Economy
The economy is an essential attribute of power and a major component of international relations. While geopolitical tensions are on the rise, economic interdependence remains strong.
Related Subjects
The Global Economy: Caught in the Storm / Politique étrangère, Vol. 91, No. 1, 2026
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?
Japan’s Takaichi Landslide: A New Face of Power
Prime Minister Sanae Takaichi has turned her exceptional popularity into a historic political victory. The snap elections of February 8 delivered an overwhelming majority for the Liberal Democratic Party (LDP), driven by strong support from young voters, drawn to her iconoclastic and dynamic image, and from conservative voters reassured by her vision of national assertiveness. This popularity lays the foundation for an ambitious strategy on both the domestic and international fronts.
Deathonomics: The Social, Political, and Economic Costs of War in Russia
The report attempts to outline and examine a truly new phenomenon in Russian society, dubbed “deathonomics”—the making of a mercenary army against the backdrop of the Kremlin’s war in Ukraine, eventually replacing both the Soviet (conscript) and early new Russian (contract) armies. It notes that, by the end of 2023, this trend had turned the military service into one of the highest-paying professions in the country, something not seen in Russia on such a scale since the late 17th century.
New Cold War? What New Cold War? Confronting the Geoeconomic Fragmentation Narrative with the Data
It has become widely accepted that the world economy should be seen as increasingly shaped by forces of fragmentation, resulting from geopolitical tensions. This article takes another look at this narrative, using international trade data. While an aggregate analysis is consistent with a new Cold War narrative, whereby international trade is increasingly seen as split into two blocs, this is only a mix of very different outcomes. Far from being a widespread trend, geoeconomic fragmentation of trade flows is only significant in “hotspots”: Russia's foreign trade and China-US bilateral exchanges, and the impact is massive in these cases. Outside these “hotspots”, there is no tangible sign that geopolitical tensions have been shaping international trade patterns in terms of blocs, nor is there any hint of a trend toward nearshoring – to the contrary, in fact.
Gulf Sovereign Wealth Funds: Major Actors in World Finance
The sovereign wealth funds of Gulf countries have become key players in world finance. By investing colossal sums in strategic sectors, they contribute both to local development and the growing influence of the Gulf monarchies in the global economy and international politics. In the near future, they will have to grapple with two challenges: that of human capital, and that of their geopolitical position between the Global North and Global South.
How to Jumpstart Economic Recovery in Syria? The role of syrian entrepreneurs in Turkey
This report examines the potential role of Syrian-partnered companies operating in Türkiye in supporting economic recovery and reconstruction efforts in Syria. Based on data collected through field research and surveys conducted by the Economic Policy Research Foundation of Türkiye (TEPAV), the report provides an overview of the business characteristics, sectoral distribution, and cross-border economic activities of Syrian entrepreneurs. The report explores how this business activity could contribute to restoring supply chains, stimulating local production, and generating employment.
Central Securities Depositories and Geopolitical Risks: Challenges for European Policy
Central Securities Depositories (CSDs) form the backbone of financial market infrastructure by registering securities, settling trades, distributing cash flows, and managing collateral. While often regarded as mere financial “plumbing,” they in fact underpin strategic objectives such as advancing the Savings and Investment Union, curbing tax evasion, and reinforcing Europe’s geopolitical stance.
Claiming "The People": Youth Booms, Ailing Authoritarians and "Populist" Politics in Kenya, Uganda, and Tanzania
This study analyses the emergence of so-called “populist” political tendencies in three East African countries: Kenya, Uganda and Tanzania. It builds its analysis on a wider discussion of the term “populism”, its use and applicability in (eastern) African settings before going on to examine the drivers of three cases of populism: William Ruto’s 2022 election victory in Kenya and the “Hustler Nation”; Bobi Wine’s opposition to Yoweri Museveni in Uganda; and John Magufuli highly personal style of government in Tanzania.
Kazakhstan After the Double Shock of 2022: Political, Economic and Military Consequences
The year 2022 represented a dual shock for Kazakhstan. In January, the country faced its most severe political crisis since independence, followed in February by Russia’s full-scale invasion of Ukraine, which cast uncertainty over the borders of post-Soviet states. These consecutive crises profoundly shaped Kazakhstan’s domestic and foreign policy.
Brazil One Year Away from the October 2026 General Elections
Brazil’s general elections will be held on October 4, 2026, to elect the president, vice-president, members of the National Congress, governors, deputy governors and state legislative assemblies. For the presidential and gubernatorial elections, a second round will be held on October 25 if no candidate obtains a majority of the votes in the first round.
The Global Economy: Caught in the Storm / Politique étrangère, Vol. 91, No. 1, 2026
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?
Japan’s Takaichi Landslide: A New Face of Power
Prime Minister Sanae Takaichi has turned her exceptional popularity into a historic political victory. The snap elections of February 8 delivered an overwhelming majority for the Liberal Democratic Party (LDP), driven by strong support from young voters, drawn to her iconoclastic and dynamic image, and from conservative voters reassured by her vision of national assertiveness. This popularity lays the foundation for an ambitious strategy on both the domestic and international fronts.
Deathonomics: The Social, Political, and Economic Costs of War in Russia
The report attempts to outline and examine a truly new phenomenon in Russian society, dubbed “deathonomics”—the making of a mercenary army against the backdrop of the Kremlin’s war in Ukraine, eventually replacing both the Soviet (conscript) and early new Russian (contract) armies. It notes that, by the end of 2023, this trend had turned the military service into one of the highest-paying professions in the country, something not seen in Russia on such a scale since the late 17th century.
New Cold War? What New Cold War? Confronting the Geoeconomic Fragmentation Narrative with the Data
It has become widely accepted that the world economy should be seen as increasingly shaped by forces of fragmentation, resulting from geopolitical tensions. This article takes another look at this narrative, using international trade data. While an aggregate analysis is consistent with a new Cold War narrative, whereby international trade is increasingly seen as split into two blocs, this is only a mix of very different outcomes. Far from being a widespread trend, geoeconomic fragmentation of trade flows is only significant in “hotspots”: Russia's foreign trade and China-US bilateral exchanges, and the impact is massive in these cases. Outside these “hotspots”, there is no tangible sign that geopolitical tensions have been shaping international trade patterns in terms of blocs, nor is there any hint of a trend toward nearshoring – to the contrary, in fact.
Gulf Sovereign Wealth Funds: Major Actors in World Finance
The sovereign wealth funds of Gulf countries have become key players in world finance. By investing colossal sums in strategic sectors, they contribute both to local development and the growing influence of the Gulf monarchies in the global economy and international politics. In the near future, they will have to grapple with two challenges: that of human capital, and that of their geopolitical position between the Global North and Global South.
How to Jumpstart Economic Recovery in Syria? The role of syrian entrepreneurs in Turkey
This report examines the potential role of Syrian-partnered companies operating in Türkiye in supporting economic recovery and reconstruction efforts in Syria. Based on data collected through field research and surveys conducted by the Economic Policy Research Foundation of Türkiye (TEPAV), the report provides an overview of the business characteristics, sectoral distribution, and cross-border economic activities of Syrian entrepreneurs. The report explores how this business activity could contribute to restoring supply chains, stimulating local production, and generating employment.
Central Securities Depositories and Geopolitical Risks: Challenges for European Policy
Central Securities Depositories (CSDs) form the backbone of financial market infrastructure by registering securities, settling trades, distributing cash flows, and managing collateral. While often regarded as mere financial “plumbing,” they in fact underpin strategic objectives such as advancing the Savings and Investment Union, curbing tax evasion, and reinforcing Europe’s geopolitical stance.
Claiming "The People": Youth Booms, Ailing Authoritarians and "Populist" Politics in Kenya, Uganda, and Tanzania
This study analyses the emergence of so-called “populist” political tendencies in three East African countries: Kenya, Uganda and Tanzania. It builds its analysis on a wider discussion of the term “populism”, its use and applicability in (eastern) African settings before going on to examine the drivers of three cases of populism: William Ruto’s 2022 election victory in Kenya and the “Hustler Nation”; Bobi Wine’s opposition to Yoweri Museveni in Uganda; and John Magufuli highly personal style of government in Tanzania.
Kazakhstan After the Double Shock of 2022: Political, Economic and Military Consequences
The year 2022 represented a dual shock for Kazakhstan. In January, the country faced its most severe political crisis since independence, followed in February by Russia’s full-scale invasion of Ukraine, which cast uncertainty over the borders of post-Soviet states. These consecutive crises profoundly shaped Kazakhstan’s domestic and foreign policy.
Brazil One Year Away from the October 2026 General Elections
Brazil’s general elections will be held on October 4, 2026, to elect the president, vice-president, members of the National Congress, governors, deputy governors and state legislative assemblies. For the presidential and gubernatorial elections, a second round will be held on October 25 if no candidate obtains a majority of the votes in the first round.
Replay - Conference with Chris Wright, Secretary, U.S. Department of Energy
Welcomed at the French Institute of International Relations (Ifri), Chris Wright outlined his vision of American energy policy built around two core axes: the human reality of energy access, and a data-driven approach. For the Secretary, energy is the foundation of prosperity, health, and longer life expectancy on a global scale. His doctrine rests on an ambition of American "energy dominance" — not merely independence, but the capacity to produce at scale in order to lower domestic costs, reindustrialize the country, and support U.S. allies.
U.S. tariffs take center stage but China and the EU are quietly clashing
The U.S. tariff saga has stolen global spotlight from trade tensions between China and the European Union, which are now heating up.
“Although mining is a long-term business, very few companies do prospective studies”
As global demand for critical minerals accelerates, Central Africa finds itself once again at the heart of an extractive race—this time driven by the energy transition. Thierry Vircoulon, Associate Research Fellow at Ifri's Sub-Saharan Africa Center, and Coordinator of its Observatory of Central and Southern Africa, shares a sharp and sobering perspective. Speaking ahead of the ESSEC Institute for Geopolitics & Business webinar “Securing Critical Minerals” (2 July), he explores the paradoxes of resource governance, the rise of China, and why “clean energy” still runs on dirty politics. A must-read for those navigating the fault lines of global supply chains.
Thomas Gomart, director of the French Institute of International Relations: 'Trump reasserts the US' strategic centrality'
By bombing Iran alongside Israel, Donald Trump has performed a show of force aimed at China and Russia, explains the director of the French Institute of International Relations in an interview.
quoted by Leila Abboud in the Financial Times
Emmanuel Macron touts France as ‘reliable’ partner for south-east Asia
French President Emmanuel Macron has begun a six-day visit to Vietnam, Indonesia and Singapore in which he will tout France and Europe as trade and security partners of choice for a region buffeted by tensions between China and the US.
How Will the Trump Presidency Change EU-China Relations?
Over the past few years, European countries have started to line up with the United States on China policy. But now, as Donald Trump destroys the trust European countries had in America, China is stepping up, promising stability and consistency.
China-EU ties reach half century: 4 things to know
Will Trump 2.0 push the two combative sides to find common ground?
Trump-battered Europe eyes China with launch of diplomatic flurry to Beijing
EU officials and European national representatives are on overlapping visits but each will be asking for something slightly different
Will Europe Distance Itself From Taiwan?
To counter U.S. President Donald Trump’s hostility toward Europe, one idea being considered in Brussels is to lean into China’s latest charm offensive.
Replay - Conference with Chris Wright, Secretary, U.S. Department of Energy
Welcomed at the French Institute of International Relations (Ifri), Chris Wright outlined his vision of American energy policy built around two core axes: the human reality of energy access, and a data-driven approach. For the Secretary, energy is the foundation of prosperity, health, and longer life expectancy on a global scale. His doctrine rests on an ambition of American "energy dominance" — not merely independence, but the capacity to produce at scale in order to lower domestic costs, reindustrialize the country, and support U.S. allies.
Whatever it takes? EU in race to shore up sovereignty
Can Europe man the ramparts on its own? As the US war secretary snubbed a NATO defence ministers' meeting in Brussels, EU leaders converged on the 16th-century Alden Biesen castle in Belgium's Limburg province to answer former Italian prime minister Mario Draghi's call for a "big bazooka" approach to reform and competitiveness.
AI showcase pays off for France, but US tech scepticism endures
France is staking its claim as an AI powerhouse. At the AI Action Summit in Paris this week, global leaders, tech innovators, and policymakers converged to chart the future of artificial intelligence - backed by major investments and bold ambitions for Europe’s leadership in the field. RFI breaks down the key takeaways.
How do maritime companies cooperate with the navies? An interview with Christine Cabau (CMA-CGM)
On the sidelines of the Paris Naval Conference 2025, on February 4, 2025, organized by Ifri and the French Navy (Marine nationale), Christine Cabau, Executive Vice-President in Charge of Assets and Operations, CMA-CGM, shares insights on how maritime companies collaborate with the navies to secure maritime economy.
How do maritime companies cooperate with the navies? An interview with Simon Bergulf, MÆRSK
On the sidelines of the Paris Naval Conference 2025, on February 4, 2025, organized by Ifri and the French Navy (Marine nationale), Simon BERGULF, Group Representative Europe Public and Regulatory Affairs, Head of Energy transition and Operations, Maersk, shares insights on how maritime companies collaborate with the navies to secure maritime economy.
How do maritime companies cooperate with the navies? An interview with Evan FUERY, EQUINOR
On the sidelines of the Paris Naval Conference 2025, on February 4, 2025, organized by Ifri and the French Navy (Marine nationale), Evan FUERY, Senior Vice-President for Corporate Security and Crisis Management, EQUINOR, shares insights on how maritime companies collaborate with the navies to secure maritime economy.
De-globalization or Re-globalization? (World Policy Conference 2024 - Plenary Session)
Saturday, December 14, 2024 - 17th edition of the World Policy Conference in Abu Dhabi, United Arab Emirates. Plenary session 3: De-globalization or Re-globalization?
Replay - The European Union in Competition with the United States and China. How to Balance Free Trade, Competitiveness and Economic Security?
Video replay from Ifri's conference, on December 3, 2024. As the geopolitical context has changed, so has the approach to international economic relations and the rules-based multilateral framework. Covid and Russia’s war against Ukraine have exposed the risks of extended supply chains and of having become dependent on a single supplier.
2024 Election: What's Next for U.S. International Economic Policy?
An interview with Emily Blanchard, Tuck School of Business at Dartmouth College and CEPR.
How does she see the prospects for U.S. international economic policy, depending on who wins the election in November 2024?
Global Financial Shifts: The Impact of Dollar Sanctions and Frozen Russian Assets
An interview with Brad Setser, Whitney Shepardson Senior Fellow (Council on Foreign Relations) led at Ifri on September 24, 2024.
Dollar-based financial sanctions have been increasing, particularly since the beginning of the century. Is this phenomenon likely to significantly alter the international role of the dollar?
There is a lot of controversy about the in which way frozen assets from Russia’s central bank should be treated, regarding both the assets themselves and the associated revenues. What consequences do you foresee for the international financial system?
Japan's upgraded economic security strategy
An interview with Kazuto SUZUKI, Professor, Graduate School of Public Policy, University of Tokyo.
The CPTPP and UK’s accession: What global implications?
The UK is the first State which formally applied to join the CPTPP. Its bid was accepted in early June 2021.
What are the impact of the COVID-19 crisis on Japan's economic security?
In this interview, Shin Oya, Senior Consulting Fellow, Asia Pacific Initiative and Chief Representative for Strategic Research, JBIC looks at COVID-19's impact on economic security in Japan.
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Ifri, a foundation recognized as being of public utility, relies largely on private donors – companies and individuals – to guarantee its sustainability and intellectual independence. Through their funding, donors help maintain the Institute's position among the world's leading think tanks. By benefiting from an internationally recognized network and expertise, donors refine their understanding of geopolitical risk and its consequences on global politics and the economy. In 2025, Ifri supports more than 80 French and foreign companies and organizations.
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quoted by Leila Abboud in the Financial Times
Related centers and programs
Geoeconomics and Geofinance Initiative
To analyze the impact of power rivalries and tensions on globalization, this initiative combines economic and political expertise. In the face of growing geopolitical risk, the goal is to decipher the dynamics of reconfiguration: protectionist pressures, sanctions, restrictions, industrial policies, and economic security concerns are redefining the rules of international trade. These tensions are also transforming international financial relations by undermining the foundations of trust and reshaping the global monetary system. They raise questions about the role of several key players: sovereign wealth funds, central banks, digital platforms, multilateral institutions, and financial infrastructure operators. In a context of profound disruption, simply refining existing approaches is no longer sufficient. The initiative is designed as a flexible model, drawing on diverse expertise to offer both broad overviews and targeted analyses. It also provides a platform for stakeholders and experts from various backgrounds to debate these issues freely.