AI is booming. Markets are shifting. And a $2.5 trillion shadow system now sits in the middle. What if the next financial crisis doesn’t start with banks, but with private credit, tech companies, and an AI hype cycle we don’t fully understand yet? Experts say the warning signs are already here.

Beyond the frontlines, Ukraine faces another battlefield: the courtroom. The same system that lets corporations sue governments over climate policies is now used by Russian oligarchs to file billion-euro claims through international arbitration. 🎧 Listen on our website or app (free for 5 days).

NATO: transatlantic alliance or an American instrument? In our recent podcast episode, 'Our Toxic Obsession with the US', journalist @davekeating.substack.com discussed the structural power imbalance at the heart of NATO as it stands today.

The EU prides itself on protecting workers’ rights. Yet in the Netherlands, reality looked different: for over 14 years, employers likely saved billions by underpaying temporary workers, many from abroad and unaware of their rights. Now it could head to court.

🎣🇪🇺 Despite having some of the world’s strictest fishing rules, the EU is letting violations slip through the net. Internal documents show the Commission has repeatedly dropped cases against member states. 🔗 Full story: www.ftm.eu/articles/the...

In this week’s Bureau Brussels newsletter, we unpack a troubled Czech defence giant facing allegations of deceiving investors, pressure on the Commission over hidden EU funds, a well-timed smear campaign linked to Orbán’s circle ahead of the elections, and more.

This week in Europe Uncovered: Irish metals fuelling Russia’s war machine, Chinese LinkedIn spies targeting EU and NATO officials, the Commission letting illegal fishing slip through the net, and Hungary charging a journalist who exposed a covert operation, and more.

The EU talks tough on illegal fishing, but in practice the Commission lets violations slip through the net. Internal documents obtained by Follow the Money show it has dropped cases against member states failing to enforce the law, letting illegally caught fish reach European plates.

Alcohol’s risks are well established, but how they’re communicated is another story. For decades, the industry has shaped narratives around drinking, using tactics linked to Big Tobacco, from funding research to lobbying on policy. We unpack their playbook and why it matters for public health.

Fraud has gone corporate. In this week’s Crime & Corruption newsletter, we unpack a new report on how global crime networks expand – alongside Sarkozy’s appeal and other high-profile probes across Europe. Read the latest edition here (free on our app for 5 days) 👇📱

Italian MEP Fulvio Martusciello defended himself before the European Parliament’s Committee on Legal Affairs yesterday, denying allegations of bribes from a Huawei lobbyist and claiming that the thousands of euros paid into his bank account were reimbursements for money he had lent to a friend.

Over 30 years in international justice, from apartheid investigations to genocide trials, have taught veteran judge and former UN prosecutor Richard Goldstone one thing: the real problem still goes unchecked, corruption at the top. Now, he is pushing for a global court to hold it to account.

“The problem is just like junk food, American culture is best consumed in moderation. FTM podcast host Emma du Chatinier spoke with author Dave Keating about Europe’s cultural dependence on the US, why it matters, and what alternatives could look like. 🎧 Full episode: www.ftm.eu/articles/pod...

𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗕𝘂𝗿𝗲𝗮𝘂 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀: the EPP finally unveils its solution to soaring energy prices, platform workers’ invisible labour drives very visible profits, and a new EU competitiveness push raises fresh rule of law concerns.

The carbon credit market is everywhere these days – from flight offsets to corporate climate claims. But does it actually work? FTM reporters Ties Gijzel and Mira Sys spent years investigating the industry. Their conclusion: carbon credits often do little and can at times cause more harm than good.

If you save, invest, or pay into a pension in Europe, there’s a chance your money is tied to Palantir. In this video, Eve explains why this is a problem. Want to know more? You can read the full story here 👉 www.ftm.eu/articles/eur...

This week in Europe Uncovered: Nigel Farage’s Cameo videos raise questions over extremist links, an online network triggers waves of fake bomb threats across Europe, and European financial institutions continue investing billions in Palantir despite human rights concerns – and more.

If you save, invest, or pay into a pension in Europe, your money may be funding Palantir. The controversial US tech giant provides software for ICE migrant crackdowns and collaborates with the Israeli military. Despite this, major European financial firms have sharply increased their investments.

From binge watching your favourite series to the music you consume, our lives are shaped by US culture. But what seems harmless may carry risks for Europe’s economic and military future, argues journalist Dave Keating in a special episode of the Follow the Money podcast.

Europe behaves as if it is owned by the United States, says journalist @davekeating.substack.com. Despite heavy military, economic, and cultural dependence, he argues that Europe could stand on its own within five years. He also warns Washington might not defend the continent if Russia attacked.

𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗕𝘂𝗿𝗲𝗮𝘂 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀: EU judges weigh a clash between auditors and prosecutors over a corruption probe Also inside: - Why EU red tape may start in national capitals - Brussels’ push to simplify tax rules and the concerns it raises

This week in Europe Uncovered: a pro-Russian network used Epstein smears to target European leaders, while an opaque EU group has quietly ramped up deportations. Plus, a cargo ship carrying tonnes of ammunition for the IDF passed through Spanish waters – and more.

A Dutch shell company tied to an Israeli mining tycoon has been fined €25.8 million for bribery tied to mining deals in Congo. Experts say the fine is small compared with vast sums of money under wider scrutiny.

The economist who warned of the financial crisis before 2008 is sounding the alarm again. This time it’s not about banks, but a handful of large food traders dominating the global food chain engaging in risky behaviour. She explains what’s at stake in an interview with FTM.

#Huaweigate turns one this week. A year after the scandal that rocked Brussels, this special edition of our Crime & Corruption newsletter examines where the investigation stands today, the key developments in the case, and what could come next.

𝗣𝗼𝗱𝗰𝗮𝘀𝘁 | 𝗛𝗼𝘄 𝗻𝗼𝘁 𝘁𝗼 𝘀𝗮𝘃𝗲 𝘁𝗵𝗲 𝗽𝗹𝗮𝗻𝗲𝘁 Marketed as a simple climate fix, carbon credits promise companies they can offset CO₂ through projects like forest protection. But many offsets fail to cut emissions. In our new podcast, FTM reporters Mira Sys and @tiesgijzel.bsky.social explain why.

Europe’s biggest IPO in years (after Porsche in 2022) was a financial success as investors rushed into defence stocks. But the listing is now shadowed by corruption allegations after a Spanish subsidiary was suspended by NATO’s procurement agency.

🇪🇺 𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗕𝘂𝗿𝗲𝗮𝘂 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀: - MEP sues Commission over ‘useless’ answers - Russian crypto threat to Ukrainian elections - New EU funding could spark sector rivalry Read the latest newsletter on our website or our app (free for 5 days)👇

𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 𝗨𝗻𝗰𝗼𝘃𝗲𝗿𝗲𝗱: car industry lobbying behind the EU combustion ban fight, European football clubs still doing deals with Russia during wartime, Iranian surveillance of protesters, a convicted accomplice in a Chechen political murder resurfacing in Europe, and more.

War or not, Russia remains active on Europe’s football transfer market. Since the invasion of Ukraine, €277.2m in transfers have taken place between Russian and European clubs despite sanctions. The deals bring cash to Russian state-linked clubs and propaganda value for the regime.

𝗣𝗼𝗱𝗰𝗮𝘀𝘁 | 𝗪𝗵𝗼’𝘀 𝘁𝗵𝗲 𝗺𝗮𝗻 𝗮𝗶𝗺𝗶𝗻𝗴 𝘁𝗼 𝗼𝘂𝘀𝘁 𝗢𝗿𝗯𝗮́𝗻? After 16 years in power, Viktor Orbán may finally face a real threat. Out of nowhere, Péter Magyar has emerged as the face of Hungary’s opposition. Journalist Patrik Galavits traces his rapid rise and what it could mean for Hungary and Europe.

From visa bans on NGO leaders to document demands targeting former EU officials, Trump allies are escalating pressure on Europe’s Big Tech crackdown – moves experts warn could weaken enforcement of EU tech laws. 🔗 Read the full story here: www.ftm.eu/articles/tru...

For years, food prices have been anything but stable. Wars and trade disruptions, from Ukraine to tensions involving Iran, are straining global supply chains. Just five companies dominate much of the global food trade and continue posting record profits as countries stockpile and consumers pay more.

Why does corruption reporting matter in Europe today? In our latest podcast, FTM journalist @simonvandorpe.bsky.social discusses why scrutiny remains essential for healthy democracies, through the lens of the Didier Reynders money-laundering case. 🎧 Listen back here: www.ftm.eu/articles/pod...

🇪🇺📬 𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗕𝘂𝗿𝗲𝗮𝘂 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀: - €5bn in EU Recovery and Resilience Facility (RRF) funds suspected lost - U.S. visa bans spark backlash in the European Parliament - New EU democracy initiative faces warnings over overlooked threats 🔗 Read the full newsletter here: www.ftm.eu/newsletters/...

More than €5 billion in EU Covid recovery funds may have been lost to fraud. According to the European Public Prosecutor’s Office’s latest report, prosecutors are investigating 500+ suspected misuse cases. The number of suspects is still rising.

𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 𝗨𝗻𝗰𝗼𝘃𝗲𝗿𝗲𝗱: social media influencers promoting illegal gambling sites, secret oil fracking talks between a U.K. mayor and a senior oil executive, religious ultranationalism and rising concerns over rhetoric around Gaza, and more.

Big corporations. Big influence. An EU law meant to hold corporations accountable for human rights and environmental abuses in their supply chains (CS3D) has been heavily stripped back after pressure from a secret U.S. lobbying group of 11 multinationals, including ExxonMobil and Honeywell.

Remember Dieselgate? Carmakers manipulated emissions systems and faced huge fines. BMW, Volkswagen and Daimler also ran a cartel, secretly agreeing not to compete on cleaner diesel tech. The EU fined them €875m for conduct from 2009, but new emails suggest coordination may have began in 2006.

⚖️ In this week’s Crime & Corruption newsletter: - The European Parliament quietly rethinks its internal spending rules - Heated fallout from the latest Qatargate ruling - Raids over a €900m Brussels property deal, plus fresh charges in the Didier Reynders probe

𝗣𝗼𝗱𝗰𝗮𝘀𝘁 | 𝗧𝗵𝗲 𝗹𝗼𝘁𝘁𝗲𝗿𝘆 𝘀𝗰𝗮𝗻𝗱𝗮𝗹 𝘁𝗵𝗮𝘁 𝘀𝗵𝗼𝗼𝗸 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀 He defended the rule of law as EU Justice Commissioner. Days after leaving office, Didier Reynders’ home was raided in a money-laundering probe. What happened? Journalist @simonvandorpe.bsky.social unpacks the story. ⚖️

Can MAGA stop Europe’s Big Tech crackdown? Trump allies are ramping up pressure on the EU’s tech laws. The U.S. imposed visa bans on NGO leaders and a former EU commissioner. Congress wants NGOs to hand over documents. If watchdogs are silenced, Europe’s ability to hold Big Tech accountable weakens.

This is Reuters footage of Tony Blair arriving at this year's Munich Security Conference.

𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗕𝘂𝗿𝗲𝗮𝘂 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀: the EU attends Trump’s Gaza initiative after our reporting on the Tony Blair Institute’s lobbying, four years after Russia’s full scale invasion of Ukraine, the conflict endures – as does our scrutiny – and a Dutch government-backed report challenges EU migration plans.

This week in Europe Uncovered: Tony Blair’s quiet lobbying around Trump’s “Board of Peace”, a shady Iranian-linked Spar deal in Vienna, new data on how Europe’s housing crisis is driving out caregivers, questions over a Swiss bank’s ties to Ghislaine Maxwell, and more.

We're expanding our newsroom. Follow the Money is hiring for two key roles: 🔎 A 𝗚𝗿𝗼𝘄𝘁𝗵 & 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽𝘀 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 to help expand our reach: www.ftm.eu/ftm-is-hirin... 📊 A 𝗗𝗮𝘁𝗮 𝗝𝗼𝘂𝗿𝗻𝗮𝗹𝗶𝘀𝘁 to turn complex data into investigations: www.ftm.eu/ftm-is-hirin... ⌛ Apply by this Sunday, 22 February.

Is Orbán’s era finally coming to an end in Hungary? His challenger, Péter Magyar, promises closer ties with the EU. But our investigation into his political past, voting record, and positions in Brussels raises questions about whether real change is coming.

After years reporting on Europe’s dependence on Big Tech, we’re making a vital shift: phasing out U.S. tech and moving to European alternatives. With rising geopolitical tensions and risks tied to foreign cloud infrastructure, this is about protecting our journalism, security, and independence.

𝗡𝗲𝘄 𝗽𝗼𝗱𝗰𝗮𝘀𝘁 𝗿𝗲𝗹𝗲𝗮𝘀𝗲 | 𝗧𝗵𝗲 𝗘𝗨'𝘀 𝗹𝗼𝘀𝘁 𝗯𝗮𝘁𝘁𝗹𝗲 𝗼𝘃𝗲𝗿 𝗺𝗲𝗱𝗶𝗮 𝗽𝗼𝘄𝗲𝗿 What happened to the reform that could have safeguarded Europe’s media pluralism today? This episode uncovers the secret letters and lobbying that derailed it – and how that decision still shapes Europe’s media landscape today.

Two years into the war, Ukraine still faces relentless Russian drone attacks. Inside them, investigators are finding something unexpected: European-made microchips. Despite sanctions, trading networks in Hong Kong have funnelled millions in EU components into Russia’s war machine.