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External Publication

Austerity and Poverty in the European Union

This study provides to the Committee for Employment and Social Affairs of the European Parliament with an analysis of the speed and composition of fiscal consolidation strategies. It describes major social developments in Europe, with a focus on poverty, and considers and interprets the links between fiscal consolidation measures and social developments.

By: , , , and Date: September 14, 2014 Topic: European Macroeconomics & Governance

Abstract

Europe faces major social challenges, in which fiscal consolidation may have played a role.

This Policy Department A study aims to provide the Committee for Employment and Social Affairs of the European Parliament with an analysis of the speed and composition of fiscal consolidation strategies.

It describes major social developments in Europe, with a focus on poverty, and considers and interprets the links between fiscal consolidation measures and social developments.

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Upcoming Event

Mar
3
12:30

The Brussels effect: How the European Union rules the world

This will be a live recording of an episode of the Sound of Economics, Bruegel's podcast series. The discussion will center around the book of Anu Bradford, The Brussels Effect.

Speakers: Anu Bradford and Giuseppe Porcaro Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Blog Post

Inflation targets: revising the European Central Bank’s monetary framework

The ECB is looking to evaluate whether its definition of price stability is effective in helping anchor inflation expectations. We argue that the current definition does not make for a very good focal point. To become a focal point the ECB needs to do two things. Price stability should be defined as inflation at 2 percent,. Remove therefore the unnecessary ambiguity of "below but close to 2 percent". But that is not enough. Around that 2 percent, the ECB should say which levels of inflation it is prepared to tolerate. There need to be explicit bands defined around that 2 percent to provide a framework for economic agents to evaluate Central Bank performance. And as the ECB will have to operate under high levels fo uncertainty these bands need to be wider than tolerance of inflation between 1 and 3 percent, which is what many inflation targeting Central Banks have tolerated over the years.

By: Maria Demertzis and Nicola Viegi Topic: European Macroeconomics & Governance Date: February 20, 2020
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Blog Post

What is fuelling the Dutch house price boom?

Housing prices have been rising fast in the West of the Netherlands in the last five years. However, mortgages outstanding have remained flat, raising the question of what has driven the increase. Evidence suggests that housing supply constraints have, this time around, played a role in pushing the house prices up.

By: Sybrand Brekelmans Topic: European Macroeconomics & Governance Date: February 19, 2020
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Opinion

Europe may be the world’s AI referee, but referees don’t win

The EU needs to invest in homegrown technology.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance, Innovation & Competition Policy Date: February 19, 2020
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Blog Post

The EU’s poverty reduction efforts should not aim at the wrong target

The EU cannot meet its ‘poverty’ targets, because the main indicator used to measure poverty actually measures income inequality. The use of the wrong indicator could lead to a failure to monitor those who are really poor in Europe, and a risk they could be forgotten.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: February 18, 2020
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Upcoming Event

Mar
17
14:00

Future of the EU-UK science cooperation

How do we rebuild and keep the science cooperation between the EU and the UK?

Speakers: Michael Leigh, Beth Thompson and Guntram B. Wolff Topic: European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Mar
18
12:30

The new age of old age? Laying out the Non-Financial Defined Contribution scheme

Are Non-Financial Defined Contribution (NDC) schemes the best approach to reforming pension systems?

Speakers: Robert Holzmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Mar
31
12:30

How adequate is the European toolbox to deal with financial stability risks in a low rate environment?

Bruegel is delighted to welcome the governor of the Central Bank of Ireland, Gabriel Makhlouf. He will deliver a keynote address about how adequate the European toolbox is to tackle financial stability risks in a low rate environment. Following his speech, a panel of experts will further discuss the topic.

Speakers: Gabriel Makhlouf, Guntram B. Wolff and Agnès Bénassy-Quéré Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Policy Contribution

European Parliament

From climate change to cyber attacks: Incipient financial-stability risks for the euro area

The European Central Bank’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to euro-area financial stability, we highlight issues that deserve more attention.

By: Zsolt Darvas, Marta Domínguez-Jiménez and Guntram B. Wolff Topic: European Macroeconomics & Governance, European Parliament, Finance & Financial Regulation, Testimonies Date: February 6, 2020
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Working Paper

Zsolt Darvas - Resisting deglobalisation: the case of Europe

Resisting deglobalisation: the case of Europe

Global trade and finance data indicates that the pre-2008 pace of economic globalisation has stalled or even reversed. The European Union has defied this trend, with trade flows and financial claims continuing to grow after the recovery from the 2008 global economic and financial crisis. Immigration, including intra-EU mobility, has also continued to increase.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: February 4, 2020
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Opinion

Realpolitik of the day after Brexit

Compromises hammered out in the next 11 months, by both British and European negotiators, will dictate the UK’s economic landscape for decades to come

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: January 31, 2020
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Opinion

Britain faces a triple contradiction

If Boris Johnson can negotiate agreements that are better than the EU system, it would be a serious challenge for the 27

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: January 30, 2020
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