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Policy Brief

On the effectiveness and legitimacy of EU economic policies

For markets, European economic governance faces a crisis of policy effectiveness, while for citizens the European Union faces a democratic legitimacy crisis. The introduction of the European Semester economic policy surveillance system has not resolved these problems. Policy guidance deriving from the Semester is not focused enough on areas of significant spillovers and on problem countries, and national compliance is often procedural rather than actual. This brings into question both the Semester’s effectiveness and the democratic legitimacy of the EU’s new intervention rights, which allow intrusion into national policy-making.

By: , and Date: November 9, 2012 Topic: European Macroeconomics & Governance

For markets, European economic governance faces a crisis of policy effectiveness, while for citizens the European Union faces a democratic legitimacy crisis. The introduction of the European Semester economic policy surveillance system has not resolved these problems. Policy guidance deriving from the Semester is not focused enough on areas of significant spillovers and on problem countries, and national compliance is often procedural rather than actual. This brings into question both the Semester’s effectiveness and the democratic legitimacy of the EU’s new intervention rights, which allow intrusion into national policy-making.

This policy brief was presented to the Assemblée nationale of France on the 19th February 2014.

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Parliamentary Testimony

Dutch Senate

Limiting the ECB's QE program via a treaty change: is there a need?

Analysis on possible ECB treaty mandate provided to the House of Representatives of the Netherlands.

By: Fabian Amtenbrink, Dirk Bezemer, Maria Demertzis and Lex Hoogduin Topic: Dutch Senate, Finance & Financial Regulation, Testimonies Date: January 14, 2021
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Monetary and fiscal policy interaction in times of Next Generation EU

Could Next Generation EU enable a better coordination of monetary and fiscal policy

Speakers: Lorenzo Bini Smaghi, Grégory Claeys and Hans Vijlbrief Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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The double irony of the new UK-EU trade relationship

The Trade and Cooperation Agreement signed between the European Union and the United Kingdom goes against six decades of UK efforts to avoid being economically disadvantaged in Europe. Tracking the evolution of the EU-UK relationship over the last 60 years can help in understanding this.

By: André Sapir Topic: European Macroeconomics & Governance Date: January 12, 2021
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In search of a fitting monetary policy: the ECB's strategy review

The ECB is reviewing its monetary policy strategy. How to ensure monetary policy is fit for purpose in a fast changing world?

Speakers: Maria Demertzis, Philip Lane, Reza Moghadam and Erik F. Nielsen Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Corporate insolvencies during COVID-19: keeping calm before the storm

Measures in major economies have protected companies from COVID-19 related insolvency, but have also protected weak firms. Nevertheless, support should remain as long as necessary, while cumbersome insolvency processes should be reformed for the long term.

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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Opinion

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

European Parliament

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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Past Event

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A green industrial policy for Europe

The EU needs to develop a strong green industrial policy. What should Europe's strategy look like and how can we achieve it?

Speakers: Ann Mettler, Simone Tagliapietra and Reinhilde Veugelers Topic: Energy & Climate, European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 17, 2020
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Opinion

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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