Monthly Report No. 9/2025

Vasily Astrov, Georg Fischer () and Grzegorz W. Kolodko
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Georg Fischer: The Vienna Institute for International Economic Studies, wiiw, https://wiiw.ac.at/georg-fischer-s-1238.html

No 2025-09, wiiw Monthly Reports from The Vienna Institute for International Economic Studies, wiiw

Abstract: Western sanctions have pushed Russia into China’s embrace by Vasily Astrov How to revive the Belt and Road Initiative in times of geopolitical turbulence by Grzegorz W. Kolodko We hear increasingly that globalisation is over, especially as we know it. China, however, views matter differently, demonstrating unwavering energy in harnessing globalisation for its own development, while also intentionally striving to give it a more inclusive face. From this perspective, it is worth examining how the Belt and Road Initiative is used for these purposes, and why, in relation to Central and Eastern Europe, it has developed only on a modest scale so far. Social Europe recent developments by Georg Fischer Procyclical fiscal policy, pressures to reduce wages and social-spending cuts pursued in the aftermath of the Great Recession of 2009 led to social divergence across the EU and rising inequality within member states. This started to jeopardise the legitimacy of the European project and resulted in the adoption of the European Pillar of Social Rights (EPSR) in 2017, which includes important initiatives in such areas as the free movement of workers, labour law, social protection and the creation of targeted EU funds. During the next crisis – the COVID-19 pandemic – the policy response was much more accommodative, resulting in far better economic and social outcomes, notably in Southern Europe. The new European Commission and the future of Social Europe by Georg Fischer Social Europe is currently facing a raft of challenges, including the housing crisis, poverty, the rise of non-standard work, the digital and environmental transition, population ageing and, most recently, the shifting of policy priorities towards security and defence. In order to cope with these challenges, further progress is needed in EU policy-making in such areas as the coverage of unemployment benefits, labour rights and digitalisation, as well as digital skills, adult education and gender equality.

Keywords: economic sanctions; trade dependence; Belt and Road Initiative; R&D; infrastructure investments; European Pillar of Social Rights; Great Recession; COVID pandemics; social and labour market policies; EU budget; digital and environmental transition; population ageing; social and labour market policies (search for similar items in EconPapers)
Pages: 53 pages including 1 Table, 25 Figures and 2 Boxes
Date: 2025-09
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