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You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Publishing Institution Bruegel Remove constraint Publishing Institution: Bruegel Publication Year within 10 Years Remove constraint Publication Year: within 10 Years Publication Year within 5 Years Remove constraint Publication Year: within 5 Years Topic COVID-19 Remove constraint Topic: COVID-19
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  • Author: Monika Grzegorczyk, Mario Mariniello, Laura Nurski, Tom Schraepen
  • Publication Date: 06-2021
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The pandemic has shown that many workers can efficiently work remotely, with benefits for wellbeing and even productivity. The European Union should develop a framework to facilitate hybrid work.
  • Topic: European Union, Work Culture, Innovation, Strategic Competition, Pandemic, COVID-19
  • Political Geography: Europe, Global Focus
  • Author: Gregory Claeys, Zsolt Darvas, Maria Demertzis, Guntram B. Wolff
  • Publication Date: 05-2021
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The COVID-19 pandemic has led to the biggest global recession since the Second World War. Forecasts show the European Union underperforming economically relative to the United States and China during 2019-2023. Southern European countries have been particularly strongly affected. While the ICT sector has benefitted from the COVID-19 crisis, tourism, travel and services have suffered. Business insolvencies have, paradoxically, fallen. While total employment has almost recovered, the young and those with low-level qualifications have suffered employment losses. Inequality could rise. The pandemic may lead to medium to long-term changes in the economy, with more teleworking, possibly higher productivity growth and changed consumer behaviour. Policymakers must act to prevent lasting divergence within the EU and to prevent scarring from the fallout from the pandemic. The first priority is tackling the global health emergency. Second, we warn against premature fiscal tightening and recommend instead additional short-term support from national budgets. Over the medium term, fiscal policymakers will need to gradually move away from supporting companies through subsidies, towards tax incentives for corporate investment. A review of the European fiscal framework is needed to achieve the EU’s green goals more rapidly. The quality of public finances, how policymakers spend resources and the associated reforms are of central importance to prevent scarring. Improving the efficiency of insolvency procedures will be crucial for speedy and effective recovery. Targeted labour market policies for the young and less-qualified are needed. As teleworking becomes a more permanent feature of the EU’s labour markets, it will be crucial to adapt social security and taxation systems in the context of the single market for labour. The EU should resist protectionist calls in the wake of the pandemic. Rigorous competition policy enforcement and an integrated EU market have been beneficial for European convergence and growth. Capital markets have an important role to play in a speedy recovery.
  • Topic: Governance, European Union, Inequality, COVID-19
  • Political Geography: Europe
  • Author: Marek Dabrowski, Marta Dominguez-Jimenez
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: In the 2010s, the economic situation in the Middle East and North Africa (MENA) deteriorated as a result of lower oil and other commodity prices, a new round of domestic political instability, continuous intra-regional conflicts, stalled economic and governance reforms and, finally, the COVID-19 pandemic. The growth of real GDP, which slowed after the global financial crisis of 2008-2009, further decelerated in the second half of the 2010s and became negative in 2020 as result of the COVID-19 shock. Fiscal balances have deteriorated, even in the oil-exporting countries, and public debt has grown rapidly. MENA countries continue to face numerous long-term socio-economic and institutional challenges including high unemployment (especially youth unemployment), low female labour-market participation rates, the poor quality of education, costly and ineffective public sectors, high military and security spending, high energy subsidies and trade protectionism. Only comprehensive long-term reform programmes can address these challenges. The European Union is MENA’s second largest trading partner after the region itself, and is one of two main sources of foreign direct investment and a major aid donor. However, given the critical importance of the MENA region to its own security and stability, the EU’s engagement in conflict resolution and in supporting economic and political transformation of the region is insufficient and should be intensified. The EU should also update and upgrade its existing association agreements with the countries of the Southern and Eastern Mediterranean, including their free trade provisions.
  • Topic: International Trade and Finance, Governance, European Union, Trade, COVID-19, Economic Crisis
  • Political Geography: Europe, Middle East, North Africa
  • Author: Zsolt Darvas
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The estimation of payments from the European Union’s COVID-19 economic recovery fund, Next Generation EU (NGEU), to each EU country in 2021-2026 involves uncertainties, yet the overall magnitudes can be estimated with a reasonable degree of precision. In contrast, estimating member states’ contributions to the repayment of EU debt (which will be issued to finance NGEU spending) is burdened with enormous difficulties, primarily related to the uncertainty of gross national income projections up to 2058. Some numerical scenarios can be put forward to illustrate the difficulties in estimating the amounts of such future contributions.
  • Topic: Economics, Governance, European Union, Macroeconomics, COVID-19
  • Political Geography: Europe
  • Author: Gregory Claeys, Guntram B. Wolff
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The euro never challenged the US dollar, and its international status declined with the euro crisis. Faced with a US administration willing to use its hegemonic currency to extend its domestic policies beyond its borders, Europe is reflecting on how to promote it currency on the global stage to ensure its autonomy. But promoting a more prominent role for the euro is difficult and involves far-reaching changes to the fabric of the monetary union.
  • Topic: Health, European Union, Currency, COVID-19
  • Political Geography: Europe, Global Focus
  • Author: Olivier Blanchard, Thomas Philippon, Jean Pisani-Ferry
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: Most governments have taken measures to protect vulnerable workers and firms from the worst effects of the sudden drop in activity related to COVID-19. But as lockdowns are lifted, the focus must shift, and governments in advanced economies must design measures that will limit the pain of adjustment.
  • Topic: Government, Labor Issues, Economy, COVID-19
  • Political Geography: Global Focus
  • Author: Maria Demertzis, Marta Dominguez-Jimenez, Annamaria Lusardi
  • Publication Date: 07-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The concept of household financial fragility emerged in the United States after the 2007-2008 financial crisis. It grew out of the need to understand whether households’ lack of capacity to face shocks could itself become a source of financial instability.
  • Topic: Governance, European Union, Finance, Macroeconomics, COVID-19
  • Political Geography: Europe
  • Author: Ben McWilliams, Simone Tagliapietra, Georg Zachmann
  • Publication Date: 07-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: In the wake of COVID-19, some economic recovery policies will help green the economy – for example, energy renovation of buildings. But there are limits to the share of stimulus that can be explicitly green. The European Union should therefore also green the fiscal consolidation by setting out the path to much higher carbon prices than today. This would guide investment and provide revenues to help the fiscal consolidation.
  • Topic: Climate Change, Energy Policy, European Union, Economy, Renewable Energy, COVID-19
  • Political Geography: Europe
  • Author: Maria Demertzis, André Sapir, Simone Tagliapietra, Guntram B. Wolff
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: 'Whatever it takes' needs to be the motto to preserve lives and reduce the impact on the economy of the epidemic.
  • Topic: Governance, Economy, Central Bank, Macroeconomics, COVID-19
  • Political Geography: Europe
  • Author: Reinhilde Veugelers, Georg Zachmann
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: This Policy Contribution proposes a staged support scheme to tackle the COVID-19 vaccine challenge and a moon shot programme to meet the challenge of future pandemics.
  • Topic: Health, Science and Technology, Innovation, Vaccine, COVID-19
  • Political Geography: Europe