Inside the Eurozone’s periphery comeback

As global trade fractures and geopolitical tensions mount, the EU’s Single Market is emerging as a vital strategic asset—but much of its potential remains untapped. In this Future is Blue episode, Carlos Carnicero Urabayen speaks with Lionel Fontagné (Paris School of Economics) and Miguel Ángel González Simón (Funcas) about the Single Market’s resilience, the gains it has already delivered, and the urgent need to deepen integration. With cross-border trade boosting EU members’ GDP by up to 9%, and “low-hanging fruit” that could double current gains, Europe has no time to lose in strengthening its economic core.

Germany and Spain are both grappling with rising housing costs, supply shortages, and the limits of rent control—but their policy paths diverge in key ways. In this episode of Future is Blue, Carlos Carnicero Urabayen speaks with Konstantin A. Kholodilin (DIW) and Miguel Ángel González Simón (Funcas) to explore how each country is responding to growing affordability pressures, what’s holding back new construction, and what strategic lessons Europe can draw from their experiences.

In this episode of Future is Blue, Carlos Carnicero Urabayen speaks with Ignacio García Bercero, former EU chief trade negotiator, and Miguel Ángel González Simón, economist at Funcas, to unpack the resurgence of transatlantic trade tensions. As the U.S. reintroduces sweeping tariffs, the guests explore what’s behind Washington’s unpredictable trade stance, how the EU should respond—through both retaliation and global alliance-building—and the broader economic impact on growth, inflation, and investment in Europe. The conversation also highlights key strategic priorities for the EU beyond the U.S., including Mercosur, the Indo-Pacific, and WTO reform.

In this episode of Future is Blue, Carlos Carnicero Urabayen speaks with Alice Faibishenko, Senior Advisor at Funcas, to explore how the eurozone’s periphery—Spain, Portugal, Greece, Ireland, and Italy—has evolved since the sovereign debt crisis. They discuss the different causes of the crisis across these countries, the key reforms that followed, and how structural improvements in labour markets and fiscal policy are now driving stronger growth compared to core eurozone economies. The conversation also covers investor confidence, competitiveness challenges, and the critical question of whether this convergence trend is sustainable or just temporary.You can subscribe here to the Future is Blue newsletter.

In this episode of Future is Blue, host Carlos Carnicero Urabayen is joined by Brad Setser (Council on Foreign Relations) and Miguel Ángel González Simón (Funcas) to unpack the global implications of President Trump’s newly announced 10% universal tariff on all imports — and an additional 20% duty on EU goods. The discussion explores the political motivations behind the move, the flawed logic of "reciprocal" tariffs, and the potential economic fallout for Europe, China, and the US. The episode also dives into Europe’s strategic options, from targeted retaliation to strengthening the single market and forging new alliances.Subscribe to our newsletter for free in this link.

In this Future is Blue episode, Sander Tordoir from the Centre for European Reform discusses his article Heavy Industry is Europe’s Trump Card. We explore how Europe’s manufacturing strength can drive defence rearmament, the potential of the EU’s REARM initiative, and the challenges of financing and coordination. Sander also highlights the UK’s role post-Brexit and stresses that now is a defining moment for Europe to leverage its industrial and financial power for security and resilience. 

The latest Future is Blue podcast explores Germany’s historic fiscal shift following the recent elections. Christian Odendahl (The Economist) and Raymond Torres (Funcas Europe) analyze the CDU-SPD coalition’s €500 billion investment package, which marks a break from two decades of fiscal conservatism. They discuss its implications for Germany’s economic recovery, European defense policy, and EU fiscal rules. With Berlin poised to play a more decisive role in Europe, the conversation delves into the challenges of implementing this bold policy shift and how it may reshape Germany’s leadership within the EU. Listen to the full episode here.

In this episode of Future is Blue, Carlos Carnicero Urabayen speaks with Antonin Bergeaud, Associate Professor at HEC Paris, about Europe’s struggle to stay competitive in a world increasingly dominated by the U.S. and China. They discuss the Draghi report’s key recommendations, Europe’s lag in innovation, the impact of regulatory fragmentation, and what the EU must do to regain its economic edge. With Trump back in the White House and global trade dynamics shifting, is Europe’s response bold enough—or is it falling behind?

In this episode of Future is Blue, Carlos Urabayen dives into the implications of the U.S.'s evolving trade policies under a renewed Trump administration. Joined by Arancha González Laya, Dean of Sciences Po and former Spanish Foreign Minister, and Raymond Torres, Europe Director at Funcas, the discussion explores how the EU can navigate its shifting relationship with the U.S., balance cooperation and rivalry, and strengthen resilience through strategic alliances, energy independence, and capital market reforms. With insights on multilateralism, defense, and global partnerships, this episode offers a roadmap for Europe in a time of economic and geopolitical turbulence.

In this podcast episode we take a deep dive into the key economic lessons Europe has learned in 2024. From the structural challenges facing the eurozone, such as sluggish growth and energy market shifts, to Spain’s surprising economic resilience and the implications of Donald Trump’s return to the White House, we explore how Europe is navigating an increasingly complex global landscape. Joined by Raymond Torres, Funcas Europe Director, we also look ahead to 2025, discussing the opportunities and challenges that lie ahead for Europe’s economy.