The global economic paradigm has shifted from globalisation to competition between transformative state projects. This briefing paper examines the risks and opportunities in EU-US relations, across the short-term threat of an AI Minsky moment in the US, the structural challenges of building state capacity for transformative industrial policy, and global Euro ambitions that require the European Central Bank to strengthen its local market maker and global lender of last resort frameworks, and European institutions to tighten the governance of Eurodollar stable coins while protecting monetary sovereignty through a digital euro. Source : © European Union, 2025 - EP Read more