ECB Director general economics on how Europe's economies are responding to the Hormuz energy shock.

Publications mentioned by Oscar below:

https://www.ecb.europa.eu/press/blog/date/2026/html/ecb.blog20260603~3015f38292.en.html

https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250508~897078ce87.en.html

https://www.ecb.europa.eu/press/blog/date/2026/html/ecb.blog20260309~3a4841b028.en.html

This is the first part of our interview with prof. Keen, where we talk about the economic consequences of the Iran war and what to expect after the reopening of the strait of Hormuz.

For decades, productivity and wages grew together. Then they didn't. Since the 1970s, workers across the developed world have become significantly more productive, yet their wages have largely stagnated. Where did the gains go, and what can policy actually do about it?

In this episode, we examine the central argument of The Wage Standard, the new book by labor economist Arindrajit Dube. Dube argues that the decoupling of wages from productivity is not an inevitable consequence of technological change or globalization, but a political and institutional failure, one that can be reversed. We walk through the mechanisms behind wage stagnation, the role of market power in labor markets, and the policy levers Dube proposes to restore the link between work and prosperity.