Public and private pension systems in Europe are adapted, as unchanged policies are not affordable due to aging of the population and low interest rates. Investment and economic growth stagnate in the aftermath of the financial crisis. Can pension funds play a role in enhancing investment and economic growth? What is the impact of pension systems on savings and labour supply? What is the optimal pension contract in an aging world with turmoil on financial markets? What are the implications for public policy? These and related questions were addressed during the conference.
The idea to supplement the European governance system with contractual arrangements has been discussed for several months and the European Council will discuss them in their meeting on December 19, 2013. The objective of contractual arrangements is to enhance ownership and effectiveness of economic policy coordination. It is seen by some actors as a way to reinforce economic policy coordination well before member states face difficulties that would typically be addressed in the European Semester. Others see it as an alternative to the current European Semester that they judge as ineffective. Yet other actors see it as an intermediate step towards a fiscal union. The purpose of the debate will be to informally exchange views with a small circle of players in order to enhance the quality of the debate.
In this special edition of the Competition Policy Lab seminar series, Bruegel is honoured to host a dialogue between William E. Kovacic, former Chairman of the Federal Trade Commission, and Massimo Motta, Chief Economist at DG Competition, European Commission. Prof. Kovacic and Prof. Motta will discuss the current and future challenges for global antitrust enforcement. The dialogue will be moderated by Mario Mariniello (Bruegel) and it will be followed by a Q&A session which will be opened by the moderator reading a selection of questions sent to Bruegel ahead of the seminar by registered participants. Upon registration, participants will receive a web link. By clicking on the link, participants will be directed to a form to submit their question (the sender might choose not to reveal her identity or affiliation).
Over the past five years much has been done to avoid the worst and stave off a great depression. While the recovery has been disappointing until recently, there are some encouraging signs that activity is strengthening in advanced economies. Breaking the cycle of growth shortfalls and recurring market jitters requires carefully managing multiple transitions that are already underway. These transitions include the normalization of global financial conditions; a shift in global growth dynamics, and a rebalancing of global demand; and the completion of reforms to the international financial system. However, progress in restoring resilience and supporting a more vigorous recovery by addressing deep-seated and widespread financial, fiscal, and structural impediments remains incomplete. Unemployment, in particular among the youth, remains unacceptably high in many countries. The IMF's Global Policy Agenda provides a roadmap for international policymakers to what action is needed in their respective regions to finally turn the corner, and lay the basis for sustained global growth and job creation. The short presentation by Tamim Bayoumi will be followed by a roundtable discussion chaired by Zsolt Darvas.
Economic growth across the 11 ‘new’ European Union Member States that joined between 2004 and 2013 is expected to pick-up and to become more balanced, but the recovery is still expected to be protracted, with growth not reaching pre-crisis rates in many countries for quite some time, according to the recent World Bank's Regular Economic Report. The special focus of this Report looks at the importance of the Bank's recently adopted twin goals: to reduce extreme poverty and to promote shared prosperity based on bolstering the incomes of the bottom forty percent of the population. The report will also look at population characteristics of the bottom forty percent, and how those relate to the EU's own 2020 target on inclusive growth. The challenge going forward, is how to promote shared prosperity in what may be a prolonged period of weak growth. Countries therefore need to find ways to accelerate their rates of economic growth and ensure that growth continues to be inclusive, in an environment in which fiscal constraints are more binding and household coping mechanisms have been weakened by the crisis. Achieving such inclusive and sustainable growth requires conscious policies that encourage broad participation in the growth process.
Copies of the Regular Economic Report, which is a biannual publication of the World Bank providing an analysis of economic developments, prospects and critical structural issues across the 11 New Member States of Central- and Eastern Europe, will be made available to all participants at the presentation.
The role of natural gas is one of the big unknowns in European energy transition. On the one hand, increasing resources and its advantages over coal (carbon footprint), nuclear (public acceptance) and renewables (cost) might secure gas an important share in the future European fuel mix. On the other hand, consumption of natural gas is linked to import dependency and greenhouse gases – both of which the EU tries to reduce. In this event we want do discuss possible scenarios for EU natural gas consumption until 2020/2030, focusing on which effects might drive different developments.
The international conference “Economic and Monetary Union Governance: Impact on the European Union and Beyond” is held in the framework of TATRA SUMMIT, organised by the Center for European Affairs, Bruegel and the Institute for Financial Policy of the Slovak Ministry of Finance. The conference will take place on 27 January 2014 in Hotel Silken Berlaymont, Brussels, Belgium.
This conference will offer a great opportunity to review the decisions on the Economic Governance to be adopted by the European Council in December 2013. The debate will focus on exploring the extent and impacts of how the European heads of states transformed crucial prerequisites of the Banking Union, especially the Single Resolution Mechanism, into vehicles on the road towards the common objective -‐ long term financial stability in the Eurozone. The unique Brussels chapter of TATRA SUMMIT will add yet another dimension to the event by incorporating the voices from outside of the Eurozone into the European discussion.
This one-day workshop will address the relationship between competition policy enforcement and economic growth. The workshop will bring together top-level speakers from institutions, academia and business. Three thematic panels are envisaged: enforcement in the 'knowledge economy', financial markets and network industries. A concluding round-table will focus on international convergence on competition policy enforcement. The European Commission Vice-President and Commissioner responsible for Competition, Joaquín Almunia, has confirmed his attendance.
The FP7 SIMPATIC (Social Impact Policy Analysis of Technological Innovation Challenges) project, running from March 2012 until February 2015, is organising its Second Annual Conference. The final objective of SIMPATIC research is to provide a comprehensive and operational tool box allowing for a better assessment of the impact of research and innovation policy in Europe. The aim of the second conference is to presenting and discuss with the outside community interim results in the research areas of SIMPATIC (micro, macro, green and social). Note that the interim results, which were mid-term deliverables, are available at the SIMPATIC website.
For the moment, the programme of the second conference is still under construction. The preliminary and final versions of the program will be available on this website as soon as possible. At this stage, please already note the date & place: 3rd – 4th April 2014 in The Hague with the collaboration of the CPB- Netherlands Bureau for the Economic Policy Analysis as a local partner.