• The euro became an international currency when it was created two decades ago. However, the euro’s internationalisation peaked as early as 2005 and it was never comparable to the US dollar. Its international status dec...
COVID-19 has triggered a severe recession and policymakers in European Union countries are providing generous, largely indiscriminate, support to companies. As the recession gets deeper, a more comprehensive strategy is ...
This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal cons...
The COVID-19 pandemic represents a major shock to the global and European economy. Most European countries need to take bold quarantine and lock-down measures, as has been done in Italy, to prevent an explosion of the ep...
The European Central Bank’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to eur...
This policy contribution (pdf) was written for and presented at the informal meeting of EU finance ministers and central bank governors (Informal ECOFIN) in Helsinki, 13 September 2019. Increasing cyber and hybrid risks...
This collected volume, edited by Maria Demertzis and myself, focuses on the most important economic questions at EU level. The memos covering 16 different files and written by 21 Bruegel scholars, are intended to present...
Our latest policy contribution co-authored by a team of ECFR and Bruegel scholars is here. Executive summary: Europeans like to believe the European Union has the collective economic size and capacity to determine its ow...