In her address to the European Parliament on the State of the European Union, Commission President Ursula von der Leyen talked about the need to “rediscover the spirit of Maastricht”. This is misguided, given that the old rules damaged both political integration and economic performance. New, bold proposals are needed to allow for genuine economic […]
Until a few months ago, the policy and academic debate in the EU revolved around the Recovery and Resilience Facility (RRF), praised across the board as proof of European solidarity and a concrete manifestation of the EU commitment to address the pandemic crisis. The RRF indeed marked a leap forward towards a stronger redistributive role […]
The combination of an economic downturn and rapidly rising inflation is a new experience for most Europeans. The Covid-19 pandemic and the Russia-Ukraine war produced unprecedented disruptions, or as economists would say: a shock on both the supply and demand sides. And, as the holiday season kicked in, a forceful tightening of monetary policy signalled […]
Characterised by unending transition and constant workforce migration, the economies of the Western Balkans could find balance and become sustainably competitive with green reforms and better attention to welfare and labour rights. Regional cooperation with a strong focus on EU integration could be the right drive for change.
Even before the Covid pandemic has subsided, Europe is now facing another major shock in the form of the Ukraine war. It is threatening economic growth and jobs, and the accompanying soaring inflation is hitting low-income households especially hard. In all this, it is unclear how long the war will last and how drastic the restrictions on energy supply will be.
It is now proverbial that the coronavirus recession was better managed from the point of view of macroeconomics than the previous major crisis in Europe: that of the eurozone. Austerity has been by and large avoided, and social cohesion has been better preserved through solidarity at all levels. Where the distinction has to be particularly […]