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The US defence industrial base can no longer reliably supply Europe

Europe has long relied on US weapons but the US military industrial base faces constraints and its production may be redirected elsewhere

Economic security and the transatlantic agenda after the US presidential elections

Exploring the future of transatlantic cooperation and economic security after the US presidential elections

Strengthening European defence

A closed-door roundtable workshop bringing together experts to discuss the future of European defence strategy

A European defence industrial strategy in a hostile world

Any strategy will need to take account of evolving Russian capacities, evolving political willingness and evolving defence industrial capacities

How can Europe reinforce security cooperation and coherence after Trump's victory?

The Sound of Economics Live: The US voted - what now?

A special live episode of the Sound of Economics podcast about the US elections

Europe stands increasingly alone on defence production and needs to act

Europe must rebuild its defence industry; reliance on the US is no longer tenable, whatever the outcome of the US presidential election

Less complacency, more investment: a European defence procurement strategy would be cheaper

It is time for decision-makers to consider bold steps to strengthen European defence

Why does Europe need to shed complacency and invest in armament?

Financing European air defence through European Union debt

In this paper, we propose the creation of an EU funding mechanism to internalise the positive externalities provided by national air-defence systems

Fit for war in decades: sluggish German rearmament versus surging Russian defence production

It will take Germany, and Europe more generally, decades to match current Russian volumes of weapons production

Bruegel Annual Meetings | 4-5 September 2024

This year's Annual Meetings centered around the launch of the Bruegel Memos to the European Union leadership 2024-2029

Memo to the commissioner responsible for defence

What role do imports play in European defence?

The European Union wants to reduce reliance on imported defence equipment, but the reliance seems to be overstated

Strengthening Europe's security and defence industry

Debt financing European air defence

A case can be made for financing European air defence through issuance of EU debt

Ineffective and insufficient? Evaluating and improving the design of sanctions

The workshop will take place in Berlin and will look into the economic and political impact of the sanctions imposed on Russia.

European Union debt will boost air defense

European Union debt to boost European air defence

European Union borrowing could help fund air defence for the continent, while taking pressure off national defence budgets

Dovetailing the National Security Strategy (NSS) with innovative international climate and energy policy - consequences for German development cooperation

Using the financial system to enforce export controls

Russian imports of battlefield goods that are subject to export controls, including from Western producers, have surged since mid-2022

Use the financial system to enforce export controls on Russia

Use the financial system to enforce export controls on Russia

Prohibition of Western tech exports to Russia is not working; rapid measures are needed to tighten up

Roundtable discussion at the House of Representatives of the Netherlands

The European defence industrial strategy: important, but raising many questions

The European defence industrial strategy helps to focus thinking but has significant flaws

How realistic is the proposed European defence industrial strategy?

Defence as Europe's trump card: strategies to safeguard EU against potential American retrenchment

Is Europe taking steps to enhance self-reliance amidst concerns about the potential return of a Trump presidency?

The Macroeconomics of Decarbonisation: Implications and Policies

Bruegel Annual Meetings, 6-7 September 2023

A symphony in progress: shaping a new agenda for Europe

The oil price cap and embargo on Russia work imperfectly, and defects must be fixed

Violations of the G7 price cap on Russian oil are becoming evident, but Western countries still can tighten rules and reduce the cash flows to Russia.

A Green Fiscal Pact for the EU: increasing climate investments while consolidating budgets

Europe’s Green Investment Requirements and the Role of NextGenerationEU

The EU countries’ priorities on climate and environmental spending, as reflected in the allocations of the Recovery and Resilience funds are assessed.

Greeniums in sovereign bond markets

In this paper, we analyse whether green sovereign bonds are systematically priced differently to conventional sovereign bonds in the secondary markets

How Can the European Union Adapt to Climate Change?

Europe must increasingly deal with the harmful impacts of climate change, regardless of its success in reducing emissions.

Bruegel Annual Meetings, 6-7 September 2022

The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.

Scorching summers are becoming the new normal. Can Europe prepare itself?

As global average temperatures continue to rise beyond the current 1.2°C above pre-industrial averages, Europe is likely to warm even faster.

Autonomous, digital and green Europe: a conversation with Margrethe Vestager

At this event Margrethe Vestager touched on strategic autonomy, digital regulation and the implications of the Green Deal on competition.

How can the European Union adapt to climate change?

A stronger adaptation governance framework would benefit adaptation efforts.

War in Ukraine: Ukraine's place in the EU

In the latest installment of the Sound of Economics Live we debated whether Ukraine's accession to the EU should be facilitated.

Through crises towards stability: Reflections on 10 years of the ESM with Klaus Regling

How is the European Stability Mechanism responding to crises, and what will the future of the ESM look like?

Future of Work and Inclusive Growth Annual Conference 2022

First Annual Conference of the Future of Work and Inclusive Growth project

Ukraine needs external financial assistance now

Planning Ukraine’s reconstruction tomorrow is important but meeting its financial needs today is more pressing and requires urgent action.

How can we support and restructure firms hit by the COVID-19 crisis?

What are the vulnerabilities and risks in the enterprise sector and how prepared are countries to handle a large-scale restructuring of businesses?

For Europe, an oil embargo is not the way to go

Even at this late hour, the European Union should consider taking a different path.

The Global Quest for Green Growth: An Economic Policy Perspective

A review on green growth and degrowth arguments.

How to weaken Russian oil and gas strength

Letter published in Science.

A phase out of Russian oil may be less effective than a tariff at reducing Putin’s rents

A punitive tariff on all energy imports from Russia would be a better choice than a gradually phased-in embargo on selected fuels.

A tariff on imports of fossil fuel from Russia

A tariff on imports of Russian fossil fuels would allow Europe to hit Russia's energy sector without great suffering.

Cutting Putin’s energy rent: ‘smart sanctioning’ Russian oil and gas

Infrastructure bottlenecks prevent Russia from selling all the oil it wants to bring to market, even at lower prices.

War in Ukraine: What is the effect on Central and Eastern Europe?

How is the war in Ukraine affecting the countries in the central and eastern parts of Europe, the countries that are closest to the ongoing conflict?

What drives implementation of the European Union’s policy recommendations to its member countries?

Article published in the Journal of Economic Policy Reform.

Cutting Putin’s energy rent: ‘smart sanctioning’ Russian oil and gas

Three ways Europe could limit Russian oil and gas revenues.

The EU without Russian oil and gas

The EU and the West need to acknowledge and accept the fact that European liberal democracy is being defended in Ukraine – a clearer message to Putin

War in Ukraine: How to make Europe independent from Russian fossil fuels?

In this episode of Sound of Economics live we discussed whether REPowerEU can enable Europe to have affordable and secure energy supplies.

Macroeconomic and financial stability in changing times: conversation with Andrew Bailey

Guntram Wolff was joined in conversation by Andrew Bailey, Governor of the Bank of England.

Decarbonising Germany: conversation with Patrick Graichen

A special off-the-record conversation with Patrick Graichen.

War in Ukraine: reflections on the economic consequences for Russia

Sergei Guriev joined us to discuss how the Russian invasion of Ukraine will affect the economies of Russia and the world.

How Europe can defeat Russia’s divide and rule strategy in the long term

The European Union will have to bolster members most vulnerable to Russian blackmail and rethink the structure of European energy markets in order to

War in Ukraine: A conversation with Oleg Ustenko

Oleg Ustenko, Economic Advisor to Ukrainian President Volodymyr Zelenskyy, joined us to discuss the situation in Ukraine.

How to reconcile increased green public investment needs with fiscal consolidation

The EU’s ambitious emissions reduction targets will require a major increase in green investments. This column considers options for increasing public

War in Ukraine: Macroeconomic implications for the EU

A special episode of the Sound of Economics Live where we analysed the macroeconomic implications of the war in Ukraine.

The Kremlin’s gas wars

How Europe can protect itself from Russian blackmail.

Greening Europe’s post-Covid-19 recovery

At this event Bruegel launched a new Blueprint that collects voices of policymakers and academics on the crucial topic of how to make sure Europe will

Greening Europe’s post-COVID-19 recovery

This Blueprint includes some of the Group’s most prominent voices on the different aspects of the multidimensional issue of green recovery.

EU-India relations in a post-COVID world

Closed door event for a selection of experts on India and the EU to discuss the state and future of EU-India relations.

The risks for Russia and Europe: how new sanctions could hit economic ties

To play a deterrent role against Russian military action, sanctions would have to be very broad, have a rapid effect and be as coordinated as possible

Corporate investment during the COVID-19 crisis

How did corporate investment fare during the pandemic? Is government support sufficient for firms, both in the short term and in the long term?

The effect of COVID certificates on vaccine uptake, public health, and the economy

An analysis of the incentive effects of COVID certificates on vaccine uptake, health outcomes and the economy.

Europe must come together to confront Omicron

Statement published in the renowned British Medical Journal (BMJ) to address the wave of the Omicron variant of SARS-CoV-2.

Global Gateway vs. Belt and Road Initiative

How does the EU's Global Gateway plan compare to China's Belt and Road initiative?

Inside the European crises: a conversation with Marco Buti

At this event Marco Buti discusses his new book, in which he gives an insiders look at European policy making.

China’s medium term outlook: Will innovation save China from becoming old before it becomes rich?

What can China do to stop the deceleration of its economy. Is innovation the solution?

Role of innovation in decarbonisation

A fireside conversation with Eni CEO Claudio Descalzi on decarbonisation.

The future of the stability and growth pact

Testimony given to a Tweede Kamer der Staten-Generaal roundtable discussion on the future of the stability and growth pact.

Instruments of a strategic foreign economic policy

Study for the German Federal Foreign Office produced by Bruegel, the Kiel Institute for the World Economy and DIW Berlin.

Elimination versus mitigation of SARS-CoV-2 in the presence of effective vaccines

Article published in Lancet Global Heath on strategies to end the COVID-19 pandemic in the presence of effective vaccines.

Can climate change be tackled without ditching economic growth?

What will be necessary to achieve climate goals and keep growing?

Can COP26 save the planet?

In this episode of the Sound of Economics Live, Italy's Minister for Ecological Transition Roberto Cingolani outlines his priorities for the upcoming

Can EU fiscal rules jump on the green bandwagon?

By and large, setting a new green golden rule would be a useful addition to the existing EU fiscal framework.

Germany’s post-pandemic current account surplus

The pandemic has increased the net lending position of the German corporate sector. By incentivising private investment, policymakers could trigger a

Monetary policy in the time of climate change

How does climate change influence monetary policy in the eurozone? What potential monetary policy measures should be taken up to address climate risks

What is the link between biodiversity loss and financial instability?

Biodiversity loss impacts financial stability. How big is the risk of biodiversity loss for financial institutions?

Can climate change be tackled without ditching economic growth?

The ultimate answer to the question on whether climate change can be tackled without ditching economic growth depends on our willingness to step up cl

German elections: seizing the moral and economic opportunity of global health security

The new German government should play its part in global health security and preparedness.

Germany’s foreign economic policy: four essential steps

Germany and the EU need to develop a strong and proactive agenda to manage foreign economic relations, which are essential for German and European pro

Can climate change be tackled without ditching economic growth?

The notion of degrowth to reduce greenhouse gas emissions appears unrealistic; decoupling of emissions from growth is in principle possible but requir

A green fiscal pact: climate investment in times of budget consolidation

A fiscal exit strategy must be put in place when the EU is pursuing the major goal of cutting its emissions

Conditions are ideal for a new climate club

The technical and political conditions are ideal for the creation of a climate club to catalyse tougher climate action worldwide.

Academic lecture: International technology competition

Bruegel Annual Meetings, Day 3 - On the final day of the Annual Meetings, our Director Guntram Wolf sits with Keyu Jin to discuss international compet

The role of the EU's trade strategy for an inclusive and sustainable recovery

Bruegel Annual Meetings, Day 3 - We are delighted to welcome Valdis Dombrovskis, Executive Vice President of the European Commission for An Economy th

Towards a new global trade regime: reform of the WTO

Bruegel Annual Meetings, Day 2 - the World Trade Organisation has been going through trying times, a phenomenon amplified by the pandemic. Why are we

The EU recovery fund - state of play and outlook

Bruegel Annual Meetings, Day 1- In The Sound of Economics Live session we will discuss the EU recovery fund, its state of play and outlook.

Resolving today’s global health crisis, and avoiding future pandemics

Bruegel Annual Meetings, Day 1- How do we exit the COVID-19 pandemic and ensure the world of tomorrow is less vulnerable to future pandemics?

Bruegel Annual Meetings, 1-3 September 2021

The 2021 Annual Meetings gathered high-level speakers and participants to discuss how to recover from the crises brought on by the Covid pandemic

How much investment do we need to reach net zero?

The size and scope of investments needed to reach net zero will have significant macroeconomic implications.

Increasing the global supply of essential medical supplies: Time for Europe to step up its global leadership

Europe has already made a significant financial contribution to beating the pandemic, now it has the opportunity and moral responsibility to do more.

A Global Deal for Our Pandemic Age

Report of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.

Investment firepower for the recovery: a conversation with Philippe Donnet, CEO of Assicurazioni Generali

At this event the CEO of Assicurazioni Generali, Philippe Donnet was in conversation with Guntram Wolff, Director of Bruegel.

Strengthening the weak links: future of supply chains

What new supply chains trends will we see in the post-pandemic era?

Conference on the Future of Europe: Vehicle for reform versus forum for reflection?

At this policy dialogue panellists discussed different options and what they may entail while revisiting the debates on the future of Europe so far.

The Conference on the Future of Europe: vehicle for reform versus forum for reflection?

The approach of the European Union’s institutions to the Conference on the Future of Europe is muddled, with risks for the outcome.

Relaunching transatlantic cooperation with a carbon border adjustment mechanism

The best way for the EU and the US to jointly introduce carbon border adjustment would be to form a ‘climate club’.

Inflation!? Germany, the euro area and the European Central Bank

There is concern in Germany about rising prices, but expectations and wage data show no sign of excess pressures; German inflation should exceed 2% to

Digital European Economic Sovereignty? The Case of Semiconductors

Study prepared for the European Parliament's Committee on Foreign Affairs (AFET).

The great COVID-19 divergence: managing a sustainable and equitable recovery in the European Union

Policymakers must act to prevent lasting divergence within the EU and to prevent scarring from the fallout from the pandemic.

Divergent Recoveries from the Pandemic: Conversation with IMF Chief Economist Gita Gopinath and Bruegel Director Guntram Wolff

In this episode of The Sound of Economics Live, IMF’s Gita Gopinath and Bruegel’s Guntram Wolff debated the uneven recovery from the pandemic.

Reducing mobility of SARS-CoV-2 variants to safeguard containment

Stopping a new variant from entering from abroad, would facilitate containment and limit the human, social and economic costs.

Form a climate club: United States, European Union and China

Can the three biggest economies agree a carbon tax on imports to catalyse climate action globally?

Form a climate club: United States, European Union and China

If the three biggest economies agree a carbon tax on imports, it will catalyse climate action globally.

Declining competition: a transatlantic challenge

Join us for a discussion of transatlantic competition with Kristalina Georgieva, Margrethe Vestager and Amy Klobuchar among others.

The EU can’t separate climate policy from foreign policy

How to make the European Green Deal succeed.

The EU’s fiscal stance, its recovery fund, and how they relate to the fiscal rules

Joint EU borrowing to boost the recovery, if not treated as national deficit and debt, will substantially ease rules-based fiscal adjustment needs in

The economics of biodiversity

Join us in conversation with Sir Partha Dasgupta and Frans Timmermans to mark the publication of The Economics of Biodiversity: The Dasgupta Review.

Aiming for zero COVID-19: Europe needs to take action

Aiming for 'green zones' offers a clear path to navigate an exit from the pandemic with as little damage as possible. Europe should not miss the oppor

The role of transition finance: a conversation with EBRD President Odile Renaud-Basso

Join us in conversation with EBRD President Odile Renaud-Basso.

Towards a European industrial renaissance?

An open-minded debate on the future of industry in Europe, hearing the perspective of European business leaders.

Disruption or transformation: the impact of a digital euro on the financial system

How would a digital Euro impact the financial system?

The EU can’t separate climate policy from foreign policy

How to make the European Green Deal succeed.

The geopolitics of the Green Deal

Join us to mark the launch of the eponymous paper co-written with the European Council on Foreign Relations.

The geopolitics of the European Green Deal

The Green Deal will redefine Europe’s global policy priorities; as such, it is a foreign policy development with profound geopolitical consequences

Why has the EU been so slow to roll out a Covid vaccination programme?

Europe was not prepared for the pandemic, but it must now learn lessons and use all its financial and political resources.

Conversation with President Jin Liqun (AIIB) on key Infrastructure trends that could shape the recovery

What will happen to infrastructure financing in a post-COVID world?

What do vaccination passports mean for Europe?

To the extent that vaccination against COVID-19 stops individuals infecting others, restrictions on vaccinated individuals’ rights should be lifted: f

Corporate insolvencies during COVID-19: keeping calm before the storm

Measures in major economies have protected companies from COVID-19 related insolvency, but have also protected weak firms. Nevertheless, support shoul

Europe and India: Comparing Approaches to Global Economic Challenges

Stakeholders from government, private sector, media and academia/institutions come together to review India-EU relations.

What will the EU's new migration policy do differently?

What does the EU's new migration policy look like and is it likely to succeed?

Towards post-pandemic green multilateralism?

How could we achieve a trilateral relationship between China, the EU and the US and consolidate it with climate goals?

Europe should promote a Climate Club after the US elections

Time has come for Europe, the US and possibly China to create a global “Climate Club”.

What's the hype all about: the future of social media

What is the future of social media? Conversation with Nick Clegg and Sinan Aral.

The state strikes back

COVID-19 has caused a resurgence of the role of the state. What role should state owned firms and banks play and how can their management be improved?

The scarring effect of COVID-19: youth unemployment in Europe

Even before the pandemic, youth unemployment in the European Union was three times higher than among the over-55s. COVID-19 threatens to undo the last

How to keep a competitive environment while engaging with non market economies?

How can we ensure fair competition between European firms and Chinese state-backed players?

COVID-19 could leave another generation of young people on the scrapheap

It is time that the highest political level focuses on the risk of a lost generation.

The future of EU-US trade relations after the US election

What shape will the trade relationship between the EU and the US take in the coming years?

Next Generation EU debt: how is it structured?

At this invitation-only event we welcomed Gert-Jan Koopman to discuss the impact of EU debt on the EU market of safe assets.

The Sound of Economics Live: The future of EU-UK relations (again!)

At the eleventh hour of negotiations, what will the future of the EU-UK relationship look like?

For the euro there is no shortcut to becoming a dominant currency

As an international currency, the euro has always been a distant second to the dollar. The idea of a greater international role for the euro has been

What should Europe expect from American trade policy after the election?

A Joe Biden Administration would have to decide to what extent to unpick the major United States trade policy shifts of the last four years. A quick r

L'IA a besoin d'humains qualifiés

L'adoption des technologies IA repose moins sur des scientifiques de haut niveau que sur des spécialistes des données et des programmeurs compétents q

Strengthening the international role of the euro

Testimony before the European Parliament on the International Role of the Euro.

From playing field to player: Europe’s strategic autonomy as our generation’s goal

At this online event Charles Michel spoke about the importance of Europe's strategic autonomy.

The Sound of Economics Live: The State of the Union going forward

In the first Sound of Economics Live episode after summer we look at the State of the Union address delivered by Ursula von der Leyen.

Without good governance, the EU borrowing mechanism to boost the recovery could fail

The European Union recovery fund could greatly increase the stability of the bloc and its monetary union. But the fund needs clearer objectives, susta

Employment and COVID-19

Testimony before the Economic Affairs Committee at the House of Lords, British Parliament on Employment and COVID-19.

Bruegel Annual Meetings 2020 - Day 3

Third day of Bruegel Annual Meetings.

Bruegel Annual Meetings 2020 - Day 2

Second day of Bruegel Annual Meetings.

Bruegel Annual Meetings 2020 - Day 1

The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.

Bruegel Annual Meetings 1-3 September, 2020

Bruegel's flagship event transformed into a virtual conference for pandemic times

Europe has an artificial-intelligence skills shortage

How severe is Europe’s dearth of AI talent and how does it compare to the United States, China and the United Kingdom – the world’s AI champions?

China Has an Unfair Advantage in the EU Market. What Can Be Done to Level the Playing Field?

The Euro area after COVID-19 - a conversation with Mario Centeno

At this event we will welcome Mario Centeno to talk about his time as President of the Eurogroup and reflect on the future of the Euro area.

The need for market-based finance after COVID-19

How do COVID-19-caused financial dislocations inform policy responses?

Redefining Europe's role after the COVID-19 pandemic

Amidst COVID-19: how to keep markets integrated when states play a bigger role in the EU and its neighbourhood?

EU priorities and the recovery during Covid19

Testimony at the Committee on EU Policies of the Italian Chamber of Deputies.

The role of the IMF in the post-COVID-19 fiscal stabilization and recovery.

Fireside chat with Kristalina Georgieva, Managing Director, International Monetary Fund

Reopening: Brussels

As European borders reopen, we conducted a “temperature reading” of diverse actors about the local impact of the Covid-19 response.

Is the COVID-19 crisis an opportunity to boost the euro as a global currency?

The euro never challenged the US dollar, and its international status declined with the euro crisis. Faced with a US administration willing to use its

EU-China trade and investment relations in challenging times

In this report, we have focused on trade and investment relations and have not attempted to define the many other policy instruments that the EU can a

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 Eur

(Em)powering the recovery

What role will the energy sector play in the post crisis recovery and will this recovery be a green one?

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

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

The Sound of Economics Live: Singapore's experience in dealing with COVID-19

A conversation with Dr. Vivian Balakrishnan, Minister for Foreign Affairs of Singapore, on how this city-state has tackled the coronavirus.

The Sound of Economics Live: Rebooting Europe - a framework for post COVID-19 economic recovery

Mapping out the post COVID-19 recovery.

Rebooting Europe: a framework for a post COVID-19 economic recovery

COVID-19 has triggered a severe recession and policymakers in European Union countries are providing generous, largely indiscriminate, support to comp

Navigieren auf Sicht ist für einen grünen Wiederaufschwung nicht genug

Tackling the rise of cybercrime amid COVID-19 with Ylva Johansson

How can the European Union fight the cybercriminals that are exploiting the coronavirus crisis?

The Sound of Economics Live: An analysis of the German Constitutional Court ruling on the ECB QE programme

What does today's ruling of the German Constitutional Court mean for the ECB's Quantitative Easing programmme

The Sound of Economics Live: The impact of Covid-19 on emerging markets with Barry Eichengreen

At this online podcast recording, Guntram Wolff and Barry Eichengreen will discuss the impact of the COVID-19 crisis on emerging economies and the cor

The Sound of Economics Live: Post-Council commentary

Can the European leaders meeting at the Council come together for a comprehensive recovery package?

EU debt as insurance against catastrophic events in the euro area: the key questions and some answers

European Union debt can provide comprehensive insurance against the COVID-19 pandemic and can enable a macroeconomic response, even though EU debt is

The Sound of Economics Live: Can the Eurogroup save the day?

In this episode of The Sound of Economics, we analyse the Eurogroup's 'rescue plan' amidst the economic fallout brought about by the COVID-19 health c

Disease, like poverty, does not stay at home

To fight the Covid-19 pandemic, best practice responses in Africa need to be implemented around international collaboration. These include the need to

A European response to the coronavirus crisis with Paolo Gentiloni

This is the second event in our series with the Financial Times, where Paolo Gentiloni will discuss the European response to the coronavirus crisis.

A European approach to fund the coronavirus cost is in the interest of all

We had not seen a common challenge as clear as this pandemic. The sum of national actions and programs is likely to be insufficient.

CANCELLED: How adequate is the European toolbox to deal with financial stability risks in a low rate environment?

Bruegel is delighted to welcome the governor of the Central Bank of Ireland, Gabriel Makhlouf. He will deliver a keynote address about how adequate th

Europe needs a Covid-19 Recovery Programme

Policymakers need to think long-term and start planning a broad investment scheme to reboot the European economy.

COVID-19 Fiscal response: What are the options for the EU Council?

It is time for the EU Council to make quick progress on the fiscal front and announce something as soon as possible to show that it taken full measure

How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area?

This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified.

Be bold now: coronavirus, the Eurogroup and fiscal safety nets

This blog post sketches two scenarios: one in which countries provide a large fiscal safety net to companies and another in which they do not. Both le

A letter to Santa, the G7

The G7 should set an example of international cooperation and come out with a strong signal of unity and support for the euro-area. Only then will the

An effective economic response to the Coronavirus in Europe

'Whatever it takes' needs to be the motto to preserve lives and reduce the impact on the economy of the epidemic.

Global competition and digital change: How should we update European competition policy?

The event addressed the need for modernising European competition policy due to structural changes in the economy caused by shifting global economic l

The Sound of Economics Live - The Brussels effect: How the European Union rules the world

This was a live recording of an episode of the Sound of Economics, Bruegel's podcast series. The discussion centered around the book of Anu Bradford,

As the Coronavirus spreads, can the EU afford to close its borders?

In 2018, 320 million trips were made between EU countries and almost 2 million people crossed Schengen borders to go to work. Stopping them would cau

The resurrection of the European Banking Union

At this event, Luis Garicano, member of the European Parliament, presented his two proposals to resurrect the European Banking Union: "a Safe Portfoli

Europe may be the world’s AI referee, but referees don’t win

The EU needs to invest in homegrown technology.

What next for the financial services industry? A conversation with Philippe Donnet, Group CEO of Generali

At this event the Group CEO of Generali, Philippe Donnet, will discuss the latest developments in the financial services industry with Guntram Wolff,

The future of taxation in the EU: tax solidarity

Tadeusz Kościński, the Minister of Finance of Poland, talked about taxation policy in the EU.

Recent euro-area house price increases are dissimilar to earlier housing booms

Current housing markets relative to those pre-crisis seem to be far less driven by mortgage credit, and the size of the construction sector has not in

Hybrid threats in the financial system

This one-day workshop focused on hybrid threats in the context of the financial system by examining vulnerabilities and raising awareness, looking for

From climate change to cyber attacks: Incipient financial-stability risks for the euro area

The European Central Bank’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the w

Megatrends: Key Forces Forging Our Future

A vision for Europe to prosper and best serve its citizens

Europe’s banking union must be cyberproofed

The EU urgently needs to conduct joint preparedness exercises and create uniform information and disclosure requirements that help build a true pan-Eu

A post-Brexit agreement for research and innovation

What is the future of EU's and UK's relationship on research and innovation?

The European AI policy: writing the first lines of the code

At this closed-door event, an open discussion with Margrethe Vestager will contribute to her work on artificial intelligence. The aim of these discuss

Partnering with Europe on responsible AI: a conversation with Sundar Pichai, CEO Google and Alphabet

At this event, Google's and Alphabet's CEO Sundar Pichai will elaborate on his views on Artificial Intelligence.

Weaponized interdependence: How global economic networks shape state coercion

This event will discuss how states use global economic networks as weapons in geopolitical conflicts

Recovery and Resolution Planning for Europe’s cross-border banks

This workshop will discuss recovery and resolution plans in the CEE countries

EU-Asia trade and investment connectivity

The Asia Europe Economic Forum (AEEF) was established in 2006 as a high level forum for in-depth research-based exchanges on global issues between Asi

Why border carbon adjustment is important for Europe’s green deal

The European Commission President-elect Ursula von der Leyen is pursuing ambitious environmental targets, notably to reach zero net emissions across t

Better governance, better economies

This event will feature the presentation of the 2019 EBRD Transition report, which focuses on governance in the EBRD regions.

A European approach to Artificial Intelligence?

Closed-door brainstorming event to discuss the European Commission's AI strategy

The role of China in global value chains

This event looked at how the rise of China is affecting global value chains.

Politics, not policy will help Lagarde save the eurozone

Her success at helm of Europe’s central bank will depend on her ability to mend fences with hawkish policymakers.

Demystifying carbon border adjustment for Europe’s green deal

From carbon leakage to “green protectionism”, the European Green Deal envisioned by the incoming Commission has many critics. But some adjustments to

Bank resolution: consistency and predictability

Closed-door workshop on various aspects of bank resolution.

Competition policy in the era of AI – the case of Japan and Europe

How can artificial intelligence have a positive impact on the economy? How does AI impact competition policy? How can the EU and Japan become leaders

A fresh perspective on EU-Turkey relations: still a possibility?

Examining the mutual benefits of a EU-Turkey customs union.

Hybrid and cybersecurity threats and the European Union’s financial system

The authors document the rise in hybrid threats and cyber attacks in the European Union. Exploring preparations to increase the resilience of the fina

Bruegel Annual Meetings 2019, 4-5 September

The 2019 Annual Meetings featured the launch of Bruegel's memos to the new European Leadership, proposing how to deal with future policy challenges

Bruegel Annual Meetings 2019

Bruegel's 2019 Annual Meetings will be held on 4-5 September and feature the launch of Bruegel's Memos to the New European Commission.

Braver, greener, fairer: Memos to the EU leadership 2019-2024

This collected volume, edited by Maria Demertzis and Guntram Wolff, focuses on the most important economic questions at EU level

Braver, greener, fairer: Memos to the EU leadership 2019-2024

A strategic to-do list based on an assessment of the state of affairs and the challenges that will greet the new Commissioners.

Why Europe needs a change of mind-set to fend off the risks of recession

Recession! This is the new worry in Europe and the US. A simple look at google trends shows that in Germany, France and the US, search interest for re

EU policy recommendations: A stronger legal framework is not enough to foster national compliance

In 2011, the EU introduced stricter rules to monitor the implementation of country-specific policy recommendations. Using a new dataset, this column i

The EU needs a bold climate strategy

Scientists report that global temperature increases must be limited to below 1.5 degrees Celsius. With global greenhouse gas emissions continuing to i

The 4th industrial revolution: opportunities and challenges for Europe and China

What is the current status of EU-China relations concerning innovation, and what might their future look like?

AI, robots and platform workers: What future for European welfare states?

At this event, we launch the study, "Digitalisation and European welfare states", authored by Georgios Petropoulos, J. Scott Marcus, Nicolas Moës, and

Eurozone agreement: a mini revolution?

What does the new Eurozone budget do, and what does it not do? What are its strengths and weaknesses?

The threats to the European Union’s economic sovereignty

Memo to the High Representative of the Union for Foreign Affairs and Security Policy. The authors describe the current context and the increasing inte

Redefining Europe’s economic sovereignty

This Policy Contribution delves into the position of the EU in the current global order. China and the United States increasingly trying to gain geopo

Financial inclusion of SMEs for growth and job creation

How can increased access to finance benefit SMEs? What reforms are needed to encourage SME financial inclusion?

Role of national structural reforms in enhancing resilience in the Euro Area

At this event Gita Gopinath, Chief Economist at the IMF will discuss the role of national structural reforms in enhancing resilience in the Euro Area.

A strategic agenda for the new EU leadership

Memo to the presidents of the European Commission, Council and Parliament. 'A strategic agenda for the new EU leadership' by Maria Demertzis, André Sa

Past, present, and future EU trade policy: a conversation with Commissioner Malmström

What was trade policy during the last European Commission? What will be the future of European trade under the next Commission?

EU-LAC Economic Forum 2019: New perspectives in turbulent times

The third edition of the EU-LAC Economic Forum.

Europe after Sibiu: Towards differentiated integration?

A comprehensive follow-up to the Informal European Council in Sibiu, Romania.

Germany’s even larger than expected fiscal surpluses: Is there a link with the constitutional debt brake?

Germany is having a political debate on the adjustment of its budgetary plans due to revised forecasts, and an academic debate on the debt brake. Yet,

What drives national implementation of EU policy recommendations?

The authors use a newly-compiled dataset to investigate whether and why European Union countries implement the economic policy recommendations they re

Life after the multilateral trading system

Considering a world absent a multilateral trading system is not to promote such an outcome, but to encourage all to prepare for the worst and instil g

Spitzenkandidaten series: Manfred Weber

The fifth event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European

Promoting sustainable and inclusive growth and convergence in the European Union

This speech was delivered by Guntram Wolff at the Informal ECOFIN Meeting in Bucharest on 5 April 2019.

Promoting sustainable and inclusive growth and convergence in the European Union

This Policy Contribution was written for the Informal ECOFIN Meeting, Bucharest, 5 April 2019. The authors look at the EU’s economic agenda, discussin

Spitzenkandidaten series: Luis Garicano

The third event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European

Spitzenkandidaten series: Bas Eickhout

The second event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the Europea

Changing relationships between Europe and Africa in the face of technological development – can digitalisation, AI and the platform economy help bridge the gap?

This event will look at digitalisation in Europe and Africa and how this is changing the relationship between the two continents

Rethinking industrial policy in the digital age: challenges for Europe

All-day conference about how the European policy-making will have to adapt to the digital transformation.

The European Union’s response to the trade crisis

The global trading system is under attack on various fronts. In this Policy Contribution, the authors examine the root causes of the current problems,

Saving the right to asylum

How to improve the European asylum policy?

What to look out for in the latest European Semester package

Implementation of the European Commission’s country-specific policy recommendations (CSRs) is at a low rate overall. Whether this trend has continued,

Reforming decision-making for EU taxation policy

How should the EU taxation policy be reformed?

What can the EU do to keep its firms globally relevant?

There is a fear that EU companies will find it increasingly difficult to be on top of global value chains. Many argue that EU-based firms simply lack

The world’s response to China’s Belt and Road Initiative

This event will look at the Chinese Belt and Road Initiative as well as the response from the rest of the world.

What does a possible no-deal Brexit mean?

With Brexit getting closer, it is still extremely difficult to predict which one of the possible outcomes will materialise. Guntram Wolff examines wha

Rules-based trading system and EU-Australia

At this event the Australian Minister for Trade, Tourism and Investment, Senator the Hon Simon Birmingham will speak about Australia-EU bilateral trad

The implications of no-deal Brexit: is the European Union prepared?

The author, based on a note written for the Bundestag EU Committee, is exploring the possible consequences of a no-deal Brexit for the EU, assessing p

The implications of no-deal Brexit: is the EU prepared?

Hearing on Brexit in the EU Committee of Bundestag on 14 January 2019, exploring the possible consequences of a no-deal Brexit for the EU and assessin

Providing funding in resolution: Unfinished business even after Eurogroup agreement on EMU reform

The recent Eurogroup agreement on euro-area reform foresees a greater role for the European Stability Mechanism (ESM) as a backstop to the banking uni

How to provide liquidity to banks after resolution in Europe’s banking union

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect t

European Banking Supervision: the past five years and prospects for the future

This event will look back at the first five years of the Single Supervisory Mechanism.

Global Think Tank Summit 2018

The public session of the Global Think Tank Summit will discuss trade and fair global competition

Brussels Briefing Live: A conversation with Nadia Calviño

The Minister of Finance from Spain discusses challenges ahead of the European Council in December

Europe: Back to the future of a political project

This event will feature a discussion on different ideas for reforming European Governance.

Asia-Europe Economic Forum 2018 - Public

This year's Asia-Europe Economic Forum (AEEF) will be held in Brussels on 17-18 October

How could Europe benefit from the US-China trade war?

Under pressure from the US, Beijing is set to be more open to making new allies.

Asia-Europe Economic Forum 2018 - Closed-door

This year's Asia-Europe Economic Forum (AEEF) will be held in Brussels on 17-18 October

Policy responses for an EU-MENA shared future

In the third edition of the "Platform for Advanced & Emerging Economies Policy Dialogue" we will discuss trade flows and trade policy between Europe a

International trade and the EU-Japan Economic Partnership Agreement

This event; jointly organised by Bruegel and the Graduate School of Economics, Kobe University, will discuss the EU-Japan trade deal and asses its imp

One size does not fit all: European integration by differentiation

The need for reform of the EU is increasingly urgent. The authors of this policy brief suggest a new governance model, combining a bare-bones EU with

Perils and potential: China-US-EU trade relations

We are hosting a number of Chinese and EU experts to discuss trade relations between the three forces.

The EU’s Multiannual Financial Framework and some implications for CESEE countries

Bruegel scholars Zsolt Darvas and Guntram Wolff contributed to the September 2018 edition of the OeNB's Focus on European Economic Integration.

The economic potential and risks of crypto assets: is a regulatory framework needed?

What is the economic potential and the risks of crypto assets? Regulators and supervisors have taken great interest in these new markets. This Policy

Overcoming the hurdles to Italian Growth

Is the time for refining recommendations and for a serious political debate on how best to overcome bottlenecks and improve the economic prospects of

Bruegel Annual Meetings 2018

The 2018 Annual Meetings will be held on 3-4 September and will feature sessions on European and global economic governance, as well as finance, ener

What should the EU do about the Turkish currency crisis?

The Turkish lira has been under significant pressure in recent weeks; in this blog post, the authors discuss the EU’s exposure to possible crisis in T

Europe should avoid a no-deal Brexit

The UK government finally tabled a serious proposal for the country’s future relationship with the European Union (EU). The White Paper puts the ball

Germany’s Government Still Has an Allergy to Investing

The new coalition budget looks a lot like the old German coalition budget.

Designing a new institutional framework for UK-EU relations

Finding the right way forward for the EU and the UK.

A Brexit deal is still not achieved

The UK paper should be seriously considered. While it breaks a number of European red-lines, it is also an attempt to solve some issues. The question

Griechenland braucht einen Neuanfang

Die Unternehmensteuer muss reformiert werden

Der deutsche Kapitalstock schrumpft. Das liegt zum einen an sinkenden Investitionen von Unternehmen. Eine Reform der Unternehmensteuer könnte helfen.

Assessing the EU’s fiscal architecture: a presentation by the European Fiscal Board

This event will discuss the 2019 Fiscal Stance, which assesses the current macroeconomic situation and offers advice for the future.

Euro tragedy: a drama in nine acts

This event featured a presentation by Ashoka Mody of his new book, which argues that the Euro is at the root of the problems the European Union faces

EU-LAC Economic Forum 2018

The second edition of the EU-LAC Economic Forum, a high level gathering for in-depth research-based exchanges on economic issues between European, Lat

Making Italy grow again

On March 4th, Italians sent a resounding message in favour of a break with the past. The ultimate test for the new ‘government of change’ will be whet

State of transatlantic trade relations

A conversation on transatlantic relations with Michael Froman.

Understanding (the lack of) German public investment

An array of data suggests that there is a general lack of investment by all branches of the German government, despite running budget surpluses for se

Is the European Semester effective and useful?

The authors study whether and to what extent EU countries implement recommendations on macroeconomic imbalances given by the EU in the so-called Europ

What next for banking union?

This event will discuss the future of Banking Union.

Trägt Deutschland eine Mitschuld an Italiens Krise?

Italiens Regierung will riesige neue Schulden machen – die nächste Bewährungsprobe für die Eurozone. Deutschland muss sich aktiv an der Lösung beteili

News from the South. Proposal to strengthen the European Monetary Union: Combining fiscal discipline with risk sharing

On 4 June Bruegel, as in previous years, will host the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the

EU funds for migration, asylum and integration policies

This study provides an overview, analysis and evaluation of how EU funds for migration, asylum and integration policies have been used. Using publicly

What does Europe care about? Watch where it spends

The European Union says it wants to focus on new priorities. First it will have to cut spending in sectors that have long enjoyed support.

Germany’s current account surplus and corporate investment

Following the 1990s post-reunification period and since the beginning of monetary union, Germany's current account has grown substantially. In the cri

Europe needs a broader discussion of its future

When thinking about what will determine the prosperity and well-being of citizens living in the euro area, five issues are central. This column, part

Germany’s export-oriented economic model is caught in a US-Chinese squeeze

The new Merkel government has to reduce the dependencies on exports by stimulating domestic growth forces in Germany and Europe. At the same time, Ber

Making a reality of Europe’s Capital Markets Union

It is high time to make the CMU project real.The authors of this publication suggest that capital markets will only transform with concrete action and

Youth UP Europe: Future of democracy in Europe

Bruegel and the European Youth Forum teamed up to organise an event series in which young people, researchers and policy makers debate policy issues r

What European trade policy in face of an emerging global trade war

On 25 April Bruegel is pleased to host Bernd Lange, Chair of the European Parliament's committee on International Trade.

Challenges and opportunities for the EU digital single market

At this event, we looked into the progress made towards achieving the main priorities for strengthening the digital single market, the opportunities a

How Should the EU Position Itself in a Global Trade War?

It is high time for the EU to work on more than just wishful thinking in response to the US challenge to global trade. With the first cracks appearing

Capital Markets Union and the Fintech Opportunity

Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new bus

Europe in a new world order

The EU is a relatively open economy and has benefited from the multilateral system. We argue that the EU should defend its strategic interests. The Si

Europe needs a strong Italy

Europe needs to have its Italian voice. A stable government is required not only to pursue domestic policies and remain fiscally prudent but also to n

Rethinking the European Union’s post-Brexit budget priorities

There will be a €94 billion Brexit-related hole in the EU budget for 2021-27 if business continues as before and the United Kingdom does not contribut

Future of EMU

On 8 March 2018, Guntram B. Wolff discussed the opportunity and options to upgrade the European Monetary Union in his Testimony at the Swedish Parliam

The future of the EU budget: MFF post-2020

Which should be the priorities for the Multiannual Fiscal Framework post 2020?

(How) could European safe assets be constructed?

At this event we looked at the ESRB task force’s investigation on safe assets.

Bruegel - Financial Times Forum: The future of euro-area governance

The third event in the Bruegel - Financial Times Forum series looked into the future of euro-area governance.

US tax reform and implications for the German coalition agreement

Major recent reform of US tax laws represents a serious challenge to Germany, highlighting several weaknesses in the country's economy. The formation

Difficulties and opportunities in reallocating European Parliament seats after Brexit

The European Parliament must carefully consider the reallocation of seats after Brexit, allowing for a potential shift in political alignment and work

Your job description, Mr. Centeno

Here’s how you run the Eurogroup.

Integration of migrants in the EU

This event will discuss the integration of migrants in the EU as well as the EU's response to the recent refugee crisis

Franco-German relations facing the challenges of the EU

Testimony of Bruegel's director during the hearing of the Commissions for the EU and for foreign relations, defense and armed forces of the French Sen

A conversation with Jin Liqun, president of AIIB

We were pleased to host Jin Liqun, the president of Asian Infrastructure Investment Bank at Bruegel.

Does the European Parliament miss an opportunity to reform after Brexit?

While Brexit negotiations are beginning to progress, the European Parliament is preparing to vote on the possible reallocation of seats following the

Opportunities and risks in Europe in 2018

The new year could very well see the positive story of 2017 continue in Europe – but a number of looming policy and political problems cannot be ignor

Better policies for people on the move

This event discussed the impact and integration of migrants as well as national and European immigration policy challenges.

Health care and macro-economics in Europe

What are the strengths and challenges of health care systems in each EU country? What are the common policy priorities and opportunities for EU value

The European Commission should drop its ill-designed idea of a finance minister

Beyond the opposing ideas of Jean-Claude Juncker and Wolfgang Schäuble for future euro-area governance, Guntram Wolff explores how alternatives such a

Beyond the Juncker and Schäuble visions of euro-area governance

Two diametrically opposed visions of the euro-area architecture have been put forward. Departing from both Juncker’s and Schäuble’s proposals, the aut

German wages, the Phillips curve and migration in the euro area

This post studies why wages in Germany have not borne strong increases despite a relatively strong labour market. I list four reasons why announcing t

EU - CELAC Economic Forum - Channels for a joint future

On 11 October Bruegel together with GIGA and Real Instituto Elcano will organise a conference on relations between the EU and the Community of Latin A

What has driven the votes for Germany’s right-wing Alternative für Deutschland?

The AfD vote in East Germany was consistently stronger than in the West, even after controlling for income, age, education, religion and the overall r

Europe and Japan: Monetary policies in the age of uncertainty

The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.

A Jamaican Germany is good for Europe

After a surprising election result, Europe is closely watching German coalition negotiations. A so-called Jamaica coalition of conservatives, liberals

14th Asia Europe Economic Forum (AEEF)

The 14th Asia Europe Economic Forum will be held in Seoul on 20-21 September 2017.

Capital Markets Union and the fintech opportunity

Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new bus

How has banking union changed mergers and acquistions?

The aim of the banking union was to break the toxic link between banks and states. One way of achieving this is by increasing cross border banking thr

EU-China economic relations: looking to 2025

This event will see the launch of a report on EU-China relations and discuss issues such as trade and investment, industrial cooperation and innovatio

Bruegel Annual Meetings 2017, 7-8 September

The Annual Meetings are Bruegel’s flagship event.

G20 climate commitments must be turned into action

The G20 is just about holding together in difficult times, but the world's leading economies need to make good on their climate promises. Major projec

Europe must seize this moment of opportunity

As the EU enjoys a period of growth and relative stability, there is finally room to undertake long-needed reforms. But it is vital to act soon, and p

Europe's global positioning and its trade implications for Asia

This event, taking place in Hong Kong will discuss Europe-Asia relations in the context of global developments.

Eurozone or EU budget? Confronting a complex political question

This week’s European Commission reflection paper is the latest document to ponder a distinction between EU and euro-area budgets. But do we need to sp

Lessons for the future governance of financial assistance in the EU

On 14th June, Randall Henning will present his latest book on the Euro crisis and we will discuss how financial assistance should be governed in the e

How export growth achieved adjustment of massive trade deficits in the euro area

The reduction of current account deficits in euro-area countries since the 2008 crisis is strongly driven by increases in exports that dampened the ef

How the G20 should change its approach to migration and development in Africa

The G20 is redesigning its Africa strategy. Meanwhile, migration from Africa is an increasingly controversial topic in European politics, even though

What could a euro-area finance minister mean?

The idea of a euro-area budget and finance minister have been around for a long while, but the arrival of President Macron gives the proposals new imp

Financial Times - Bruegel Forum: the future of Europe after the French election

The second event in the Financial Times - Bruegel Forum series will look at how the results of the French elections will affect Europe.

Europa sinnvoll gestalten

Die Debatte um die Zukunft Europas sollte gerade in Deutschland konstruktiv geführt werden. Es profitiert von einer stabilen EU und trägt entscheidend

Brexit will change millions of lives. Our leaders must do more than posture

From the land border with Ireland to expats’ pension rights, there is much to negotiate.

The global decline in the labour income share: is capital the answer to Germany’s current account surplus?

Analysing the major divergences between the three largest euro-area countries in terms of unit labour costs and current accounts, to the broader debat

Europe’s role in North Africa: development, investment and migration

The authors of this Policy Contribution propose five ways in which EU policymakers can contribute to development in North Africa and build partnership

Can EMU survive a multi speed Europe?

On 6 April Bruegel, as in previous years, hosted the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the E

Micro- and macro-based methods in assessing the impact of investment

This workshop will discuss methods for accurately evaluating the performance of public and private investment initiatives.

Central bank communication in a low interest rate environment

At this event, we are pleased to welcome Mr. Benoît Coeuré, Member of the Executive Board of the European Central Bank at Bruegel.

Conversations on the future of Europe

On the occasion of the 60th anniversary of the signing of the Treaty of Rome, we held an event of four conversations between Bruegel scholars and Eur

Europe should lead the way with multilateralism

Despite the unique partnership with the USA, Europe needs to reflect on its place in an unstable world. Especially if the US Administration moves towa

What future for Europe?

The Commission's White Paper on the future of the EU sets out five scenarios, but misses the fundamental questions facing Europe. How should the EU in

Testimony to Parliamentary Conference on the WTO

Guntram Wolff held a presentation of the Policy Brief "Europe in a new world order" during the 38th session of the Steering committee of the Parliamen

Europe in a new world order

In this paper the authors explore what the EU’s strategic reaction should be to US diminishing giant policies, and the EU’s role in a world of declini