Visiting scholar Xavier Debrun, and Bruegel director Jean Pisani-Ferry contribute to the emerging discussion on reform strategies in the euro area. An earlier version of this note was presented to the Eurogroup Working Group of the Economic Policy Committee of the EU.

This policy contribution by Bruno von Pottelsberghe argues that the number of priority filings should be used as a patent-based measure of Europe's innovation performance. It also identifies several policies that may affect the R&D-patent relationship.

In this paper, Benedicta Marzinotto and Jörg Rocholl focus on the tightening of credit conditions for banking rules (Basel III), particularly the estimated macroeconomic costs range, monetary policy and the aggregate costs of the measures. The authors report that the monetary policy response to...