Europe faces a changing fiscal landscape shaped by rising investment needs, high public debt and growing geopolitical pressures. This Forum examines how the European Union’s fiscal framework can respond to these challenges, highlighting the limitations of existing fiscal arrangements and exploring options for adapting European fiscal policy to a more demanding strategic environment. The contributions consider the treatment of public investment, the restructuring of legacy sovereign debt, alternative approaches to financing common European defence and the implications of geopolitical exposure for fiscal outcomes.

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The Russian war against Ukraine and the closure of the Strait of Hormuz have highlighted Europe’s vulnerability to imported energy. Decreasing dependency on fossil fuel suppliers is not only essential to economic and energy security but also could accelerate the transition towards low-carbon systems. This Forum examines the targeted policy measures, government initiatives and fiscal responses required to bridge strategic autonomy and decarbonisation within European-level frameworks.

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The provisional application of the Interim Trade Agreement since 1 May 2026 has delivered tangible progress in EU–Mercosur economic integration. Although the agreement was formally signed on 17 January 2026, the European Parliament’s decision to refer it to the European Court of Justice for legal checks effectively freezes the ratification process. This Forum asks what this impasse means for EU–Mercosur relations and EU trade policy.

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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 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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