Sovereignty has a cost: who pays, and what gives?

Policymakers must design credible response packages under tight fiscal constraints within an EU framework that is not built for geoeconomic disruption. But the urgent cannot crowd out the important. Does Europe have the fiscal capacity to absorb geopolitical shocks and the political will to build the architecture it needs for tomorrow? Speakers: Gilles Mourre, Head of Unit for Fiscal Policy and Surveillance, DG ECFIN, European Commission Clara Leonard, Managing Director, Institut Avant-garde Tim Legierse, Counsellor for the MFF and Own Resources, Permanent Representation of the Netherlands to the EU Moderation: Paola Tamma, Financial Times Panel discussion held at the EMPN conference in Brussels on June 24th 2026.