Maria Demertzis is a Senior fellow at Bruegel and part-time Professor of Economic Policy at the School of Transnational Governance at the European University Institute in Florence. She was the Deputy director of Bruegel until December 2022. 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. She contributes regularly to national and international press.
Disclaimer of external interests
An analysis on how CBDCs can be used in emerging economies to include more people in financial systems.
Testimony on crypto and CBDCs to the Fintech committee of the European Parliament.
The direction in which the EU will evolve in the future will depend on finding a minimum common denominator.
The RRF has great potential to become an instrument for ‘insuring’ EU countries against common shocks.
A robust economic system that can sustain shocks of any nature, including political, is needed.
In this paper we assess both the immediate economic impact and the likely longer-term impact of sanctions on the Russian economy.
The Chips Act is the first, and an imperfect, step towards a long-term strategy that still needs to be designed.
As interest rates increase over the course of the next few months, there are bound to be asset-price corrections & rethinking of investment decisions.
Reforming energy markets must aim to make them less vulnerable to crises such as today’s, even if such crises are rare.
A collection of articles compiled following a joint Bruegel-Intereconomics event on EU enlargment.
Lack of certainty that the euro will stay prevents it from a greater international role. Until addressed, the dollar will continue to be hegemon.
Bank of England MPC celebrates 25 years and we use this occasion to compare its decision-making process to that of the ECB
As the process of digitalisation makes ideas around decentralised finance more relevant, there will be an increasing need for monitoring
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.
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.
The ECB should design a specific tool that will accompany interest rate hikes to neutralise the risk of fragmentation directly for countries facing it
Once again, the limits of EMU architecture are visible and will require a rethink.
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
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 requirement for gas to be paid for in rubles is a way for Russia to side-step central bank sanctions.
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 events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
Introducing average over time without defining what this means is counterproductive and current levels of inflation in the US will sooner or later exp
An annual review of the euro published jointly by Fundación ICO and Fundación de Estudios Financieros to expand knowledge, raise awareness of the sing
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
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
As with any new technology, exciting opportunities are being created, but similarly there are risks.
Contribution to the European Economic and Social Committee info newsletter of January 2022.
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
Discussions on reforming European Union fiscal rules must consider a more permanent but targeted role for the Recovery and Resilience fund to meet cli
Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.
Policy focus should be on tackling uncertainties by being able to tackle as many scenarios as possible.
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
Countries hit comparatively hard during the financial crisis, helped also by domestic and European policies, are bouncing back from the pandemic faste
In the EU, this support has prevented the emergence of unemployment and has kept average employment high.
The pandemic has disproportionately affected women both professionally and at home. Although the gender gap in labour force participation since the on
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
Testimony before the European Parliament's Committee on Economic and Monetary Affairs (ECON) on the consequences of the pandemic on women.
All of this talk on strategic retrenchment and autonomy is the language of escalation, not of appeasement and collaboration.
The pandemic has certainly permanently affected our way of working. Whether this is for the better remains to be seen.
Can bitcoin surpass the dollar in popularity and make El Salvador the first state to operate entirely with a private currency?
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
Emphasis will be placed on greening monetary policy and clarifying the ECB's price stability objective, but is this enough?
Do we need drastic changes in our lifestyles so that we can meet our climate ambitions by 2050?
The European Union’s capital markets remain very underdeveloped compared to the United States.
The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy.
Policymakers must act to prevent lasting divergence within the EU and to prevent scarring from the fallout from the pandemic.
Cryptocurrencies are here to stay but are unlikely to be considered a credible alternative to money anytime soon.
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
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
Many gender gaps persist, but an important one that puts women in a very disadvantageous position is the gap in financial literacy.
The European Commission’s digital compass attempts to build strong fundamentals. It is a start. An ambitious digital agenda however requires a strate
Interest rates have been on a long-term decline, associated with declining productivity growth.
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 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
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
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.
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
Analysis on possible ECB treaty mandate provided to the House of Representatives of the Netherlands.
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
New approaches and new tools are needed to prevent excessive concentration of economic power in the hands of a few matchmaking digital platforms that
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
Testimony to the European Parliament on monetary policy.
The return to normal may just have to wait.
The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We explore how this uncertainty manifests itsel
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 concept of household financial fragility emerged in the United States after the 2007-2008 financial crisis. It grew out of the need to understand
It’s time for the EU to make quick and indispensable progress in forming a capital markets union.
Europe must find the “Ways and Means”.
In responding to the global financial crisis, the ECB has pushed its monetary policy into unchartered territories . Today, it appears increasingly con
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
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
'Whatever it takes' needs to be the motto to preserve lives and reduce the impact on the economy of the epidemic.
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
The ECB is looking to evaluate whether its definition of price stability is effective in helping anchor inflation expectations. We argue that the curr
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
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
Recent developments have re-opened the debate on the future of money. This Policy Contribution discusses two aspects: the implications of the rise of
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
The authors document the rise in hybrid threats and cyber attacks in the European Union. Exploring preparations to increase the resilience of the fina
Europe is no longer in crisis mode. However, it remains vulnerable; it is unprepared and it is procrastinating. Following European elections this May
This collected volume, edited by Maria Demertzis and Guntram Wolff, focusing on the most important economic questions at EU level. The memos covering
A strategic to-do list based on an assessment of the state of affairs and the challenges that will greet the new Commissioners.
Facebook’s new cryptocurrency has the potential to be both widely accessible and attractive to those countries that do not have strong sovereign curre
Memo to the president of the European Central Bank. Grégory Claeys, Maria Demertzis and Francesco Papadia present the challenges that the next ECB pre
Memo to the presidents of the European Commission, Council and Parliament. 'A strategic agenda for the new EU leadership' by Maria Demertzis, André Sa
Είναι γεγονός ότι οι τωρινές εκλογές λόγω της ανάπτυξης των κομμάτων του λαϊκισμού είναι κάπως διαφορετικές από τις προηγούμενες. Αλλά πιστεύω ότι όλε
This Policy Contribution was written for the Informal ECOFIN Meeting, Bucharest, 5 April 2019. The authors look at the EU’s economic agenda, discussin
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
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.
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
The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, c
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
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 is a major obstacle to the Middle East and North Africa (MENA) region’s human and economic development. In this blog post, Uri Dadu
In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialo
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
Testimony at the Committee for External Relations of the Belgium Federal Parliament
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