Europeans are trying to decouple from US financial infrastructure, as they question their reliance on Visa and Mastercard. The US raised tariffs to their highest level in almost a century, China retaliated and global policy uncertainty intensified. And still, global growth is projected at 3.2 per cent, exactly what forecasters expected a year earlier when none of this turbulence was on the horizon. It would be a mistake, however, to think the global economy is unaffected by tariff fights and policy chaos. The EU must deepen its single market, raise productivity and position itself as an attractive destination for global capital seeking diversification.

Source: The Irish Times January 08, 2026 06:32 UTC