The global economy has become the primary arena for the clash of power ambitions in a world where understanding, coordination, and concerted multilateralism seem to have been permanently marginalized. In this fragmented landscape, how will American and Chinese strategies interact? Will the European Union manage to break out of its decades-old framework in order to face new competition? And will it be able, like others, to integrate the announced shift from a production economy to a digital, information economy? And what role will financial institutions, and central banks in particular, play in this transitioning international economy?

On Monday, French President Emmanuel Macron delivered a speech on France’s nuclear deterrence at the Île Longue naval base near Brest in Brittany, which hosts the country’s nuclear-armed ballistic missile submarines. Such addresses are a well-established presidential ritual, typically delivered once per presidential term and receiving moderate attention. This one, however, was highly anticipated in France and abroad, given the profound geopolitical shifts since Macron’s first nuclear speech in February 2020.

Abolished in 2011, conscription returned to Germany in 2025, albeit in a new, voluntary form. The decision in 2011 was broadly supported. Public opinion, like the political sphere, is more divided now. The reintroduction of voluntary service for men reflects the demands of the geopolitical landscape and the Bundeswehr’s need for troops. It remains to be seen whether the model chosen will fulfill the requirements of defense chiefs.

Central banks have become major strategic players in international economic balances. Faced with systemic crises (2008, Covid-19), the major central banks have developed unprecedented coordination of their interventions, fostering the emergence of the “Jackson Hole consensus.”

The state election in Baden-Wuerttemberg in March 2026 will be the first major test of public opinion for Chancellor Friedrich Merz's federal government. At the same time, Baden-Wuerttemberg is one of the federal states that—as an important location for the German automotive industry and its suppliers—is particularly affected by the transformation policy driven by climate change and the international conflict constellation.

Critical Raw Material (CRM) value chains are more vulnerable than ever and entire vital industries in Europe are now at risk if supplies are not secured through strategic and urgent actions, given mounting geopolitical confrontation, resource nationalism, growing demand and limited supply increase.

The partnership between the European Union (EU) and India has long been limited to economic exchanges. Its political dimension has gradually developed, culminating in its elevation to the status of a “strategic partnership” in 2004. However, the failure of negotiations for a free-trade agreement in 2013 slowed this momentum. Since the early 2020s, in an uncertain geopolitical context, bilateral rapprochement has gained new momentum.

The Zeitenwende (historic turning point) announced by Olaf Scholz on February 27, 2022, is shifting into high gear. Financially supported by the March 2025 reform of Germany’s “debt break” and backed by a broad political and societal consensus to strengthen and modernize the Bundeswehr, Germany's military capabilities are set to rapidly increase over the coming years. Expected to assume a central role in the defense of the European continent in the context of changing transatlantic relations, Berlin’s military-political position on the continent is being radically transformed.