Maria Demertzis

Europe’s investment priorities in a changing world – featuring a conversation with Nadia Calviño

What are Europe’s investment priorities in an era of change?

The state of financial knowledge in the European Union: a new survey

Bruegel Annual Meetings | 4-5 September 2024

This year's Annual Meetings centered around the launch of the Bruegel Memos to the European Union leadership 2024-2029

Memo to the commissioner responsible for economic and financial affairs

Unite, defend, grow: Memos to the European Union leadership 2024-2029

Unite, defend, grow: EU policy for the next five years

Bruegel fellows' recommendations to the EU institutions for the 2024-2029 cycle

Through crises and their solutions – A farewell to Maria Demertzis

A fireside chat with Bruegel veteran Maria Demertzis on the past and future challenges in EU policymaking

On the digital euro holding limits

The plan for a retail digital euro holding limit, combined with a ‘waterfall approach’ to smooth transactions, sets up an apparent clash of objectives

The EU must unite to confront threats and overcome divisions

Macron’s Election Gamble Pays Off

The European Investment Bank can afford to take more risks

Significant reserves built up through decades of profit-making should enable the bank to absorb volatility of riskier investments

What should the Presidents of the EU institutions do in their forthcoming term?

Overcome divisions and confront threats: Memo to the Presidents of the European Commission, Council and Parliament

Memo to the Presidents of the European Commission, Council and Parliament

Are the European Union’s new fiscal rules in trouble already?

European elections results: all eyes are on France and Germany

While the European election results were mixed, two of Europe's biggest countries may face political turmoil

Braver, Greener, Fairer

Europe's economic future

Discussing June’s EU elections and European Commission President Ursula von der Leyen’s campaign for a new term.

Economic choices for Europe: EU leadership debate 2024

Bruegel and the Financial Times host lead candidates for the 2024 European elections for a debate on crucial economic topics.

Why are concrete economic proposals so important before the EU elections?

De-dollarisation is all about de-risking

What about the EU’s cohesion?

Industrial policy for economic security

Spend it at home: current account surpluses in the EU

EU leadership needs to identify the factors that hold investment back and the incentives that could persuade investors to stay in Europe

The European Central Bank, inflation tolerance and the last mile

The European Central Bank’s timid operational framework update

The European Central Bank announced limited changes to its operational framework – which is probably right given current uncertainty

Two years later: addressing long-term consequences of Russia’s invasion of Ukraine

The event marked the anniversary of Russia's invasion of Ukraine, focusing on discussions about sanctions, accession, and energy

A confused EU

The state of financial knowledge in the European Union

Financial literacy is essential in modern economies, where saving and preparing for retirement has shifted increasingly to the individual.

Two years later

The EU’s ambitions: scale, strategic investments and skills

Accelerating strategic investment in the European Union beyond 2026

A potential long-term EU approach to the financing of strategic objectives.

Macroeconomic policy frameworks in the EU: in need of renewal

Artificial intelligence and energy consumption

It is difficult to evaluate whether the green transition will compensate for AI energy consumption.

Why I’m not concerned about the billions of central bank “losses”

Central banks’ losses are not a cause for concern

The limits of the effectiveness of EU sanctions on Russia

There is no such thing as normality

Greece paid a high price for learning that it must reform and conform. The rest of the world will pay a much higher price for its unruly politics.

Capital Markets Union, or else what?

Managing Expectations: Inflation and Monetary Policy

Launch of one of the IMF World Economic Outlook analytical chapters

The digital euro’s communication gap

We’ve got it wrong on windfall taxes

Evaluating the European Commission’s fiscal governance proposal

Focusing on the fiscal adjustment that the first regulation would require of countries with debt above the treaty benchmarks.

The tyranny of EU treaties

It is an overdue question whether those agreements are still fit for purpose or if they must be changed.

Bruegel Annual Meetings, 6-7 September 2023

A symphony in progress: shaping a new agenda for Europe

Read with Bruegel: Backfire: How Sanctions Reshape the World Against U.S. Interests

Exploring the unintended consequences of the use of sanctions as a diplomatic weapon.

EU trade and investment following Russia's illegal invasion of Ukraine

On immigration

The EU must collectively appreciate the human capital that enters its borders as opportunities rather than just risks.

From economic policy to economic statecraft

The US and euro area must move faster on their digital currencies for wholesale purposes

How can de-risking lead to greater economic security?

The value added of central bank digital currencies

Can Central Bank digital currencies be considered as the weapons of finance?

The value added of central bank digital currencies: a view from the euro area

Central bank digital currencies do have added value, but this is not the same for every country.

Debt dynamics: Exploring EU borrowing in changing times

As interest costs rise, the EU should review how they are accounted for in its budget and financial framework.

De-risking as an economic strategy

European public opinion remains supportive of Ukraine

Public support for Ukraine is holding up in allied countries, but preparations should be made for scenarios in which support ebbs away.

Looking backwards not forwards: why has the European Central Bank been slow to react?

Bank of Russia’s immobilised assets: what happens next?

The EU’s long-term fiscal challenges

The EU faces a fiscal dilemma in the long-term: fiscal space has likely declined, but public investment needs have gone up.

De-dollarisation

The economic value of decentralised finance

Will decentralised finance become established and normalised?

A change of tack on EU-China relations

Decentralised finance: good technology, bad finance

Given the importance of digitalisation, it is fair to ask whether these digital decentralised services will become established and normalised.

Quantitative tightening in the euro area

Why has the ECB decided to implement this policy?

Doing ‘whatever it takes’ to save the banks

Could crypto assets jeopardise the financial system?

How much will the EU pay Russia for fossil fuels over the next 12 months?

With sanctions incomplete, the European Union could pay Russia about €30 billion for fossil fuels in the next year.

There are no shortcuts to finance

The basic underpinnings of regulation, reserves and (legal) recourse are missing in decentralised finance, or DeFi.

The ECB as part of an imperfect architecture

One year in ten numbers

A reflection on how the world has changed since the Ukraine invasion, through the lens of ten revealing numbers.

Are sanctions against Russia working?

The Russian economic model is totally dependent on an industry that will become extinct.

The EU response to the United States Inflation Reduction Act

The EU must avoid the trap of having to take sides in the conflict between the US and China.

Concessional climate finance: the Bridgetown Initiative

Economic policy wrapped up 2022

As 2022 closes, we look back at some of the most important and interesting economic policy developments from Europe and the world.

Central Bank digital currencies as weapons of finance?

An analysis on how CBDCs can be used in emerging economies to include more people in financial systems.

Fleeing the flood: is the EU ready for climate migration?

How should EU policymakers tackle the growing problem of climate migration?

The charm of central bank digital currencies in a polarised world

How will CBDCs impact the international financial system?

Is there social added value in digital currencies?

Testimony on crypto and CBDCs to the Fintech committee of the European Parliament.

Why do European countries join the EU?

The direction in which the EU will evolve in the future will depend on finding a minimum common denominator.

Is the EU fiscal rules reform going in the right direction?

Reviewing the European Commission’s proposal for reforming the Stability and Growth Pact.

NextGenerationEU: an underused facility?

The RRF has great potential to become an instrument for ‘insuring’ EU countries against common shocks.

Political cooperation does not mean economic dependence

A robust economic system that can sustain shocks of any nature, including political, is needed.

How have sanctions impacted Russia?

In this paper we assess both the immediate economic impact and the likely longer-term impact of sanctions on the Russian economy.

Is the world economy headed for recession?

A macroeconomic outlook for the global economy.

The critical importance of chips – and having a plan for them

The Chips Act is the first, and an imperfect, step towards a long-term strategy that still needs to be designed.

The importance of being fiscally earnest

As interest rates increase over the course of the next few months, there are bound to be asset-price corrections & rethinking of investment decisions.

A cold winter

Reforming energy markets must aim to make them less vulnerable to crises such as today’s, even if such crises are rare.  

The Sound of Economics Live: Assessing the State of the Union 2022

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

Assessing the State of the Union 2022

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

Bruegel Annual Meetings, 6-7 September 2022

The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.

Autumn 2022 economic outlook: a new chapter

Bruegel’s new Director Jeromin Zettelmeyer and Maria Demertzis discuss the European economic outlook.

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.

Revisiting Europe’s energy independence

Challenges of an energy independent Europe.

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

EU enlargement in a new light

What would increase government support around EU enlargement, and what role could membership play in future peace talks?

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.

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.

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.

Taming inflation?

What are the implications of prolonged inflation?

Adapting to European technology regulation: A conversation with Brad Smith, President of Microsoft

Invitation-only event featuring Brad Smith, who discussed the regulation of big tech in the context of Europe's digital transformation.

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

How are crises changing central bank doctrines?

How is monetary policy evolving in the face of recent crises? As central banks take on new roles, how accountable are they to democratic institutions?

What is in store for Euro area economies?

ECB Executive Board Member Philip Lane discussed the outlook for Euro area economies.

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.

Tackling future risks to banks

How to address vulnerabilities in banks in the coming years?

War in Ukraine: reflections on the economic consequences for Russia

Sergei Guriev joined us to discuss how the Russian invasion of Ukraine will affect the economies of Russia and the world.

War in Ukraine: reflections on the economic consequences for Russia

Sergei Guriev joins us to discuss how the Russian invasion of Ukraine will affect the economies of Russia and the world.

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

A debate on fiscal rules and the new monetary strategy

Presentation of the Yearbook of the Euro 2022.

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

Maastricht at 30

How has this founding treaty changed European integration?

Turkey’s economic struggles

Will inflation continue to surge?

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.

Productivity and the role of Global Value Chains

The 3rd MICROPROD Policy Dialogue will tackle how Global Value Chains (GVC) and productivity affect the fourth industrial revolution.

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

Last but not the least

An overview of economic policy and beyond in 2021.

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

Inside the European crises: a conversation with Marco Buti

At this event Marco Buti discusses his new book, in which he gives an insiders look at European policy making.

A new consensus for economic resilience

Is there a need for systemic reform of global economic governance?

Fiscal policy and rules after the pandemic

What are the possibilities for shaping the new fiscal policy?

Covid recovery and the green transition: What can promotional banks do?

What is the role of promotional banks in financing the green transition?

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

Pandemonium

How did Europe respond to the pandemic?

Phasing out COVID-19 emergency support programmes: effects on productivity and financial stability

How can European countries phase out the COVID-19 support measures without having a negative impact on productivity and financial stability?

COVID-19 financial aid and productivity: has support been well spent?

In the EU, this support has prevented the emergence of unemployment and has kept average employment high.

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.

Rethinking fiscal policy

A look at the past, present and future of fiscal policy in the European Union with Chief economist of the European Stability Mechanism, Rolf Strauch.

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.

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

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

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 Eu

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?

Sustainable finance

Bruegel Annual Meetings, Day 3 - In this session on the final day of the Meetings, our panelists will discuss the future of finance and its sustainabi

Conversation on the recovery programmes

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

Bruegel Annual Meetings, 1-3 September 2021

The 2021 Annual Meetings gathered high-level speakers and participants to discuss how to recover from the crises brought on by the Covid pandemic

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

Restarting the economy?

While the end of the pandemic is still far, the economy will have to restart.

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.

Women, Covid-19 & The EU Recovery Plan

How can we ensure that the recovery plan doesn’t leave women behind, when services were predominantly impacted by Covid-19 restrictions?

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.

EU recovery funds and good governance

A live podcast with Tomáš Zdechovský MEP.

After COVID-19: a most wanted recovery

This event was part of the T20 Spring Roundtables and focused on strategies for a swift and sustainable economic recovery for Europe.

Crypto… mania

Cryptocurrencies are here to stay but are unlikely to be considered a credible alternative to money anytime soon.

Money, money, money!

The nature of money is under scrutiny as central banks begin pondering issuing digital currencies

China and the WTO: (How) can they live together?

What changes can be made to make China and the WTO more compatible with each other?

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

Living standards and financial resilience across Europe

What has the impact of the pandemic on households’ financial resilience been, and how should policy makers respond?

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.

Gender gap in financial literacy: a lack of knowledge or confidence?

“If women and girls are fearless, they will benefit by becoming more financially independent, more financially secure, more in control of their future

The impact of COVID-19 on productivity: preliminary firm evidence

Online event organised in the framework of MICROPROD, a project to improve our understanding of productivity, its drivers and how we measure it.

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

Think green act local: the role of the G20 in sustainable infrastructure

In this workshop, invited guests will discuss priorities and proposals for the Italian G20 Presidency for a green local infrastructure agenda.

Presentation of the Euro Yearbook 2021

Join us for the launch of the eighth edition of the 'Euro Yearbook'.

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.

Low interest rates: a transatlantic phenomenon

Structural factors are putting downward pressure on rates: is it time for macroeconomic policy to play second fiddle in managing demand?

Macroeconomic outlook: are we back on track?

Summary of the macro outlook based on Commission forecasts and analysis of the global picture.

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

The economics of biodiversity

Join us in conversation with Sir Partha Dasgupta and Frans Timmermans to mark the publication of The Economics of Biodiversity: The Dasgupta Review.

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

From support to recovery: national fiscal policy in the wake of COVID-19

The EU has set ambitious goals for economic recovery: how these recovery funds are spent by member states will be critical to its success. A look into

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.

In search of a fitting monetary policy: the ECB's strategy review

The ECB is reviewing its monetary policy strategy. How to ensure monetary policy is fit for purpose in a fast changing world?

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.

The year that tested us all

An overview of economic policy and beyond in 2020

The new EU digital regulations: Explained

Bruegel's experts walk you through all the details of the EU's Digital Services Act and Digital Markets Act.

Are we out of the woods yet?

The return to normal may just have to wait.

Steering the boat towards an unknown destination

Shocks pass, but change remains a constant. We need to start focusing on permanent changes in the economy and how to adapt to them.

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

How can the EU and Japan boost collaboration and multilateralism around the globe?

Multilateralism and global collaboration: the case of Japan and the EU.

Demography and globalisation: reversing trends

A conversation on ageing societies, waning inequality, as well as an inflation revival.

The Sound of Economics Live: The future of EU-UK relations (again!)

At the eleventh hour of negotiations, what will the future of the EU-UK relationship look like?

The future of EU-UK relations (again!)

At the eleventh hour of negotiations, what will the future of the EU-UK relationship look like?

For a better, more sovereign Europe

Keynote address by the German Federal Minister of Finance Olaf Scholz at Bruegel Annual Meetings, 3 September 2020

Bruegel Annual Meetings 2020 - Day 3

Third day of Bruegel Annual Meetings.

Bruegel Annual Meetings 2020 - Day 2

Second day of Bruegel Annual Meetings.

Bruegel Annual Meetings 2020 - Day 1

The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.

Bruegel Annual Meetings 1-3 September, 2020

Bruegel's flagship event transformed into a virtual conference for pandemic times

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

Financial fragility after #COVID19

Before the pandemic hit, a substantial share of households reported that they would be unable to handle a financial emergency. In some EU countries, m

Impact and additionality assessment in the time of COVID-19

Understanding the impact and additionality of policy interventions.

The need for market-based finance after COVID-19

How do COVID-19-caused financial dislocations inform policy responses?

Biological threats and EU preparedness: How can we make the system more resilient?

Can the EU handle biological threats?

The new EU budget: from COVID-19 remedies to green goals

Can we rescue the economy after COVID-19 and reach the environmental goals?

The Sound of Economics Live: Rebooting Europe - a framework for post COVID-19 economic recovery

Mapping out the post COVID-19 recovery.

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.

Rebooting Europe: a framework for post COVID-19 economic recovery

COVID-19 has triggered a severe recession and policymakers in European Union countries are providing generous, largely indiscriminate, support to comp

What help is needed for the EU neighbourhood to come through the COVID-19 crisis?

At this event European Commissioner Várhelyi and EBRD President Sir Suma Chakrabarti will discuss what Europe is doing to help it's neighbourhood resp

Keeping trade open during and after Covid-19

This event examines the impact of the Covid-19 crisis on open markets and connected supply chains globally.

The Sound of Economics Live: Post-Council commentary

Can the European leaders meeting at the Council come together for a comprehensive recovery package?

Post-Council commentary

On April 23, EU leaders met virtually to try to come to an agreement for a common European response to the COVID-19 pandemic. What were the measures t

The role of Cohesion policy in the fight against COVID-19 with Elisa Ferreira

How can cohesion funds help the National, regional and local communities that are on the frontline in countering the coronavirus and the resulting eco

The Sound of Economics Live: Exiting the great lockdown?

This episode of The Sound of Economics Live will discuss European coordination, national responses, and local effects in moving on the the next phase

Exiting the great lockdown?

Are we going to exit from the containment measures for the COVID-19 pandemic in the European Union? When? How? In this episode of The Sound of Economi

The Sound of Economics Live: Can the Eurogroup save the day?

In this episode of The Sound of Economics, we analyse the Eurogroup's 'rescue plan' amidst the economic fallout brought about by the COVID-19 health c

The perils of more debt

Europe must find the “Ways and Means”.

Did the Eurogroup save the day?

After its longest meeting ever, the Eurogroup reached an agreement yesterday evening. What does the agreement say? What does it mean?

Mythbusters: debunking economic myths

Economics seems to be full of myths that are hard to debunk. Will robots take our jobs? Are trade deficits bad? Is China such a big economy simply bec

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

CANCELLED: The new age of old age? Laying out the Non-Financial Defined Contribution scheme

Are Non-Financial Defined Contribution (NDC) schemes the best approach to reforming pension systems?

How can the EU prevent our economies from shutting down?

From flights cancelled and restaurants closed to companies either slowing or stopping their production, COVID-19 is shutting our economies down. How c

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

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

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

Coronavirus: the economic prognosis

The coronavirus is going to hit the global economy hard, but how hard? What can policymakers plan for the months ahead? Nicholas Barrett asks Guntram

Can the European Green Deal kill the single market?

The European Green Deal is one of the landmarks of Ursula von der Leyen's Commission. But, without an ambitious investment behind it, what could be it

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

Can hybrid threats disrupt the financial system?

From cashless payments to digital banking, finance has become intangible and global. But, while speed and convenience have made our international tran

Hybrid threats in the financial system

This one-day workshop focused on hybrid threats in the context of the financial system by examining vulnerabilities and raising awareness, looking for

The quality and quantity of work in the age of AI

At this event, the panelists will discuss the implications of Artificial Intelligence on the labour market and the future of work in general.

Industrial revolutions might not be as fun as they look

AI promises a new industrial revolution but history warns us that industrial revolutions aren't always that fun for people in the eye of the storm. Th

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

Take a chance on me: Sweden considers the Banking Union

This event will discuss if Sweden should join the European banking union and the general state of the union.

The science of Brexit

On Saturday morning, the United Kingdom will wake up outside the European Union. After 37 years of collaboration, how will Brexit affect research and

Will Iran disrupt the global economy?

Last Friday, Qassem Soleimani, head of the Iranian Revolutionary Guards’ QUDS force, was killed by an American airstrike outside Baghdad airport. The

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

A decade to remember (or possibly to forget) for economists

2019 is coming to an end and so is the decade. How did economics change the world over the last ten years? And did the world change economics? Which e

Weaponized interdependence: How global economic networks shape state coercion

This event will discuss how states use global economic networks as weapons in geopolitical conflicts

Getting post-Brexit trade deals done

The UK goes to the polls on Thursday to decide who (and if) they want to "get Brexit done". But, as soon as Britain leaves, it will have 11 months to

Issues in productivity measurement

This Bruegel public event is organised in the framework of MICROPROD, a research project that aims to improve our understanding of productivity, its d

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

Improving regulatory policy formulation and institutional resilience in Europe

Are large differences in the resilience of individual economies related to differences in the quality of country-level institutions that shape the abs

How not to spend it

Buying a car, a house or a cryptocurrency has never been easier: with a simple click, digital banking has made financial operations accessible to ever

Financial and digital literacy in the age of fintech

How to ensure the safe use of digital payments and other technological innovations in the area of personal finance?

How to Spend it

Can governments make their fiscal policy go further? And are they trusted enough to try? This week The Sound of Economics asks if the quality of publi

The Art of the Brexit Deal

An emergency Brexit podcast to dissect today's tentative deal between the EU27 and the British Government, featuring Maria Demertzis, Guntram Wolff an

Public finance - time for a quality check

Is the quality of fiscal expenses and revenues more important than the budget deficit?

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

Bruegel Annual Meetings 2019, 4-5 September

The 2019 Annual Meetings featured the launch of Bruegel's memos to the new European Leadership, proposing how to deal with future policy challenges

Bruegel Annual Meetings 2019

Bruegel's 2019 Annual Meetings will be held on 4-5 September and feature the launch of Bruegel's Memos to the New European Commission.

Braver, greener, fairer: Memos to the EU leadership 2019-2024

This collected volume, edited by Maria Demertzis and Guntram Wolff, focuses on the most important economic questions at EU level

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

The 4th industrial revolution: opportunities and challenges for Europe and China

What is the current status of EU-China relations concerning innovation, and what might their future look like?

Director's Cut: Priorities for the new ECB president

In this Director's Cut of 'The Sound of Economics', Guntram Wolff talks to two of the authors of Bruegel's memo to the new ECB president, Maria Demert

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

Director's Cut: ECB monetary policy decisions deconstructed

In this Director’s Cut, Bruegel’s Grégory Claeys and Maria Demertzis take a deeper look at whether the monetary policy decisions made by the ECB over

China’s investment in Africa: consequences for Europe

How is Chinese investment impacting Africa, and what could be the consequences for Europe?

Sound at last? Assessing a decade of financial regulation

What has changed since the financial crisis of 2008 that makes the financial system sound at last? Is regulatory reform going in the right direction?

Role of national structural reforms in enhancing resilience in the Euro Area

At this event Gita Gopinath, Chief Economist at the IMF will discuss the role of national structural reforms in enhancing resilience in the Euro Area.

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

Director’s Cut: A strategic agenda for the incoming EU presidents

In this Director’s Cut of ‘The Sound of Economics’, Bruegel’s Guntram Wolff and Maria Demertzis talk through their memo to the new presidents of the E

EU-LAC Economic Forum 2019: New perspectives in turbulent times

The third edition of the EU-LAC Economic Forum.

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

Director's Cut: Resuming the EU-US trade talks

Maria Demertzis sits down with Bruegel senior fellow André Sapir to break down the news, discussing the events leading up to the renewed EU-US trade t

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

Spitzenkandidaten series: Jan Zahradil

The fourth event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the Europea

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

Spitzenkandidaten series: Yanis Varoufakis

The first event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European

The trade crisis: good and bad scenarios and the EU's response

What role will the EU play in the resolution of the global trade crisis?

Law and macroeconomics: legal responses to recessions

This event will feature an academic lecture on the use of law as a macroeconomic tool.

Director's Cut: The case for a legislative remedy for recessions

Bruegel's Maria Demertzis welcomes Yale Law School professor Yair Listokin to this Director's Cut of 'The Sound of Economics', to discuss how law migh

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.

Director's Cut: Balancing free trade with national security interests

In this episode of Director's Cut, Stephanie Segal of CSIS joins Bruegel's Guntram Wolff and Maria Demertzis for a conversation about the tension betw

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

Director’s cut: Wrapping up 2018

With 2018 drawing to a close, and the dawn of 2019 imminent, Bruegel's scholars reflect on the economic policy developments we can expect in the new y

Investment and intangible capital

This event featured a presentation of the EIB's 2018 Investment Report.

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

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

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

Director’s Cut: Options yet open for a Brexit deal

Robin Niblett, director of Chatham House institute, joins Bruegel deputy director Maria Demertzis for an assessment of what progress can be reasonably

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

Director’s Cut: Is economics asking the right questions?

Bruegel deputy director Maria Demertzis welcomes Financial Times commentator Martin Sandbu to explore the journey taken by the field of economics sinc

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

Bruegel Annual Meetings 2018

The 2018 Annual Meetings will be held on 3-4 September and will feature sessions on European and global economic governance, as well as finance, ener

Assessing the EU’s fiscal architecture: a presentation by the European Fiscal Board

This event will discuss the 2019 Fiscal Stance, which assesses the current macroeconomic situation and offers advice for the future.

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

Euro tragedy: a drama in nine acts

This event featured a presentation by Ashoka Mody of his new book, which argues that the Euro is at the root of the problems the European Union faces

EU-LAC Economic Forum 2018

The second edition of the EU-LAC Economic Forum, a high level gathering for in-depth research-based exchanges on economic issues between European, Lat

Director’s Cut: Making Europe financially literate

This week's guest on the Director’s Cut of ‘The Sound of Economics’, Annamaria Lusardi, raises the urgent need to adopt policies that seek to improve

What next for banking union?

This event will discuss the future of Banking Union.

News from the South. Proposal to strengthen the European Monetary Union: Combining fiscal discipline with risk sharing

On 4 June Bruegel, as in previous years, will host the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the

Unelected Power: the quest for legitimacy in central banking and the regulatory state

We are pleased to host the presentation of Paul Tucker's latest book.

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

Director's Cut: Post-crisis prognosis for macroeconomics

The global financial crisis prompted the field of macroeconomics to rethink its methods. In this Director's Cut of 'The Sound of Economics', Bruegel

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

Cleaning up Europe's transport sector: which strategies?

Over the last decade, EU’s greenhouse gas emissions have decreased significantly in all sectors with the only exception of transport. This sector is t

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

Central banking in turbulent times

This event looked at fundamental questions about the central banking systems and how the Great Recession might have prompted a reassessment of the old

Challenges and opportunities for the EU digital single market

At this event, we looked into the progress made towards achieving the main priorities for strengthening the digital single market, the opportunities a

Capital Markets Union and the Fintech Opportunity

Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new bus

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

Could uncertainty derail the European recovery?

It is a contradictory time for Europe. The economy is recovering but the political climate is uncertain. There is excitement about common projects but

Bruegel - Financial Times Forum: The future of euro-area governance

The third event in the Bruegel - Financial Times Forum series looked into the future of euro-area governance.

Why a good Brexit outcome matters (and it’s not just the economy, stupid!)

Uncertainty still reigns over the future shape of the EU-UK relationship, as Brexit negotiations rumble on. Though the two parties are parting ways,

Is there life After TTIP? The future of transatlantic economic relations

The partnership between North America and Europe is becoming unsettled and uncertain. How can we deal with this new situation that threatens the prosp

Trust in the EU? The key obstacle to reform

The challenges that Europe faces both from within and from outside require immediate, concerted counter-efforts. While efforts to advance the European

Will macroprudential policy counteract monetary policy’s effects on financial stability?

This paper models monetary policy's transmission to bank risk taking, and its interaction with a regulator s optimization problem.

Corporate taxation in the digital era

How can we address digital taxation in the EU? Is the proposed "equalisation tax" on turnover the best policy to tackle the challenges posed by digita

Analysis of development 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

Multispeed Europe

In this episode of the Sound of Economics, Maria Demertzis, and Italy's State Secretary for European Affairs Sandro Gozi, discussed about the issue of

Brexit, phase two (and beyond): The future of the EU-UK relationship

Whether it looks more like ‘CETA-plus’ or ‘EEA-minus’, the trade deal that emerges from phase two of the Brexit negotiations should not be the limit o

Better policies for people on the move

This event discussed the impact and integration of migrants as well as national and European immigration policy challenges.

Promoting intra-regional trade in the south of the Mediterranean

Regional integration is still a sure way for economies in development to achieve economic growth on the global market. The south of the Mediterranean

Responsibility to reform Europe

At this event, we will host Vice President of the European Commission Jyrki Katainen and the President of Nea Demokratia and Opposition Leader in Gree

How should the European Central Bank ‘normalise’ its monetary policy?

During the crisis, the ECB resorted to a number of unconventional monetary tools. This paper discusses how to phase out these policies and what the ‘n

European worries about isolationist trends

Populist shocks in the UK and US threaten the multilateral order on which the EU depends. What lies behind these earthquakes, and what does it mean fo

An independent assessment of the EU’s fiscal framework: a presentation by the European Fiscal Board

This event will feature a presentation of the European Fiscal Board.

India’s trade ties with the UK and EU

As EU and Indian leaders meet in Delhi, we look at the figures on trade. The UK’s place in the relationship warrants special attention. EU-India trade

Europe and Japan: Monetary policies in the age of uncertainty

The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.

Global Excess Imbalances: How worried should we be?

This event will discuss excess external imbalances, risks from current configuration of imbalances, and potential policy responses to help correct imb

Europe's trust deficit

At this event, we discussed the rise of populism in Europe and the economic, security, and identity concerns behind the movement.

Capital Markets Union and the fintech opportunity

Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new bus

Bruegel Annual Meetings 2017, 7-8 September

The Annual Meetings are Bruegel’s flagship event.

The EU and the US: a relationship in motion

Europe’s post-crisis recovery has been disappointing in comparison with the USA. But lower rates of inequality are staving off populism and bolstering

Is there a way out of non-performing loans in Europe?

At this event we looked at the issue of non-performing loans in Europe. The event also saw the launch of the latest issue of "European Economy – Banks

Raising the inflation target: a question of robustness

In an unexpected move, the Federal Reserve Chair Janet Yellen has recently brought up the issue of raising the inflation target. This blog argues that

How the G20 should change its approach to migration and development in Africa

The G20 is redesigning its Africa strategy. Meanwhile, migration from Africa is an increasingly controversial topic in European politics, even though