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Tag Archives: EU governance

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. This piece was originally published in Kathimerini and is forthcoming in Helsingin Sanomat. “There’s a fundamental truth of the twenty-first century within each of our own countries and as a global community,” President Joe Biden told the United Nations on 21 September. “Our own success is bound up with others succeeding as well.” Biden’s actions however, seem to...

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Pandemic prevention: avoiding another cycle of ‘panic and neglect’

Agreement is needed at international level on mechanisms to ensure better preparedness for the next pandemic. COVID-19 proved a surprise for most of the world despite a trend of increasingly frequent pathogen outbreaks in the last 40 years. Scientists warn the trend will continue. But pandemic crises typically suffer from a ‘panic-and-neglect’ cycle, in which global measures to prevent and prepare for future pandemics remain chronically deficient. Will COVID-19 be any different? It should be...

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A green fiscal pact

How can the European Union increase green public investment while consolidating budget deficits? By: The Sound of Economics Date: September 29, 2021 Topic: European Macroeconomics & Governance Past crises and consolidation episodes have resulted in major public investment cuts. However, in order to meet the European Union’s climate goals, the additional public investment needed is between 0.5 percent and 1 percent of GDP annually during this decade. How does the EU grapple...

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For remote work to work, new ground rules are needed

The pandemic has shown workers and employers that another way to work is possible. The European Union should develop a framework to facilitate hybrid work. By: Mario Mariniello Date: September 23, 2021 Topic: Innovation & Competition Policy This piece is forthcoming in Il Sole 24 Ore and El Economista. With all its tragic burden, the pandemic has also been a unique experiment that has challenged accepted norms. Before the pandemic, 85% of European workers had never before...

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

Budget consolidation in European Union countries should be possible within EU rules, but countries should agree a green fiscal pact to protect net-zero investment. This paper was prepared for the informal ECOFIN meeting in Ljubljana on 10/11 September 2021. The authors thank Klaas Lenaerts for his excellent research assistance and colleagues at Bruegel (Grégory Claeys, Maria Demertzis, André Sapir, Jean Pisani-Ferry and Simone Tagliapietra) for their feedback and suggestions. The...

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

Europe has already made a significant financial contribution to beating the pandemic, now it has the oppurtunity and moral responsibility to do more. The COVID-19 pandemic is nowhere near its end at a global level. What is worse, new pandemics are likely to endanger global health in the coming decades, with severe consequences for livelihoods and economic activity. Preventing pandemics is a global public good like climate change mitigation: the world needs to act collectively to avoid...

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A new direction for the European Union’s half-hearted semiconductor strategy

The EU needs a more targeted strategy to increase its presence in this strategic and thriving sector, building on its existing strengths, while accommodating its relatively low domestic needs. The authors thank Sybrand Brekelmans, Viktor Krozer, Guntram Wolff and Georg Zachmann for their comments. A basic component in electronic devices, semiconductors are essential to the production of many products, from smartphones to cars. Securing reliable supplies of semiconductors to safeguard the...

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A breakdown of EU countries’ post-pandemic green spending plans

An analysis of European Union countries’ recovery plans shows widely differing green spending priorities. Policymakers have made a clear commitment to use the European Union’s post-pandemic recovery plan, Next Generation EU, to accelerate the bloc’s green transition. The underlying idea is simple: seize a moment of unprecedented economic and social disruption to reinforce the reorientation of Europe’s economic model towards sustainability, and in particular to accelerate the implementation of...

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Belarus: a test for Europe’s foreign policy?

The forced landing of an internal EU flight is just the latest development in the President of Belarus’ efforts to cling to power. By: The Sound of Economics Date: June 1, 2021 Topic: European Macroeconomics & Governance The recent forced landing of an internal EU flight to arrest opposition activist Roman Protasevich is the latest escalation by a President who is consolidating power in the wake of unrest following the disputed results of the 2020 presidential election. The...

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Emergency Liquidity Assistance: A new lease of life or kiss of death?

Use of Emergency Liquidity Assistance to prop up euro-area banks needs to be more transparent; available evidence suggests its use has not always been within the rules. The Eurosystem, headed by the European Central Bank (ECB), provides liquidity to banks, and through them to the entire economy, through five channels. One, the Marginal Lending Facility, has always been small and has practically disappeared since 2008, when the ECB greatly increased the size of its operations. Two of the other...

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