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Blog Post

Understanding (the lack of) German public investment

An array of data suggests that there is a general lack of investment by all branches of the German government, despite running budget surpluses for several years. This blog post plots the progression of the public investment problem, and explores which regions, which sectors, and which levels of government have been most affected.

By: Alexander Roth and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: June 19, 2018
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Opinion

« Mieux vaudrait laisser les gouvernements libres de tenter les politiques de leur choix »

Les peuples ont le droit de faire des erreurs: Selon l’économiste Jean Pisani-Ferry, l’Union européenne doit accepter les aspirations légitimes à des politiques disparates, tout se prémunissant contre la contagion de leur corollaire : la possibilité d’une faillite souveraine.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: June 12, 2018
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Opinion

Trägt Deutschland eine Mitschuld an Italiens Krise?

Italiens Regierung will riesige neue Schulden machen – die nächste Bewährungsprobe für die Eurozone. Deutschland muss sich aktiv an der Lösung beteiligen.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: June 6, 2018
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Blog Post

Italian populism calls for hard choices

The economic agenda of Italian populists is likely to exacerbate rather than alleviate Italy’s longstanding problems. But the piecemeal, small-step approach followed by European and national ruling elites, while perhaps tolerable for countries under normal economic conditions, is insufficient for an Italy stuck in a low-growth-high-debt equilibrium. If defenders of the European project want to regain popularity, they will need to present a clear functioning alternative to setting the house on fire.

By: Alessio Terzi Topic: European Macroeconomics & Governance Date: May 31, 2018
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Blog Post

Germany’s current account surplus and corporate investment

Following the 1990s post-reunification period and since the beginning of monetary union, Germany's current account has grown substantially. In the crisis years, Germany’s lost about 15 percentage points of GDP in its external investments, but the position continues to grow nevertheless. What are the drivers behind Germany’s current account surplus?

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: May 9, 2018
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Opinion

Germany’s export-oriented economic model is caught in a US-Chinese squeeze

The new Merkel government has to reduce the dependencies on exports by stimulating domestic growth forces in Germany and Europe. At the same time, Berlin should push for a more ambitious national and European innovation policy as well as a robust European foreign trade policy.

By: Sebastian Heilmann and Guntram B. Wolff Topic: Global Economics & Governance Date: April 30, 2018
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Blog Post

Central banks in the age of populism

Two years of elections have shown that we live in an age of increasing political and economic populism. What are the consequences of that for central banks? We explore opinions about it, from both 2017 and more recently.

By: Silvia Merler Topic: Finance & Financial Regulation Date: March 19, 2018
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Blog Post

Still on the road? Assessing Trump’s threat to European cars

Just how exposed is Europe’s automotive sector to a potential escalation in the EU-US trade war?

By: Gustav Fredriksson, Alexander Roth and Simone Tagliapietra Topic: Global Economics & Governance Date: March 13, 2018
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Opinion

US tax reform and implications for the German coalition agreement

Major recent reform of US tax laws represents a serious challenge to Germany, highlighting several weaknesses in the country's economy. The formation of Germany's coalition government represents an opportunity to discuss its own tax changes, which could remedy current problems and stimulate a sustainable domestic boom.

By: Guntram B. Wolff Topic: Global Economics & Governance Date: February 7, 2018
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Podcast

Podcast

What the German coalition agreement means for Europe

The final document on the German coalition agreement will have significant consequences for the European Union and the Eurozone. Bruegel director Guntram Wolff gives his assessment of the agreement's key features in this episode of 'The Sound of Economics'

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: February 7, 2018
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Blog Post

What is the financial balance of EU membership for central Europe?

EU membership led to major financial and economic advantages to central European Member States, partly by encouraging foreign investment. Widespread foreign ownership of capital brought many benefits but also resulted in large profits. Since central European governments are doing their utmost to attract even more foreign capital, foreign profit is set to increase further.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: February 6, 2018
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Parliamentary Testimony

French Senate

Franco-German relations facing the challenges of the EU

Testimony of Bruegel's director during the hearing of the Commissions for the EU and for foreign relations, defense and armed forces of the French Senate on 24 January 2018

By: Guntram B. Wolff Topic: European Macroeconomics & Governance, French Senate Date: January 25, 2018