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Tag Archives: EU governance

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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Europe must fix its fiscal rules

The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy. By: Maria Demertzis Date: May 27, 2021 Topic: European Macroeconomics & Governance This opinion piece was originally published in the Financial Times, the Money Review section of Kathemerini is forthcoming in El Economista. Last spring, as the economic impact of the coronavirus pandemic began to bite, the European Commission suspended the stability and growth pact (SGP), a set...

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A stronger euro comes with more responsibility

By: The Sound of Economics Date: May 19, 2021 Topic: European Macroeconomics & Governance European strategic autonomy is probably the single most used watchword in European circles, if only because of lack of consensus about what it entails. US bashing for some, a more confident and independent EU for others, the concept has well and truly moved out of the security and defence area into every area of EU policy. This is most apparent in the debate around the international role...

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We need more bias in artificial intelligence

What makes one vision more desirable than another is not its neutrality, but whether it can better serve one’s goals in the context of where those goals are being pursued. By: Mario Mariniello Date: April 21, 2021 Topic: European Macroeconomics & Governance This opinion piece is forthcoming in Il Sole 24 Ore. The Muller-Lyer optical illusion consists of two lines of equal length that differ only in the direction of arrowheads at either end. Yet, to most observers, the line...

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New life for an old framework: redesigning the European Union’s expenditure and golden fiscal rules

Testimony before the European Parliament on the subject of EU fiscal policies. By: Zsolt Darvas Date: November 17, 2020 Topic: European Macroeconomics & Governance On 13 November, 2020 Bruegel senior fellow Zsolt Darvas gave a presentation and participated in the discussion on ‘EU fiscal policies: how to address sustainability of public finances and economic stabilisation’, at the Shadows’ meeting of the Economic and Monetary Committee (ECON) of the European Parliament,...

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European Union recovery funds: strings attached, but not tied up in knots

Ensuring effective recovery spending is a high-stakes challenge for the European Union, with the potential for derailment because of fuzzy objectives and overloaded procedures. The EU should work with member countries to identify limited policies that will maximise the impact of EU investment, while accounting for spillovers. By: Jean Pisani-Ferry Date: October 27, 2020 Topic: European Macroeconomics & Governance The European Union’s plan for aiding recovery in member states...

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New life for an old framework: redesigning the European Union’s expenditure and golden fiscal rules

This briefing paper focuses on two aspects of the EU fiscal framework: whether an expenditure rule would be more reliable than a structural budget balance rule and the possible benefits and drawbacks of introducing a golden rule to exclude certain types of investment from the operational fiscal rule. This study was prepared for the European Parliament’s Committee on  Economic and Monetary Affairs. The study is available on the European Parliament’s online database, ‘ThinkTank‘. Copyright...

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Britain faces a triple contradiction

If Boris Johnson can negotiate agreements that are better than the EU system, it would be a serious challenge for the 27 By: Jean Pisani-Ferry Date: January 30, 2020 Topic: European Macroeconomics & Governance This opinion piece was originally published in Le Monde.This piece forms part of Bruegel’s ongoing work in EU3D, a research project that examines differentiation in the European political order. The EU3D project has received funding from the European Union’s Horizon 2020...

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Market versus policy Europeanisation: has an imbalance grown over time?

This Policy Contribution tests the hypothesis that an imbalance has grown in Europe over the last few decades because markets have integrated to a greater extent than European-level policymaking, potentially creating difficulties for the democratic process in managing the economy. This hypothesis has been put forward by several authors but not so far tested empirically.To evaluate the process of European market integration – or market Europeanisation – over the last few decades, we assess...

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