This paper leaves aside the issue of EU reform and focuses on the desirable EU-UK relationship after Brexit. The authors argue that none of the existing models of partnership with the EU would be suitable for the UK. They propose a new form of collaboration, a continental partnership, which is considerably less deep than EU membership but rather closer than a simple free-trade agreement
Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach to the financial sector was appropriate and successful in Ireland and Spain, more limited in the Greek Stand-By Arrangement, and less compelling in Portugal.
Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn from the USA’s experience?
As a consequence of the global financial crisis, various initiatives have been taken in different jurisdictions to ensure the future resolvability of banks without massive use of public funds. In Europe, the BRRD introduced the concept of MREL, which is in the process of being defined.
This paper analyses empirically how increasingly close trade relations between China and Russia might affect the European Union.
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The recently published in-depth evaluation of the International Monetary Fund (IMF)’s role in the euro area crisis highlights important contrasts in the area of financial services. The IMF provided highly valuable analysis and recommendations to the EU on its banking sector and related policies. In individual countries (leaving aside Cyprus and the second Greek programme, not covered by this evaluation), the financial-sector aspects of the IMF’s interventions were highly successful in Ireland and Spain, ambiguous in Greece, and a missed opportunity in Portugal.
What’s at stake: In a low r-star environment, fiscal policy should be accommodative at the global level. Instead, even in countries with current account surplus and fiscal space the IMF appears to have trouble advocating fiscal expansion. This also raises a political economy puzzle regarding the persistence of the current policy mix of tight fiscal and easy money.
The Annual Meetings are a high point in Bruegel's calendar.
What have been the most effective strategies in limiting the impact of the economic crisis in Europe? What challenges lie ahead? Bruegel's 10th anniversary event in Budapest will foster discussion of these important topics.
This edition of the of the Asia-Europe Economic Forum is entitled: “Riding the new waves: Asian and European Economic Perspectives” and will be held in Beijing on 21-22 September 2016.
Chairing the G20 offers China a unique opportunity to set the tone in global economic debates, and the Hangzhou summit is the focus of attention. The author predicts that trade, structural reforms and a bigger global role for China will be Beijing’s three priorities. But how realistic are these goals?
The EFIGE dataset on firms' competitivenes was recently updated by extending the panel-level balance sheet data until the year 2014. This post highlights the main features of the brand new data.
What’s at stake: As we approach Jackson Hole, monetary policymakers are considering how to redesign monetary policy strategies to better cope with a low r-star environment.
Why is inclusive growth important and how do the EU’s social problems differ from social problems in other parts of the world?