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Blog Post

Schoenmaker pic

Taxpayer should not facilitate risky bank cocos

Directly after the great financial crisis, the Basel Committee demanded straight equity as regulatory capital, as several debt forms of regulatory capital did not absorb losses. But shortly afterwards, the banks pressed the Basel Committee successfully to allow cocos: contingent convertible bonds that convert to equity if the regulatory capital drops below a threshold. The taxpayer facilitates these cocos, as the interest payments are deductible from corporate taxes while dividend payments are not deductible. In its 2017 Budget, the Swedish government is rightly putting a ban on interest rate deductibility of cocos. Dirk Schoenmaker suggests that other governments follow this example.

By: Dirk Schoenmaker Topic: Finance & Financial Regulation Date: September 30, 2016
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Opinion

Guntram B. Wolff

EZB-Chef Draghi enteignet die Sparer nicht

Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe Renditen europäischer Sparer zu sorgen. Kapitalerträge hängen von guten wirtschaftlichen Strukturen ab - und für die sind andere verantwortlich.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 30, 2016
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Blog Post

Simone Tagliapietra

Could Europe come up short in the race to the Marrakesh climate conference?

One year after the Paris climate conference, Europe struggles to advance its own ratification process of the agreement. However, a fast-track EU ratification procedure could enable the Paris Agreement to enter into force in time for the Marrakesh climate conference.

By: Simone Tagliapietra Topic: Energy & Climate Date: September 28, 2016
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Blog Post

Giuseppe Porcaro

The industrial internet will transform policymaking

The ‘internet of things’ will bring major changes in many areas of life, including the political arena. What will be the new communication tools, strategies and narratives for policymakers?

By: Giuseppe Porcaro Topic: Innovation & Competition Policy Date: September 28, 2016
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Blog Post

André Sapir
Guntram B. Wolff

The Continental Partnership proposal: a reply to five main criticisms

The proposal for a Continental Partnership (CP) has received a great deal of attention. Two of the authors, André Sapir and Guntram Wolff, clarify some misunderstandings and respond to five key criticisms. They argue that the CP does not offer a way for EU members to restrict freedom of movement, nor is there a great risk of “political contagion”. Indeed, a CP arrangement could be the best route for the remaining EU members to maintain strong economic and security cooperation with the UK, while defending themselves against dumping and vetoes.

By: André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 27, 2016

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Has the #JunckerPlan been successful? https://t.co/u6ATFcWAxI https://t.co/OHUJMHAIjj

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CHART | #Patent applications in #NewTechnologies — A sneak peek of our upcoming research on #FutureOfIndustry https://t.co/OxmCeRGJ74

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Blog Post

Silvia Merler

Big in Japan

What’s at stake: This week saw two important Central Banks’ meetings, whose outcomes could hardly be more different. While the U.S. Federal Reserve left interest rates unchanged, the Bank of Japan introduced a big shift in its easing framework. BOJ committed itself to overshoot its inflation target of 2 percent, and introduced a targeting of the yield on ten-year Japanese government debt, initially at about zero percent. We review the economic blogosphere reaction to this latest monetary policy action.

By: Silvia Merler Topic: Global Economics & Governance Date: September 26, 2016
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Blog Post

Alicia García-Herrero
DSC_0160

What does China’s ‘belt and road initiative’ mean for EU trade?

Much has been written about the Belt and Road initiative since Xi Jinping made it Beijing’s flagship initiative in September 2013. There are many interpretations of the initiative’s ultimate objectives, but one objective is clear. The belt and road scheme will bring huge improvements in regional and international connectivity through infrastructure upgrades and trade facilitation across a massive geographic area.

By: Alicia García-Herrero and Jianwei Xu Topic: Global Economics & Governance Date: September 20, 2016
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Blog Post

Silvia Merler

The US infrastructure investment debate

What’s at stake: Infrastructure investment has been and will continue to be a prominent campaign theme in the run up to the US elections. Both Hillary Clinton and Donald Trump have promised significant public investment in infrastructure. For some time, the discussion has revolved around the opportunities and costs of increased government infrastructure spending.

By: Silvia Merler Topic: Global Economics & Governance Date: September 19, 2016
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Blog Post

Nicolas Véron

The City will decline—and we will be the poorer for it

Just as the City owes much of its current awe-inspiring prosperity to European integration, the brutal realities of Brexit will make it shrink, not thrive. All this is bleak news, not just for the City but for the UK's economy.

By: Nicolas Véron Topic: European Macroeconomics & Governance Date: September 14, 2016
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Blog Post

Silvia Merler

The Apple of Discord

What’s at stake: On August 30th, following the results of an in-depth state aid investigation started in 2014, the European Commission concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. The decision is based on state aid grounds: the Commission argues that two tax rulings issued by Ireland effectively granted Apple preferential treatment, which amounted to state aid. The Commission ordered Ireland to recover up to €13 billion (plus interest) from Apple, but the decision is controversial and opinion differ as to the effects it will have. We summarize reactions.

By: Silvia Merler Topic: Innovation & Competition Policy Date: September 12, 2016
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Blog Post

Maroš Šefčovič, Vice-President of the EC in charge of Inter-

Speech by Maroš Šefčovič at Bruegel's Annual Meetings 2016

Maroš Šefčovič, Vice-President for Energy Union at the European Commission, delivered the closing keynote speech at Bruegel's Annual Meetings on 7 September 2016.

By: Maroš Šefčovič Topic: Energy & Climate Date: September 7, 2016
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Blog Post

Dijsselbloem photo

Speech by Jeroen Dijsselbloem at Bruegel Annual Dinner 2016

Jeroen Dijsselbloem, President f the Eurogroup, delivered the keynote speech at Bruegel's Annual Dinner 2016, held on 6 September 2016.

By: Jeroen Dijsselbloem Topic: European Macroeconomics & Governance Date: September 7, 2016
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