EU budget

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Blog Post

The June Eurogroup meeting: Reflections on BICC

The Eurogroup met on June 13th to discuss the deepening of the economic and monetary union (EMU) and prepare the discussions for the Euro Summit. From the meeting came two main deliverables: an agreement over a budgetary instrument for competitiveness and convergence and the reform of the European Stability Mechanism (ESM) treaty texts. We review economists’ first impressions.

By: Inês Goncalves Raposo Topic: European Macroeconomics & Governance Date: June 24, 2019
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Blog Post

Uncertainty over output gap and structural-balance estimates remains elevated

The EU fiscal framework strongly relies on the structural budget balance indicator, which aims to measure the ‘underlying’ position of the budget. But this indicator is not observed, only estimations can be made. This post shows that estimates of the European Commission, the IMF, the OECD and national governments widely differ from each other and all estimates are subject to very large annual revisions. The EU should get rid of the fiscal rules that rely on structural balance estimates and use this opportunity to fundamentally reform its fiscal framework.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 17, 2019
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Blog Post

The campaign against ‘nonsense’ output gaps

A campaign against “nonsense” consensus output gaps has been launched on social media. It has triggered responses focusing on the implications of output gaps for fiscal policy under EU rules, especially for Italy. But the debate about the reliability of output-gap estimates is more wide-ranging.

By: Konstantinos Efstathiou Topic: European Macroeconomics & Governance Date: June 17, 2019
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Opinion

Overcoming the hurdles to Italian Growth

Is the time for refining recommendations and for a serious political debate on how best to overcome bottlenecks and improve the economic prospects of Italians.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: September 4, 2018
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Opinion

La PAC n’est pas taboue

Dans cette chronique, l'auteur estime qu’une renationalisation graduelle de certaines politiques pourrait utilement contribuer à la nécessaire redéfinition du modèle agricole français..

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: May 28, 2018
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Blog Post

The Commission’s proposal for the next MFF: A glass half-full

The Commission’s proposal for the next Multiannual Financial Framework provides a good basis for subsequent negotiations and includes a number of bold suggestions. But it has a number of deficiencies and some of the proposed tools are conceptually weak. We make proposals as to how to improve them.

By: Grégory Claeys and Zsolt Darvas Topic: European Macroeconomics & Governance Date: May 25, 2018
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External Publication

European Parliament

EU funds for migration, asylum and integration policies

This study provides an overview, analysis and evaluation of how EU funds for migration, asylum and integration policies have been used. Using publicly available information, insights from interviews with various stakeholders and a survey of non-governmental organisations (NGOs), the authors evaluate the allocation, implementation and oversight of EU funds.

By: Francesco Chiacchio, Zsolt Darvas, Konstantinos Efstathiou, Inês Goncalves Raposo and Guntram B. Wolff Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: May 23, 2018
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Past Event

Past Event

EU budget post 2020: the next MFF

This is a closed-door event where we will discuss the EU budget post-2020.

Speakers: Barbara Balke, Giacomo Benedetto, Grégory Claeys, Zsolt Darvas, Marcin Kwasowski, Stefan Lehner, Antoine Quero-Mussot, Esperanza Samblas Quintana, Salvatore Serravalle and Laurent Zylberberg Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 16, 2018
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Opinion

What does Europe care about? Watch where it spends

The European Union says it wants to focus on new priorities. First it will have to cut spending in sectors that have long enjoyed support.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: May 14, 2018
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Blog Post

New EMU stabilisation tool within the MFF will have minimal impact without deeper EU budget reform

The European Commission’s proposal for a new stabilisation instrument inside the EU budget for the countries of the economic and monetary union is disappointing. This analysis highlights the proposed instrument’s main limitations, as well as the restrictive factors that will persist without a deeper EU budget reform.

By: Grégory Claeys Topic: European Macroeconomics & Governance Date: May 9, 2018
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Blog Post

How large is the proposed decline in EU agricultural and cohesion spending?

Cohesion spending is proposed by the Commission to increase by 6% in the next MFF, but inflation is expected to reduce the real value of such spending by 7%. The gradual convergence of the least developed regions to the EU average reduces the need for cohesion spending. Common agricultural spending is proposed to be cut by 4%, while if we consider inflation too, the reduction in real value is 15%.

By: Zsolt Darvas and Nicolas Moës Topic: European Macroeconomics & Governance Date: May 4, 2018
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Podcast

Podcast

EU budget: Scope to reform Common Agricultural Policy

In this episode of ‘The Sound of Economics’, Bruegel director Guntram B. Wolff talks with Lars Hoelgaard, former deputy director general at DG AGRI, regarding the possibilities for reforming the EU’s Common Agricultural Policy and the consequences for the new Multiannual Financial Framework.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: March 20, 2018
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