The strengthening of the European Union’s fiscal rules with the approval of the so-called ‘six-pack’, and the parallel worsening of economic conditions in Europe, re-opened…
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.
17th September 2012
14th September 2012
Systemic banking crises are a threat to all countries whatever their development level. They can entail major fiscal costs that can undermine the sustainability of…
31st August 2012
Greece, Portugal and Spain face a serious risk of external solvency due to their close to minus 100 percent of GDP net negative international investment…
21st August 2012
Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area…
16th August 2012This Policy Contribution reproduces Nicolas Véron’s statement delivered at the hearing on 'The Future of the Eurozone: Outlook and Lessons' at the Subcommittee on European Affairs of the US Senate Committee on Foreign Relations, in Washington DC on 1 August 2012.
30th July 2012
The euro area today consists of a competitive, moderately leveraged North and an uncompetitive, over-indebted South. Its main macroeconomic challenge is to carry out the…
Monetary transmission in three central European economies: evidence from time-varying coefficient vector autoregressions
19th July 2012
A version of the Bruegel Working Paper Monetary transmission in three central European economies: evidence from time-varying coefficient vector autoregressions has been published in Empirica…
12th July 2012
As a background document for the Policy Contribution ‘Compositional effects on productivity, labour cost and export adjustment’, this working paper presents detailed results for 24…
3rd July 2012This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing.
2nd July 2012This paper provides an overview of the recent financial stability mechanisms and their various shortcomings and tries to brush the outline of a more comprehensive safety net architecture that would coherently address the banking, sovereign and external imbalances crises against both transitory and more permanent shocks.