Annual meetings

Bruegel Annual Meetings | 4-5 September 2024

This year's Annual Meetings centered around the launch of the Bruegel Memos to the European Union leadership 2024-2029

Time and location: 4–5 September 2024
Palais des Academies, Rue Ducale 1, 1000 Brussels
The sessions are parallel. Click either Auditorium Albert II or Galerie de Marbre to watch. Check the agenda for the schedule.
Format: Public, Hybrid, Livestreamed
Contact: Anastasiia Zaitseva Matilda Sevón Katja Knežević Ilgaz Kıran

On 4-5 September 2024 Bruegel held its flagship event, the Bruegel Annual Meetings in Brussels. We gathered high-level speakers for discussions through which we contributed to better economic policymaking in Europe and beyond.

This year the event took place at a crucial moment in the European political agenda: a few months after the European Parliament elections and on the eve of the formation of the new Commission. Much has changed in the last few years. Ukraine is fighting for survival. Security has become a central concern. Spending needs have risen while fiscal space has declined. How can we reinvigorate growth, safeguard security, maintain social cohesion and follow through on the green deal in this difficult environment?

In this context Bruegel fellows have written a set of 20 Memos addressed to the incoming European leadership. The Memos outline the challenges facing the EU and provide concrete policy recommendations for the way forward. The Bruegel Annual Meetings served as the moment to launch the Memos and discuss the issues with policy makers and experts

Speakers

José Antonio Álvarez

Vice-Chair, Grupo Santander, Banco Santander

Riccardo Barbieri

Director General of the Treasury, Italy

John Berrigan

Director-General, European Commission, European Commission, DG FISMA

Irene Bertschek

Member of the Scientific Council

Head of Research Unit ‘Digital Economy’ at ZEW Mannheim and professor of Economics of Digitalisation at the University of Giessen,

Andreas Billmeier

Chief European economist, Brevan Howard

Krzysztof Bolesta

State Secretary for Climate and Environment, Poland

Patrick Bolton

Professor of Finance and Economics, Imperial College London

Pablo Hernández de Cos

Bruegel Senior fellow

Zsolt Darvas

Bruegel Senior fellow

Marlene de Koning

Director, HR Tech & Digital, PwC

Maria Demertzis

Leader, ESF, The Conference Board Europe

Paschal Donohoe

Minister, Public Expenditure, National Development Plan Delivery & Reform, Ireland

President, Eurogroup

Steven Everts

Director, EU Institute for Security Studies (EUISS)

Cristina Gherasimov

Deputy Prime Minister for European Integration, Republic of Moldova

Sven Giegold

State Secretary, Federal Ministry for Economic Affairs and Climate Action, Germany

Pierre-Olivier Gourinchas

Economic Counsellor and Director of the Research Department, International Monetary Fund

Heather Grabbe

Bruegel Senior fellow

Bernard Hoekman

Professor and Director of Global Economics, Robert Schuman Centre for Advanced Studies, European University Institute (EUI),

Gert Jan Koopman

Director General, DG NEAR, European Commission

Signe Krogstrup

Member of the Board of Governors, Danmarks Nationalbank

Angus Lapsley

Assistant Secretary General for Defence Policy and Planning, NATO

Xiankun Lu

Managing Director, LEDECO Geneva,

Cecilia Malmström

Nonresident Senior Fellow, Peterson Institute for International Economics

Bertin Martens

Bruegel Senior fellow

Renato Mazzoncini

Managing Director and Chief Executive, a2a

Silvia Merler

Bruegel Non-resident fellow

Ann Mettler

Vice President, Europe, Breakthrough Energy

Jan Mischke

Partner, McKinsey Global Institute (MGI)

Irene Monasterolo

Professor of Climate Finance, Utrecht University

Research Fellow, CEPR

Christian Odendahl

European economics editor, The Economist

Huw Pill

Chief Economist and Executive Director for Monetary Analysis, Bank of England

Jean Pisani-Ferry

Bruegel Senior fellow

Lucrezia Reichlin

Bruegel Non-resident fellow

Luc Rémont

Chairman & CEO, EDF Group

Debora Revoltella

Director, Economics Department, European Investment Bank

Teresa Ribera

Executive Vice-President for Clean, Just and Competitive Transition, European Commission

Stéphanie Riso

Director-General, European Commission, DG Budget

Chris Ruff

Director for Political Outreach & Communications, Digital Europe

Tuomas Saarenheimo

President, Eurogroup Working Group

Pascal Saint-Amans

Bruegel Non-resident fellow

André Sapir

Bruegel Senior fellow

Jorge Sicilia Serrano

Chief Economist, Spain, BBVA Group

Fiona M. Scott Morton

Bruegel Senior fellow

Simone Tagliapietra

Bruegel Senior fellow

Laurence Tubiana

Chief Executive Officer, European Climate Foundation

Heleen Uijt de Haag

Director of International Financial Affairs, Ministry of Finance, Netherlands

Nicolas Véron

Bruegel Senior fellow

Maarten Verwey

Director General, European Commission, DG ECFIN

Reinhilde Veugelers

Bruegel Senior fellow

François Villeroy de Galhau

Governor, Banque de France

Lindsey Whyte

Director General, International Finance, HM Treasury

Guntram B. Wolff

Bruegel Senior fellow

Katinka Worsøe

Digitalisation attaché, Permanent Representation of Denmark to the EU

Georg Zachmann

Bruegel Senior fellow

Kai Zenner

Head of Office and Digital Policy Adviser for MEP Axel Voss, EPP, European Parliament

Jeromin Zettelmeyer

Bruegel Director

Chair: Christian Odendahl, European economics editor , The Economist
Maria Demertzis, Leader, ESF, The Conference Board Europe
André Sapir, Bruegel Senior fellow
Jeromin Zettelmeyer, Bruegel Director

The EU will need to overcome divisions to deal with the multiple threats it faces now and in the future. Multiple crises have left the EU in a bruised state and while much has been achieved there are many challenges ahead and solving them involves complex trade-offs. In the ‘Presidents’ Memo’, the authors give recommendations on how the EU leadership can promote the most important objectives in the next five years: 1) stimulate growth and enhance cohesion in the EU; 2) safeguard the Green Deal and extend its global reach; 3) strengthen the EU’s economic and overall security and 4) reform the EU’s decision-making to prepare for enlargement.

Chair: Zsolt Darvas, Bruegel Senior fellow
Riccardo Barbieri, Director General of the Treasury, Italy
Stéphanie Riso, Director-General, European Commission, DG Budget
Pascal Saint-Amans, Bruegel Non-resident fellow
Heleen Uijt de Haag, Director of International Financial Affairs, Ministry of Finance, Netherlands

At this session we launched the Bruegel Memos to the Commissioners responsible for the European Union budget and tax policy.

The next multiannual EU budget will be prepared amid a climate emergency, heightened security risks, increased global protectionism, slow productivity growth and a weak European economic outlook. Demands for new EU spending are mounting, while political deadlocks have prevented major budget reforms in the past. Can the size of the seven-year EU budget be increased to address EU priorities? Can the EU focus spending on European public goods so initiatives have a higher value for citizens at the EU level rather than nationally? Is there a need for more direct EU budget revenues or are contributions based on the gross national incomes of member countries appropriate?

Chair: Heather Grabbe, Bruegel Senior fellow
Cristina Gherasimov, Deputy Prime Minister for European Integration, Republic of Moldova
Gert Jan Koopman, Director General, DG NEAR, European Commission

Enlargement has gained new impetus after more than a decade of little progress. However, continuing Russian aggression brings security challenges not faced in previous enlargements, and an inconsistent accession process has undermined the EU’s credibility in the Western Balkans. This session brought policy-makers from several sides together to discuss how to renew the EU’s commitment to enlargement and involve candidates progressively in EU policies. Key challenges include removing blockages, especially bilateral disputes, and ensuring that the focus on Ukraine and Moldova does not disadvantage the Western Balkans, but rather that each country can advance on its merits within a streamlined process. We also covered how to find new ways to ensure post-accession compliance with rule-of-law standards, while dispelling myths about the EU being unable to cope with further enlargement.

Chair: Silvia Merler, Bruegel Non-resident fellow
José Antonio Álvarez, Vice-Chair, Grupo Santander, Banco Santander
John Berrigan, Director-General, European Commission, European Commission, DG FISMA
Irene Monasterolo, Professor of Climate Finance, Utrecht University; Research Fellow, CEPR
Nicolas Véron, Bruegel Senior fellow
François Villeroy de Galhau, Governor, Banque de France

At this session we launched the Bruegel Memo to the Commissioner responsible for financial services.

The last five-year term has been one of contrasting experiences in financial services. An ambitious agenda was deployed for sustainable finance, albeit with lingering doubts about calibration and effectiveness. The creation of the EU Anti-Money Laundering Authority was a major achievement. However, President von der Leyen’s targets for banking union, a European deposit insurance and a resolution fund backstop, remain unmet. There has been no breakthrough on capital markets union, despite political leaders paying lip service. Which reform areas should the new financial services commissioner focus most on?

Chair: Fiona M. Scott Morton, Bruegel Senior fellow
Sven Giegold, State Secretary, Federal Ministry for Economic Affairs and Climate Action, Germany
Jan Mischke, Partner, McKinsey Global Institute (MGI)
Luc Rémont, Chairman & CEO, EDF Group
Reinhilde Veugelers, Bruegel Senior fellow

At this session we launched the Bruegel Memos to the Commissioners responsible for the internal market and competition.

Europe’s ‘competitiveness’ has stimulated a robust debate around industrial policy, regulation and competition enforcement. High level reports have been written by Enrico Letta and Mario Draghi. But how can the EU use competition policy to advance competitiveness? Can the EU enforce regulations like the DMA and the AI Act in a way that raises productivity in Europe and sets a best-practice standard for other countries? Deepening the Single Market is an urgent priority given the importance of scale to commercial success for Europe’s entrepreneurs. Reinvigorating industrial policy is on the agenda and the question there is whether such a programme can be designed to be pro-competitive. If governments instead choose monopoly national champions, can large subsidies be afforded given other needs like the green transition and war in Ukraine?

Chair: André Sapir, Bruegel Senior fellow
Bernard Hoekman, Professor and Director of Global Economics, Robert Schuman Centre for Advanced Studies, European University Institute (EUI)
Xiankun Lu, Managing Director, LEDECO Geneva
Cecilia Malmström, Nonresident Senior Fellow, Peterson Institute for International Economics;
Lindsey Whyte, Director General, International Finance, HM Treasury

At this session we launched the Bruegel Memo to the Commissioner responsible for trade.

The incoming EU Trade Commissioner will face three main challenges. They are to maintain the EU’s commitment to open markets at home and abroad by continuing to adhere to the multilateral rules-based trading system in an environment with growing geopolitical tensions; continue to sign and implement bilateral and regional free-trade agreements; and address the trade-climate-development nexus. The panel discussed both the trade policies of the EU and those of major trading partners. The focus was on how trade policy in the EU and elsewhere can reconcile the traditional approach of maximising comparative advantages with new concerns about geopolitics, climate and industrial policy.

Chair: Jean Pisani-Ferry, Bruegel Senior fellow
Maria Demertzis, Leader, ESF, The Conference Board Europe
Tuomas Saarenheimo, President, Eurogroup Working Group
Debora Revoltella, Director, Economics Department, European Investment Bank
Maarten Verwey, Director General, European Commission, DG ECFIN

At this session we launched the Bruegel Memo to the Commissioner responsible for economic and financial affairs.
The European Union faces an exceptionally difficult conundrum between buttressing the credibility of the recently redesigned budgetary framework and ensuring adequate investment into common priorities such as defence, competitiveness and the climate transition. Because constraints are tight and priorities challenging, this is a particularly delicate balancing act. This session discussed options for the EU and the member states, focusing on the relative roles of private and public investment. It is examined in this light the role the new ECFIN Commissioner should be playing.

Chair: Bertin Martens, Bruegel Senior fellow
Marlene de Koning, Director, HR Tech & Digital, PwC
Chris Ruff, Director for Political Outreach & Communications, Digital Europe
Katinka Worsøe, Digitalisation attaché, Permanent Representation of Denmark to the EU
Kai Zenner, Head of Office and Digital Policy Adviser for MEP Axel Voss, EPP, European Parliament

At this session we launched the Bruegel Memo to the Commissioner responsible for digital affairs.

This Memo expresses concern about the growing productivity gap between the US and the EU, and the consequences for the long-run competitiveness of the EU. It explores two contributing factors. First, insufficient private digital investment in the EU, caused by underdeveloped private venture capital markets and the absence of large EU-based platforms as business channels for new technologies. Second, high compliance costs with an increasingly complex set of insufficiently pro-competitive EU digital regulations. We discuss how these factors affect digital investment in the EU.

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Chair: Georg Zachmann, Bruegel Senior fellow
Krzysztof Bolesta, State Secretary for Climate and Environment, Poland
Renato Mazzoncini, Managing Director and Chief Executive, a2a
Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition, European Commission
Simone Tagliapietra, Bruegel Senior fellow
Laurence Tubiana, Chief Executive Officer, European Climate Foundation

At this session we launched the Bruegel Memo to the Commissioner responsible for energy.

Electricity is set to become the main energy vector in Europe. To get there, massive remote offshore wind parks as well as many decentral wind and solar installations must be connected to the grid. Simultaneously, distribution grid connections must be strengthened to accommodate increasing loads from heat pumps and electric vehicles. Failing to get the right grid connections in time will waste a lot of capital for new clean generators and the electrification of consumer services. We discussed the barriers that exist blocking this transition and what regulatory and financial tools at the European level can enable efficient grid development.

Chair: Lucrezia Reichlin, Bruegel Non-resident fellow
Patrick Bolton, Professor of Finance and Economics, Imperial College London

In this year's highly anticipated academic lecture, we are happy to welcome Patrick Bolton, Professor of Finance at Imperial College London and Senior Advisor to the Lazard Climate Center. Professor Bolton talked about how in the post-COVID years there has been a backlash against the sustainable investment movement and about how interest in ESG-related funds from investors has waned. Additionally, he discussed the challenges that lie ahead for climate finance as it navigates this complex and shifting environment.

Chair: Jean Pisani-Ferry, Bruegel Senior fellow
Paschal Donohoe, Minister, Public Expenditure, National Development Plan Delivery & Reform, Ireland; President, Eurogroup

Like all European institutions, the Eurogroup will have to adapt and commit to the new fiscal framework. The mechanism, whilst built to ensure stability, also presents a constraint, paired with unprecedented geopolitical and competitiveness challenges. It is in this context that the Eurogroup will implement work in the areas of budget coordination, capital markets, the future of the euro currency and competitiveness. We are honoured to welcome Paschal Donohoe, the President of the Eurogroup, to ask him about the group’s ambitions for the next six months.

The sessions on 5 September are only open to Bruegel Members and a small number of selected invitees.

Chair: Heather Grabbe, Bruegel Senior fellow
Steven Everts, Director, EU Institute for Security Studies (EUISS)
Angus Lapsley, Assistant Secretary General for Defence Policy and Planning, NATO
Guntram B. Wolff, Bruegel Senior fellow

At this session we presented the Bruegel Memo to the High Representative for Foreign and Security Policy.

The EU’s global role is challenged as never before. Many aspects of European security urgently need improvement, from more efficient defence procurement to reducing toxic economic dependencies. The EU’s external policies need better alignment and representation, making the role of the new High Representative for Foreign and Security Policy, Kaja Kallas, even more important. However, she will face many constraints in exercising her powers to achieve stronger coordination and more unified positions. This session discussed how to manage the external and internal challenges ahead.

Chair: Jeromin Zettelmeyer, Bruegel Director
Irene Bertschek, Member of the Scientific Council
Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department, International Monetary Fund
Ann Mettler, Vice President, Europe, Breakthrough Energy
Jorge Sicilia Serrano, Chief Economist, Spain, BBVA Group

Europe needs to become more competitive. But what does this mean exactly, and how do we get there? Is competitiveness a synonym for productivity growth? Is it about the share of EU companies in international markets? About leadership in specific technologies? Does it mainly require a deeper or broader single market? Less regulation? More aggressive industrial policy? Merger rules that facilitate the creation of very large EU companies? Better EU innovation policies? Or a combination of the above? If so, how do we address trade-offs, like subsidies that hurt the single market or rules that benefit incumbents at the expense of entrants? And what does all of this imply for trade policy?

Chair: Lucrezia Reichlin, Bruegel Non-resident fellow
Andreas Billmeier, Chief European economist, Brevan Howard
Pablo Hernández de Cos, Bruegel Senior fellow
Signe Krogstrup, Member of the Board of Governors, Danmarks Nationalbank
Huw Pill, Chief Economist and Executive Director for Monetary Analysis, Bank of England

After a long global cycle of interest rate increase, many central banks, including the European Central Bank and the Bank of England, lowered interest rates this summer and are expected to reduce them further in the coming months. The Fed is set to join them in September, as Powell signalled at the Jackson Hole conference. This panel gathered three very senior central bankers and a market participant to discuss where we are in the cycle and what will it take to walk the last mile towards inflation stabilisation at the target. This was also be an occasion to reflect on the main lessons learned from the post Covid inflation.

Theme: Macroeconomic policy and governance Global economy and trade Banking and capital markets Energy and climate policy Microeconomic policies
Keyword: eu governance growth banking union capital markets competition policy decarbonisation energy eu budget European neighbourhood policy investment trade policy
Series: Annual meetings
Language: English