Ten comments to look ahead to the challenges of the new year. Fifth chapter: monetary policy. Even more than interest rates, we need to think about its transparency. The reason is that the effectiveness of monetary policy depends on its ability to influence the expectations of households, businesses and markets. And that ability is in turn linked to central bank announcements.

Ten comments to look at the challenges of the new year. Fourth chapter: climate change. Europe is the largest international market for greenhouse gas emissions. In addition to gradually auctioning the remaining 40% of emission permits, the Carbon Boarder Adjustment Mechanism (CBAM) is expected to come into effect to prevent carbon leakage, i.e., the transfer of emissions to less stringent countries

Ten comments to look at the challenges of the new year. Chapter Three: Europe, which needs to play according to new patterns and invest more in its domestic market, the richest in the world, by focusing on a model in which its strategic autonomy is central

Ten comments to look at the challenges of the new year. Chapter Two: Demographics. After the decline in fertility recorded during Covid, current inflation pressure and the geopolitical situation do not suggest an improvement in European fertility rates will occur. Which means there is no respite for the challenges associated with the aging of our societies

Two possible options to boost the investments required to address climate change and transition to a global low carbon economy

Nine months since Russia's invasion of Ukraine began, the Ukrainian economy is adapting to the new wartime reality