Fellows at large

Benedicta Marzinotto

Benedicta Marzinotto

Expertise: EU macroeconomics, EU economic governance, varieties of capitalism and labour markets institutions. CV: Download CV

Benedicta Marzinotto was a Resident Fellow at Bruegel from 2010 to 2013. She is now with the European Commissions as Policy Analyst – Economist, Labour market reforms, at DG ECFIN.

She is also a Lecturer in Political Economy at the University of Udine and Visiting Professor at the College of Europe (Natolin Campus).

Her research for Bruegel focused on EU macroeconomic developments, EU Institutions, finance and growth. More precisely, she was working on the macroeconomics of the recent crisis, the competitiveness debate (macro and micro-approach), the role of the EU budget in the crisis and the impact of financial regulation on economic growth.

From 2004 to 2009, Benedicta was a Research Fellow in the International Economics Programme at Chatham House and has experience as a freelance political economic analyst. She has held visiting positions at the Free University of Berlin and at the University of Auckland.

Benedicta holds a MSc d a PhD in European Political Economy from the London School of Economics. Her research interests include: EU macroeconomics, EU economic governance, varieties of capitalism, and labour markets institutions.

She is fluent in Italian, English and German.

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Benedicta Marzinotto

How to read the EU budget deal?

The approval of the Multiannual Financial Framework (MFF) 2014-2020 was preceded by the usual agonizing negotiations, but a deal was eventually struck at the European Council of 8 February 2013. The latest deal is much lower than the European Commission’s proposal. Commitments go from 1033bn euros (1.08% of EU GNI) down to 960 bn euros (1% of EU GNI). Payments, which what is going to be truly disbursed over the next seven years, go down to 908.5bn from 988bn euros in the EC proposal. Compared with the MFF 2007-2013 it is reduction in the size of the budget in the order of 0.12% of EU GNI.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: October 14, 2013
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Benedicta Marzinotto

How to read the EU budget deal? I

Now that the European Council has approved the MFF 2014-2020 commentators are indulging on an evaluation of “who wins, who losses”, whether at stake are policy objectives or countries. The variety of opinions is disorienting at best.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: February 15, 2013
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Video

Video

Interpreting the EU's Multiannual Financial Framework (MFF)

Benedicta Marzinotto, Research Fellow at Bruegel, reads the new EU budget deal for 2014-2020. Marzinotto analyses its usefulness for growth, the benefits of its flexibility, and what may change after the European Parliament’s intervention.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: February 15, 2013
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Benedicta Marzinotto

Same old Europe

The deal on the Multiannual Financial Framework 2014-2020, which will regulate the EU’s annual budget, is a missed opportunity. As in the past, the EU was captive to agonising negotiations in two separate European Councils for just a handful of money. The process clearly indicates that the EU budget is still perceived as an entitlement budget, from which each national government tries to extract the highest possible return.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: February 14, 2013
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Benedicta Marzinotto

How to read the EU budget deal? II

Structural and Cohesion Funds, if properly used, can represent an important instrument for economic growth. The European Council conclusions of 8 February 2013 include the decision to impose a capping to the maximum amount of Structural and Cohesion Funds each member state can receive per year. The capping is set at 2.35 percent of GDP or 2.59 percent if average real growth over 2008-2010 was lower than - 1 percent.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: February 13, 2013
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Benedicta Marzinotto

„Flexibilität geht vor Größe“

Interview mit Bruegel-Forscherin Benedicta Marzinotto über das künftige EU-Rahmenbudget.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: January 31, 2013
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Benedicta Marzinotto

The euro area’s need for stabilization in historical perspective

It is not unusual that some European countries register strong growth rates and others less so. Yet, significant divergence in output is historically associated with dramatic events (or crises). This implies that a euro area budget used for stabilization will end up being activated only a few times. Moreover, there is no historical record of core Europe marching above and the periphery below potential. This makes it unrealistic to conceive of a euro area budget that transfers resources on the spot from badly hit to just moderately hit countries. Some institutional engineering would be necessary.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: January 8, 2013
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Benedicta Marzinotto

Europe’s Dysfunctional Growth Compact

Recently, a €10 billion ($13 billion) shortfall in this year’s European Union budget came to light. As a result, the EU cannot reimburse member states for recent unexpected expenditures, including emergency outlays, such as aid to Italian earthquake victims, and spending aimed at boosting economic growth and employment, such as the accelerated absorption of unused […]

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: November 29, 2012
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Policy Contribution

The long-term EU budget: size or flexibility?

The long-term EU budget: size or flexibility?

The EU is in the process of negotiating its 2014-20 financial framework. Failure to reach an agreement would imply a delay in the preparation of the strategic plans each member state puts together to explain how it will use Structural and Cohesion Funds. Even if solutions are found – for example annual renewals of the budget based on the previous year's figures – there will be political and institutional costs. EU leaders have too often and too forcefully advocated the use of the EU budget for growth to be able to drop the idea without consequences.

By: Benedicta Marzinotto Topic: European Macroeconomics & Governance Date: November 23, 2012
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Policy Brief

On the effectiveness and legitimacy of EU economic policiesFrench Assembly

On the effectiveness and legitimacy of EU economic policies

For markets, European economic governance faces a crisis of policy effectiveness, while for citizens the European Union faces a democratic legitimacy crisis. The introduction of the European Semester economic policy surveillance system has not resolved these problems. Policy guidance deriving from the Semester is not focused enough on areas of significant spillovers and on problem countries, and national compliance is often procedural rather than actual. This brings into question both the Semester’s effectiveness and the democratic legitimacy of the EU’s new intervention rights, which allow intrusion into national policy-making.

By: Mark Hallerberg, Benedicta Marzinotto and Guntram B. Wolff Topic: European Macroeconomics & Governance, French Assembly, Parliamentary Testimonies Date: November 9, 2012
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Benedicta Marzinotto
André Sapir

Chart of the week: fiscal deficits in the euro area under the new forecast

The 2012 Autumn Economic Forecast of the European Commission confirms the Spring Forecast expectation that several euro area countries, including France, will breach their commitment to return below a 3 percent deficit in 2013, unless they change their budget plans or the EU gives them more time to meet their commitment. However, most of these countries, including France, appear to be taking EU rules seriously as their structural balance figures have improved since the Spring Forecast.

By: Benedicta Marzinotto and André Sapir Topic: European Macroeconomics & Governance Date: November 8, 2012
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Chiara Angeloni

Chart of the week: EU Cohesion Policy and the role of national governments

The official mission of EU Cohesion Policy is to reduce “disparities between the levels of development of the various regions and the backwardness of the least favoured regions”. We run standard convergence analysis and find that this rather broad policy objective is only half-met. Countries and regions in Europe have been converging over the last […]

By: Benedicta Marzinotto and Chiara Angeloni Topic: European Macroeconomics & Governance Date: October 29, 2012
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