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1. Aligning International Banking Regulation with the SDGs

Author:
Liliana Rojas-Suarez
Publication Date:
02-2025
Content Type:
Policy Brief
Institution:
Center for Global Development (CGD)
Abstract:
Basel III—the international standard for banking regulation—has strengthened global financial stability but has also led to unintended consequences that may hinder progress toward key Sustainable Development Goals (SDGs). This paper examines how Basel III’s regulatory framework may restrict bank lending to SMEs (impacting SDG 10) and constrain infrastructure finance (impacting SDG 8). Addressing these challenges requires refining risk assessment methodologies while preserving Basel III’s core objective: accurate risk evaluation. For SMEs, tailoring risk weights using local credit registry data can better reflect economic conditions in emerging markets. For infrastructure, recognizing it as a distinct asset class and leveraging credit risk mitigation tools could improve financing. Greater engagement from multilateral institutions, particularly the World Bank, is essential to advancing these solutions while maintaining financial stability.
Topic:
Regulation, Financial Stability, Banking, and Sustainable Development
Political Geography:
Global Focus

2. Improving the Efficiency of NRC Power Reactor Licensing: Environmental Reviews

Author:
Matt Bowen and Rama T. Ponangi
Publication Date:
04-2025
Content Type:
Special Report
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
Achieving net-zero emissions in the United States by mid-century requires the rapid buildout of low-carbon energy infrastructure. One challenge to this rapid buildout is the environmental reviews required by the National Environmental Policy Act (NEPA), which are part of federal approval processes for new energy projects. This process has increasingly caused significant delays and added costs, and the Fiscal Responsibility Act (FRA) of 2023 was passed by Congress in part to address these issues through amendments to NEPA that impose timelines on environmental reviews. For nuclear power, a low-carbon energy source that has a role in many US net-zero scenarios, environmental reviews are conducted by the US Nuclear Regulatory Commission (NRC) as part of its reactor licensing process. Because this process has at times been lengthy and costly, Congress passed the 2024 ADVANCE Act in part to require the NRC to implement its responsibilities under NEPA more efficiently. During the 2000s and 2010s, most of the environmental impact statements (EISs) these reviews produced would not have complied with NEPA’s new FRA timeline (two years or fewer) and page limit (150, or in extraordinary cases 300). More recent NRC environmental reviews for test reactor deployments have been somewhat quicker and had shorter review documents, perhaps a recognition by the agency that the efficiency of this process needed improvement. This report, part of a series of publications on nuclear licensing reform at the Center on Global Energy Policy at Columbia University SIPA, focuses on how the NRC can fulfill the new legal mandates on time and page limits for environmental reviews and in general improve the efficiency of these reviews. The report demonstrates that earlier (1970s–80s) environmental reviews for nuclear power reactors licensed under the 10 CFR 50 licensing pathway took less time and generated shorter review documents than those conducted under 10 CFR 52 during the 2000s and 2010s. The latter reviews—all of which were for large light water reactor projects—also utilized substantial NRC resources, thereby incurring significant costs to the applicants. None of these reviews found that the reactor projects were expected to create what the NRC calls “large adverse” environmental impacts, which could destabilize environmental resources. Although some “moderate adverse” impacts were identified, they typically came from unavoidable elements such as new transmission lines and traffic that would result from any large construction project. And beneficial impacts always came in the form of jobs and taxes. At the very least, these findings raise questions about the allocation of time and resources to various aspects of the NRC’s environmental review.
Topic:
Environment, Regulation, Carbon Emissions, Nuclear Energy, and Permitting
Political Geography:
North America and United States of America

3. Impacts of the Artificial Intelligence on International Relations: Towards a Global Algorithms Governance

Author:
Vicente Garrido Rebolledo
Publication Date:
01-2025
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
This article examines the transformative impact of artificial intelligence (AI) on international relations (IR) and global governance. It begins by presenting a conceptual framework that situates AI within the theoretical and practical dimensions of IR, and explores how AI influences global power dynamics, alters state behaviour, and reshapes institutional frameworks. The study highlights the ethical and regulatory challenges of AI governance, focusing first on the efforts of the United Nations (UN), the Council of Europe and the European Union (EU). Later, the article discusses the "AI technology race" between the United States and China and their regulations. Finally, the article highlights the need for ethical and responsible AI development to foster global cooperation and address the challenges and opportunities that this technology presents in contemporary international relations.
Topic:
International Relations, Science and Technology, United Nations, Governance, European Union, Regulation, Ethics, Artificial Intelligence, and Council of Europe
Political Geography:
China, Asia, North America, and United States of America

4. The militarization of artificial intelligence and the autonomous weapons

Author:
Andreas Heinz Westhues
Publication Date:
01-2025
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
The rise of autonomous weapons technology in recent conflicts demonstrates the increasing militarisation of artificial intelligence. The rapid development of new technologies, such as AI-based targeting systems and autonomous weapons systems, poses significant challenges to the international community. On the one hand, there are potential threats associated with militarised artificial intelligence. On the other hand, there are ethical dilemmas related to algorithmic decision-making and legal liability. While efforts have been made over the past decade to establish a regulatory framework under the Convention on Certain Conventional Weapons, progress has been hampered by a small group of resistant States. However, recent regional and international conferences have indicated a growing consensus in favour of an international treaty based on a two-tier approach. This approach seeks to prohibit full autonomy and to regulate autonomous functions in weapon systems.
Topic:
Science and Technology, Regulation, Artificial Intelligence, Militarization, and Autonomous Weapons Systems
Political Geography:
Global Focus

5. The Impact of Increased Mass Litigation in Europe

Author:
Fredrik Erixon, Oscar Guinea, Dyuti Pandya, Vanika Sharma, Elena Sisto, Oscar du Roy, Renata Zilli, and Philipp Lamprecht
Publication Date:
03-2025
Content Type:
Working Paper
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
The purpose of this study is to better understand the growth of mass litigation in the European Union (EU) and its economic consequences. European authorities have long encouraged consumers to seek redress through private litigation in European competition law and, more recently, they have shifted their focus towards collective actions in a broad range of areas, including data privacy and product liability. Facilitating access to justice through collective actions is not a cost-free option. Unfortunately, there is a lack of economic analysis on the consequences of an increase in collective action cases in the EU. It is crucial to understand the economic consequences of a “mixed regime” – that is, a regime based on both ex-ante public enforcement through regulation and ex-post enforcement through private litigation. The combination of these two enforcement models raises questions about how the system is intended to work together and what the consequences might be for the economy. This study examines the economic implications of these developments in the EU.
Topic:
Law, European Union, Regulation, Regional Economy, and Litigation
Political Geography:
Europe

6. EU Export of Regulatory Overreach: The Case of the Digital Markets Act (DMA)

Author:
Matthias Bauer, Dyuti Pandya, and Vanika Sharma
Publication Date:
04-2025
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
The EU’s Digital Markets Act (DMA) exemplifies the “Brussels Effect,” extending the EU’s regulatory influence beyond its borders and shaping global digital competition policies. While intended to curb the market power of large technology platforms and promote fair competition, its broad, rigid, and pre-emptive approach risks stifling technological development, deterring investment, and creating legal uncertainty, particularly in emerging markets still building digital infrastructure and seeking to attract foreign investment. Large technology firms play a pivotal role in global economic development, driving innovation, infrastructure upgrading, and consumer welfare. However, increasing regulatory scrutiny, particularly under DMA-like frameworks, could inadvertently harm the very markets they help grow by imposing compliance burdens that hinder business expansion and technology diffusion. Countries with weaker institutions and regulatory capacity – such as India, Brazil, South Africa, and other emerging market and developing economies (EMDEs) like Indonesia – could face greater risks of regulatory capture, corruption, and enforcement challenges if they replicate the EU’s approach without adapting it to their economic realities (Section 2). A key concern with the DMA is the departure from traditional case-by-case enforcement in competition policy, instead relying on broad, pre-emptive obligations based on ambiguous concepts such as fairness and contestability. This shift reduces legal certainty, increases the risk of inconsistent enforcement, and may inhibit dynamic competition, which is essential for innovation-driven sectors like fintech, e-commerce, ICT, and edtech. By prioritising static over dynamic competition, the DMA could impede technological progress, limiting consumer choice and long-term economic benefits (Section 3). The global adoption of DMA-like regulations risks further regulatory fragmentation and may create unintended consequences, particularly in emerging economies where regulatory frameworks, institutional quality, and market structures differ significantly from the EU. Broad prohibitions on business practices, such as self-preferencing and data-sharing, could limit opportunities for local firms to scale internationally, weaken cybersecurity protections, and reduce incentives for large technology firms to invest in these regions (Section 4). To ensure proportionate and effective competition enforcement, governments outside the EU should prioritise regulatory flexibility and case-by-case assessments over broad, static restrictions. OECD best practices on competition policy emphasise clear objectives, legal certainty, and regulatory proportionality, ensuring that competition enforcement supports, rather than stifles, innovation and investment (Section 5). Moreover, the risks of corruption and regulatory overreach in developing countries make broad ex-ante regulations especially problematic. Excessive discretionary power granted to local authorities could increase the risk of politically motivated enforcement, deter foreign investment, and undermine long-term economic growth. A more effective approach would be to strengthen institutional frameworks, enhance transparency, and adopt supply-side policies that support technology neutrality, free trade, and economic freedom.
Topic:
Science and Technology, European Union, Regulation, Digital Markets Act (DMA), and Economic Competition
Political Geography:
Europe

7. The quickly fading memory of why and when bank capital is important

Author:
Jesper Berg, Nicolas Boivin, and Hans Geeroms
Publication Date:
04-2025
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
Less than fifteen years after the global financial crisis of 2007-2008, banks and policymakers are calling for deregulation and lower capital requirements in the financial sector. They dispute that the Basel framework, the global standards for regulating large international banks, should be implemented fully in the European Union. One concern is that stricter capital regulation will affect the competitiveness of European banks compared to those in the United States and will restrict loan provision in the EU, despite Europe’s significant investment gap. However, deregulation should not be confused with reducing capital requirements for banks. On balance, there is only limited empirical evidence that respecting the capital requirements necessary to support financial stability hampers credit to the economy, investment or economic growth in the long term. Only well-capitalised banks can continue financing the economy during economic setbacks, and weakening the implementation of the Basel standards increases the risks of a new financial crisis. Bank lending and access to financing surveys also show there is no credit crunch in the euro area at present and that capital requirements are not the primary constraint on credit provision. A detailed look at current banking regulation does not support the conclusion that European banks are more strictly regulated overall than US banks. A direct comparison suggests rather the opposite. However, the compliance cost incurred by EU banks from current banking regulation can be reduced by simplifying EU rules.
Topic:
Markets, Financial Crisis, European Union, Regulation, Capital, and Banking
Political Geography:
Europe

8. European export finance needs a reboot

Author:
Conor McCaffrey and Niclas Poitiers
Publication Date:
06-2025
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
Export credit agencies (ECAs) play an important role in international trade by providing derisking instruments that function as public assistance to companies engaging in international commerce. As the geopolitical environment has become more fraught, this support has become ever more important. In recent years, the role of ECAs has evolved from a purely commercial one to include the pursuit of strategic goals, such as fighting climate change, shaping trade relations with key partners and securing access to critical raw materials. However, the system of European export credit agencies is not well equipped to deal with these challenges. ECAs are national with a variety of models and not all European Union countries have one. There is little transparency on their operations, very limited steering at the EU level and, beyond a small pilot project in Ukraine, no EU-level funding for European public goods. Non-EU ECAs have increasingly used funding instruments not available to EU ones, partly because of competition from countries not subject to the OECD Arrangement on Officially Supported Export Credits and state aid constraints. This makes the lack of coordination not only a strategic oversight but a potential competitive disadvantage. For these reasons, we argue that reform of the European ECA sector is necessary. We advocate for improved transparency and EU-level steering to ensure European strategic objectives are met. More complex is the question of how European public goods could be adequately supported by ECAs. Several models are possible, with the most promising option being EU level funding for projects implemented by national ECAs coupled with some form of EU level oversight.
Topic:
Governance, Regulation, Exports, Macroeconomics, and Financial Literacy
Political Geography:
Europe

9. How to improve the European Union’s sustainable finance framework

Author:
Silvia Merler
Publication Date:
02-2025
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
The European Union has sought to steer corporate behaviour to support its climate goals by adopting a large body of rules on sustainable investment, sustainability disclosures and sustainability labelling of financial products, underpinned by a taxonomy of activities considered sustainable. It is unclear, however, if this effort has had significant results. Examination of financial market data and metrics of investment flows towards green and sustainable investment shows up several weaknesses – both contingent and structural – in the EU sustainable finance framework, which could limit its effectiveness in aligning capital flows with climate objectives. The Sustainable Finance Disclosure Regulation (SFDR) is aimed at making the sustainability content of financial products more transparent but rests on a concept of ‘sustainable investment’ that is too broad and loosely defined. Meanwhile, the EU Taxonomy Regulation has not yet become established as the reference framework for corporate bond issuance or sustainable investing. The EU also lacks a coherent framework for transition finance – or investment that is not yet classified as sustainable but that represents progress to greater sustainability – despite this being the market segment to which the largest volumes of investment will need to flow in the short to medium run. Five adjustments would make the EU sustainable finance framework more effective at delivering the desired alignment of incentives. First, the taxonomy framework should be completed and clarified. Second, the SFDR definition of sustainable investment should be toughened. Third, the neutrality of the framework across capital market instruments, in particular debt versus equity, should be ensured. Fourth, a dedicated framework for transition finance should be developed. Finally, formal sustainable and transition labels for financial products should be introduced. This approach would make the sustainable finance framework more easily applicable to all kind of companies and all types of capital market instruments, regardless of whether they limit the use of proceeds, and it would be naturally extendable into a framework for transition finance and into a transparent sustainability labelling regime for financial products.
Topic:
Climate Change, European Union, Regulation, Finance, Macroeconomics, and Sustainability
Political Geography:
Europe

10. The Misleading Panic over Misinformation

Author:
David Inserra
Publication Date:
06-2025
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Misinformation is widely viewed as one of the most serious challenges facing modern societies. Together with the related terms “disinformation” and “malinformation,” nearly every present-day issue involves claims of misinformation. As a result, a host of actors have dedicated significant amounts of resources to the problem of incorrect or misleading information, especially online.
Topic:
Regulation, Freedom of Expression, and Misinformation
Political Geography:
Global Focus