Scholars

Zsolt Darvas

Senior Fellow

Expertise: Macroeconomics, central banking and time series analysis. CV: Download CV Twitter: @ZsoltDarvas

Zsolt Darvas, a Hungarian citizen, joined Bruegel as a Visiting Fellow in September 2008 and continued his work at Bruegel as a Research Fellow from January 2009, before being appointed Senior Fellow from September 2013. He is also a Senior Research Fellow at the Corvinus University of Budapest.

From 2005 to 2008, he was the Research Advisor of the Argenta Financial Research Group in Budapest. Before that, he worked at the research unit of the Central Bank of Hungary (1994-2005) where he served as Deputy Head.

Zsolt holds a Ph.D. in Economics from Corvinus University of Budapest where he teaches courses in Econometrics but also at other institutions since 1994. His research interests include macroeconomics, international economics, central banking and time series analysis.

Declaration of interests 2021

Declaration of interests 2020

Declaration of interests 2019

Declaration of interests 2018

Declaration of interests 2017

Declaration of interests 2016

Declaration of interests 2015

Declaration of interests 2014

Declaration of interests 2013

Declaration of interests 2012

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Blog Post

European governance

Bold European Union action is needed to support Ukrainian refugees

Hosting Ukrainian refugees could cost European Union countries in excess of €40 billion this year. A dedicated EU fund is needed to manage the fiscal burden.

By: Zsolt Darvas Topic: European governance, Global economy and trade Date: April 6, 2022
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External Publication

Close cooperation for bank supervision: The cases of Bulgaria and Croatia

In-depth analysis on the banking supervision cooperation in Bulgaria and Croatia prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Zsolt Darvas and Catarina Martins Topic: Banking and capital markets Date: March 30, 2022
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Opinion

European governance

How to reconcile increased green public investment needs with fiscal consolidation

The EU’s ambitious emissions reduction targets will require a major increase in green investments. This column considers options for increasing public green investment when major consolidations are needed after the fiscal support provided during the pandemic. The authors make the case for a green golden rule allowing green investment to be funded by deficits that would not count in the fiscal rules. Concerns about ‘greenwashing’ could be addressed through a narrow definition of green investments and strong institutional scrutiny, while countries with debt sustainability concerns could initially rely only on NGEU for their green investment.

By: Zsolt Darvas and Guntram B. Wolff Topic: European governance, Green economy, Macroeconomic policy Date: March 8, 2022
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Blog Post

European governance

How has growth changed what countries get from the European recovery fund?

Adjustments to growth forecasts mean some countries will get 10% more than expected and others 20% less in grants from the EU Recovery and Resilience Facility. But the benefits of more quickly rising growth rates dwarf foregone recovery funds.

By: Zsolt Darvas Topic: European governance, Macroeconomic policy Date: February 17, 2022
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Blog Post

European governance

The puzzle of European Union recovery plan assessments

Identical European Commission assessments that EU countries’ recovery plan cost justifications are ‘medium-quality’ undermine trust in the assessments and raise questions about whether recovery money will be well spent.

By: Zsolt Darvas Topic: European governance, Macroeconomic policy Date: February 8, 2022
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Blog Post

European governance

A European climate fund or a green golden rule: not as different as they seem

Spending and borrowing via a non-redistributive EU climate fund or under a well-designed green golden rule would result in similar project implementation and be treated the same in the EU’s fiscal framework.

By: Zsolt Darvas Topic: European governance, Green economy Date: February 3, 2022
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Working Paper

Timely measurement of real effective exchange rates

This paper contributes to the measurement of monthly consumer price index-based real effective exchange rates with two main novelties.

By: Zsolt Darvas Topic: Global economy and trade Date: December 23, 2021
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Blog Post

European governance

Including home-ownership costs in the inflation indicator is not just a technical issue

The European Central Bank is right to propose inclusion of owner-occupied housing services in the inflation indicator. But the ECB’s preferred method would involve an asset price in the consumer inflation indicator.

By: Zsolt Darvas and Catarina Martins Topic: European governance, Macroeconomic policy Date: November 18, 2021
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Parliamentary Testimony

European governanceEuropean Parliament

The New Euro Area Inflation Indicator and Target: The Right Reset?

Testimony to the Monetary Dialogue Preparatory Meeting of the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Zsolt Darvas Topic: European governance, European Parliament, Macroeconomic policy Date: November 9, 2021
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