The outlook for two of the euro areaÂ?s best performing economies to date, Ireland and Spain, has darkened dramatically recently amid severe downturns in housing markets. What do these countriesÂ? experiences tell us about the functioning of EMU? BruegelÂ?s new policy brief Â?A Tail of Two...

Governance of the global economy is becoming a pressing matter and the situation is compounded by the growing number and diversity of players in the global economy. The authors argue that Europe is now in a position to take a leading role. Not only is it in Europeâ??s interest to reform the...

Increasing nervousness in world financial markets give new relevance to the long-standing issues of global current account adjustment. It reminds policymakers that this adjustment, if improperly managed, could lead to further drops in assets prices, disruptions in the global trading system, and...

Alan Ahearne, Jean Pisani-Ferry, André Sapir and Nicolas Véron contributed this paper to the project "Globalisation challenges for Europe and Finland" organised for the secretariat of the Economic Council of Finland. The project is part of Finland's EU Presidency programme and its objective is...

At a time of symmetric global slowdown, migration cannot contribute as much to absorbing economic shocks as it could if the shock were asymmetric. Early evidence suggests that the crisis has led to a drop in immigration and even net return migration from some countries. This has helped the...

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...

This Bruegel Blueprint argues that Europe should take the lead in defining a solution to the problem of excessive public debts and create a European Crisis Resolution Mechanism (ECRM).The authors, Francois Gianviti, Anne O. Krueger, Jean Pisani-Ferry, André Sapir and Jürgen von Hagen, present...

This Policy Brief was adapted from a paper written by the three authors and presented by Bruegel Director Jean Pisani-Ferry at the informal ECOFIN Council meetings in Gothenburg, Sweden, on 1 Oct. In the brief, the authors argue that bank recapitalisation and restructuring should be a matter of...

Senior Non-Resident Fellow Jürgen von Hagen offers his recommendations for the proper monetary policy to lead the eurozone out of the crisis. He argues that the tentative recovery in the euro area indicates that both monetary and fiscal policy can be normalised soon. However, because delaying...

In response to the financial and economic crisis, central banks, unlike in the 1930s, have created enormous amounts of money. There are fears that this will lead to inflation, but it is base money (the central bank's liabilities) that has expanded; total monetary aggregates have not. By contrast,...