Macroeconomic policies
Rigorous and diligent analysis of monetary and fiscal policy as well as structural policies that contribute to economic policy post-pandemic.
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.
Recently published and updated
COVID-19 in the European Union: health impacts and effects on economic activity
What matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19.
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.
Central banks have been too slow in responding to higher inflation
Tackling inflation requires monetary and fiscal policy tightening. It should be done quickly to avoid building up inflationary inertia & stagflation
How rate increases could impact debt ratios in the euro area’s most-indebted countries
Debt-to-GDP ratios should continue to fall in euro-area countries despite rising interest rates, post 2023 the situation might vary across countries
A decade of economic policy
Guntram Wolff looks back at the past decade of Bruegel contribution to economic policy in Europe.
The implications for public debt of high inflation and monetary tightening
Expected increases in interest rates and reductions in real GDP growth rates will result in relatively small increases in public debt-to-GDP ratios.
Discretion lets Croatia in but leaves Bulgaria out of the euro area in 2023
Crucial decisions about whether a country can join the euro area depend on questionable discretionary decisions.