Das fiskalische Kliff in den USA können wir vergessen. Das eigentliche Problem ist der Schuldenberg - in Amerika, aber auch in Europa. Die Aufgabe, die öffentliche Verschuldung in den entwickelten Länder auf ein verkraftbares Niveau zu verringern, wirkt geradezu entmutigend. Read more
Bruegel blog
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Kein schmerzfreier Ausweg
30th January 2013
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Wie alles anfing
30th January 2013
„Ich habe mich nicht für jede französische, deutsche, oder deutsch-französische Initiative begeistert, aber diese hier war die Unterstützung wert“. Mit diesen für ihn typischen Worten stellte der erste Chairman Mario Monti den Thinktank Bruegel am 18. Januar 2005 der Presse vor. Read more
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British angst over Europe will continue
24th January 2013
David Cameron’s speech on Europe was predominantly tactical. So, too, are the reactions from Berlin and Paris. But the British prime minister’s speech raises questions of broad significance for the whole of the EU. Should it be redefined as a permanently two-level edifice? And if so, how? Read more
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Merkel et Hollande doivent se projeter dans l'avenir et développer un projet qui fasse sens
18th January 2013
ParisBerlin Jean Pisani-Ferry, directeur de l’institut Bruegel, Bruxelles/Janvier 13 ITW réalisée par Henri de Bresson/ParisBerlin Version longue relue pour internet et facebook L‘Allemagne a commencé à reformer il y a dix ans sous les sociaux-démocrates. En France même la droite qui avait promis de réformer ne l’a pas fait vraiment. Sur quoi repose ce décalage? Sans négliger les responsabilités politiques, je mettrais d’abord l’accent sur les sociétés. EnAllemagne et en France, les sociétés civiles, les partenaires sociaux, ont vécu les 20 dernières annéesde manière très différente. Le choc de la réunification a été un choc soudain, compliqué à gérermais profondément positif pour l’Allemagne. La mondialisation a créé de nouvelles concurrencesmais aussi renforcé sa vocation exportatrice. La France a reconnu les… Read more
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Bruegel's Franco-German roots
18th January 2013
“I have not been an enthusiastic supporter of each and every French, German, or Franco-German initiative, but I must say that this one was worth supporting”. This is how, in his characteristic style, Bruegel first chairman Mario Monti presented it to the press on 18 January 2005. Read more
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The eurozone will muddle through (again)
4th January 2013
At the last European Council summit of 2012, politicians decided to go ahead with the banking union while ending their reflections on fiscal union they had initiated in June, a time of acute market stress. The message: banking union is needed; the rest is not. This behaviour confirms that the eurozone has little appetite to think about its own future. Read more
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Alternative Fiscal Medicine?
26th December 2012
Forget the fiscal cliff. The real issue is the fiscal mountain. According to the International Monetary Fund, the challenge of reducing the public debt ratio to a safe level is daunting for most advanced countries. Read more
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Un budget pour la zone euro?
18th December 2012
Faut-il un budget pour la zone euro ? Enfouie depuis plus de vingt ans, la question a ressurgi ces derniers mois. Visiblement, beaucoup de ceux qui croient encore à l’euro pensent que le temps des prudences est révolu et qu’il faut revisiter sans tabous les compromis sur lesquels il a été fondé. Read more
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Slow, but real progress on resolving eurozone crisis
17th December 2012
Last week summit of heads as well as finance ministers marks an important step in completing the eurozone architecture. At the same time, the summit’s results fall short of what could have been hoped for. Read more
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Should Europe Emulate the US?
23rd November 2012
Paul Krugman, the Princeton University economist and blogger, recently summarized diverging transatlantic trends as follows: “Better here, worse there.” It is a shocking observation: as recently as in 2009, European politicians and commentators lambasted the US for being at the root of the financial turmoil and hailed the euro for protecting the continent from it. Unfortunately for Europe’s boosters, the facts are unambiguous. According to the European Commission, US per capita GDP is expected to return to its 2007 level next year, whereas it is expected to remain 3% below that level in the eurozone. Likewise, unemployment was roughly the same on both sides of the Atlantic in 2009-2010, but it is now almost four percentage points lower in the… Read more