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Tag Archives: European Macroeconomics & Governance

Politics, not economics, demands a strengthened international role for the euro

Not just the EU but also other countries, particularly China, need a defence against weaponisation of the dollar. Since the launch of the euro, much attention has been focused on the international role it might play. Seen from the outside, a single European currency should have become a rival to the dollar. From the inside, though, the notion of the euro becoming a major reserve currency was not a stated European objective. Market forces would be left to decide its fate. Two decades on,...

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Growth uncertainty, European Central Bank intervention and the Italian debt

European Central Bank intervention provides a buffer against the uncertainty faced by European Union economies in the face of COVID-19. For the time being, this intervention has alleviated concern about Italy's debt, but without it Italy is vulnerable to a debt crisis. In the face of the challenges posed by the COVID-19 pandemic, the European Central Bank declared on 18 March 2020 that it “will not tolerate any risks to the smooth transmission of its monetary policy”. In this context, it...

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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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The Economic growth and income distribution implications of public spending and tax decisions

European Union countries can reduce inequality of opportunity through public spending and tax decisions. Broadly, the most effective approach includes progressive taxes and inheritance taxes, spending on education, health and public infrastructure, and better government effectiveness. Better fiscal rules and institutions also increase resilience against crises. By: Zsolt Darvas Date: October 19, 2020 Topic: European Macroeconomics & Governance The level and composition of...

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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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The future of EU-UK relations (again!)

At the eleventh hour of negotiations, what will the future of the EU-UK relationship look like? By: The Sound of Economics Date: October 13, 2020 Topic: European Macroeconomics & Governance On 15-16 October the European Council will take stock of the implementation of the withdrawal agreement and review the state of the negotiations on the future EU-UK partnership. Leaders will discuss preparatory work for all scenarios after 1 January 2021. The timetable is very tight, with...

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What role for the European Semester in the recovery plan?

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. By: 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...

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Without good governance EU recovery could fail

Guntram Wolff and Luis Garicano discuss how to ensure that the EU borrowing mechanism would successfully boost economic recovery. By: The Sound of Economics Date: October 7, 2020 Topic: European Macroeconomics & Governance The European Union recovery fund could greatly increase the stability of the bloc and its monetary union. But the fund needs clearer objectives, sustainable growth criteria and close monitoring so that spending achieves its goals and is free of corruption....

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Eastern Germany’s New Growth Engine

Eastern Germany has suffered from three decades of deindustrialization since the collapse of communism, largely because of poor policy decisions. But by becoming an electric-vehicle powerhouse, the region can help to drive Europe's green transition and secure its own future prosperity. By: Dalia Marin Date: October 7, 2020 Topic: European Macroeconomics & Governance MUNICH – This week, Germany celebrates the 30th anniversary of its reunification. After years of frustration...

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L’IA a besoin d’humains qualifiés

L'adoption des technologies IA repose moins sur des scientifiques de haut niveau que sur des spécialistes des données et des programmeurs compétents qui peuvent mettre en pratique les algorithmes d'apprentissage profond existants à des fins commerciales. This opinion post was originally published in Les Echos. Il est vrai que l’Europe produit plus de doctorats en sciences et en ingénierie que toute autre partie du monde. Mais l’adoption des technologies IA repose moins sur des...

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