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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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Live Event

Sep
29
08:30

Inclusive growth in the European Union

Why is inclusive growth important and how do the EU’s social problems differ from social problems in other parts of the world?

Speakers: Brando Benifei, Monica Brezzi, Bea Cantillon, Zsolt Darvas, Jana Hainsworth, Stefaan Hermans, Barbara Kauffmann, Dalia Marin, Tim Murphy, André Sapir, Reinhilde Veugelers, Luca Visentini and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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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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Upcoming Event

Oct
4
12:30

Potential impediments to long-term investment

How can we encourage long-term investment in Europe? Many factors hinder long-term investment but are there risks involved in reviewing existing regulation?

Speakers: Sophie Barbier, Grégory Claeys, Miguel Gil Tertre, Edoardo Reviglio and Sandra Rigot Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Policy Contribution

pc15_16

Low long-term rates: bond bubble or symptom of secular stagnation?

Yields on European sovereign bonds have reached historically low levels in 2016. This secular decline in long-term sovereign yields is not limited to the euro area. Why are interest rates currently so low? Are low long-term trates justified by fundamental factors or is it an artificial phenomenon?

By: Grégory Claeys Topic: European Macroeconomics & Governance Date: September 26, 2016
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Upcoming Event

Oct
10
12:30

Financial Times/Bruegel European Forum: Where now for the UK and the EU after the vote for Brexit?

Three months after the results of the UK referendum there is still a lot of uncertainty about the future. The Financial Times and Bruegel bring together a panel to discuss the most crucial questions.

Speakers: Lionel Barber, James Blitz, Maria Demertzis, Sylvie Goulard and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Oct
13
08:30

The Euro and the battle of ideas

Why is the Euro in trouble? Are philosophical differences between the founding countries to blame and can those differences be reconciled?

Speakers: Markus K. Brunnermeier, Marco Buti, Maria Demertzis and Harold James Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Parliamentary Testimony

written-evidence-house-of-lords-12-9House of Lords

The future of financial services in the UK following the Brexit vote

UK House of Lords EU Sub-Committee on Financial Affairs' call for evidence on the future of Financial Services in the UK following the vote to leave the European Union.

By: Dirk Schoenmaker Topic: European Macroeconomics & Governance, House of Lords, Parliamentary Testimonies Date: September 15, 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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Past Event

Past Event

From crisis management to launching economic growth

What have been the most effective strategies in limiting the impact of the economic crisis in Europe? What challenges lie ahead? Bruegel's 10th anniversary event in Budapest will foster discussion of these important topics.

Topic: European Macroeconomics & Governance Location: Budapest, Hungary Date: September 14, 2016
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Upcoming Event

Nov
21-22
13:30

Vision Europe Summit 2016

The 2016 Vision Europe Summit is titled "Redesigning European Migration and Refugee Policy" and will be held in Lisbon on 21-22 November 2016.

Topic: European Macroeconomics & Governance Location: Lisbon
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Policy Contribution

cover

What are the prerequisites for a euro-area fiscal capacity?

In this Policy Contribution, Maria Demertzsis and Guntram B. Wolff discuss three progressive steps for strengthening the fiscal framework at the euro-area level. These lead to less interference in national fiscal policymaking thanks to a more credible no-bailout clause, increased risk sharing and different degrees of provision of euro-area-wide public goods and fiscal stabilisation.

By: Maria Demertzis and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 9, 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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