Jeromin Zettelmeyer
Jeromin Zettelmeyer has been Director of Bruegel since September 2022.
A macroeconomist and international economist by training, most of his past work has focused on sovereign debt, international financial crises and economic growth. More recently, he has written on the European governance issues, including fiscal governance and rearmament, the return of economic nationalism in advanced and emerging market countries, EU economic security and the nexus between climate, trade and industrial policy.
He speaks English, Spanish and German.
He is a Research Fellow and member of the Policy and Research Networks on European Economic Architecture and International Lending and Sovereign Debt at the Centre for Economic Policy Research (CEPR) and a member of the Economic Advisory Group of the International Monetary Fund (IMF). Previously, he was Deputy Director of the Strategy and Policy Review Department of the IMF, a Senior Fellow at the Peterson Institute for International Economics, Director-General for Economic Policy at the German Federal Ministry for Economic Affairs and Energy, and Deputy Chief Economist and Director of Research for the European Bank for Reconstruction and Development (EBRD). He holds a PhD in Economics from MIT.
Disclosure of interests
Featured work
European Defence Markets: Overcoming National Preference and External Dependence
The European Union’s external imbalances: past, future and policy
Europe’s rising external surplus now rivals China’s, reflecting weak investment and growing surpluses, pointing to a need for pro-investment reforms
The new global imbalances: why care, why now and what should be done?
This essay analyses the causes of, and remedies for, external imbalances, and what countries should do if they do not decline
Why are global imbalances rising, and why does it matter?
Is the dollar at risk? Is China the new Germany? How to manage rising external deficits and surpluses
National plans, regional voices: cohesion policy in the next European Union budget
NRPPs could raise the EU added value of the 2028–34 budget, but reform conditions and decision-making must better reflect regional needs
Inflation, Iran and the Industrial Accelerator Act
Klaas Knot and Jeromin Zettelmeyer tackle the key issues facing Europe
Can advanced economies avoid debt distress?
What turned 2025 into a year of better averages and bigger challenges?
Europe’s 2025 identity crisis: the year in review
The European Union’s quest for innovation, competitiveness, self defence and economic security
Rethinking the governance and funding of European rearmament
Economic principles for European rearmament
What will it take to stabilise public debt in advanced countries?
What will it take to stabilise debt in advanced countries?
Debt can be stabilised across advanced economies yet many face sizeable fiscal adjustments and rising vulnerability to market shifts
Sovereign Debt and Fiscal Integration in the European Union
What Germany’s medium-term fiscal plan means for Europe
EU leniency on Germany’s fiscal plan highlights rule rigidity and the need for reform to support investment
Geopolitical shifts and their economic impacts on Europe: Short-term risks, medium-term scenarios and policy choices
Demographic change will hit public debt sustainability in European Union countries
The Sound of Economics Live: The State of the European Union 2025
A special live episode of The Sound of Economics podcast on the State of the Union address
How can the EU get its act together?
Beyond external threats, persistent fragmentation continues to hinder Europe’s ability to respond
The international order is crumbling. How should Europe react?
All work
Event
13 May 2026
Talks@Bruegel: Building economic resilience in Europe and the policy trade-offs with Malhar Nabar
What are the policy options to build economic resilience?
External publication
21 April 2026
Working paper
16 April 2026
The European Union’s external imbalances: past, future and policy
Europe’s rising external surplus now rivals China’s, reflecting weak investment and growing surpluses, pointing to a need for pro-investment reforms
Essay
13 April 2026
The new global imbalances: why care, why now and what should be done?
This essay analyses the causes of, and remedies for, external imbalances, and what countries should do if they do not decline
Podcast
13 April 2026
Why are global imbalances rising, and why does it matter?
Is the dollar at risk? Is China the new Germany? How to manage rising external deficits and surpluses
Event
28 April 2026
The new global imbalances: the launch of Paris Report 4
How to address global imbalances during geopolitical instability?
Event
29 April 2026
Talks@Bruegel: The macroeconomics of defence spending, conflicts, and recovery with Andrea Presbitero
What economic trade-offs do countries face as defence spending increases?
Policy Brief
26 March 2026
National plans, regional voices: cohesion policy in the next European Union budget
NRPPs could raise the EU added value of the 2028–34 budget, but reform conditions and decision-making must better reflect regional needs
Event
25 March 2026
The IAA: Accelerating innovation, decarbonisation and industrial leadership in Europe
Will the IAA make Europe a global industrial leader—or highlight its limitations?
Event
13 April 2026
Where is industrial policy headed? Lessons from Europe and Asia
What drives the new industrial policy?