We investigate the degree of (a)symmetry of macroeconomic fluctuations within the euro area (EA). Our findings indicate, first, a high degree of co-movement of cyclical GDP across EA member states. However, the amplitudes of national business cycles appear to vary notably, meaning that booms and...

This paper conducts an in-depth analysis of the National Recovery and Resilience Plans (NRRPs) of Austria, Belgium, and Germany. Exploiting a detailed database that covers all the investments and reforms included in the NRRPs and building on insights from semi-structured expert interviews, we...

This paper develops a decomposition framework to study the importance of different stabilization channels of an unemployment re-insurance scheme for the euro area. The paper provides insights on the potential added value of a re-insurance scheme which crucially hinges on its ability to provide...

The aim of this study is to analyse the role of social policies in different European welfare states regarding minimum income protection and active inclusion. The core focus lies on crisis resilience, i.e. the capacity of social policy arrangements to contain poverty and inequality and avoid...

We design and conduct large-scale surveys and experiments in eleven European countries to examine the effect of the COVID-19 pandemic on social trust, reciprocity, solidarity as well as institutional trust. Using incentivized outcome questions on trust and solidarity towards fellow citizens,...

This paper discusses various options for reforming fiscal governance in the Eurozone. We focus on two possible reform approaches referred to as the ‘Maastricht model' and the ‘US model'. The Maastricht model implies that ultimate responsibility for economic and fiscal policy remains at the...

In the international economic policy debate Germany is criticized heavily for its current account surplus. This paper describes the factors that have led to the surplus and discusses the policy implications. The current account surplus is mainly a result of higher savings, driven by an ageing...

On 29 March 2017, the UK Government notified its exit to the EU in accordance with Article 50 of the EU Treaty. Brexit is therefore officially initiated. On 29 April, the Heads of State and Government of the European Council adopted the guidelines for negotiations between the EU and the UK in...

Despite the great achievements for peace and economic prosperity, the European project has recently been challenged with public support being on decline in many member states, culminating in the decision of the United Kingdom to leave the EU. Against this background, this study looks into...

The EU has mostly been defined as a provider of economic integration amongst participating member states. Its cornerstones have been the removal of obstacles to cross-border flows of goods, services, labour and capital, and the development of common policies that ensure the smooth functioning of...