Maria Demertzis
Leader, ESF, The Conference Board Europe
Maria Demertzis is a Leader at ESF, The Conference Board Europe, former Senior fellow at Bruegel and part-time Professor of Economic Policy at the Florence School of Transnational Governance at the European University Institute. She was Bruegel’s Deputy Director until December 2022. She has previously worked at the European Commission and the research department of the Dutch Central Bank. She has also held academic positions at the Harvard Kennedy School of Government in the USA and the University of Strathclyde in the UK, from where she holds a PhD in economics. She has published extensively in international academic journals and contributed regular policy inputs to both the European Commission's and the Dutch Central Bank's policy outlets. She contributes regularly to national and international press and has regular column that appears twice a month in various EU newspapers and on Bruegel’s opinion page.
Disclosure of interests
Featured work
The state of financial knowledge in the European Union: a new survey
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 economic and financial affairs
Unite, defend, grow: Memos to the European Union leadership 2024-2029
On the digital euro holding limits
The plan for a retail digital euro holding limit, combined with a ‘waterfall approach’ to smooth transactions, sets up an apparent clash of objectives
The EU must unite to confront threats and overcome divisions
Macron’s Election Gamble Pays Off
The European Investment Bank can afford to take more risks
Significant reserves built up through decades of profit-making should enable the bank to absorb volatility of riskier investments
What should the Presidents of the EU institutions do in their forthcoming term?
Overcome divisions and confront threats: Memo to the Presidents of the European Commission, Council and Parliament
Memo to the Presidents of the European Commission, Council and Parliament
Are the European Union’s new fiscal rules in trouble already?
European elections results: all eyes are on France and Germany
While the European election results were mixed, two of Europe's biggest countries may face political turmoil
Braver, Greener, Fairer
Economic choices for Europe: EU leadership debate 2024
Bruegel and the Financial Times host lead candidates for the 2024 European elections for a debate on crucial economic topics.
Why are concrete economic proposals so important before the EU elections?
De-dollarisation is all about de-risking
What about the EU’s cohesion?
Industrial policy for economic security
Spend it at home: current account surpluses in the EU
EU leadership needs to identify the factors that hold investment back and the incentives that could persuade investors to stay in Europe
The European Central Bank, inflation tolerance and the last mile
The European Central Bank’s timid operational framework update
The European Central Bank announced limited changes to its operational framework – which is probably right given current uncertainty
Two years later: addressing long-term consequences of Russia’s invasion of Ukraine
The event marked the anniversary of Russia's invasion of Ukraine, focusing on discussions about sanctions, accession, and energy
A confused EU
The state of financial knowledge in the European Union
Financial literacy is essential in modern economies, where saving and preparing for retirement has shifted increasingly to the individual.
Two years later
The EU’s ambitions: scale, strategic investments and skills
Accelerating strategic investment in the European Union beyond 2026
A potential long-term EU approach to the financing of strategic objectives.
Macroeconomic policy frameworks in the EU: in need of renewal
Artificial intelligence and energy consumption
It is difficult to evaluate whether the green transition will compensate for AI energy consumption.
Why I’m not concerned about the billions of central bank “lossesâ€
Central banks’ losses are not a cause for concern
The limits of the effectiveness of EU sanctions on Russia
There is no such thing as normality
Greece paid a high price for learning that it must reform and conform. The rest of the world will pay a much higher price for its unruly politics.
Capital Markets Union, or else what?
Managing Expectations: Inflation and Monetary Policy
Launch of one of the IMF World Economic Outlook analytical chapters
The digital euro’s communication gap
We’ve got it wrong on windfall taxes
The tyranny of EU treaties
It is an overdue question whether those agreements are still fit for purpose or if they must be changed.
Bruegel Annual Meetings, 6-7 September 2023
A symphony in progress: shaping a new agenda for Europe
EU trade and investment following Russia's illegal invasion of Ukraine
On immigration
The EU must collectively appreciate the human capital that enters its borders as opportunities rather than just risks.
From economic policy to economic statecraft
The US and euro area must move faster on their digital currencies for wholesale purposes
How can de-risking lead to greater economic security?
The value added of central bank digital currencies
Can Central Bank digital currencies be considered as the weapons of finance?
The value added of central bank digital currencies: a view from the euro area
Central bank digital currencies do have added value, but this is not the same for every country.
De-risking as an economic strategy
European public opinion remains supportive of Ukraine
Public support for Ukraine is holding up in allied countries, but preparations should be made for scenarios in which support ebbs away.
Looking backwards not forwards: why has the European Central Bank been slow to react?
Bank of Russia’s immobilised assets: what happens next?
De-dollarisation
A change of tack on EU-China relations
Decentralised finance: good technology, bad finance
Given the importance of digitalisation, it is fair to ask whether these digital decentralised services will become established and normalised.
Doing ‘whatever it takes’ to save the banks
Could crypto assets jeopardise the financial system?
How much will the EU pay Russia for fossil fuels over the next 12 months?
With sanctions incomplete, the European Union could pay Russia about €30 billion for fossil fuels in the next year.
There are no shortcuts to finance
The basic underpinnings of regulation, reserves and (legal) recourse are missing in decentralised finance, or DeFi.
The ECB as part of an imperfect architecture
One year in ten numbers
A reflection on how the world has changed since the Ukraine invasion, through the lens of ten revealing numbers.
Are sanctions against Russia working?
The Russian economic model is totally dependent on an industry that will become extinct.
The EU response to the United States Inflation Reduction Act
The EU must avoid the trap of having to take sides in the conflict between the US and China.
Concessional climate finance: the Bridgetown Initiative
Central Bank digital currencies as weapons of finance?
An analysis on how CBDCs can be used in emerging economies to include more people in financial systems.
Fleeing the flood: is the EU ready for climate migration?
How should EU policymakers tackle the growing problem of climate migration?
Is there social added value in digital currencies?
Testimony on crypto and CBDCs to the Fintech committee of the European Parliament.
Why do European countries join the EU?
The direction in which the EU will evolve in the future will depend on finding a minimum common denominator.
NextGenerationEU: an underused facility?
The RRF has great potential to become an instrument for ‘insuring’ EU countries against common shocks.
Political cooperation does not mean economic dependence
A robust economic system that can sustain shocks of any nature, including political, is needed.
How have sanctions impacted Russia?
In this paper we assess both the immediate economic impact and the likely longer-term impact of sanctions on the Russian economy.
The critical importance of chips – and having a plan for them
The Chips Act is the first, and an imperfect, step towards a long-term strategy that still needs to be designed.
The importance of being fiscally earnest
As interest rates increase over the course of the next few months, there are bound to be asset-price corrections & rethinking of investment decisions.
A cold winter
Reforming energy markets must aim to make them less vulnerable to crises such as today’s, even if such crises are rare. Â
The Sound of Economics Live: 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.
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.
EU Enlargement in a New Light
A collection of articles compiled following a joint Bruegel-Intereconomics event on EU enlargment.
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.
An analysis of central bank decision-making
Bank of England MPC celebrates 25 years and we use this occasion to compare its decision-making process to that of the ECB
Is MiCA the end of the crypto wild-west?
As the process of digitalisation makes ideas around decentralised finance more relevant, there will be an increasing need for monitoring
EU enlargement in a new light
What would increase government support around EU enlargement, and what role could membership play in future peace talks?
A new European tool to deal with unjustified rising spreads
The ECB needs a new tool to prevent the current rise in spreads, triggered by monetary policy tightening, from escalating into a new euro-area crisis.
Ukraine and what it means for European Union enlargement
The real issue for EU leaders when they discuss Ukraine’s application at a 23-24 June summit and beyond, is what kind of club the EU should be.
Fragmentation risk in the euro area: no easy way out for the European Central Bank
The ECB should design a specific tool that will accompany interest rate hikes to neutralise the risk of fragmentation directly for countries facing it
Three headaches for the European Central Bank
Once again, the limits of EMU architecture are visible and will require a rethink.
Adapting to European technology regulation: A conversation with Brad Smith, President of Microsoft
Invitation-only event featuring Brad Smith, who discussed the regulation of big tech in the context of Europe's digital transformation.
Buy now, pay later: the age of digital credit
A relatively new fintech market, BNPL is currently not regulated in the EU, meaning that consumers do not have the same protection level as they do fo
How are crises changing central bank doctrines?
How is monetary policy evolving in the face of recent crises? As central banks take on new roles, how accountable are they to democratic institutions?
What is in store for Euro area economies?
ECB Executive Board Member Philip Lane discussed the outlook for Euro area economies.
Repurposing the peace dividend
The war in Ukraine has brought an end to a 60-year period in which Europe has enjoyed a peace dividend, an amount released by reducing defence expendi
A sanctions counter measure: gas payments to Russia in rubles
A requirement for gas to be paid for in rubles is a way for Russia to side-step central bank sanctions.
War on Ukraine: the day after
The international community will have to restart the long process of de-escalation in order to preserve peace. We have a long climb ahead.
Tackling future risks to banks
How to address vulnerabilities in banks in the coming years?
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.
The week inflation became entrenched
The events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
The weakness of average inflation targeting
Introducing average over time without defining what this means is counterproductive and current levels of inflation in the US will sooner or later exp
A debate on fiscal rules and the new monetary strategy
Presentation of the Yearbook of the Euro 2022.
The Euro in 2022
An annual review of the euro published jointly by Fundación ICO and Fundación de Estudios Financieros to expand knowledge, raise awareness of the sing
Venture capital: a new breath of life for European entrepreneurship?
Whether the dynamism of European venture capital of the past two years can be sustained and kick start a credible alternative to bank finance in the E
A new EU treaty to fight climate change
Thirty years after Maastricht, a new treaty is needed: one that will commit the EU to tackling its greatest challenge in the decades ahead, climate ch
Non-fungible tokens (NFTs): the next chapter in crypto
As with any new technology, exciting opportunities are being created, but similarly there are risks.
New model for growth in Europe
Contribution to the European Economic and Social Committee info newsletter of January 2022.
Productivity and the role of Global Value Chains
The 3rd MICROPROD Policy Dialogue will tackle how Global Value Chains (GVC) and productivity affect the fourth industrial revolution.
The euro comes of age
A well-functioning euro reflects a degree of unity that allows the EU to credibly claim a position at the global table and therefore help shape the po
A role for the Recovery and Resilience Facility in a new fiscal framework
Discussions on reforming European Union fiscal rules must consider a more permanent but targeted role for the Recovery and Resilience fund to meet cli
Policy coordination failures in the euro area: not just an outcome, but by design
Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.
Inflation ideology: camp permanent or camp temporary?
Policy focus should be on tackling uncertainties by being able to tackle as many scenarios as possible.
L’Union européenne et les États-Unis, un an après
Après une année troublée par Kaboul et AUKUS, qu'avons-nous retenu de l'an I de la présidence Biden ? Maria Demertzis revient sur les évènements marqu
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.
Fiscal policy and rules after the pandemic
What are the possibilities for shaping the new fiscal policy?
Covid recovery and the green transition: What can promotional banks do?
What is the role of promotional banks in financing the green transition?
Growth and inflation after the pandemic in the EU
Countries hit comparatively hard during the financial crisis, helped also by domestic and European policies, are bouncing back from the pandemic faste
Phasing out COVID-19 emergency support programmes: effects on productivity and financial stability
How can European countries phase out the COVID-19 support measures without having a negative impact on productivity and financial stability?
COVID-19 financial aid and productivity: has support been well spent?
In the EU, this support has prevented the emergence of unemployment and has kept average employment high.
The socioeconomic effects of COVID-19 on women
The pandemic has disproportionately affected women both professionally and at home. Although the gender gap in labour force participation since the on
Is the ECB right to take on climate change?
The real issue here is not that the ECB takes a very sizeable risk by pursuing climate objectives but rather, that it cannot afford not to. And by doi
Understanding the socioeconomic effects of the COVID-19 pandemic on women
Testimony before the European Parliament's Committee on Economic and Monetary Affairs (ECON) on the consequences of the pandemic on women.
The inconsistency in global strategic relations
All of this talk on strategic retrenchment and autonomy is the language of escalation, not of appeasement and collaboration.
The pandemic’s uncertain impact on productivity
The pandemic has certainly permanently affected our way of working. Whether this is for the better remains to be seen.
The Sound of Economics Live: Unboxing the State of the Union 2021
In this episode, we look at the State of the Union address delivered by Ursula von der Leyen, President of the European Commission.
El Salvador’s great crypto experiment
Can bitcoin surpass the dollar in popularity and make El Salvador the first state to operate entirely with a private currency?
Sustainable finance
Bruegel Annual Meetings, Day 3 - In this session on the final day of the Meetings, our panelists will discuss the future of finance and its sustainabi
Conversation on the recovery programmes
Bruegel Annual Meetings, Day 2- In this session, we discuss the recovery programmes.
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
Who should pay the climate bill?
If we need to get into a war-type mentality to fight climate change, we also need a war-type development plan, so that everyone manages the transition
What to expect from the ECB’s monetary policy strategy review?
Emphasis will be placed on greening monetary policy and clarifying the ECB's price stability objective, but is this enough?
Climate change and lifestyle choices
Do we need drastic changes in our lifestyles so that we can meet our climate ambitions by 2050?
Europe should not neglect its capital markets union
The European Union’s capital markets remain very underdeveloped compared to the United States.
Women, Covid-19 & The EU Recovery Plan
How can we ensure that the recovery plan doesn’t leave women behind, when services were predominantly impacted by Covid-19 restrictions?
Europe must fix its fiscal rules
The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy.
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.
EU recovery funds and good governance
A live podcast with Tomáš Zdechovský MEP.
After COVID-19: a most wanted recovery
This event was part of the T20 Spring Roundtables and focused on strategies for a swift and sustainable economic recovery for Europe.
Crypto… mania
Cryptocurrencies are here to stay but are unlikely to be considered a credible alternative to money anytime soon.
China and the WTO: (How) can they live together?
What changes can be made to make China and the WTO more compatible with each other?
Central bank currencies going digital
Electronic cash might be the future, but it is still unclear what payment innovation it offers for the public, certainly in the euro area. And it is u
Living standards and financial resilience across Europe
What has the impact of the pandemic on households’ financial resilience been, and how should policy makers respond?
More Europe or less Europe?
Europe is often a ship with multiple captains. The boat moves forward in calm seas, but when the slightest wind puts it off course, it is not easy to
Financial literacy and the fearless woman
Many gender gaps persist, but an important one that puts women in a very disadvantageous position is the gap in financial literacy.
The impact of COVID-19 on productivity: preliminary firm evidence
Online event organised in the framework of MICROPROD, a project to improve our understanding of productivity, its drivers and how we measure it.
The four pillars of a digital strategy
The European Commission’s digital compass attempts to build strong fundamentals. It is a start. An ambitious digital agenda however requires a strate
Think green act local: the role of the G20 in sustainable infrastructure
In this workshop, invited guests will discuss priorities and proposals for the Italian G20 Presidency for a green local infrastructure agenda.
Presentation of the Euro Yearbook 2021
Join us for the launch of the eighth edition of the 'Euro Yearbook'.
Low interest rates in Europe and the US: one trend, two stories
Interest rates have been on a long-term decline, associated with declining productivity growth.
Carbon price floors: an addition to the European Green Deal arsenal
As the European Union sets out a more ambitious climate policy, carbon price floors provide an opportunity to place greater emphasis on altering expec
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.
A K-shaped recovery and the role of fiscal policy
The spine of the letter represents the fall in activity at the start of the pandemic. Then there is a split, which leads to the two ‘arms’ that captur
Continuing fiscal support and the risk of inflation
Ongoing fiscal support in the United States is not expected to provoke inflation risks. There are no immediate inflationary risks in the euro area eit
Strategic autonomy or strategic alliance?
It is hard to imagine how either the EU or the US can do better on the big issues if they pursue their interests separately.
In search of a fitting monetary policy: the ECB's strategy review
The ECB is reviewing its monetary policy strategy. How to ensure monetary policy is fit for purpose in a fast changing world?
An EU - China investment deal: a second look
For the moment, it does not look like we have the basis for greater and deeper economic relations with China. However, dismissing China and the opport
Limiting the ECB's QE program via a treaty change: is there a need?
Analysis on possible ECB treaty mandate provided to the House of Representatives of the Netherlands.
The productivity paradox: policy lessons from MICROPROD
The objective of MICROPROD, an EU-wide research project that runs until the end of 2021, is to understand what is driving the current productivity slo
Regulation in the era of matchmaking economics
New approaches and new tools are needed to prevent excessive concentration of economic power in the hands of a few matchmaking digital platforms that
The Biden promise
In the eyes of Europeans, Joe Biden’s US election win brings the promise of major change with global relevance. From climate to multilateralism, to tr
Monetary Policy in the times of corona: many unknown unknowns
Testimony to the European Parliament on monetary policy.
Are we out of the woods yet?
The return to normal may just have to wait.
Monetary policy in the time of COVID-19, or how uncertainty is here to stay
The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We explore how this uncertainty manifests itsel
How can the EU and Japan boost collaboration and multilateralism around the globe?
Multilateralism and global collaboration: the case of Japan and the EU.
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?
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
Can households in the European Union make ends meet?
Half the households surveyed by Eurostat see themselves as unable to find the resources they would need to cope with an unexpected expense within a mo
The financial fragility of European households in the time of COVID-19
The concept of household financial fragility emerged in the United States after the 2007-2008 financial crisis. It grew out of the need to understand
Impact and additionality assessment in the time of COVID-19
Understanding the impact and additionality of policy interventions.
The need for market-based finance after COVID-19
How do COVID-19-caused financial dislocations inform policy responses?
Biological threats and EU preparedness: How can we make the system more resilient?
Can the EU handle biological threats?
The new EU budget: from COVID-19 remedies to green goals
Can we rescue the economy after COVID-19 and reach the environmental goals?
The Sound of Economics Live: Rebooting Europe - a framework for post COVID-19 economic recovery
Mapping out the post COVID-19 recovery.
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.
What help is needed for the EU neighbourhood to come through the COVID-19 crisis?
At this event European Commissioner Várhelyi and EBRD President Sir Suma Chakrabarti will discuss what Europe is doing to help it's neighbourhood resp
Keeping trade open during and after Covid-19
This event examines the impact of the Covid-19 crisis on open markets and connected supply chains globally.
The Sound of Economics Live: Post-Council commentary
Can the European leaders meeting at the Council come together for a comprehensive recovery package?
The role of Cohesion policy in the fight against COVID-19 with Elisa Ferreira
How can cohesion funds help the National, regional and local communities that are on the frontline in countering the coronavirus and the resulting eco
The Sound of Economics Live: Exiting the great lockdown?
This episode of The Sound of Economics Live will discuss European coordination, national responses, and local effects in moving on the the next phase
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
The perils of more debt
Europe must find the “Ways and Meansâ€.
Facing the lower bound: what will the ECB do in the next recession?
In responding to the global financial crisis, the ECB has pushed its monetary policy into unchartered territories . Today, it appears increasingly con
CANCELLED: The new age of old age? Laying out the Non-Financial Defined Contribution scheme
Are Non-Financial Defined Contribution (NDC) schemes the best approach to reforming pension systems?
Why OMT is not the solution for Italy right now
The Outright Monetary Transactions tool is not well suited for Italy right now. Italy needs fiscal support both by itself and by the EU. Italy and the
Analysis of developments in EU capital flows in the global context
This report presents an overview of the recent trends of capital flows, focused especially on the past year. It provides a detailed analysis at the gl
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.
The cost of coronavirus in terms of interrupted global value chains
The coronavirus is slowly morphing itself into an important shock. While the extent and cost of this pandemic are unknown, we do know that global supp
Inflation targets: revising the European Central Bank’s monetary framework
The ECB is looking to evaluate whether its definition of price stability is effective in helping anchor inflation expectations. We argue that the curr
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
The quality and quantity of work in the age of AI
At this event, the panelists will discuss the implications of Artificial Intelligence on the labour market and the future of work in general.
Realpolitik of the day after Brexit
Compromises hammered out in the next 11 months, by both British and European negotiators, will dictate the UK’s economic landscape for decades to come
Take a chance on me: Sweden considers the Banking Union
This event will discuss if Sweden should join the European banking union and the general state of the union.
The WTO is dead: long live the WTO?
Should the EU fight to save the WTO when the US seeks to dismantle it? We argue that the only way for the EU to decide that is to first understand the
Weaponized interdependence: How global economic networks shape state coercion
This event will discuss how states use global economic networks as weapons in geopolitical conflicts
Issues in productivity measurement
This Bruegel public event is organised in the framework of MICROPROD, a research project that aims to improve our understanding of productivity, its d
The next generation of digital currencies: in search of stability
Recent developments have re-opened the debate on the future of money. This Policy Contribution discusses two aspects: the implications of the rise of
Improving regulatory policy formulation and institutional resilience in Europe
Are large differences in the resilience of individual economies related to differences in the quality of country-level institutions that shape the abs
Financial and digital literacy in the age of fintech
How to ensure the safe use of digital payments and other technological innovations in the area of personal finance?
Public finance - time for a quality check
Is the quality of fiscal expenses and revenues more important than the budget deficit?
Challenges ahead for the European Central Bank: Navigating in the dark?
Since the second half of 2018, signs of a slowdown have been piling up in the euro area. The ECB will face major challenges in this potentially diffic
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
Economic priorities for new EU leadership
Europe is no longer in crisis mode. However, it remains vulnerable; it is unprepared and it is procrastinating. Following European elections this May
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.
Libra: possible risks in Facebook's pursuit of a 'stablecoin'
Facebook’s new cryptocurrency has the potential to be both widely accessible and attractive to those countries that do not have strong sovereign curre
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?
Preparing for uncertainty
Memo to the president of the European Central Bank. Grégory Claeys, Maria Demertzis and Francesco Papadia present the challenges that the next ECB pre
China’s investment in Africa: consequences for Europe
How is Chinese investment impacting Africa, and what could be the consequences for Europe?
Sound at last? Assessing a decade of financial regulation
What has changed since the financial crisis of 2008 that makes the financial system sound at last? Is regulatory reform going in the right direction?
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
EU-LAC Economic Forum 2019: New perspectives in turbulent times
The third edition of the EU-LAC Economic Forum.
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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: Jan Zahradil
The fourth event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the Europea
Brexit: When in doubt, slow down
Uncertainty over Brexit remains high despite looming deadlines. Here, the authors argue that the UK should take the necessary steps to make time to bu
Spitzenkandidaten series: Yanis Varoufakis
The first event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European
The trade crisis: good and bad scenarios and the EU's response
What role will the EU play in the resolution of the global trade crisis?
Law and macroeconomics: legal responses to recessions
This event will feature an academic lecture on the use of law as a macroeconomic tool.
Tense transatlantic relations put EU in tough spot
The global multilateral system is being challenged by the US and China, which prompts the EU to rethink how well it can compete in the world.
Whose (fiscal) debt is it anyway?
The authors map how much fiscal debt is in the hands of domestic and foreign holders in the euro area. While the market for debt was much more interna
Analysis of developments in EU capital flows in the global context
The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, c
Investment and intangible capital
This event featured a presentation of the EIB's 2018 Investment Report.
How a second referendum could be the best way to overcome Brexit impasse
A new vote based on the revocation (or not) of Article 50 would give the UK government a clear signal to proceed in one direction or another, and thus
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
Youth unemployment: Common problem, different solutions?
Youth unemployment is a major obstacle to the Middle East and North Africa (MENA) region’s human and economic development. In this blog post, Uri Dadu
A monetary policy framework for the European Central Bank to deal with uncertainty
In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialo
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
Transatlantic Relations
Testimony at the Committee for External Relations of the Belgium Federal Parliament
The EU response to US trade tariffs
The authors contributed to the new issue of 'Intereconomics - Review of European Economic Policy' with a paper on the EU's strategy for managing the t
Transatlantic relations
Testimony before the Belgian Federal Parliament ( La commissions des Relations extérieures de la Chambre des représentants )
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
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
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
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.
Cryptocurrencies and monetary policy
Can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Read the policy contribution to u
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
What next for banking union?
This event will discuss the future of Banking Union.
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
Unelected Power: the quest for legitimacy in central banking and the regulatory state
We are pleased to host the presentation of Paul Tucker's latest book.
The EU should not sing to Trump’s tune on trade
The US threat of trade sanctions has put the EU in a difficult position. Nevertheless, the EU must respond decisively – not just to protect its own in
Financial literacy and inclusive growth in the European Union
Financial literacy is financial education, such as basic economics, statistics and numeracy skills combined with the ability to employ these skills in
Cleaning up Europe's transport sector: which strategies?
Over the last decade, EU’s greenhouse gas emissions have decreased significantly in all sectors with the only exception of transport. This sector is t
Structural Reforms 0.0 – The case for strengthening institutions
Improvement in institutional quality, particularly concerning the rule of law, is the most essential and urgent structural reform the EU can make. Wit
State contingent debt as insurance for euro-area sovereigns
Since the financial crisis, EU countries' economies have recovered to the point that they are exiting their adjustment programmes. Institutional stabi
Central banking in turbulent times
This event looked at fundamental questions about the central banking systems and how the Great Recession might have prompted a reassessment of the old
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
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
Could uncertainty derail the European recovery?
It is a contradictory time for Europe. The economy is recovering but the political climate is uncertain. There is excitement about common projects but
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.
Why a good Brexit outcome matters (and it’s not just the economy, stupid!)
Uncertainty still reigns over the future shape of the EU-UK relationship, as Brexit negotiations rumble on. Though the two parties are parting ways,
Is there life After TTIP? The future of transatlantic economic relations
The partnership between North America and Europe is becoming unsettled and uncertain. How can we deal with this new situation that threatens the prosp
Trust in the EU? The key obstacle to reform
The challenges that Europe faces both from within and from outside require immediate, concerted counter-efforts. While efforts to advance the European
Will macroprudential policy counteract monetary policy’s effects on financial stability?
This paper models monetary policy's transmission to bank risk taking, and its interaction with a regulator s optimization problem.
Corporate taxation in the digital era
How can we address digital taxation in the EU? Is the proposed "equalisation tax" on turnover the best policy to tackle the challenges posed by digita
Analysis of development in EU capital flows in the global context
The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, c
Brexit, phase two (and beyond): The future of the EU-UK relationship
Whether it looks more like ‘CETA-plus’ or ‘EEA-minus’, the trade deal that emerges from phase two of the Brexit negotiations should not be the limit o
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.
Promoting intra-regional trade in the south of the Mediterranean
Regional integration is still a sure way for economies in development to achieve economic growth on the global market. The south of the Mediterranean
Responsibility to reform Europe
At this event, we will host Vice President of the European Commission Jyrki Katainen and the President of Nea Demokratia and Opposition Leader in Gree
How should the European Central Bank ‘normalise’ its monetary policy?
During the crisis, the ECB resorted to a number of unconventional monetary tools. This paper discusses how to phase out these policies and what the ‘n
European worries about isolationist trends
Populist shocks in the UK and US threaten the multilateral order on which the EU depends. What lies behind these earthquakes, and what does it mean fo
An independent assessment of the EU’s fiscal framework: a presentation by the European Fiscal Board
This event will feature a presentation of the European Fiscal Board.
India’s trade ties with the UK and EU
As EU and Indian leaders meet in Delhi, we look at the figures on trade. The UK’s place in the relationship warrants special attention. EU-India trade
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.
Global Excess Imbalances: How worried should we be?
This event will discuss excess external imbalances, risks from current configuration of imbalances, and potential policy responses to help correct imb
Europe's trust deficit
At this event, we discussed the rise of populism in Europe and the economic, security, and identity concerns behind the movement.
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
Bruegel Annual Meetings 2017, 7-8 September
The Annual Meetings are Bruegel’s flagship event.
The EU and the US: a relationship in motion
Europe’s post-crisis recovery has been disappointing in comparison with the USA. But lower rates of inequality are staving off populism and bolstering
Is there a way out of non-performing loans in Europe?
At this event we looked at the issue of non-performing loans in Europe. The event also saw the launch of the latest issue of "European Economy – Banks
Raising the inflation target: a question of robustness
In an unexpected move, the Federal Reserve Chair Janet Yellen has recently brought up the issue of raising the inflation target. This blog argues that
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
Tackling Europe’s crisis legacy: a comprehensive strategy for bad loans and debt restructuring
Years after the start of the financial crisis, non-performing loans and private debt remain obstacles to the recovery of bank credit and investment.
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
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
Fundamental uncertainty and unconventional monetary policy: an info-gap approach
This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty
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
The impact of Brexit on UK tertiary education and R&D
In this blog post, we look at the impact of Brexit on UK’s education and research and development sectors in terms of students and staff, as well as f
Bruegel conference discusses strategies to tackle Europe’s NPL crisis
Bad loans and private sector debt distress are widely acknowledged to hold back investment and growth in Europe. It was good, then, to hear ECB Vice-P
Tackling Europe’s non-performing loans crisis: restructuring debt, reviving growth
How can we connect the different initiatives for NPL resolution and identify an agenda that is shared between EU, national authorities and the private
Europe’s growth champion: will Poland’s success continue?
An event at which Marcin Piatkowski will present the key messages from a book on Poland that he is writing for Oxford University Press.
Brexit and the UK creative industry
The creative sector is important for the UK in terms of employment and share of exports. However, it has mostly been overlooked in Brexit negotiation
The Italian Lira: the exchange rate and employment in the ERM
In the decades before Italy joined the Euro, the Lira was devalued many times relative to the Deutschmark. Were these re-alignments accompanied by lon
Can migration work for all in Europe?
On 9 January Bruegel together with the IMF organized a conference on migration and whether it can work for all in Europe.
Eurozone QE and bank profitability: Why it is too early to taper
In the eyes of the critics, the quantitative easing programs have been of little help to growth and inflation and have instead been an attack on save
What impact does the ECB’s quantitative easing policy have on bank profitability?
This Policy Contribution shows that the effect of the ECB’s QE programme on bank profitability has not yet had a dramatically negative effect on bank
Trends of the 21st century global economy and implications for Europe
Does the EU have all the necessary tools to deal with the trends of 21st century in global economy?
A framework for thinking about bad loans
An important guiding principle in resolving non-performing loans (NPLs) should be to ensure that viable debt remains serviced, while non-viable debt g
The Euro and the battle of ideas
Why is the Euro in trouble? Are philosophical differences between the founding countries to blame and can those differences be reconciled?
Financial Times/Bruegel European Forum: Where now for the UK and the EU after the vote for Brexit?
Three months after the results of the UK referendum there is still a lot of uncertainty about the future. The Financial Times and Bruegel bring togeth
What are the prerequisites for a euro-area fiscal capacity?
In this Policy Contribution, Maria Demertzsis and Guntram B. Wolff discuss three progressive steps for strengthening the fiscal framework at the euro-
Bruegel Annual Meetings 2016, 6-7 September
The Annual Meetings are a high point in Bruegel's calendar.
Bruegel Annual Meetings 2016
The Annual Meetings are a high point in Bruegel's calendar.
Companies' continue to respond to the ECB's corporate sector purchase programme
After a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, corporates continue to respond to the Corporate
Bank shares take a hard hit following Brexit
In the past five days a number of banks have seen their stock value decline by large amounts.
Britain and the EU after the referendum
The UK's referendum on its EU membership was a critical moment for Britain and Europe. The days after the leave victory brought confusion and politica
Initial market reactions to Brexit
Initial market reactions to Brexit
The effectiveness of the European Central Bank’s Asset Purchase Programme
Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative te
Corporates are responding to the new ECB corporate sector purchase programme
We have observed a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, but it is too early to see the effec
Brexit fears weigh on markets in euro-area periphery
Markets are beginning to price in the possibility that the EU will look different on the 24th of June.
Are central bank(er)s still credible?
Both the Fed and the ECB have managed to remain credible since the financial crisis, but their credibility levels have evolved differently. Since infl