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Opinion

Covid-19 and emerging economies: What to expect in the short- and medium-term

This article was originally published in the Observer Research Foundation. As Brazil, Russia, India and Mexico record the fast spread of the Covid-19 contagion, a third wave of the pandemic is reaching the emerging world. As a result, business sentiment has decreased in March and April in the region. What’s more, as emerging economies gradually […]

By: Alicia García-Herrero Topic: Global Economics & Governance Date: June 3, 2020
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Opinion

The Independence of the Central Bank at Risk

The ruling of the German Federal Constitutional Court (GFCC) of May 5 on the ECB’s monetary policy affects not only the relation of Germany to the European Central Bank (ECB) and the Court of Justice of the European Union (ECJ) but also the constitutional foundations of monetary policy.

By: Peter Bofinger, Martin Hellwig, Michael Hüther, Monika Schnitzer, Moritz Schularick and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: June 2, 2020
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Blog Post

An uncompromising budget

Apart from decisive European Central Bank measures, the EU-wide response to the COVID crisis had been rather weak until the Commission put on the table a drastically new proposal: the creation of a new recovery facility, ‘Next Generation EU’, that would borrow money in the name of the EU to finance EU-wide expenditures. The changes to the proposed standard seven-year budget that primarily focuses on long-term structural issues are however generally small, and funding reductions are compensated by new funds from the recovery instrument, suggesting that an opportunity is missed to reform the EU budget.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: May 29, 2020
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Opinion

COVID-19 and India: economic impact and response

This piece was published the day before India imposed one of the world's strictest lockdowns in its response to the COVID-19 response. It remains relevant in assessing the government's actions in the ten weeks that have since passed.

By: Suman Bery Topic: Global Economics & Governance Date: May 27, 2020
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Opinion

An equity fund for a zombie-free and EU-wide recovery

Four guiding principles can help ensure a well designed EU equity fund.

By: Julia Anderson, Simone Tagliapietra and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: May 26, 2020
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Opinion

Reading tea leaves from China’s two sessions: Large monetary and fiscal stimulus and still no growth guarantee

The announcement of a large stimulus without a growth target indicates that China’s recovery is far from complete.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: May 25, 2020
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Blog Post

The European Union’s SURE plan to safeguard employment: a small step forward

The new EU instrument to mitigate unemployment risks during an emergency (SURE) is too modest to have a significant impact the COVID-19 crisis beyond being a first step in the overall recovery plan.

By: Grégory Claeys Topic: European Macroeconomics & Governance Date: May 20, 2020
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Opinion

How will COVID-19 impact Brexit? The collision of two giant policy imperatives

The United Kingdom left the European Union on Jan. 31, 2020. Now, the U.K. must decide whether and how to extend the transition period, currently set to expire at the end of 2020.

By: Rebecca Christie Topic: European Macroeconomics & Governance Date: May 19, 2020
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Opinion

Save markets to save the single market

It’s time for the EU to make quick and indispensable progress in forming a capital markets union.

By: Maria Demertzis Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: May 15, 2020
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Opinion

Navigieren auf Sicht ist für einen grünen Wiederaufschwung nicht genug

This opinion piece was originally published in NZZ. Die Coronavirus-Pandemie und die Massnahmen zu ihrer Bekämpfung haben zum grössten weltweiten Wirtschaftsabschwung seit dem Zweiten Weltkrieg geführt. Unternehmen, private Haushalte und der Staat navigieren in dieser Situation grosser Unsicherheit auf Sicht. So werden Entscheidungen in Unternehmen und Familien möglichst vertagt, bis man wieder klar sehen kann. […]

By: Guntram B. Wolff Topic: Energy & Climate, European Macroeconomics & Governance Date: May 12, 2020
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Opinion

The message in the ruling

The German Constitutional Court's ruling on the ECB's asset purchase programme is open to much criticism but it can hardly be blamed for raising an important question.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: May 12, 2020
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Blog Post

Risking their health to pay the bills: 100 million Europeans cannot afford two months without income

Nearly 100 million people in 21 EU countries do not have enough savings in their bank accounts to meet two months of basic expenses: food, utilities, rent or mortgage. Those born outside the EU are especially at risk. Government support is thus fundamental to help individuals withstand the COVID-19 crisis.

By: Catarina Midões Topic: European Macroeconomics & Governance Date: May 7, 2020