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Donato Masciandaro

Geoeconomics: new challenges for the ECB and the Fed

Geoeconomics is an increasingly common perspective in analyses of today’s international economic and political landscape. The recent development of geoeconomics stems from the interplay between economic analysis and political science, shining a light on the international political drivers that help explain economic policy decisions. In truth, this has long been a subject of interest for economic ...

Gianmarco Ottaviano

Geoeconomics and protectionism: the harsh law of the hammer

The trajectory of globalization shows that international trade does not follow a linear or irreversible path, but reflects a fragile balance among economic interests, political power, and conflicting ideological visions. After decades of market liberalization and faith in the multilateral institutions born after World War II, today’s global economic order is undergoing profound transformation. The ...

Francesco Perrini, Stefano Pogutz

Sustainability under attack: the green challenge between data and disinformation

For years, science has shown that climate change is real and driven by human activity. Recent news confirms that we have already crossed seven out of nine planetary boundaries that keep our planet in balance. Johan Rockström, Director of the Potsdam Institute for Climate Impact Research, warns that we are jeopardizing the stability of Earth’s entire life-support system – vital for our prosperity ...

Partha Dasgupta

Managing nature’s portfolio: why natural capital really matters

Whether as farmers or fishers, foresters or miners, households or companies, governments or communities, we manage the assets to which we have access, in line with our motivations as best as we can. But the best each of us can achieve with our individual portfolios may nevertheless result in a massive collective failure to manage the global portfolio of all our assets. We are like a crowd of people, ...

Donato Masciandaro

Cash and digital money: beware the Stockholm syndrome

The digital euro is a public investment that needs to be made as soon as possible. Europe must maintain both physical and digital euros. The rationale is straightforward: the less public money is used, the greater the risk of becoming hostage to private and foreign monies – often without realizing it, and even inadvertently encouraging them. This is a kind of Stockholm syndrome, and it is precisely ...

Donato Masciandaro

Viral Macroeconomics: Trump, the Fed, and Sentiments

Every time Wall Street takes a rollercoaster ride, someone inevitably evokes the specter of a viral recession. But should we truly fear such recessions? And what role can the Fed play in mitigating this risk? First, what are we talking about? Italian Poet Giovanni Pascoli might describe it as something new–yet ancient. The phenomenon of a viral recession can indeed be characterized as a blend of ...

Donato Masciandaro

Trump, the Dollar and the Euro

In the wake of Donald Trump's second term as President of the United States, global attention has turned to the future of the dollar and its implications for the world economy. From a short-term economic analysis perspective, the dollar has appreciated, influenced in part by the tariff policies first announced and later implemented by the newly elected president. What does this mean for ...

Gianmarco Ottaviano

From the “horizontal frontier” to the “vertical frontier”: american geoeconomics goes into orbit

In the European public debate, when space is discussed, the tone often still oscillates between the epic of conquest and the rhetoric of scientific cooperation. In the United States, by contrast, space has become something far more prosaic and, at the same time, far more strategic: a natural extension of industrial policy and national economic security. At the beginning of 2026, the question of whether ...

Donato Masciandaro

Trump and the Monroe Doctrine 2.0: between political dominance and monetary instability

“The Monroe Doctrine is a big deal, but we've superseded it by a lot, by a real lot. They now call it the Donroe doctrine.” These were Donald Trump’s words, spoken just hours after the Maduro operation in Venezuela. Leaving aside yet another demonstration that modesty is hardly the defining virtue of the current occupant of the White House, what does this mean? In December 1823, President Monroe, ...

Magazine article (E&M - 2021/3) Sironi Andrea

Human Capital: from Emergency to Priority for the Country’s Future

Human capital represents a key factor for the competitiveness and economic and social development of a country. The main factors that determine the quality and quantity of human capital are represented by the demographic curve, the educational system, research spending and the system of scientific research in general, and the ability of a country to attract quality immigration from the rest of the ...