Read my new paper on Europe's dependence on the dollar and how to think about derisking. (here)

The Nexperia episode, which began in the last quarter of 2025, revealed several shortcomings in how member states, both individually and collectively through the EU, guarantee their economic security. The events that unfolded reveal confusion between critical technologies and supply-chain chokepoints, inadequate preparedness for economic statecraft, and weak coordination within the EU Single Market. The episode demonstrates how national corporate governance disputes can rapid

Alejandro Fiorito and I revisit an old issue: the purpose of trade is imports. Policy should therefore aim to protect the ability to import. Read our new paper here .