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The impacts of electrification on labour market outcomes: the case of Nigeria

In Nigeria, Africa’s largest economy, expanding access to electricity has contributed to increasing labour market participation and transforming the economy away from agricultural activities.

By: Giovanni Occhiali, Robert Kalcik, Enrico Nano and Simone Tagliapietra Topic: Energy & Climate Date: July 8, 2020
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Opinion

Credible emerging market central banks could embrace quantitative easing to fight COVID-19

Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the containment and lockdown policies, in the same way as advanced economies. However, emerging markets also face large and rapid capital outflows as a result of the pandemic. This column argues that credible emerging market central banks could rely on purchases of local currency government bonds to support the needed health and welfare expenditures and fiscal stimulus. In countries with flexible exchange rate regimes and well-anchored inflation expectations, such quantitative easing would help ease financial conditions, while minimising the risks of large depreciations and spiralling inflation.

By: Gianluca Benigno, Jon Hartley, Alicia García-Herrero, Alessandro Rebucci and Elina Ribakova Topic: Global Economics & Governance Date: July 6, 2020
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EU recovery plans should fund the COVID-19 battles to come; not be used to nurse old wounds

In its proposed Recovery Fund, the European Commission uses allocation criteria mainly linked to infection rates and past economic performance. To foster an efficient economic rebound post COVID-19 crisis, we propose instead to allocate funds through a forward-looking approach based on specific industrial and economic structure of EU regions.

By: Carlo Altomonte, Andrea Coali and Gianmarco Ottaviano Topic: European Macroeconomics & Governance Date: July 6, 2020
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Europe’s China problem: investment screening and state aid

China’s state capitalist economy poses a challenge to EU openness to foreign investment. In response, the European Commission 17 June published a White Paper on “levelling the playing field with regard to state aid”, contemplating sensible and balanced policies to protect the integrity of the European single market from subsidised foreign acquisitions. However, against the backdrop of collapsing global capital flows and limited existing FDI from China, there is little risk of excessive exposure, indeed a deepening of bilateral investment flows would be beneficial for both economies.

By: Marta Domínguez-Jiménez and Niclas Poitiers Topic: Global Economics & Governance Date: July 2, 2020
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The Wirecard debacle calls for a rethink of EU, not just German, financial reporting supervision

The spectacular collapse of Wirecard AG should serve as a wake-up call for the European Union on the need to pool the relevant supervisory mandates at EU level.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: June 30, 2020

10 hours ago

RT @lruiztrullols: The @eucopresident is trying to bring 'frugal countries' on board with Covid-19 recovery scheme. Will he succeed? "It'…

11 hours ago

"A third of EU households are unable to meet an unexpected shock during regular times, let alone during a pandemic.… https://t.co/uBXyeVED6u

11 hours ago

"The EU should therefore also green the fiscal consolidation by setting out a path to much higher carbon prices tha… https://t.co/WQWLtoqsmL

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Artificial intelligence’s great impact on low and middle-skilled jobs

Artificial intelligence and machine learning will significantly transform low-skilled jobs that have not yet been negatively affected by past technological change.

By: Sybrand Brekelmans and Georgios Petropoulos Topic: Innovation & Competition Policy Date: June 29, 2020
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Opinion

A tale of two pandemics

The two narratives briefly examined here cast light on different aspects of the EU in the times of Covid-19. Euroskeptic nationalists typically propagate claims of EU failure but have been rather subdued during the pandemic as mainstream governments have taken over their trademark policy of closing borders to foreigners. Nonetheless, the grip on power of several pro-EU mainstream leaders, including President Emmanuel Macron in France, Prime Minister Conte in Italy and Prime Minister Pedro Sanchez in Spain, remains tenuous.

By: Michael Leigh Topic: European Macroeconomics & Governance Date: June 23, 2020
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Opinion

Toward a smart Indian response to China

Rather than risking its soldiers' lives on the border, India should join 'middle power' economic coalitions to address China's behavior.

By: Suman Bery and Alicia García-Herrero Topic: Global Economics & Governance Date: June 23, 2020
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Blog Post

Lessons learned from the electricity tracker

Since the beginning of the COVID-19 crisis, Bruegel’s new tool has gauged the impact of the crisis on economic activity by tracking changes in electricity consumption.

By: Ben McWilliams and Georg Zachmann Topic: Energy & Climate, European Macroeconomics & Governance Date: June 22, 2020
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The EU’s recovery fund proposals: crisis relief with massive redistribution

Poorer European Union countries and those hardest hit economically by the COVID-19 crisis could obtain up to 15% of their GNI in grants and guarantees from the EU’s proposed recovery instruments. Yet the proposal would represent a net benefit for all EU countries, even if there is only a small positive economic impact over the long-term. The proposed very long-maturity loans would lead to non-negligible benefits, exceeding 1% of GDP for some countries.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 17, 2020
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Has COVID-19 dented the EU’s credibility in the Balkans?

Muddled initial reactions to the COVID-19 crisis tarnished the EU’s image in the Western Balkans. Europe should not take for granted the extent of its influence over its backyard in the face of Chinese and Russian charm offensives.

By: Aliénor Cameron and Michael Leigh Topic: European Macroeconomics & Governance Date: June 15, 2020
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Blog Post

One last push is needed to improve the Just Transition Fund proposal

The European Parliament and the Council still have an opportunity to improve the Just Transition Fund by refocusing it on social support and basing fund allocations on more granular information that takes into account not only countries’ needs but also their green ambitions.

By: Aliénor Cameron, Grégory Claeys, Catarina Midões and Simone Tagliapietra Topic: Energy & Climate, European Macroeconomics & Governance Date: June 11, 2020
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