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Sound Money Economics System was a fringe political party in Manitoba, Canada, during the provincial election of 1941.

Articles by The Sound of Economics

Deep Focus: Energy transition in the next EU institutional cycle

July 10, 2019

Bruegel fellow Simone Tagliapietra speaks to Sean Gibson in this instalment of ‘The Sound of Economics’, on the matter of the European energy transition and how the EU should proceed in the new institutional cycle.

When the dust settles after the recent European elections, and as the new Commission takes office, the problem of climate change – and its accompanying policy challenges – will remain one of the EU’s chief agenda items.
One significant facet is the transition of Europe’s energy generation to more renewable sources. The EU has to find a way to decarbonise particular sectors much more quickly than has been managed so far, while allowing for and managing the distributional consequences of such policies for the continent’s population.
Simone Tagliapietra has co-written a

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Director’s Cut: Priorities for the new ECB president

July 4, 2019

In this Director’s Cut of ‘The Sound of Economics’, Guntram Wolff talks to two of the authors of Bruegel’s memo to the new ECB president, Maria Demertzis and Grégory Claeys, to specify the most important issues at the beginning of this eight-year cycle and to clarify the parameters within which the new incumbent will have to work.
By:
The Sound of Economics
Date: July 4, 2019
Topic: European Macroeconomics & Governance

A difficult proposition faces the new ECB president – monetary union remains incomplete, the bank lacks room to manoeuvre in applying new tools, and it is not yet clear what constitutes the new economic ‘normal’.
In this episode of ‘The Sound of Economics’ Bruegel director Guntram Wolff addresses deputy

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Director’s Cut: ECB monetary policy decisions deconstructed

June 27, 2019

In this Director’s Cut, Bruegel’s Grégory Claeys and Maria Demertzis take a deeper look at whether the monetary policy decisions made by the ECB over the past three presidential eras arrived by consensus, by unanimity or by majority votes of the governing council.
By:
The Sound of Economics
Date: June 27, 2019
Topic: European Macroeconomics & Governance

The next president of the ECB, much like his predecessors, will have the difficult task of dealing with the balance between speaking with one voice and making timely, optimal decisions for the euro area as a whole.
In this episode of ‘The Sound of Economics’, Bruegel deputy director Maria Demertzis speaks with Bruegel research fellow Grégory Claeys about the evolution of

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Deep Focus: Making a success of EU cohesion policy

June 20, 2019

Bruegel senior fellow Zsolt Darvas talks to Sean Gibson in this Deep Focus podcast about how the EU can improve its cohesion policy, citing the best examples of its implementation and stressing the methodological difficulties in measuring its effectiveness.
By:
The Sound of Economics
Date: June 20, 2019
Topic: European Macroeconomics & Governance

Cohesion policy remains a contentious topic in the EU, central as it is to the matter of convergence between regions. The need to share economic growth throughout the bloc is particularly acute in the wake of notable electoral advances from several more populist political parties in Europe in recent years.
Bruegel senior fellow Zsolt Darvas explains how his recent study, co-written

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Director’s Cut: A strategic agenda for the incoming EU presidents

June 12, 2019

In this Director’s Cut of ‘The Sound of Economics’, Bruegel’s Guntram Wolff and Maria Demertzis talk through their memo to the new presidents of the European Commission, Council and Parliament, outlining the specific measures that should be implemented in order to tackle the most formidable challenges arising in the next five years.
By:
The Sound of Economics
Date: June 12, 2019
Topic: European Macroeconomics & Governance

The next presidents of the European Commission, Council and Parliament will inherit a relatively healthy European economy, but will face three formidable challenges in the next five years.
First, the incoming presidents must define Europe’s place in an increasingly bipolar world driven by a geostrategic

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Backstage: Making the most of climate modelling

June 6, 2019

Bruegel senior fellow Georg Zachmann interviews Massimo Tavoni, professor at the Politecnico di Milano and director of EIEE, on the purpose of climate and energy models, what they can deliver and what are the most recent developments in their formulation.

In this episode of ‘The Sound of Economics’, Bruegel senior fellow Georg Zachmann continues the Backstage series with an interview with Massimo Tavoni, professor at the Politecnico di Milano and director of EIEE.
The discussion point is climate modelling – specifically its use and the necessity of complexity in some of its formulations.
Some climate models are very straightforward, and this allows for the building of a solid base. But interaction between complex systems requires consideration of a multitude of factors, not all of

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Deep Focus: Striving for research excellence with Horizon Europe

June 4, 2019

In this episode of ‘The Sound of Economics’, Reinhilde Veugelers speaks about her recent Bruegel paper, requested by the European Parliament, on using public resources to improve the EU’s potential to be a global centre of excellence for research in the next decade.
By:
The Sound of Economics
Date: June 4, 2019
Topic: European Macroeconomics & Governance

The European Union’s next framework programme for innovation and research – ‘FP9’, better known as Horizon Europe – will run from 2021 to 2027. With the rise of China as an increasingly direct competitor with the EU and the US, this will be a vital period.
Bruegel senior fellow Reinhilde Veugelers, together with Michael Baltensperger, has produced an analysis for the European

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Backstage: Ukraine’s economic and political outlook

May 31, 2019

In this episode of ‘The Sound of Economics’, Giuseppe Porcaro hosts Hlib Vyshlinsky, executive director of the Centre for Economic Strategy, and Bruegel fellow Marek Dabrowski to discuss what the new Ukrainian government should do to meet the challenges facing the country’s economy.

The keyword in Ukraine right now is ‘uncertainty’, as the country prepares to elect a new parliament in July only a few months after electing a new president.
Not only will the new government have a role in stabilising and growing the economy following the 2014-15 economic crisis, but they will face the challenge of a large debt repayment during their term while dealing with an aggressive Russia.
In a political climate that is known for being corrupt and not respecting the rule of law, there are

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Director’s Cut: Reflections on the European elections

May 29, 2019

Bruegel director Guntram Wolff hosts Ferdinando Giugliano, columnist for Bloomberg and La Repubblica, and Krzysztof Blusz, political analyst and senior fellow at WiseEuropa – Centre for European Strategy, for a discussion about the results of the European elections, both across Europe and within the states of Italy and Poland.
By:
The Sound of Economics
Date: May 29, 2019
Topic: European Macroeconomics & Governance

An analysis of the results of the most recent European elections reveals what Bruegel director Guntram Wolff classifies as a generally positive trend in electoral participation across the EU, with an overall increase of 7% in voter turnout since the last elections in 2014. Additionally, populist parties in the

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Backstage: Key policy positions of the Spitzenkandidaten

May 21, 2019

Giuseppe Porcaro hosts Bruegel director Guntram Wolff and visiting fellow Rebecca Christie to reflect on the key policy positions taken by the candidates for the European Commission presidency, ahead of May’s elections.
By:
The Sound of Economics
Date: May 21, 2019
Topic: European Macroeconomics & Governance

European elections are fast approaching. With them comes not just a visit to the polls, but the beginning of a sequence involving the European Parliament and the Council that will eventually decide who becomes the next president of the Commission. The Spitzenkandidaten process sees each of the parties put forward their nominated candidate – or candidates – one of whom should eventually assume the presidency, if the

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Director’s Cut: Evolution of US-China relations amid trade-tariff conflict

May 14, 2019

Bruegel director Guntram Wolff and Bruegel fellow Uri Dadush welcome William Alan Reinsch, senior adviser and Scholl chair in international business at the Center for Strategic and International Studies, for a discussion of how China-US relations are developing in the context of unfolding trade war.

With President Trump increasing tariffs on the US’ imports from China and China retaliating in kind, the trade dispute between the two countries is escalating quickly.
Here the discussants elaborate on the disruption caused by trade tariffs, the likelihood of China acquiescing to US demands with regard to economic reform, and where the EU might figure in the stand-off.
Guntram Wolff introduces this Director’s Cut of ‘The Sound of Economics’, welcoming Bruegel fellow Uri Dadush as well as

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Deep Focus: Reforming and rejuvenating Russia’s economy

May 9, 2019

Bruegel fellow Marek Dabrowski talks to Sean Gibson about the underlying causes of Russia’s slow emergence from economic crisis, in an episode of the Deep Focus podcast series.

‘The Sound of Economics’ podcast continues with an instalment of the Deep Focus series, with Bruegel fellow Marek Dabrowski talking to Sean Gibson about the findings of his research paper on Russia’s growth problems (co-written with Antoine Mathieu Collin).
The Russian economy has weathered several crises in recent decades, most recently between 2014-16. Though this latest dip was relatively not so deep, growth has returned much more slowly this time around than in previous years.
Some problems are age-old, while others are a product of recent political movements and developments. In this episode the

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Backstage: The EU financial services landscape after Brexit

April 30, 2019

Bruegel fellows Rebecca Christie and Nicolas Véron discuss how the map of the EU’s financial services industry has begun to change, and how it might eventually settle.

The Brexit process has begun to unravel the supremacy of London as the financial centre of Europe, yet it remains unclear how the map of the EU’s financial system will eventually be refigured.
Several cities have emerged to compete not only for the business that is leaving the UK’s capital but for new investment as well. This raises broader questions about whether it is more beneficial to have a single hub or to spread financial services across numerous locations. It also poses difficulties for firms that relocate, some of whose general staff may prefer a different destination to that desired by the lawyers and

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Director’s Cut: Resuming the EU-US trade talks

April 23, 2019

Maria Demertzis sits down with Bruegel senior fellow André Sapir to break down the news, discussing the events leading up to the renewed EU-US trade talks, and the likely future course.

On 15 April 2019, the European Council approved mandates for the Commission to resume trade negotiations with the United States, which are to be centered around eliminating industrial tariffs. Although already a breakthrough, the talks are set to encounter many difficulties given their highly political nature.
Bruegel’s deputy director Maria Demertzis sits down with senior fellow André Sapir to assess the news, discussing the events leading up to the renewed talks and the likely future outcomes.
A consistent theme in the making of any EU trade deal is the repeated declaration that it would only

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Director’s cut: EU-China partnership after the 21st EU-China summit

April 12, 2019

Guntram Wolff discusses with Alicia Garcia Herrero the results of the 21st EU-China Summit

In this episode of the Director’s cut, Guntram Wolff discusses with Alicia Garcia Herrero about the results of the 21st EU-China Summit.
The EU and China committed to further strengthen the EU-China strategic partnership at the 21st EU-China summit. Both sides agreed on a joint statement setting out the direction for EU-China relations in the years to come. Leaders expressed their joint support for multilateralism and rules-based trade. They reaffirmed their joint engagement to reform the World Trade Organisation. The EU and China agreed to work together to address industrial subsidies. They also discussed foreign and security issues in their respective neighbourhoods.
Bruegel’s director and

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Director’s Cut: How to make Industry 4.0 work for Europe

April 2, 2019

Bruegel director Guntram Wolff talks to Padmashree Gehl Sampath, a Berkman Klein fellow at Harvard University, on the consequences of ‘new manufacturing’ for European industrial policymaking.

In this Director’s Cut of ‘The Sound of Economics’, Bruegel’s Guntram Wolff discusses Industry 4.0 with Harvard University Berkman Klein fellow Padmashree Gehl Sampath.
Europe is yet to truly explore what interventions can and should be made with regard to the digitisation of industrial policy. But the ongoing development of technologies obliges the EU to examine how best to create a level playing-field for companies, and how to ensure that newly compiled sets of data can contribute positively to the welfare of its citizens.
The deployment of Europe’s General Data Protection Regulation

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Director’s Cut: China’s place in the global trading system

March 28, 2019

Bruegel director Guntram Wolff and senior fellow André Sapir discuss how potential WTO reform might position the organisation differently towards China.

In this Director’s Cut of ‘The Sound of Economics’, Guntram Wolff talks to Bruegel senior fellow André Sapir about his upcoming paper on the WTO reform, specifically what is necessary in order for the Chinese economic system to be compatible with the global multilateral trading system.
China has recently been atop the European policy agenda, especially with President Xi’s recent visits to Rome and Paris ahead of the EU-China Summit in April. The discussants here walk us through the main challenges in the EU’s quest to position itself vis-à-vis China, including the issues of forced technology transfers and the behaviour of Chinese

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Backstage: 5G deployment in Europe

March 21, 2019

This episode of ‘The Sound of Economics’ features Bruegel senior fellow J. Scott Marcus in conversation with Lise Fuhr, director general, European Telecommunications Network Operators’ Association (ETNO).

The next wave of mobile network innovation is provoking great excitement in the industry. And indeed, there is substantial potential for improvement. However, the exact form of the technology and the appropriate policy support are still far from clear.

The next generation of mobile technology, 5G, is being developed along markedly different lines from previous generations. In the past, mobile generations were generally characterised by a core technology (or sometimes by two or more core technologies), and were designed to fulfil the requirements of a fairly small number of mobile

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Director’s Cut: The case for a legislative remedy for recessions

March 12, 2019

Bruegel’s Maria Demertzis welcomes Yale Law School professor Yair Listokin to this Director’s Cut of ‘The Sound of Economics’, to discuss how law might be deployed as a macroeconomic tool to counter financial crisis.
By:
The Sound of Economics
Date: March 12, 2019
Topic: European Macroeconomics & Governance

In this episode of Director’s Cut, Bruegel’s deputy director Maria Demertzis talks to Yair Listokin, a professor at Yale Law School, about the effect law could have on achieving macroeconomic objectives.
In his new book titled ‘Law and Macroeconomics’, Yair Listokin puts forward the idea that law has the ability to function as an instrument of macroeconomic policy. He argues that the time it took for private spending to

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Backstage: Reforming the European asylum system

March 7, 2019

This episode of ‘The Sound of Economics’ features Bruegel visiting fellow Elina Ribakova in conversation with Marc-Olivier Padis and Jean-Paul Tran Thiet about the reform of the Common European Asylum System (CEAS).
By:
The Sound of Economics
Date: March 7, 2019
Topic: European Macroeconomics & Governance

Asylum is a fundamental human right and an international obligation, first recognised in the 1951 Geneva Convention on the protection of refugees. Between 2013 and 2017, 4 million asylum applications were filed in the EU. This high number resulted in growing tensions between Member States, with some of them displaying non-cooperative behaviour.
The migration crisis of 2015 revealed the inadequacies of European legal tools

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Backstage: The next decade of European energy transition

February 26, 2019

This episode of ‘The Sound of Economics’ features Bruegel research fellow Simone Tagliapietra in conversation with Sir Philip Lowe and Alberto Pototschnig about the progress of the European energy transition as we prepare to enter the third decade of the 21st century.

In this episode of Bruegel Backstage, Bruegel’s Simone Tagliapietra welcomes Sir Philip Lowe, former director general at the European Commission, DG ENER, and Alberto Pototschnig, director at the European Agency for the Cooperation of Energy Regulators (ACER).
Together, they elaborate on the main trends driving the European energy transition towards greater sustainability, energy security and economic competitiveness. They also assess whether the EU has the necessary institutions to ensure a smooth process for a rapidly

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Deep Focus: A greener monetary policy approach for the ECB

February 21, 2019

Bruegel fellow Dirk Schoenmaker walks Sean Gibson and ‘The Sound of Economics’ listeners through his latest working paper, focusing on how to make monetary policy in Europe more climate-friendly
By:
The Sound of Economics
Date: February 21, 2019
Topic: European Macroeconomics & Governance

In this episode of the Deep Focus podcast series, Bruegel’s Dirk Schoenmaker explains his proposed greener alternative to the ECB’s current ‘market-neutral’ approach to monetary policy.
Elaborating on research contained within a recent Bruegel working paper, the author shows that significant strides can be made while remaining within existing constraints and with due considerations for the primary vital purpose of monetary policy.
If you

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Director’s Cut: Balancing free trade with national security interests

February 19, 2019

In this episode of Director’s Cut, Stephanie Segal of CSIS joins Bruegel’s Guntram Wolff and Maria Demertzis for a conversation about the tension between free trade and national security issues, and the emerging threats to multilateralism.

In a changing geopolitical order, with China on the rise, the linkage of economic and national security is more evident than ever. The boom of disruptive new technologies is accompanied by increasingly country-centric political tendencies, and the more and more antagonistic stance of the US towards the EU and China. Taken together, a unique setting emerges for dealing with pressing issues in economic security.
Stephanie Segal, deputy director and senior fellow of the CSIS Simon Chair in Political Economy, joins Bruegel director Guntram Wolff and

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Deep Focus: Developing Europe’s digital single market

February 12, 2019

Bruegel senior fellow J. Scott Marcus joins Sean Gibson for this episode of Deep Focus on the ‘The Sound of Economics’, elaborating on a Bruegel study for the European Parliament into the progress made with the Commission’s Digital Single Market Strategy since 2015.
By:
The Sound of Economics
Date: February 12, 2019
Topic: Innovation & Competition Policy

In a study for the European Parliament, Bruegel senior fellow J. Scott Marcus (together with co-authors Georgios Petropoulos and Timothy Yeung) has reviewed the gains delivered so far by these new measures, insofar as they can yet be determined. The authors also look at what the next legislative term might deliver, what realistic progress can be expected and what business

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Director’s Cut: Reflections on five years of China’s Belt and Road Initiative

February 7, 2019

Bruegel fellows Alicia García-Herrero and Uri Dadush join Guntram Wolff for this Director’s Cut of ‘The Sound of Economics’, focusing on the progress made by China’s Belt and Road Initiative, how it will continue to develop, and the reactions it has stirred across the world.

China’s Belt and Road Initiative (BRI) is a trade and development strategy proposed by Xi Jinping in 2013. It aims to enhance development prospects via infrastructure, trade, and investment on a trans-continental scale, and is hence often referred to as ‘the 21st century’s Silk Road’.
Five years after its launch, how well has the BRI been received and how much potential does it still hold? Two Bruegel scholars, Alicia García-Herrero and Uri Dadush sit down with Bruegel’s director Guntram Wolff to discuss their

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Backstage: Policy principles for a new social contract

January 24, 2019

This episode of The Sound of Economics features Bruegel senior fellow Zsolt Darvas in conversation with Maurizio Bussolo and Bernadette Ségol about income inequality in Europe and Central Asia, and the policy principles underpinning a possible new social contract.
By:
The Sound of Economics
Date: January 24, 2019
Topic: European Macroeconomics & Governance

Although income distribution in Europe and Central Asia reaches a fairly egalitarian standard relative to the rest of the world, the current levels of inequality among individuals and households are a major cause of dissatisfaction. In the time of globalisation and rapid technological change, when income inequalities heavily affect people’s security and well-being, the

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Deep Focus: Europe’s auto industry and the global electric vehicle revolution

January 8, 2019

Bruegel fellows Reinhilde Veugelers and Simone Tagliapietra elaborate on the recent Policy Contribution they co-authored on the European automotive industry in the light of the global electric vehicle revolution.

Electrification is a key trend transforming the global automotive industry, especially in the light of increased decarbonisation efforts. The speed at which the technology is being developed and the decreasing production costs make for a rather optimistic prognosis for future global deployment of electric vehicles (EVs). The automotive sector is undoubtedly an important one for the EU economy, yet it has lagged behind in terms of both EV manufacturing and deployment.
In this episode of Deep Focus, Sean Gibson interviews Reinhilde Veugelers and Simone Tagliapietra, the

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Director’s cut: Wrapping up 2018

December 20, 2018

With 2018 drawing to a close, and the dawn of 2019 imminent, Bruegel’s scholars reflect on the economic policy developments we can expect in the new year – one that brings with it the additional uncertainty of European elections.

These elections will be a bellwether for the continent-wide rise of populist politics that has been a defining characteristic of the year past. The results will certainly have profound consequences for all policy debates within the EU, but also for the bloc’s relationship with external partners. The shifts in the geopolitical landscape have borne a trade war, prompting renewed talk of closer ties between China and the EU, the potential internationalisation of the euro, and how the multilateral trading system might be saved, reformed, or left behind.

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Deep Focus: Consequences of European Central Bank forecasting errors

December 12, 2018

Bruegel senior scholar Zsolt Darvas speaks about his review of systematic errors in ECB forecasting, in another instalment of the Deep Focus podcast on ‘The Sound of Economics’ channel

In this episode of the Deep Focus, Sean Gibson speaks with Bruegel senior scholar Zsolt Darvas about his research on European Central Bank forecasting.
Zsolt has analysed that, over the past five years, ECB forecasts have proven to be systematically incorrect: core inflation remained broadly stable at 1% despite the stubbornly predicted increase, while the unemployment rate fell faster than predicted.
Such forecast errors, which are also inconsistent with each other, raise serious doubts about the reliability of the ECB’s current forecast of accelerating core inflation, and necessitates a reflection on

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Deep Focus: Balancing distributional inequalities of climate policies

December 7, 2018

Bruegel fellow Georg Zachmann talks through a Bruegel Blueprint he has co-authored, looking into the potential distributional effects of climate policies, in another episode of the Deep Focus series.

Climate change is is one of the big questions of this century, and mitigating its effects remains an enormous challenge. Decarbonisation will require a massive shift in our economies. Heating, transport, electricity and industry will have to be transitioned to a world without fossil fuels. Agriculture and industry will have to find new ways to reduce emissions. This aim – as ambitious as it is essential – necessitates intrusive climate policies.
In this episode of Deep Focus, Sean Gibson interviews Georg Zachmann, a co-author of a recently published Blueprint on distributional effects of

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