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Past Event

Euro Monitor 2012: is the eurozone turning the corner?

For a while, in the late summer, it seemed that the gloom over Europe was beginning to lift. The ECB’s commitment to “do whatever it takes” and political progress towards enhanced fiscal and economic integration led to an extended period of calm on the financial markets. More recently, however, amid bickering over the details of […]

Date: Nov 27 - European Macroeconomics & Governance Tags & Topics

For a while, in the late summer, it seemed that the gloom over Europe was beginning to lift. The ECB’s commitment to “do whatever it takes” and political progress towards enhanced fiscal and economic integration led to an extended period of calm on the financial markets.

More recently, however, amid bickering over the details of both the planned banking union as well as the integration roadmap, and over further aid for Greece, the crisis is threatening to flare up again.

The Euro Monitor 2012 shows that, behind the less pretty headlines, genuine progress is being made towards restoring the health of the eurozone economy. Competitiveness is on the rise, external imbalances are shrivelling fast, and fiscal rectitude is returning. The road ahead is still long and arduous, but an admirable distance towards a brighter future has already been travelled. Although many of the Euro Monitor indicators for 2012 still show the ravages of recession and austerity drives, there are also early signs of improvement, suggesting that the fruits of structural reforms are set to emerge in 2013 or 2014 at the latest. Encouragingly, problem countries such as Portugal, Spain and Greece managed to boost their overall rating.

About the Euro Monitor

Sustainable and balanced growth is essential if the credibility of the common currency is to be preserved. The Euro Monitor is a comprehensive set of indicators assessing the extent to which individual EMU member states are achieving balanced growth devoid of excessive imbalances, and thus contributing to the stability of the monetary union as a whole.

With the help of 15 indicators grouped into four categories, the Euro Monitor keeps track of the risks or opportunities the country-specific fundamentals pose for the eurozone as a whole. The four thematic categories are:

  • Fiscal sustainability
  • Competitiveness and domestic demand
  • Jobs, productivity and resource efficiency
  • Private and foreign debt

Please note that this event was held under the Chatham House Rule

Speakers

  • Michael Heise, Chief Economist, Allianz SE
  • discussant – Anne Bucher, Director at DG Ecfin, European Commission
  • discussant – André Sapir, Senior Fellow at Bruegel and Professor of Economics at ULB
  • chair – Zsolt Darvas, Research Fellow at Bruegel

Event materials

  • Event summary here
  • Euro Monitor 2012 here
  • Michael Heise’s presentation here

Practical details

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Working Paper

Cover WP 2017_06

Regional and global financial safety nets: the recent European experience and its implications for regional cooperation in Asia

Comparing and evaluating financial assistance programmes of four euro-area countries (Greece, Ireland, Portugal, and Cyprus) and three non-euro-area countries (Hungary, Latvia, and Romania) of the European Union in the aftermath of the 2007/08 global financial and economic crisis. Asian countries can draw several lessons from European experiences.

By: Zsolt Darvas Topic: European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance Date: April 20, 2017
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Podcast

Podcast

Labour mobility in Europe

With anti-immigration sentiment on the rise, we look into the issue of labour mobility in Europe. How does migration affect labour markets and how does perception of migration differ from reality? What are the economic challenges for migrants and how do these challenges reflect on social integration? We try to answer these questions with our guests in this episode of The Sound of Economics.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: April 20, 2017
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Past Event

Past Event

Understanding the French elections

This is a restricted workshop on the forthcoming French elections to understand the challenges and possible scenarios.

Speakers: Grégory Claeys, Thomas Guénolé-Ryzhakov, Bruno Jeanbart and Guillaume Tusseau Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 19, 2017
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Upcoming Event

May
30
11:00

Geo-blocking in the digital single market

Geo-blocking is a discriminatory practice that is wide-spread in EU. It prevents online customers from accessing and purchasing products or services from a website based in another member state

Speakers: Felipe Florez Duncan, Marine Elgrichi, J. Scott Marcus, Fabian Paagman, Bertin Martens, Georgios Petropoulos, Agustin Reyna, Werner Stengg and Roza von Thun Topic: European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read about event

Upcoming Event

May
31
12:30

Inclusive growth: global and European lessons for Spain

Can manufacturing still be a driver for inclusive growth around the world? What European and national policies can foster inclusive growth in Europe? What is the situation in Spain and what can Spain learn from the global and European experiences?

Speakers: Cristina Cabrera, Zsolt Darvas, Maria Demertzis, Alejandra Kindelán, Robert Lawrence and Federico Steinberg Topic: European Macroeconomics & Governance, Global Economics & Governance Location: Calle Los Madrazo 36-38 Madrid
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Upcoming Event

Jun
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Fiscal frameworks in europe: background and perspectives

On 1-2 June Bruegel together with Danmarks Nationalbank and the Copenhagen Business School will organise a conference about fiscal frameworks in Europe. The conference will re-evaluate fiscal frameworks in Europe in light of experience gathered since the formation of the Economic and Monetary Union (EMU). The implications for the design of fiscal policy stemming from […]

Topic: European Macroeconomics & Governance Location: Danmarks Nationalbank
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Past Event

Past Event

Can EMU survive a multi speed Europe?

On 6 April Bruegel, as in previous years, hosted the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2016.

Speakers: Pablo Zalba Bidegain, Maria Demertzis, Fernando Fernandez, Javier Méndez Llera, Karl Pichelmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 6, 2017
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Past Event

Past Event

Micro- and macro-based methods in assessing the impact of investment

This workshop will discuss methods for accurately evaluating the performance of public and private investment initiatives.

Speakers: Francesco Di Comite, Grégory Claeys, Zsolt Darvas, Helmut Kraemer- Eis, Áron Gereben, Robert P. Lieli, Simon Mizrahi, Amine Ouazad, Debora Revoltella, John K. Swales, Simone Signore, Natacha Valla, Marcin Wolski and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 5, 2017
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Blog Post

B Coeuré - photo

Central bank communication in a low interest rate environment

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by Bruegel, Brussels, 31 March 2017

By: Benoît Coeuré Topic: European Macroeconomics & Governance Date: March 31, 2017
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Past Event

Past Event

Central bank communication in a low interest rate environment

At this event, we are pleased to welcome Mr. Benoît Coeuré, Member of the Executive Board of the European Central Bank at Bruegel.

Speakers: Benoît Coeuré and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 31, 2017
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Blog Post

Zsolt Darvas
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dsc_1000

The UK’s Brexit bill: what are the possible liabilities?

The EU-UK financial settlement will be a complex part of the Brexit negotiations. Here the authors estimate that at end-2018 the EU will have outstanding commitments and liabilities totalling €724bn. Most of these relate to spending after the UK’s likely departure date, but are tied to commitments made during the UK’s EU membership.

By: Zsolt Darvas, Konstantinos Efstathiou and Inês Goncalves Raposo Topic: European Macroeconomics & Governance Date: March 30, 2017
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Blog Post

Zsolt Darvas
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Brexit bill negotiators must answer these 12 questions

Is Brexit a divorce, or is the UK leaving a club? This is the first question to answer as negotatiors discuss the key aspects of the EU-UK financial settlement. The authors present various scenarios, and find that the UK could be expected to pay between €25.4 billion and €65.1 billion. But the final cost can only be calculated after extensive political negotiations.

By: Zsolt Darvas, Konstantinos Efstathiou and Inês Goncalves Raposo Topic: European Macroeconomics & Governance Date: March 30, 2017
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