Executive Summary The rules of the global economy are in flux. Details of newly introduced policy measures are slowly coming into focus, and growth prospects are shifting along with them. After the United States introduced higher tariffs starting in February, subsequent deals and resets have tempered some extremes. But uncertainty about the stability and trajectory of the global economy remains acute. Meanwhile, substantial cuts to international development aid and new restrictions on immigration have been rolled out in some advanced...

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Speech by Christine Lagarde, President of the ECB, at the 35th Frankfurt European Banking Congress Frankfurt am Main, 21 November 2025 I would like to start with a quote: “The world around us does not stand still. In recent years, the global environment has been transformed in ways that none of us could have imagined. We have seen the post-war global order fracturing, the rise of new – and some old – powers, rapid changes in technology, and an uncertain outlook for...

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70 projects are receiving over €600 million in EU grants to electrify and decarbonise road, maritime, inland waterway and air transport along the trans-European transport network (TEN-T). These projects will deploy alternative fuels supply infrastructure such as electric recharging stations, hydrogen refuelling stations, electricity supply and ammonia and methanol bunkering facilities across 24 EU countries. Europe’s transport network will be electrified through the installation of more than 1 000 electric recharging points for light-duty vehicles with a capacity of 150 kW. 2...

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WASHINGTON, Nov. 18, 2025 – The World Bank Group today announced the appointment of Paschal Donohoe as Managing Director and Chief Knowledge Officer. Donohoe has served as Ireland's Minister for Finance since January 2025, and as President of the Eurogroup of finance ministers since July 2020. His extensive experience spans both the public and private sectors, including nearly a decade at Procter & Gamble. “Paschal brings more than twenty years of public service, and knows firsthand how good policies can unleash...

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By Florian Misch, Ben Park, Carlo Pizzinelli, and Galen Sher Artificial intelligence could boost Europe’s productivity, but gains will hinge on efforts to deepen the single market and the calibration of regulation Can artificial intelligence provide a much-needed boost to Europe’s economic productivity? Use of AI is spreading much faster than earlier technologies, such as the personal computer and the internet. And AI promises significant productivity jumps by automating many tasks and enhancing human capabilities. However, achieving large gains will hinge on European countries’...

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By Alessandro De Sanctis, Roberto A. De Santis, Daniel Kapp and Francesca Vinci To bridge Europe’s investment gap, we need both public and private funding. Well-designed EU investment programmes can act as a major catalyst for private capital. As this blog post shows, every euro invested by the EU is matched by private finance, thereby doubling its impact. Europe is facing an unprecedented need for investment to support its green, digital and defence transitions. On current estimates, this will require additional...

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The OECD has released an update to the Model Tax Convention on Income and on Capital, providing new and detailed guidance on short-term cross-border remote work and on the taxation of income from natural resource extraction. The update, approved by the OECD Council, aims to provide greater certainty for governments and businesses worldwide. The 2025 Update to the OECD Model Tax Convention on Income and on Capital clarifies when remote work across borders, such as from a home office, creates a taxable...

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