Past Event

How to solve the austerity puzzle at the Europeriphery

The paper to be presented at this event examines the seven key pillars of bail-out programmes of the Europeriphery, namely the issues of internal devaluation, expansionary austerity, growth-enhancing reforms, the frontloaded nature of the adjustment, nominal targeting, the (wrong) values of the fiscal multipliers, and the very concept of conditionality. The paper analyses the crucial […]

Date: Nov 13 - Topic: Macroeconomic policy

The paper to be presented at this event examines the seven key pillars of bail-out programmes of the Europeriphery, namely the issues of internal devaluation, expansionary austerity, growth-enhancing reforms, the frontloaded nature of the adjustment, nominal targeting, the (wrong) values of the fiscal multipliers, and the very concept of conditionality. The paper analyses the crucial role the recession plays in the austerity puzzle at the Europeriphery, e.g. the self-defeating character of fiscal adjustment in an indebted member-state of a monetary union that pushes the economy into a debt trap or/and how such a severe recession has acquired by now the characteristics of hysteresis, namely of a persistent and long-lasting recession.

The paper revives one of the oldest controversies in economics, that of stabilisation vs growth. Within the context and the limitations of an adjustment programme, the paper proposes an innovative policy framework and the analytical tools needed in achieving improved results in terms of both fiscal consolidation and growth performance.

This event will be held under the Chatham House Rule

Speakers

  • Ioannis Mourmouras, Chief Economic Adviser to the Greek Prime Minister and former Deputy Finance Minister
  • Discussant: Zsolt Darvas, Senior Fellow at Bruegel
  • Chair: Guntram Wolff, Director of Bruegel

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Wednesday 13 November 2013, 12:45 – 14:30 (A light lunch will be served before the event)
  • Contact:Matilda Sevón, Events Coordinator – matilda.sevon[at]bruegel.org
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External Publication

European Parliament

Tailoring prudential policy to bank size: the application of proportionality in the US and euro area

In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Alexander Lehmann and Nicolas Véron Topic: Banking and capital markets, European Parliament, Macroeconomic policy Date: October 14, 2021
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External Publication

Global Economic Resilience: Building Forward Better

A roadmap for systemic economic reform calling for step-change in global economic governance to increase resilience and build forward better from economic shocks, prepared for the G7 Advisory Panel on Economic Resilience.

By: Thomas Wieser Topic: Global economy and trade, Macroeconomic policy Date: October 14, 2021
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Upcoming Event

Nov
4
14:00

European monetary policy: lessons from the past two decades

This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."

Speakers: Grégory Claeys and Wolfgang Lemke Topic: Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Opinion

Letter: Declining investment may explain why rates are low

Perhaps an analysis of the causes of the declining investment rate would bring us closer to explaining why real interest rates are so low.

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Podcast

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By: The Sound of Economics Topic: European governance, Macroeconomic policy Date: September 29, 2021
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Blog Post

Monetary arithmetic and inflation risk

Between 2007 and 2020, the balance sheets of the European Central Bank, the Bank of Japan, and the Fed have all increased about sevenfold. But inflation stayed low throughout the 2010s. This was possible due to decreasing money velocity and the money multiplier. However, a continuation of asset purchasing programs by central banks involves the risk of higher inflation and fiscal dominance.

By: Marek Dabrowski Topic: Macroeconomic policy Date: September 28, 2021
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Opinion

The pandemic’s uncertain impact on productivity

The pandemic has certainly permanently affected our way of working. Whether this is for the better remains to be seen.

By: Maria Demertzis Topic: Macroeconomic policy Date: September 28, 2021
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Past Event

Past Event

How to strike the right balance between the three pillars of the pension system?

In this event panelists will discuss the future of European pension schemes.

Speakers: Elsa Fornero, Svend E. Hougaard Jensen and Suvi-Anne Siimes Topic: Macroeconomic policy Date: September 23, 2021
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Blog Post

Germany’s foreign economic policy: four essential steps

Germany and the EU need to develop a strong and proactive agenda to manage foreign economic relations, which are essential for German and European prosperity.

By: Guntram B. Wolff Topic: Macroeconomic policy Date: September 23, 2021
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Policy Contribution

A new integrated-value assessment method for corporate investment

To contribute more to the green transition, companies should start to make investment decisions based on integrated-value assessment, weighing up the environmental and social impacts alongside the financial returns.

By: Dirk Schoenmaker Topic: Green economy, Macroeconomic policy Date: September 23, 2021
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Podcast

Podcast

Unboxing the State of the Union 2021

In this Sound of Economics Live episode, Bruegel experts look at the State of the Union address delivered by Ursula von der Leyen, President of the European Commission.

By: The Sound of Economics Topic: Macroeconomic policy Date: September 15, 2021
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Past Event

Past Event

The Sound of Economics Live: Unboxing the State of the Union 2021

In this Sound of Economics Live episode, we look at the State of the Union address delivered by Ursula von der Leyen, President of the European Commission.

Speakers: Grégory Claeys, Maria Demertzis, Alicia García-Herrero and Giuseppe Porcaro Topic: Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: September 15, 2021
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