Can an increase in defence spending affect investments in green energy and digital infrastructure? What do US tariff threats mean for the ECB? How does the ECB support smaller countries in the Eurosystem? And is AI an opportunity or a risk for the financial future?

In the last episode of our Sintra series, our host Stefania Secola takes us on a walk around the ECB Forum and gets top experts to answer your questions.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 9 July 2025 and recorded during the ECB Forum on Central Banking in Sintra between 30 June and 2 July 2025.

In this episode:
02:05 Defence spending
Can an increase in defence spending affect investments in green energy and digital infrastructure?

08:08 Tariffs
How do US tariff threats affect the economy? What do they mean for the ECB? And what are the opportunities for Europe?

14:14 Smaller vs. bigger economies in the Eurosystem
Does the ECB prioritise bigger economies over smaller ones? Do smaller countries, such as Slovenia, benefit from the ECB’s monetary policy?

18:55 Artificial intelligence
Is AI an opportunity or a risk for the financial future?

Further readings: 
Gensler, G., Johnson, S., Panizza, U. and Weder di Mauro, B.: The Economic Consequences of The Second Trump Administration: A Preliminary Assessment
https://cepr.org/publications/books-and-reports/economic-consequences-second-trump-administration-preliminary

The ECB Podcast: AI: economic game changer or job taker?
https://soundcloud.com/europeancentralbank/ai-economic-game-changer-or-job-taker

ECB Instagram
https://www.instagram.com/europeancentralbank/



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Ask the ECB Forum: defence, tariffs and AI – insights from top experts

The European Central Bank Podcast – bringing you insights into the world of economics and central banking. 

Our hosts Paul Gordon and Stefania Secola talk to experts about the topics and trends that matter to the eurozone economy today.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.