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Nicolas Véron

The IMF’s performance on financial sector aspects of the euro area crisis

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.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: August 29, 2016
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Blog Post

Jérémie Cohen-Setton

The fiscal stance puzzle

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.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: August 29, 2016
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Blog Post

Alicia García-Herrero

China's political agenda for the G20 summit

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?

By: Alicia García-Herrero Topic: Global Economics & Governance Date: August 22, 2016
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Blog Post

Tommaso Aquilante
IMG_20150922_160434

Update of the EFIGE dataset

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.

By: Tommaso Aquilante and Domenico Favoino Topic: Innovation & Competition Policy Date: August 22, 2016
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Blog Post

Jérémie Cohen-Setton

The Fed’s rethinking of normality

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.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: August 22, 2016

6 hours ago

RT @Ben_e_lux: Dangerously constructive piece @Bruegel_org. Will upset fanatics whatever side of the Brexit fence they are on. https://t.co…

6 hours ago

RT @nicolas_veron: A lightly edited version of the background paper I contributed for the IMF's Independent Evaluation Office. https://t.co…

7 hours ago

RT @Sam1Fleming: Europe after Brexit: A proposal for a continental partnership @pisaniferry @GuntramWolff @bruegel_org https://t.co/Xi7RcIB…

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Opinion

IMG_1985

The G20 in a post-Brexit world

As Britain enters a period of political and economic instability, following a referendum vote that many now interpret as anti-globalisation, it is worth reflecting on what the consequences of Brexit will be for the world’s ‘economic steering committee’: the G20.

By: Alessio Terzi Topic: Global Economics & Governance Date: August 18, 2016
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IMG_1985

How to make the single market more inclusive after Brexit

The creation of the single market generated winners and losers. Yet redistribution remains first and foremost a competence of national governments. It is thus fair to state that a failure in national, more than European, policies and welfare systems can be partly blamed for current discontent with the EU and the single market.

By: Alessio Terzi Topic: European Macroeconomics & Governance Date: August 18, 2016
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Blog Post

Jérémie Cohen-Setton

The state of macro redux

What’s at stake: In 2008, Olivier Blanchard argued in a paper called “the state of macro” that a largely shared vision of fluctuations and of methodology had emerged. With the financial crisis and our inability to prevent the greatest recession since the 1930s, the discipline entered into a period of soul searching. The discussions on the state of macro received new echoes this week after Blanchard published a short essay on the future of DSGE models.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: August 16, 2016
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Opinion

Dalia Marin

What’s the matter with Austria?

Austrian firms invested heavily in Central and Eastern Europe. They offshored the parts of the value chain that required specialized skills and produced valuable research. This resulted in lowered growth in Austria.

By: Dalia Marin Topic: European Macroeconomics & Governance Date: August 9, 2016
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Blog Post

Scott Marcus
IMG_20151119_103626

Brexit and its potential impact on international data transfers

If the UK exits the EU and the EEA, it will have to go to considerable lengths to enable continued data transfers from the EU. Without an agreement on data transfers and data protection, business in the UK and the EU will be disrupted.

By: J. Scott Marcus and Georgios Petropoulos Topic: Innovation & Competition Policy Date: August 4, 2016
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Blog Post

André Sapir

Should the UK pull out of the EU customs union?

The UK Government appears divided on whether the United Kingdom should seek to remain within the European Union’s customs union after Brexit. The United Kingdom is likely to want to leave the customs union, even it remains in the EU’s single market. But the UK should try and keep to the EU’s commitments at the WTO, at least at the start, in order to minimise the trade disruption that Brexit entails.

By: André Sapir Topic: European Macroeconomics & Governance Date: August 1, 2016
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Opinion

Grégory Claeys
Schoenmaker pic

Now is the time to open Strasbourg’s ‘Bronislaw Geremek’ European University

It is the right time to revive the proposal made 10 years ago by Bronislaw Geremek and Jean-Didier Vincent to create a truly European University in the European Parliament buildings in Strasbourg.

By: Grégory Claeys and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: August 1, 2016
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