This report examines possible scenarios for the evolution of the international monetary system (IMS) and their implications for the euro area, within a 15-year perspective. The report reviews the lessons from the history of the international monetary system (IMS), analyses the current IMS,...

The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially...

The global economic and financial crisis has raised further concerns about the euro-entry criteria, in addition to other factors, such as the effective tightening of the criteria due to the enlargement of the EU from 12 to 27 members, the highly unfavourable property of business cycle...

These Memos, addressed to the next Commission President and to the new European commissioners, are written by Bruegel Scholars and edited by Senior Research Fellow André Sapir and focus on key economic aspects of EU policy-making. The new Commission will enter office at a challenging time for...

In this Blueprint, Bruegel Resident Fellows Zsolt Darvas, Jean Pisani-Ferry, André Sapir and their co-authors Torbjörn Becker, Daniel Daianu, Vladimir Gligorov, Michael A Landesmann, Pavle Petrovic, Dariusz K. Rosati and Beatrice Weder di Mauro argue that in view of the depth of integration in...

The euro area's sovereign debt crisis continues though significant steps have been taken to resolve it. This paper proposes a comprehensive solution to the crisis based on three pillars: a plan to restore banking sector soundness in the whole euro area, a resolution of sovereign debt crisis...

In this Policy Brief Zsolt Darvas, André Sapir and Jean Pisani-Ferry, propose a comprehensive solution to the current European crisis based in three pillars: a plan to restore banking sector soundness, a resolution of sovereign debt crisis including a reduction of the Greek public debt and a...

The financial crisis, which is now hitting the new member states severely, highlights the shortcomings of the existing institutional architecture in Europe. Current strains reflect a revaluation of risks but they also result from policy mistakes. In this policy brief, Zsolt Darvas and Jean...

After drawing some lessons for fiscal policy from previous emerging market crises, Zsolt Darvas concludes with some thoughts on the appropriate policy response from a more normative perspective. The key message of the paper is that the crisis should be used as an opportunity to introduce reforms...

This working paper by Zsolt Darvas assesses the impact of the 2008-09 global financial and economic crisis on the medium-term growth prospects of CEES countries, the Caucasus and Central Asia, which starting their economic transition about twenty years ago. Evidence shows that the crisis has had...