How Are Crises Changing Central Bank Doctrines

Carbon Border Adjustment Mechanism  What Is The Impact On Developing Countries  (1080p)

The Annual Meetings are Bruegel’s flagship event. This year they took place on 6 and 7 September at Autoworld. They offer a mixture of large public debates and small private sessions about key issues in European and global economics. In a series of high-level discussions, Bruegel’s scholars, members and stakeholders addressed the economic policy challenges facing Europe.

How to link the emerging energy union to European climate policies — Bruegel Annual Meetings '16

Forward-thinking investors have long known of the risks associated not just with climate change but with related systemic risks to long-term prosperity such as water scarcity and inequality of opportunity. In response, France has introduced an Energy Transition Law that includes regulations requiring investors to align their portfolios with a 2°C world. Different global financial centres are now also bidding to become centres of green finance.

Growing questions are now being asked about when Europe will get on the front foot and capitalise on this momentum. Actions seem ever more urgent, given that the European Systemic Risk Board and the Dutch Central Bank have both expressed concerns about the threat of climate change to financial stability in Europe. Furthermore, the G20 and Financial Stability Board are due to report  this year both on Green Finance and on climate-related financial disclosures.

This seminar looked at how the European Union could respond to this growing pressure and deliver a Green Capital Markets Union.

http://bruegel.org/events/green-cmu/

Delivering a Green Capital Markets Union - 17/10/2016

Europe’s private sector debt continues to weigh on the economic recovery, and the health of its banking systems. Legal standards that define the rights of creditors and of borrowers in debt distress are a crucial framework to allow an early restructuring of companies that can be saved, to work through a liquidation where this is unavoidable, and to allow a fresh start once debt has been discharged.

Significant reforms have already been undertaken by individual EU states, and in November a new framework was proposed by the EU Commission.

This event will discuss some key issues in this contentious field of law and economic reform:

-Have legal impediments held back debt reduction and corporate sector growth?
-Are Europe’s different legal cultures amenable to common norms?
-Will such norms allow greater cross border investment and trade?
-How can banks support debt reduction?

Debt restructuring through better insolvency standards - 18 January 2017

Nord Stream II – The second branch of the sub-sea gas pipeline from Russia to Germany is highly controversial. While Gazprom and its EU partners highlight the commercial nature of the project and the diversification of supply routes; Central and East European countries fear that the pipeline project makes them more dependent on Russian gas.

The  event on “Different perspectives on Nord Stream II“ is brought together key-experts who introduced their key-findings on the regulatory and economic aspects of Nord Stream II.

For more information about the event see http://bruegel.org/events/different-perspectives-on-nord-stream-ii/

Different perspectives on Nord Stream II - Session 2

Different perspectives on Nord Stream II - Session 1

At this event, Reiko Aoki, Commissioner at the Japan Fair Trade Commission presented the findings of her research and her views on the efficiency of the Japanese and international IP system. Her presentation will be followed by panel discussion on associated challenges in Europe and what is the proper way to address them.

We discussed the following questions:

-How should we design IP policies to incentivise investments that promote economic growth?
-How we can incentivise small-and-medium enterprises to invest more in R&D and grow?
-What is the impact of IP in high technology and very dynamic markets?
-Can competition policy act as an instrument to induce more innovations?
-What is the relationship between market competition and innovation?
-Can we learn valuable lessons by comparing the Japanese IP system with the European one?

For more information regarding the event see http://bruegel.org/events/intellectual-property-and-competition-policy-in-europe-and-japan/

Intellectual Property and Competition Policy in Europe and Japan - 14 April 2017

In the run-up to Brexit, UK-based financial firms are considering their options on how to organize their operations across the future divide between the UK and EU27. In turn, national regulators and European supervisory authorities need to determine how much they ask for in terms of “substance” requirements to authorize local operations of investment banks, asset managers and insurers – i.e. how self-sustaining these operations have to be in relation with those that may remain in Britain. This debate raises important questions about regulatory arbitrage, international openness, EU27 supervisory architecture, and the internal market for financial services

Substance requirements for financial firms moving out from the UK

Digital technologies are set to make the European energy system more connected, intelligent, efficient, reliable and sustainable. Data collection and exchange are growing exponentially, creating digital threats but also valuable opportunities. In this rapidly evolving context, the European energy industry has both the challenge and the opportunity to reinvent itself. With this event, Bruegel aims at fostering a discussion about the industrial implications of Europe’s digital energy revolution, the new business models needed to make the best of it, and the policy frameworks required to facilitate all these developments.

Energy digitalization: challenges and opportunities for the industry

The automotive sector is currently at the centre of a global transformation, driven by four key trends: electrification, autonomous driving, sharing and connected cars. Bruegel fellows Reinhilde Veugelers and Simone Tagliapietra have recently published a policy contribution investigating the position of the European automotive industry in a scenario in which electrification substantially progresses. The results are encouraging for Europe: EU companies entered late the global electric vehicle race, but on the basis of their analysis it is not yet too late for them to catch up and make the best of this change. However, they also find that if Europe wants to succeed in the global electric vehicle race, its automotive industry will have to move into higher gear to meet the global – notably Chinese – competition.

Policy contribution:
http://bruegel.org/2018/12/is-the-european-automotive-industry-ready-for-the-global-electric-vehicle-revolution/

Is the European automotive industry ready for the global electric vehicle revolution?

The EU-LAC Economic Forum was established in 2016 as a high level gathering for in-depth research-based exchanges on economic issues between European, Latin American and Caribbean (LAC) policy makers and experts.

This year’s edition featured three public sessions addressing strategic topics such as the future of regional integration, the 5G challenge and the EU-LAC collaboration, and the impact of the Global Compact for Migration on EU-LAC relations.

EU-LAC Economic Forum 2019 - Migration and EU-LAC relations | 11 June 2019

During this event, European Commissioner for Trade Cecilia Malmström joined Bruegel Senior Fellow André Sapir for a conversation centered around trade policy. As one Commission reaches the end of its term, the EU finds itself entering a new chapter of policymaking and priorities. With the European elections, and the formation of a new administration, questions arise surrounding the agenda concerning trade in the new European Parliament. 

This conversation addressed the past and future of European trade with one eye on the past 5 years and another on the future of trade policy going into the next half decade. Commissioner Malmström also reflected on her tenure and addressed her remaining objectives.

Past, present, and future EU trade policy: a conversation with Commissioner Malmström | 13 June 2019

In this event and at the start of the new cycle of the European Institutions, Bruegel publishes a series of memos to the new generation of lawmakers. Our scholars lay out their suggestions for a fairer, greener and braver Europe.

Launch Of The Bruegel Memos To The New European Leadership

Abstract 
Putting a price on carbon has - for good economic reasons - become an undisputed policy proposal. But in reality, many economic activities (e.g., heating or transportation) are still not covered by such a price in many countries and existing carbon prices (e.g., in the EU Emission Trading System) are considered insufficient to drastically reduce emissions. In this session we want to discuss how to overcome the hurdles to more sensible carbon prices.

Chair 
Georg Zachmann / Senior Fellow, Bruegel
Panel 
Brigitte Knopf, Secretary General, Mercator Research Institute on Global Commons and Climate Change
Lapo Pistelli, Executive Vice President, Eni
Jasper Wesseling, Deputy director-general tax and customs policy and legislation at the Ministry of Finance of the Netherlands

Making Carbon Pricing Work - Bruegel annual meetings

All too often trade is claimed to be the cause of, or a solution to, all the world’s problems. But these assertions are frequently based on outmoded concepts or plain misunderstandings, willful or otherwise.
Reflecting on current developments, EU Commissioner for Trade Cecilia Malmström speaks about the importance of evidence-based policymaking in international trade.
Looking forward, her speech will also highlight the EU’s role in rescuing and reforming the multilateral trading system, with the World Trade Organization at its heart.

Truths about trade

What’s the EU’s offer to Africa? No region is more vulnerable to current global challenges than Africa, with negative spill-overs for the EU. Simultaneously, Africa offers opportunities for investment and trade – a fact well recognised by other global actors. What can the EU’s new leadership offer Africa? And what does Africa expect from its neighbour? During this interactive session, we will discuss how innovations in migration, finance, trade and global health can take the EU-Africa relationship to a new level.

EU-Africa partnership

On 11 September we were honoured to welcome S. Iswaran, Singapore’s Minister for Communications and Information and Minister-in-charge of Trade Relations who engaged in a conversation with Cecilia Malmström, European Commissioner for Trade. They discussed EU-Singapore relations in the context of the wider region and times of global upheaval.

The EU and Singapore signed a Free Trade Agreement and an Investment Protection Agreement in 2018. These agreements are an important symbol for the countries’ commitment to free trade in a time of rising protectionism and could also signal a future FTA with ASEAN.

EU-Singapore relations in a global context | 11 September 2019

The provision of financial services is profoundly changing worldwide – so much so that many commentators are predicting the death of banking as we know it. The threat of banks’ extinction is not new; it’s been heralded many times in the past. For centuries, as banks have expanded and evolved, they have faced competition from other types of financial institutions. Despite high barriers to entry and as a result, relatively low turnover, many commentators have anticipated the end of the traditional banking business model.

Today, we are again experiencing radical changes in the way households and businesses transact. The primary drivers are rapid advances in technology and post-crisis changes in the financial regulatory landscape, both of which have fuelled increased competition and encouraged new entrants in the provision of financial services. Critically, today’s competition to big bank business models emanates from nonbank firms whose core strategy centres around technological innovation (Big Tech and FinTech firms) and from nonbank financial institutions (NBFIs), such as large asset managers.

This event, jointly organised by Bruegel, CEPR and ECARES will feature the presentation of the the latest Geneva Report on the World Economy, authored by Thomas Philippon, Kathryn Petralia, Tara Rice and Nicolas Véron. The report reviews the financial services landscape and how it has changed over the last several decades; discusses the competition from FinTech and Big Tech; and considers critical public policy questions surrounding the future of banking and concludes with suggestions of future work.

Banking disrupted by FinTech and Big Tech | 9 October 2019

This event will assess the progress the EU has made with the convergence of national insolvency rules, and why progress in this area remains essential in achieving financial integration in euro area, and in further work on the EU capital markets union. This also relates to the broader discussion of how stronger insolvency rules can foster more rapid firm exit and productivity growth.

The convergence in EU rules for insolvency and enforcement

Are large differences in the resilience of individual economies related to differences in the quality of country-level institutions that shape the absorption and response to these shocks? At this event we'll discuss the evolution of labour markets, and the role of institutional design and good process.

Improving regulatory policy formulation and institutional resilience in Europe

This event looks at how the rise of China is affecting global value chains.

The role of China in global value chains

This Bruegel public event was organised in the framework of MICROPROD, a research project that aims to improve our understanding of productivity, its drivers and the way we measure it. Panellists and participants took stock of the current challenges in productivity measurement, discussed the preliminary findings of the project and reflect on future research and policy priorities. Listen to the presentation of Filippo di Mauro here.

Issues in productivity measurement | 4 December 2019

In this event, Google's and Alphabet's CEO Sundar Pichai elaborated on his views on Artificial Intelligence.

Partnering with Europe on responsible AI: a conversation with Sundar Pichai, CEO Google and Alphabet

Bruegel and the Wellcome Trust have completed an ambitious simulated negotiation for a post-Brexit agreement on research and innovation. At this event, we will publish the project report, which tells the story of the negotiation process and makes clear recommendations for the UK Government and EU institutions on how best to tackle the EU-UK future relationship on research and innovation. It also includes the agreement text our exercise produced.

A post-Brexit agreement for research and innovation | 28 January

After 8 years, the European Banking Union has not achieved its two stated objectives: breaking future contagion between banks and sovereigns, and creating a true single market for banks.

The aim of this event was to discuss possible solutions to revive the Banking Union. More specifically, Luis Garicano argued in his presentation for the empowerment of the Single Resolution Board and the creation of a “Safe Portfolio” model.

Following these proposed solutions, the political and economic feasibility were discussed in a panel, together with other possible ways to resurrect the Banking Union.

The resurrection of the European Banking Union | 20 February

Border Carbon Adjustment (BCA) is justifiably one of top priorities of the European Commission. With a ten-year deadline to drastically lower the GHG emissions, the Commission is planning to test the new measures already later this year, potentially starting with the industries producing steel, cement, and aluminum.

Inevitably, there is a lot of negative commentary surrounding the proposal - critics argue that the emerging countries' industries will be put at a disadvantage, they wonder if the BCA is WTO-compatible, and finally, they question the very feasibility of the implementation of the tax.

At this event our fellow Georg Zachmann talked about his paper, "A European carbon border tax: much pain, little gain", where he argues that the European Commission should not make the implementation of a carbon border adjustment mechanism into a must-have element of its climate policy.

There is little in the way of strong empirical evidence to offer justification for the problem the mechanism looks to address, direct carbon leakage.

Furthermore, significant logistical, legal and political challenges will arise during the design. A key problem with the limited form of adjustment currently under consideration will be trade deviation. The EU should instead focus upon the implementation of measures to trigger the development of a competitive low-carbon industry in Europe.

On gains, losses, and trade-offs: the case of border carbon adjustment | 5 March 2020

The question whether trade policy instruments are fit for coping with the rise of state capitalism and a new dimension of state subsidies has already been discussed intensively in trade policy debates. Whether in this context competition law might also need to be updated and whether this should encompass new instruments are less debated questions which the first panel addressed.

The second panel built on this and discussed whether (and how) competition law needs to be updated with a view to ongoing digitization of the economy, seeing that digital technologies not only change the structure of markets but also open up new levels of strategic global competition. Access to data or digital infrastructure are important facets of this discussion in which Europe needs to find its own answers.

Global competition and digital change: updating European competition policy (panel 2) | 9 March 2020

Global competition and digital change: updating European competition policy (panel 1) | 9 March 2020

During this online event, Commissioner Thierry Breton spoke with Sam Fleming, Brussels bureau chief of the Financial Times, and Bruegel’s Director Guntram Wolff and discussed the European industrial strategy in face of the coronavirus.

Braver, Greener Fairer: European Industrial Policy in times of coronavirus

In our second event in our series with the Financial Times, Commissioner Paolo Gentiloni discussed the European response to the coronavirus crisis.

A European response to the coronavirus crisis with Paolo Gentiloni I 6 April

The Coronavirus outbreak presents a major challenge to the entire European Union and solidarity is an important part of the response to this unprecedented crisis.

Cohesion Policy funding is playing a central role in the EU's  Coronavirus Response Investment Initiative, which aims to mobilise cohesion policy to flexibly respond to the rapidly emerging needs in the most exposed sectors, such as healthcare, SMEs and labour markets, and help the most affected territories in Member States and their citizens.

At this event Elisa Ferreira, European Commissioner for Cohesion and Reforms was in conversation with Jim Brunsden of the FT and Bruegel's Deputy Director, Maria Demertzis to discuss how the EU is making money available for those who need it the most.

This event is part of a series of talks and debates with Europe’s political leaders jointly organised by the Financial Times and Bruegel.

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