The Next Generation EU (NGEU) programme is radically changing the way the European Union interacts with financial markets because of its ambitious and ground breaking new public debt programme. The European Commission has adopted a new, diversified borrowing strategy, similar to that of other...

Drawing comparisons between the fiscal architecture and situation in the US and the European Union, Bruegel Research Fellow Zsolt Darvas answers three questions in this Policy Contribution- Why has the euro been hit so hard? How would a more federal European fiscal union closer to the US model...

Jean Pisani-Ferry discusses the emergence of China as a key economic and global player from a European perspective. Looking ahead, this paper focuses on two key aspects, the rebalancing of global growth and the strengthening of global governance, and explains how these will shape Sino-European...

This Policy Contribution accompanies the Policy Brief, 'No Green Growth Without Innovation'. Written by Senior Non-Resident Fellow Philippe Aghion, Senior Resident Fellow Reinhilde Veugelers and Researcher Clément Serre, this paper discusses the state of green innovation and goes into more...

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already...

In this paper, original written for the Economic and Monetary Affairs Committee (ECON) of the European Parliament on 30 November as part of the series entitled 'The threat of currency wars: global imbalances and their effects on currencies', Bruegel Fellows Jean Pisani-Ferry and Zsolt Darvas...

Through Bruegel's role on the Monetary Experts Panel for the European Parliament's Committee on Economic and Monetary Affairs, Bruegel scholars contributed to the Committee's Monetary Dialogue with the European Central Bank meeting on 28 September. In this briefing paper for the Panel, Director...

Indhira Santos analyses the impact of the European Union‘s cohesion policy both in terms of economic efficiency and redistribution to needy areas of the EU. She illustrates with data the confusion created by the multiple objectives of current EU cohesion policy and by the political...

The reform of euro area governance has been chosen by the heads of state and government in the EU as a topic for immediate discussion and swift decisions. The European Council in Spring 2010 asked president Van Rompuy to chair a task force on euro area governance. The task force is due to...

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,...