Europe is facing significant challenges as it seeks to maintain economic stability and adapt to an evolving geopolitical landscape. De-globalisation trends may have complex implications for global value chains, economic efficiency, capital allocation, R&D incentives, and the structural transformations needed to achieve climate neutrality. The COVID-19 pandemic has highlighted vulnerabilities in global supply chains, prompting nations to reassess their industrial strategies, particularly in healthcare and technology. Industrial policy has emerged as a key tool for enhancing supply chain resilience and reducing economic vulnerabilities during crises. Additionally, escalating geopolitical tensions have led governments to embrace industrial policy to secure a competitive edge in strategic sectors. The EU is reflecting on the positive externalities of Member States' investments in defence while preserving its single market. The 25th anniversary of the Euro's introduction invites reflection on its influence on the Eurozone's economy and its potential international role, with ongoing policy initiatives aimed at enhancing the Euro's dominance in the global monetary system.