Volume 61
September/October 2026 · Number 5

Editorial

• The 2028-2034 MFF: From Budgetary Accounting to Strategic Purpose

  Cinzia Alcidi, Eulalia Rubio

Forum

• Europe’s Fiscal Space in an Age of Geopolitical Pressure

  • EU Fiscal Rules and Public Investment in the Green and Digital Transitions

    Philipp Heimberger

  • Reviving PADRE: A Balance Sheet Approach to Euro Area Debt in an Age of Geopolitical Risk

    Biagio Bossone

  • Financing European Defence – A Proposal

    Hanno Beck

  • Geopolitical Fiscal Exposure: A New Lens for EU Fiscal Governance

    Rui Teixeira Santos

Articles

• Import Shocks, Inflation Propagation and Distribution: Lessons from the Italian Experience

  Davide Romaniello, Antonella Stirati

• Europe’s Scale-Up Funding Gap: Six Constraints on Venture Capital Supply and a Reform Agenda

  Ralf Fendel, Florian Herget

• Chips Act 2.0 – A Game Changer?

  Christian Rusche

Letter from America

• The Abject Failure of the US–Canada Trade War

  Kimberly Clausing