External Publication

Country case studies on resolving problem loans in Europe: Crises, policies and institutions

Contribution to 'Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies' published by the Asia Development Bank.

By: Date: December 3, 2021 Topic: Banking and capital markets

This book traces trends in nonperforming loans (NPLs) during and after financial crises in Asia and Europe. It examines the impact of high NPLs, compares the effectiveness of resolution strategies, and explores policy considerations.

In Chapter 6, Alexander Lehmann presents European country case studies on NPL resolution and NPL market development. Immediately after the European sovereign debt crisis, NPL resolution was hampered by slow economic recovery and prolonged recessions in several economies in the euro area periphery. Slow and belated national reforms further delayed recovery. Between 2014 and 2019, more assertive euro area bank supervision and EU-wide bank regulation helped set the stage for a regional framework that became more conducive to NPL resolution. When combined with national reforms, this strengthened EU framework helped significantly reduce NPL ratios in euro area countries. The case studies highlight lessons, including the importance of comprehensive definition of distressed assets, provisioning guidelines, and supervisory guidance to banks on NPL management as preconditions for effective resolution.

Read the full book now available with the Asian Development Bank.

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Working Paper

The effect of COVID certificates on vaccine uptake, public health, and the economy

An analysis of the incentive effects of COVID certificates on vaccine uptake, health outcomes and the economy.

By: Miquel Oliu-Barton, Bary Pradelski, Nicolas Woloszko, Lionel Guetta-Jeanrenaud, Philippe Aghion, Patrick Artus, Arnaud Fontanet, Philippe Martin and Guntram B. Wolff Topic: Digital economy and innovation Date: January 17, 2022
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External Publication

Europe must come together to confront Omicron

Statement published in the renowned British Medical Journal (BMJ) to address the wave of the Omicron variant of SARS-CoV-2.

By: Miquel Oliu-Barton, Guntram B. Wolff and Group of authors Topic: Global economy and trade Date: January 13, 2022
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Blog Post

European governance

What will be the impact of Europe’s next round of COVID-19 restrictions?

As COVID-19 cases surge, the choice of restrictions, and the details of their implementation, can have a major influence on the degree to which business is impacted.

By: J. Scott Marcus and Lionel Guetta-Jeanrenaud Topic: European governance Date: December 23, 2021
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Podcast

Podcast

Last but not the least

An overview of economic policy and beyond in 2021.

By: The Sound of Economics Topic: European governance, Global economy and trade Date: December 22, 2021
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Blog Post

European governanceInclusive growth

12 Charts for 21

A selection of charts from Bruegel’s weekly newsletter, analysis of the year and what it meant for the economy in Europe and the world.

By: Hèctor Badenes, Henry Naylor, Giuseppe Porcaro and Yuyun Zhan Topic: Banking and capital markets, Digital economy and innovation, European governance, Global economy and trade, Green economy, Inclusive growth, Macroeconomic policy Date: December 21, 2021
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Working Paper

mRNA vaccines: a lucky shot?

How can the background of mRNA technology development help us understand how public vaccine research and development policy can be improved to generate the full global social benefits from breakthrough novel vaccine technologies?

By: Reinhilde Veugelers Topic: Digital economy and innovation Date: December 13, 2021
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External Publication

European governance

EU borrowing—time to think of the generation after next

Financing post-pandemic recovery via EU borrowing has proved remarkably straightforward. So why keep it temporary?

By: Grégory Claeys, Rebecca Christie and Pauline Weil Topic: European governance, Macroeconomic policy Date: December 9, 2021
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Past Event

Past Event

How to deal with small banks: consolidation, tailoring and the fintech challenge

Small banks face multiple challenges. What structural changes are needed to tackle these pressures?

Speakers: Alexander Lehmann, Nicolas Véron, Xavier Vives, Anne Fröhling and Philip Evans Topic: Banking and capital markets Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 9, 2021
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Past Event

Past Event

Fiscal policy and rules after the pandemic

What are the possibilities for shaping the new fiscal policy?

Speakers: Zsolt Darvas, Maria Demertzis, Michel Heijdra and Katja Lautar Topic: Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 24, 2021
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Blog Post

Fiscal arithmetic and risk of sovereign insolvency

The record-high debt levels in advanced economies increase the risk of sovereign insolvency. Governments should start fiscal consolidation soon in an environment of low nominal and real interest rates and post-COVID growth.

By: Marek Dabrowski Topic: Global economy and trade, Macroeconomic policy Date: November 18, 2021
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Podcast

Podcast

Pandemonium

How did Europe respond to the pandemic?

By: The Sound of Economics Topic: European governance Date: November 17, 2021
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Policy Contribution

European governance

Next Generation EU borrowing: a first assessment

The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets. This paper assesses the first design decisions made by the European Commission and the issuances that have taken place so far. It also outlines the potential risks and opportunities linked to this upgrading of the EU borrowing.

By: Rebecca Christie, Grégory Claeys and Pauline Weil Topic: Banking and capital markets, European governance, Macroeconomic policy Date: November 10, 2021
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