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Policy Contribution

Eurobonds: The blue bond concept and its implications

This paper revisits the Blue Bond proposal, published in May 2010. It discusses its implications and addresses some of the comments and criticisms received in response to the proposal.

By: and Date: March 21, 2011 Topic: European Macroeconomics & Governance

The Blue Bond proposal, published in May 2010 (Bruegel Policy Brief 2010/03) suggests that sovereign debt in euro-area countries be split into two parts.

The first part, the senior ‘Blue’ tranche of up to 60 percent of GDP, would be pooled among participating countries and jointly and severally guaranteed. The second part, the junior ‘Red’ tranche, would keep debt in excess of 60 percent of GDP as a purely national responsibility.

This paper revisits the proposal, discusses its implications and addresses some of the comments and criticisms received in response to the proposal.

This paper was prepared for the European Parliament’s Economic and Monetary Affairs Committee, session of 21 March 2011 on the interaction between bank and sovereign debt resolution. Copyright remains with the European Parliament at all times.

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Corporate insolvencies during COVID-19: keeping calm before the storm

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By: Grégory Claeys, Mia Hoffmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 7, 2021
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Policy Contribution

The productivity paradox: policy lessons from MICROPROD

The objective of MICROPROD, an EU-wide research project that runs until the end of 2021, is to understand what is driving the current productivity slowdown and what the potential consequences are for Europe's economic model and its citizens’ welfare. This Policy Contribution summarises the main, policy-relevant conclusions of the 20 MICROPROD papers delivered so far.

By: Grégory Claeys and Maria Demertzis Topic: European Macroeconomics & Governance, Innovation & Competition Policy Date: January 6, 2021
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When the future changes the past: fiscal indicator revisions

The 2020 pandemic economic shock has led to reassessment of fiscal policy measures in 2018 and earlier, because of faulty measurement of unobserved output gaps and structural balances. The current period of suspension of EU fiscal rules should be used to design a better fiscal framework.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 5, 2021
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Regulation in the era of matchmaking economics

New approaches and new tools are needed to prevent excessive concentration of economic power in the hands of a few matchmaking digital platforms that form multi-sided markets. Regulation in this area is only just emerging.

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: January 5, 2021
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Podcast

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The year that tested us all

An overview of economic policy and beyond in 2020

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: December 21, 2020
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Parliamentary Testimony

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Monetary Policy in the times of corona: many unknown unknowns

Testimony to the European Parliament on monetary policy.

By: Maria Demertzis and Marta Domínguez-Jiménez Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: December 21, 2020
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Are we out of the woods yet?

The return to normal may just have to wait.

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: December 14, 2020
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