In 2011 research at Bruegel concentrated on three domains: global economic, monetary and financial governance; the reform of the international monetary system; and interdependence in the new global context. In 2012 again, the bulk of our macroeconomic research effort will be focused on the euro area. Despite ECB initiatives, improvements in the economic climate and the January agreement on the new treaty on stability, coordination and governance, its crisis cannot be considered to have been overcome and it remains a major cause for concern at European and global level. Topics for discussion in 2012 include medium- and longer-term issues: macroeconomic policy and adjustment in the EMU; the euro area’s governance; the sovereign bond market and the banking sector; economic growth; and last but not least, the EU budget.
Coordinator: Zsolt Darvas
Contributors: Zsolt Darvas, Benedicta Marzinotto, Jean Pisani-Ferry, André Sapir, Nicolas Véron, Reinhilde Veugelers, Guntram Wolff, Jacques Delpla, Shahin Vallée, Jakob von Weizsäcker
External contributors: Dag Detter, Mark Hallerberg (Hertie School Berlin)
17th June 2013This study provides an early evaluation of the assistance programmes implemented by the Troika in Greece, Ireland and Portugal. The study assesses the economic impact of the programmes and the consequences of their particular institutional set-up.
12th April 2013The issue: The European Union's pre-crisis growth performance was disappointingenough, but the performance has been even more dismal since theonset of the crisis.
13th March 2013
While the decision to join the SSM is made difficult by the uncertainty about other elements of the banking union, including the possible burden sharing, we…
18th February 2013
The European Council has outlined the creation of a Single Resolution Mechanism (SRM), complementing the Single Supervisory Mechanism. The thinking on the SRM’s legal basis, design and…
15th February 2013
Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for…
10th January 2013
Europe has responded to the crisis with strengthened budgetary and macroeconomic surveillance, the creation of the European Stability Mechanism, liquidity provisioning by resilient economies and the European…
19th December 2012
The economic and financial crisis in Europe is affecting the financing of long-term infrastructure investment. There are multiple clearly identifiable channels, some of which are…
13th December 2012
Co-authored by Chiara Angeloni and Silvia Merler. The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area.…
3rd December 2012
In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budget (1) should…
23rd November 2012
The EU is in the process of negotiating its 2014-20 financial framework. Failure to reach an agreement would imply a delay in the preparation of…