Milk Hotel more now. Niall: I think when we got to it, it was on its second go-round, and now it's getting a third, which is great. It's a great record. So, the band were from Seattle, they had a bit of the scruffy flannel-shirt look, but obviously didn't sound like that. The album was written in the woods, in the cabin, brought to the band, and recorded with Phil Ek. Aoife: Who did a lot of stuff with Built to Spill. Niall: Yeah, and he worked with The Shins, and Modest Mouse, a really long history. Aoife: Are The Shins from Seattle as well? Niall: I think they might be. Band of Horses is another one. So they recorded it themselves with Phil Ek, paid for it all themselves, and then the local major independent label Sub Pop came calling. Obviously known for a lot of grunge traditionally, but they'd clearly been releasing this kind of music around then too, The Shins had been on the label for a few years, Band of Horses. When it came to it, they signed to Sub Pop. Apparently there was a bidding war. Aoife: They'd become quite popular on MySpace. Anybody remember MySpace? Every time I do one of these I feel older and older, mentioning the top eight, the randomers you'd put in your top eight. Word could spread quite quickly once you got popular on MySpace. Niall: What I thought was really interesting, that I discovered when I was researching, is that recording the album was actually a total pain for them. They didn't have much money, so they ended up recording a lot of it in their houses, or in Robin Pecknold's family home. And he re-did all the vocals right before they mastered the record, because he'd been sick during the initial sessions and his voice wasn't in great shape. They recorded it all in one go, scrapped that, did another version, and kept moving the running order around. I'm always fascinated by albums where the creation was a total pain and they had no idea it would even work out. Robin Pecknold actually said, "I hope nobody cares about this album, because I just want to move on to the next one." And then it becomes this iconic record. Aoife: Isn't every artist sick of their album by the time it's done? You're like, "my paintings." Yeah. Niall: 2008 was an interesting time for it to land. The album draws on the Beach Boys and Brian Wilson, Crosby, Stills, Nash & Young, Nick Drake, Simon & Garfunkel, Fairport Convention, Judee Sill, very much old-timey or sixties folk and pastoral stuff. And in 2008 there's a financial crash. The album was worked on before that, but it was released into that environment, and a lot of this music seemed to catch. When things go bad, we retreat, we dream, we listen to music that's maybe the opposite of what we're feeling. There was a gentleness, an unhurriedness to it that resonated. Aoife: Grizzly Bear is another band from that time. When Jay-Z and Beyoncé went to see Grizzly Bear in Brooklyn, that was kind of where all the indie music peaked. Niall: And the other part of it, which I was involved in, was the MP3 blogs, that's where you'd hear this music. Especially the American and Canadian stuff, no one was promoting it over here yet, so you'd be months ahead. You'd hear Fleet Foxes in these MP3 formats. That was a mad period, it showed how the internet could collapse geography, a song could spread really quickly on the blogs. And in an American context, this came out post-Bush, with the Obama era coming in, a more hopeful tone. You had the Lehman Brothers crash, these global pressures, and then these hopeful times too. It's interesting to wonder whether these albums are a reaction to it, or whether they appeal to us because we want nice, happy things. I feel like Fleet Foxes have so much emotional depth: there's yearning, sadness, hope, nostalgia. Aoife: I loved Yellow House by Grizzly Bear, their first record, a complex, complicated, almost jazzy thing that sounded beautiful but had a lot going on. We weren't going for simplistic music, but we wanted music that gave us depth and beauty. Is art a solution to the world collapsing? Niall: We could be answering that in 2026. We live in a cursed timeline, as I keep saying. That's all I'm going to say. But what else happened in 2008 in the wider circle of music? Portishead returned with Third. TV on the Radio released Dear Science. MGMT released Oracular Spectacular, 'Kids' and all that. Cut Copy released In Ghost Colours, Indie Sleaze night on Saturday, folks, come on. Kanye put out 808s & Heartbreak, that was November that year. Rihanna was at the peak of her powers. Aoife: Katy Perry appeared that year. And 'American Boy'. Niall: 'American Boy', still one of the best pop songs, fire. Iron & Wine was the other one I forgot to mention. So it was a really vibrant, varied year. As you heard, there's the Sun Giant EP too. Aoife: The thing about that is it came out before the album, but was recorded after. The album was done, in the bag. Niall: They decided to go into the studio and record Sun Giant, a collection of songs intended to sell on tour. It ended up being quite popular, and for a lot of people it was their first time discovering Fleet Foxes. Aoife: It wasn't like The Coronas' 'San Diego Song', their summer-holiday anthem, or anything like that. But it came out before the album, and then the album arrives. Niall: So what was the reaction at the time? Was it immediate? Aoife: Things happened really quickly. In January that year they got all the MySpace attention, and by June the album was coming out. Really, really quick. There was so much chatter about them, which is partly why I'd seen the name, and a music blog like yours would have seen it too, and known they were one of the big bands. In a way that's harder now. Niall: These days you see bands like Geese getting a lot of attention because they use companies that help them go viral. You didn't really have that then. Now you'd dress yourself up in some gimmick, polka dots, whatever, and go viral all over the internet for it. I couldn't imagine these lads doing that. Aoife: No. But maybe in a way they were cosplaying living in the forest, on the Puget Sound. Niall: Anyway, when the album came out, people loved them, and it really hit it off. Because they sound so seventies, your parents would love the records and you'd love the records. There's almost a lullaby quality to the folk stuff too. The music is applicable to anybody of any generation, and there's something lovely about nostalgic music that reminds you of a better time. To finish on that point: I think there's something very mysterious about Fleet Foxes, they feel out of time. They're these young, scruffy lads with the beards, but there's a mystery to them. They didn't come across as the hipster end of things, they weren't leaning into anything. They were presented as the kind of band that wouldn't have had phones, would have lived off-grid, which is funny because they were a MySpace band. They're the most un-MySpace band you can imagine. Surprise people, do something a bit different, don't be exactly what people want you to be, and they'll love you for it. And then your songs are unbelievable too, soaring and stunning. Can we talk for a second about the cover? It's an original painting from 1559 by Pieter Bruegel the Elder, Netherlandish Proverbs. It depicts a densely populated Flemish village scene illustrating 126 folk proverbs. There's a lot there. Some on this side are cut off, but for example, this woman here, she's putting the blue cloak on her husband, meaning she deceives him. This guy is casting roses before swine, wasting effort on the unworthy. And right at the top there's a man running through a field with his arse on fire, chasing pigs, "he who eats fire craps sparks," do not be surprised at the outcome if you attempt a dangerous venture. There are 126 of those. Aoife: The interesting thing is that the band managed to get permission to use it. Really unusual to be allowed use it as commercial artwork. Niall: And apparently the museum that holds the artwork were delighted. A lot of stars aligned for them. It's an iconic cover because it's so different from what anybody else was doing, clearly of a particular period, and it has that Where's Wally quality. I have a quote about it. Robin said: "We were trying to figure out what we wanted to do, and my brother had been working some stuff out, when I saw this Bruegel painting in a book my girlfriend had. I liked that it had a really intriguing meaning, there's a story to each little scene, which felt fitting for the record. It was dense but unified, not a collage. It has a Where's Waldo quality, something you could look at for a long time on a vinyl sleeve and keep finding new little things. It was very easy to get the museum in Berlin that has it to say yes, they were super excited the band wanted to use it, and put it in their newsletter. When you open it up, on the inside there's a Paisley pattern traced from the back of a book that Skyler's mum got me. We wanted two very different feelings." So, what to look out for when we press play very shortly? Aoife: When I was going back to this, I had it in my head that every song was one of these big songs, because there are so many big moments. But actually there are two tracks that are pretty much acoustic, so it's interesting to notice how they go from the big sound to the small. And for me they're a real emotion-and-feeling band, so notice how you feel listening to it. I always feel this swell of emotion with Fleet Foxes, I was walking down the road listening to Shore and I was like, my God. So lean back and feel into the emotions they're bringing you. And listen to the lyrics if you can make them out, because they're so out of time, all about pack horses and this amazing imagery. Robin Pecknold said he didn't write about a lot of personal stuff because he didn't have enough life experience yet, so instead he wrote these beautifully poetic narratives about pastoral and rural life. So I'd say the lyrics and the feelings are the two things. Niall: Track two, 'White Winter Hymnal', is probably the biggest one, watch out for that. And a few other people thanked and cited as influences, for some extra context: Brian Wilson, Joanna Newsom, Bob Dylan, Noah Lennox and all the lads from Animal Collective, Levon Helm and Robbie Robertson of The Band, Blitzen Trapper, who they toured with at the time and who were bigger than them then. For some reason Joni Mitchell and Neil Young are listed together, which is fair enough. Marvin Gaye, Damien Jurado, Paul Simon and John Lennon listed together. Townes Van Zandt, a legend. Vashti Bunyan, and Van Morrison. There's a nice quote from Robin Pecknold I'll read afterwards. Let's just open it up and listen. I'll play it at full volume, it's about thirty-nine minutes, two sides. Close your eyes, whatever you want to do, vibe away in your own way. [The album plays: Fleet Foxes – Fleet Foxes, 39 minutes.] After the album Niall: It's quite an economical album, isn't it? It doesn't stick around long, thirty-nine minutes. Aoife: I like an economical album. It's also one of the first fairly short records we've done here. Niall: That's part of why I was thinking about Sun Giant in that context too. I'm going to read a bit from the liner notes, because for an album that's very much about feelings, with only a few direct songs, some of what's written here is interesting: "My first memory has always been of me and my mom on a cold grey day down at some beach in Washington, along the Puget Sound somewhere near Seattle. I would be around two or three years old, and we were with a friend of mine from the neighbourhood and his mom, walking among the driftwood looking for crabs. Even now I can remember the smell and temperature of the air, the feeling of the sand and the swaying tall grass. I can even remember looking over at my friend and how his face looked when he smiled back at me. Another memory I'll sometimes recall as my first is dressing up in the dead of summer as Jack London, with tennis rackets on my feet and wearing my dad's hiking pack, after seeing Disney's terrible version of White Fang. Or the memory of stealing my neighbour's Big Wheel and riding it halfway down the block before getting caught and having to turn around defeated. Or wearing a fireman's outfit while washing my parents' car, or eating an orange popsicle from the ice cream truck. These have always been some of my most distinct and persistent memories of childhood. So it came as a disappointment when, one day as a teenager, I opened up a photo album and found pictures of each and every one of these memories. I didn't have a single memory that didn't belong to, or somehow grow from, those pictures my parents had. I guess I've seen all these photographs at some point, forgotten they were just photographs, and over time made them into my most tangible memories. That's scary to me in a way. This leads me to something weird about the power music has: its transportability. Any time I hear a song or record that meant a lot to me at a certain moment, I'm instantly taken back to that place in full detail. Whenever I hear 'Feel Flows' by the Beach Boys, I'm taken straight to the back of my parents' car on the way to my grandparents' place, with Surf's Up in my Walkman and the Cascade Mountains going by in the window. Any song off Radiohead's Kid A brings back the airport near Seattle, from when we were on the way to Colorado for a wedding and Kid A was the only record I brought or wanted to bring. 'Crayon Angels' by Judee Sill is the whole winter of last year. And Brian Wilson's solo version of 'Surf's Up' takes me back to driving my parents' car around town alone at sixteen, windows down at night. I can't ascribe exact memories to songs by The Microphones, Joni Mitchell, Built to Spill, Dungen, Harry Nilsson and so many others, and it's a form of recall I can actually trust, there's no visual element to complicate things, no chance of a planted memory that wasn't actually supposed to be there. Maybe I should be concerned that I'm alone in almost all of these memories, but I guess I was just a private kid, and music was a private experience for me. Music activates a certain mental freedom in a way nothing else can, and that is so empowering. You can call it escapism if you like, but I see it as connecting to a deeper human feeling than the one found in the day-to-day world." Aoife: That's lovely. It's a nice addendum. And he was only twenty-one. Niall: For some reason it's signed "Warren Gamaliel Bancroft Winnipeg Harding," Warren G. Harding being the 29th president of the United States. I don't know why, he thought it was funny. Dated April 6th, 2008, Chicago, Illinois. So, any particular highlights, anything that stood out? Aoife: I was reminded how much I love 'Blue Ridge Mountains', the second-to-last song. I just love those four- and five-part harmonies so much. There's something that really gets me about beautiful harmonies stacked on each other that sound so natural. My dad was really into Neil Young and all of that era, my mum's really into Simon & Garfunkel, so I feel like I came out of the womb going, this is the music I love. Niall: There was another one I meant to mention. Aoife: I'm really bad at remembering song names, which isn't great for an arts journalist. They go in one ear and out the other. Niall: 'He Doesn't Know Why'. Aoife: That was it. I always forget the name of that one, and it's an absolute banger. It's quite a direct song, the last one on the first side. Niall: He mentions his brother Sean in 'Blue Ridge Mountains', which is interesting. And Oliver James is his younger brother, that's the last song. Aoife: His sister is Aja, after the Steely Dan album. The parents were really into them. Niall: It holds up so well. The harmonies and vocals sound incredible, there are those beautiful little flourishes, a flute on one of the tracks, the guitar is stunning, lovely little bass lines. I love the way Robin Pecknold and the band hear music. There's a really good Song Exploder episode with him talking about a song from Crack-Up, and the way he thinks about translating his thoughts and emotions into music is so illuminating. He has a beautiful melodic flow that's really similar to the flow of water and nature. There are so many nature references, it's almost parody there are so many. Aoife: You could do a Portlandia sketch about it. "Power of nature, man." "Come down from the mountain, you've been gone too long." Niall: In terms of the line-up: alongside Robin Pecknold on vocals there was Skyler Skjelset on lead guitar, his best friend from Nathan Hale High School, later joined by Casey Wescott, Christian Wargo on bass, and Nicholas Peterson on drums, who left after this album. Aoife: And who came in as the drummer? Niall: A man who's been a main character in one of these listening parties himself: Josh Tillman, Father John Misty, played drums with them. Aoife: For how long? Niall: Only a year or two, pretty short. As I said, main character, he was making his own record. Any Father John Misty fans? He writes really good songs and he's handsome, so we all love him, but he's also a bit of a pain, and he didn't get on very well with Robin Pecknold, which isn't surprising. When I was looking back at the Pitchfork interview they did in 2008, a few months after the album came out, it was a big joint interview with Robin and Josh Tillman, and Tillman is answering the questions at the start. That's confidence. Do you want to hear a quote from what Robin Pecknold said? I've written it in my little notebook, so old-school, that's the only way I remember these things. In a 2020 Reddit AMA, Pecknold said that on that tour, the Helplessness Blues tour, Tillman was supposed to bring out his own record, but his label said he could only release it after the tour. So he was on tour thinking, "I want to bring out my own record, I'm tired of Fleet Foxes." Pecknold said he "had to endure being around a lot of substance abuse, sabotaged shows, general ill treatment and shit-talking, all while paying him for songs he didn't have anything to do with. It sucked." And then Tillman left the band. Whereas in that Pitchfork interview he'd said, "I love playing in this band, these are all my friends, I'm having the best time, I'm sorry if that's a corny quote, but that's the best thing about this experience right now." Aoife: So he was lying through his teeth. I think he's the kind of person who really has to be a solo artist, too iconic a personality. You wouldn't want to wrangle him out of bed to get to the next show. Niall: Too big a price. You mentioned Pitchfork, the album was number one on their end-of-year list in 2008, and they listed Sun Giant alongside it, breaking the traditional conventions of end-of-year lists. What they said was: listing Fleet Foxes' debut album and EP together may be awkward, but it just feels right, they're two sides of a coin that equally express the band's mastery, "a catch-all Americana that takes a wide slice of our popular music spectrum and pulls it through a reverse prism to create a gorgeous and focused sound of the band's own. The threads of Brian Wilson's coastal pop, Appalachian folk, modern indie rock, Grateful Dead jams and other influences are masterfully synthesised in the band's harmonies." Robin Pecknold's sense of dynamics, they said, flows like a river, wild and free but logical, filling what needs to be filled and moving on. I swear I didn't rip that off Pitchfork, I came up with something similar on my own. Aoife: Very good. Niall: It was Uncut's album of the year too. But more than anything, and this is a strange accolade, the album was ranked number 36 on Rolling Stone's list of the greatest stoner albums. Aoife: I don't think Robin Pecknold was a stoner. It doesn't really fit. He's a reader. Niall: So what came after? Helplessness Blues, which is really difficult to say, in 2011, then Crack-Up in 2017, then Shore in 2020. Big long gaps, some personnel changes. And Robin Pecknold, as we've established, is a very literary guy, he went to Columbia to do an undergrad in English literature, because he'd left high school early and gone to a community college, and he really wanted that college experience. So that was part of the break. He's also had difficult times, he's spoken about mental health issues and suicidal ideation, many tough experiences that contributed to the gaps too. They haven't released anything since 2020, and he does a lot of cover events. There are two live records. He's actually playing a gig tonight, I think, where he covers Judee Sill. Any Judee Sill fans? Aoife: Oh my gosh, she's amazing. Nobody ever knows Judee Sill. If you listen to anything, listen to Heart Food, it's iconic. He loves her, mentions her on this record. She's the one who does 'The Kiss', people might have seen her perform it on the Old Grey Whistle Test, it's on YouTube. She had a really tragic life. Niall: One of those I've been meaning to listen to properly for years. She only has two records, so it's easy to get into. There's a documentary about her as well, which I haven't seen. Aoife: She's one of those ill-fated seventies musicians, really religious imagery, did a lot of drugs, really interesting. Niall: Did you get to see them again after your first foray in Berlin? Aoife: I saw them when they toured, though it's really bad when you can't remember what you were doing in the 2010s. Niall: Did anybody see them at that Dublin gig, the outdoor one in 2022? Wasn't it amazing. They've played here a fair bit: Vicar Street in 2008, Electric Picnic 2009, The Marquee in Cork 2011, the Iveagh Gardens in 2017. I don't know if I've missed any, maybe you can tell me. So if you were to pick, is there any further listening or reading you'd suggest to somebody, not necessarily Fleet Foxes? Aoife: Some of it is obvious. As I said, I'd definitely check out Judee Sill, because if you really like Fleet Foxes you'd really vibe with her. And he mentions Harry Nilsson, also unbelievable, more well known than Judee Sill, did the cover of 'Everybody's Talkin''. I'd also mention a guy people would have known at one point but isn't very well known now: Richard Swift. He sadly passed away a couple of years ago. He was friends with Robin Pecknold, a hugely talented musician who struggled with addiction. He has an amazing double album from around 2005 or 2006 that's brilliant, and a record called The Hex, which is referenced on 'Sunblind' on Shore, that's the song where Robin name-checks a lot of musicians he loves, like Elliott Smith, David Berman and Richard Swift. It's such a beautiful record for finding new people to listen to, and it's lovely to hear a musician pay tribute to musicians he loves. The imagery is him talking about this beautiful day where he'll go for a swim and listen to all these beautiful bands, an ecstatic kind of song. So check out all of those records, but Richard Swift deserves more fans, and The Hex is really, really good. Niall: Good shout. What we'll do now is play a tune, and then maybe give Sun Giant another go if you want to stick around. Our next listening party is on the 27th of May, and it's an indie-rock album very close to my heart: Broken Social Scene's You Forgot It in People. I've been wanting to do this one on record for a long time. They're playing here later in the year, but I want to give this record its flowers, it's incredible. My niece has just turned seventeen and I bought her a copy, because it's an anthemic record for a seventeen-year-old. I can't believe that band are still going, which is kind of mad, but it's hard to underline what Broken Social Scene meant to a certain segment of indie. Aoife: And there's four hundred of them on stage. They're from Canada, and we were all like, my God, these people are the best. Niall: For me it's the MP3 times again, we'll talk about this next month. I heard about them through the music blogs, and then I got to see them in the Button Factory, which was the Temple Bar Music Centre at the time. It was one of the first things I ever wrote about, back in 2005. A transcendental experience. Aoife: They're so good live. Niall: I once DJ'd in Galway after one of their gigs, and one of the members of the band, I'll leave him nameless, came over and turned off the decks while I was DJing. Aoife: On purpose? Niall: He was that drunk. I can't remember what I was playing, but I was like, great, DJing after Broken Social Scene and then a band member ruins it. I don't think he liked it. No, I think he was just really drunk and thought it was funny. Thumbs down to him. In a way it's surprising a man like that has managed to persist in a band with so many members. Anyway, I digress. We'll talk about it next month, May 27th. Aoife: I cannot wait. I've been listening to it a lot lately again, it's fantastic. Niall: Thank you for being here. Let's play a bit of this and see what happens. Thanks for being here, appreciate it.

David Bruegel is a Lubbock City Council Member for District 3. https://www.mylubbock.us/864/District-3Subscribe to Patreon:https://www.patreon.com/c/snakepitstudios

#deadcity #thewalkingdead After a long TWD hiatus, we are back to catch up on our season 2 discussions before next week's season 3 premiere. Maggie, Hershel, Ginny, and Pearlie are rescued/hosted by Bruegel and his men, as Bruegel spells out a plan to help them all get over on the Dama. Maggie and Pearlie disagree on how to move forward. Hershel shocks Maggie with his actions. Negan and the Croat have a difference of opinion. Negan finds a secret the Dama has been keeping. Maggie is confronted with the consequences of her choices. Originally recorded on October 20, 2025

In this episode of The Sound of Economics, host Rebecca Christie speaks about the future of work with Bruegel's Alexandre Mendonça and MIT professor Paul Osterman, author of a new book called Disposable Workers: the Transformation of Employment. In the United States and the European Union, companies are shifting away from long-term permanent jobs to a system with less certainty. Which industries have been most affected and how does that look for their workers? Who benefits from part-time work? Which workers are most disadvantaged? How can public policy adjust around these new dynamics? Artificial intelligence changes what skills workers need and immigration trends shape which workers are available. What conditions will help the economy grow and thrive? Related research:  Osterman, P. (2026) ' Disposable Workers: The Transformation of Employment', Upcoming, Harvard University Press    Mendonça, A. (2025) 'On Labor Markets, Inequality and Productivity', Dissertation, Stockholm School of Economics Christie, R., M. Grzegorczyk and D. Mulcahy (2022) 'Better pensions for the European Union's self-employed', Policy Contribution 05/2022, Bruegel  

In this episode of the Sound of Economics, host Rebecca Christie sits down with Bruegel Director Jeromin Zettelmeyer, researcher Silvia Merler and Bank of France Deputy Governor Agnès Bénassy-Quéré to talk about common European debt and the idea of a 'safe asset'. What makes government bonds a part of public infrastructure as well as a tool for financing public goods? Why is how to borrow money for public goods treated as a separate question from how to spend it? Should the European Union sell more common debt or look at a layered system that works with national borrowers, such as the swap proposal put forward by Olivier Blanchard and Angel Ubide? Will United States Treasury bonds always be the world's only major reference asset, or will the EU get a seat at that table? This episode discusses what a safe asset is, why it matters to Europe and what steps policymakers should take next.Related research: Lappe, M.S and J. Zettelmeyer (2026) ‘A sober look at the case for common European Union debt,' Working Paper 20/2026, Bruegel Bénassy-Quéré, A. (2025) 'Looking for a “fair” international monetary system,' VoxEU Column, 16 April, CEPR Merler, S. (2025) 'More EU debt issuance would be the best response to Trump's tariffs,' First Glance, Bruegel Christie, R. (2022) 'If it doesn't trade, is it really marketable debt?,' Blog Post, Bruegel Christie, R. (2025) 'Unlocking the Own Resources Debate – Debt and Competitiveness,' Testimony, Bruegel

In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero are joined by Bertin Martens and Paul Triolo to take stock of the global artificial intelligence race, from energy and chips to models and applications. They discuss China's progress in catching up to the US, what the recent turmoil around Anthropic's most advanced models reveals about the politics of releasing frontier AI and why Europe, dependent on the US for both chips and models, is left exposed on all sides. They explore whether an "Airbus for AI", an initiative for pooling compute, capital and expertise across member states, could close the gap, and what it would take for Brussels' new cloud and AI industrial proposals to matter at scale.Relevant research: García-Herrero, A. and B. Martens (2026) 'Stack battles: the US-China artificial-intelligence rivalry is moving beyond chips alone', Analysis 18/2026, Bruegel García-Herrero, A. and B. Martens (2026) 'Europe needs a strategy to close the artificial intelligence compute gap', Analysis 13/2026, 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!

Episode recorded on 19 June 2026 at the PSE-CEPR Policy Forum in Paris.Twice before, the world's savings and debts have piled up in the wrong places, and twice the imbalance broke something. The first time it took the Plaza Accord to fix it. The second time it took a global financial crisis.Now we are in a third wave. Gita Gopinath (Harvard, former IMF Chief Economist and First Deputy Managing Director) and Philip Lane (European Central Bank, CEPR) join Tim Phillips to ask what is different this time.Household and bank balance sheets are stronger than before 2008. But the fragility has moved to governments carrying much higher debt, and to non-bank financial institutions whose exposures and links to banks are only partly visible. Foreign investors hold US$40.7 trillion of US equities, 44% of world GDP outside the US, much of it riding on the AI boom.Lane's overriding principle: central banks can calm bond markets under stress, but they must be just as clear about what they will not do if debt is unsustainable.The research behind this episode:Bai, Chong-En, Gita Gopinath, Hélène Rey, and Axel Weber. 2026. "G7 Economists Memo on Global Imbalances." Prepared for the French Presidency of the G7, 28 March.The panel also draws on the fourth CEPR/Bruegel Paris Report, Paris Report 4: The New Global Imbalances, edited by Hélène Rey, Beatrice Weder di Mauro and Jeromin Zettelmeyer (CEPR Press and Bruegel, 2026), free to download at cepr.org.Gopinath made the keynote presentation “The Third Wave: Addressing Global Imbalances” on 19 June at PSE.To cite this episode:Phillips, Tim, Gita Gopinath, and Philip Lane. 2026. "Addressing Global Imbalances." VoxTalks Economics (podcast). About the guestsGita Gopinath is the Gregory and Ania Coffey Professor of Economics at Harvard University, where her research spans international finance and macroeconomics, dollar dominance, exchange rates and sovereign debt. She was First Deputy Managing Director of the International Monetary Fund from 2022 to 2025, and the Fund's Chief Economist from 2019 to 2022. Philip Lane is Chief Economist and a member of the Executive Board of the European Central Bank, and a Fellow of CEPR's International Macroeconomics and Finance programme. He was Governor of the Central Bank of Ireland from 2015 to 2019, and remains an honorary professor of economics at Trinity College Dublin, where his research covered financial globalisation and European monetary integration.Research cited in this episodeThe three waves of global imbalances. Gopinath frames today's imbalances as the third episode since the 1970s in which national savings and investment have pulled badly out of line, a framing she titled "The Third Wave" in her Atlanta Fed presentation. The first, in the early 1980s, produced the 1985 Plaza Accord, when the US and its G5 partners agreed to talk the dollar down after years of a strong currency and a widening trade deficit. The second built through the 2000s and unwound in the 2008 global financial crisis. In both, the US was the deficit country; the surplus moved from Japan to China.Foreign holdings of US equities. Gross foreign holdings of US equities stood at US$40.7 trillion, 44% of world GDP excluding the US (Gopinath 2026, citing US Treasury data). Gopinath's slides show 54% of gross foreign inflows into US government debt since 2007 and estimate that 61% of the deterioration in the US net international investment position since the global financial crisis has been driven by valuation effects rather than trade deficits.Non-bank financial institutions (NBFIs). Hedge funds, private credit funds, insurers and other institutions outside the regulated banking system now intermediate a large and growing share of global finance. Gopinath's slides show leveraged intermediation migrating from households and banks before the 2008 crisis toward government and non-bank financial institutions today, echoing the concerns set out in the G7 memo and the CEPR Paris Report.The 2020 "dash for cash." In March 2020, US Treasury yields rose sharply even as investors would normally be expected to flee to safety, a sign that market functioning, not just prices, can break down under stress. Gopinath cites the episode as evidence that hedge funds, now bigger players in Treasury market-making, can amplify rather than absorb shocks.ECB crisis tools: PEPP, OMT and TPI. Lane describes three instruments built since 2012 to separate monetary policy from market functioning: the Outright Monetary Transactions programme (2012), designed to backstop governments already in an ESM assistance programme; the Pandemic Emergency Purchase Programme (2020), the ECB's flexible, country-varying response to Covid-19; and the Transmission Protection Instrument (2022), intended to calm unwarranted bond market panic without financing unsustainable debt.US federal debt and the fiscal deficit. Gopinath's slides put federal debt at 108% of GDP in 2025, up from 41% in 2007 and 39% in 2000 (source: Federal Reserve, FRED). In conversation she cites the US fiscal deficit at close to 7% of GDP, at a point in the cycle when the economy is strong. Note this is federal debt specifically; the G7 memo cites a broader measure, US general government debt, at around 120% of GDP, projected to reach around 140% by 2031. The two figures are not directly comparable and should not be conflated in the notes or on air.More VoxTalks Economics episodesThis episode sits alongside three earlier VoxTalks Economics conversations built around the CEPR/Bruegel Paris Report 4, The New Global Imbalances.Global Imbalances Redux, in which Maurice Obstfeld sets out the history of the three waves of imbalances and what today's policymakers can learn from how the first two were resolved.Rebalancing the Chinese Economy, in which Yiping Huang explains why decades of investment-led growth suppressed Chinese household consumption, and what it would take to reverse that.Stablecoins and Global Imbalances, in which Gilles Moec examines how dollar-backed stablecoins help fund the US deficit, and the regulatory gaps that leaves behind.Related reading on VoxEUWhy global imbalances matter again, and what to do about them, a VoxEU column drawn from Chapter 1 of Paris Report 4, setting out why imbalances have widened since 2018 and the risks of a disorderly unwind.Industrial policy, tariffs, and the return of global imbalances, which finds that tariffs are a weak tool for correcting current account imbalances and that industrial policy's effects run mainly through its impact on domestic saving and consumption.

In this episode of The Sound of Economics, host Rebecca Christie talks about the future of European Union-United Kingdom relations with Bruegel's Heather Grabbe and Richard Corbett, a former UK Labour Party MEP and also a former advisor to a president of the European Council. Did Brexit turn out the way its supporters hoped, and what have been the economic costs? Will the UK look to rejoin the single market any time soon? The EU has a slate of prospective new members lined up for closer relations who could take priority, especially Ukraine, whose candidacy has been fast-tracked because of the ongoing war. How does Kyiv's progress affect British prospects? Would the UK have to join the euro if it wanted to come back fully? Are other kinds of relationships possible? With global uncertainty higher than ever, the UK and the EU still have great incentive to work together.Relevant research: García Bercero, I. and H. Grabbe (2025) 'The EU-UK reset: a first, big step in the right direction', First Glance, Bruegel Grabbe, H. (2026) 'Symbolic membership for Ukraine could bring practical security benefits to the EU', First Glance, Bruegel Berg, J., R. Christie and H. Geeroms (2026) 'The UK is still not ready for real rapprochement with the European Union', First Glance, Bruegel Corbett, R. (2026) 'Institutional aspects of Ukrainian accession to the EU', Policy Brief, FEPS Corbett, R. (2026) 'Is Britain considering a return to the EU?', Comment, Encompass Corbett, R. (2026) 'Rejoining the EU Quickly is a Realistic Prospect', 26 May, International Policy Digest

In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero invite Philippe Le Corre to examine the growing tensions at the heart of European Union-China relations. With China reporting a record $1.2 trillion trade surplus last year, European industries face intensifying competition across a far wider range of sectors than before, from chemicals and green tech to pharmaceuticals and, most visibly, the auto industry. They explore whether the EU's new trade instruments are up to the task, why member state fragmentation may be a bigger obstacle than Beijing itself and how the risk of Chinese retaliation constrains every move Brussels makes.Relevant research: García Bercero, I., B. McWilliams and S. Tagliapietra (2026) ‘The flaws in the European Union's proposed Industrial Accelerator Act and how to fix them', Policy Brief 10/2026, 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!

In this episode of The Sound of Economics, host Rebecca Christie looks into the future with Bruegel's emerging talents Maria Catarina Louro, Tillman Schenk and Théo Storella. Demographic change is coming for the world, as fewer new workers grow up to replace earlier generations of workers. China is at a crossroads of not only population decline but also industrial dominance, putting its economy in renewed competition with the United States and Europe. And artificial intelligence will change the workforce, the manufacturing base and the productivity outlook all over the world. How should current policymakers and thinkers shape the world that lasts beyond their lifetimes? How can the field of economics contribute? Relevant research: Bruegel Dataset (2023) 'China economic database', version of 27 May 2026, Bruegel  Dabrowski, M. and M. Catarina Louro (2025) 'Economic convergence, demography, labour markets: what progress have EU candidate countries made?' Analysis 29/2025, Bruegel García-Herrero, A., T. Storella and J. Xu (2025) 'European companies operating in China: from digging in to rethinking their presence', Working Paper 14/2025, Bruegel  Richter, P. and T. Schenk (2025) 'EU data processing consent reform must account for market incentives', Analysis 39/2025, Bruegel  Schenk, T. (2026) 'Chips Act 2.0 and beyond: Indispensability, not self-sufficiency', Comment May 2026, Encompass 

In this episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel's Simone Tagliapietra and Flora Marchioro about the European Union's pathbreaking carbon trading scheme. Two decades in, what have we learned about capping emissions and using tradeable allowances to rein in pollution from energy-intensive sectors? What are the stakes of this year's review of ETS, which includes electricity and heat generation, industrial manufacturing, domestic aviation and the maritime sector? Why is the EU now creating a second round of ETS 2, covering buildings and road transport, and what are its prospects? Who gets the money from ETS revenues and how is it earmarked? And how is the EU working to prevent carbon leakage and manage its new carbon border adjustment mechanism? This discussion will get you up to speed and ready for what comes next. Relevant research: Mramor, T. and S. Tagliapietra (2026) 'Europe's emissions trading system is an ally, not an enemy, of industrial competitiveness', Analysis 03/2026, Bruegel Tagliapietra, S. and G. Zachmann (2026) 'Five reasons why attacking the EU carbon market is economic self-sabotage', First Glance, Bruegel Pahle, M., D. Sultani and G. Zachmann (2026) 'Defragmenting European Union climate policy', Policy Brief 03/2026, Bruegel

WAFFLE takes on Belgian and all its bounty.  3 girls, two cities, one mission. In the first half, we visit the the fine Art Museum of Ghent and hear an expert Art Historians discuss cutting edge Flemish and Dutch art,  they will discuss Bruegel, Frans Hals to they will passionately defend Still Life. All warming up to the one of greatest masterpieces in Western art: the Ghent Altarpiece.  The second part is In Bruges. It may not be two Irish Assassins trying to make peace with themselves, but two British Artists share pretty philosophical thoughts in churches and in front of stunning art pieces by the GOAT Michelangelo and the lesser known yet arguably more impressive Hans Memling.

In this episode of The Sound of Economics, host Rebecca Christie discusses the European Commission's spring economic forecast with Bruegel's Andreas Billmeier and Mahmood Pradhan. Growth is slowing down while inflation surges in response to higher energy prices. Is the job market on the brink of a bigger slump? Will energy markets adjust again or will this cycle last longer? How might the European Central Bank react? Looking outside the European Union, how is the UK economy faring? Will the costs of Brexit force a reassessment of UK-EU relations in London? As long as global conditions remain so uncertain, European economies are unlikely to bounce back – so how can policymakers find the growth they need? With bigger economies like Germany and Italy in the doldrums while Poland, Denmark and Sweden show more resilience, how should the EU respond and what could be coming next? Relevant research: European Commission (2026) 'Spring 2026 economic forecast: Slowdown in growth as energy shock drives up inflation', 21 May  Weder di Mauro, B. and J. Zettelmeyer (2026) 'The new global imbalances: why care, why now and what should be done?', Essay 01/2026, Bruegel

In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Jonathan Fulton to interrogate some persistent assumptions about China's role in the Middle East. From the China–Iran partnership to the Saudi–Iran rapprochement, they explore whether the conventional wisdom misreads a deeply complex region – overstating Chinese ambition, understating local agency and flattening a relationship that is transactional, rather than strategic. Relevant research: Fulton, J. (2025) ‘Present without impact? How the Middle East perceives China's diplomatic engagement', Issue Brief, Atlantic Council García-Herrero, A. (2026) 'What the war in Iran means for China', Analysis 06/2026, 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!

In this episode of The Sound of Economics, host Rebecca Christie sits down with renowned economists Barry Eichengreen and Lucrezia Reichlin to discuss the past, present and future of money. Will the dollar remain the world's global currency? How should we think about the euro and the renminbi? What about stablecoins? Eichengreen discusses current risks in the context of his new book Money beyond borders : global currencies from Croesus to crypto. Reichlin discusses Bruegel's new paper, prepared for the 22-23 May 2026 informal meeting of European Union economic and finance ministers, which proposes allowing stablecoin issuers to pay interest and to have access to central bank reserves. As ministers gather in Cyprus, which currently holds the European Council presidency and was the birthplace of coined money in the 6th century BCE, we talk about how money came to be, where its risks lie and how to make the best use of it going forward.Related research: Reichlin, L., B. Sangers and J. Zettelmeyer (2025) ‘A new strategy to contain stablecoin risks in the European Union', Policy Brief 09/2026, Bruegel Reichlin, L. (2025) 'The European Union should embrace decentralised finance and make it safe', Analysis 40/2025, Bruegel Eichengreen, B. J. (2026) 'Money beyond borders : global currencies from Croesus to crypto.' Princeton, New Jersey : Princeton University Press

In this episode of The Sound of Economics, host Rebecca Christie speaks with European Commissioner Valdis Dombrovskis, Bruegel Director Jeromin Zettelmeyer and research fellow Anne Bucher about how to make the European Union work better. Ukraine, Bruegel's newest state member, will soon receive more financial support but needs Europe to keep up its sanctions on Russia. How will the enlargement process shape relations between Kyiv and its neighbours? Closer to home, how should the Brussels institutions tackle simplification and deregulation? Can the European Commission do a better job with impact assessments to manage the costs and trade-offs of its policies? Does the EU need tougher enforcement against national gold-plating? As member states and the European Parliament put their stamp on, and add complexity to, new legislation, policymakers must find the political will to make the system work. Relevant research: Bucher, A. and E. Golberg (2026) ‘Better regulation in the European Union needs a fresh start,' Policy Brief 01/2026, Bruegel. European Commission (2026) 'A Simpler, Clearer and Better Enforced EU Rulebook', Communication, 28 April 2026. Zettelmeyer, J. (2025) 'Draghi on a shoestring: the European Commission's Competitiveness Compass', Analysis 02/2025, Bruegel.

 In this episode of The Sound of Economics, host Rebecca Christie talks about the defence industry with Bruegel's Guntram Wolff and journalist Sharon Weinberger, author of the books Imaginary Weapons, The Imagineers of War and the forthcoming Valley of Death. What defence systems are Europe and the US buying? Are countries like Poland and the Baltic states re-inventing how the EU approaches joint defence? How is the defence industry structured and what have been the major changes of the past 20 years? Does Europe really need its own DARPA – the US defence innovation agency? What is the future of joint procurement and how should public policy act? With ongoing wars in Ukraine and Iran, as well as heightened uncertainty in Asia and around the world, these questions are back in the spotlight. Relevant research: Becht, M., J. Mejino-López and G. Wolff (2026) 'Who controls the defence industry?', Working Paper 08/2026, Bruegel Kapstein, E., J. Ospital and G. Wolff (2026) ‘Reforming European defence procurement to boost military innovation and startups', Policy Brief 04/2026, Bruegel Weinberger, S., 'Washington Rewrites the Rules of Funding Technological Innovation', The Wall Street Journal, 20 April 2026 Weinberger, S. (2026) Valley of Death: How Big Tech is the Future of War, Little, Brown and Company

The news of Texas covered today includes:Our Lone Star story of the day: Election notes: Republican Brett Ligon easily wins the special election for Texas Senate District 4. Lubbock re-elects McBrayer mayor by 70%. An Obama Marxist organizer got over 40% of the vote in Lubbock's District 3 (Bruegel won it with 54%) Abilene has a runoff for city council Place 4 between Tammy Fogle and Benjamin Bailey. (Fogle is a friend of the show.) Dallas ISD voters pass $6.2 billion in bond debt on themselves Fort Worth voters double mayor and council member salaries Texas Supreme Court further humiliates Lubbock Co.'s Bowtie Bully Curtis Parrish. National Democrats are making moves in TX15 and TX35. Our Lone Star story of the day is sponsored by Allied Compliance Services providing the best service in DOT, business and personal drug and alcohol testing since 1995.Anti-Wimp update: Driver saves women & children, shoots carjacker in Garland.Texas wins again, this time its a “triple crown”: Texas Wins 2026 Prosperity Cup As Top State For Job-Creating Business Investment.Some bad news on the pro-life front today: Supreme Court temporarily restores access to abortion pill mifepristone through telehealth, mail and pharmacies. Pro-Choicers recognize that abortion is too evil to even describe; watch Rep. Brandon Gill in action.Listen on the radio, or station stream, at 5pm Central. Click for our radio and streaming affiliates.www.PrattonTexas.com

In this episode of The Sound of Economics, host Rebecca Christie talks about sustainable finance with Bruegel's Silvia Merler and Dirk Schoenmaker. How will markets adjust to the European Union's new disclosure framework, watered down by an 'omnibus' simplification package. Is it really simpler? Who is using the new disclosures and how could clearer rules attract more investment? How can the EU manage the creative destruction of transition and minimise the risk of stranded assets? They also discuss how United States asset managers invest and how they cast their governance votes. Should the European Central Bank offer a separate interest rate for finance linked to the energy transition? How do green bonds, sustainability-linked bonds and transition finance work in the market? For sustainable finance to reach its potential, the EU will need to improve its capital markets generally and find ways to make its disclosure framework more practical and internationally viable.Relevant research: Merler, S. (2025) ‘How to improve the European Union's sustainable finance framework', Policy Brief 05/2025, Bruegel. Merler, S. (2025a) 'Streamlining or hollowing out? The implications of the Omnibus package for sustainable finance', First Glance, 03 March, Bruegel. Schoenmaker, D. (2026) 'Risks for Europe of US dominance of global asset management', Policy Brief 07/2026, Bruegel.

Max and Donatienne cover two seismic European election results: Hungary's stunning rejection of Viktor Orbán after 16 years in power, and Bulgaria's eighth election in five years. Then, they turn to Max's conversation with Ben McWilliams, affiliate fellow at Bruegel, on the energy fallout from the Iran war. (00:00) Intro (00:53) Hungary election results  (15:31) Bulgaria election results  (18:22) Ben McWilliams    Learn more: Russian Roulette | CSIS Podcasts Europe Needs Bold Economic Action in the Face of the Iran Shock What Is at Stake in Hungary's Election?

In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Isabelle Mejean and Vincent Vicard to present their study on Chinese trade deflection, a chapter in the 2026 edition of the Paris Report, a CEPR-Bruegel initiative. They discuss the scale and speed of this redirection, what the European Union can do about it and the bigger structural problem facing European industry.Relevant research:Emlinger, C, I Mejean, K Lefebvre and V Vicard (2026), ‘EU under pressure? Exploring Chinese trade deflection‘, in Rey, H, B Weder di Mauro and J Zettelmeyer (eds), Paris Report 4: The New Global Imbalances, CEPR Press, Paris & London.  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 2003, Premier Wen Jiabao warned that China's growth model was unbalanced between supply and demand, over-reliant on investment and exports. More than 20 years later, the imbalance is smaller — but China is vastly larger. What its economy produces and exports now moves global markets. The argument about China's external surplus is no longer just a spat between Beijing and Washington.Yiping Huang, Dean of the National School of Development at Peking University, has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, examining China's structural imbalances from the inside. His argument: the same policies that powered 45 years of growth also suppressed household income and consumption. Factor market distortions, especially artificially low interest rates, kept the cost of capital down and subsidised state-owned enterprises; decentralised GDP-target competition pushed local governments toward investment and industrial expansion rather than services and household support.The result was a powerful supply side with a persistently weak domestic demand side. When you produce more than you can sell at home and you are a small economy, you export the rest. When you are the world's second largest economy, the world notices. China's consumption share of GDP rose from around 50% in 2010 to 57% in 2024, still well below the mid-seventies average of comparable economies, and two fresh crises complicate the path. The property market has been contracting since mid-2021 and it is now a drag on local government finances, household wealth, and bank balance sheets. Local government subsidies have created overcapacity in new industries such as electric vehicles and batteries. Huang's conclusion is that rebalancing is necessary and achievable, but it requires the government stepping back from direct resource allocation, the private sector and market taking on larger roles in innovation, and a significant strengthening of social protection to give households both the income and the confidence to spend.The report discussed in this series of episodes:Rey, Hélène, Beatrice Weder di Mauro, and Jeromin Zettelmeyer (eds). 2026. The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Free to download at cepr.org.The chapter discussed in this episode:Huang, Yiping. 2026. "Rebalancing of the Chinese economy: Challenges and policy options." In Rey, Weder di Mauro, and Zettelmeyer (eds), The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. To cite this episode:Phillips, Tim, and Yiping Huang. 2026. “Rebalancing the Chinese Economy”. VoxTalks Economics (podcast).Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About Paris Report 4The fourth Paris Report, The New Global Imbalances, is a joint publication of CEPR and Bruegel. It was edited by Hélène Rey (London Business School and CEPR), Beatrice Weder di Mauro (Geneva Graduate Institute and CEPR, and President of CEPR), and Jeromin Zettelmeyer (Bruegel and CEPR). The report examines how, in a high-debt and fragmented world, excess savings, rising surpluses, and rising deficits pose a risk to stability and undermine the global trading system. It is free to download at cepr.org.About the guestYiping Huang is Dean of the National School of Development at Peking University. [verify URL before publishing] He is one of China's leading macroeconomists, with research spanning China's economic transition, financial reform, and the political economy of development. He has advised Chinese policymakers and international institutions including the IMF and the Asian Development Bank on issues of growth, financial reform, and structural change.Research cited in this episodeAsymmetric liberalization is Yiping Huang's term for the approach China took when reforming its economy from the 1980s onward. Rather than the shock therapy adopted by former Soviet economies — privatising state-owned enterprises overnight and hoping markets would fill the gap — China used a dual-track approach. It opened the economy to private firms and foreign investors while maintaining state-owned enterprises in parallel, accepting some inefficiency in exchange for stability in output, employment, and growth. To subsidise the SOEs without direct fiscal transfers, the government kept factor markets, particularly financial markets, partially distorted: deposit and lending rates were held below market-clearing levels, reducing funding costs and effectively transferring income from savers and households to producers. The result was a very strong supply side and a structurally weak domestic demand side, which Huang identifies as the root cause of China's persistent external surpluses.Involution (Chinese: 内卷, nèijuǎn) is a term in wide use in China to describe a particular form of competitive overextension: effort that intensifies without producing proportional gains in quality, efficiency, or welfare. In the economic policy context Huang uses it, involution refers to the overcapacity problem in China's newer industries, including electric vehicles, batteries, and solar panels. Local governments, motivated by GDP targets and decentralised competition, have subsidised capacity expansion in these sectors without requiring corresponding advances in technology or product quality. The result is high-volume, low-margin competition that can suppress prices globally while leaving firms unable to earn sustainable returns domestically. Huang distinguishes this from the property market crisis, which has a different structure and cause.New quality productive forces is the term used in China's 15th Five-Year Plan (2026 to 2030) to describe the supply-side transformation the government is aiming for: a shift away from labour-intensive, low-value-added manufacturing toward high-technology, innovation-driven sectors. It reflects the recognition that the industries China dominated in its first decades of reform — low-cost assembly, commodity manufacturing — are no longer competitive given rising domestic wages and costs, and that the next stage of growth has to be driven by productivity and technology rather than factor accumulation.The 15th Five-Year Plan (2026 to 2030) is China's current medium-term planning document. Huang identifies two key anchors: the development of new quality productive forces on the supply side, and a shift toward domestic demand — particularly private consumption — on the demand side. The plan signals a different role for government, more focused on providing social infrastructure, basic research, and protection for households, and less focused on direct resource allocation and industrial project selection. Huang describes the two anchors as a circuit: if supply-side innovation and demand-side consumption can be connected efficiently, the Chinese economy can sustain growth for much longer without relying on external demand.The Japan comparison is used by Huang to set expectations for China's consumption rebalancing. Japan's private consumption share of GDP was at its lowest in 1970 and did not reach the average of comparable advanced economies — around the mid-seventies — until around 2010: a process of roughly forty years. China's consumption share is currently around fifty-seven percent, still well below that average. Huang acknowledges the parallel but expresses hope that China can close the gap faster than Japan did; the point of the comparison is that raising household consumption is a structural, decades-long process, not a policy lever that can be pulled in a single plan cycle. It requires sustained growth in household income and improvement in the social safety net to reduce precautionary saving.China's current account surplus peaked at 9.8% of GDP in 2007, immediately before the global financial crisis. Huang notes that significant adjustment has already taken place: the average surplus between 2018 and the mid-2020s was below two percent of GDP, and the investment share of GDP fell from a peak of forty-seven percent in 2011 to forty-one percent in 2024. The surplus rose to 3.7% of GDP in 2024 partly as a result of weak domestic demand following the property market correction. Huang's argument is that the external imbalance and the internal consumption shortfall are the same problem viewed from different angles; fixing one requires fixing the other.More VoxTalks Economics episodesThis is the third episode in our series on Paris Report 4. In the first episode, Maurice Obstfeld of the Peterson Institute for International Economics examines the history of global imbalances and what previous episodes can teach today's policymakers. In the second episode, Gilles Moëc, Chief Economist at AXA, explains why the US government is so keen to promote stablecoins and the risks they may pose to the financial system.For an interview with two of the report's editors, Beatrice Weder di Mauro and Jeromin Zettelmeyer, on the problem of global imbalances, listen to The Sound of Economics, Bruegel's podcast. Available at bruegel.org.

Defending democracy ... The slogan of left-leaning world leaders in Spain meeting to counter the growing influence of the far right. Meanwhile in Italy, right-wing figures aim to build momentum. So, who will shape the global agenda? In this episode: Ruth Ferrero-Turrion, Professor, Political Science, Complutense University of Madrid. Georgios Samaras, Assistant Professor, Public Policy, King's College London. Rebecca Christie, Senior Fellow, Bruegel. Host: Tom McRae Connect with us: @AJEPodcasts on X, Instagram, Facebook, and YouTube

In this special episode of The Sound of Economics, host Rebecca Christie speaks with Bruegel's Zsolt Darvas and Heather Grabbe about the historic Hungarian election of April 2026. Péter Magyar and his TISZA party won in a landslide over the Fidesz party and Prime Minister Viktor Orbán, who has been in power for the past 16 years and changed the course of the European Union. Can Hungary unlock its EU funds and stay within its budget guardrails? What about the energy sector? Will the new government be more transparent about contracts with ties to Chinese and Russian investment? Is Hungary's outlook on Ukraine likely to change? Will Hungary ever join the euro? How will the winners put together a new government to carry out their campaign promises? The discussion covers all this and more after nearly 80% of Hungarian voters went to the polls.  Related research: Darvas, Z. (2026) ‘Hungary's new beginning – under tight fiscal constraints', First Glance,13 April, Bruegel. Darvas, Z. (2019) 'With or without you: are central European countries ready for the euro?', Policy Contribution 12/2019, Bruegel.  Grabbe, H., J. Pisani-Ferry and J. Zettelmeyer (2025) ‘Updated assessment: Memos to the commissioners responsible for EU foreign, enlargement, and partnerships policies', First Glance, 30 January, Bruegel. 'Hungary's revived euro adoption prospects', Finance Focus Event, 06 May 2026 with Júlia Király and Nicolas Véron, Bruegel. 

A radical macroeconomic experiment is under way at exactly the moment the US external position is showing signs of real stress.Gilles Moëc, Chief Economist at AXA, has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, on stablecoins: what they are, why the US government is so keen to promote them, and what risks they carry. His argument is that stablecoins are a fast-growing digital asset backed almost entirely by short-dated US government debt. When investors buy a dollar stablecoin, they are effectively buying into a US T-bill at zero interest; the platform keeps the yield. The US government likes this because it draws global savings into dollar assets at minimal cost, extending the dollar's reach and helping fund the deficit. But the regulatory framework has a three-year grace period and leaves supervision partly to the states, which compete to attract platforms. And there's the historical parallel: find out how the National Banking Acts of 1863 and 1864 give us an insight into the attraction, and risks, of using stablecoins in this way.The report discussed in this series of episodes:Rey, Hélène, Beatrice Weder di Mauro, and Jeromin Zettelmeyer (eds). 2026. The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Free to download at cepr.org.The chapter discussed in this episode:Moëc, Gilles. 2026. "Stablecoins and global imbalances: Attempting to preserve the US exorbitant privilege." In Rey, Weder di Mauro, and Zettelmeyer (eds), The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Chapter 9, p. 210.To cite this episode:Phillips, Tim, and Gilles Moëc. 2026. "Stablecoins and Global Imbalances." VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About Paris Report 4The fourth Paris Report, The New Global Imbalances, is a joint publication of CEPR and Bruegel. It was edited by Hélène Rey (London Business School and CEPR), Beatrice Weder di Mauro (Geneva Graduate Institute and CEPR, and President of CEPR), and Jeromin Zettelmeyer (Bruegel and CEPR). The report examines how, in a high-debt and fragmented world, excess savings, rising surpluses, and rising deficits pose a risk to stability and undermine the global trading system. It is free to download at cepr.org.About the guestGilles Moëc is Chief Economist at AXA and Head of AXA Research. He previously held senior roles at in the French civil service, Banque de France, and Bank of America Merrill Lynch. His research covers macroeconomics, monetary policy, and the European economy.Research cited in this episodeStablecoins are privately issued digital tokens whose value is pegged to an existing fiat currency, typically the dollar, and backed by safe and liquid assets, typically short-dated US Treasury bills. Unlike most cryptocurrencies, they are designed to maintain a stable exchange rate with the pegged currency. Platforms issue the tokens and invest the cash received in T-bills, keeping the interest for themselves; holders receive no yield. Stablecoin platforms may have absorbed roughly twenty to twenty-five percent of net US T-bill issuance.The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) is the US federal legislation organising the stablecoin market. It requires platforms to hold back-to-back liquid assets as reserves and establishes common minimum standards across states. Regulatory competition across states means platforms can seek the most permissive jurisdiction. European regulation, MiCA, is more detailed and already in force but has not yet generated European platforms.Exorbitant privilege describes the advantage the US gains from issuing the world's dominant reserve currency. For decades, foreigners were content to hold low-yielding dollar assets while Americans invested in higher-returning foreign assets; the result was a positive US income balance despite a large trade deficit. In 2024, for the first time in modern records, the income balance turned negative: the US was paying more on its foreign liabilities than it was earning on its foreign assets. The National Banking Acts of 1863 and 1864 created a system of private national banks that issued dollar banknotes backed by US government bonds. The structure is the closest historical parallel to today's stablecoin framework: private platforms issuing dollar-denominated tokens backed by government debt. The system required over-collateralisation (one hundred and ten dollars of bonds for every one hundred dollars of notes) and included a Treasury backstop. Milton Friedman, in his Monetary History of the United States, identified the key flaw: money supply became tied to the quantity of public debt rather than the needs of the economy. The system was replaced by the Federal Reserve in 1913.De-dollarisation refers to the trend in some countries toward conducting trade and holding reserves in currencies other than the dollar. Moëc notes examples such as Iranian demands for non-dollar payments for passage through the Strait of Hormuz. Stablecoins work against this trend by making dollar access easier and cheaper for people in developing countries with weak or distrusted domestic financial systems; rather than buying dollars directly, they can buy a dollar-pegged token through a digital platform. More VoxTalks Economics episodesThis episode is the second of two published simultaneously to mark the launch of Paris Report 4. In the first episode, Maurice Obstfeld of the Peterson Institute for International Economics examines the history of global imbalances and what today's policymakers can learn from previous episodes. For an interview with two of the report's editors, Beatrice Weder di Mauro and Jeromin Zettelmeyer, on the problem of global imbalances, listen to The Sound of Economics, Bruegel's podcast. Available at bruegel.org.

Three times since the 1970s, global imbalances have grown large. In the 1980s, the US trade deficit ballooned under Volcker's tight money and Reagan's tax cuts and military spending. In the 2000s, a global savings glut and then a US housing credit boom pushed the deficit to 6% of GDP. Today, the imbalances are back. The US current account deficit stood at 3.9% of GDP in 2025. The policy medicine this time: tariffs.Maurice Obstfeld of the Peterson Institute for International Economics and CEPR has written a chapter in the fourth Paris Report, published jointly by CEPR and Bruegel, examining that history, how policymakers responded, and what it can tell us about the effectiveness of policy remedies in 2026. He tell Tim Phillips that blaming foreigners misdiagnoses the problem if the US saves too little and invests heavily. The gap has to be financed from abroad. Good policy for the new global imbalances would requires three actors to move together: fiscal consolidation in the US, stronger consumption in China, and more investment in Europe. All three would benefit, none are close to doing it. The longer the can is kicked, Obstfeld warns, the greater the risk that the resolution arrives the way it always has: not through policy, but through crisis.The report discussed in this series of episodes:Rey, Hélène, Beatrice Weder di Mauro, and Jeromin Zettelmeyer (eds). 2026. The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel. Free to download at cepr.org.The chapter discussed in this episode:Obstfeld, Maurice. 2026. "Global imbalances redux." In Rey, Weder di Mauro, and Zettelmeyer (eds), The New Global Imbalances. Paris Report 4. CEPR Press and Bruegel.To cite this episode:Phillips, Tim, and Maurice Obstfeld. 2026. “Global imballances redux”, VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About Paris Report 4The fourth Paris Report, The New Global Imbalances, is a joint publication of CEPR and Bruegel. It was edited by Hélène Rey (London Business School and CEPR), Beatrice Weder di Mauro (Geneva Graduate Institute and CEPR, and President of CEPR), and Jeromin Zettelmeyer (Bruegel and CEPR). The report examines how, in a high-debt and fragmented world, excess savings, rising surpluses, and rising deficits pose a risk to stability and undermine the global trading system. It is free to download at cepr.org.About the guestMaurice Obstfeld is Senior Fellow at the Peterson Institute for International Economics and a Research Fellow of CEPR. He served as Chief Economist of the International Monetary Fund from 2015 to 2018. His research spans international finance, exchange rate economics, and macroeconomic policy. He is a former member of the Council of Economic Advisers under President Obama.Research cited in this episodeThe Plaza Accord (1985) was a joint agreement between the US, West Germany, France, the United Kingdom, and Japan to intervene in foreign exchange markets to depreciate the US dollar. It was negotiated because a surging dollar, driven by Volcker's tight monetary policy and the Reagan fiscal expansion, had pushed the US current account deficit to then-unprecedented levels and created severe competitive pressure on US manufacturing. The accord moved the dollar, but did not resolve the underlying imbalances; those were corrected by German reunification and the Japanese asset bubble, which were not planned by anyone.The Louvre Accord (1987) was a follow-up agreement among the same countries to stabilise the dollar once it had depreciated far enough. Obstfeld uses both episodes to illustrate that exchange rate agreements address the symptom, not the cause, and tend to sidestep the hard political decisions about fiscal policy.The global savings glut hypothesis, associated with Ben Bernanke, holds that rising savings outside the US in the early 2000s, particularly from Asian economies building dollar reserves after the Asian financial crisis and from oil exporters, depressed global interest rates and drove capital into US assets. Obstfeld argues that from around 2002 onward the better explanation is US demand pulling capital in: loose Fed policy, the housing boom, subprime lending, and equity extraction from rising home values all drove US spending higher, and the current account deteriorated as the dollar fell rather than rose.The One Big Beautiful Bill Act is US tax legislation that prevents the expiration of tax cuts that had been written into law, effectively delivering a tax reduction. Obstfeld points out that by lowering national saving it pushes the current account in the opposite direction to what the administration wants, partly undoing whatever modest deficit-reducing effect the tariffs might have through their revenue.The Draghi report and the Letta report are European policy documents calling for deeper integration, more investment, improved competitiveness, and a completion of the EU's capital markets and banking unions. Obstfeld cites them as pointing in the right direction for reducing Europe's current account surplus, alongside the defence spending increases that European countries are now pursuing.More VoxTalks Economics episodesThis episode is the first of two published simultaneously to mark the launch of Paris Report 4. In the second episode, Gilles Moëc, Chief Economist at AXA, explains why the US government is so keen to promote stablecoins and the risks they may pose to the financial system in the US and Europe.For an interview with two of the report's editors, Beatrice Weder di Mauro and Jeromin Zettelmeyer, on the problem of global imbalances, listen to The Sound of Economics, Bruegel's podcast. Available at bruegel.org.

In this episode of The Sound of Economics, host Rebecca Christie speaks about electric cars with Bruegel's Ugnė Keliauskaitė, Antoine Mathieu Collin and Ben McWilliams. Europe is navigating its transition to green technology while facing energy shocks from the Iran war. How will the automotive sector adapt? Can the European Union make the most of its industrial and trade policy instruments to support industry with minimal protectionism? What do electric vehicle supply chains look like now? Who pays the costs to consumers and industry of making these changes, or funding the related government programmes? Bruegel's clean tech tracker shows what manufacturing is happening in Europe and where the investment is coming from. How are these trends shaping the global auto trade, and what will be Europe's best shot to secure jobs and growth? As the US and China ramp up industrial policy, the EU needs to stay competitive.Relevant research:  Bruegel Dataset (2025) 'European Clean Tech Tracker'. García-Bercero, I., A. Mathieu Collin, B. McWilliams, N. Poitiers and S. Tagliapietra (2026) ‘Made with Europe' not ‘Made in Europe' should guide EU industrial policy', First Glance, 10 February, Bruegel.  Keliauskaitė, U., B. McWilliams and G. Zachmann (2026) 'Dependence on fossil fuels, not on the United States, is Europe's worry', Analysis 05/2026, Bruegel. This podcast has been supported by the European Climate Foundation. Responsibility for the information and views set out in this podcast lies with the authors. The European Climate Foundation cannot be held responsible for any use which may be made of the information contained or expressed therein.

In this episode of The Sound of Economics, host Rebecca Christie speaks about fossil fuel challenges with Admir Šahmanović, Montenegro's Minister of Energy and Mining, Bruegel's Western Balkans expert Nina Vujanović and Rouven Stubbe of the Helmholz-Zentrum Berlin. How does Montenegro's energy mix fit with its efforts to become the next member of the European Union? Do electricity subsidies for consumers make it harder to transition away from Communist-era coal-fired power plants? What new renewable energy projects are in the pipeline? Will the Iran war speed up progress? How does Montenegro work with EU neighbors like Croatia and Italy, and what is the role of the EU's Energy Community programme? The EU's new Carbon Border Adjustment Mechanism (CBAM) poses a big hurdle for most of the Western Balkan countries. Bruegel's experts break down the challenge in conversation with a top policymaker from the region.  Relevant research:Vujanović, N., R. Stubbe and M. Catarina-Louro (2025) ‘The Western Balkan energy sector: between Russia, the European Union and the green transition', Working Paper 33/2025, Bruegel

Set udefra er det forbløffende, hvor lidt det danske valg handlede om Grønland, Trump og Ukraine. Vi giver europæisk kontekst i en podcast, der også dykker ned i EU's udskældte toldaftale med USA og en helt ny frihandelsaftale med Australien.Vært og tilrettelægger: Thomas Lauritzen, Altingets Europa-analytikerMedvært: Rikke Albrechtsen, Altingets EU-redaktørHør også: Ignacio Garcia Bercero, seniorforsker ved tænketanken Bruegel, tidligere chefjurist i Verdenshandels-organisationen (WTO).Producer: Camille Marie Guerry, podcastassistentValgkampen er i gang, og tre fredage i træk fylder vi Altingets gård med debat, musik og politisk fredagsbar. Tilmeld dig her: https://www.altinget.dk/live-arrangementer/valg-2026-har-vi-opgivet-klimaetFå Altinget i 179 dage for 179 kr.: altinget.dk/dkpolSom podcastlytter ved du, at politik er mere end overskrifter. Med Altinget får du overblik, vælgervandringer og analyser - samlet ét sted. Hosted on Acast. See acast.com/privacy for more information.

In this episode of The Sound of Economics, host Rebecca Christie speaks about the European Union's innovation hopes with Bruegel's Fiona Scott Morton and Reinhilde Veugelers as well as Tobias Tröger, SAFE Chair of Private Law, Trade and Business Law, Jurisprudence at Frankfurt's Goethe University. The European Commission on March 18 released its “EU Inc.” proposal to make it easier for innovative companies to get their start and scale up. The new plan uses a lawmaking tool known as the 28th regime. What is it and how does it work – will it help companies find financing and navigate thickets of national and local bureaucracy? What else can you do with it? Is the Commission proposal good? What are some alternatives? And what will this mean for Europe's notaries? Promising firms have a lot to gain from these conversations, if good policy design follows. Relevant research: Christie, R. (2026) ‘28th regimes to help Europe's capital markets', First Glance, 09 March, Bruegel.  Enriques, L., Casimiro A. Nigro and Tobias H. Tröger (2026) ‘Why the 28th Regime Proposal Falls Short of Europe's Challenge', Oxford Business Law Blog. Enriques, L., Casimiro A. Nigro and Tobias H. Tröger (2025) ‘Mandatory Corporate Law as an Obstacle to Venture Capital Contracting in Europe', The CLS Blue Sky Blog. Scott Morton, F. and R. Veugelers (2025) ‘Regime 0: Europe-wide incorporation for startups to kickstart innovative growth,' Policy Brief 33/2025, Bruegel.

In this episode of The Sound of Economics, host Rebecca Christie talks about the economy and politics of Italy with Bruegel's Emmanuel Mourlon-Druol and Francesco Papadia. Why does Italy always feel on the brink of a crisis, even as it has been one of the European Union's strongest and most important countries since the bloc's founding? With public finances that are outperforming France but growth persistently elusive, the country has a two-sided performance that will require – and may not get – significant structural reforms to stabilise. What will be the consequences for Prime Minister Giorgia Meloni from the upcoming referendum on the legal system? Her far-right origins have morphed into a complex mix of centrist and right-wing positions, an experience that could offer a window into the coming French elections. From 1941's Ventotene manifesto to today's war in Ukraine, Rome has been one of Europe's most complex and important political centres.

Trumps og Netanyahus krig mod Iran er nået de svære beslutningers fase. Iranerne giver sig ikke trods massive bombardementer. Hormuz-strædet er stor set lukket for olieeksport, (som Trump-administrationen hævdede ikke ville ske,) og nationalbanker verden over skal nu beslutte, om renterne skal op og væksten ned. Så nu truer Trump med at straffe NATO, hvis de europæiske allierede ikke kommer ham til hjælp og sikrer olie-eksporten ud af Golfen. Europæerne slår sig i tøjret - det er ikke vores krig, siger de. Samtidig forsøger de at finde en vej ud - for ikke at genere Trump alt for meget. Kan man f.eks. udvide EU's program, der allerede beskytter sejlads i regionen? Alt det sker, mens EU i denne uge står over for en rækker gigantiske beslutninger, der kan definere EU's fremtid. Dagens gæster: Margrethe Vestager, tidligere EU-kommissær for konkurrence, Lone Dencker, tidligere ambassadør i USA og ved NATO, Jacob Funk Kirkegaard, senior fellow ved Bruegel, og Ole Ryborg, DRs EU-korrespondent. Vært: Steffen Gram.

On 12 March 2026, China approved its 15th Five-Year Plan, setting the country's economic and strategic direction through 2030.  In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero sit down with Bert Hofman for a first assessment of the plan. They discuss its key priorities — from industrial policy and export-led technology growth to social policy and redistribution — and examine what Beijing's new blueprint means for the European economy. 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 speaks with Klaas Knot, former governor of the Dutch central bank, and Bruegel Director Jeromin Zettelmeyer about the big issues facing the European Union economy. Will euro-area inflation rise in response to energy price shocks from the US and Israeli attacks on Iran? How quickly can monetary policy respond when trouble emerges? How is the Dutch economy doing compared to the rest of Europe? Meanwhile, the European Commission has proposed an Industrial Accelerator Act to protect EU manufacturing from the onslaught of Chinese exports – how does it stack up against the status quo? This episode features insights from two of Europe's top economists on the major challenges of 2026 and the role of the European Central Bank in keeping the euro-area economy together. Relavant research: Mathieu Segers Lecture 2026 with Klaas Knot (in Dutch) García Bercero , I, B. McWilliams, N. Poitiers and S. Tagliapietra (2026) '‘Made with Europe' not ‘Made in Europe' should guide EU industrial policy' First Glance, Bruegel, 10 February. 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 Steinbach, A, G Wolff and J Zettelmeyer (2025), ‘Rethinking the governance and funding of European rearmament‘, in Gensler, G, S Johnson, U Panizza and B Weder di Mauro (eds), The Economic Consequences of The Second Trump Administration: A Preliminary Assessment, CEPR Press, Paris & London. 

In this episode of The Sound of Economics, host Rebecca Christie is joined by Bruegel's Elina Ribakova, Simone Tagliapietra and Guntram Wolff to talk about the US and Israeli strikes on Iran. What happens to energy prices as military action intensifies and the Strait of Hormuz is disrupted? If this conflict is a net positive for Russia, what does it mean for the ongoing fighting in Ukraine? How can Europe rally its defence industrial base? How does this complicate trade and political relations with China? Even if oil and gas prices rise only temporarily, this conflict will cause lasting shocks and force a new reckoning with the European Union's energy dependence.Relevant research: Tagliapietra, S. (2026) 'How will the Iran conflict hit European energy markets?' First Glance, Bruegel, 2 March. Ribakova, E. (2025) 'Ukraine, Europe and the new economics of war' Opinion, Financial Times Mejino-Lopez, Juan, and Guntram B. Wolff. "Boosting the European Defence Industry in a Hostile World." Intereconomics, vol. 60, no. 1, ZBW – Leibniz-Informationszentrum Wirtschaft, 2025, pp. 34-39 Hilgenstock, B. and E. Ribakova (2025) 'Why Russia's economic model no longer delivers', Analysis, Bruegel, 16 July Dabrowski, M. (2025) 'How resilient is Russia's economy after four years of war?' Working Paper 32/2025, Bruegel

In this episode of The Sound of Economics, host Rebecca Christie speaks to former EU Competition Executive Vice President Margrethe Vestager -- now chair of the board at Danish Technical University -- and Ditte Brasso Sørensen, who leads Think Tank EUROPA's Stocktaking EU project, about how Europe can reduce its dependencies without grasping for the impossible goal of full economic independence. How can the European Union make its state aid framework fit for purpose? Can Europe anchor its own AI companies, and how will the big US firms manage their European business? What is the role of clean technology and critical raw materials in securing the EU's future? Denmark's experience of European integration, particularly on key topics such as Greenland and the euro, shows how countries can balance sovereignty with shared purpose.Related research: Brasso Sørensen, D. (2026) 'STOCKTAKING EU - Taking stock of the Commission's first year', EUROPA, available at: https://thinkeuropa.dk/en/node/4391 Grabbe, H. and J. Zettelmeyer (2024) ‘Not yet Trump-proof: an evaluation of the European Commission's emerging policy platform', Policy Brief 03/2025, Bruegel, available at: https://www.bruegel.org/policy-brief/not-yet-trump-proof-evaluation-european-commissions-emerging-policy-platform 

China's banking sector has expanded from a fragile, state-dominated system in the 1990s into the largest in the world. But this increased scale has not brought with it a shift toward market-driven finance, with the core logic of state-directed control over credit remaining a central feature of Chinese banking. In this episode of The Sound of Economics, Yuyun Zhan sits down with Alicia García-Herrero and Fraser Howie to examine how banks continue to serve state priorities, funnelling household savings into politically favoured sectors while sustaining local governments and state-owned firms.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 nature and markets with Bruegel's Heather Grabbe and Estelle Cantillon, FRNS research director at the Université Libre de Bruxelles. They explore policy efforts to make protecting natural resources more of a financial priority, such as nature credits and nature shares, as well as the difficulty of setting up these kinds of systems. How can public money and private investors cooperate? How does a program like this avoid cheating, moral hazard and failure to deliver? Both government resources and investor buy-in will be necessary for habitats and biodiversity to find their way onto the world's balance sheets.Relevant research: Cantillon, E., E. Lambin and B. Weder di Mauro (2025) 'Policy Insight 145: Designing and scaling up nature-based markets', CEPR Policy Insight, 145, CEPR Press, available at https://cepr.org/publications/policy-insight-145-designing-and-scaling-nature-based-markets Fiore, A. and H. Grabbe (2025) ‘Nature markets: how can credits and shares provide durable, additional finance?' Policy Brief 20/2025, 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', Report, CEPR Press, available at https://cepr.org/publications/books-and-reports/paris-report-3-global-action-without-global-governance-building

The creative - and highly controversial - relationship between animation and artificial intelligence provides the focus of Episode 167 of the Fantasy/Animation podcast, which features as its special guest Dr Mihaela Mihailova, an Assistant Professor in the School of Cinema at San Francisco State University. Mihaela is the editor of Coraline: A Closer Look at Studio LAIKA's Stop-Motion Witchcraft (Bloomsbury, 2021), whose work has also appeared in the Journal of Cinema and Media Studies, The Velvet Light Trap, Journal of Japanese and Korean Cinema, Convergence: The International Journal of Research into New Media Technologies, Feminist Media Studies, animation: an interdisciplinary journal, Studies in Russian and Soviet Cinema, and [in]Transition. She has contributed to Animating Film Theory (with John MacKay), The Oxford Handbook of the Disney Musical, Animated Landscapes: History, Form, and Function, The Animation Studies Reader, and Drawn from Life: Issues and Themes in Animated Documentary Cinema, and was editor of the recent “AI and the Moving Image” dossier published in the Journal of Cinema and Media Studies. She is currently co-editor of Animation Studies and serves as co-President of the Society for Animation Studies. Listen as Mihaela introduces Chris and Alex to the AI-generated short films Generation (2022), PLSTC (2022), Bruegel the Younger (2022), and Dissolution (2023) as a backdrop to thinking about the trajectory of machine learning in relation to animated imagery and creative practice; the aesthetics and implications for labour prompted by AI as both an assistive and generative tool; the discourses of technophilia and technophobia that surround contemporary synthetic media; and what impact the ‘open secret' of AI might have within the animation industry beyond some of its current applications. **Fantasy/Animation theme tune composed by Francisca Araujo** **As featured on Feedspot's 25 Best London Education Podcasts** **As featured on MillionPodcast's Best 10 UK Animation Podcasts and Best 60 Movie Podcasts in the UK**

This episode is the first Noriko's Philosophy Playground of 2026 and explores The Tower of Babel painted by Pieter Bruegel the Elder.Noriko reflects on seeing the large version of The Tower of Babel in Vienna at the Kunsthistorisches Museum. Inspired by the painting, she discusses human ambition, limits, and the role of language.The biblical story tells of people who once shared a single language and tried to build a tower reaching the heavens. Their excessive ambition led to confusion of language, loss of cooperation, and the collapse of the project.Bruegel's painting shows countless workers focused only on their own tasks, without seeing the whole structure. Parts of the tower are already collapsing, symbolising miscommunication and lack of coordination.Noriko connects this to modern life and language learning, asking three philosophical questions:How important is it to see the big picture?How much ambition is healthy for humans?What does it really mean for language to “connect” people?She concludes that true communication is not just grammar or vocabulary, but the attitude of trying to understand others. Language learning, she suggests, is ultimately about understanding people and the world through words.フィロソフィー（philosophy）プレイグラウンド（playground）プロジェクト（project）コミュニケーション（communication）インターネット（internet）バージョン（version）ディーテール（detail）ビジョン（vision）アプローチ（approach）コーディネーション（coordination）野心（やしん） – ambition限界（げんかい） – limit言語（げんご） – language言葉（ことば） – words混乱（こんらん） – confusion協力（きょうりょく） – cooperation理解（りかい） – understanding全体像（ぜんたいぞう） – big picture誤解（ごかい） – misunderstanding傲慢（ごうまん） – arrogance本質（ほんしつ） – essence理想化（りそうか） – idealization労働者（ろうどうしゃ） – workers崩れる（くずれる） – to collapse態度・姿勢（たいど・しせい） – attitude / mindset

What have the cluttered landscapes of Pieter Bruegel the Elder to do with the complex plots of Fyodor Dostoevsky? In each, we find subtle allusions to the holy, hidden and tucked away in the least likely of places. Why do these artists hide the holy? And what are the implications for theology and the arts in our age?.Lecture Resources: PowerPoint deckPlease note that the ideas expressed in this lecture do not necessarily represent the views of L'Abri Fellowship.For more resources, visit the L'Abri Ideas Library at labriideaslibrary.org. The library contains over two thousand lectures and discussions that explore questions about the reality and relevance of Christianity. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit englishlabri.substack.com

In this episode of The Sound of Economics, host Rebecca Christie sits down with Bruegel's Pascal Saint-Amans and Roel Dom to talk taxes. What happened to the OECD global minimum tax and the digital services levy debate in the wake of Washington's turn against international agreements? How is the European Union gathering resources for its next budget? What is the difference between a tax and a levy – and why does it matter? Tax policy is social policy, and Bruegel's new EU Tax Observatory project will shine a light on what's going on.Relevant Research: Christie, R. (2021) ‘Do robots dream of paying taxes?', Policy Brief, 05 October, Bruegel, available at: https://www.bruegel.org/policy-brief/do-robots-dream-paying-taxes Darvas, Z., R. Dom and M. Lappe (2025) 'CORE concerns: why a turnover based levy is wrong for the EU budget', First Glance, 22 July, Bruegel, available at: https://www.bruegel.org/first-glance/core-concerns-why-turnover-based-levy-wrong-eu-budget Dom, R. (2026) 'How the global minimum tax amendments could reshape Europe's tax incentives', Analysis, 14 January, Bruegel, available at: https://doi.org/10.64153/WEHR5625 Dom, R., C. Greppi-Maturana and P. Saint-Amans (2025) ‘Shifting priorities, slow progress: an analysis of EU tax recommendations,' Working Paper 29/2025, Bruegel, available at: https://doi.org/10.64153/SIZA8089 Saint-Amans, P. (2026) ‘With Trump, what is left of the global minimum tax?', Newsletter, 19 January, Bruegel, available at: https://www.bruegel.org/newsletter/trump-what-left-global-minimum-tax Saint-Amans, P. (2026) 'Has the global minimum tax survived Trump?' Analysis, 13 January, Bruegel, available at: https://doi.org/10.64153/HIUN6608

In this episode of The Sound of Economics, host Rebecca Christie sits down with Bruegel's Ignacio García Bercero and Ben McWilliams to talk about the evolution of the European Union's carbon border adjustment mechanism, known as CBAM. When will companies start paying? Which countries and sectors will be hit the hardest? And how will cross-border carbon levies work for electricity markets, given how hard it is to trace emissions to electrons? We discuss what it means to crack down on carbon leakage and how the EU can make the most of its new tools going forward.Relevant Research: CBAM and carbon pricing: forging fair paths to climate stability, Bruegel Event, 22 May 2024 McWilliams, B. R. Stubbe and G. Zachmann (2025) 'The case for delaying the application of the EU's carbon border levy to electricity', Analysis, 19 November, Bruegel, available at https://doi.org/10.64153/ZFMB9781 Zachmann, G. and McWilliams, B. (2020) 'A European carbon border tax: much pain, little gain', Policy Contribution 05/2020, Bruegel, available at https://www.bruegel.org/policy-brief/european-carbon-border-tax-much-pain-little-gain

In this episode of The Sound of Economics, host Yuyun Zhan is joined by Bruegel Senior Fellow Alicia García-Herrero and Jürgen Matthes of the German Economic Institute to discuss a growing concern for Europe's economy: the undervaluation of Yuan, the Chinese currency and its impact on European competitiveness.Is China's price advantage the result of productivity and innovation, or of deeper structural distortions such as subsidies, overcapacity, and currency management? And what policy options does Europe realistically have when existing trade defence instruments seem ill-suited to address economy-wide price and exchange-rate effects?Relevant research: Matthes, Jürgen, 2025, Yuan Undervaluation against the Euro: Unfair Cost Advantages for China?!, IW-Report, Nr. 36, Köln García-Herrero, A., T. Storella and J. Xu (2025) ‘European companies operating in China: from digging in to rethinking their presence', Working Paper 14/2025, 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!

In this episode of The Sound of Economics, host Rebecca Christie and Bruegel's Zsolt Darvas discuss the European Union's next seven-year financial plan with MEP Johan Van Overtveldt, chairman of the European Parliament's budget committee. Negotiators have until the end of 2027 to figure out roughly €2 trillion in funding, with the parliament and member states not expected to sit down together until next year. How can the EU pay for public goods? Will countries and regions be willing to overhaul the way they finance farmers and other key sectors? Meanwhile, the EU may need to revisit proposals to borrow against the Russian central bank's frozen assets, held at Euroclear, within two years. The next budget will need to accommodate support for Ukraine as well as Europe's current mandates.Related research: Christie, R., J. F. Kirkegaard and Z. Darvas (2025) 'What should Europe pay for?', Podcast, 01 October, Bruegel, available at: https://www.bruegel.org/podcast/what-should-europe-pay Christie, R., J. Van Overtvedlt and N. Véron (2024) 'What to do with frozen Russian assets', Podcast, 21 February, Bruegel, available at:  https://www.bruegel.org/podcast/what-do-frozen-russian-assets Darvas, Z., Dom, R., Lappe, M., P. Saint-Amans and A. Steinbach (2025) 'Bigger, better funded and focused on public goods: how to revamp the European Union budget', Blueprint 37, Bruegel, available at https://www.bruegel.org/book/bigger-better-funded-and-focused-public-goods-how-revamp-european-union-budget

In this episode of The Sound of Economics, host Rebecca Christie sits down with Bruegel's Mario Mariniello and Bertin Martens to discuss technology regulation in the European Union. Brussels hopes to make its complicated rulebook more fit for purpose with digital “omnibus” plans, intended to streamline and improve oversight. But artificial intelligence, data collection and relations with United States tech giants are tricky subjects that may not be so easily addressed. How should companies manage data? What are the consequences for EU citizens, particularly those from minority language groups? And what kind of innovation can policy encourage in Europe? New technologies move fast, and the EU  will need to balance precaution with experimentation.Related research: Christie, R., Cipollone, P., Hernández de Cos, P. (2025) 'Digital euro: why now and what's next', Podcast, 18 June, Bruegel, available at https://www.bruegel.org/podcast/digital-euro-why-now-and-whats-next Mariniello, M. (2025) 'The European Commission's Digital Omnibus could increase risks, not growth', First Glance, 13 November, Bruegel, available at https://www.bruegel.org/first-glance/european-commissions-digital-omnibus-could-increase-risks-not-growth  Mariniello, M. (2025) 'Efficiency and distribution in the European Union's digital deregulation push', Policy Brief, 20 November, Bruegel, available at https://www.bruegel.org/policy-brief/efficiency-and-distribution-european-unions-digital-deregulation-push Martens, B. (2025) 'The European Union needs more than the digital omnibus to make digital services competitive', Analysis, 8 December, Bruegel, available at https://doi.org/10.64153/NIRG1605

In this episode of The Sound of Economics, host Rebecca Christie is joined by Professor Amita Batra, of Jawaharlal Nehru University's Centre for South Asian Studies, and Bruegel Senior Fellow Ignacio Garcia Bercero to discuss the European Union-India trade relationship and its potential. What scope is there for a free trade agreement, particularly regarding tricky sectors like steel and automotive manufacturing? How will Europe's new Carbon Border Adjustment Mechanism affect the dynamic? Is there room for closer cooperation given the geopolitical pressures posed by the United States and China? Working together, India's growth and the EU's trade experience have the potential to find more common ground, if political obstacles can be overcome. Related research:  Batra, A. (2022) India's Trade Policy in the 21st Century, Routledge García-Bercero, I. and A. Sapir (2025) ‘The time is right to make a European Union-India trade deal happen', Policy Brief 19/2025, Bruegel

Our speaker is Nicolas Veron who is a Senior Fellow at Bruegel in Brussels as well as at the Peterson Institute in DC. He is also the author of the book entitled Europe's Banking Union at Ten: Unfinished Yet Transformative. I want to learn from Nicolas about the resilience of the European Union and how it has been affected by the European banking crisis, Brexit, the war in Ukraine, and fears of increasing immigration. Get full access to What Happens Next in 6 Minutes with Larry Bernstein at www.whathappensnextin6minutes.com/subscribe

2025-11-09 | Silicon Wafers 051 | DAILY UPDATES | Despite the profusion of stories we've covered, the battle for Pokrovsk, energy sanctions, and so on, the most important strategic angle on the war this winter is the attritional energy war. And it's unlike the Western attitude to the war throughout all these four years – to cede the escalation dominance to Russia, always pulling punches, in support for Ukraine, and never allowing its ally to land a decisive blow on Russia. Now Ukraine is takin off the gloves, because below the nuclear threshold, there is nothing holding back Russia's viciousness and violence. Ukraine is seeking to inflict greater costs on Russia in the energy war, than it can impose upon Ukraine. This ‘escalation' is the only way to make it clear to Putin he cannot win and is the only way to inflict economic and social costs that start to make Putin's brittle regime appear vulnerable to its internal audience. Nothing else will get through to Putin. Nothing at all. Ukraine's “doomsday lever”? Hitting the Yamal network — myth vs. math. There is an inescapable logic to the course of this existential escalation for Ukraine's existence. It starts with testing the theory of imposing blackouts and heating denial to smaller, non-strategic Russian towns. Belgorod, Vladimir, Voronezh. And this is happening now. The next stage is to test supporting infrastructure around Moscow – electricity substations, energy supply routes for fuel, gas and oil products. This is happening. Beyond that, are substantial and extended blackouts in smaller towns, then Moscow and St. Petersburg. But that's not the final arrow in Ukraine's quiver. It has a doomsday option – hitting Yamal Cross. If none of the other escalatory steps lead to an unconditional ceasefire, then I suggest it's a near certainly that we'll reach the doomsday stage for Moscow by end of this winter. ----------Partner on this video: KYIV OF MINE Watch the trailer now: https://www.youtube.com/watch?v=arJUcE1rxY0'Kyiv of Mine' is a documentary series about Ukraine's beautiful capital, Kyiv. The film production began in 2018, and much has changed since then. It is now 2025, and this story is far from over.https://www.youtube.com/@UCz6UbVKfqutH-N7WXnC5Ykg https://www.kyivofmine.com/#theprojectKyiv of Mine is fast paced, beautifully filmed, humorous, fun, insightful, heartbreaking, moving, hopeful. The very antithesis in fact of a doom-laden and worthy wartime documentary. This is a work that is extraordinarily uplifting. My friend Operator Starsky says the film is “Made with so much love. The film series will make you laugh and cry.” ----------SOURCES: Ukrainian attacks in Russia's Belgorod, Kursk oblasts leave ≥20,000 without power — The Moscow Times/AFP, Nov. 9, 2025‘A powerful secondary detonation' — Donetsk airport Shahed hub strike — Kyiv Independent, Nov. 6, 2025Volgograd refinery halted after drone strike — Reuters, Nov. 6, 2025Crimea oil depot fire (Simferopol/Hvardiiske) after drone attacks — Ukrinform, Nov. 6, 2025Bashkortostan: Sterlitamak petrochemical plant struck — Kyiv Independent, Nov. 7, 2025Russian rebel group sabotages locomotives — Kyiv Post, Nov. 6, 2025ORLEN–Naftogaz: three U.S. LNG cargoes in Q1 2026 (≥300 mcm) — ORLEN press release; Naftogaz release; Polish Radio; Kyiv Independent, Nov. 7–8, 2025Energy attrition context: Reuters refinery capacity tally, Sept. 1, 2025. (Reuters)Gas flows & the Yamal reality check — Bruegel (end of transit via Ukraine, Jan. 1, 2025); Gas Strategies (financial impact); Oxford Energy (transit mechanics)Operational/tech framing of the strike campaign — CSIS analyses, 2025----------

An issue that's been top of mind in Greece for some time now is the demographic crisis. This isn't unique to Greece, however, as it's a problem most of Europe is also looking for answers to. Jacob Funk Kirkegaard, a Senior Fellow at Bruegel and a non-resident Senior Fellow with the Peterson Institute for International Economics, joins Thanos Davelis as we look at how an aging population is challenging Europe, and why migration remains an important part of the equation. You can read the articles we discuss on our podcast here:The macroeconomic impact of ageing, EU immigration policy and pension expendituresMitsotakis calls for united European defense, energy strategy at MED9 summitErdogan heads to Gulf as Turkey looks to ease energy dependence on Russia