For markets, European economic governance faces a crisis of policy effectiveness, while for citizens the European Union faces a democratic legitimacy crisis. The introduction of the European Semester economic policy surveillance system has not resolved these problems. Policy guidance deriving...

Recent economic data points to the seeds of an economic recovery in the European Union. However, significant risks remain and bold policies are still needed. There are three central risks. Competitiveness adjustment is incomplete, casting doubt on the sustainability of public debt. Banking...

The euro crisis and subsequent policy responses have challenged the assumptions underpinning the governance of the euro area, and the relationship between the European Unionâ??s euro- and non-euro countries. The euro policy regime has become increasingly complex and difficult to manage, raising...

See also comment 'Interactive map: Europeâ??s social polarisation and the generational struggle' The European Union faces major social problems. More than six million jobs were lost from 2008-13 and poverty has increased. Fiscal consolidation has generally attempted to spare social protection...

Systemic banking crises are a threat to all countries whatever their development level. They can entail major fiscal costs that can undermine the sustainability of public finances. More than anywhere else, however, a number of euro-area countries have been affected by a lethal negative feedback...

Prepared for the ECOFIN in Milan on 13 September 2014. See also interactive simulation to design your own EUI scheme. The issue: Unemployment in Europe has increased to high levels and economic growth has remained subdued. A debate on additional policy instruments to address the situation is...

Bruegel Policy Brief 04/2014 is addressed to the incoming Presidents of the European institutions. It is the first in a series of memos to the new European leadership to be launched in September, which will address individual Commissioners with priorities for their portfolio. Take part in the...

The issue: The European Union's pre-crisis growth performance was disappointing enough, but the performance has been even more dismal since the onset of the crisis. Weak growth is undermining private and public deleveraging,and is fuelling continued banking fragility. Persistently high...

This policy brief argues that the euro area's shortcomings have become abundantly clear. It was set up without powers of strict surveillance over macroeconomic imbalances, crisis management and resolution instruments, or adequate banking supervision and resolution tools. The authors assert that...

Special resolution regimes for banks and systemically important financial institutions are an attractive alternative to both insolvency and public bailouts and have a compelling track record. The European Council has outlined a policy sequence of three successive steps including the Single...