Policy makers in Europe are seeking ways to create jobs and spur economic growth. Entrepreneurship, particularly the creation of innovative young firms, is needed yet many challenges to the creation and growth of firms remain. This event will highlight some of the barriers and how to address them as well as help identify steps that policy makers can take to facilitate the development of entrepreneurial ecosystems in Europe as well as models for collaborative innovation, which in turn can spur more high growth entrepreneurship.
We are pleased to announce that the 11th AEEF conferencewill take place on 5-6 December 2014 in Tokyo, Japan. The event is jointly organised by this year’s host Asian Development Bank Institute (ADBI), Chinese Academy of Social Sciences (CASS), and Korea University (CEAS) on the Asian side and Bertelsmann Stiftung, Bruegel and Centre d'Etudes Prospectives et d'Informations Internationales (CEPII) on the European side. The event will bring together a range of high-ranking participants, including active and former senior policymakers, recognized academic experts and private sector specialists.
High unemployment, low private and public investment and rising social inequalities mark the current stagnation of European economy. Despite the joint efforts of Member States, the recovery is still fragile and requires strong action to foster growth and create jobs. The EU is therefore at a crossroads, where a review of its policy mix is needed both at EU and country level.
Michael Wilkins is a Managing Director in the Infrastructure Finance Ratings group of Standard & Poor’s Ratings Services based in London and also has responsibility for the firm’s global carbon and environmental finance sectors. Michael’s experience at Standard & Poor’s includes seven years as Head of Infrastructure Finance Ratings, the analytical group within Standard & Poor’s which covers utilities, project finance, PPPs and transportation in Europe, the Middle East and Africa. Michael was also co-head of the Corporate Securitisation group. He joined Standard & Poor’s in London in January 1994 and has also worked in the Melbourne and Hong Kong offices. Michael’s expertise encompasses the European power, water, environmental, transportation and social infrastructure sectors. He sits on the advisory board of Cass Business School’s MSc in Management. He is also a member of the Climate Markets & Investment Association, the UK Government’s Capital Markets Climate Initiative, a board member of the World Economic Forum (WEF) Green Growth Action Alliance and the Climate Bonds Initiative. Michael has a Bachelor of Arts degree within Modern Languages at Bristol University. He also holds an MBA in Finance from the Cass Business School and additionally has a Certificate of Carbon Finance & Analytics from the London Business School.
José Abad is Chief Economist and Head of Research and International Relations at the Instituto de Crédito Oficial (ICO), Spain’s national promotional bank, as well as an Executive Board Member of AXIS, Spain’s largest domestic private equity and infrastructure fund manager (€1.8bn in AUM) in Madrid. In addition, José also sits at the Management Board of the European Long-Term Investors Association (ELTI) and is the ‘sherpa’ of ICO at the Long-Term Investors Club (LTIC), both in Brussels. Prior to joining ICO, José worked as an economist (and consulted) for a number of financial institutions in Frankfurt and London such as the European economics research teams of Goldman Sachs and the UniCredit Group or the Sovereign and Supranational Risk Group of Moody’s. Before that, he also worked as a strategy consultant at KPMG’s Strategy and Operations Group in Madrid. José is an alumnus of the Kiel Institute for the World Economy, Germany, where he graduated from its Advanced Studies Program (ASP) in International Economic Policy Research, and holds a 5-year Degree in Business Economics as well as a 5-year Degree in Law from, respectively, ICADE Business and Law Schools in Madrid.
Raffaele Della Croce is an Italian national and lead manager for the OECD project “Institutional Investors and Long Term Investment”, in the Financial Affairs Division of the OECD. The project aims to facilitate long-term investment by investors such as pension funds, insurance companies and sovereign wealth funds, addressing both potential regulatory obstacles and market failures. Based on research produced for this project the OECD is contributing to the policy discussions at the level of G20, Asian Pacific Economic Cooperation (APEC) and the European Commission, in particular through the new G20/OECD Taskforce on Institutional Investors and Long Term Financing. As part of the OECD Futures Programme, Raffaele has also worked on the project “Transcontinental Infrastructure Needs to 2030/50” in the Advisory Unity to the Secretary General. Prior to joining the OECD in 2010, he worked in the financial industry for eight years, mainly with Ernst & Young and Moody’s Investors Services, in London. As part of international teams advising governments or private consortia, he has been involved in the analysis, structuring and negotiation of the largest transactions in the utilities and infrastructure sectors in the Europe, Middle East and Africa region. Raffaele also serves in the Advisory Committee of the OECD Provident Fund. He was educated at University La Sapienza in Rome and Columbia University in New York.
Christophe Bourdillon is the Permanent Delegate of Group Caisse des Dépôts (CDC) to the EU institutions. As such, he manages lobbying activities at the EU level and CDC’s strategic partnerships with other European long term financial institutions. Christophe entered CDC in 1985 at the Finance and Banking General Directorate. He spent a major part of his carrier in this Directorate until 2000, with two different experiences: one at the Paris Stock Exchange, as Director of Finance and administration from 1996 to 1999 and the other, as National expert at the General Directorate of Economic and Financial Affairs of the European Commission. As such, he participated to the introduction of the single currency in the EU. In 2001, he joined CDC Ixis (a subsidiary of Caisse des Dépôts), first as deputy Managing director of the private equity branch, then as General Secretary to the CEO of CDC Ixis – Investment Bank. In 2006, he managed the operations of NYSE-Euronext in Italy before reintegrating the Group Caisse des Depots, at the International and EU affairs Directorate. He is also a board member of CNP UniCredit Vita and Euronext. He is an alumnus of the National School of Administration (Léonard de Vinci promotion – 1985).
Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? A new book by IMF staff examines the experience of 13 federal states to help inform the debate on this issue. It analyzes the practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe.
WE ARE HAVING A PROBLEM WITH THE LIVE STREAM AND THE PRESENTATION IS NOT SHOWING CORRECTLY! Download slides - The Bank Recovery and Resolution Directive (BRRD) and the associated Single Resolution Regulation (SRR) put emphasis on the financing of a resolution coming from the private sector and those that have knowingly taken on the risks rather than on the taxpayer through a bail out. However, as David G. Mayes argues, simply being able to resolve a bank without a taxpayer bail-out does not necessarily reduce the economic cost of the resolution, since a failure of a systemic bank can impact GDP, unemployment and hence tax revenues and welfare expenditures. In his presentation, David G. Mayes will explore the problems of assessing the costs of resolving failing banks and explain the New Zealand scheme and the authorities’ assessment of the impact the various resolution and recovery measures is likely to have on the economy. He then assesses the proposals in the BRRD/SRR in this light and finally draws conclusions for the ways in which the BRRD/SRR might be implemented in order to keep the risks to society at large to a minimum. He argues that the strong preference for bailing-in rather than bailing-out will only work if the scheme can offer certainty that bailing-in will be applied. However, the complexities of cross-border resolution may make the EU’s bail-in scheme less credible and thereby banks may still expect a bail-out. David G. Mayes’ presentation will be followed by comments from Robert Kendrick and Emiliano Tornese, and then a general discussion chaired by Zsolt Darvas.
The new EU leadership acknowledges the need to revamp European energy policy. While European Council President Tusk suggested the idea of an Energy Union, European Commission President Juncker has also called for a a "resilient Energy Union". The Commission Vice President for Energy Union Maroš Šefčovič has announced the unveiling of a political concept for the Energy Union in early 2015. Prof. Jean-Michel Glachant‘s ""Manifesto" is a timely contribution to this discussion of the EU’s future energy policy. His long experience as an academic commentator on EU energy affairs allows him to propose feasible solutions to the most relevant issues by building on existing policies, while acknowledging political realities. His presentation will be followed by comments from Matthias Dürr (RWE) and a representative of the institutions (TBC). The subsequent discussion will be chaired by Georg Zachmann, Research Fellow at Bruegel.
We are pleased to announce that on 12 January 2015 Jyrki Katainen, Vice President of the European Commission, will be at Bruegel to& present the European Commission's new investment plan. On 26 November 2014 the new European Commission launched a three-year €315 billion investment plan with the aim of reviving economic growth and creating jobs. The Commission's approach is based on three pillars: structural reforms to put Europe on a new growth path; fiscal responsibility to restore the soundness of public finances and cement financial stability; and investment to kick-start growth and sustain it over time. Due to the large number of registrations we have closed the registrations for this event. You are of course welcome to follow the live stream on this page starting at 13.00 on 12 January 2015. The event is public and will be live streamed on this page. No registration is required to follow the live stream. Registrations are subject to availability.
We are happy to announce that on Monday 19th November, Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs, will be coming to Bruegel to speak about his ideas about deepening the European economic and monetary union. The new European Commission intends to be proactive in taking forward the debate on the further deepening of the Economic and Monetary Union in the coming five years. Commissioner Moscovici will work closely with President Juncker and Vice President Dombrovskis on this matter. Truly convinced the eurozone needs stronger economic and political governance, Commissioner Moscovici will talk about the realistic and step-by-step approach the Commission intends to take to deepen the European economic and monetary union. This event is public and will be live streamed from this page. Registration is not required to follow the live stream. Due to the large number of registrations we have closed the registrations for this event. You are of course welcome to follow the live stream on this page starting at 13.00 on 19 January 2015
Misconduct in financial markets has rarely been out of the headline since the scandal over Libor – the London-based inter-bank lending benchmark – emerged in 2012. More allegations have followed. The market in foreign exchange is only the most recent to come under scrutiny, with regulatory investigations resulting in a number of banks being fined hundreds of millions of euros for attempted manipulation. Nemat Shafik, Deputy Governor of the Bank of England, is chair of the UK Fair and Effective Markets Review. This Review has been set up to uncover the root causes of the misconduct we have seen affecting fixed income, currency and commodity markets. Its aim is to help restore public confidence in these markets, the effective operation of which remains essential for Europe’s economic recovery. The Review seeks to reinforce the progress made by regulatory responses already in train, notably Mifid II, by considering whether vulnerabilities may remain in certain markets – and developing proposals for how market participants or public authorities can take action to resolve those problems. Please note that the programme is still under construction and more information will be available shortly.
We are pleased to announce a panel discussion with Carlos Moedas, Commissioner for Research, Science and Innovation on the new European research agenda. Europe has great expectations on science, research, technology and innovation as the sources of future sustainable growth. New ideas from fields such as digital technology, new materials and biotechnology are expected to generate economic growth and competitiveness, while addressing new global societal demands related to ageing, health, the environment, security and inclusion. But these expectations have to be squared with a history of not brilliant performance, despite ambitious EU research policy plans, like the Lisbon 3% target, the Innovation Union Flagship, the European Research Area, along with Horizon2020. Will more of the same do, do we need a game changing new perspective in the EU research agenda or do we just need to walk the talk? Commissioner Moedas will present his views on the European research agenda. The event will be introduced by Bruegel senior fellow Reinhilde Veugelers, sketching the main challenges for the European Research Agenda. The debate will be fed by testimonies from real life “actors” on the European research scene: excellent researchers based in Europe trying to bring their frontier ideas closer to the market and companies trying to exploit European research ideas to feed their innovation process. Please note that the programme is still under construction and more information will be available shortly.
For the fifth year in a row, ten leading European Think Tanks will join forces to host the annual Brussels Think Tank Dialogue (BTTD). This will be a unique opportunity to hear leading voices debate pressing issues, forecast major trends for the coming year, and put forward recommendations for the new European leadership. More than ever, guidance is needed.
Join us for a full day of debates with: Pierre Defraigne, Executive Director, Madariaga, Aart De Geus, Chairman, Bertelsmann Stiftung, Daniel Gros, Director, CEPS, Giles Merrit, Secretary General, Friends of Europe, Marc Otte, Director General, Egmont Institute, Guntram Wolff, Director, Bruegel, Fabian Zuleeg, CEO, EPC.
The BTTD 2015 will focus on such topical issues as:
We are happy to announce a public panel on the presentation of the World Bank Regular Economic Report on Europe and Central Asia Region. The EU11 Regular Economic report is a semiannual publication of the World Bank’s Europe and Central Asia Region. It monitors macroeconomic and reform developments in 11 EU member states that joined after 2004 (excluding Cyprus and Malta)- Estonia, Latvia and Lithuania (North); the Czech Republic, Hungary, Poland and the Slovak Republic (Continental); and Bulgaria, Croatia, Romania and Slovenia (South). The report also provides in-depth analyses of key policy issues in the region. Previous issues of the EU11 Regular Economic Report, including the latest one Strengthening Recovery in Central and Eastern Europe can be found under the links below: http://www.worldbank.org/en/country/centraleuropeandthebaltics http://issuu.com/world.bank.europe.central.asia/stacks/db73be1583804ed98137badc4136f127 The event is public and will be live streamed on this page. No registration is required to follow the live stream. Please note that the programme is still under construction and more information will be available shortly.
We are pleased to announce a workshop with Hiroyuki Odagiri, Commissioner of the JFTC, on the Japanese experience of Competition Policy. Please note that the programme is still under construction and more information will be available shortly.