This Blueprint offers an in-depth analysis of inequalities of income and wealth in the EU, as well as their causes and consequences. How evenly are the benefits of growth distributed in our economies, and what does this mean for fairness and social mobility? How could and should policymakers react?
The current fairly peripheral role of China in the global financial regulatory system is increasingly problematic. The system needs a guiding vision in which China becomes much more central – a ‘Chinese dream.’ This paper outlines three clusters of initiatives to achieve a global financial regulatory system in which China holds a major position.
This paper shows that economic convergence continued during the crisis for the EU as a whole, although at a slower pace, but for regions in the EU14, and especially in the euro area, convergence appears to have stopped during the crisis, or even switched to a divergence path.
This paper offers an updated and comprehensive analysis of the currency crises in Russia and the former Soviet Union economies.
A China-UK free trade agreement has been extensively discussed since the UK’s vote for Brexit. Many supporters of Brexit argue that the UK’s regained flexibility to strike trade deals with other partners, and in particular with China given its economic size, will be a key advantage. This analysis indicates that a China-UK FTA will be neither as easy nor as clearly advantageous as portrayed by Brexit supporters.
This Policy Contribution outlines a fiscal cost scenario for the recapitalisation of large banks during a severe systemic crisis.
In order to secure growth and jobs, Europe needs a new growth model built on developing emerging sectors with high value added. But in which sectors can Europe grow, and what economic policies would work?
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?
This paper explains the similarities and differences between European and U.S. net neutrality rules.
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.
Europe is at a crossroads. What must European leaders do to combat populism, the refugee crisis, and low growth?
The Belt and Road aims to ease bottlenecks for cross-border trade in Asia, Europe and Africa. This paper measures empirically whether the reduction in transportation costs will have a positive impact on trade flows for Belt and Road countries and for EU countries. The authors also explore the possibility that the Belt and Road may eventually go beyond its current objectives towards the creation of a free trade area.