In this episode of Future is Blue , Carlos Carnicero Urabayen is joined by Eulalia Rubio (Jacques Delors Institute) and Miguel Ángel González (Funcas) to unpack the European Commission’s proposal for the next Multiannual Financial Framework. The conversation explores whether the EU budget is undergoing a structural shift—from a traditional redistribution tool to a more strategic instrument focused on competitiveness, flexibility and crisis response. Drawing on lessons from Next Generation EU and...
May 28, 2026•31 min•Ep. 94
In this episode of Future is Blue , Carlos Carnicero Urabayen speaks with Erik F. Nielsen, Senior Adviser at Independent Economics and former Global Chief Economist at UniCredit, and Raymond Torres, Funcas Europe Director, about the war in Iran and its implications for Europe. The discussion examines the likely impact on growth, inflation and energy prices, the policy choices facing European governments and the ECB, and the broader strategic challenge of responding to a world of more frequent ge...
Apr 22, 2026•29 min•Ep. 93
Europe’s innovation strengths are clear, but so are its structural weaknesses. In this episode, Alessandra Colecchia from the OECD and Raymond Torres from Funcas discuss fragmentation, scale, security and what Europe must do to turn research excellence into economic impact.
Mar 24, 2026•25 min•Ep. 92
In this episode of Future is Blue , Carlos Carnicero Urabayen speaks with Lourdes S. Casanova (Cornell University) and Raymond Torres (Funcas) about how Europe should navigate its increasingly complex relationship with China. The discussion explores whether China’s economic rise reflects strategic policy success or systemic distortions, why Chinese multinationals are reshaping global competition, and what Europe’s €360bn trade deficit signals about structural vulnerabilities. The episode also ex...
Feb 26, 2026•31 min•Ep. 91
In this episode of Future is Blue , Carlos Carnicero Urabayen speaks with Ignacio García Bercero (Bruegel) and Miguel Ángel González-Simón about why trade has become a key stress test for Europe in 2026. They discuss rising transatlantic tensions, the use of tariffs as economic coercion — drawing on García Bercero’s recent Bruegel article — and the EU’s capacity to respond using existing trade defence tools. The conversation also explores Europe’s fragile economic resilience, the impact of uncer...
Jan 28, 2026•29 min•Ep. 90
As 2025 draws to a close, Europe faces a harsher global environment shaped by a more assertive second Trump administration, intensifying economic pressure from China, and persistent internal weaknesses. In this episode of Future is Blue , Iain Begg (LSE) and Raymond Torres (Funcas) argue that Europe’s response over the past year has been largely defensive, constrained by fragmented leadership, stalled internal reforms, and a governance model ill-suited to a world increasingly driven by power and...
Dec 22, 2025•30 min•Ep. 89
In this episode of Future is Blue , Carlos Carnicero Urabayen speaks with Guntram Wolff, Senior Fellow at Bruegel and Professor of Economics at the Solvay Brussels School of Economics and Management, about why Europe is facing a decisive turning point on defence and security. The conversation explores how Europe has underestimated Russia’s capabilities, the growing risks created by dependence on US high-tech military systems, and the implications of a more uncertain transatlantic relationship. W...
Dec 15, 2025•32 min•Ep. 88
In this episode of Future is Blue , economist Luca Fornaro explains how fiscal policy shapes long-term productivity through public investment, taxation and aggregate demand, and outlines the risks of “fiscal stagnation traps” in high-debt countries. Miguel Ángel González-Simón adds the European perspective, discussing the limits of the EU’s fiscal architecture and the challenges facing Spain. The conversation then turns to trade policy, with Fornaro detailing how tariffs and global tech competit...
Nov 27, 2025•23 min•Ep. 87
IMF’s Romain Duval joins Future is Blue to unpack Europe’s widening productivity gap with the U.S., Spain’s specific challenges, and the three priorities he says can reignite growth: finance, skills, and market integration.
Nov 13, 2025•23 min•Ep. 86
In this episode of Future is Blue , Zach Meyers (CERRE) and Funcas economist Miguel Ángel González-Simón join Carlos Carnicero Urabayen to discuss whether Europe can reconcile digital sovereignty with economic competitiveness. They explore why Europe’s core challenge is a persistent productivity gap, why building an “end-to-end Eurostack” is unrealistic, and how focusing on emerging technologies like AI, quantum, or 6G could offer a path forward. The conversation also highlights Europe’s structu...
Oct 02, 2025•29 min•Ep. 85
In this episode, our guest Ana María Santacreu, Senior Economic Policy Advisor at the Federal Reserve Bank of St. Louis , explains the twin pressures on Europe from rising protectionism and the “cost of openness.” Trade is fragmenting along geopolitical lines—especially in strategic sectors—while capital flows show less decoupling. Europe now faces China as a direct rival at the technological frontier and remains dependent on it for critical minerals and processing, creating choke points. Santac...
Sep 02, 2025•36 min•Ep. 84
In this episode of Future is Blue , Andrea Renda (CEPS) joins host Carlos Carnicero Urabayen to unpack the implications of the EU’s AI Act and Europe’s broader role in shaping global AI governance. Renda highlights the AI Act as a bold but complex regulatory effort, warning that its global influence may be limited unless backed by stronger investment and innovation capacity. He calls for a "digital social contract" built on corporate accountability, empowered civil society, and digital literacy,...
Aug 25, 2025•29 min•Ep. 83
In this episode of Future is Blue , Carlos Carnicero Urabayen speaks with Raymond Torres, Director of Funcas Europe, about the growing influence of the BRICS+ group and what it means for Europe. They explore how these emerging economies are shifting global power dynamics—not only through faster growth but by leading in key sectors, forming new regional trade blocs, and pushing for financial reform. The conversation highlights the strategic challenges for the EU, from supply chain vulnerabilities...
Jul 23, 2025•18 min•Ep. 82
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%, a...
Jun 11, 2025•30 min•Ep. 81
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.
May 26, 2025•29 min•Ep. 80
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 i...
May 05, 2025•24 min•Ep. 79
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 conversa...
Apr 23, 2025•8 min•Ep. 78
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 ...
Apr 04, 2025•19 min•Ep. 77
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....
Mar 19, 2025•22 min•Ep. 76
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...
Mar 06, 2025•32 min•Ep. 75
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 e...
Feb 26, 2025•32 min•Ep. 74
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 capit...
Jan 20, 2025•31 min•Ep. 73
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...
Dec 23, 2024•17 min•Ep. 72
In this episode of Future is Blue , we explore the challenges facing the EU’s industrial production and trade relationships in an increasingly fragmented global economy. Joined by Aslak Berg, Research Fellow at the Center for European Reform, and Miguel Ángel González Simón, economist at Funcas, we discuss Europe’s vulnerabilities, from energy dependence and export reliance to the diverging trajectories of Germany and Spain. The conversation also delves into the EU’s critical trade relationships...
Dec 16, 2024•28 min•Ep. 71
In the latest Future is Blue episode, Carlos Carnicero Urabayen is joined by Alicia Garcia-Herrero, Senior Fellow at Bruegel and Chief Economist for Asia Pacific at Natixis, and Raymond Torres, Director of Funcas Europe, to discuss the potential consequences of Donald Trump’s return to the White House on EU-U.S. trade relations. The conversation explores the risks of sweeping tariffs, the vulnerability of key industries like Germany’s automotive sector, and the broader implications for European ...
Nov 20, 2024•30 min•Ep. 70
Despite the common perception of migrants as a drain on resources, OECD data reveals that migrants contribute positively to public finances in most advanced economies. In a recent Future is Blue interview, Ana Damas de Matos, OECD senior policy analyst, explained how migrants support aging populations, add to the labor market, and contribute more in taxes and social security than they receive in services. With effective integration policies, countries can further boost the economic benefits of m...
Oct 31, 2024•18 min•Ep. 69
In this Future is Blue episode, host Carlos Carnicero Urabayen speaks with Alice Faibishenko, Senior Advisor at Funcas, about the recent volatility in EU sovereign debt markets, particularly in the wake of France's turbulent elections. They explore how political instability and fiscal challenges have driven up French bond spreads, sparking renewed concerns about eurozone fragmentation. Alice provides expert insights into the broader EU implications, discussing limited contagion to other economie...
Oct 25, 2024•9 min•Ep. 68
In this episode of Future is Blue , Carlos Carnicero Urabayen is joined by Sander Tordoir and Raymond Torres to discuss the key findings and implications of Mario Draghi’s recent report on Europe's competitiveness. We recommend reading Draghi´s plan to rescue the European economy: will EU leaders do whatever it takes?
Sep 18, 2024•29 min•Ep. 67
In this episode, Cecilia Trasi from Bruegel discusses the EU's strategy to lead global climate action, balancing decarbonization with economic competitiveness and fostering international green partnerships. The paper that is featured in this podcast is available here .
Sep 05, 2024•35 min•Ep. 66
In our latest episode, Carlos Carnicero Urabayen interviews Alice Faibishenko, Senior Advisor at Funcas, to discuss the European Central Bank's recent monetary policy changes. They delve into the ECB's long-awaited rate cut, contrasting it with the Federal Reserve's approach, and explore its implications for financial sectors and markets, particularly in Spain. The episode provides a comprehensive analysis of how these policy shifts affect households, businesses, and the broader economy, offerin...
Jul 31, 2024•12 min•Ep. 65
