The Sound of Economics

In this episode of The Sound of Economics, host Rebecca Christie speaks about how to fight financial crime with Bruegel’s Nicolas Véron and James Freis, former chief compliance officer at Deutsche Börse and former head of FinCEN, the United States Financial Crimes Enforcement Network. The European Union is setting up its new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), which from 2028 will have a combination of supervisory and standard-setting duties. What does it mean to start a new EU agency? What effect will it have for prevention and enforcement in areas like fraud, tax evasion and other abuses? What is the EU’s history in this area, and what past weaknesses is the new agency trying to correct? Given such a big and important mandate, will AMLA have the resources to do its job?
Related research:

Freis, J. H. and M. Waibel (2024) ‘The United States-Led Development of Financial Sanctions Since 1945’, in C. Zilioli, R. Bismuth and L. Thévenoz (eds) International Sanctions: Monetary and Financial Law Perspectives, Brill

 Véron, N. (2025) ‘Updated assessment: Memo to the commissioner responsible for financial services’, First Glance, Bruegel

Véron, N. and J. Kirschenbaum (2019) ‘A Major Step Toward Combating Money Laundering in Europe’, Blog Post, Bruegel

Véron, N. and J. Kirschenbaum (2018) ‘A better European Union architecture to fight money laundering’, Policy Brief, Bruegel

In this episode of The Sound of Economics, host Rebecca Christie talks about the rise of billionaires in the global economy and United States politics with guests David de Jong, author of the nonfiction book Nazi Billionaires, and Karel Lannoo, chief executive of the Brussels-based think tank CEPS. How are today’s billionaires shaping the US political climate, and how have things changed from the first Trump administration? What are the geopolitical consequences? How can Europe emulate US dynamism and economic growth while also resisting the conflicts of interest that arise when money and policy overlap? Will proposals currently pushed by the European Commission – like 'EU Inc' and the Capital Markets Union – shift the needle in this regard? What role does taxation play? This episode tackles some of the hard and complicated questions about money, politics and prosperity in today’s world. 
Related research: 

Arnal, J. and Lannoo, K. (2026) ‘Do not blame Basel: the Output Floor and Europe’s banking competitiveness debate’, CEPS In-depth Analysis, CEPS 

Arnal, J., Lannoo, K. and Thomadakis, A. (2024) ‘Staying ahead of the curve’, Task force report, CEPS 

Christie, R. (2026) ‘The billionaire paradox’, First glance, Bruegel 

de Jong, D. (2022) ‘Nazi Billionaires: The Dark History of Germany’s Wealthiest’ Dynasties’, Harper Collins  

de Jong, D. (2024) ‘The Richest Man in Germany Is Worth $44 Billion. The Source of His Family Fortune? The Nazis Know’, News Story, September 12 , Vanity Fair 

EU Tax Compass is a Bruegel-led project co-funded by the European Union

In this episode of The Sound of Economics, host Rebecca Christie speaks about the future of work with Bruegel’s Alexandre Mendonça and MIT professor Paul Osterman, author of a new book called Disposable Workers: the Transformation of Employment. In the United States and the European Union, companies are shifting away from long-term permanent jobs to a system with less certainty. Which industries have been most affected and how does that look for their workers? Who benefits from part-time work? Which workers are most disadvantaged? How can public policy adjust around these new dynamics? Artificial intelligence changes what skills workers need and immigration trends shape which workers are available. What conditions will help the economy grow and thrive?

Related research: 

Osterman, P. (2026) ' Disposable Workers: The Transformation of Employment', Upcoming, Harvard University Press   

Mendonça, A. (2025) 'On Labor Markets, Inequality and Productivity', Dissertation, Stockholm School of Economics

Christie, R., M. Grzegorczyk and D. Mulcahy (2022) 'Better pensions for the European Union’s self-employed', Policy Contribution 05/2022, Bruegel

In this episode of the Sound of Economics, host Rebecca Christie sits down with Bruegel Director Jeromin Zettelmeyer, researcher Silvia Merler and Bank of France Deputy Governor Agnès Bénassy-Quéré to talk about common European debt and the idea of a 'safe asset'. What makes government bonds a part of public infrastructure as well as a tool for financing public goods? Why is how to borrow money for public goods treated as a separate question from how to spend it? Should the European Union sell more common debt or look at a layered system that works with national borrowers, such as the swap proposal put forward by Olivier Blanchard and Angel Ubide? Will United States Treasury bonds always be the world’s only major reference asset, or will the EU get a seat at that table? This episode discusses what a safe asset is, why it matters to Europe and what steps policymakers should take next.
Related research:

Lappe, M.S and J. Zettelmeyer (2026) ‘A sober look at the case for common European Union debt,’ Working Paper 20/2026, Bruegel

Bénassy-Quéré, A. (2025) 'Looking for a “fair” international monetary system,' VoxEU Column, 16 April, CEPR

Merler, S. (2025) 'More EU debt issuance would be the best response to Trump’s tariffs,' First Glance, Bruegel

Christie, R. (2022) 'If it doesn’t trade, is it really marketable debt?,' Blog Post, Bruegel

Christie, R. (2025) 'Unlocking the Own Resources Debate – Debt and Competitiveness,' Testimony, Bruegel

In this episode of The Sound of Economics, Yuyun Zhan and Alicia García-Herrero are joined by Bertin Martens and Paul Triolo to take stock of the global artificial intelligence race, from energy and chips to models and applications. They discuss China's progress in catching up to the US, what the recent turmoil around Anthropic's most advanced models reveals about the politics of releasing frontier AI and why Europe, dependent on the US for both chips and models, is left exposed on all sides. They explore whether an "Airbus for AI", an initiative for pooling compute, capital and expertise across member states, could close the gap, and what it would take for Brussels' new cloud and AI industrial proposals to matter at scale.
Relevant research:

García-Herrero, A. and B. Martens (2026) 'Stack battles: the US-China artificial-intelligence rivalry is moving beyond chips alone', Analysis 18/2026, Bruegel

García-Herrero, A. and B. Martens (2026) 'Europe needs a strategy to close the artificial intelligence compute gap', Analysis 13/2026, Bruegel

This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, bringing you monthly analysis of China in the world, as seen from Europe. Sign up now to receive it in your mailbox!