Bruegel’s macroeconomic policy research looked at monetary policy, fiscal policy and structural policies that will contribute to economic policies in the post-pandemic era. On monetary policy, our scholars have observed how central banks in advanced economies are being confronted with multiple dilemmas as inflation rises, while the European Central Bank’s pandemic emergency purchase programme continued. On fiscal policy, the main question has been when and how to roll back the stimulus as unemployment levels reached record lows.
Bruegel scholars continue to evaluate the measures put in place during the COVID-19 crisis in EU countries. Our researchers also assess structural policies to be put in place after COVID-19. Even though the horizon remains uncertain, given the evolution of the pandemic, questions such as the future of productivity growth after COVID-19 are important factors for recovery after decades characterised by slow productivity growth in advanced countries.
An EU gas price cap would be counterproductive, but the reasons why it is supported widely must be acknowledged and addressed.
Reviewing the European Commission’s proposal for reforming the Stability and Growth Pact.
The RRF has great potential to become an instrument for ‘insuring’ EU countries against common shocks.
EU countries seem to be converging on a set of reform objectives. But can these be jointly satisfied? Two recent proposals offer some hope.
An analysis of German-Italian spreads under five Italian governments shows that the gap was biggest when Italian policies worried markets most.
Low-skill workers have seen faster wage growth than high-skill workers in many EU countries, contrary to the United States.