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Still standing: how European firms weathered the crisis – The third EFIGE policy report

This report is part of the EFIGE project  and makes use of the data collected during 2009, a especially turbulent time for European firms. It provides fascinating conclusions showing for example that despite a synchronised, substantial macro-economic shock, the response of firms across Europe was rather diverse, with some of them managing to fare very well in the hardest hit industries and regions. The stylised facts presented in this report are important to bear in mind at a time when Europe is heading for another severe downturn.

By: , , and Date: December 22, 2011 Topic: European Macroeconomics & Governance

This research output confirms the strength of the approach underpinning the EFIGE project, which is based on the recognition that firms are heterogeneous in the extent and the pattern of their internationalisation, as they are in many other respects.

The project provides more, and more precise, evidence of what makes firms successful and therefore also what makes countries successful in the context of globalisation. Internationalisation, however, also makes firms vulnerable to shocks affecting international trade and may transform them into agents of propagation of global downturns.

At the time of the Great Recession of 2009, there was intense speculation about the reasons why trade collapsed much more than output. It was sometimes claimed that global supply chains were not only propagators, but also multipliers of international fluctuations.

This report by László Halpern and his colleagues makes use of the fact that the EFIGE survey was – by accident – conducted in 2009 and – by design – included questions about the firms’ response to the global crisis. It provides a fascinating account of what happened to them in an especially turbulent environment. The stylised facts presented in this report are important to bear in mind at a time when Europe is heading for another severe downturn.

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A discussion of Italian and German macro-economic cultures and performances.

Speakers: Thomas Mayer, Patricia Mosser, Marianne Nessén, Hiroshi Nakaso, Francesco Papadia, André Sapir and Jean-Claude Trichet Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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What has the impact of the pandemic on households’ financial resilience been, and how should policy makers respond?

Speakers: Romina Boarini, Zsolt Darvas, Maria Demertzis and Daniel Tomlinson Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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AI regulation at the service of industrial policy?

What role should the EU play in the regulation of AI?

Speakers: Julia Anderson, Joanna Bryson, Annika Linck and Martin Ulbrich Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Pro-cyclical sovereign ratings: This time is different?

A discussion on European sovereigns ratings.

Speakers: Grégory Claeys and Judith Arnal Martínez Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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External Publication

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This report explores the distribution of household wealth in the EU Member States and analyses the role of wealth in social mobility.

By: Zsolt Darvas and Catarina Midões Topic: European Macroeconomics & Governance Date: April 1, 2021
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Past Event

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Working Paper

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Less-educated workers have suffered most from job losses in the COVID-19 pandemic, and it is quite likely there was a significant increase in European Union income inequality in 2020.

By: Zsolt Darvas Topic: European Macroeconomics & Governance, Global Economics & Governance Date: March 30, 2021
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Many gender gaps persist, but an important one that puts women in a very disadvantageous position is the gap in financial literacy.

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: March 30, 2021
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Speakers: David Autor, Maarten Goos, Barbara Kauffmann and Georgios Petropoulos Topic: Innovation & Competition Policy
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Podcast

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Gender gap in financial literacy: a lack of knowledge or confidence?

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How has COVID-19 affected inflation measurement in the euro area?

COVID-19 has complicated inflation measurement. Policymakers need to take this into account and should look at alternative measures of inflation to understand what is actually happening in the economy.

By: Grégory Claeys and Lionel Guetta-Jeanrenaud Topic: European Macroeconomics & Governance Date: March 24, 2021
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