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Thomas Wieser

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Global Economic Resilience: Building Forward Better

October 14, 2021

A roadmap for systemic economic reform calling for step-change in global economic governance to increase resilience and build forward better from economic shocks, prepared for the G7 Advisory Panel on Economic Resilience.

This report summarises the work of the Independent G7 Economic Resilience Panel in 2021, and its final policy recommendations, based on engagement and research throughout the year. The Panel, chaired by Lord Mark Sedwill, has produced an agenda for economic resilience, the Cornwall Consensus. The Panel has concluded that investment, standards and governance reform will be critical to overcome future shocks, such as pandemics, and the chronic underlying risks in our economic system. These reforms address the main categories of risk to economic resilience: environmental

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The post-coronavirus fiscal policy questions Europe must answer

February 3, 2021

Europe’s policymakers will have to take a series of decisions in the months ahead, in order to reinstate, and possibly reform, the bloc’s fiscal rulebook.
Thomas Wieser
Date: February 3, 2021
Topic: European Macroeconomics & Governance

National fiscal policy has played a vital role in mitigating the socio-economic fallout from the pandemic and the associated containment measures. In the European Union, more space for national fiscal policy was given by the March 2020 suspension of the bloc’s common public finance rules, the Stability and Growth Pact (SGP).
For 2021, there is a clear international consensus that the approach taken in 2020 should continue. While the health crisis continues to rage and uncertainty remains elevated, notwithstanding the roll-out of vaccines,

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Can the gap in the Europe’s internal market for banking services be bridged?

December 7, 2020

The European Union has made significant progress to a more unified banking market but frictions remain between euro and non-euro countries. Without a coordinated approach to remaining issues in completing banking union, the gap could widen.
Completing banking union remains one of the European Union’s policy priorities, notwithstanding the huge economic impact of COVID-19. The rise in non-performing exposures (NPEs) as support provided by EU governments peters out in the coming months will be a major hit to bank balance sheets and could trigger renewed ring fencing, or measures to protect assets, by home and host countries.
Significant progress towards a more unified banking market has already been made. The single supervisory mechanism (SSM) was agreed in 2013, and a bank resolution

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What role for the European Semester in the recovery plan?

October 12, 2020

In this paper, the author looks at the implications arising from the focus of the Recovery and Resilience Plans in the context of the European Semester.
Thomas Wieser
Date: October 12, 2020
Topic: European Macroeconomics & Governance

This study was prepared for the European Parliament’s  ECON Committee. The study is available on the European Parliament’s online database, ‘ThinkTank‘. Copyright remains with the European Parliament at all times.

Accessing funds of the EU’s Recovery and Resilience Facility (RRF) depends on detailed national Recovery and Resilience Plans (RRPs) being agreed upon, and projects meeting implementation milestones. The RRPs will be embedded in the European Semester, the EU’s framework for economic policy coordination.
This paper suggests that

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Fiscal rules and the role of the Commission

May 22, 2018

The proposals on fiscal frameworks and rules in the recent CEPR Policy Insight on euro-area reform showcase the multiple dimensions of the fundamental dilemmas we are confronted with in the governance of the euro area. This column, part of the VoxEU debate on Euro Area Reform, looks at the challenges to the central role of the Commission that have arisen as the rules-based fiscal framework has been severely compromised.

The 14 French and German economists have put forward a well-argued Policy Insight on reforms of the euro area (Bénassy-Quéré et al. 2018). One of its merits is that it could be a practical blueprint for a set of reforms that are doable even in the short run, and offers important trade-offs for both Calvinists and Catholics.
Amongst others, the proposals on fiscal

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