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Policy Contribution

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Why is it so hard to reach the EU’s ‘poverty’ target?

The ‘poverty’ target set by the European Commission aims to lift “over 20 million people out of poverty” between 2008 and 2020 in the EU27. Progress to date against this target has been disappointing. Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure?

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 19, 2017
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Blog Post

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The impact of Brexit on Northern Ireland: a first look

Following the proposal from the Scottish Government that Scotland remain in the Single Market, the differing “Brexpectations” of the UK’s four constituent countries are once again back in the news. Scotland is getting a lot of attention in the Brexit debate, but Northern Ireland is an equally interesting case.

By: Filippo Biondi and Inês Goncalves Raposo Topic: European Macroeconomics & Governance Date: December 22, 2016
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Policy Brief

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European insurance union and how to get there

What are the arguments for and against centralisation of insurance supervision? What would be the scope of a possible insurance union, and what would the legal basis be? How rapid should the move to insurance union be? This Policy Brief sets out to answer these questions.

By: Dirk Schoenmaker Topic: Finance & Financial Regulation Date: December 13, 2016
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Policy Contribution

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The impact of the legal and operational structures of euro-area banks on their resolvability

Following the financial crisis, the question of how to handle a big bank’s collapse has come to the fore. This Policy Contribution evaluates the obstacles to resolvability that the legal and operational structures of the large euro-area banks could pose to the European Union’s new resolution regime.

By: Dirk Schoenmaker Topic: European Parliament, Finance & Financial Regulation, Parliamentary Testimonies Date: December 6, 2016
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Blueprint

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An anatomy of inclusive growth in Europe

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?

By: Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: October 27, 2016
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Blog Post

Grégory Claeys
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Amsterdam’s boom-bust housing market needs its own mortgage limits

House prices in the Netherlands are on the rise again. But at the local level the pattern is very uneven: house prices in major cities are rising faster than in the rest of the country. Yet, macroprudential policies in Europe are based on trends in national housing price indices. With such divergence between Dutch regions, is that appropriate?

By: Grégory Claeys and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: January 20, 2017
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Brexit and the UK creative industry

The creative sector is important for the UK in terms of employment and share of exports. However, it has mostly been overlooked in Brexit negotiation discussions, despite the fact that a hard Brexit could risk slowing down one of the UK's most consistently growing sectors over the last decades.

By: Maria Demertzis and Fabio Matera Topic: European Macroeconomics & Governance Date: January 18, 2017
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Blog Post

Silvia Merler

The economic effects of migration

What’s at stake: migration is currently a very hot topic in both the US and the EU. Immigration issues have come to the forefront due to the problem of rapidly ageing populations, the refugee crisis, and growing anti-immigration political rhetoric. But what do we know about the economic effects of migration?

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 16, 2017
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The Italian Lira: the exchange rate and employment in the ERM

In the decades before Italy joined the Euro, the Lira was devalued many times relative to the Deutschmark. Were these re-alignments accompanied by long term improvements on the labour market? The data suggests this was not the case.

By: Maria Demertzis, Konstantinos Efstathiou and Fabio Matera Topic: European Macroeconomics & Governance Date: January 13, 2017
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Blog Post

Marek Dabrowski

How to balance sovereignty and integration in a voluntary EU

The principle of voluntary membership is a central value of the EU project, but it is also a source of many of its problems. How can the member states address those problems in order to repair the EU's integration architecture?

By: Marek Dabrowski Topic: European Macroeconomics & Governance Date: January 12, 2017
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External Publication

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Analysis of developments in EU capital flows in the global context (3rd annual report)

The purpose of this report is to provide a comprehensive overview of capital movements in Europe in a global context.

By: Zsolt Darvas, Konstantinos Efstathiou, Pia Hüttl and Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: January 10, 2017
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Blog Post

Silvia Merler

Compensating the “losers” of globalisation

What’s at stake: According to some, 2016’s political turmoil shows that the so-called “losers” of globalisation are striking back. There is, however, little agreement on how government should respond to this challenge.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 9, 2017
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Blog Post

Guntram B. Wolff

Manufacturing in the US: Will Trump’s strategy repatriate highly-paid jobs?

Trump has set out a plan to repatriate highly-paid manufacturing jobs to the US. But the idea that manufacturing jobs are better paid than service roles is a myth. Moreover, labour markets are slow to shift between sectors. An aggressive trade policy may create some jobs in manufacturing but will not be a benefit to US citizens in general.

By: Guntram B. Wolff Topic: Global Economics & Governance Date: January 6, 2017
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Opinion

Nicolas Véron

Giving Asia its due in global financial regulation

With US inward turn, China should get a bigger role to bolster system

By: Nicolas Véron Topic: Finance & Financial Regulation Date: January 5, 2017
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Opinion

Nicolas Véron

ECB finally addressing Italian bank woes

Italy’s banking problem has been left unaddressed for too long. Similar to Japan in the 1990s, it is best understood as a combination of structural and cyclical factors.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: January 4, 2017
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Opinion

Guntram B. Wolff

What will drive political uncertainty in 2017?

2017 promises to be another challenging year for Europe's liberal democracies. Many EU member states are facing elections. But it may be cultural backlash rather than economics that will drive populist vote.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 3, 2017