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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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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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Policy Contribution

Belarus at a crossroads

Belarus at a crossroads

Despite the slow pace of market reforms, the Belarusian economy recorded quite impressive growth until recently. However the Belarus growth ‘miracle’ cannot be continued, and the reforms that are needed might be difficult to implement. The potential hardship facing Belarus could be at least partly cushioned by external assistance.

By: Marek Dabrowski Topic: Global Economics & Governance Date: January 21, 2016
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Policy Contribution

Rethinking the security of the European Union’s gas supply

Rethinking the security of the European Union’s gas supply

Simone Tagliapietra and Georg Zachmann argue that instead of doing everything to reduce gas supplies from key suppliers like Russia, gas supply security could more effectively be safeguarded by ensuring that unused alternatives are maintained. They could then be tapped into for an indefinite period in the case of supply disruption from a key supplier.

By: Simone Tagliapietra and Georg Zachmann Topic: Energy & Climate Date: January 20, 2016
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Working Paper

Matching research and innovation policies in EU countries

Matching research and innovation policies in EU countries

Europe has lofty ambitions for building a socially and environmentally sustainable future on the basis of growth and prosperity through innovation. Despite these policies and pronouncements, Europe’s performance on innovation remains weak. In this context, Rienhilde Veugelers assesses whether the deployment of innovation policy instruments in EU countries matches their innovation capacity performance relative to other EU countries.

By: Reinhilde Veugelers Topic: Innovation & Competition Policy Date: December 22, 2015
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Policy Contribution

Financial regulatory transparency: new data and implications for EU policy

Financial regulatory transparency: new data and implications for EU policy

This paper introduces a new international financial regulatory data transparency index - the Financial Regulatory Transparency (FRT) Index - in order to address the exisiting gap in measuring regulatory transparency.

By: Mark Copelovitch, Christopher Gandrud and Mark Hallerberg Topic: Finance & Financial Regulation Date: December 10, 2015
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Policy Brief

Can a global climate risk pool help the most vulnerable countries?

Can a global climate risk pool help the most vulnerable countries?

Extreme climate events related to global warming will happen somewhat randomly and could have a huge cost for the most vulnerable countries. A global climate risk pool, with contributions from all countries, could help these vulnerable countries to recover from such events and might thus smooth the way towards a broader climate deal.

By: Dirk Schoenmaker and Georg Zachmann Topic: Energy & Climate Date: December 4, 2015
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Working Paper

Macroprudential supervision: from theory to policy

Macroprudential supervision: from theory to policy

While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudential), there is no agreed macroprudential framework for measuring financial imbalances and applying policies to correct such imbalances. This paper focuses on these two open questions in the so-called time dimension of macroprudential policy.

By: Dirk Schoenmaker and Peter Wierts Topic: Finance & Financial Regulation Date: November 25, 2015
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Working Paper

Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area

Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area

The financial crisis has prompted a renewed interest in macro-prudential policy as a framework to address the stability of the financial system as a whole, rather than only its individual components. The purpose of this paper is to contribute to the European macro-prudential discussion by establishing empirically the special challenges that the set-up of macro-prudential policy in the euro area needs to confront.

By: Silvia Merler Topic: Finance & Financial Regulation Date: November 18, 2015
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Policy Contribution

The limitations of policy coordination in the euro area under the European SemesterEuropean Parliament

The limitations of policy coordination in the euro area under the European Semester

This paper assesses economic policy coordination in the euro area under the European Semester. Despite the collective decision to create this new system of policy coordination, this paper shows that the European Semester has been rather ineffective.

By: Zsolt Darvas and Alvaro Leandro Topic: European Macroeconomics & Governance, European Parliament, Parliamentary Testimonies Date: November 12, 2015
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