Zsolt Darvas

Real effective exchange rates for 178 countries

Using alternative data sources for exchange rates and consumer prices, we calculate REER for 177 countries monthly and 178 countries annually

Global trade tracker

This dataset monitors goods-trade developments among major economies in the wake of the 2025 US tariff hikes

Russian foreign trade tracker

Tracking Russian trade using data from the EU, China, the US, South Korea, Japan, India, the UK, Turkey, Switzerland, Norway, Brazil and Kazakhstan

Divisia monetary aggregates for the euro area

How could Hungary streamline public spending without undermining growth?

Hungary has room to streamline public spending without hurting growth

Cutting some state operating and economic spending to the average of its regional peers could save Hungary more than four percent of GDP

Where Hungary’s money went — and where a Tisza government could move

Testimony at the French Senate Finance Committee

What future for the Hungarian economy?

Financing the EU budget: an assessment of five proposals for new resources

Four of five new European Union budget ‘own resources’ proposed by the European Commission should go ahead with changes; the fifth should be scrapped

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

Hungary’s future

How Hungary’s historic election changes the EU and the economic outlook

Hungary’s new beginning – under tight fiscal constraints

The long-awaited change of government gives Hungary an opportunity to tackle tough economic and social challenges while re-aligning with Europe

To what extent should regional EU funding be conditional on national reforms?

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

The link between the European Semester and the next EU budget

Can advanced economies avoid debt distress?

European and Chinese exports kept growing despite the 2025 Trump trade shock

Diversification has kept global trade strong, despite Trump’s tariffs and accelerated US-China decoupling

Unequal wealth: Policy implications for the European Union

Europe’s looming budget fight

The EU Parliament’s Johan Van Overtveldt and Bruegel's Zsolt Darvas lay out the two years of tough talks ahead