Stablecoins are moving from the margins of crypto markets towards the core of global finance, raising fundamental questions about who controls money, how it circulates and what role public institutions should play. This Forum brings together four perspectives on their technological promise, strategic implications and policy risks. The contributions explore the impact of stablecoins on financial stability, monetary sovereignty and seigniorage, and debate the case for both retail and wholesale central bank digital currencies. Together, they examine whether Europe risks ceding monetary influence to dollar-based digital infrastructures and what policy choices are needed to ensure that innovation strengthens rather than undermines the resilience and credibility of the euro.

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The global financial order is under increasing strain as the United States retreats from its traditional hegemonic role and the dominance of the US dollar faces mounting challenges. On 1 December 2025, during the Centre for European Policy Studies-Intereconomics annual joint conference in Brussels, the current geopolitical and geoeconomic upheaval came into sharp focus. This Forum, featuring contributions from conference participants, considers urgent questions about Europe’s strategic autonomy and resilience, the evolving role of the euro and the EU’s position in a rapidly changing global order.

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Growth has never been more critical for Europe. The instability caused by US President Trump’s unpredictability has called the transatlantic partnership into question, shifted geopolitical alliances and rattled world markets. All this at a time when Europe is falling behind in the tech race and has an ongoing conflict in its own neighbourhood. What kind of growth does Europe need? How do the priorities regarding technological advancement, defence and green transition factor in? What should policymakers be focusing on in order to enable this growth?

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Long-held economic and political certainties are eroding and the shape of the emerging world order is still vague. This Forum brings together articles that imagine a new world order, one that looks diff erent from the current system shaped by decades of belief in free markets and globalisation. What might a forward-looking industrial policy look like – one that does not just react to crises? What kind of climate policy truly brings people on board? How could globalisation be more inclusive and avoid trade wars or the abuse of power by tech giants? The contributors to this Forum, who took part in the Forum New Economy’s 2025 Berlin Summit, continue the dialogue on how to win back the future.

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In today’s shifting global landscape, the long-held view that industrial policy and competition policy are fundamentally at odds is being reconsidered. Governments are increasingly exploring how these policy tools might reinforce one another. In the European context, this shift has become increasingly urgent, as industries face investment stagnation, rising production costs and technological gaps that national measures alone struggle to address.

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The European Union is reconsidering its regulatory framework, aiming to reduce burdensome red tape while maintaining its core values. There is a growing awareness that excessive regulation can impede innovation and place strain on businesses, particularly within dynamic sectors such as technology and sustainability. In this Forum, contributors break down the challenges that are holding the EU back from reaching its targets efficiently and effectively, and offer paths forward.

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