I think that’s right. But even before we get to that concern I suspect they feel they have plenty of other urgent issues to deal with these days. Plus: Particularly for Metz and Macron, there’s no incentive to tell their own population that you can leave EU - and then return if you dont like it.

Reflections on the UK’s dreadful elections last Thursday: 2 big questions need to be addressed: Relations with the EU continue- and the gap between taxation and the population’s demand for (EU level) public services. open.substack.com/pub/independ...

US and eurozone Q1 GDP - more alike than meets the eye. And how the US debt fuelled economy cannot last. Powell says at the Fed to fight the forthcoming attempt at monetarisation open.substack.com/pub/independ...

Global imbalances: Sinners, victims and reactions … weaker dollar, higher US yields, and risk of more protectionism. open.substack.com/pub/independ...

Dollar …

„The dollar in trouble. Large depreciation ahead.“ Ziemlich überzeugende Analyse der möglicherweise bevorstehenden Finanzkrise in den USA.

The forthcoming major dollar depreciation. It’s the economy (and balance sheets), stupid. open.substack.com/pub/independ...

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Central bank communication this past week’s in reaction to the commodity price shock: Great handling by the ECB - and Fed also okay (helped bh good news from Powell), while BoE messed it up. open.substack.com/pub/independ...

This is a better link to the same article. If you want to to subscribe (it’s free), please use this one: open.substack.com/pub/independ...

Monetary policy in times of trouble! Price shocks and Mon pol … Words will speak louder than action open.substack.com/pub/erikfoss...

Europe the Beautiful Can’t beat it - latest illustrations from politics, the economy and markets (and verified on my hardship assignment to the French province) open.substack.com/pub/independ...

As many of us “fundamental economists” have been predicting for a long time - without (before you claim you bought at $100) ever pretending we knew the turning point.

The US economy, Trump and Bessent: Outperformed and outplayed by Europe: open.substack.com/pub/independ...

For pure numbers: Statistics Finland, Eurostat (or ChatGPT if you are lazy) For research - good place to start: OECD Finland report 2025 Bank of Finland Nordic Investment Bank research

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The US economy, Trump and Bessent: Outperformed and outplayed by Europe: open.substack.com/pub/independ...

ICE - cheap, safe and pretty good public transportion here in Europe.

I’m now waiting for Musk to forward this story and place it at the top of my feed, as he does with most other things. (Maybe he is still struggling how to word the clarification that this is not just BYD expanding, but Tesla shrinking?)

Letter: Brexiters showed a naive understanding of how Europe works

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Thank you. You are right: It depends on what one includes in healthcare, but 2-3 times is more accurate. Thanks for pointing out.

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10 lessons from 2025 - and one central prediction for the year ahead: open.substack.com/pub/independ...

Scandinavia got this one right!

Thanks @deutschewelle.dw.com for including me in yesterday’s debate on Europe’s strengths - at a time of renewed attacks by Trump. We could all agree that Trump is wrong - and that Europe needs to act in response to this new world m.youtube.com/watch?v=yFRq...

Europe is about to step up in security matters, starting with the main to Ukraine, but Commission President has been distracted from her job leading the economic reform agenda. Three recent reports illustrate the wilderness she is in. open.substack.com/pub/independ...

Come join the debate! Looking forward to it.

And rightly so!

In today’s note: The UK’s 3 unique challenges - which the government hasn’t even begun to acknowledge. This is worse than other European countries. open.substack.com/pub/independ...

Thanks for organising such an interesting panel discussion - and such a great conference.

Thanks. For me, it’s no longer a question, but a need that has to be met if we are serious about boosting investment.

My call for explicit policies in Europe to redirect the capital export to be invested in Europe instead of abroad. open.substack.com/pub/independ...

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In today’s Sunday Wrap - from my summer house in Denmark (on this winter morning): I remind Trump - who says he is sad about what happened to Europe due to immigration, crime and taxes, that he needs not worry. open.substack.com/pub/independ...

Lately I’m one of the few who has any optimism left about Germanys potential - alongside folks like @erikfossingnielsen.bsky.social The sense of doom and gloom amongst German experts and policy-makers themselves is quite something.

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Strange. You may have to sign on to it at Substack (it’s free). Alternatively, if you email me at [email protected] I’ll send it to you.

I wasn’t “praising it so much”. All I did was to note it’s higher than the US (which is the country of comparison in this note)

I have just reposted.

In today’s note I illustrate why German per capita GDP, while lower, is better than US per capita GDP - and I argue that Germany will outperform the US in 2026-27. independenteconomics.substack.com/publish/post...

At Substack - look for me, Erik Fossing Nielsen, at Independent Economics. …. And it’s all free!

Trump and Xi eased their tensions this past week, but the root cause - their excessive national - are not being addressed. To do so would require a different type and level of cooperation which - sadly - is not what drives today’s leaders. independenteconomics.substack.com/publish/post...

If you are nice to us Europeans, we could consider helping you out …

Impressions from Berlin Global Dialogue. Lots of positives, but key impression is one of anger - feeling of betrayal - by China due to rare earths ban. independenteconomics.substack.com/publish/post...

My impressions from the IMF annual meetings open.substack.com/pub/independ...

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