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Tag Archives: European Macroeconomics & Governance

Letter: Declining investment may explain why rates are low

Monetary and macroeconomic policies at the crossroads Bruegel Annual Meetings, Day 2- In this session we would like to discuss monetary and macroeconomic policies after Covid-19. Speakers: Grégory Claeys, Per Callesen, Gita Gopinath, Jorge Sicilia Serrano and Lawrence H. Summers Topic: Finance & Financial Regulation Location: PALAIS DES ACADEMIES, RUE DUCALE 1 Date: September 2, 2021

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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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Monetary arithmetic and inflation risk

Between 2007 and 2020, the balance sheets of the European Central Bank, the Bank of Japan, and the Fed have all increased about sevenfold. But inflation stayed low throughout the 2010s. This was possible due to decreasing money velocity and the money multiplier. However, a continuation of asset purchasing programs by central banks involves the risk of higher inflation and fiscal dominance. By: Marek Dabrowski Date: September 28, 2021 Topic: European Macroeconomics & Governance...

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The pandemic’s uncertain impact on productivity

The pandemic has certainly permanently affected our way of working. Whether this is for the better remains to be seen. By: Maria Demertzis Date: September 28, 2021 Topic: European Macroeconomics & Governance A Greek language version of this piece was published in the Money Review section of Kathimerini and a Spanish version is forthcoming in El Economista. Support provided to firms to protect economic activity and employment during the pandemic has been unprecedented in...

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Germany’s foreign economic policy: four essential steps

Germany and the EU need to develop a strong and proactive agenda to manage foreign economic relations, which are essential for German and European prosperity. By: Guntram B. Wolff Date: September 23, 2021 Topic: European Macroeconomics & Governance Germany’s foreign economic policy has barely got a mention in the 2021 federal election campaign. Yet, the issues arising are all central for Germany’s prosperity: the potential impact on Germany of rising tensions between the...

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A new integrated-value assessment method for corporate investment

To contribute more to the green transition, companies should start to make investment decisions based on integrated-value assessment, weighing up the environmental and social impacts alongside the financial returns. Companies are under pressure to change their business models and become more sustainable. Corporate governance codes across Europe have introduced the term ‘long-term value creation’ to capture companies’ social responsibility. However, the concept of long-term value creation...

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Unboxing the State of the Union 2021

In this Sound of Economics Live episode, Bruegel experts look at the State of the Union address delivered by Ursula von der Leyen, President of the European Commission. By: The Sound of Economics Date: September 15, 2021 Topic: European Macroeconomics & Governance On 15 September Ursula von der Leyen, President of the European Commission, delivered the State of the Union address before the European Parliament. She took stock of efforts of the past year to tackle the COVID-19...

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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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The EU recovery fund – state of play and outlook

Live from the Annual Meetings: Bruegel Director Guntram Wolff discusses the EU recovery fund, its state of play and outlook with Nadia Calviño, First Vice-President and Minister for Economy and Digitalization of Spain and Professor Karolina Ekholm of Stockholm University. By: The Sound of Economics Date: September 1, 2021 Topic: European Macroeconomics & Governance The recovery plan gives Europe a chance to emerge stronger from the pandemic, transform the economy and create...

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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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