The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and…
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)
The European crisis remains on top of the research agenda at Bruegel. The central priorities concern the best way to address remaining market tensions, the broader macroeconomic policy response in the EU, central banking, policies to foster macroeconomic adjustment, and the question of how to reform European governance to ensure effectiveness and legitimacy.
31st January 2012
15th January 2012The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement of existing fiscal rules. Europe’s leaders should rather address the euro area’s inherent weaknesses revealed by the crisis.
9th January 2012
The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial…
29th December 2011
The purpose of this Policy Contribution is to compare the policy responses in, and the adjustments made byIceland, Ireland and Latvia. Based on this comparison,…
15th December 2011
Credit rating agencies (CRAs) have not consistently met the expectations placed on them by investors and policymakers. It is difficult, however, to improve the quality…
23rd November 2011
This policy brief argues that the euro area's shortcomings have become abundantly clear. It was set up without powers of strict surveillance over macroeconomic imbalances,…
21st October 2011This Policy Contribution puts forward policy recommendations to move towards growth rebuilding in the EU, reducing the fragility of the European banking sector and restore the image of southern European countries as worthwhile places to invest.
20th October 2011Ahead of the European Council meeting on 23 October, the author outlines how EU Heads of States should focus on restoring confidence in euro-area policymakers’ ability and determination to put the euro area on a sound footing and restore market credibility.
4th October 2011In this working paper, with a unique data set summarising the quality of rules-based fiscal governance in European Union member states, the authors show that stronger fiscal rules in euro-area members reduce sovereign risk premia, in particular in times of market stress.
23rd September 2011
This Policy Contribution reproduces the written statement prepared by the author for the hearing "The European debt and financial crisis: origins, options and implications for…