Covid-19 and emerging economies: What to expect in the short- and medium-term (Bruegel)

This article was originally published in the Observer Research Foundation. As Brazil, Russia, India and Mexico record the fast spread of the Covid-19 contagion, a third wave of the pandemic is reaching the emerging world. As a result, business sentiment has decreased in March and April in the region. What’s more, as emerging economies gradually […]

The Independence of the Central Bank at Risk (Bruegel)

The ruling of the German Federal Constitutional Court (GFCC) of May 5 on the ECB’s monetary policy affects not only the relation of Germany to the European Central Bank (ECB) and the Court of Justice of the European Union (ECJ) but also the constitutional foundations of monetary policy.


Study on the differences between bank insolvency laws and on their potential harmonisation (Bruegel)

This study identifies the national insolvency procedures applicable to banks and analyses key differences between them, notably concerning the circumstances according to which the application if reorganisation or winding-up procedures is triggered, the ranking of liabilities, and the available tools to manage bank crises.


The European Union’s post-Brexit reckoning with financial markets (Bruegel)

In the negotiations between the European Union and the United Kingdom over their future relationship, we see a high probability of a weak contractual outcome, given the dominance of politics over considerations of market efficiency.


Rationale and limitations of SURE (Bruegel)

This event will discuss SURE, a new European Union instrument for temporary ‘Support to mitigate Unemployment Risks in an Emergency’

Gilles Mourre, Head of Unit – Fiscal Policy and Surveillance, European Commission, DG ECFIN

Elena Carletti, Professor, Bocconi University

Roel Beetsma, MN Professor of Pension Economics, University of Amsterdam

Grégory Claeys, Senior Fellow

Rebooting Europe: a framework for a post COVID-19 economic recovery (Bruegel)

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 needed. This should be based on four principles: viability of supported entities, fairness, achieving societal goals, and giving society a share in future profits. The effort should be structured around equity and recovery funds with borrowing at EU level.


Incorporating political risks into debt sustainability analysis (Bruegel)

DSA applies to crisis countries only, but an early warning system identifying vulnerabilities is relevant for all countries. A more general, less stringent, debt vulnerabilities analysis (DVA) could be used to assess countries’ debt management policies and identify vulnerabilities, without leading immediately to policy consequences. A more general framework could also incorporate political risks that are significant determinants of debt dynamics