CEPS Annual Report 2025

Thinking Ahead for Europe

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Scary time for the EU,
but a busy year for CEPS

2025 turned out to be a very eventful year, sometimes concerning, so we’ve all been hoping for a calmer, more positive 2026 for the EU, Europe and the world. Alas, it appears that once again, 2026 will be another turbulent year.

More than ever, evidence-based independent policy research is needed in times of power politics and ideological warfare. Think thanks have a crucial role to play in these circumstances, to stay above the fray and to provide deep insights into thorny policy challenges. 

Indeed, over the past year we’ve been highly active in some of the thorniest debates taking place in Brussels, from the Commission’s ongoing deregulation exercise in the sustainability agenda, the pressures on EU digital policies, and the renewed calls for a more unified EU capital market. We’ve done this through an impressive number of publications, which range from short, op-ed-style expert commentaries, through to longer, deeper in-depth analysis papers, as well as several high-level events with key stakeholders, and, of course, our flagship annual event, Ideas Lab.

Karel Lannoo ​
CEPS Chief Executive Officer

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RESEARCH PRIORITIES

2025 marked a decisive rupture in the global order. Coming on top of Russia’s full-scale invasion of Ukraine, escalating conflict in the Middle East, economic stagnation across much of Europe and the rise of populist, anti-EU movements, the year pushed an already strained system into open instability. The most disruptive shift was Donald Trump’s return in the United States. Washington adopted an overtly transactional foreign policy, sharply degrading transatlantic relations through tariffs, conditional support for Ukraine bordering on coercion, and explicit ambitions to seize Greenland by any means necessary. The EU increasingly found itself not just sidelined but directly targeted.
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HIGHLIGHTS OF THE YEAR

A STRONG YEAR FOR CEPS PUBLICATIONS
Publications are the fundamental building blocks for almost everything we do at CEPS – it’s how we showcase our research and expertise to the world, how we ‘think ahead for Europe’ and as a result, they inform much of what else we do, from our social media engagement and inhouse events, and how we engage with the media and our members, collaborators and other key stakeholders. Overall, CEPS put out close to 200 publications in 2025 – here’s to an even more productive 2026!
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IDEAS LAB PODCAST SERIES AND CEPS TECH PODCAST
Our new podcast allows listeners to directly explore the policy issues and challenges discussed at Ideas Lab, giving them an insight into the brand new ideas that will shape Europe’s future in an increasingly complex global landscape. Alongside this new series, the CEPS Tech Podcast, which launched in June 2024, continued with brand new episodes featuring high-level speakers like Nobel laureate Daron Acemoglu and American economist David Autor.
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NEW RESEARCH ON HEALTH TOPICS AND HELIX
This past year, some of our researchers from the GRID unit began working much more extensively on a new topic – health. Alongside this, CEPS launched HeliX – a website entirely dedicated to providing comprehensive analyses of the EU’s global health policy, combining expert insights, data analysis and foresight.
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CEPS’ OFFICIAL SUBSTACK – THINKING AHEAD FOR EUROPE
This year, in September, CEPS launched its official Substack channel, ‘Thinking ahead for Europe’. With the policy debate evolving rapidly, today’s conversations are faster, more dynamic and increasingly shaped by platforms that allow direct engagement with readers.
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DATASETS OF LEGAL AND POLICY INSTRUMENTS FOR THE DIGITAL WORLD
At multiple levels, there has been an explosion of policy documents, declarations, strategies, laws and regulations, and court cases that are relevant to the digital world. This is why CEPS began publishing a series of datasets to provide the necessary tools to the research community to help them make sense of this tsunami of legislative measures. This will be an ongoing series that will continue to be updated regularly in 2026.
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CEPS ACADEMY
We internally relaunched our CEPS Academy in November. The new CEPS Academy core curriculum covers the main notions of the European policy landscape and research methods. In 2026, we look forward to adapting this offer to launch with our members, alongside a series of exclusive masterclasses which will zoom in on the most recent policy developments.
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LAUNCH OF THE CEPS WELLBEING CHARTER
In 2025, CEPS launched a small working group, consisting of the CEPS Human Resources Department and representatives of the Diversity, Equity and Inclusion Committee (DEIC), to draft the very first CEPS Wellbeing Charter, based on input from a staff wellbeing survey and the annual staff survey. In 2026, a dedicated Action Plan – consisting of a series of practical steps to implement the Charter’s principles – will be rolled out across the organisation.
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DIVERSITY, EQUITY AND INCLUSION COMMITTEE
Launched in January 2023, the CEPS Diversity, Equity and Inclusion Committee (DEIC) has continued its efforts to cultivate a truly inclusive and diverse culture at CEPS. This year also marked a turning point for DEIC, as it expanded its activities and organised both its first ever session during our flagship event Ideas Lab, and its own CEPS public event later in the year.
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THE YEAR IN PUBLICATIONS

In 2025, CEPS’ exceptionally strong in-house capacity powered forward, producing nearly 200 publications. As always, our publications are at the heart of CEPS’ drive to ‘think ahead for Europe’. Please see below a carefully curated selection of some of our most prominent publications from 2025.

THE YEAR IN EVENTS

OPPORTUNITIES FOR EU-US RELATIONS IN THE TRUMP 2.0 ERA
With early decisions from the Trump 2.0 White House suggesting major shifts in US foreign policy, many anticipate a cooling in the EU-US partnership. The EU’s current priorities in its dealings with the United States – defence, trade and China – now require, more than ever, a strong advocate to promote the bloc’s interests.
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KOSOVO'S PATH TO THE EU: ADVANCING DEMOCRACY, SECURITY, AND ECONOMIC GROWTH
As Kosovo progresses on its path toward European integration, it faces both challenges and opportunities in strengthening democracy, ensuring security, and fostering sustainable economic growth.
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RISING TO THE CHALLENGE: EUROPE'S PATH TOGROWTH AND RESILIENCE
The deteriorating global order is adding further complications to Europe’s already challenging economic situation. New tariffs come at a time when economies are grappling with structural transformations in demographics and energy, and amidst increasing security spending needs. In response to this, the January-June 2024 Belgian Presidency of the EU tasked former Italian Prime Minister Enrico Letta with drafting a comprehensive report.
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REALISING THE SAVINGS AND INVESTMENTS UNION: INCLUSION AS A VECTOR OF INTEGRATION FOR EU CAPITAL MARKETS
In her September 2024 mission statement for the Commissioner for Financial Services, the President of the EU Commission made it clear that realising the Savings and Investments Union (SIU) is a priority. Europeans are facing a significant pension savings gap and capital markets must play a role in mitigating it.
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RAINBOW RESILIENCE: STANDING FIRM AGAINST THE LGBTIQ+ RIGHTS CRACKDOWN IN EUROPE
On the eve of the International Day Against Homophobia, Biphobia and Transphobia (IDAHOBIT) and Brussels Pride, CEPS brought experts together to discuss the backlash against the LGBTIQ+ community across Europe.
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EUROSTACK: A CONCRETE PATHWAY TO EUROPEAN DIGITAL SOVEREIGNTY AND STRATEGIC AUTONOMY
Over the past few months, the need to secure Europe’s digital sovereignty and strategic autonomy has transformed from a ‘nice to have’ to a ‘must have’ – an imperative for political leaders, businesses and citizens.
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THE EUROPEAN OPEN SOURCE SECURITY FORUM
The European Open Source Security Forum brings together leaders from the open source software (OSS) community, European governments, institutions and agencies and the private sector to advance impactful security initiatives, policy efforts, and cross-collaboration.
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WHAT'S NEXT FOR MOLDOVA AND UKRAINE'S FAST-TRACK ACCESSION
Held the day after the European Commission published its 2025 Enlargement Package, this event offered a forward-looking discussion, with the Deputy Prime Ministers of Moldova and Ukraine and the Director-General of DG ENEST, on the next steps in Moldova’s and Ukraine’s EU integration.
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FROM 883 TO THE FAIR LABOUR MOBILITY PACKAGE: WHAT PROSPECTS FOR BALANCEDWORKER MOBILITY WITHIN THE EU?
The Commission’s next Fair Labour Mobility Package, expected to be released before the end of 2026, is likely to introduce measures ranging from revising the European Labour Authority’s (ELA) mandate, to a major push for digitalising social security systems, facilitating faster and more reliable exchanges between national authorities.
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the year in projects and task forces

GRACE
The GRACE project is designed to level up the implementation of the EU Charter of Fundamental Rights in Member States which have been vulnerable to a deterioration in fundamental rights and the Rule of Law in recent years, namely Bulgaria, Romania and Greece.
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SOPHIA
SOPHIA addresses the problem of photovoltaic panels’ end of life, their management and society’s awareness on electronic waste management. The project will implement several Advanced Digital Solutions, involving all actors in the value chain, to increase these products’ reuse and repair rates.
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AIOLIA
AIOLIA provides a robust response to the complex challenges posed by the need to operationally interpret the EU AI Act and global AI regulation.
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A MORE AGILE AND DYNAMIC FP10
This project's goal is to understand how a broad range of stakeholders from both within and outside the EU are thinking about the future FP10, while encouraging cross-fertilisation of ideas, contributing to building a set of coherent asks and informing organisations’ own asks around FP10.
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THE CHALLENGES AND IMPACTS TO A SOCIAL AND INCLUSIVE EUROPE IN THE NEXT DECADE
This project aims to synthesise and analyse existing research on socio-economic changes affecting the European Social Fund Plus (ESF+) and the European Pillar of Social Rights (EPSR). Rather than generating new data, the project focuses on creating a coherent framework to understand available research from academic, institutional, and private sector sources.
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A EUROPEAN PILLAR WITHIN NATO
CEPS has convened a Task Force in close collaboration with Clingendael, the Institute for European Policymaking of Bocconi University and RUSI that aims to plug a major gap left by official initiatives and the literature on what form a future European pillar within NATO could take: one that acts through the Alliance if it can but autonomously if it must.
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UKRAINE'S AGRICULTURAL RECOVERY
This Task Force is focusing on five key areas essential to Ukraine’s agricultural reconstruction: securing safe and fertile land for production, improving access to finance, unlocking access to technology, rebuilding critical infrastructure and strengthening Ukraine’s role in global food security.
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FOSTERING EUROPEAN LEADERSHIP FOR THE NEW SPACE AGE
This CEPS Task Force has launched an inquiry into Europe’s pain points in the space domain as well as its strengths, and how the EU could break out of the dilemma of being left one step behind.
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ADJUSTING THE EU'S REGULATORY PROCESS AND SUPERVISORY STRUCTURES
Through its task force, CEPS, ECMI and ECRI aim to contribute to this critical review process and support a more coherent regulatory approach for the future.
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CEPS IN THE POLICY DEBATE

  • Andrea Renda delivered a keynote lecture for DG RTD on ‘quantum policymaking’. His work on this topic, combining foresight, multi-criteria policymaking and adaptive regulation, was explicitly mentioned by DG GROW in its new blueprint for industry policy released at the end of 2025.
  • Sergio Carrera participated in a close-doors bilateral meeting between CEPS and PICUM with the European Commission’s Director of the Migration and Asylum department and the Head of the Return Unit to present and discuss the preliminary MORE project
  • Irina Kustova spoke at the International Energy Policy Summit as part of a panel on ‘Decarbonisation as a driver of European integration’.
  • Karel Lannoo spoke at ESMA’s 2025 conference ‘Shaping the future of EU capital markets’.
  • Sergio Carrera gave a presentation on the panel ‘Implementation of the new measures and instruments’ at the European Parliament’s LIBE-PETI joint public hearing on ‘Border checks and the future of the Schengen area’.
  • Beatriz Pozo presented the 2024 EU Payment Observatory Annual Report to an European Economic and Social Committee (EESC) Members meeting.
  • Berta Mizsei participated in the by the EESC.
  • Karel Lannoo spoke at Better Finance’s International Conference ‘Towards a Savings and Investment Union’.
  • Karel Lannoo organised a ‘Chief Economists – Macro Group’ webinar, chaired by Erik F. Nielsen, Senior Advisor at Independent Economics and former Group Chief Economic Adviser at UniCredit. The Macro Group initiative aims to bring together chief economists and offer insights into Europe’s macroeconomic landscape. Karel also participated in two subsequent webinars in this series, which were organised in April and October 2025.
  • Olesya Grabova, J. Scott Marcus, Pierre-Alexandre Balland and Robert Praas presented a study on generative AI to the EESC.
  • Apostolos Thomadakis spoke at the 2025 EFFAS Capital Markets Forum, on the panel ‘The Capital Markets Union: is it still alive’.
  • Cinzia Alcidi gave a keynote speech at POLITICO’s Public Affairs Forum, titled ‘As tensions increase with the Trump administration, where does the EU stand?’.
  • Fanny Sauvignon participated in a closed-doors meeting organised by the OECD Development Assistance Committee to discuss global development cooperation and the Global Gateway.
  • Karel Lannoo spoke at a high-level conference on EU capital markets organised by the Confederation of Swedish Enterprise.
  • Vasileios Rizos participated in the International Workshop on Applied Economics and Sustainability, giving a presentation on a new framework for environmental policy instruments.
  • Andrea Renda delivered a keynote speech on the creation of a network of national AI supervisors at UNESCO’s expert roundtable on AI for Competent Authorities.
  • Apostolos Thomadakis presented the EP study ‘Reporting obligations’ during a JURI committee meeting at the European Parliament.
  • Davide Monaco spoke on a panel on AI and the future of work at the 2025 EU-US Young Leaders Seminar organised by the German Marshall Fund of the United States.
  • Judith Arnal participated in ACI Worldwide and The Paypers’ Summit and spoke during the session ‘The next frontier in fraud prevention’.
  • Fanny Sauvignon spoke on the panel 2025 organised by the Anna Lindh Foundation.
  • Louise Bengtsson participated in a roundtable at Almedalen Democratic Festival organised by the One Campaign.
  • Raquel Jorge spoke at Euractiv’s Tech Policy Conference.
  • Sergio Carrera and Davide Colombi participated in a workshop on ‘Local realities, European ambitions: integration and transnational engagement of the Afghanistani community in Brussels’, organised by CEPS and the Network of Afghanistani Diaspora Organisations in Europe.
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  • Andrea Renda and Pierre-Alexandre Balland presented their study on Sweden’s competitiveness to the Royal Institute of Technology in Stockholm as well as in private closed-door meetings with key stakeholders and policymakers.
  • Apostolos Thomadakis spoke at the 2025 Sustainable Finance and Asset Management Conference organised by the Vlerick Sustainability Centre.
  • Cinzia Alcidi gave a keynote speech on the ‘faltering global order in the age of geoeconomics’ at the annual IPE Infrastructure & Nature Capital Conference
  • Laura Nurski gave a presentation on AI and the future of work to the World Employment Confederation’s Economic Affairs Committee.
  • Patricia Urban presented CEPS’ research on sufficiency policy for buildings at the World Resources Forum.
  • Tinatin Akhvlediani joined a panel on economic challenges and cooperation in the South Caucasus at the 108th Rose-Roth Seminar organised by the NATO Parliamentary Assembly.
  • Andrea Renda became a Commissioner in the NUS PRIME Lancet Commission on pandemic preparedness and spoke at the World Health Summit in Berlin.
  • Christian Dietz spoke on a panel organised by Sciences Po PSIA, CERU and KU Leuven, ‘Ten years after Paris: lessons learned and the road to 2030’.
  • Cinzia Alcidi gave a keynote speech on ‘Global challenges in the age of geoeconomics’ at .
  • Fredrik Andersson presented the CEPS In-Depth Analysis on the Swedish financial sector at the FSCI-COLC Financial Services Dialogue.
  • Harry Crichton-Miller gave a presentation on trade-offs between competitiveness and social priorities at the UK Mission to the European Union.
  • Karel Lannoo spoke at the 34th EuroFinance International Treasure Management conference on the panel ‘Finance infrastructure: the evolution of regulation and banking’.
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  • Ceren Ergenc and J. Scott Marcus presented CEPS’ study ‘The next steps for European economic security – lessons learned from Chinese Economic Coercion’ to the European Parliament’s ITRE committee.
  • Cinzia Alcidi gave a keynote speech on the EU’s economic security at the Association of Independent Economic Research Institutes’ Autumn 2025 meeting.
  • Davide Colombi spoke during a panel on implementing the EU Migration & Asylum Pact at the Cyprus Forum Brussels.
  • Davide Monaco gave a presentation on a ‘’ to the Commission’s DG EMPL.
  • Edoardo Righetti moderated a panel on ‘Certifications and standards as enablers for sustainable critical raw materials value chains’ during Raw Materials Week 2025 organised by the European Commission.
  • Laura Nurski spoke on the panel ‘Future-proofing work: the role of job quality in supporting an engaged, adaptable, and resilient workforce’ at the Foundation Forum 2025, organised by Eurofound.
  • Timothy Yeung presented the EPRS study ‘Europe’s Beating Cancer Plan: implementation findings’ to the European Parliament’s SANTE Committee.
  • Apostolos Thomadakis spoke at a High-Level Conference on the 28th European company regiment organised by the Permanent Representation of France to the EU.
  • Tinatin Akhvlediani took part in a field mission to Ukraine organised by the German-Ukrainian Bureau with the support of the German Federal Foreign Office. She joined a distinguished expert group to better understand the realities on the ground regarding Ukraine’s EU accessions prospects.
  • Vasileios Rizos spoke at the event ‘Can a fully-fledged EU circular economy model foster resilience, competitiveness and innovation in the European economy?’ organised by PubAffairs Bruxelles.

Financial Overview

CEPS’ revenues come from a wide variety of sources, which is fundamental to ensuring our independence. Just over 40% of our net income originates from calls for tenders and grants from the EU institutions. This figures includes activities from six H2020 projects, 17 Horizon Europe projects, and various DGs & Committees within the European Commission and Parliament, and other EU agencies.

In line with our strategic agenda we have increased the income coming from foundation funded projects to 16%. We received a further 14% from membership fees that include a diverse group of corporations and institutions.

The remaining income was generated through projects with private organisations (10%), international institutions (3%), national governments (3%) as well as through the organisation of events, such as the Ideas Lab. This breakdown does not include revenue earmarked for CEPS’ various project partners.

CEPS Membership

Our membership network comprises approximately 160 members from industry, institutions and associations across diverse sectors and location. At CEPS, we greatly value this broad membership base as it serves multiple vital purposes. Not only does it bolster our mission to ‘think ahead for Europe’ and helps to uphold our independence, but it also enables us to stay attuned to Europe’s ever-evolving landscape. Additionally, our members act as invaluable sounding boards, essential for testing the feasibility of our policy recommendations.

By joining CEPS, members lend their support to our pursuit of independent and high-quality research that significantly contributes to shaping policy dialogues at both the European and global levels. In return, our members gain exclusive opportunities. These include direct interaction with EU decision-makers in a multitude of settings, both formal and informal. Members participate in well-informed and balanced discussions concerning European affairs, enabling them to access expert insights into political issues and legislative proposals. 

KNOWLEDGE

Deepen your insights of current and future policy implications by accessing briefings from CEPS researchers. You will also have access to our members-only insights exclusive summaries outlining the main context, takeaways and other relevant information from our latest publications.

rESOURCES

Learn and exchange views on the most important EU policy developments by being part of CEPS Task Forces and CEPS’ main annual event, Ideas Lab. 

NETWORK

Expand the visibility of your organisation by engaging with the CEPS network. CEPS hosts regular gatherings of its corporate and institutional members representing industry, regulators, institutions, associations, and academia. 

EVENTS

Engage in thought-provoking discussions with diverse stakeholders while taking advantage of complimentary access to CEPS Ideas Lab, exclusive thematic roundtable sessions, high-profile speaker events, expert briefings, and members-only webinars. 

NEWS

Receive a weekly member newsletter for important updates on research and publications. Be among the first to learn about the latest policy developments. 

PLATFORM

Use a neutral platform to co-host special events with CEPS, ensuring a well-informed and balanced discussion. You also can commission independent research on a topic of joint interest.

Corporate Membership

Corporate Membership

Designed for international institutions, multinational corporations and other large and medium-sized companies, our corporate membership gives access to state-of-the-art research and participation in a dynamic forum for networking and exchanging ideas. Corporations join CEPS with the aim of promoting an informed and balanced debate on European affairs, obtaining independent insights into the debate on various political issues and advancing the debate by providing input themselves.
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Associations and Foundations Membership

Corporate Membership

Designed for associations containing different national and international corporations or large foundations, our association membership gives access to state-of-the-art research and participation in a dynamic forum for networking and exchanging ideas. Associations join CEPS with the aim of promoting an informed and balanced debate on European affairs, obtaining independent insights into the debate on various political issues and advancing the debate by providing input themselves.
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Institutional Membership

Corporate Membership

CEPS offers its institutional membership to diplomatic missions and embassies, trade associations, NGOs, universities and regional offices. For these members, CEPS serves as a leading forum for debate on EU affairs, drawing on its strong in-house research capacity, complemented by an extensive network of partner institutes throughout the world. CEPS’ institutional members receive a steady flow of informed and stimulating policy analysis and are given regular opportunities to make their views known to high-level Brussels insiders.
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About CEPS

The Centre for European Policy Studies (CEPS) stands as a preeminent think tank and a prominent forum facilitating discussions on EU affairs. Our institution boasts an unparalleled in-house research capacity, couple with an expansive network of partner institutes.

We serve as an impartial platform, fostering dialogues and proffering viable solutions for EU policymaking. This is accomplished through a spectrum of initiatives, including research projects, the publication of findings, the facilitation of task forces, and the organization of regular events and workshops.

At CEPS, our researchers are distinguished experts who offer profound insights and astute policy analysis spanning a wide spectrum of areas. These encompass economic and financial matters, strategies for enhanced regulation, the burgeoning digital economy, trade policies, energy and climate-related issues, as well as the complex domain of foreign policy, among others. Through our multifaceted approach, we endeavour to contribute significantly to the development of well-informed and effective policies in the European Union and beyond.

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