What Drives Their High Profits, How to Share Them with Savers, and What’s Driving the New Round of Banking M&A Bankers are among the most disliked – and envied – people in the world: they privatize profits and, in times of crisis, socialize losses. While bailouts can sometimes be unavoidable, they can be prevented with simple rules and strong, independent regulators. And profits, too, can be shared – not through one-off taxes, but by steadily lowering costs for customers and businesses. By contrast, heavy political involvement in banking M&A risks holding back the development of capital markets and reinforcing an economy still overly reliant on banks. Four years after Russia’s invasion of Ukraine, we also revisit the country’s economy and the situation of refugees in Europe, caught between the desire to stay and the hope of returning home.

With soaring prices in major cities and no real housing policy, home has become the new symbol of inequality In Italy, having a home remains a universal aspiration, yet the state invests far too little to address the housing emergency. Fear of appearing to help immigrants or municipalities run by “opposing” political coalitions has stalled any meaningful action. The housing plan announced by Giorgia Meloni will only work if it truly delivers affordable student housing and public units—projects that have been stalled since the old Fanfani plan. Housing is fundamentally an issue of equality, mobility, and social cohesion. And it needs to be treated as such.

A more united Europe can become a leader among non-aligned countries, attract global talent, and strengthen the role of the euro Today, Europe has a unique opportunity to position itself as a global reference point, thanks to its independence from rival geopolitical blocs. But to seize this moment, it must become stronger and push forward decisively with deeper integration. That’s why, before welcoming new Eastern European countries, the EU needs to reform the rules that currently allow any member state to block decisions with a single veto. On the 40th anniversary of the Schengen Agreement, the European Union could also take a major step forward by introducing a shared social security code – an important move to strengthen the European identity that, for many young people, is already a natural part of their daily lives.

How Trade Wars Could Impact Income and Inflation Trump’s second presidency is shaping up to be even more aggressive than the first, with no restraints. His trade policies are driven by a mercantilist view of the economy, a narrow understanding of global interdependencies, and the interests of Big Tech. Will tariffs be used as a mere bargaining chip, or will they be enforced indiscriminately, sparking new trade wars? How will they affect income and inflation? What should we expect in key trade conflicts – between the U.S. and China, North America, Europe, and emerging markets? And what role can the European Union play? Italy, on its own, has little influence.

Understanding the Global Success of Populist Leaders How can over 60 million Americans be willing to vote for Donald Trump—a figure widely seen as unfit to serve as President of the United States—in the upcoming November 5 election? What drives the success of populist leaders worldwide, even when history shows their governments often bring widespread hardship, undermine democratic institutions, and weaken protections for private property? In this issue of Eco, leading economists, political scientists, journalists, and public commentators share their perspectives, offering valuable comparisons between trends on both sides of the Atlantic.

The exodus of doctors and nurses, the emergency room crisis, and the forgotten lesson of the pandemic People are living longer, but the inequality in aging is growing. There are increasing disparities in longevity and the chances of having a long, healthy life, influenced by income, occupation, and place of birth. Meanwhile, young people are facing rising levels of depression. Italy’s universal healthcare system faces significant challenges. During the pandemic, we received nearly 200 billion euros from Europe. It was expected that we would use these substantial resources to prepare for these challenges. Instead, emergency medicine is in a constant state of crisis, with shortages of doctors in many specialties and an even greater shortage of nurses. With the Recovery and Resilience National Plan, we have taken on an additional 123 billion euros of debt and have no more funds for healthcare. Despite this, there are still many improvements that can be made even with limited resources.