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Opinion

Nord Stream 2 means gains for Germany but pain for Europe

The proposed Nord Stream 2 pipeline could destabilise European energy cooperation and offer Gazprom excessive influence in Central and Eastern Europe. These disadvantages do not justify the commercial benefits for German companies.

By: Georg Zachmann Topic: Energy & Climate Date: June 23, 2017
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Blog Post

Raising the inflation target: a question of robustness

In an unexpected move, the Federal Reserve Chair Janet Yellet has recently brought up the issue of raising the inflation target. This blog argues that an increase in inflation targets may prove to be beneficial in achieving price stability in the long run. This would increase the credibility of central banks in achieving inflation goals and stave off the distortionary effects of deflation.

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: June 22, 2017
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Blog Post

Can EU actors keep using common law after Brexit?

English common law is the choice of law for financial contracts, even for parties in EU members with civil law systems. This creates a lucrative legal sector in the UK, but Brexit could make UK court decisions difficult to enforce in the EU. Parties will be able to continue using English common law after Brexit, but how will these contracts be enforced? Some continental courts are preparing to make judicial decisions on common law cases in the English language.

By: Uuriintuya Batsaikhan and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: June 22, 2017
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Blog Post

The size and location of Europe’s defence industry

There is growing debate about a common European military policy and defence spending. Such moves would have major economic implications. We look at the supply side and summarise some key facts about the European defence sector: its size, structure, and ability to meet a possibly increased demand from EU member states.

By: Alexander Roth Topic: European Macroeconomics & Governance Date: June 22, 2017
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Blog Post

Lights on, Africa! Europe must coordinate support for electrification

Patchy access to electricity remains a major challenge for sub-Saharan Africa's economic development. The EU and its member states have many programmes to support electrification in Africa, but fragmentation reduces their impact. A single platform for European support would provide the necessary coordination and leverage.

By: Simone Tagliapietra Topic: Energy & Climate Date: June 20, 2017

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Brexit and the future of the Irish border

The future of the Irish land border has been thrown into uncertainty by Brexit. The UK's confirmation that it will leave the EU's single market and customs union implies that customs checks will be needed. However, there is little desire for hard controls from any of the parties involved. This is especially true for Theresa May's potential partner, the DUP. Creative solutions are needed to reach a solution.

By: Filippo Biondi Topic: European Macroeconomics & Governance Date: June 19, 2017
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Blog Post

The Fed’s problem with inflation

What’s at stake: the Federal Reserve raised the benchmark interest rate by one-quarter of a percentage point. The moved surprised no one, but it still prompted economists to asks themselves questions about the Fed’s relationship with inflation. We review the most recent contributions.

By: Silvia Merler Topic: Global Economics & Governance Date: June 19, 2017
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Blog Post

Is Greece’s labour market bouncing back?

After rapid increases in unemployment and large wage reductions, Greece’s labour market is showing signs of recovery. Certain sectors of the economy are showing strong employment growth, which could hint at a broader economic recovery.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 14, 2017
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Opinion

Nord Stream 2 can wait

Gazprom is pushing ahead with plans to build a second gas pipeline under the Baltic sea, straight form Russia to Germany. Supporters claim that Ukraine cannot be relied on as a transit partner, and that Europe will need more gas in the future. Georg Zachmann is unconvinced, and argues that the project should wait.

By: Georg Zachmann Topic: Energy & Climate Date: June 13, 2017
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The Universal Basic Income discussion

What’s at stake: the concept of a Universal Basic Income (UBI), an unconditional transfer paid to each individual, was prominent earlier this year when Finland announced a pilot project. It’s now back in the discussion as the OECD published a report illustrating costs and distributional implications for selected countries. We review the most recent contributions on this topic.

By: Silvia Merler Topic: European Macroeconomics & Governance, Global Economics & Governance Date: June 12, 2017
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Blog Post

The Mariel Boatlift Controversy

What's at stake: how does immigration affect the wages of local workers? One way to answer this question is by exploiting a natural experiment. The Mariel boatlift of 1980 constituted an ideal experiment - bringing a sudden and large increase of low-skilled workers in just one city - but results are still hotly debated.

By: Silvia Merler Topic: Global Economics & Governance Date: June 5, 2017
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Blog Post

Other than climate change, can anything else unite Europe and China against Trump?

Some instant takeaways from the EU-China Summit. A timely show of unity, but little real change in interests.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: June 2, 2017
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