Maria Demertzis
Maria Demertzis is the interim Director at Bruegel. She has previously worked at the European Commission and the research department of the Dutch Central Bank. She has also held academic positions at the Harvard Kennedy School of Government in the USA and the University of Strathclyde in the UK, from where she holds a PhD in economics. She has published extensively in international academic journals and contributed regular policy inputs to both the European Commission's and the Dutch Central Bank's policy outlets.
Disclaimer of external interests
Featured work
EU Enlargement in a New Light
A collection of articles compiled following a joint Bruegel-Intereconomics event on EU enlargment.
Euro-dollar parity: beyond symbolism
Lack of certainty that the euro will stay prevents it from a greater international role. Until addressed, the dollar will continue to be hegemon.
An analysis of central bank decision-making
Bank of England MPC celebrates 25 years and we use this occasion to compare its decision-making process to that of the ECB
Is MiCA the end of the crypto wild-west?
As the process of digitalisation makes ideas around decentralised finance more relevant, there will be an increasing need for monitoring
Ukraine and what it means for European Union enlargement
The real issue for EU leaders when they discuss Ukraine’s application at a 23-24 June summit and beyond, is what kind of club the EU should be.
A new European tool to deal with unjustified rising spreads
The ECB needs a new tool to prevent the current rise in spreads, triggered by monetary policy tightening, from escalating into a new euro-area crisis.
Fragmentation risk in the euro area: no easy way out for the European Central Bank
The ECB should design a specific tool that will accompany interest rate hikes to neutralise the risk of fragmentation directly for countries facing it
Braver, greener, fairer: Memos to the EU leadership 2019-2024
A strategic to-do list based on an assessment of the state of affairs and the challenges that will greet the new Commissioners.
Three headaches for the European Central Bank
Once again, the limits of EMU architecture are visible and will require a rethink.
Buy now, pay later: the age of digital credit
A relatively new fintech market, BNPL is currently not regulated in the EU, meaning that consumers do not have the same protection level as they do fo
Repurposing the peace dividend
The war in Ukraine has brought an end to a 60-year period in which Europe has enjoyed a peace dividend, an amount released by reducing defence expendi
A sanctions counter measure: gas payments to Russia in rubles
A requirement for gas to be paid for in rubles is a way for Russia to side-step central bank sanctions.
War on Ukraine: the day after
The international community will have to restart the long process of de-escalation in order to preserve peace. We have a long climb ahead.
The week inflation became entrenched
The events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
The weakness of average inflation targeting
Introducing average over time without defining what this means is counterproductive and current levels of inflation in the US will sooner or later exp
The Euro in 2022
An annual review of the euro published jointly by Fundación ICO and Fundación de Estudios Financieros to expand knowledge, raise awareness of the sing
Venture capital: a new breath of life for European entrepreneurship?
Whether the dynamism of European venture capital of the past two years can be sustained and kick start a credible alternative to bank finance in the E
A new EU treaty to fight climate change
Thirty years after Maastricht, a new treaty is needed: one that will commit the EU to tackling its greatest challenge in the decades ahead, climate ch
Non-fungible tokens (NFTs): the next chapter in crypto
As with any new technology, exciting opportunities are being created, but similarly there are risks.
New model for growth in Europe
Contribution to the European Economic and Social Committee info newsletter of January 2022.
The euro comes of age
A well-functioning euro reflects a degree of unity that allows the EU to credibly claim a position at the global table and therefore help shape the po
A role for the Recovery and Resilience Facility in a new fiscal framework
Discussions on reforming European Union fiscal rules must consider a more permanent but targeted role for the Recovery and Resilience fund to meet cli
Policy coordination failures in the euro area: not just an outcome, but by design
Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.
Inflation ideology: camp permanent or camp temporary?
Policy focus should be on tackling uncertainties by being able to tackle as many scenarios as possible.
L’Union européenne et les États-Unis, un an après
Après une année troublée par Kaboul et AUKUS, qu'avons-nous retenu de l'an I de la présidence Biden ? Maria Demertzis revient sur les évènements marqu
Growth and inflation after the pandemic in the EU
Countries hit comparatively hard during the financial crisis, helped also by domestic and European policies, are bouncing back from the pandemic faste
COVID-19 financial aid and productivity: has support been well spent?
While support schemes during the pandemic were not targeted at protecting ‘good’ firms, financial support mostly went to those with the capacity to su
The socioeconomic effects of COVID-19 on women
The pandemic has disproportionately affected women both professionally and at home. Although the gender gap in labour force participation since the on
Is the ECB right to take on climate change?
The real issue here is not that the ECB takes a very sizeable risk by pursuing climate objectives but rather, that it cannot afford not to. And by doi
Understanding the socioeconomic effects of the COVID-19 pandemic on women
Testimony before the European Parliament's Committee on Economic and Monetary Affairs (ECON) on the consequences of the pandemic on women.
The inconsistency in global strategic relations
All of this talk on strategic retrenchment and autonomy is the language of escalation, not of appeasement and collaboration.
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.
El Salvador’s great crypto experiment
Can bitcoin surpass the dollar in popularity and make El Salvador the first state to operate entirely with a private currency?
Who should pay the climate bill?
If we need to get into a war-type mentality to fight climate change, we also need a war-type development plan, so that everyone manages the transition
What to expect from the ECB’s monetary policy strategy review?
Emphasis will be placed on greening monetary policy and clarifying the ECB's price stability objective, but is this enough?
Climate change and lifestyle choices
Do we need drastic changes in our lifestyles so that we can meet our climate ambitions by 2050?
Europe should not neglect its capital markets union
The European Union’s capital markets remain very underdeveloped compared to the United States. The market for equity, as measured as the size of the t
Europe must fix its fiscal rules
The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy.
The great COVID-19 divergence: managing a sustainable and equitable recovery in the European Union
Policymakers must act to prevent lasting divergence within the EU and to prevent scarring from the fallout from the pandemic.
Crypto… mania
Cryptocurrencies are here to stay but are unlikely to be considered a credible alternative to money anytime soon.
Central bank currencies going digital
Electronic cash might be the future, but it is still unclear what payment innovation it offers for the public, certainly in the euro area. And it is u
More Europe or less Europe?
Europe is often a ship with multiple captains. The boat moves forward in calm seas, but when the slightest wind puts it off course, it is not easy to
Financial literacy and the fearless woman
Many gender gaps persist, but an important one that puts women in a very disadvantageous position is the gap in financial literacy.
The four pillars of a digital strategy
The European Commission’s digital compass attempts to build strong fundamentals. It is a start. An ambitious digital agenda however requires a strate
Low interest rates in Europe and the US: one trend, two stories
Interest rates have been on a long-term decline, associated with declining productivity growth. To tackle this, the priorities are to reduce market co
欧洲如何实现碳中和？一种建议
“欧洲绿色协议”目前缺少的一个工具是碳底价，它可以为ETS和非ETS部门设定最低碳定价。经过多年的讨论，现在可能已经到了引入这一制度的时候了。
Carbon price floors: an addition to the European Green Deal arsenal
As the European Union sets out a more ambitious climate policy, carbon price floors provide an opportunity to place greater emphasis on altering expec
A K-shaped recovery and the role of fiscal policy
The spine of the letter represents the fall in activity at the start of the pandemic. Then there is a split, which leads to the two ‘arms’ that captur
Continuing fiscal support and the risk of inflation
Ongoing fiscal support in the United States is not expected to provoke inflation risks. There are no immediate inflationary risks in the euro area eit
Strategic autonomy or strategic alliance?
It is hard to imagine how either the EU or the US can do better on the big issues if they pursue their interests separately.
An EU - China investment deal: a second look
For the moment, it does not look like we have the basis for greater and deeper economic relations with China. However, dismissing China and the opport
Limiting the ECB's QE program via a treaty change: is there a need?
Analysis on possible ECB treaty mandate provided to the House of Representatives of the Netherlands.
The productivity paradox: policy lessons from MICROPROD
The objective of MICROPROD, an EU-wide research project that runs until the end of 2021, is to understand what is driving the current productivity slo
Regulation in the era of matchmaking economics
New approaches and new tools are needed to prevent excessive concentration of economic power in the hands of a few matchmaking digital platforms that
The Biden promise
In the eyes of Europeans, Joe Biden’s US election win brings the promise of major change with global relevance. From climate to multilateralism, to tr
Monetary Policy in the times of corona: many unknown unknowns
Testimony to the European Parliament on monetary policy.
Are we out of the woods yet?
The return to normal may just have to wait.
Monetary policy in the time of COVID-19, or how uncertainty is here to stay
The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We explore how this uncertainty manifests itsel
Can households in the European Union make ends meet?
Half the households surveyed by Eurostat see themselves as unable to find the resources they would need to cope with an unexpected expense within a mo
The financial fragility of European households in the time of COVID-19
The concept of household financial fragility emerged in the United States after the 2007-2008 financial crisis. It grew out of the need to understand
Save markets to save the single market
It’s time for the EU to make quick and indispensable progress in forming a capital markets union.
The perils of more debt
Europe must find the “Ways and Means”.
Facing the lower bound: what will the ECB do in the next recession?
In responding to the global financial crisis, the ECB has pushed its monetary policy into unchartered territories . Today, it appears increasingly con
Analysis of developments in EU capital flows in the global context
This report presents an overview of the recent trends of capital flows, focused especially on the past year. It provides a detailed analysis at the gl
Why OMT is not the solution for Italy right now
The Outright Monetary Transactions tool is not well suited for Italy right now. Italy needs fiscal support both by itself and by the EU. Italy and the
An effective economic response to the Coronavirus in Europe
'Whatever it takes' needs to be the motto to preserve lives and reduce the impact on the economy of the epidemic.
The cost of coronavirus in terms of interrupted global value chains
The coronavirus is slowly morphing itself into an important shock. While the extent and cost of this pandemic are unknown, we do know that global supp
Inflation targets: revising the European Central Bank’s monetary framework
The ECB is looking to evaluate whether its definition of price stability is effective in helping anchor inflation expectations. We argue that the curr
Realpolitik of the day after Brexit
Compromises hammered out in the next 11 months, by both British and European negotiators, will dictate the UK’s economic landscape for decades to come
The WTO is dead: long live the WTO?
Should the EU fight to save the WTO when the US seeks to dismantle it? We argue that the only way for the EU to decide that is to first understand the
The next generation of digital currencies: in search of stability
Recent developments have re-opened the debate on the future of money. This Policy Contribution discusses two aspects: the implications of the rise of
Challenges ahead for the European Central Bank: Navigating in the dark?
Since the second half of 2018, signs of a slowdown have been piling up in the euro area. The ECB will face major challenges in this potentially diffic
Hybrid and cybersecurity threats and the European Union’s financial system
The authors document the rise in hybrid threats and cyber attacks in the European Union. Exploring preparations to increase the resilience of the fina
Economic priorities for new EU leadership
Europe is no longer in crisis mode. However, it remains vulnerable; it is unprepared and it is procrastinating. Following European elections this May
Braver, greener, fairer: Memos to the EU leadership 2019-2024
This collected volume, edited by Maria Demertzis and Guntram Wolff, focusing on the most important economic questions at EU level. The memos covering
Libra: possible risks in Facebook's pursuit of a 'stablecoin'
Facebook’s new cryptocurrency has the potential to be both widely accessible and attractive to those countries that do not have strong sovereign curre
Preparing for uncertainty
Memo to the president of the European Central Bank. Grégory Claeys, Maria Demertzis and Francesco Papadia present the challenges that the next ECB pre
A strategic agenda for the new EU leadership
Memo to the presidents of the European Commission, Council and Parliament. 'A strategic agenda for the new EU leadership' by Maria Demertzis, André Sa
ΕΥΡΩΕΚΛΟΓΕΣ ΚΑΙ ΤΟ ΜΕΛΛΟΝ ΤΗΣ ΕΥΡΩΠΗΣ
Είναι γεγονός ότι οι τωρινές εκλογές λόγω της ανάπτυξης των κομμάτων του λαϊκισμού είναι κάπως διαφορετικές από τις προηγούμενες. Αλλά πιστεύω ότι όλε
Promoting sustainable and inclusive growth and convergence in the European Union
This Policy Contribution was written for the Informal ECOFIN Meeting, Bucharest, 5 April 2019. The authors look at the EU’s economic agenda, discussin
Brexit: When in doubt, slow down
Uncertainty over Brexit remains high despite looming deadlines. Here, the authors argue that the UK should take the necessary steps to make time to bu
Tense transatlantic relations put EU in tough spot
The global multilateral system is being challenged by the US and China, which prompts the EU to rethink how well it can compete in the world.
Whose (fiscal) debt is it anyway?
The authors map how much fiscal debt is in the hands of domestic and foreign holders in the euro area. While the market for debt was much more interna
Analysis of developments in EU capital flows in the global context
The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, c
How a second referendum could be the best way to overcome Brexit impasse
A new vote based on the revocation (or not) of Article 50 would give the UK government a clear signal to proceed in one direction or another, and thus
Providing funding in resolution: Unfinished business even after Eurogroup agreement on EMU reform
The recent Eurogroup agreement on euro-area reform foresees a greater role for the European Stability Mechanism (ESM) as a backstop to the banking uni
Youth unemployment: Common problem, different solutions?
Youth unemployment is a major obstacle to the Middle East and North Africa (MENA) region’s human and economic development. In this blog post, Uri Dadu
How to provide liquidity to banks after resolution in Europe’s banking union
Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect t
A monetary policy framework for the European Central Bank to deal with uncertainty
In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialo
Transatlantic Relations
Testimony at the Committee for External Relations of the Belgium Federal Parliament
The EU response to US trade tariffs
The authors contributed to the new issue of 'Intereconomics - Review of European Economic Policy' with a paper on the EU's strategy for managing the t
Transatlantic relations
Testimony before the Belgian Federal Parliament ( La commissions des Relations extérieures de la Chambre des représentants )
One size does not fit all: European integration by differentiation
The need for reform of the EU is increasingly urgent. The authors of this policy brief suggest a new governance model, combining a bare-bones EU with
The economic potential and risks of crypto assets: is a regulatory framework needed?
What is the economic potential and the risks of crypto assets? Regulators and supervisors have taken great interest in these new markets. This Policy
Cryptocurrencies and monetary policy
Can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Read the policy contribution to u
The EU should not sing to Trump’s tune on trade
The US threat of trade sanctions has put the EU in a difficult position. Nevertheless, the EU must respond decisively – not just to protect its own in
Financial literacy and inclusive growth in the European Union
Financial literacy is financial education, such as basic economics, statistics and numeracy skills combined with the ability to employ these skills in
Structural Reforms 0.0 – The case for strengthening institutions
Improvement in institutional quality, particularly concerning the rule of law, is the most essential and urgent structural reform the EU can make. Wit
State contingent debt as insurance for euro-area sovereigns
Since the financial crisis, EU countries' economies have recovered to the point that they are exiting their adjustment programmes. Institutional stabi
Europe in a new world order
The EU is a relatively open economy and has benefited from the multilateral system. We argue that the EU should defend its strategic interests. The Si