Past Event

Sovereign debt and its restructuring framework in the eurozone

Since the main burden of public debt reduction has fallen on fiscal austerity, public debt ratios in the eurozone remain high. Private debt burdens have also remained high since deleveraging has been slow. To regain growth momentum, public and private debt will need to be lowered. History suggests–and the current experience confirms–that predictable and orderly […]

Date: May 28 - Topic: European Macroeconomics & Governance

Since the main burden of public debt reduction has fallen on fiscal austerity, public debt ratios in the eurozone remain high. Private debt burdens have also remained high since deleveraging has been slow. To regain growth momentum, public and private debt will need to be lowered. History suggests–and the current experience confirms–that predictable and orderly debt restructuring help the resumption of growth as the debt overhang and associated uncertainty are lowered. Looking ahead, sovereign debt should be regarded as equity (a residual claim on the sovereign), operationalised by mechanisms for automatic maturity extensions upon breaching contractually-specified thresholds.

Speaker

Ashoka Mody, Visiting Fellow at Bruegel and Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School of Public and International Affairs, Princeton University

Discussant: Maarten Verwey, Deputy Director General, European Commission, DG ECFIN

Maarten Verwey has been Deputy Director-General for Economic and Financial Affairs (ECFIN) in the European Commission since September 2011, responsible for finance and international relations.

Mr. Verwey started his career at the Dutch Ministry of Finance in 1994. In 1999 he moved to Manila where he worked for three years for the Asian Development Bank. On his return to the Dutch Ministry of Finance in 2002, he became head of the export credit insurance division and two years later he assumed the position of deputy director of the economic and financial strategy department. He was nominated Director of Foreign Financial Relations in September 2007.

Maarten Verwey has been closely involved in the coordinated European response to the financial crisis. As chairman of the euro task force on coordinated action (from March 2010 to June 2011), he played a key role in first establishing the pooled bilateral loan facility for Greece, subsequently the European Financial Stability Facility (EFSF) and lastly the European Stability Mechanism. Since June 2012 he has been the EU mission chief for Cyprus financial assistance programme.

Mr. Verwey has a master’s degree in economics from the University of Groningen and a master’s in development finance from the University of London.

Chair: Guntram Wolff, Acting Director, Bruegel

Practical details

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Blog Post

Will European Union recovery spending be enough to fill digital investment gaps?

The recovery facility will boost digital transformation, but questions remain whether it will be sufficient to achieve Europe’s digital ambitions.

By: Zsolt Darvas, J. Scott Marcus and Alkiviadis Tzaras Topic: European Macroeconomics & Governance, Innovation & Competition Policy Date: July 20, 2021
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Upcoming Event

Sep
1
12:30

The EU recovery fund - state of play and outlook

Bruegel Annual Meetings, Day 1- In this session we will discuss the EU recovery fund, its state of play and outlook.

Speakers: Nadia Calviño, Karolina Ekholm and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Sep
2
10:00

Conversation on the recovery programmes

Bruegel Annual Meetings, Day 2- In this session, we discuss the recovery programmes.

Speakers: Maria Demertzis and Tadeusz Kościński Topic: European Macroeconomics & Governance Location: Palais des Academies, Rue Ducale 1
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Upcoming Event

Sep
2
13:00

European banks: under global competitive pressure?

Bruegel Annual Meetings, Day 2 - European banks have lost stature and remain generally low-profitability, low-valuation in comparison to their global peers. Is that a problem? If so, what can EU policymakers do to address it?

Speakers: José Antonio Álvarez Álvarez, Mairead McGuinness and Nicolas Véron Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Palais des Academies, Rue Ducale 1
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Upcoming Event

Sep
2
15:45

Blending physical and virtual: shaping the new workplace

Bruegel Annual Meetings, Day 2 - This panel will cover the changes the COVID-19 pandemic made to our workplaces, and what to expect in the near future.

Speakers: Nicholas Bloom, Michael Froman, Mario Mariniello, Sara Matthieu and Luca Visentini Topic: European Macroeconomics & Governance Location: Academy Palace
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Upcoming Event

Sep
3
09:00

The role of the EU's trade strategy for an inclusive and sustainable recovery

Bruegel Annual Meetings, Day 3 - We are delighted to welcome Valdis Dombrovskis, Executive Vice President of the European Commission for An Economy that Works for People to talk about Europe's trade strategy.

Speakers: Valdis Dombrovskis, Alicia García-Herrero and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Palais des Academies, Rue Ducale 1
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Upcoming Event

Sep
3
10:15

Conference on the Future of Europe: envisioning EU citizens engagement

Bruegel Annual Meetings, Day 3 - Panellists will discuss different options and what they may entail while revisiting the debates on the future of Europe at national and EU-level that have been conducted thus far.

Speakers: Caroline de Gruyter, Kalypso Nicolaïdis, Niclas Poitiers and György Szapáry Topic: European Macroeconomics & Governance Location: Palais des Academies, Rue Ducale 1
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Policy Contribution

A new direction for the European Union’s half-hearted semiconductor strategy

The EU needs a more targeted strategy to increase its presence in this strategic and thriving sector, building on its existing strengths, while accommodating its relatively low domestic needs.

By: Niclas Poitiers and Pauline Weil Topic: European Macroeconomics & Governance, Innovation & Competition Policy Date: July 15, 2021
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Blog Post

Fit for 55 marks Europe’s climate moment of truth

With Fit for 55, Europe is the global first mover in turning a long-term net-zero goal into real-world policies, marking the entry of climate policy into the daily life of all citizens and businesses.

By: Simone Tagliapietra Topic: Energy & Climate, European Macroeconomics & Governance Date: July 14, 2021
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Blog Post

Fair vaccine access is a goal Europe cannot afford to miss – July update

European countries must do more to tackle the vaccine uptake gap. Vaccination data should be published at the maximum granularity level so researchers and local decision-makers can monitor progress.

By: Lionel Guetta-Jeanrenaud and Mario Mariniello Topic: European Macroeconomics & Governance Date: July 14, 2021
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Blog Post

SPACs in the gap

Special-purpose acquisition vehicles could fill a gap in European equity markets and lure risk-averse investors off the sidelines.

By: Rebecca Christie Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: July 13, 2021
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Blog Post

A breakdown of EU countries’ post-pandemic green spending plans

An analysis of European Union countries’ recovery plans shows widely differing green spending priorities.

By: Klaas Lenaerts and Simone Tagliapietra Topic: European Macroeconomics & Governance Date: July 8, 2021
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