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  • Author: Marek Dabrowski, Marta Dominguez-Jimenez, Georg Zachmann
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: Since the Euromaidan protests (2013-2014), Ukraine has had two presidents and four governments. In a difficult environment of external aggression, they have initiated various reforms aimed at bringing the country closer to the European Union and boosting growth. Progress has been partial and relies on international backing, with limited domestic appetite for reform.
  • Topic: Corruption, Privatization, Foreign Aid, Governance, Reform, European Union, Finance, Macroeconomics
  • Political Geography: Europe, Ukraine
  • 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: 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: Rebecca Christie, Thomas Wieser
  • Publication Date: 05-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: 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.
  • Topic: Markets, Governance, Europe , Brexit, Negotiation, Macroeconomics
  • Political Geography: United Kingdom, Europe
  • Author: Gregory Claeys
  • Publication Date: 05-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: To keep the euro-area economy afloat, the European Central Bank has put in place a large number of measures since the beginning of the COVID-19 crisis. This response has triggered fears of a future increase in inflation. However, the ECB's new measures and the resulting increase in the size of its balance sheet, even if it were to be permanent, should not restrict its ability to achieve its price-stability mandate, within its legal obligations.
  • Topic: Governance, Central Bank, Macroeconomics, Judiciary, COVID-19
  • Political Geography: Europe
  • Author: Alienor Cameron, Gregory Claeys, Catarina Midoes, Simone Tagliapietra
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: On 14 January 2020, the European Commission published its proposal for a Just Transition Mechanism, intended to provide support to territories facing serious socioeconomic challenges related to the transition towards climate neutrality. This brief provides an overview and a critical assessment of the first pillar of this Mechanism, the Just Transition Fund (JTF).
  • Topic: Climate Change, Governance, Budget, European Union, Macroeconomics, Renewable Energy, Transition
  • Political Geography: Europe
  • Author: Marta Dominguez-Jimenez, Niclas Poitiers
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: Most foreign direct investment into Russia originates in the European Union: European investors own between 55 percent and 75 percent of Russian FDI stock. This points to a Russian dependence on European investment, making the EU paramount for Russian medium-term growth. Even if we consider ‘phantom’ FDI that transits through Europe, the EU remains the primary investor in Russia. Most phantom FDI into Russia is believed to originate from Russia itself and thus is by construction not foreign.
  • Topic: Economics, Energy Policy, Foreign Direct Investment, Governance, Sanctions, European Union, Global Political Economy
  • Political Geography: Russia, Europe
  • Author: Zsolt Darvas, Marta Dominguez-Jimenez, Guntram B. Wolff
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The European Central Bank’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to euro-area financial stability, we highlight issues that deserve more attention.
  • Topic: Governance, Finance, Central Bank, Macroeconomics
  • Political Geography: Europe
  • Author: Leonardo Cadamuro, Francesco Papadia
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: This Policy Contribution tests the hypothesis that an imbalance has grown in Europe over the last few decades because markets have integrated to a greater extent than European-level policymaking, potentially creating difficulties for the democratic process in managing the economy. This hypothesis has been put forward by several authors but not so far tested empirically.
  • Topic: Markets, Governance, Democracy, Regional Integration, Macroeconomics, Trade Policy
  • Political Geography: Europe
  • Author: Matthew Heim
  • Publication Date: 12-2019
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: This Policy Contribution considers whether European competition law could be applied more directly to state owned enterprises that create an unlevel playing field in Europe due to the support they receive from their home governments. This issue is now a priority for many Member States and the European Commission given the impact on European economic autonomy. Competition law may not be the appropriate tool for addressing the granting of illegal subsidies or other forms of support in third countries but it may be more effective than previously thought in dealing with the effect of state-owned entities that distort the internal market. If SOEs are not be resource-constrained or even profit maximising, such SOEs could be unconstrained by competitive pressures and therefore possess a de facto level of market power. By evolving existing exclusionary antitrust theories of harm, such as predatory pricing, to fit the specificities of SOEs, this Policy Contribution argues that it should be possible to add further tools to the EU’s toolbox. In any event, as part of its efforts to address the distortive effects of foreign state ownership and subsidies in the internal market, the Commission should develop a coherent and proactive competition policy to provide guidance to the market.
  • Topic: Markets, Governance, Macroeconomics, Strategic Competition
  • Political Geography: Europe