Past Event

Deepening the EMU in a stable and coherent EU – how to proceed?

The crisis triggered moves toward a genuine EMU as a way to defend the Euro, an objective Hungary has always supported. The challenge now is to stabilize and strengthen the Eurozone without endangering the biggest achievement of European integration in the process – the reunification of Europe. We must avoid the (re)emergence of dividing lines […]

Date: January 30, 2013, 10:30 am

The crisis triggered moves toward a genuine EMU as a way to defend the Euro, an objective Hungary has always supported. The challenge now is to stabilize and strengthen the Eurozone without endangering the biggest achievement of European integration in the process – the reunification of Europe.

We must avoid the (re)emergence of dividing lines in Europe. Non-Eurozone countries have to maintain a balance of rights and obligations and avoid deterioration in their competitive positions so that their convergence to the Eurozone can continue. Institutional unity, strong common policies with an appropriate budget behind them, as well as a level playing field in the internal market are key to achieve that.

While the EU is responding to the crisis with a major overhaul, Hungary has also initiated wide-ranging changes since 2010. Debt reduction, budgetary consolidation and unprecedented structural reforms have been implemented to create the conditions for sustainable competitiveness. The other side of the coin, then, is how national and European reforms can reinforce, and not undermine, each other?

Speakers

Practical details

Topics

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Parliamentary Testimony

Inquiry of the House of Lords’ EU Financial Affairs Sub-Committee on “Completing Europe’s Economic and Monetary Union”House of Lords

Inquiry of the House of Lords' EU Financial Affairs Sub-Committee

The enquiry on "Completing Europe’s Economic and Monetary Union" took place on 27 January 2016 in Brussels.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance, House of Lords, Parliamentary Testimonies Date: February 8, 2016
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Blog Post

Pia Hüttl
Schoenmaker pic

European banking union: should the 'outs' join in?

To address coordination failures between national institutions regulating banks, we need supranational policies. Banking union encourages further integration of banks across borders, deepening the single market, and could also benefit countries outside the euro which have a high degree of cross-border banking.

By: Pia Hüttl and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: February 4, 2016
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Policy Contribution

Should the ‘outs’ join the European banking union?

Should the ‘outs’ join the European banking union?

This paper analyses the banking linkages between the nine ‘outs’ and 19 ‘ins’ of the banking union. It finds that the out countries could profit from joining banking union, because it would provide a stable arrangement for managing financial stability.

By: Pia Hüttl and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: February 4, 2016
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Opinion

Guntram B. Wolff

The economic consequences of Schengen

The president of the European Commission, Jean-Claude Juncker, recently warned that “without Schengen and the free movement of workers, of citizens, the euro makes no sense.” And in fact, it is the single currency and the ability to travel freely without identity documents that most Europeans associate with the EU. So how does it really stand with Schengen and the euro?

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: February 2, 2016
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Blog Post

Jérémie Cohen-Setton

Blaming the Fed for the Great Recession

What’s at stake: Following an article in the New York Times by David Beckworth and Ramesh Ponnuru, the conversation on the blogosphere was dominated this week by the question of whether the Fed actually caused the Great Recession. While not mainstream, this narrative recently received a boost as Ted Cruz, a Republican candidate for the White House, championed it.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: February 1, 2016
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Opinion

Guntram B. Wolff

The fallout from the European refugee crisis

Of the 1.5 million refugees that reached the European Union last year, more than 1 million ended up in Germany, but the initially welcoming atmosphere has changed drastically.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 29, 2016
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External Publication

Analysis of developments in EU capital flows in the global context

Analysis of developments in EU capital flows in the global context

The purpose of our report is to provide a comprehensive overview of capital movements in Europe in a global context.

By: Zsolt Darvas, Pia Hüttl, Silvia Merler and Thomas Walsh Topic: European Macroeconomics & Governance Date: January 28, 2016
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Blueprint

Blueprint

Measuring competitiveness in Europe: resource allocation, granularity and trade

This new Bruegel Blueprint provides a differentiated understanding of growth, productivity and competitiveness and the important role public policy needs to play.

By: Carlo Altomonte and Gábor Békés Topic: European Macroeconomics & Governance Date: January 28, 2016
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Policy Brief

One market, two monies: the European Union and the United Kingdom

One market, two monies: the European Union and the United Kingdom

So far, having more than one currency in the EU has not undermined the single market. However, attempts to deepen integration in the banking, labour and capital markets might require governance integration that involves only euro-area countries. Safeguards are needed to protect the interest of the UK and other euro-outs.

By: André Sapir and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 28, 2016
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Upcoming Event

22 
Feb
2016
12:30

Economic weakness and demographic challenges: what next for Europe?

After a year of weak recovery what is next for Europe? This event will look at both the general macroeconomic situation as well as the challenges posed by changing demographics

Speakers: John Driffill, Torben M. Andersen and Pia Hüttl Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Blog Post

Silvia Merler

Bad banks and rude awakenings: Italian banks at a crossroads

Italian banks have recently come under market pressure, as investors seemed to have grown worried about the sector. This triggered a speed-up in the discussion between the Italian government and the European Commission about the creation of a “bad-bank”, on which a decision is reportedly due this week.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 26, 2016
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Upcoming Event

23 
Feb
2016
12:30

Adjustment in the Economic and Monetary Union

This event will look at shocks and adjustment in the euro area in the light of recent crises and analyse the functioning of a key internal adjustment process in EMU

Speakers: Robert Anderton, Antoine Berthou, José Leandro and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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