Senior Policy Fellow
Global economy, Russian economy, global trade, de-risking, US-EU-China economic competition
French, English, Russian, Arabic (Levantine dialect/classical), Spanish
Agathe Demarais is a senior policy fellow at the European Council on Foreign Relations. Her areas of interest include the global economy, US-EU-China economic relations and economic statecraft. She heads ECFR’s geoeconomics and tech team, and co-leads ECFR’s flagship Re:Order project, exploring emerging visions of the global order, as well as the interplay between economic might and geopolitical influence.
Before joining ECFR, Demarais was the global forecasting director of the Economist Intelligence Unit (EIU), the research arm of The Economist. She led the EIU’s global economic and geopolitical analysis, with a particular focus on trade developments, emerging markets and economic statecraft.
Demarais is the author of “Backfire”, a book on the global ripple effects of US sanctions and export controls. The book draws on her experience as an economic policy adviser for the diplomatic corps of the French treasury in Russia and Lebanon. She also previously worked in investment banking in Russia and the US.
Outside ECFR, Demarais is a visiting professor at the College of Europe and a permanent adviser to the policy planning unit of the French MFA. She is also a regular columnist for Foreign Policy and a frequent commentator for the media. Her essays have appeared in Foreign Affairs, The Economist, the Financial Times, the Times, the Journal of Democracy, Politico and Le Grand Continent.
Demarais holds master’s degrees from Sciences Po Paris and Columbia University, where she was a Fulbright scholar. She is a younger generation leader of the European Leadership Network, a participant in the Franco-British Young Leaders programme, and a member of the World Economic Forum’s Expert Network.
In the coming years, China’s leaders could make good on their pledges to “reunify” Taiwan and the Chinese mainland by force. European policymakers need to begin preparing economic statecraft options for such a scenario – and they need to do so now
Picture this scenario: the year is 2028 and Western intelligence services have reached an alarming conclusion. Credible sources suggest that China is about to impose a maritime blockade around Taiwan – a step that intelligence officers believe will precede a full-scale invasion of the territory. As the world braces for impact, the European Union and…
As the European Union sets its new agenda, this webinar will delve into geoeconomics-related priorities for the incoming European Commission. Drawing on two new ECFR reports – “It just makes cents: Why the EU needs to step up its geoeconomics game” and “Fortune favours the bold: Upgrading the EU’s geoeconomic strategy” – this…
European countries are increasingly using economic statecraft, such as sanctions, export controls or industrial policy, to respond to geopolitical challenges. To co-ordinate a comprehensive response, the next European Commission needs a geoeconomics vice president
À seulement six mois de l’élection présidentielle américaine de novembre, les Européens s’efforcent de se préparer à une possible réélection de Donald Trump. Dans le domaine économique, un retour de Trump à la Maison Blanche pourrait notamment se traduire par l’imposition de droits de douane américains élevés sur les importations en provenance d’Europe, par un élargissement des…
Disagreement over expanding the EU’s energy-related restrictions makes a ban on Russian LNG imports unlikely. At the same time, potential measures on helium suggest Europeans are keen to avoid becoming dependent on the growing Russian industry
The economic shock after COVID-19 plunged many African economies into debt trouble. Yet, four years later, the current system for restructuring debts – the G20 Common Framework – has struggled to support African economies in making their debts sustainable. A key block in these talks has been China. Chinese development banks have largely refused to take…
Mark Leonard welcomes Cinzia Bianco, Agathe Demarais, and Camille Lons to discuss the geoeconomics of the Gulf
India’s tough stance at the World Trade Organisation’s ministerial conference in Abu Dhabi illustrates emerging economies’ rising resentment towards EU trade policies
Mark Leonard welcomes Agathe Demarais and Stephen Adams to discuss de-risking and its impact on Europe and the global economy
The US president is throwing the EU lots of economic curveballs. Brussels should not be distracted by these; instead, it should double down on adopting measures that will benefit the bloc long after Donald Trump leaves the White House
The EU lacks cohesive governance to deploy economic statecraft tools, such as sanctions and export controls, undermining their impact and the bloc’s global credibility. The creation of an EU network focused on the design and implementation of these tools could help fix this
In the coming years, China’s leaders could make good on their pledges to “reunify” Taiwan and the Chinese mainland by force. European policymakers need to begin preparing economic statecraft options for such a scenario – and they need to do so now
France’s G7 presidency coincides with an American-led G20. Paris will not find it easy to collaborate with the Trump administration, but it can still find meaningful areas for G7-G20 cooperation
Rather than panicking or posturing, European leaders should prioritise EU unity, pinpoint their leverage and consider buying time
Ukraine receives a vital lifeline, but it is not coming from immobilised Russian reserves
As it gets ready for a tumultuous US presidency, the EU is something of a geopolitical castaway. To emerge (reasonably) unscathed from the next four years, EU leaders should learn from shipwrecked sailors about the need to keep calm, remain united and stay focused on long-term priorities
Europeans and Americans should work closely together on a staged sanctions lifting process. They must connect this to respect for human rights and the holding of elections
The EU vote in favour of tariffs on Chinese electric vehicles has exposed divisions across EU member states on how to approach the challenges that China’s economic rise pose
European countries are increasingly using economic statecraft, such as sanctions, export controls or industrial policy, to respond to geopolitical challenges. To co-ordinate a comprehensive response, the next European Commission needs a geoeconomics vice president
Disagreement over expanding the EU’s energy-related restrictions makes a ban on Russian LNG imports unlikely. At the same time, potential measures on helium suggest Europeans are keen to avoid becoming dependent on the growing Russian industry
India’s tough stance at the World Trade Organisation’s ministerial conference in Abu Dhabi illustrates emerging economies’ rising resentment towards EU trade policies
Deepening ties with Mercosur countries makes perfect sense as part of the EU’s de-risking efforts to diversify economic ties away from China. Further delays in signing a free trade deal would push Latin America closer to China’s orbit – for good
Mark Leonard welcomes Agathe Demarais and Janka Oertel to examine the diverse perspectives on US-China relations and how Europe can navigate this changing geopolitical landscape
Mark Leonard welcomes Agathe Demarais to unpack Trump’s “Liberation Day” tariffs and their seismic impact on the global economy
Mark Leonard welcomes Agathe Demarais and Abraham Newman to discuss how Europe can overcome its internal dysfunction to meet the geoeconomic challenges of today
Mark Leonard welcomes Agathe Demarais and Janka Oertel to discuss EU tariffs on Chinese electric vehicles and the potential for future economic sanctions
Mark Leonard welcomes Cinzia Bianco, Agathe Demarais, and Camille Lons to discuss the geoeconomics of the Gulf
Mark Leonard welcomes Agathe Demarais and Stephen Adams to discuss de-risking and its impact on Europe and the global economy
Mark Leonard talks with Agathe Demarais about how sanctions work and how they can be truly effective
The European Council on Foreign Relations (ECFR) and the Paris-based Institute of Sustainable Development and International Relations (IDDRI) will co-chair the Think7 (T7) in 2026. The T7 is the official engagement group of the G7 for global think tanks and research centres. It aims at building a bridge between research and policymaking in a bid…
Since the return of U.S. President Donald Trump to the White House in January, European policymakers have been struggling to sketch a sensible response to Trumponomics – an unpredictable, fast-changing and often baffling mix of U.S. trade, investment and finance policies that have a direct impact on Europe’s interests. In her latest ECFR policy brief, Agathe Demarais…
La Unión Europea se encuentra en una coyuntura crítica. La segunda administración Trump ha intensificado la presión comercial sobre Europa con nuevos aranceles y una agenda abiertamente proteccionista. Mientras, China está aprovechando su capacidad industrial y el control sobre minerales estratégicos y tierras raras para reforzar su influencia. En este contexto de creciente…
Europe’s shrinking and ageing population is not just a domestic issue – it is a strategic challenge with global implications. As population dynamics reshape the international balance of power, Europe risks losing geoeconomic leverage and political influence. This public event marks the launch of a new ECFR policy brief “Markets, Migrants, Microchips:…
Ce déjeuner a été l’occasion d’évoquer les défis économiques auxquels les entreprises européennes seront confrontées en 2025 et au-delà. La directrice du programme géoéconomie de l’ECFR, Agathe Demarais, est revenue sur les enjeux commerciaux, financiers et technologiques auxquels les Européens font face dans leurs relations avec l’administration Trump 2.0. Elle a également identifié les leviers…
The EU lacks cohesive governance to deploy economic statecraft tools, such as sanctions and export controls, undermining their impact and the bloc’s global credibility. In this webinar, Agathe Demarais and Abraham Newman will discuss their recent policy brief, outlining how the creation of an EU network focused on the design and implementation of these…
Picture this scenario: the year is 2028 and western intelligence services have reached an alarming conclusion. Credible sources suggest that China is about to impose a maritime blockade around Taiwan – a step that intelligence officers believe will precede a full-scale invasion of the territory. As the world braces for impact, G7 allies scramble to assess their…
Picture this scenario: the year is 2028 and Western intelligence services have reached an alarming conclusion. Credible sources suggest that China is about to impose a maritime blockade around Taiwan – a step that intelligence officers believe will precede a full-scale invasion of the territory. As the world braces for impact, the European Union and…
As the United States shifts its focus toward Southeast Asia and China, Europe faces a critical moment in evaluating its own approach to a potential conflict over Taiwan. Perhaps counterintuitively, the EU likely holds more economic leverage over China than the bloc typically assumes. This is because Beijing would probably factor in retaliatory sanctions from…
As the European Union sets its new agenda, this webinar will delve into geoeconomics-related priorities for the incoming European Commission. Drawing on two new ECFR reports – “It just makes cents: Why the EU needs to step up its geoeconomics game” and “Fortune favours the bold: Upgrading the EU’s geoeconomic strategy” – this…
Agathe Demarais on Trump’s trade attacks against Europe
Agathe Demarais on the inflationary impact of Trump’s tariffs to the US and the EU members
Agathe Demarais on Trump’s threat to impose tariffs on the EU and the EU’s lack of reaction due to its pragmatic and bureaucratic nature
Agathe Demarais on the necessity for the EU to react to Trump by threatening to restrict market access for US social media platforms
Agathe Demarais on the EU’s limited options in response to US tariff threats
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