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Policy Contribution

Eurobonds: The blue bond concept and its implications

This paper revisits the Blue Bond proposal, published in May 2010. It discusses its implications and addresses some of the comments and criticisms received in response to the proposal.

By: and Date: March 21, 2011 Topic: European Macroeconomics & Governance

The Blue Bond proposal, published in May 2010 (Bruegel Policy Brief 2010/03) suggests that sovereign debt in euro-area countries be split into two parts.

The first part, the senior ‘Blue’ tranche of up to 60 percent of GDP, would be pooled among participating countries and jointly and severally guaranteed. The second part, the junior ‘Red’ tranche, would keep debt in excess of 60 percent of GDP as a purely national responsibility.

This paper revisits the proposal, discusses its implications and addresses some of the comments and criticisms received in response to the proposal.

This paper was prepared for the European Parliament’s Economic and Monetary Affairs Committee, session of 21 March 2011 on the interaction between bank and sovereign debt resolution. Copyright remains with the European Parliament at all times.

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Blog Post

A European anti–money laundering supervisor: From vision to legislation

In fighting anti-money laundering, the European Commission should act fast toward creating a central supervisory authority.

By: Nicolas Véron and Joshua Kirschenbaum Topic: European Macroeconomics & Governance Date: January 24, 2020
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Blog Post

How could net balances change in the next EU budget?

The gap between payments into the EU budget and EU spending in a particular country has importance when EU spending does not constitute European public goods, or there are risks for their improper use. I estimate that the Juncker Commission’s proposal for the next seven-year budget would lead to big reductions (as a share of GNI) in the net payments to most central European countries, while the changes for other countries seem small

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 23, 2020
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Upcoming Event

Jan
28
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A post-Brexit agreement for research and innovation

What is the future of EU's and UK's relationship on research and innovation?

Speakers: Adrian Hayday, Philippe Lamberts, Michael Leigh, Clare Moody, Martin Muller, Joe Owen, Jaroslaw Pietras, Uta Staiger, André Sapir, Beth Thompson and Guntram B. Wolff Topic: European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Blog Post

Incorporating political risks into debt sustainability analysis

DSA applies to crisis countries only, but an early warning system identifying vulnerabilities is relevant for all countries. A more general, less stringent, debt vulnerabilities analysis (DVA) could be used to assess countries’ debt management policies and identify vulnerabilities, without leading immediately to policy consequences. A more general framework could also incorporate political risks that are significant determinants of debt dynamics

By: Stavros Zenios and Andrea Consiglio Topic: European Macroeconomics & Governance, Global Economics & Governance Date: January 22, 2020
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Past Event

Past Event

The state of health in the EU and the digitalisation of health promotion

The panellists at this event reviewed the general state of health as well as the digitalisation in the industry.

Speakers: Stefania Boccia, Caroline Costongs, Katarzyna Czabanowska, Zsolt Darvas, Guillaume Dedet, Martin Dorazil, Josep Figueras, Joanna Kokot, Martin Seychell and Michael Strübin Topic: European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 22, 2020
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Policy Contribution

Market versus policy Europeanisation: has an imbalance grown over time?

This Policy Contribution tests the hypothesis that an imbalance has grown in Europe over the last few decades because markets have integrated to a greater extent than European-level policymaking, potentially creating difficulties for the democratic process in managing the economy. This hypothesis has been put forward by several authors but not so far tested empirically.

By: Francesco Papadia and Leonardo Cadamuro Topic: European Macroeconomics & Governance Date: January 9, 2020
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Opinion

Understanding populism

Political identity is a group stereotype. As no camp corresponds exactly to our expectations, we choose the one to which we are closest and which is also the most distant from the ideas we reject

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: January 2, 2020
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Blog Post

2019 on #econtwitter, in a million tweets

What did academic economists talk about in 2019? I collected one million tweets from popular academic economists over the year, and analysed the topics discussed.

By: Enrico Bergamini Topic: Energy & Climate, European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance, Innovation & Competition Policy Date: December 19, 2019
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Podcast

Podcast

The Sound of Margrethe Vestager

Will AI exacerbate the gap between big companies and small ones? Do ordinary Europeans gain anything from having European tech giants? This week, Nicholas Barrett and Guntram Wolff went to the Berlaymont to interview Margrethe Vestager, the Executive Vice President of the European Commission for a Europe Fit for the Digital Age.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: December 19, 2019
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Policy Contribution

Can EU competition law address market distortions caused by state-controlled enterprises?

The distortive effects that foreign state-owned or state-supported companies can have on European markets and on the European Union’s economic autonomy are starting to worry policymakers

By: Mathew Heim Topic: European Macroeconomics & Governance Date: December 18, 2019
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Blog Post

How much will the UK contribute to the next seven-year EU budget?

This post estimates the United Kingdom’s net contribution to the 2021-2027 EU multiannual budget at close to €20 billion, taking into account the most significant items of the financial settlement according to the October 2019 EU27-UK draft withdrawal agreement.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: December 16, 2019
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Working Paper

A new look at net balances in the European Union's next multiannual budget

Whenever the European Union’s budget is discussed, much of the political focus is on net balances – whether countries pay in more than they receive – rather than on the broader overall positive effects of EU spending. The largest net contributor countries have sought to limit their contributions, leading to the build-up of an ad-hoc, complex, opaque and regressive system of revenue corrections.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: December 12, 2019
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