Europe is vulnerable to air attacks by both state and non-state actors. Russia has substantially increased its production of hypersonic missiles, missiles and drones, while European air defence capacities remain patchy with little improvement in coverage in recent years.
When the three pillars of competition policy are all present – enforcement, procompetitive industrial policy and regulation of monopolies – the result is an economy that works for the people[13]. This toolkit allows a society to create and maintain the welfare-enhancing markets its firms and consumers want. Good EU policy will involve making necessary improvements to competition enforcement to keep it fit for purpose, regulating monopolies as necessary and re-designing state aid to make more strategic and useful.
Well-crafted industrial policy can be a good use of resources and it certainly does not require competition enforcement to be weakened. Indeed, the public’s money works more effectively when the firms it aids feel competitive pressure to use funds wisely. When the public projects that are given subsidies and infrastructure are chosen on the basis that they will open up and grow markets that are suffering from imperfections, and those projects are not used to anoint a winner and close those markets to others, society gains from industrial policy. This is not a subsidy race; rather, it is pro-competitive industrial policy.
The victory of the opposition alliance in Poland’s 15 October elections showed that even an unfair and manipulated election can lead to a peaceful rejection of autocratic regime if society is mobilised sufficiently. However, tackling the populist legacy of the Law and Justice Party (Prawo i Sprawiedliwość, PiS) government will be neither easy nor fast, for several reasons.
Effective financial supervision plays a crucial role in maintaining financial stability and a healthy financial system. China’s leadership has made financial risk a core priority, and in reforms approved in March 2023, it reassigned regulatory responsibilities, creating a new supervisory body that will take over some responsibilities from the central bank, the banking and insurance regulator, and the securities regulator. The aim is that a change to the financial supervisory architecture (who does what in financial supervision) will make China’s system more effective and stable. In this policy brief, we argue that this incremental reform will not solve the core issues China faces in financial supervisory effectiveness.
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At the start of April 2022, Ukraine’s President Volodymyr Zelensky warned that security will likely be the biggest issue for his country for the next decade. And he added that “…we will …become a “big Israel” with its own face. We will not be surprised that … in all institutions, supermarkets, cinemas, there will be people with weapons.” While Ukraine will no doubt maintain aspects of a war-time economy even after the current war ends, it is already thinking of how to become a growth and recovery economy read more..
