In 2011 Bruegel adopted stable research areas on subjects of significant policy relevance. In concordance with this mid-term strategy the 2012 Research Programme focuses on the following four areas in which Bruegel is building expertise and reputation:
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.
The interactions between Europe and the international economy are manifold. The crisis of the euro area has been an opportunity for the world to discover the importance of interdependence in the same way the financial crisis of 2007-2008 highlighted the magnitude of spillovers from the US onto the rest of the world. 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, Bruegel will continue to devote a fair share of its resources to analyzing developments in the world economy, with special attention to the interactions between, on the one side, European (or European-based) actors and, on the other side, global actors and actors located in the EU’s neighbourhood. The three main lines of research will be global governance, Asia, and the relations between the EU and major regional players.
The proposals made under this section are broadly in the continuity of Bruegel’s research in this area in 2011. The main research investment will be on the regulation of global financial intermediaries with an emphasis on supervision, resolution, and related issues of “structural” regulation. Started in 2011, this research will be continued in 2012, with the aim of a book publication towards late 2012 or early 2013. In parallel, the successful Finance Focus Breakfast series of about-monthly events at Bruegel will be continued and help shed light on specific challenges for EU financial policy.
While many governments are struggling with their public budget deficit and debt position, attention is more and more shifting towards the structural underpinnings of economic performance, competitiveness and growth. This was the topic for important policy discussions before the crisis and it has only gained importance as a consequence of it.
Accordingly, Bruegel plans to devote increasing resources to its “competition, innovation and sustainable growth” research area. In 2011 it intends to pursue five research avenues focusing on innovation, Information & Communication Technologies (ICT), energy & climate, future of manufacturing and firm internationalization.
In line with its annual research programmes, Bruegel runs projects which are fully or partially funded by International and European institutions, as well as by private organisations and are developed in close cooperation with some similar research institutions across the world.
Research partnerships synergies
More generally, Bruegel has developed a number of relationships with its numerous partners and adopts a flexible approach to cooperation with activities focusing on intellectual dialogue through visiting fellowship, common publications or events such as policy debates with relevant decision makers.
Bruegel has also developed formal partnerships with a number of research organisations, which are not at all exclusive from other relationships with other research organisations in the same country. Rather, the chosen partners are seen as anchors of Bruegel in their own country, which can help out with the dissemination of Bruegel activities at the national level, bringing in all interested parties, whereas in return, Bruegel is seen as their first anchor in Brussels, providing them with the access of an EU platform of informed and targeted stakeholders.
Bruegel is now searching for generous private donors to set up a fellowship programme aiming at bringing expertise to the business world on a certain economic geographic area such as Asia or Latin America or on a specific research sector and also aiming to connect the business world with the policy making community Bruegel has access to.