European Monetary Union (EMU)

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Policy Contribution

A European perspective on overindebtedness

The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The bank-sovereign vicious circle was first observed in 2009 and became widely acknowledged in the course of 2011 and early 2012. The most impactful initiative has been the initiation of a banking union in mid-2012, but this remains incomplete and needs strengthening.

By: Nicolas Véron and Jeromin Zettelmeyer Topic: European Macroeconomics & Governance Date: September 28, 2017
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Policy Contribution

Dutch Senate

Europe’s fourfold union: Updating the 2012 vision

The depiction of the euro area/European Union (EU) as a ‘fourfold union’ emerged in the first half of 2012 at the height of the euro-area crisis. In the past half-decade, Europe’s financial union has been significantly strengthened but remains incomplete and is challenged by Brexit. No consensus has been found on fiscal union and economic union has not made material progress, but political union might have advanced further than many observers realize.

By: Nicolas Véron Topic: Dutch Senate, European Macroeconomics & Governance, Finance & Financial Regulation, Testimonies Date: September 21, 2017
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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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Blog Post

Who would bet on currency unions after EMU crisis?

The European Monetary Union (EMU) was founded with the idea that nominal convergence would bring real convergence, but structural differences between members have proven wide enough to generate lasting asymmetric negative shocks across the euro area.

By: Alicia García-Herrero and David Martínez Turégano Topic: Global Economics & Governance Date: March 29, 2017
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Policy Contribution

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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Past Event

Past Event

Lessons for the euro from early US monetary and financial history

The United States has a monetary union that many look to when considering the future of the EU. But how easy was it really to create such a union and what can Europe learn from the US process?

Speakers: Jeffry Frieden and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 25, 2016
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Past Event

Past Event

Adjustment in the Economic and Monetary Union

This event will look at shocks and adjustment in the euro area in the light of recent crises and analyse the functioning of a key internal adjustment process in EMU

Speakers: Robert Anderton, Antoine Berthou, Pia Hüttl and José Leandro Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 23, 2016
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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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Blog Post

Speech by Pierre Moscovici at Bruegel 10th anniversary event in Berlin

Keynote speech at Bruegel event on "Promoting growth and stability in the EU", held at the Federal Ministry for Economic Affairs and Energy, on 28 September 2015.

By: Pierre Moscovici Date: September 30, 2015
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Blog Post

Speech by President Donald Tusk at the Bruegel Annual Dinner

Speech held at Bruegel Annual Dinner, Brussels 7 September 2015

By: Donald Tusk Topic: European Macroeconomics & Governance Date: September 7, 2015
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Blog Post

Waiting for the Four Presidents' Report

The Four Presidents’ Report on the Economic and Monetary Union (EMU) is expected to be released at the end of June, outlining how to strengthen economic governance in the euro area. Ahead of the report, this blog looks at the most recent Eurobarometer data to understand how attitudes towards Europe have been evolving in the euro area.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: June 10, 2015