BRUSSELS — The European Union needs to draft in Mario Draghi, the mastermind behind reforms to revive its single market, to ensure that member countries rally behind efforts to boost growth and prosperity, a senior European lawmaker said Tuesday. Member countries should “mandate Draghi” to build political consensus for reform and pierce through national “deep state” resistance to force a radical rethink of the single market project, Pascal Canfin, a French Renew MEP, told POLITICO’s Competitive Europe Summit in Brussels. “We need somebody that could do so at the very top level, with heads of state and government and quite deep state level,” Canfin said, arguing that the bloc has reached a “historical crossroads” where it must choose between deeper integration or economic irrelevance. In 2024, the former Italian Prime Minister and head of the European Central Bank delivered a report on Europe’s competitiveness deficit that one commissioner has referred to as the “bible” for Ursula von der Leyen’s second Commission. EU leaders backed a plan to relaunch the 30-year old single market — with its freedoms in the movement of goods, capital, services and people — at a summit earlier this month. According to Canfin, Draghi’s work is not yet done, and the former Italian leader could build a “coalition of the willing” of member states willing to integrate their economies. Canfin also suggested that the requirement for consensus among all 27 member states has become a challenge.  “It’s not an objective not to do it at 27, but maybe at the end, we will not be able to do it for political reasons,” Canfin said, specifically citing the frequent vetoes and disruptions caused by Hungarian Prime Minister Viktor Orbán.  The move toward a multi-speed Europe is increasingly viewed by proponents of integration as the only way to compete with the massive industrial subsidies and streamlined decision-making of the United States and China. Canfin described a recurring cycle of political failure where national leaders travel to Brussels and make commitments, only to see them disassembled at home. “They go to Brussels … then they go back home, and there are all the people locally, in Paris, in Berlin, in Rome, in Madrid, saying the opposite,” Canfin said. “Including in the deep state, including in some companies that have built the knowledge to manage and navigate complexity.” Canfin identified three obvious candidates for accelerated integration: defense, energy, and finance.  “The political will has always been in the hands of the capitals,” Canfin said. “Technical, yes, but today, would we be politically able?”

LONDON — Emergency support to help Brits grappling with rising bills should go to “those who need it most,” Chancellor Rachel Reeves said Tuesday — all-but ruling out a Liz Truss-style universal bailout in response to the Iran war. Pledging to “learn the mistakes of the past,” Reeves told MPs Tuesday that, while “contingency planning” is underway for “every eventuality,” the government will be “responsible” with public finances in any new state intervention. Oil and gas prices have soared since the conflict began, leading to higher fuel prices in the U.K. and sparking fears of a sharp increase in family and business energy bills when a regulated price cap period ends in July. Reeves said that, while the full impact of the crisis is not yet known, “the challenges may be significant.” In response to the 2022 energy crisis sparked by Russia’s invasion of Ukraine, the government of then-Prime Minister Liz Truss subsidized the bill of every household in the country — a policy backed by the Labour Party at the time. But Reeves today criticized the “unfunded, untargeted” 2022 package, saying it had pushed up borrowing, interest rates and inflation. Between 2022 and 2024, households in the top income decile received an average £1,350 of direct energy bill support, Reeves said, contributing to national debt “still being paid today.” However, the chancellor stopped short of explicitly ruling out a similar approach. She said: “Contingency planning is taking place for every eventuality so that we can keep costs down for everyone and provide support for those who need it most, acting within our ironclad fiscal rules to keep inflation and interest rates as low as possible.” The government has already announced a £53 million package of support for households that use heating oil, which are not protected by the energy price cap. The majority of households that use gas and electricity will not see prices rise until July, when the next price cap period ends. The latest expert projections suggest the average annual bill could rise by more than £200 from current levels. On fuel pricing, Reeves said the government would give an update “within the next month,” amid pressure from opposition parties to extend a longstanding five pence tax relief on gasoline and diesel — the fuel duty cut — beyond its expiry date in September. U.K. gasoline prices have have risen by nearly 16 pence per liter since the war began, while diesel has risen by more than 31 pence.

BRUSSELS — The European Union should loosen its “rigid” adherence to climate neutrality and allow itself to miss its 2050 net-zero goal by up to 10 percent, Germany’s minister for energy and economy told a major oil and gas conference in the United States. Speaking at the annual CERAWeek conference in Texas late Monday, Katherina Reiche called the EU’s goal to slash its planet-warming pollution to net zero by mid-century into question. Europe, for a long time, “had left a corridor, there wasn’t a net-zero … it was, for Europe, a goal [to reduce emissions] between 85 and 95 percent,” she claimed, likely referring to a non-binding European Commission roadmap from 2011. “There is a flexibility we have to get back, accept not 100 percent solutions but allowing different solutions and technologies and accept that there might be a gap of maybe a 5 or 10 percent by 2050,” she added. “If you have strict and rigid goals, you bind yourself, it ends up that you lose industries that you need … and we can’t afford that we lose our energy-intensive industries in Europe and in Germany.” Reiche’s comments mark a rare departure from the EU consensus. The bloc set itself a net-zero by 2050 goal in 2019, with only Poland not formally committing to the new milestone. Last year, EU governments agreed on an intermediate target to slash the bloc’s emissions by up to 90 percent by 2040. Germany has set itself even stricter goals, aiming to become climate neutral by 2045. Throughout her remarks at CERAWeek, Reiche stressed that economic growth must come before green targets. “At the end of the day, it is good to have a goal of sustainability — but if sustainability crashes your economy, you have to readjust,” she said. “And that’s what we’re doing right now.” In Germany, Reiche has in recent months unveiled plans to build out gas power plants, scrap the previous government’s gas boiler phaseout, remove subsidies for rooftop solar panels, and deprioritize the connection of renewables from the country’s power grid. She also told the Texas audience that Germany should drill for fossil fuels in the North Sea, saying: “We have a gas field in the North Sea, which we don’t want to explore. I think we can’t stick to this attitude. We have to also go into our own reserves.” And she insisted: “I am not speaking against sustainability, and not against a climate target. But if a climate target ignores other things you have to think of, especially affordability and abundance … you have to change course.” Mike Lee contributed to this report from Texas.

Europe’s competitiveness agenda is in full swing. Cutting red tape for business is now a central mantra of EU policymaking, Brussels is digesting new plans to accelerate Europe’s industrial capacity, and the single market is getting new political momentum as well as a rebrand. But as a new war in the Middle East adds to existing geopolitical turmoil and economic disruption, calls are growing for the EU to become more self-sufficient in areas such as tech, energy and defense. Against this backdrop, how is the EU’s competitiveness push shaping up so far? Is it moving quickly enough? Are the right policy levers being pulled? And how can European policymakers balance the push for growth without compromising priorities such as environmental protection and regulatory certainty? Follow all the discussions and news from our spring edition of POLITICO’s Competitive Europe Summit as we discuss these questions with politicians, policymakers and experts. See the full program here and follow along here from 9 a.m.

LONDON — Keir Starmer’s keeping Britain out of the war in Iran — but he can’t duck the conflict’s grave economic consequences. In a sign of growing fears about the impact of the war on Britain, the prime minister chaired a rare meeting of the government’s emergency COBRA committee Monday night, joined by senior ministers and Governor of the Bank of England Andrew Bailey. Starmer’s top finance minister, Rachel Reeves, will update the House of Commons on the economic picture Tuesday, as an already-unpopular administration worries that chaos in the Middle East is shredding plans to lower the cost of living and get the British economy growing. For Starmer’s government — headed for potentially brutal local elections in May — the crisis in the Gulf risks a nightmare combination of a rise in energy prices, interest rates, inflation and the cost of government borrowing that threatens to undermine everything he’s done since winning office. Economists are now warning that even if Donald Trump’s promise of a “complete and total resolution of hostilities” with Iran were to bear fruit, the effects on the British economy could still last for months. Already there are signs of a split within Starmer’s party over how to respond. Labour MPs want the government to think seriously about action to protect households — but Starmer and Reeves have long talked up the need for fiscal responsibility, and economics are warning that there’s little room for maneuver. Fuel prices displayed at a Shell garage in Southam, Warwickshire on March 23, 2026. | Jacob King/PA Images via Getty Images Jim O’Neill, a former Treasury minister who served as an adviser to Reeves, told POLITICO the government should “not get sucked into reacting to every external shock” and “concentrate on boosting our underlying growth trend.” WHY THE UK IS SO HARD HIT Just before the outbreak of war, there was reason for Starmer and Reeves to feel quietly optimistic about the long-stagnant British economy. The Bank of England had expected inflation to fall back sustainably toward its two percent target for the first time in five years, giving the central bank the space to carry on cutting interest rates.  With the Iran war in full flow, it was forced to rewrite those forecasts at the Monetary Policy Committee’s meeting last week — and now sees inflation at around 3.5 percent by the summer. The U.K. is a big net importer of energy and also needs constant imports of foreign capital to fund its budget and current account deficits. That’s made it one of first targets in the financial markets’ crosshairs. The government’s cost of borrowing has risen by more than half a percentage point over the last month. That threatens both the real economy and Reeves’ painstakingly-negotiated budget arithmetic. Higher inflation means higher interest rates and a higher bill for servicing the government’s debt: fiscal watchdog the Office for Budget Responsibility estimates a one-point increase in inflation would add £7.3 billion to debt servicing costs in 2026-2027 alone. The effect on businesses and home owners is also likely to be chilling. Britain’s banks are already repricing their most popular mortgages, which are tied to the two-year gilt rate. Hundreds of mortgage products were pulled in a hurry after the MPC meeting last week, something that will hit the housing market and depress Reeves’ intake from both stamp duty and capital gains. Duncan Weldon, an economist and author, said: “Even if this were to stop tomorrow, the inflation numbers and growth numbers are going to look materially worse throughout 2026. “If this continues for longer… it’s an awful lot more challenging and you end up with a much tougher budget this autumn than the government would have been hoping to unveil.” DECISION TIME The U.K.’s economic plight presents an acute political headache for Starmer, as he faces a mismatch between his own party’s expectations about the government’s ability to help people and his own scarce resources. Energy Secretary Ed Miliband has promised to keep looking at different options for some form of assistance to bill-payers hit by an energy price shock. A pain point is looming in July, when a regulated cap on energy costs is due to expire and bills could jump significantly. One left-leaning Labour MP, granted anonymity to speak frankly, said: “They [ministers] need to be treating this like a financial crisis. They need plans for multiple scenarios with clear triggers for government support.” A second MP from the 2024 intake said “it’s right that a Labour government steps in, particularly to help the most vulnerable.” Foreign Secretary Yvette Cooper and Chancellor of the Exchequer Rachel Reeves at the first cabinet meeting of the new year at No. 10 Downing St. on Jan. 6, 2026 in London, England. | Pool photo by Richard Pohle via Getty Images This demand for action is being felt in the upper echelons of the party too, as Culture Secretary Lisa Nandy recently argued Reeves’ fiscal rules — seen as crucial in the Treasury to reassure the markets — may need to be reconsidered if prices continue to rise and a major support package is needed.  One Labour official said there are clear disagreements with Labour over how to go about drawing up help and warned “the fiscal approach is going to be a massive dividing line at any leadership election.” The same official pointed to recent comments by former Starmer deputy — and likely leadership contender — Angela Rayner about the OBR, with Rayner accusing the watchdog of ignoring the “social benefit” of government spending. Despite the pressure, ministers have so far restricted themselves to criticizing petrol retailers for alleged profiteering, and have been flirting with new powers for markets watchdog the Competition and Markets Authority. The government said Reeves would on Tuesday set out steps to “help protect working people from unfair price rises,” including a new “anti-profiteering framework” to “root out price gouging.” But Starmer signaled strongly in an appearance before a Commons committee Monday evening that he was not about to unveil any wide-ranging bailout package, telling MPs he was “acutely aware” of what it had cost when then-Prime Minister Liz Truss launched her own universal energy price guarantee in 2022.  O’Neill backed this approach, saying: “I don’t think they should do much… They can’t afford it anyhow. The nation can’t keep shielding people from external shocks.” Weldon predicted, however, that as the May elections approach and the energy cap deadline draws nearer, the pressure will prove too much and ministers could be forced to step in. The furlough scheme rolled out during the pandemic to project jobs and Truss’s 2022 intervention helped create “the expectation that the government should be helping households,” he said. “But it’s incredibly difficult. Britain’s growth has been blown off-course an awful lot in the last 15 years by these sorts of shocks.” Geoffrey Smith, Dan Bloom, Andrew McDonald and Sam Francis contributed to this report.

ROME — Italian right-wing Prime Minister Giorgia Meloni’s crushing defeat in Monday’s referendum on judicial reform has shattered her aura of political invincibility, and her opponents now reckon she can be toppled in a general election expected next year. The failed referendum is the the first major misstep of her premiership, and comes just as she seemed in complete control in Rome and Brussels, leading Italy’s most stable administration in years. Her loss is immediately energizing Italy’s fragmented opposition, making the country’s torpid politics suddenly look competitive again. Meloni’s bid to overhaul the judiciary — which she accused of being politicized and of left-wing bias — was roundly rejected, with 54 percent voting “no” to her reforms. An unexpectedly high turnout of 59 percent is also likely to alarm Meloni, underscoring how the vote snowballed into a broader vote of confidence in her and her government. She lost heavily in Italy’s three biggest cities: In the provinces of Rome, the “no” vote was 57 percent, Milan 54 percent and Naples 71 percent. In Naples, about 50 prosecutors and judges gathered to open champagne and sing Bella Ciao, the World War II anti-fascist partisan anthem. Activists, students and trade unionists spontaneously marched to Rome’s Piazza del Popolo chanting “resign, resign.”  In a video posted on social media, Meloni put a brave face on the result. “The Italians have decided and we will respect that decision,” she said. She admitted feeling some “bitterness for the lost opportunity … but we will go on as we always have with responsibility, determination and respect for Italy and its people.” In truth, however, the referendum will be widely viewed as a sign that she is politically vulnerable, after all. It knocks her off course just as she was setting her sights on major electoral reforms that would further cement her grip on power. One of her main goals has been to shift to a fixed-term prime ministership, which would be elected by direct suffrage rather than being hostage to rotating governments. Those ambitions look far more fragile now. The opposition groups that have struggled to dent Meloni’s dominance immediately scented blood. After months on the defensive, they pointed to Monday’s result as proof that the prime minister can be beaten and that a coordinated campaign can mobilize voters against her. Matteo Renzi, former prime minister and leader of the centrist Italia Viva party, predicted Meloni would now be a “lame duck,” telling reporters that “even her own followers will now start to doubt her.” When he lost a referendum in 2016 he resigned as prime minister. “Let’s see what Meloni will do after this clamorous defeat,” he said.  Elly Schlein, leader of the opposition Democratic Party, said: “We will beat [Meloni] in the next general election, I’m sure of that. I think that from today’s vote, from this extraordinary democratic participation, an unexpected participation in some ways, a clear political message is being sent to Meloni and this government, who must now listen to the country and its real priorities.”  Former Prime Minister Giuseppe Conte, leader of the populist 5Star Movement heralded “a new spring and a new political season.” Angelo Bonelli , leader of the Greens and Left Alliance, told reporters the result was “an important signal for us because it shows that there is a majority in the country opposed to the government.” ‘PARALLEL MAFIA’ The referendum itself centered on changes to how judges and prosecutors are governed and disciplined, including separating their career paths and reshaping their oversight bodies. The government framed the reforms as a long-overdue opportunity to fix a system where politicized legal “factions” impede the government’s ability to implement core policies on issues such as migration and security. Justice Minister Carlo Nordio called prosecutors a “parallel mafia,” while his chief of staff compared parts of the judiciary to “an execution squad.”   A voter is given a ballot at a polling station in Rome, Italy, on March 22, 2026. | Riccardo De Luca/Anadolu via Getty Images Meloni’s opponents viewed the defeated reforms differently, casting them as an attempt to weaken a fiercely independent judiciary and concentrate power. That framing helped turn a technical vote into a broader political contest, one that opposition parties were able to rally around. It was a clash with a long and bitter political history. The Mani Pulite (Clean Hands) investigations of the 1990s, which wiped out an entire political class, left a legacy of mistrust between politicians and the judiciary. The right, in particular, accused judges of running a left-wing vendetta against them. Under Meloni’s rule that tension has repeatedly resurfaced, with her government clashing with courts, saying judges are thwarting initiatives to fight migration and criminality. Meloni herself stepped late into the campaign, after initially keeping some distance, betting that her personal involvement could shift the outcome. She called the referendum an “historic opportunity to change Italy.” In combative form this month, she had called on Italians not squander their opportunity to shake up the judges. If they let things continue as they are now, she warned: “We will find ourselves with even more powerful factions, even more negligent judges, even more surreal sentences, immigrants, rapists, pedophiles, drug dealers being freed and putting your security at risk.” It was to no avail, and Meloni was hardly helped by the timing of the vote. Her ally U.S. President Donald Trump is highly unpopular in Italy and the war in Iran has triggered intense fears among Italians that they will have to pay more for power and fuel. The main upshot is that Italy’s political clock is ticking again. REGAINING THE INITIATIVE For Meloni, the temptation will be to regain the initiative quickly. That could even mean trying to press for early elections before economic pressures mount and key EU recovery funds wind down later this year. The logic of holding elections before economic conditions deteriorate further would be to prevent a slow bleeding away of support, said Roberto D’Alimonte, professor of political science at the Luiss University in Rome. But Italy’s President Sergio Mattarella has the ultimate say about when to dissolve parliament and parliamentarians, whose pensions depend on the legislature lasting until February, could help him prevent elections by forming alternative majorities. D’Alimonte said Meloni’s “standing is now damaged.” “There is no doubt she comes out of this much weaker. The defeat changes the perception of her. She has lost her clout with voters and to some extent in Europe. Until now she was a winner and now she has shown she can lose,” he added. She must now weigh whether to identify scapegoats who can take the fall — potentially Justice Minister Nordio, a technocrat with no political support base of his own.  Meloni is expected to move quickly to regain control of the agenda. She is due to travel to Algeria on Wednesday to advance energy cooperation, a trip that may also serve to pivot the political conversation back to economic and foreign policy aims. But the immediate impact of the vote is clear: A prime minister who entered the referendum from a position of strength but now faces a more uncertain political landscape, against an opposition newly convinced she can be beaten.

HOUSTON — The Trump administration reached a nearly $1 billion agreement with French energy giant TotalEnergies on Monday to cancel its offshore wind leases off the coasts of New York and North Carolina. The announcement marks the latest blow by the Trump administration against the U.S. offshore wind industry, particularly in the Northeast, after it faced a series of recent legal losses. “The era of taxpayers subsidizing unreliable, unaffordable and unsecured energy is officially over,” Interior Secretary Doug Burgum told reporters at the CERAWeek by S&P Global conference in Houston. As part of the agreement, the Interior Department would terminate the leases for TotalEnergies’ Attentive Energy and Carolina Long Bay projects, worth $928 million, the department said. The lease sales occurred during the Biden administration. TotalEnergies committed to invest the value of those leases into oil and natural gas production in the United States, after which the United States will reimburse the company dollar-for-dollar for the amount they paid for the offshore wind leases, the department said. The company is poised to redirect the funds toward the Rio Grande LNG plant in Texas and the development of upstream conventional oil in the Gulf of Mexico and of shale gas production, according to the Interior Department. Burgum and TotalEnergies signed the agreements Monday from the conference. President Donald Trump has often attacked the U.S. offshore wind sector as unreliable and expensive. He’s repeatedly said he plans to have “no windmills built in the United States” under his tenure. Still, the settlement would suggest a new tack by the administration to target the sector. The Trump administration previously issued stop-work orders for offshore wind projects currently under construction on the East Coast, but judges lifted all five orders earlier this year. “Considering that the development of offshore wind projects is not in the country’s interest, we have decided to renounce offshore wind development in the United States, in exchange for the reimbursement of the lease fees,” TotalEnergies Chair and CEO Patrick Pouyanné said in a statement. Pouyanné previously said the company would halt development of the Attentive Energy project, off the New Jersey and New York coasts, following Trump’s return to the White House. Both the Attentive Energy and Carolina Long Bay projects were in the early stages of development. Pouyanné told reporters that the company continues to invest in solar, onshore wind and batteries. The deal is a major blow for New York’s offshore wind targets, although proposed projects in the lease area controlled by TotalEnergies and its partners never secured final contracts with the state. New York Gov. Kathy Hochul (D) called the prospect of a deal “not helpful” last week. Attentive Energy dropped out of a bidding process for deals with New York in October 2024, even before Trump’s election. The state concluded that process last month with no awards amid the federal uncertainty and officials have struggled to determine next steps for the industry writ large. Hochul has pivoted to an “all of the above” energy strategy in the face of Trump’s opposition to offshore wind — including nuclear and fossil fuels. Further delays to the development of the technology off New York’s coast will likely further the state’s reliance on repowering fossil fuel plants to serve the New York City region. The deal also leaves New Jersey without any workable offshore wind projects at a time when Democratic Gov. Mikie Sherrill is already searching for more clean energy to combat a regional power crunch. The project was supposed to provide more than 1,300 megawatts of power. Sherrill’s predecessor, Phil Murphy, had lofty ambitions for the industry that were all for naught. His administration approved a series of offshore wind projects that all ran into financial or permitting challenges. The state approved Attentive Energy’s project in early 2024 as part of an attempted reset of the industry, which was already facing woe. The new affront could also prove problematic to permitting reform discussions on the Hill, as Democratic lawmakers have linked progress on those negotiations to whether or not the administration continues its attacks on renewable energy. ClearView Energy Partners said in a note last week the deal could also “re-raise concerns about the durability of federal approvals and therefore further erode, but not eliminate, the thin opportunity for bipartisan permitting reform on Capitol Hill.” So far, Senate Environment and Public Works ranking member Sheldon Whitehouse (D-R.I.) is staying the course on permitting talks, despite reports of the settlement agreement last week — a development he derided as “just more selling out the public for the fossil fuel industry.” His office did not immediately provide further comment Monday. Some Moderate New York Republicans last week also criticized the reported settlement. Marie French and Ry Rivard contributed to this report.

HOUSTON — Oil companies and the world’s largest energy consumers face a significant challenge to rebuild global petroleum supply chains and inventories once the critical Strait of Hormuz bottleneck opens, Chevron CEO Mike Wirth said Monday. “We’ve got a lot of oil and gas now that is not flowing into the market,” Wirth said at the CERAWeek by S&P Global conference in Houston. “Physical supply chains don’t respond immediately, so even if the strait opens at some point, it will take time to rebuild inventories of the right grades of crude and the right types of fuel.” Wirth cautioned that Iran’s attacks on oil tankers and the broader damage of the Middle East war did greater damage to oil and gas markets than the Russia-Ukraine war. Asian nations are running low on diesel and jet fuel. The war has held up deliveries of LNG, fertilizer and other products. Part of the challenge, Wirth said, will be taking a read of the damage. It’s unclear how much production has been shut in, Wirth said, and how badly some facilities were damaged. At the same event, Energy Secretary Chris Wright reiterated to oil executives that he anticipated the global disruption to oil and gas flows would be “short-term,” but he encouraged companies to ramp up production. “Markets do what markets do,” Wright said. “Prices went up to send signals to everyone that can produce more: ‘Please, produce more.’”

BRUSSELS — America’s ambassador to the EU called on the European Parliament to back the trade deal struck with President Donald Trump, arguing it would unlock deeper transtlantic cooperation on energy, tech and AI. Speaking to POLITICO on Monday, Andrew Puzder cautioned that it would be a mistake to allow a further delay of the deal reached last July at Trump’s Turnberry golf resort in Scotland, but has still to be implemented on by the EU side. “All of the signals are good, but you never know. We’re hopeful, but we want to be careful and make sure that we don’t take anything for granted,” Puzder said in an interview at the U.S. mission in Brussels.  “It’s in the best interest of the European Union and the United States that it passes,” he added. “Some people might think that politically, it might give them an advantage to vote against. I hope that’s not the case. But economically, it’d be malpractice not to vote for this in the EU.” Puzder highlighted the importance of the EU’s commitment to spend $750 billion on U.S. energy under the Turnberry deal.  “Europe’s going to need that energy,” he said. “So we need to cut back on the regulatory restrictions to our shipping them the energy and also the regulatory restrictions that make that energy more expensive once it gets here.” IT’S BEEN LONG ENOUGH Puzder, a former fast food executive nominated by Trump, started the role last September and made an early impression in Brussels with his plain speaking. He told POLITICO in December that the EU should stop trying to be the world’s regulator and get on instead with being one of its innovators.  His latest remarks came amid mounting U.S. frustration over the EU’s slow pace in keeping its side of the bargain, under which it would scrap import duties on U.S. industrial goods. The enabling legislation is now up for a plenary vote in the European Parliament on Thursday. If it passes, talks between EU lawmakers, governments and the Commission would then begin on finally implementing the tariff changes. “We’re anxious to get this through the process. We understood they had to go through a process, but it’s been long enough. And hopefully we’ll get through it on Thursday and we can both move on to more economically beneficial endeavors,” Puzder stressed.  Trade lawmakers backed amendments at the committee stage to strengthen the EU’s protections in case Washington doesn’t respect its side of the deal.  They for instance introduced a suspension clause if Trump threatens the EU’s territorial sovereignty, as he did earlier this year when he pushed to annex Greenland. MEPs also added another provision that foresees that the deal would expire in March 2028.  Puzder declined to speculate on whether the deal could unravel altogether if the U.S. president were to launch any renewed threats.  “I hate to prejudge where this is going to go,” he said. “What everybody’s been saying on both sides is a deal is a deal. We had a deal; hopefully we still have a deal.” The ambassador stressed there had been a “very good two-way communication” between Trump’s team of Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, and the European Commission, as well as with Bernd Lange, who chairs the European Parliament’s Trade Committee.   “I’ve also had a number of meetings with Bernd Lange and members of parliament on these issues. So the communication has been very good and very open throughout this process,” Puzder said.

Many describe our geopolitical moment as one of instability, but that word feels too weak for what we are living through. Some, like Mark Carney, argue that we are facing a rupture: a break with assumptions that anchored the global economic and political order for decades. Others, like Christine Lagarde, see a profound transition, a shift toward a new configuration of power, technology and societal expectations. Whichever perception we adopt, the implication is clear: leaders can no longer rely on yesterday’s mental models, institutional routines or governance templates. Johanna Mair is the Director of the Florence School of Transnational Governance at the European University Institute in Florence, where she leads education, training and research on governance beyond the nation state. Security, for example, is no longer a discrete policy field. It now reaches deeply into energy systems, artificial intelligence, cyber governance, financial stability and democratic resilience, all under conditions of strategic competition and mistrust. At the same time, competitiveness cannot be reduced to productivity metrics or short-term growth rates. It is about a society’s capacity to innovate, regulate effectively and mobilize investment toward long-term objectives — from the green and digital transitions to social cohesion. This dense web of interdependence is where transnational governance is practiced every day. The European Union illustrates this reality vividly. No single member state can build the capacity to manage these transformations on its own. EU institutions and other regional bodies shape regulatory frameworks and collective responses; corporations influence infrastructure and supply chains; financial institutions direct capital flows; and civic actors respond to social fragmentation and governance gaps. Effective leadership has become a systemic endeavour: it requires coordination across these levels, while sustaining public legitimacy and defending liberal democratic principles. > Our mission is to teach and train current and future leaders, equipping them > with the knowledge, skills and networks to tackle global challenges in ways > that are both innovative and grounded in democratic values. The Florence School of Transnational Governance (STG) at the European University Institute was created precisely to respond to this need. Located in Florence and embedded in a European institution founded by EU member states, the STG is a hub where policymakers, business leaders, civil society, media and academia meet to work on governance beyond national borders. Our mission is to teach and train current and future leaders, equipping them with the knowledge, skills and networks to tackle global challenges in ways that are both innovative and grounded in democratic values. What makes this mission distinctive is not only the topics we address, but also how and with whom we address them. We see leadership development as a practice embedded in real institutions, not a purely classroom-based exercise. People do not come to Florence to observe transnational governance from a distance; they come to practice it, test hypotheses and co-create solutions with peers who work on the frontlines of policy and politics. This philosophy underpins our portfolio of programs, from degree offerings to executive education. With early career professionals, we focus on helping them understand and shape governance beyond the state, whether in international organizations, national administrations, the private sector or civil society. We encourage them to see institutions not as static structures, but as arrangements that can and must be strengthened and reformed to support a liberal, rules-based order under stress. At the same time, we devote significant attention to practitioners already in positions of responsibility. Our Global Executive Master (GEM) is designed for experienced professionals who cannot pause their careers, but recognize that the governance landscape in which they operate has changed fundamentally. Developed by the STG, the GEM convenes participants from EU institutions, national administrations, international organizations, business and civil society — professionals from a wide range of nationalities and institutional backgrounds, reflecting the coalitions required to address complex problems. The program is structured to fit the reality of leadership today. Delivered part time over two years, it combines online learning with residential periods in Florence and executive study visits in key policy centres. This blended format allows participants to remain in full-time roles while advancing their qualifications and networks, and it ensures that learning is continuously tested against institutional realities rather than remaining an abstract exercise. Participants specialize in tracks such as geopolitics and security, tech and governance, economy and finance, or energy and climate. Alongside this subject depth, they build capabilities more commonly associated with top executive programs than traditional public policy degrees: change management, negotiations, strategic communication, foresight and leadership under uncertainty. These skills are essential for bridging policy design and implementation — a gap that is increasingly visible as governments struggle to deliver on ambitious agendas. Executive study visits are a core element of this practice-oriented approach. In a recent Brussels visit, GEM participants engaged with high-level speakers from the European Commission, the European External Action Service, the Council, the European Parliament, NATO, Business Europe, Fleishman Hillard and POLITICO itself. Over several days, they discussed foreign and security policy, industrial strategy, strategic foresight and the governance of emerging technologies. These encounters do more than illustrate theory; they give participants a chance to stress-test their assumptions, understand the constraints facing decision-makers and build relationships across institutional boundaries. via EUI Throughout the program, each participant develops a capstone project that addresses a strategic challenge connected to a policy organization, often their own employer. This ensures that executive education translates into institutional impact: projects range from new regulatory approaches and partnership models to internal reforms aimed at making organizations more agile and resilient. At the same time, they help weave a durable transnational network of practitioners who can work together beyond the programme. Across our activities at the STG, a common thread runs through our work: a commitment to defending and renewing the liberal order through concrete practice. Addressing the rupture or transition we are living through requires more than technical fixes. It demands leaders who can think systemically, act across borders and design governance solutions that are both unconventional and democratically legitimate. > Across our activities at the STG, a common thread runs through our work: a > commitment to defending and renewing the liberal order through concrete > practice. In a period defined by systemic risk and strategic competition, leadership development cannot remain sectoral or reactive. It must be interdisciplinary, practice-oriented and anchored in real policy environments. At the Florence School of Transnational Governance, we aim to create precisely this kind of learning community — one where students, fellows and executives work side by side to reimagine how institutions can respond to global challenges. For policymakers and professionals who recognize themselves in this moment of rupture, our programs — including the GEM — offer a space to step back, learn with peers and return to their institutions better equipped to lead change. The task is urgent, but it is also an opportunity: by investing in transnational governance education today, we can help lay the foundations for a more resilient and inclusive order tomorrow.