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Bruegel is a European think tank that specialises in economics. Established in 2005, it is independent and non-doctrinal. Bruegel’s mission is to improve the quality of economic policy with open and fact-based research, analysis and debate. We are committed to impartiality, openness and excellence. Bruegel’s membership includes EU Member State governments, international corporations and institutions.

Articles by Bruegel

Bruegel annual report 2016

May 24, 2017

The Bruegel annual report provides a broad overview of the organisation’s work in the previous year.

This report takes stock of Bruegel’s accomplishments and impact during 2016.
The 2016 annual report includes an overview of Bruegel’s research, governance and financial statements.

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Decarbonisation and climate change: looking ahead

November 8, 2016

Decarbonisation plays a crucial role in the fight against climate change. What progress has been made so far, and what are the challenges ahead?

In this episode of The Sound of Economics, we focus the issue of decarbonisation and the fight against climate change.
Decarbonisation is at the heart of EU energy and climate policy. And the recent ratification of the Paris Agreement makes decarbonisation targets some of the EU’s most important international commitments.
Progress towards the 2020 targets has been impressive. But the 2020 framework is now being replaced by new targets. The EU wants an 80-95 percent reduction in emissions by 2050, with an intermediate target of 40 percent by 2030.
We asked Simone Tagliapietra, Research Fellow at Bruegel, what progress the EU has already made towards its climate targets and what will change with the new emission targets.
We also spoke with Georg Zachmann, Senior Research Fellow at Bruegel, about the recent drop in Europe’s greenhouse gas emissions and the future of EU’s emission trading scheme.
Lászlo Varro, chief economist at the International Energy Agency, shared his insights on which energy sources will be most important in the future.
We discussed with Connie Hedegaard, former European Commissioner for Climate Action, which other sectors need to be prioritised in the fight against climate change.

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Unlocking the potential of innovation

November 8, 2016

Innovation is a hot topic in Europe. But how can its potential be used to the fullest, and what are the challenges in doing that?

This episode of The Sound of Economics focuses on innovation. There is widespread agreement that innovation is vital for European economy, but how can we get from smart ideas to economic growth?
We asked Reinhilde Veugelers, Senior Fellow at Bruegel, why innovation matters for our economies, and why it is important for the components of the innovation system to be interconnected.
Dominique Guellec, Head of Science and Technological Policy in the Directorate of Science at the OECD, to shared with us his opinion on the main weaknesses in European innovation.
We also spoke with Scott Stern, Professor of Management of Technology at the MIT Sloan School of Management. He outlined why he believes Europe needs to think local if it wants to get the full economic benefit of innovation.
We asked Karen Wilson, another Senior Fellow at Bruegel, why Europe seems to fare badly on this compared to other regions such as the US. She stressed the importance of completing the Single Market to support high-growth firms.
Access to capital is a vital factor for expansion of innovative firms. Karen shared her opinion on what the EU can do on this topic, while Reinhilde discussed why funding for innovative growth should come from capital markets.

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Brexit: the way forward

November 8, 2016

There is still huge uncertainty about the future of EU-UK relations. What will Brexit mean for politics and business, and is there any scope for flexibility in the EU’s fundamental freedoms? We gather experts from Bruegel and the Financial Times to debate the issues.

In this episode of The Sound of Economics, a panel of experts from Bruegel and the Financial Times discuss the outlook for the UK and Europe.
There is still a lot of uncertainty about the future, but some key questions are becoming clear.
What will be the impact of Brexit on politics and business?
Is the UK retracting not only from Europe, but also from globalisation?
How should Europe react to what is happening in the UK, and could the EU offer any flexibility on migration and ECJ jurisdiction?
This episode was recorded in conjunction with a Bruegel/Financial Times event about Brexit. Notes from this event, along with video and audio recordings, are available on the event page.

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Debt resolution: moving on after the crisis

November 8, 2016

An excess of indebtedness is constraining economic growth in many economies. Indeed, the deleveraging since the financial crisis is exceptionally slow. Why is this the case, and what can be done about it?

In this episode of The Sound of Economics, we discuss the issue of indebtedness and debt resolution with Carmen Reinhart, Professor of the International Financial System at the Harvard Kennedy School.
Professor Reinhart highlights the scale of the debt overhang in many advanced economies. She also presents evidence that deleveraging has been notably slow since the last global financial crisis.
She discusses how this overhang is affecting the speed of recovery, and calls for debt restructuring – especially in the private sector.
We also hear from Bruegel Research Fellow Maria Demertzis, who explains the significance of non-performing loans and argues for simplified bankruptcy laws.

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Opportunities and challenges for EU-China trade relations

November 8, 2016

How can trade relations between the EU and China be strengthened? How can the current situation be improved, and what are the potential challenges to do that?

In this episode of The Sound of Economics, we focus on trade relations between the EU and China.
We asked Alicia Garcia Herrero, Senior Fellow at Bruegel, where relations between China and the EU stand at the moment, and why their trade relations are so important.
Currently the US seems more interested in the Pacific than its Atlantic alliance. Does this situation leave any room for the EU and China to get closer? We asked Pascal Lamy, former General Director- of the World Trade Organisation.
Lawrence Lau, Professor of Economics at the University of Hong Kong, told us why he believes that both China and the EU can benefit from closer relations.
We spoke with Jianwei Xu, Visiting Scholar at Bruegel, about the effects of Brexit on the EU-China relations: what would happen if the UK strikes a free trade agreement with China before the EU does?
Finally we discussed the Chinese Belt and Road initiative, which aims to reduce transportation costs between China and the EU. We asked professor Lau what this initiative entails, and Alicia shared her opinion on potential opportunities and dangers that the initiative can bring to Europe.

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Inclusive growth and inequality in Europe

November 8, 2016

Many Europeans have felt the effects of inequality due to the economic and financial crisis and stagnation. How can inequalities be tackled and which policies can support inclusive growth?

In this episode of The Sound of Economics we examine the issue of inclusive growth and inequality in Europe.
We asked Zsolt Darvas, Senior Fellow at Bruegel, to explain us how is it possible to define and measure inclusive growth.
We spoke to Jana Hainsworth, President of the Social Platform, about the negative effects of social inequalities.
We also asked her which new policies should be implemented to support inclusive growth. Luca Visentini, Secretary General of the European Trade Unions Confederation, and Markus J. Beyrer, Director General at Business Europe, also shared their opinion.
Finally, Zsolt Darvas highlighted the key policy recommendations from the Bruegel Blueprint “An Anatomy of inclusive growth”.
Speakers
Zsolt Darvas, Senior Fellow, Bruegel
Jana Hainsworth, President, Social Platform
Luca Visentini, Secretary General, European Trade Union Confederation
Markus J.

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The future of Europe

September 7, 2016

Europe is at a crossroads. What must European leaders do to combat populism, the refugee crisis, and low growth?

The Sound of Economics is a series of podcasts about economic policy, brought to you by Bruegel.
This is a special edition of our podcast from our Annual Meetings.
Speakers
Romano Prodi, Former Prime Minister of Italy and Former President of the European Commission
Sylvie Goulard, Member of the European Parliament
Joachim Bitterlich, Former European, Diplomatic and Security Advisor to German Chancellor Helmut Kohl
André Sapir, Senior Fellow, Bruegel
Credits
Presenters: Áine Quinn
Producers – Vanessa Cotterell, Giuseppe Porcaro

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What can the eurozone learn from US monetary history?

August 12, 2016

Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn from the USA’s experience?

The Sound of Economics is a series of podcasts about economic policy, brought to you by Bruegel. Each episode focuses on a key economic policy debate. In this episode we are joined by Jeffry Frieden, Professor of Government at Harvard University.
This podcast was recorded when Jeffry Frieden visited Bruegel on 25 May 2016 to give a lecture on the topic. Bruegel also published an essay by Frieden, based on his lecture.
Watch the lecture | Read the essay
CONTENTS
Building the US monetary union
The dollar | From minute 11:30
Lessons for Europe | From minute 13:15
Credits
Presenters: Áine Quinn & Bryn Watkins
Producers: Giuseppe Porcaro & Vanessa Cotterell

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Brexit: what happens next

June 24, 2016

On 23 June, the UK voted to leave the European Union. What will the UK’s new relationship with the EU look like?

The UK government will soon begin the process to withdraw from the European Union. What will this huge change mean for the future of the European Union and its member states? What is the process of leaving, and what signal should the EU give to the UK? What are the interests of other countries as they negotiate a deal with the UK?Producers – Giuseppe Porcaro & Vanessa Cotterell
Speakers
Guntram Wolff – Director, Bruegel
Maria Demertzis – Research Fellow, Bruegel
Nicolas Véron – Senior Research fellow, Bruegel
Presenters – Áine Quinn & Bryn Watkins, Bruegel

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European fiscal rules

June 15, 2016

The current European fiscal framework is inefficient and relies on indicators that are badly estimated. How can the rules be improved and what can a European fiscal council add to this?

The strong fiscal tightening implemented in many European countries since 2010 has contributed to the poor economic recovery in Europe. This raises doubts about the effectiveness of the EU’s fiscal rules in achieving their two main objectives: public debt sustainability and fiscal stabilisation.
A key indicator in the framework is the structural budget balance, but it is very difficult to measure. Recommendations made based on the structural budget balance are often revised when initial estimates turn out to be wrong.
Another problem with the current EU fiscal framework is the opaque web of ‘flexibility’ clauses. This leads to never-ending bargaining between member states and the European Commission about the implementation of the rules, which undermines trust in them.
A recent Bruegel policy contribution by Gregory Claeys, Zsolt Darvas and Alvaro Leandro analyses and assesses the framework and proposes a new set of rules.
Content
The current European fiscal framework and its flaws — until min. 07:50
Bruegel scholars propose new fiscal rules — from min. 07:50
Is a European fiscal council a good idea? — from min.

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Bruegel annual report 2015

April 28, 2016

Bruegel annual report 2015 | Bruegel

The Bruegel annual report provides a broad overview of the organisation’s work in the previous year.
By: Bruegel Date: April 28, 2016

This report takes stock of Bruegel’s accomplishments and impact during 2015.
The 2015 annual report includes an overview of the special events organised to mark Bruegel’s 10th anniversary, along with a series of short essays about the early days of Bruegel.
You can also find information about Bruegel’s governance and financial statements in the annual report.

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Bruegel annual report 2015
4h read (106 pages)

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Bruegel

November 30, 2015

BruegelReal exchange rates in conflict zonesCOP21: Climate action needs a new global architectureMacroprudential supervision: from theory to policyThe ECB and politics in an era of low interest ratesEuropäische Einlagensicherung: Deutschland würde profitierenItalian “creative” resolution, episode 2The impact of the oil-price shock on net oil exportersHelping Ukraine to reform Naftogaz’s gas transmission businessThe economic debates behind COP21Counting on the EU – public opinion on welfare state reforms
http://bruegel.org The Brussels-based economic think tank Sun, 29 Nov 2015 06:09:19 +0000 en-US hourly 1 http://wordpress.org/?v=4.3.1 http://bruegel.org/2015/11/real-exchange-rates-in-conflict-zones/ http://bruegel.org/2015/11/real-exchange-rates-in-conflict-zones/#comments Thu, 26 Nov 2015 13:31:36 +0000

http://bruegel.org/?p=11168

Click here to access the REER dataset

We have updated our monthly real effective exchange rate dataset up to November 2015. We have also added some new countries, including various countries experiencing conflict. I therefore thought it would be interesting to post a chart showing the evolution of nominal and real effective exchange rates in a selection of countries experiencing conflict.

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Bruegel interviews: Mitsutsune Yamaguchi and Jean-Francois Di Meglio at the AEFF

October 5, 2015

Bruegel co-organised the 12th Asia Europe Economic Forum (AEEF), which took place on 1-2 October 2015 in Paris, France.
Bruegel co-organised the 12th Asia Europe Economic Forum (AEEF), which took place on 1-2 October 2015 in Paris, France.
On this occasion Guntram Wolff, Director of Bruegel, discussed international climate negotiations with Mitsutsune Yamaguchi, Special Advisor at the Research Institute of Innovative Technology for the Earth.
Jean-Francois Di Meglio,  President of the Asia Centre in Paris, spoke with Sébastien Jean, Director of CEPII, about the main challenges and opportunities related to climate change ahead of the COP21 conference.
Watch the interviews below:
Mitsutsune Yamaguchi
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Jean-Francois Di Meglio
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Republishing and referencing
Bruegel considers itself a public good and takes no institutional standpoint. Anyone is free to republish and/or quote this post without prior consent. Please provide a full reference, clearly stating Bruegel and the relevant author as the source, and include a prominent hyperlink to the original post.

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