After a turbulent start to the year marked by shifting central bank signals, renewed geopolitical tensions, and disruptive tariff announcements from the Trump administration, fixed income markets are entering the second half of 2025 with cautious resilience.
The prospect of greater fiscal union in Europe is a highly contentious subject. In light of recent geopolitical events and the current zeitgeist, Jonathan Gregory considers the likelihood and the practicalities of what various forms of debt mutualization would entail and how they might come about.