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Policy Contribution

Globalisation and the reform of European social models

This Policy Contribution by André Sapir was presented to the ECOFIN informal meeting in Manchester. See also the Policy Brief based on this paper.

By: Date: September 8, 2005 Global Economics & Governance Tags & Topics

This Policy Contribution by André Sapir was presented to the ECOFIN informal meeting in Manchester. See also the Policy Brief based on this paper.

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Policy Contribution

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What are the prerequisites for a euro-area fiscal capacity?

In this Policy Contribution, Maria Demertzsis and Guntram B. Wolff discuss three progressive steps for strengthening the fiscal framework at the euro-area level. These lead to less interference in national fiscal policymaking thanks to a more credible no-bailout clause, increased risk sharing and different degrees of provision of euro-area-wide public goods and fiscal stabilisation.

By: Maria Demertzis and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 9, 2016
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Policy Brief

Financial risks and opportunities in the time of climate change

Financial risks and opportunities in the time of climate change

The current unsustainable use of our environment can lead to financial crisis. To address this risk, financial institutions should measure their exposure to ecological imbalances using methodologies such as carbon and natural capital accounting.

By: Dirk Schoenmaker and Rens van Tilburg Topic: Energy & Climate Date: April 22, 2016
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Policy Brief

European climate finance: securing the best return

European climate finance: securing the best return

There is a European interest in getting a global climate deal in Paris that entails high mitigation ambitions and involves the EU in shaping the global climate-finance architecture.

By: Guntram B. Wolff and Georg Zachmann Topic: Energy & Climate Date: September 11, 2015
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Policy Contribution

Capital Markets Union: a vision for the long term

Capital Markets Union: a vision for the long term

This Policy Contribution presents facts about EU capital markets, issues that should be taken into account in the development of CMU policy, corresponding policy options over the medium to long term and suggestions for policy implementation and sequencing.

By: Nicolas Véron and Guntram B. Wolff Topic: Finance & Financial Regulation Date: April 23, 2015
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Policy Brief

Benefits and drawbacks of European Unemployment Insurance

Benefits and drawbacks of European Unemployment Insurance

European Unemployment Insurance is one option for stabilising country specific economic cycles thanks to risk sharing, but it would not substantively influence the area-wide fiscal stance. 

By: Grégory Claeys, Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 12, 2014
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Policy Brief

Europe's social problem and its implications for economic growth

Europe's social problem and its implications for economic growth

The European Union faces major social problems. More than six million jobs were lost from 2008-13 and poverty has increased. Fiscal consolidation has generally attempted to spare social protection from spending cuts, but the distribution of adjustment costs between the young and old has been uneven; a growing generational divide is evident, disadvantaging the young.

By: Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: March 31, 2014
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Policy Contribution

The neglected side of banking union: reshaping Europe’s financial system

The neglected side of banking union: reshaping Europe’s financial system

Policy contribution presented at the informal ECOFIN in Vilnius on September 14, discussing how Europe's financial system could and should be reshaped.

By: André Sapir and Guntram B. Wolff Topic: Global Economics & Governance Date: September 13, 2013
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Policy Brief

Europe's growth problem (and what to do about it)

Europe's growth problem (and what to do about it)

The issue: The European Union's pre-crisis growth performance was disappointingenough, but the performance has been even more dismal since theonset of the crisis.

By: Zsolt Darvas, Jean Pisani-Ferry and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: April 11, 2013
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Policy Brief

The fiscal implications of a banking union

The fiscal implications of a banking union

Systemic banking crises are a threat to all countries whatever their development level. They can entail major fiscal costs that can undermine the sustainability of public finances. More than anywhere else, however, a number of euro-area countries have been affected by a lethal negative feedback loop between banking and sovereign risk, followed by disintegration of the financial system, real economic fragmentation and the exposure of the European Central Bank. Recognising the systemic dimension of the problem, the Euro-Area Summit of June 2012 called for the creation of a banking union with common supervision and the possibility for the European Stability Mechanism to recapitalise banks directly. The findings of this paper were presented at the Informal ECOFIN in Nicosia on 14 September 2012.

By: Jean Pisani-Ferry and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: September 14, 2012
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Policy Brief

The messy rebuilding of Europe

The messy rebuilding of Europe

The euro crisis and subsequent policy responses have challenged the assumptions underpinning the euro-area's governance, and the relationship between the European Union's euro and non-euro countries. As more steps are taken in response to the weaknesses in the euro policy regime revealed by the crisis, the EU will face new challenges of the same sort. This Policy Brief provides input to the policy discussion on the governance of the EU/euro area relationship.

By: Jean Pisani-Ferry, André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: March 30, 2012
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Policy Brief

Not all financial regulation is global

Not all financial regulation is global

Financial regulation at global level has been high on the G20 agenda. However, financial multipolarity, with the rise of emerging economies, and its impact on decision-making at global level has made global convergence difficult. In this policy brief, the authors, Bruegel Senior Fellow Nicolas Véron and Stéphane Rottier, National Bank of Belgium, explain why now is the time to focus on building stronger global public institutions, ensuring globally consistent financial information, creating globally integrated capital-markets infrastructure and addressing competitive distortions among global capital-market intermediaries to set the foundation for global harmonisation of all aspects of financial regulation.

By: Nicolas Véron and Stephane Rottier Topic: Finance & Financial Regulation Date: August 30, 2010
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Policy Brief

A European Exit Strategy

A European Exit Strategy

This Policy Brief was adapted from a paper written by the three authors and presented by Bruegel Director Jean Pisani-Ferry at the informal ECOFIN Council meetings in Gothenburg, Sweden, on 1 Oct. In the brief, the authors argue that bank recapitalisation and restructuring should be a matter of urgency for EU member states and that […]

By: Jürgen von Hagen, Jean Pisani-Ferry and Jakob von Weizsäcker Topic: European Macroeconomics & Governance Date: October 14, 2009
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