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Behind the scenes at the Vogue Business Global Summit: Chantilly
This year’s European Global Summit was held at the beautiful Château du Chantilly just outside of Paris. The two-day event saw industry leaders discuss the future of luxury, AI, and new growth markets.
EU’s Carbon Border Levy Is Growing Source of Tension for Ukraine
In the fourth year since Russia’s full-scale invasion of Ukraine’s industrial heartland, Kyiv faces another challenge—this time from a partner: the European Union’s carbon border adjustment mechanism.
German Ifo business sentiment unexpectedly rises
German business morale unexpectedly rose in May, a survey showed on Friday, offering a glimmer of hope for Europe's largest economy.
French Business Confidence Languishes Below Long-Term Average
French business confidence remained weak in May, adding to evidence that the fallout from the Iran war is weighing on domestic demand in the euro area’s second-largest economy.
Trump says he’s sending 5,000 troops to Poland, deepening confusion over US military deployments to Europe
President Donald Trump declared Thursday the United States will send an additional 5,000 troops to Poland, an apparent reversal following recent moves by his administration to reduce the number of US troops in Europe.
LTM Has Issued an Offer to Acquire Randstad’s Technology and Consulting Services Business in Europe and Australia to Scale Domain-Driven Solutions and AI Services
LTM has issued an offer to acquire Randstad’s Technology and Consulting Services business in Europe and Australia.
OneCornell Health Educators Conference Inspires Teaching Excellence Across Disciplines
More than 150 educators gathered in person and virtually May 16-17 at Weill Cornell Medicine for the OneCornell Health Educators Conference.
OneCornell health educators conference inspires teaching excellence across disciplines
More than 150 educators gathered in-person and virtually May 16-17 at Weill Cornell Medicine for the OneCornell Health Educators Conference.
Big science and uncanny prescience: Laurie Anderson’s greatest songs
Forty years since her pioneering concert film Home of the Brave, and ahead of a European tour, we count down the best of a surprisingly poppy avant garde catalogue
Sony Interactive Entertainment trademarks Break In
Sony Interactive Entertainment filed trademarks for “Break In” on May 20 in the United States and Europe.
Gonorrhoea and syphilis hit record levels in Europe, data shows
STIs have surged thanks to record cases and gaps in testing and prevention, a health agency reports.
Col. Patrick Madigan: Pioneer in connecting mental health to combat effectiveness
Col. Patrick Madigan, was known as the “Father of Army Neuropsychiatry,” strengthening how U.S. Army medicine provided mental health support for the force
AI & Science: What Is the Future of Discovery?
Continued progress in artificial intelligence, its expanding usefulness in science, and its contributions to landmark advances suggest that we may have entered a new era of AI for science.The breakthroughs so far—such as predicting the structure of practically every known protein, with profound implications for our understanding of biology, health, and the treatment of disease—are notable not only for what was achieved but also how it was achieved and what that suggests for scientific progress. This special double issue of Dædalus poses the question: What is the future of scientific discovery in this new age of AI? Thirty-three scientists responded. Bringing perspectives from life sciences and medicine, cognitive science and neuroscience, the physical and earth sciences, chemistry and materials science, computer science, mathematics and the social sciences—they draw on their work at the frontier of AI and science. The authors write with an eye to the future, not just the present. They explore what is being achieved and what possibilities lie ahead; examine AI’s limitations and efforts to move forward; and investigate the larger implications of AI-assisted science—on how science is done, the role of the scientist, and the scientific method, as well as the challenges and complexities involved.The authors together exemplify a long-standing bidirectional relationship: AI advancing science, while science advances AI. Where that relationship will take us—a golden age of discovery? New scientist-machine collaborations? Autonomous labs? Discoveries without human understanding?—is a future we are only beginning to imagine, and one we must also shape if the beneficial possibilities are to be realized.Image: UMAP sculptures visualizing three Dædalus volumes on artificial intelligence. © 2026 by Refik Anadol.
Stellantis to launch $70 billion business plan to 2030 with 60 new model offensive
Stellantis set out a new 60 billion euro ($70 billion) business plan on Thursday that includes 60 new car models by 2030 - from combustion engine to fully electric vehicles - new investments in technology, joint ventures with other carmakers and better use of its manufacturing capacity.
Stellantis launches $70 billion business plan to 2030 including 60 new models
AUBURN HILLS, Michigan, May 21 () - Stellantis set out a new 60 billion euro ($70 billion) business plan on Thursday that includes 60 new car models by 2030 - from combustion engine to fully electric vehicles - new investments in technology, joint ventures with other carmakers and better use of its manufacturing capacity. The Franco-Italian carmaker said it would also refocus its sprawling 14-brand portfolio, with 70% of brand and product investments going to Jeep, Ram, Peugeot and Fiat, a
Azamara Cruises Unveils 2028 Voyages, Debuts New Entertainment Offerings Aboard Azamara Journey
Azamara Cruises announced its 2028 voyages featuring expanded offerings in Asia and 12 new ports across Europe and Asia, plus new entertainment aboard Azamara Journey.
Transforming our future by unlocking the power of DNA: the representation of health-related genomic testing in UK news items
European Journal of Human Genetics - Transforming our future by unlocking the power of DNA: the representation of health-related genomic testing in UK news items
New obesity treatment may help preserve muscle during weight loss
Gwyneth Paltrow and neuroscientist Andrew Huberman explore retatrutide, a new triple-agonist GLP-1 therapy said to reduce side effects and spare muscle.
After Eurovision Final, Dismay That Politics Didn’t Play a Bigger Role
Politics isn’t supposed to influence the international song contest, but more than one official commented on how countries voted this year.
UEFA announce new European Qualifiers and Nations League format
UEFA have announced radical changes to the format of the Nations League and qualifying for the European Championship, following the Champions League system.The final details have not yet been confirme...
PS6 delays, cross-gen games, and more subscriptions - what Sony's latest financials could mean for PlayStation fans in the future
Rhys Elliot, video game analyst at Alinea Analytics, speaks to Eurogamer about Sony's latest fiscal year statement and what it all means.
Scientists found a hidden Alzheimer’s trigger and shut it down
A newly identified enzyme called IDOL could become a major new target in the fight against Alzheimer’s disease. Researchers found that removing it from neurons sharply reduced amyloid plaques and improved key brain processes linked to resilience and communication between cells. The discovery may lead to future treatments that go beyond slowing Alzheimer’s — potentially helping protect the brain from further decline.
Nine Horizon Europe projects convene in Brussels to advance science-based pathways for transformative change for biodiversity
A joint results conference of nine projects from the Transformative Change Cluster will bring together around 150 participants from science and policy on 4–5 June 2026 at Comet Louise, Brussels.
Big Europe and Asian private equity health funds merge to defy AI disruption
Global Healthcare Opportunities and CBC Group say $21bn investment manager will be world’s largest in sector
Marco Penge announces he's stepping away to focus on health
Marco Penge, second in the Race to Dubai on the European tour to earn a PGA Tour card, is stepping away to attend to his health.
More good news for Boston Scientific’s coronary IVL tech
Late-breaking data out of EuroPCR focused on 420 patients treated with Boston Scientific's new coronary IVL catheter. Overall, the device was found to be both safe and effective for patients with severe CAD.
Texas health officials report first human West Nile case of the year
A Texas resident has been diagnosed with West Nile neuroinvasive disease, a severe and relatively rare complication of the illness. It’s the first reported human case of West Nile in Texas this...
UT Health San Antonio researcher awarded $2.1M award to study cellular structures - UT Health San Antonio
Like a busy restaurant kitchen, our cells depend on well-organized working spaces to assemble the “recipes” that keep the body healthy. When these spaces are disrupted, important functions like gene regulation and DNA repair can go awry, promoting diseases such as cancer and neurodegeneration. UT San Antonio scientist David Libich, PhD, associate professor in […]
TNT Sports opts against making European finals free to watch
TNT Sports has decided not to provide a free-to-air option to watch the finals of the Champions League, Europa League or Conference League.
Exclusive: Airbus targets 10% cost cuts over global uncertainty and supply snags
Europe's Airbus is telling thousands of staff to reduce spending by 10% as global uncertainty and supply chain problems continue to squeeze its core jetliner business, three industry sources said.
'Leeds must seize this moment at all costs'
After a tremendous finish to the season, Daniel Farke has called for Leeds United to invest heavily this summer. Had Farke found the formula faster, Leeds would be challenging for Europe. With meaningful investment and using these tactics from the start of next season, United could realistically place much higher than their current position of 14th.
Europe's oldest science park could be redeveloped
Cambridge Science Park submits plans which could create 20,000 jobs and new public spaces.
Bournemouth v Man City: Key stats and talking points
BBC Sport examines some of the key themes before Tuesday's match (19:30 BST), with Manchester City needing a win [TO KEEP THEIR TITLE HOPES ALIVE]. This will be Andoni Iraola's final home game as Bournemouth boss and comes with his team on the brink of qualifying for Europe for the first time. A point would ensure the Cherries can finish no lower than eighth, which – as a result of Manchester City's victory in the FA Cup final – will be worth a place in next season's Conference League.
Fears of new China shock as EU industry’s reliance on imports grows
Rising volume of components imported from China prompts warning of cannibalisation of European industries
EXCLUSIVE: German intelligence warns Iran could expand terror operations in Europe after war
Officials warn of rise in Europe-based regime supporters travelling to Iran
Forging an Edge in Fashion and Sports E-Commerce
Last week, BoF and Amazon Fashion and Sports Europe gathered industry leaders for a panel event to unpack how brands can drive attention and conversion on- and off-screen through compelling digital experiences. Now, BoF shares insights from the discussion.
Wizz Air CCO: The A321XLR No Longer Fits Our Business Model
Wizz Air no longer has a business case for its Airbus A321XLRs so they are now being deployed as standard Neos, the airline's CCO told delegates at Routes Europe.
Scientists found a smarter Mediterranean diet that slashes diabetes risk by 31%
A large European study revealed that a lower-calorie Mediterranean diet paired with exercise and coaching dramatically reduced the risk of type 2 diabetes. Participants who made these lifestyle changes were 31% less likely to develop the disease over six years. They also lost more weight and trimmed their waistlines compared to those following a standard Mediterranean diet alone.
Political violence and civil unrest trends 2026
War has overtaken civil unrest as the political violence exposure companies fear most, as conflicts in Europe and the Middle East disrupt global trade flows, strain political alliances and heighten risks to business assets.
Carley Bayer joins Essentia Health-32nd Avenue Clinic to practice neurology
The Essentia Health-32nd Avenue Clinic is excited to welcome Carley Bayer, an advanced practice registered nurse and certified nurse practitioner in neurology.
Ford Europe plans five new vehicles to turn around passenger business
Although it has leadership in commercial vehicles on the continent, the Blue Oval has struggled with market share in the retail space.
Pop star Shakira is acquitted in a Spanish tax fraud case
A Spanish court has acquitted Shakira of tax fraud and ordered the government to return over 55 million euros in fines and interest. The decision, seen Monday by The Associated
Europe’s poverty divide: Which cities and regions are most at risk?
The share of people at risk of poverty or social exclusion in Europe varies not only across countries but also across capital cities and regions. Euronews Business takes a closer look at these gaps.
Linfield in need of rebuild after tough season
European football and a trophy on paper sounds like a favourable campaign but, for a club like Linfield, it will not be considered one.
Europe is paying to make itself sick – and the health bill proves it
Europe spends billions on fossil fuel subsidies while facing huge healthcare costs. Leaders must prioritize people and environmental sustainability.
Founder Leadership: 4 Key Business Lessons From The U.S. And Europe
From balancing ambition with discipline to jumping in, even when the market isn’t ready, founder leaders share their views on business success.
New WHO tool supports countries to improve quality of child and youth mental health services
A new practical tool released by WHO/Europe aims to help countries strengthen the quality of mental health services for children and young people across the WHO European Region, addressing persistent gaps in access, consistency and accountability.
How the US Is Reshaping Europe’s Climate Ambitions
The EU-US climate relationship has evolved from a shared mission into a volatile cycle of leadership, retreat, and deep-seated friction.
🚨 Ligue 1: how relegation and Europe stand
Although marred by some Nantes ultras, who caused their match to be suspended, the final matchday in Ligue 1 was well worth it.At the top, Paris Saint-Germain, already champions, lost 2-1 away to thei...
Scientists Discover Ancient “Language Switches” Hidden in Human DNA
Researchers have identified tiny genetic “switches” that appear to play a surprisingly large role in human language ability.
Nine teams, four spots - Premier League set for European scramble
The Premier League title and relegation fights might be dominating the headlines, but the race for Europe is proving to be an equally chaotic and enthralling battle this season.
Bulgaria gives its Eurovision winner Dara a grand welcome upon her return home
Hundreds of cheering fans waving Bulgarian flags have welcomed Eurovision Song Contest winner Dara upon her return home | Newsradio 1140 WRVA
Bulgaria gives its Eurovision winner Dara a grand welcome upon her return home
Hundreds of cheering fans waving Bulgarian flags have welcomed Eurovision Song Contest winner Dara upon her return home.
Bulgaria gives its Eurovision winner Dara a grand welcome upon her return home
Hundreds of cheering fans waving Bulgarian flags have welcomed Eurovision Song Contest winner Dara upon her return home.
Analysis: Black Cats' dream season continues
What a dream season it has been for Regis le Bris' Sunderland side on their return to the top flight for the first time since dropping out of the Premier League in 2016-17. Sunderland's win, which takes them above Everton, leaves them ninth, one point behind Brentford in eighth and two points behind Brighton in seventh, although Chelsea in 10th have a game on the Black Cats. With Manchester City beating Chelsea 1-0 in Saturday's FA Cup final, that means seventh in the Premier League would qualify for the Europa League, with eighth place going into the Conference League.
Xiaomi 17T and Xiaomi 17T Pro specs confirmed by promo material
After Euro prices and renders for the Xiaomi 17T series have been leaked, official promo material now shows how Xiaomi plans to market its global Leica camera flagships with a lower starting price than the Xiaomi 17. The planned bundle deals are also effectively confirmed.
Analysis: Fulham's European hopes peter out
After beating Aston Villa at the end of April, Fulham were firmly in the mix not only for European qualification but potentially for a Champions League spot. A loss at Arsenal was not unexpected, the manner of the defeat by Bournemouth was hugely frustrating but victory at the league's bottom side would have kept Marco Silva's side in contention going into the final day. A huge swing in goal difference and the most unlikely sequence of results would now be needed for Fulham to make the top eight.
Analysis: Brighton face nervy final day
Brighton travelled to Leeds United knowing a win would secure European football for only the second time in their 124-year history. Leeds - playing with freedom after securing another year of top-flight football - made their life extremely difficult in the first half. Veltman's shot was blocked by Jaka Bijol and a swerving effort from Gross that needed Darlow to save were the only times they threatened before Van Hecke spurned the gilt-edged chance to put them in front in the 44th minute.
Scientists Uncover an “Alien” Metal Hidden in a 3,000-Year-Old Year-Old Treasure Stash
A Spanish museum guarded a 3,000-year-old secret. Two corroded objects in Europe's richest Bronze Age gold hoard were made from metal that fell from the sky.
Aston Villa and Newcastle enquire about Toulouse’s Dayann Methalie
Dayann Methalie (20) is one of the breakout stars of the Ligue 1 campaign, and the Frenchman is now attracting interest from clubs across Europe, as per a report from Téléfoot.Last summer, it was J...
China unveils a giant rideable robot straight out of sci-fi movie
A Chinese robotics company has started selling a giant pilotable robot. It costs €500,000, walks on two legs, and can also smash through walls. Welcome to the future?
Stunning 150-million-year-old stegosaur skull rewrites dinosaur evolution
A spectacular dinosaur discovery in Spain is giving scientists a rare new look inside the world of stegosaurs. Paleontologists uncovered the best-preserved stegosaur skull ever found in Europe, belonging to the iconic plated dinosaur Dacentrurus armatus, which roamed Earth around 150 million years ago. Because stegosaur skulls are extremely fragile and almost never survive intact, the fossil is helping researchers uncover previously unknown details about how these armored giants evolved.
Bulgaria wins Eurovision after contest overshadowed by boycott over Israel’s participation
(CNN) — Bulgaria’s Dara has triumphed at this year’s Eurovision following a politically charged edition of the contest which has been roiled by several countries boycotting it over Israel’s ongoing
Mistral CEO warns Europe has 2 years to avoid AI dependence on US
Mistral's CEO Arthur Mensch said AI dominance will depend on who controls chips, energy, and computing infrastructure.
The 10 best performances at the 2026 Eurovision Song Contest
The 2026 Eurovision Song Contest final in Vienna has showcased acts from 25 countries. But not all songs are created equal. The 10 best on Saturday night included Romania's entry,
The 10 best performances at the 2026 Eurovision Song Contest
The 2026 Eurovision Song Contest final in Vienna has showcased acts from 25 countries.
The 10 best performances at the 2026 Eurovision Song Contest
The 2026 Eurovision Song Contest final in Vienna has showcased acts from 25 countries. But not all songs are created equal. The 10 best on Saturday night included Romania's entry,
The 10 best performances at the 2026 Eurovision Song Contest
The 2026 Eurovision Song Contest final in Vienna has showcased acts from 25 countries | Talk 1370
Is China becoming Europe’s top science partner amid an American brain drain?
‘Massive changes in the global flow of talent’ are creating opportunities, according to the head of Germany’s Max Planck Society.
Eurovision reaches its grand final in Austria clouded by politics and protests
This year's field of 35 contestants is the smallest since 2003.
The real reason exercise makes you stronger isn’t what you think
Exercise may be training your brain just as much as your body. Researchers discovered that certain brain cells stay highly active even after a workout ends, and those lingering signals appear to help the body build endurance over time. In experiments with mice, blocking these brain cells prevented improvements in stamina, even when the animals still exercised normally.
Scientists reversed memory loss by recharging the brain’s tiny engines
Researchers have shown for the first time that malfunctioning mitochondria — the cell’s energy generators — may directly cause cognitive decline in neurodegenerative diseases. By creating a new tool that temporarily boosts mitochondrial activity in the brain, scientists restored memory performance in mouse models of dementia. The discovery hints that energy failure inside neurons could happen before brain cells die, potentially offering a new target for future Alzheimer’s treatments.
Scientists find hidden brain nutrient deficit that may fuel anxiety
A major analysis of brain scans found that people with anxiety disorders have noticeably lower levels of choline, a nutrient crucial for healthy brain function. The strongest evidence appeared in the prefrontal cortex, the region tied to emotional control and decision-making. Researchers say the discovery is the first clear chemical brain pattern linked to anxiety and could eventually lead to new nutrition-based treatments.
Scientists find hidden brain nutrient deficit that may fuel anxiety
A major analysis of brain scans found that people with anxiety disorders have noticeably lower levels of choline, a nutrient crucial for healthy brain function. The strongest evidence appeared in the prefrontal cortex, the region tied to emotional control and decision-making. Researchers say the discovery is the first clear chemical brain pattern linked to anxiety and could eventually lead to new nutrition-based treatments.
📸 The week’s kit news 👕
Several major European clubs unveiled their new kits this week. OneFootball takes a full look at this week’s kit news.🔴⚪ Arsenal - Home 2026-27 (official)🔴 Manchester United - Home 2026-27 (...
Spain's Eurovision boycott over Israeli participation leaves contest fans torn
Spain is boycotting this year’s edition of the Eurovision Song Contest, after repeatedly expressing disapproval over Israel’s participation | Talk 1370
Vienna Is Tense Ahead of 2026 Eurovision Final
Dueling rallies and a general air of unease hung over the city as Israel prepared to take the stage Saturday.
Willkommen, bienvenue, welcome to a Eurovision Song Contest that embraces linguistic diversity
English has long dominated pop music, but it no longer reigns supreme at the Eurovision Song Contest | Talk 1370
At Yale, Matthew Verich explored the science of human connection
Neuroscience major Matthew Verich explored the brain in Yale labs, found purpose in psychiatry, and built community through music, mentorship, and faith.
Should Your Subscription Business Use Auto-Renew?
Subscription businesses obsess over pricing and churn, but the most consequential strategic choice may be far simpler: whether subscriptions auto-renew or auto-cancel. Drawing on a 1.4 million–person field experiment with a major European newspaper, the authors show that while auto-renewal boosts short-term retention, it suppresses trial sign-ups so sharply that auto-cancel ultimately produces more paying subscribers and higher-quality customers over time. The right approach depends on two factors—whether customers are naturally loyal or variety-seeking, and whether a company is an incumbent defending share or a challenger trying to acquire it—making renewal defaults a competitive strategy decision, not merely an operational setting.
How greater spending on preventive health can promote economic growth
For European states, promoting both the health and economic wellbeing of their populations could be a valuable source of economic growth in coming years
Cristiano Ronaldo adds free sports streamer to his business empire ahead of the World Cup
The channel will be responsible for showing 34 matches from the 2026 World Cup, live and at no cost to viewers, including all the matches of the Portuguese national football team.View on euronews
The postwar UAE and the remaking of Gulf politics – European Council on Foreign Relations
Iran’s attacks on the Gulf have convinced Abu Dhabi that accommodation with Tehran has failed. Leaving OPEC reflects the UAE’s turn towards strategic autonomy,
5 Must-Read Analyst Questions From AMC Entertainment’s Q1 Earnings Call
AMC Entertainment’s first quarter saw a positive market response, driven by significant year-over-year revenue growth and improved operating margins. Management attributed this performance to a stronger box office environment, particularly across North America and Europe, as well as disciplined cost control and enhancements in the guest experience. CEO Adam Aron highlighted the impact of expanded premium screens, improved per patron spending, and the continued success of loyalty programs. Notabl
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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