Volume 61
January/February 2026 · Number 1

Editorial

• Stablecoins, the GENIUS Act and Europe’s Monetary Dilemma

  Barry Eichengreen

Forum

• US Policy Shifts and the Changing Global Economic Landscape: What Implications for Europe?

  • Strategic Direction for Europe in the New Economic Geography

    Adam S. Posen

  • Momentum Builds for Strong and Deep European Safe Assets

    Kalin Anev Janse, Roel Beetsma

  • The Missing Foundations of EU Private Capital Mobilisation

    Judith Arnal

  • Trump’s Tariffs, Global Trade and Europe’s Strategic Choice

    Daniel Gros

  • Protect Imports, Rebalance Exports: The Future of Extra-EU Trade

    Maria Demertzis, Alejandro Fiorito

  • The Need for a New Policy Approach to European Capital Flows

    Erik Fossing Nielsen

Articles

• Mid-Tech Europe? Sectoral Patterns of Total Factor Productivity Growth in the EU vs. the US

  Plamen Nikolov, Wouter Simons, Alessandro Turrini, Peter Voigt

• Services at the Core: The Missing Piece of Transatlantic Trade Talks?

  Frank Bickenbach, Holger Görg, Wan-Hsin Liu

Letter from America

• Fed Independence: Safe for Now, but Under Long-Term Threat

  Jason Furman