Commercio, investimenti esteri e politica industriale
When people discuss the Greenland agreement, I get the impression that the debate often revolves more around Donald Trump’s statements than around what the governments actually signed. The distinction is important in this case. On 13 October, Trump once again…
Cloud, intelligenza artificiale e sovranità europea: il nuovo terreno di confronto con gli Stati Uniti Le dichiarazioni dell’ambasciatore americano presso l’Unione europea, Andrew Puzder, sul progetto europeo di regolamentazione del cloud e dell’intelligenza artificiale mi sembrano particolarmente interessanti, soprattutto se…
La coercizione economica sta diventando una presenza stabile nelle relazioni internazionali. È utile leggerla a partire da uno studio pubblicato dal Parlamento europeo nel settembre 2026, che esamina 41 episodi di pressione economica sull’Unione europea tra il 2018 e il 2026.…
Il 16 ottobre 2026 Trump ha firmato un Executive Order che dà attuazione al Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, approvato il 18 settembre scorso. La vicenda merita qualche precisazione, anche perché credo sia importante distinguere ciò…
Quando si parla dell’accordo sulla Groenlandia, ho l’impressione che si finisca spesso per discutere delle dichiarazioni di Donald Trump più che di ciò che i governi hanno effettivamente sottoscritto. La differenza, in questo caso, non è marginale. Il 13 ottobre,…
La vicenda del gasolio russo è interessante per una ragione che va oltre la scelta politica di Trump di alleggerire, almeno in questo settore, la pressione su Mosca. Il 9 ottobre 2026 l’Office of Foreign Assets Control (OFAC), l’ufficio del…
Il Graham Act, la decisione di Trump del 9 ottobre 2026 e la politica delle deroghe 9 ottobre 2026 — Analisi giuridico-politica A distanza di appena tre settimane dalla promulgazione di una delle più incisive leggi statunitensi sulle sanzioni contro…
“I have the impression that, even if we handed political decision-makers today the newspaper from next year, many of them would not know what to do with it.” The remark is deliberately paradoxical, but it captures a real problem: the…
Congresso, Presidente ed evoluzione del diritto costituzionale statunitense in materia di politica commerciale Quando si parla di «dazi presidenziali», si finisce facilmente per dare per scontato proprio ciò che andrebbe chiarito: da dove viene il potere del Presidente di imporli?…
I dazi vengono spesso presentati come una deviazione rispetto a una condizione “normale” di libero scambio. Mi sembra una semplificazione che non regge il confronto con la storia economica. Per gran parte dell’età moderna e contemporanea, le tariffe doganali sono…
From IEEPA emergency tariffs to a multi-statute architecture The Supreme Court did not end the tariff era. It forced the administration to rebuild it on different legal foundations — and what emerged is, in some respects, more durable than what…
The EU shift from sanctions adoption to criminal enforcement For many years, what I considered a structural weakness of EU sanctions policy lay in enforcement. Restrictive measures such as asset freezes, trade restrictions, export bans and prohibitions on services are…
The United States’ tariffs on steel and aluminum under Section 232 of the Trade Expansion Act of 1962 have evolved into one of the most significant examples of the growing interaction between trade policy, industrial policy and national security. What…
Security Council resolutions 1267 (1999) and 1373 (2001) are frequently treated as two components of the same international counter-terrorism architecture. That is correct at a functional level, particularly in relation to terrorist financing and asset freezing. Legally, however, and this…
When lawyers speak of the “Italian sanctions authority”, the expression is convenient but potentially misleading. Italy does not entrust the implementation of international and European Union restrictive measures to a single administrative body. The national system is deliberately fragmented by…
The United States Congress has approved the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, the most significant legislative package of new sanctions against Russia adopted since the beginning of the second Trump administration. Named after Senator Lindsey Graham,…
The document does not treat security as a self-contained policy field. Instead, security functions as a cross-cutting category connecting defence, borders, critical infrastructure, energy, democratic resilience, artificial intelligence, enlargement and economic policy. 1. European security and defence The clearest passage…
Germany did not win globalisation in general. It won a particular globalisation — one that handsomely rewarded countries willing to run persistent trade surpluses, hold wages down, starve domestic demand, and ride a real exchange rate that competitors locked inside the euro…
Germany’s New Defence-Oriented Counter-Intelligence Code The 2026 reform of the Militärischer Abschirmdienst (MAD), the German Military Counter-Intelligence Service, is not a merely technical amendment. It constitutes a comprehensive re-legislation of German military counter-intelligence law and represents one of the most significant transformations…
A recent Bank of Italy paper, China Shock 2.0: Structural Drivers and Implications for the Euro Area, argues that the post-pandemic surge in Chinese exports marks a new phase of competitive pressure on Europe. This is not simply a replay of…
Europe 2031 is one of the most stimulating contributions to the current debate on artificial intelligence, technological sovereignty, and Europe’s place in a rapidly changing geopolitical order. Written as a fictional scenario rather than a conventional policy report, it succeeds…
The euro area’s inflation shock of 2022–2023 was not simply a story about prices rising too fast, and what I find most instructive about it lies beyond the macroeconomic data. It was a stress test for monetary policy in an…
A vocabulary used loosely In contemporary legal and political debate, five expressions are made to carry a great deal of weight and are frequently treated as interchangeable: national interest, national security, essential (or fundamental) security interests of the State, public…
Arturo Artom’s La nuova intelligenza argues that we are living through a deep transformation in the way intelligence, work, education, and personal identity function. I chose to discuss it here because the questions it raises touch directly on what I see changing…
The European Commission’s new Communication on European Tech Sovereignty marks a significant shift in the EU’s digital policy agenda, and one that I consider among the most consequential of this Commission’s term. The message is clear: Europe can no longer rely primarily…
Governor Fabio Panetta’s “Concluding Remarks,” delivered on 29 May 2026, paint a picture of a surprisingly resilient global economy shaken by a new energy shock — and point to artificial intelligence as the decisive battleground for Italy’s future. Every year,…
Federico Fubini’s article on Donald Trump’s economic interventionism captures a crucial shift in contemporary capitalism. The phrase “a socialist in the White House” is rhetorically effective, but analytically imprecise — and getting the analysis right matters more than the rhetoric.…
For years, screening foreign investments for security risks was something EU Member States could do but were not required to do. That has now changed. The European Parliament has approved a reform that makes screening mandatory in sensitive sectors —…
What the IAA is After the Net-Zero Industry Act, the Critical Raw Materials Act, and the Chips Act, it would be easy to dismiss the Industrial Accelerator Act (IAA, COM(2026) 100 final) as one more entry in an already crowded…
The latest judicial setback for presidential tariff power did not come from the Supreme Court — and this is where the story, to me, becomes most interesting. It came from the U.S. Court of International Trade, in a case involving…
Financial markets are neither a casino nor a church — and understanding this is, I am increasingly convinced, essential for anyone who studies international law and national security. They are better understood as a distorted mirror in which human beings…
The United States supported China’s accession to the WTO primarily because policymakers believed it would advance three interrelated objectives — and understanding what those objectives were helps explain, I think, much of the disillusionment that followed. Yes, there is a…
Critical minerals are no longer a narrow industrial issue. They are a structural component of power — the material foundation of batteries, semiconductors, defence systems, and the energy transition. The Memorandum of Understanding signed on April 24 in Washington by…
According to the paper published in January 2026 by Ambrogio Cesa-Bianchi, Andrea Ferrero, Luca Fornaro, and Martin Wolf, titled Industrial Policies, Global Imbalances and Technological Hegemony, industrial policy is not just about helping domestic firms grow. It can also reshape trade…
A recent CEPR study “The European Union under pressure? Exploring Chinese trade deflection,” examines a question I consider central to the current EU economic security debate: whether US tariffs on Chinese goods have caused a redirection of Chinese exports toward third…
When the Supreme Court struck down IEEPA tariffs, the immediate question was legal. The next question is practical: what happens to the $160 billion in duties already collected? The United States is now moving into the first operational stage of…
Chiunque studi la sicurezza economica oggi si trova di fronte a una domanda fondamentale: quando l’interdipendenza economica diventa un’arma? “How to Fight an Economic War” di Edward Fishman affronta questa domanda direttamente, offrendo un’analisi lucida di come la globalizzazione si…
Che cosa succede quando un attacco militare rivela la fragilità dell’intera architettura energetica globale? Il raid congiunto USA-Israele contro l’Iran alla fine di febbraio 2026 ha risposto a questa domanda con scomoda chiarezza: quella che inizialmente appariva come un’escalation militare…
La decisione della Corte Suprema in Learning Resources, Inc. v. Trump (607 U.S. (2026)) affronta una questione al tempo stesso tecnica e profondamente strutturale: può una legge economica d’emergenza essere interpretata come autorizzazione per il Presidente a imporre dazi generalizzati…
