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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 - Topic: European Macroeconomics & Governance

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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Spotting excessive regional house price growth and what to do about it

Rapidly rising house prices are a well-known source of financial instability. This Policy Contribution examines whether there are regional differences in house price growth within European countries and, if so, whether this warrants more targeted measures to address vulnerabilities.

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Upcoming Event

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Growth, productivity and social progress in Europe

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Speakers: André Sapir Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Nov
6
12:30

An independent assessment of the EU's fiscal framework: presentation of the first annual report of the European Fiscal Board

This event will feature a presentation of the first Annual Report of the European Fiscal Board.

Speakers: Mateusz Szczurek, Niels Thygesen and Further speakers to be confirmed Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Since the European Central Bank’s announcement in January 2015 of its quantitative easing programme, national central banks have been buying government and national agency bonds. In this post we look at the effect of QE on sectoral holdings of government bonds, updating calculations that we published initially in May 2016.

By: Pia Hüttl and David Pichler Topic: European Macroeconomics & Governance Date: October 10, 2017
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By: Maria Demertzis and Alexander Roth Topic: European Macroeconomics & Governance, Global Economics & Governance Date: October 6, 2017
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Upcoming Event

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External Publication

European Parliament

The single monetary policy and its decentralised implementation: An assessment

This paper assesses the decentralised implementation of monetary policy by the Eurosystem in terms of its transparency, efficiency and simplicity. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational costs for similar tasks.

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By: Marek Dabrowski Topic: European Macroeconomics & Governance Date: October 3, 2017
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External Publication

An innovation deficit behind Europe’s overall productivity slowdown?

Reinhilde Veugelers' chapter in "Investment and Growth in Advanced Economies", conference volume of the European Central Bank’s Forum on central banking in Sintra.

By: Reinhilde Veugelers Topic: European Macroeconomics & Governance, Innovation & Competition Policy Date: October 2, 2017
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