Macroeconomic policies

To cap or not to cap: the deal Europe needs on energy prices

An EU gas price cap would be counterproductive, but the reasons why it is supported widely must be acknowledged and addressed.

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

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

Inflation inequality in the European Union and its drivers

NextGenerationEU: an underused facility?

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

European Union fiscal rules: is a better system feasible?

EU countries seem to be converging on a set of reform objectives. But can these be jointly satisfied? Two recent proposals offer some hope.

National policies are the best protection against euro-area financial fragmentation risks

An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.

The sometimes puzzling differences in transatlantic earnings growth

Low-skill workers have seen faster wage growth than high-skill workers in many EU countries, contrary to the United States.

How European Union energy policies could mitigate the coming recession

The European Union faces recession, but the way in which policymakers manage the energy crisis will determine its depth and duration.

Tackling inflation: learning from the European Central Bank's six lapses

While mistakes unduly constrained rate hikes, gradual tightening is the right approach along with a new instrument to address energy bottlenecks.

The ECB’s monetary tightening: a belated start under uncertainty

A paper assessing the ECB policy errors that occurred in the last year, and the appropriateness of the current monetary policy stance of the ECB.

Shinzo Abe’s economic legacy: a glass half full

Abenomics has fallen short in many ways, but Japan has still largely coped with an aging society while maintaining a high level of income equality.

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.

How effective has the pandemic emergency purchase programme been in ensuring debt sustainability?

The ECB’s pandemic emergency purchase programme has improved substantially the debt dynamics of euro-area countries, with durable effects.