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America’s Creditors Have a Say
The yen intervention at the end of July revealed a new constraint on Washington: the world’s largest debtor can no longer assume that its creditors will…
Aug 19
•
Ralf Billstein
1
Canada Is Already a Member of the EU – Sort Of
No one wants to change the EU treaties to redefine the geographical requirement for membership. Brussels has found a faster way to bring Canada closer…
Aug 10
•
Ralf Billstein
3
July 2026
The Luxury of Being Wrong
The Baltic states did not predict Russia and China better than anyone else. They simply could not afford to be wrong about either, and priced both risks…
Jul 30
•
Ralf Billstein
4
The happiness provider
The most successful World Cup in history was a triumph for everyone with a vote.
Jul 18
•
Ralf Billstein
2
Small Enough to Sanction
The EU found Israel in breach of its own trade agreement, wrote the legal act, and could not pass it. Every future signatory was watching.
Jul 12
•
Ralf Billstein
3
Two parties, one birthday
The United States turned 250 today. It could not agree on who gets to host.
Jul 4
•
Ralf Billstein
1
June 2026
What Trump traded for the Strait
Iran got the Strait. The United States got the same promise it already had.
Jun 23
•
Ralf Billstein
2
2
The Wrong Race
Everyone asks whether Europe has lost the race to build artificial intelligence. That is the wrong race to be watching.
Jun 21
•
Ralf Billstein
2
The price of principle
Germany describes its Israel policy as historical responsibility. The UN General Assembly described it as a losing position.
Jun 8
•
Ralf Billstein
2
The Continent That Forgot to Grow
Europe is not in crisis and that is precisely the problem.
Jun 1
•
Ralf Billstein
2
May 2026
The fisherman who reconsidered
The queue outside Brussels is growing. Not because the EU got better — because everywhere else got harder.
May 27
•
Ralf Billstein
1
The Visible Hand
When power stops hiding what it does, the institution is already gone.
May 20
•
Ralf Billstein
1
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