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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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Past Event

Past Event

Next Generation EU debt: how is it structured?

The impact of EU debt on the EU market of safe assets.

Speakers: Gert-Jan Koopman and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: October 22, 2020
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Upcoming Event

Oct
28
16:30

What will the EU's new migration policy do differently?

What makes this new approach different and more likely to succeed? What does a new approach look like in practice?

Speakers: Hanne Beirens, Margaritis Schinas and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Oct
29
14:00

Disrupted medical supply chains: symptoms, side-effects, and treatment?

How can the EU increase the resilience of value chains in the health industry?

Speakers: Anabel González, Niclas Poitiers and Giuseppe Ruocco Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Working Paper

The Economic growth and income distribution implications of public spending and tax decisions

European Union countries can reduce inequality of opportunity through public spending and tax decisions. Broadly, the most effective approach includes progressive taxes and inheritance taxes, spending on education, health and public infrastructure, and better government effectiveness. Better fiscal rules and institutions also increase resilience against crises.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: October 19, 2020
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Upcoming Event

Nov
9
17:00

Can Europe build a Capital Markets Union without a strong European markets supervisor?

Invitation only event to discuss Europe’s Capital Markets Union.

Speakers: Stephane Boujnah, Jan Pieter Krahnen and Nicolas Véron Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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External Publication

European Parliament

New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules

This briefing paper focuses on two aspects of the EU fiscal framework: whether an expenditure rule would be more reliable than a structural budget balance rule and the possible benefits and drawbacks of introducing a golden rule to exclude certain types of investment from the operational fiscal rule.

By: Zsolt Darvas and Julia Anderson Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: October 14, 2020
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Podcast

Podcast

The future of EU-UK relations (again!)

At the eleventh hour of negotiations, what will the future of the EU-UK relationship look like?

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: October 13, 2020
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Past Event

Past Event

The Sound of Economics Live: The future of EU-UK relations (again!)


At the eleventh hour of negotiations, what will the future of the EU-UK relationship look like?

Speakers: Maria Demertzis, Giuseppe Porcaro, André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: October 13, 2020
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External Publication

European Parliament

What role for the European Semester in the recovery plan?

In this paper, the author looks at the implications arising from the focus of the Recovery and Resilience Plans in the context of the European Semester.

By: Thomas Wieser Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: October 12, 2020
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Past Event

Past Event

Evaluating the European Commission’s control of state aid in the banking sector

Evaluating European Commission’s control of state aid to banks in the period 2013-2018.

Speakers: Mihails Kozlovs and Nicolas Véron Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: October 8, 2020
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Podcast

Podcast

Without good governance EU recovery could fail

Guntram Wolff and Luis Garicano discuss how to ensure that the EU borrowing mechanism would successfully boost economic recovery.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: October 7, 2020
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Opinion

Eastern Germany’s New Growth Engine

Eastern Germany has suffered from three decades of deindustrialization since the collapse of communism, largely because of poor policy decisions. But by becoming an electric-vehicle powerhouse, the region can help to drive Europe's green transition and secure its own future prosperity.

By: Dalia Marin Topic: European Macroeconomics & Governance Date: October 7, 2020
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