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antonspisak.bsky.social
Political economist. Associate Fellow, Centre for European Reform. Geoeconomics, trade, and tech/innovation. Likes long runs, good coffee and the Paris Review.
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An extraordinary moment. America has publicly resigned its leadership of the free world

A key observation from the German elections: young people shifting to the political extremes. I find support for the far-left much less surprising than the surge of first-time males towards the far-right. Esp concerning given that the median right voter has already shifted in recent years.

NEW: updated long-run gap in voting between young men and women in Germany: Gender divide continues to widen, but contrary to what is often assumed, young men continue to vote roughly in line with the overall population, while young women have swung sharply left. www.ft.com/content/29fd...

AfD overwhelmingly won votes from non-voters and the centre-right. This is a standard pattern. It is a myth that the radical right are mainly winning disaffected centre-left voters.

Two additional remarks on risks ahead: 1) CDU/SPD only viable coalition. If coalition talks fail or SPD members vote against agreement, there is no alternative 2) CDU/SPD/Greens are 6 seats short of 2/3 maj. for debt brake reform or special fund to ramp up defence spending. Might become major issue

Mainstream Western parties have to find new ways of talking to young people, and first-time male voters in particular. They’re a major source of popular discontent, not only in Germany but also in the US, the UK, and elsewhere.

How has the UK been doing on goods exports over the last six years? Aside from crude materials, *all categories have declined*. Overall, between 2019 and 2024, goods exports fell by 16.2%, while goods imports dropped by 4.7% in volume terms ⤵️

“White House officials have told Ukraine to stop badmouthing Donald Trump and to sign a deal handing over half of the country’s mineral wealth to the US, saying a failure to do so would be unacceptable.” www.theguardian.com/world/2025/f...

If Trump is trying to pressure Zelensky into making concessions before he even has a seat at the table, then it is tactically stupid. If this is a genuine grievance, then the sitting US President has become a threat to, rather than a guarantor of, European security.

Does Congress still exist?

Just watched the Trump press conference in which US president said that Zelensky "should have never started the war" if he wanted a seat at the table in Riyadh. Unbelievable stuff.

Some of the most shameful comments uttered by a president in my lifetime. Trump is siding with the aggressor, blaming the victim. In the Kremlin they must be jumping for joy. I’d like to hope Republicans, who used to believe in resisting tyranny, would disavow the things Trump is saying & doing.

A good op-ed by Draghi in which proves he’s the most serious EU policy thinker of today. An external environment on which the EU built its economic model is rapidly changing, and EU leaders risk wasting a good crisis to take necessary steps they’ve been avoiding for a while. on.ft.com/4jVU4Fx

Italy's Corriere della Sera with key observations and data, picking up on Brad and my work. The newspaper highlights how China's aggressive export-led growth model, which is hammering the German economy, is having serious knock-on effects for Italy. The German crisis is a European crisis. 1/x

General views from Munich - No indication that Trump team has a plan - Broad concern over US posture in Europe becoming part of a Ukraine deal - Fear that Trump might visit Moscow on Victory Day - Scepticism about feasibility of European troops in Ukr, esp impact on NATO defences

Trump appears to be seeking a deal over the head of Ukraine & Europe. This is the moment for Europeans to seize the frozen Russian assets and use them to give Ukraine leverage; leverage to shape a deal & to walk away from a rotten one if necessary. www.hoover.org/research/fre...

If there’s a silver lining about Vance’s speech, it’s some people showing their true allegiances. Lord Frost, a defender of free speech, once in the running to be a UK national security advisor.

Ok folks, deep breaths. There is very real reason to worry about the dynamic emerging between Washington and Moscow when it comes to Ukraine. But there is also very real reason to believe that Ukraine and Europe can create a better outcome. (A rather long 🧵, obviously) /1

There’s such a clearcut pattern in all of Musk/Cummings’ thinking: cause the chaos; break “the system”; carry out a “regime change”. Press them on what the “regime change” is about or what it is for, and all you find is, at best, a few boring technocratic ideas on improving bureaucracy.

Reciprocal tariffs –– another way of saying 'the end of the multilateral trading system as we've known it since 1947'. www.bloomberg.com/news/article...

It's not just trade barriers. IMO the single market is an eco-system that ensures predictability and trust in product quality/safety. Cutting our ties makes the UK a worse place to do business and to deal with. Very hard to substantiate this from data of course.

Looking at the latest ONS trade data released this morning, I'd be hugely concerned if I were the UK's Chancellor. At the end of 2024, the UK's goods trade fell 8% compared to pre-pandemic levels. Goods exports were down 20% (!), dipping to levels last seen during the first wave of Covid.

The only chart you need to see about the state of the UK economy today. Something needs to change quickly, or the UK will experience the worst decade since the 1920s.

A few thoughts on where we stand after the opening night of Trump does Ukraine. The first glimpse of substance from Hegseth suggests huge concessions will be demanded from Kyiv with no sign of similar pressure on Moscow - rather the reverse, with Trump running hard after Putin. My conclusion? 1/7

2024 FULL YEAR UK TRADE DATA from ONS is out today Goods exports fell 5.1% 2023-2024, while imports declined 0.5%, reflecting weakness in manufacturing In contrast, services exports rose 3.4% Y-o-Y & services imports grew 3.3%, reflecting robust services output A thread...

This is a really good point. Putin didn’t invade Ukraine bc he wanted some territory in Donbas; he invaded to break Article 5 and show that NATO was a paper tiger. And that’s what Trump now appears to be giving him.

A new security architecture of Europe in which Nato is irrelevant is what Putin wanted from invading Ukraine. It’s clear today that Putin will get exactly that. His reward for invading a neighbouring country, and our price for acting too naively, too late.

If it becomes acceptable to grab territory via military force, something that hasn’t been true since 1945, then tariffs will eventually come to seem very second order in terms of the implications for globalization.

'It's 2029, and the UK and China stand together as last defenders of the neoliberal global economic order.' Discuss.

One of the most important stories you have probably missed. Showing the German and EU economies can be restructured from export surpluses to production needed at home. www.ft.com/content/e990...

Something for the UK govt to ponder: would the recently concluded EU-Swiss agreement fit into the UK’s red lines on not rejoining the single market? It would, in my view — and it could be a game-changer. But it requires a real strategic vision for EU relationship at the top of UK govt.

Another excellent expert panel on the UK-EU relationship and its future, with the European Affairs Committee hearing from Philip Rycroft, Shanker Singham and @antonspisak.bsky.social Session available online; transcript to follow soon committees.parliament.uk/event/23078/...

Looking forward to appearing before the House of Lords' European Affairs Committee this afternoon at 4pm to discuss the UK-EU reset –