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The Sound of Economics brings you insights, debates, and research-based discussions on economic policy in Europe and beyond.
The podcast is produced by Bruegel, an independent and non-doctrinal think tank based in Brussels. It seeks to contribute to European and global economic policy-making through open, fact-based, and policy-relevant research, analysis, and debate.
S4 Ep17: How to reform European transport and tackle rising emissions
The EU's transport sector is now a significant burden in the context of commitments made under the Paris Agreement to reduce carbon emissions. Transport is the only sector in which Europe's CO2 emissions are now higher than in 1990.
Countermeasures are imperative, but it is not a simple challenge to abandon car-friendly policies; policymakers are not blind to economic benefits brought about by the automotive industry in the past.
In this episode of 'The Sound of Economics', Bruegel fellows Simone Tagliapietra and Georg Zachmann discuss the findings of a Policy Brief that they have co-written containing policy prescriptions for cleaning up Europe's transport sector.
Utilising taxation, as well as funds already allocated within the current multiannual financial framework, the EU can incentivise change not only in the habits of Europe's citizens but its industry leaders too, promoting the policy discussion at country- and city-level where locally appropriate plans and changes can be introduced. Though the EU's research and development funding for transport is dwarfed by that of the continent's automotive sector, there are fields in which the EU can take the lead – fields which private money would otherwise leave undeveloped.
15:0024/04/2018
S4 Ep16: Director's Cut: EU risks US tariff pain in standing by the WTO
As global trade war continues to unfold, Bruegel director Guntram Wolff is joined for this Director's Cut of 'The Sound of Economics' podcast by Bernd Lange MEP, chair of the Committee on International Trade (INTA), to discuss Europe's options.
Increasingly it appears that the EU will have to choose between standing strong with the established laws of the World Trade Organisation (WTO), or striking a deal for a permanent reprieve from the US trade tariffs.
There is no question that the tariffs have significant implications for European industry. Indeed, as the US and China brandish lists of further products on which they would consider imposing tariffs, the full scale of the potential future damage to EU exporters is unclear. Yet there remains some hope that the EU could align with other nations to use the WTO to bring US President Trump back on side.
To discuss what opportunities as well as threats this current stand-off presents to the EU, Bernd Lange - member of the European Parliament and chair of the Committee on International Trade (INTA) - joins Bruegel director Guntram Wolff in this instalment of 'The Sound of Economics'.
22:0617/04/2018
Director's Cut: Developing deposit insurance in Europe
In this week’s Director’s Cut of ‘The Sound of Economics’ podcast, Bruegel director Guntram Wolff talks with Nicolas Véron, senior fellow at Bruegel, about the implementation of a European Deposit Insurance Scheme (EDIS), one of the three pillars needed for the completion of banking union.
Significant progress has been made on European banking supervision and resolution schemes, but the debate on a common framework for deposit insurance has remained stuck since the first consistent proposal in 2012.
Member States are currently enjoying their own deposit insurance system, an example of financial fragmentation through the various national differentiations of policy instruments. The Cyprus case highlights the flaws of a national-level system, based only on a presumption of financial assistance between Member States in case of bail-out.
The financial crisis has proven this is not sufficient. Referring to his own research, Nicolas Véron, senior fellow at Bruegel, recommends strengthening trust by setting up a fully integrated, country-blind deposit insurance system to break the vicious circle of the linkage between banks and sovereign debt.
In this episode of ‘The Sound of Economics’, Nicolas Véron joins Bruegel director Guntram Wolff to debate the implementation and advantages of such a common system, aiming in the long-term at the completion of a harmonised banking union.
19:3003/04/2018
S4 Ep15: Blockchain: The process and the future
Proponents of blockchain see it as the future – but when might it become the present? In this latest episode of ‘The Sound of Economics’ we welcome Julio Faura, global head of innovation at Banco Santander, and Johan Pouwelse, associate professor at Delft University of Technology, to help illuminate the blockchain concept and where it could be taking us.
The development and implementation of blockchain networks is meant to give everyone an opportunity to participate in a market that is not controlled by a central body.
Questions remain, however, over the practicality of blockchain networks; how to transition from proof-of-concept to real-world usefulness, how to integrate with and provide benefits for the world economy, and where the greatest benefits of such decentralisation might lie.
Shining a light on the brave new blockchain world in this latest episode of ‘The Sound of Economics’ is Julio Faura, the global head of innovation at Banco Santander, and Johan Pouwelse, associate professor at Delft University of Technology and found of the Tribler peer-to-peer service.
Both Julio Faura and Johan Pouwelse participated in the Bruegel event ‘The implications of blockchain platforms’, video and audio recordings of which can be reviewed on our events page.
16:5629/03/2018
S4: Director's cut: A global trade triumvirate?
In this week’s Director’s Cut of ‘The Sound of Economics’ podcast, Bruegel director Guntram Wolff hosts a discussion with Bruegel fellows Alicia García-Herrero and André Sapir on where Europe will position itself between the two major trading powers of China and the United States if relations continue to cool.
Bruegel director Guntram Wolff begins his regular Director’s Cut of ‘The Sound of Economics’ podcast with a broad assessment of the recent fomentation of global trade tension, joined in conversation by Bruegel fellows Alicia García-Herrero and André Sapir.
Amid escalating trade tensions, Europe is still working out where it stands between China and the United States. Reprieved – for now at least – of inclusion in the US tariff on steel and aluminium imports, the EU remains regretful of the prospect of global trade war.
China, and Asia more broadly, faces a range of difficulties in the event of a tariff tit-for-tat. Some countries will have to choose where they align themselves; other countries will not have the option to choose.
For a more in-depth look at global trade balances, consider Nicolas Moës recent Bruegel blog post data on bilateral trade, services, investment and protectionism between Asia, Europe and the US in recent years.
Meanwhile, Francesco Chiacchio has written another blog post identifying which sectors would be most vulnerable to any deterioration in relations between the EU and the US.
20:3727/03/2018
S4 Ep14: EU budget: Scope to reform Common Agricultural Policy
Ongoing negotiations over the next multiannual financial framework represent an opportunity for the EU to support its new priorities, such as increased investment in border control and defence.
However, new investment necessitates either an expansion in the size of the budget or cuts to other sectors – each a difficult sell to different Member States. Brexit compounds the problem of finding funds for the seven-year framework, which will run from 2021-27.
The Common Agricultural Policy (CAP) accounts for a sizeable portion of the current budget, and Bruegel director Guntram Wolff here elaborates on the possibility of freeing up more space in the budget by freezing funding for CAP – either in real or nominal terms – based on a research paper he has co-authored with Bruegel senior fellow Zsolt Darvas.
Joining the conversation in this episode of ‘The Sound of Economics’ is Lars Hoelgaard, former deputy director general at the Directorate-General for Agriculture and Rural Development, who explores specific options for reforming the CAP.
25:1320/03/2018
S4 Ep13: A conversation about U.S. steel and aluminium Tariffs
In this episode our senior fellow, André Sapir discusses with Uri Dadush, non-resident scholar here at Bruegel about President Trump's announcement to apply a 25% tariff on all steel and a 10% tariff on all aluminium imports into the United States.
14:2409/03/2018
S4 Ep12: Euro-area governance: Where next?
What comes next for the euro area? Europe has emerged from crisis, and progress has been made with banking union; but more can be done to reform the EU budget and improve the public perception not only of EU money but of the Union itself.
Gideon Rachman, chief foreign affairs correspondent at the Financial Times, and Manfred Weber, chair of the EPP Group in the European Parliament, discuss their thoughts on current state and future direction of the euro area alongside Bruegel director Guntram Wolff.
Guntram Wolff, Gideon Rachman and Manfred Weber enjoyed a lengthier debate on this same topic at the third Bruegel-Financial Times Forum earlier this week.
09:3601/03/2018
S4 Ep11: Brexit and the customs union question
Bruegel senior fellow André Sapir clarifies the UK's options for a new relationship with the EU in the wake of Brexit.
The UK's position relative to the European Union following Brexit remains undecided. With negotiations ongoing, Bruegel senior fellow André Sapir explains the UK's options, and explores the scope for a new kind of relationship between the two parties.
This latest episode of 'The Sound of Economics' considers what it might mean, in reality, for the UK to remain in a customs union with the EU but to leave the single market, as well as what the examples of Turkey and Norway can indicate about the UK's potential future dealings with the EU.
André Sapir has also co-authored a blog post with Bruegel deputy director, Maria Demertzis, elaborating on the various paths open to the UK in phase two of the Brexit negotiations.
Maria Demertzis has more recently considered in a blog post why a positive Brexit outcome matters not just for the UK, but for the EU too.
12:0327/02/2018
S4 Ep10: The new EU budget and the future of the Spitzenkandidaten process
Bruegel director Guntram Wolff frames the two debates that will dominate the upcoming meeting of the European Council on 23 February 2018 – the shape of the next EU budget, and the method by which a new European Commission president will be appointed.
Major questions still hang over the next EU budget, or multiannual financial framework (MFF), and not just because of Brexit.
The next budget, another seven-year MFF that will run from 2021 through to 2027, will likely reflect Europe’s developing priorities in sectors such as defence, border control and fighting climate change. Other sectors may face a cut in spending, particularly given the shortfall left as a result of the UK’s departure.
Elsewhere, the European Council and European Parliament have still to reach agreement over the future of the Spitzenkandidaten process, by which the appointment of current European Commission president Jean-Claude Juncker was decided in 2014.
These topics are lead items on the agenda for the European Council meeting on February 23. Bruegel director Guntram Wolff features in this episode of ‘The Sound of Economics’, highlighting the key considerations and likely deciding factors in the debates still to be had.
11:2821/02/2018
S4 Ep9: Brexit consequences for EU climate and energy policy
Bruegel fellow Georg Zachmann joins Richard Tol, professor in the Department of Economics at the University of Sussex, and Pieter-Willem Lemmens, head of analysis at the climate policy think-tank Sandbag, for this episode of 'The Sound of Economics', to discuss the impact of Brexit on climate and energy policy in the European Union
Britain's departure from the European Union poses questions not only for the EU energy market, but the bloc-wide climate-change targets and emissions trading system.
Presented by Sean Gibson, edited by Giuseppe Porcaro
In the energy context, Brexit not only marks the separation of Britain from the EU but also places Ireland in a uniquely difficult position, having previously utilised infrastructure in Britain to connect to the rest of the EU.
On the matter of climate change, the loss of Britain might make it more difficult for Europe to meet current targets, and set further ambitious goals for the future.
In this episode of 'The Sound of Economics', senior Bruegel fellow Georg Zachmann joins the conversation with Richard Tol, professor in the Department of Economics at the University of Sussex, and Pieter-Willem Lemmens, head of analysis at the climate policy think-tank Sandbag.
Georg Zachmann co-authored a research paper in November 2017 for the European Parliament’s Committee on Industry, Research and Energy, about the impact of Brexit on the Irish energy system - also writing a Bruegel blog post on the same topic. More recently Georg has written an opinion piece on how climate-change policies risk increasing social inequality.
20:3915/02/2018
S4 Ep8: What the German coalition agreement means for Europe
The final document on the German coalition agreement will have significant consequences for the European Union and the Eurozone. Bruegel director Guntram Wolff gives his assessment of the agreement's key features in this episode of 'The Sound of Economics'
The negotiations to form the next German government have been a significant factor in European affairs for months now. With an agreement finally struck, this episode of 'The Sound of Economics' sees Bruegel director Guntram Wolff analyse the document of the agreement and what it means for the EU.
In short, there is a lot of continuity: the Bundestag remains in charge of the European Stability Mechanism, and the EU's fiscal rules are praised; there will be money for the EU budget, too. More significant is the will to move towards a common tax base and minimum tax rate for corporate taxation. Overall, this is not a breakthrough for Europe.
Further reading:
What has driven the votes for Germany’s right-wing Alternative für Deutschland? - by Alexander Roth and Guntram B. Wolff
SPEAKER:
Guntram B. Wolff, Director, Bruegel.
PRODUCTION:
Sean Gibson & Giuseppe Porcaro
07:4607/02/2018
S4 Ep7: European Parliament: More representative post-Brexit?
Brexit has afforded the European Parliament with the opportunity to reform - but will the current proposals for reallocating the UK's 73 seats after 2019 fully realise that opportunity?
In the latest chapter of 'The Sound of Economics', Bruegel director Guntram Wolff highlights the potential political ramifications of seat reallocation, and the difficulties inherent in making the Parliament more representative while staying within the bounds of previous agreements.
Read more on the topic on Bruegel website
SPEAKER
Guntram B. Wolff, Director, Bruegel
PRODUCTION
Sean Gibson & Giuseppe Porcaro
06:3605/02/2018
S4 Ep6: Remaking Europe
SUMMARY:
Manufacturing in its 21st century guise is markedly different from its traditional portrayal. Innovations are not only improving the efficiency of production processes but are also allowing for the establishment of more complex supply chains, with smarter communications systems and big-data management systems driven by an increasing digitalisation.
Companies in a variety of sectors in Europe are having to adapt quickly to keep pace with the change. In this episode of the Sound of Economics, Simone Tagliapietra discusses how the established energy companies are ensuring they stay relevant in this new age; J. Scott Marcus elaborates on the opportunities thus far missed in Europe to make e-commerce work better for everyone; and Reinhilde Veugelers looks at what Europe needs to do to maintain a global presence as new manufacturing takes hold, and what lessons might be learnt from elsewhere.
Each of these three scholars has contributed significant research to the Bruegel Blueprint publication 'Remaking Europe: the new manufacturing as an engine for growth', which explores the topic of new manufacturing in Europe across many sectors.
SPEAKERS
J. Scott Marcus, Senior Fellow, Bruegel
Simone Tagliapietra, Research Fellow, Brugel
Reinhilde Veugelers, Senior Fellow, Bruegel
PRODUCTION
Sean Gibson & Giuseppe Porcaro
15:3619/01/2018
S4 Ep5: Multispeed Europe
The issue of member-state integration in two or more speeds is one of the recurring questions in the debate about the European project. While previously this was a subject for academic circles, it has now moved into policy circles. Is this the future of Europe? Would the idea of proceeding in two or more speeds provoke a break-up of the EU? Is it an opportunity for each country to rethink and renew its commitments to the European project?
In this episode of the Sound of Economics, Bruegel's deputy director, Maria Demertzis, asks some of these questions to Sandro Gozi, Italy's State Secretary for European Affairs.
#Multispeed #Europe #FutureOfEurope #EU
11:1603/01/2018
S4 Ep4: Inclusive Europe: a journey towards integration
Senior Bruegel fellow Zsolt Darvas discusses the impact and integration of migrants in the European Union, based on a new research paper he has co-authored with Uuriintuya Batsaikhan and Inês Gonçalves Raposo.
Joining him on 'The Sound of Economics' is Manu Bhardwaj, vice president for research and insights at the Mastercard Centre for Inclusive Growth, while Sean Gibson takes the reins of his first podcast as the new Bruegel press officer.
Zsolt Darvas has written several blogs ahead of the release of the research paper, the issues of which are discussed in this episode:
How the EU has become an immigration area by Zsolt Darvas
Support for intra-EU mobility of people is on the rise by Zsolt Darvas
The challenge of fostering financial inclusion of refugees by Zsolt Darvas
In addition, watch Bruegel's event on the same topic: Better policies for people on the move
SPEAKERS
Manu Bhardwaj, Vice President for Research and Insights, Mastercard Center for Inclusive Growth, & Zsolt Darvas, Senior Fellow, Bruegel
PRODUCTION
Sean Gibson & Giuseppe Porcaro
14:0114/12/2017
S3 Ep3: The future of Capital Markets Union
Bruegel senior scholar Nicolas Véron speaks with Steven Maijoor, the chair of ESMA, about the future of the Capital Markets Union (CMU), and of the EU's financial supervisory architecture. Currently, the organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector: separate authorities for banking, insurance, and securities and markets. Maijoor's institution, ESMA, is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets. What does he think about the future of CMU, and the regulatory changes that might entail?
13:4216/11/2017
Housing for the modern metropolis
Bruegel scholar Dirk Schoenmaker speaks with James Murray, London’s Deputy Mayor with responsibility for housing. They talk about the challenges London is facing in guaranteeing fair access to reasonably-priced housing. What is the right balance between rental and owned accommodation? And how much can local government influence the housing market in our most desirable cities?
SPEAKERS
Dirk Schoenmaker, Senior Scholar, Bruegel
James Murray, Deputy Mayor of London for Housing and Residential Development
PRODUCTION
Giuseppe Porcaro
Bryn Watkins
09:3127/10/2017
Surprising priorities for Europe and China
Bruegel’s Alicia García-Herrero and Robin Niblett of Chatham House discuss a new joint report on EU-China relations. How easy was it to find common ground with Chinese partners? And what should be the priorities for economic cooperation between Europe and China?
In this episode of The Sound of Economics, we host a conversation between Alicia García-Herrero and Robin Niblett. Our guests talk about a new joint report, EU–China Economic Relations to 2025, produced by four leading institutes in Europe and China.
They discuss the process of finding common ground between the authors, and draw out some of the most interesting findings. It turns out that the most obvious sphere for EU-China economic cooperation, trade and investment, might be the most difficult. So what could be the next step for Europe and China?
SPEAKERS
Alicia García-Herrero, Senior Scholar, Bruegel
Robin Niblett, Director, Chatham House
CREDITS
Presented and produced by Bryn Watkins
#EU #China #Cooperation #economics
09:4213/09/2017
Global trade and Europe
In this episode of The Sound of Economics we focus on trade multilateralism. What are the advantages of a multilateral approach to trade, and what are the risks? What challenges is the global trade system facing, and how should Europe react?
Bruegel’s André Sapir explains the benefits of multilateral trade agreements, and calls on society’s to find ways to compensate those who lose out. Arancha González, executive director of the International Trade Center, makes a strong case against protectionsism. Petra Pinzler, journalist and author, highlights the weaknesses in some narrow economic thinking about trade and argues for better quality trade agreements that empower states. And Guntram Wolff, Bruegel’s director, discusses Europe’s place in the multilateral trade system.
#Trade #Europe #Protectionism #Globalisation #Multilateralism
12:2730/06/2017
What's next for France and Europe?
In this episode of The Sound of Economics, we host a conversation between Jean Pisani-Ferry and Guntram Wolff on the future of Europe after the French election.
Our guests discuss how to address the urban-rural divide that was visible not only in the French election, but also in the Brexit vote and the US election. They also address Emmanuel Macron's pro-European platform, and discuss the significance of winning on such a platform. Finally, they speak about what Macron's victory will mean for the future of the eurozone.
SPEAKERS
Guntram Wolff, Director, Bruegel
Jean Pisani-Ferry, Director for Programme and Ideas of Emmanuel Macron’s presidential campaign
CREDITS
Presented by Bryn Watkins
Produced by Giuseppe Porcaro
11:2011/05/2017
How will Europe's banking system respond to future challenges?
This episode of The Sound of Economics focuses on the banking system in Europe and some of the challenges it is facing. The financial crisis made it clear that more should be done to create conditions for a safer financial system. The EU has taken measures to do that, and one of those measures is the creation of the banking union, which implies bringing all instruments of the banking sector policy to the eurozone level.
Nicolas Véron explains to which extent the banking union has been completed, and shares his assessment on how successful the implementation of the new framework has been so far. While there are some aspects of the framework that can already be assessed, it seems that addressing the issues of Italian banks will be the first big test of how it will function in practice. Silvia Merler shares her opinion on the situation in Italy and reforms that have been taken so far.
One of the key aspects of the banking union is the creation of the European deposit insurance scheme, which has proven to be the most challenging part of completing the banking union. Dirk Schoenmaker reflects on the topic.
Our guests go on to discuss how Brexit will affect the European banking and which risks and opportunities it might bring. Finally, they identify some of the challenges that the European banking system will have to address in the longer run.
SPEAKERS
Silvia Merler, Affiliate Fellow
Dirk Schoenmaker, Senior Fellow
Nicolas Véron, Senior Fellow
CREDITS
Presented and produced by Antonija Parat
16:5205/05/2017
Labour mobility in Europe
This episode of The Sound of Economics focuses on labour mobility in Europe. Anti-immigration sentiment is on the rise due to the perception that immigrants are taking away jobs and benefits. But what is the real impact of migration on European labour markets? What are the economic challenges for migrants and how do these challenges impact on social integration? These are some of the questions we explore with our guests.
Alessandra Venturini speaks about the perception of migrants and how it differs from research findings. Samuel Engblom argues that the impact of migration on labour markets depends on political choices, and that it varies between countries. Anna Ilyina discusses IMF research on the economic impact of emigration from Eastern Europe, and Maria Demertzis emphasises the effect of migration on sending countries.
Finally, our guests debate what the ideal policy response to migration should be, and how perception of migration could be improved.
SPEAKERS
Maria Demertzis, Deputy Director, Bruegel
Samuel Engblom, Policy director, The Swedish Confederation of Professional Employees (TCO)
Anna Ilyina, Division Chief, International Monetary Fund
Alessandra Venturini, Deputy Director Migration Policy Center,Robert Schuman Centre for Advanced Studies, European University Institute (EUI)
CREDITS
Produced and presented by Giuseppe Porcaro
16:0920/04/2017
A glance into the future — how will AI change our lives?
This episode of The Sound of Economics focuses on artificial intelligence (AI). The important technological advancements in computer science and information systems move us towards the artificial intelligence era with the creation of computing machines and systems that perform operations analogous to human learning and decision making. How will our lives change in this new era?
Robert Atkinson shares his opinion on how AI will develop in the future and what we can expect from this development. Anna Byhovskaya addresses the widespread perception that AI will replace jobs as we know them. Is that a myth to be debunked or something we should be ready for? Merja Kyllönen discusses the role of legislators in the process of AI advancement, and Georgios Petropoulos emphasises other important issues to consider, such as the role of companies.
Our guests go on to discuss the specific ways in which AI might change the nature of work. They also debate whether it will have an impact on politics and the political process. Finally, they discuss what they think will be the biggest change resulting from AI development.
SPEAKERS
Robert Atkinson, President, Information Technology and Innovation Foundation
Anna Byhovskaya, Policy & Communications Advisor, TUAC/ OECD
Merja Kyllönen, Member of the European Parliament
Georgios Petropoulos, Research Fellow, Bruegel
CREDITS
Produced and presented by Giuseppe Porcaro
25:0306/04/2017
Special edition - The Treaty of Rome at 60
This year marks the 60th anniversary of the signing of the Treaty of Rome, which started the process of European integration. This presents an opportunity to reflect on the progress that has been made so far, and to discuss what Europeans can expect in the future. We explore some of the central questions on this topic with our guests.
Europe is facing a period of doubt and uncertainty, but this is not the first time it has faced a crisis. We begin this episode by asking Emmanuel Mourlon-Druol how today's challenges compare to previous periods where Europe has faced difficulties. Ivan Krastev goes on to discuss how much control Europe has over its decision-making, and to what extent it responds to external circumstances.
As uncertainty especially affects the younger generation of Europeans, Johanna Nyman examines how young people perceive the future of Europe and what they have to look forward to. Guntram Wolff shares his view on what Europeans should be hopeful about, and what they should worry about.
Our guests go on to debate what Europe can offer its citizens and what questions it will have to answer to move forward. Finally they reflect on the impact of the Treaty of Rome over the last 60 years.
SPEAKERS
Emmanuel Mourlon-Druol, Non-resident fellow, Bruegel
Ivan Krastev, Chairman of the Centre for Liberal Strategies ,Sofia and Permanent fellow at the Institute for Human Sciences, Vienna
Johanna Nyman, Expert on youth policy and human rights
Guntram B. Wolff, Director, Bruegel
CREDITS
Produced by Giuseppe Porcaro
Presented by Bryn Watkins
21:3622/03/2017
Banks and borrowers in distress — Europe's NPL crisis
This episode of The Sound of Economics focuses on non-performing loans (NPLs), a pressing issue for Europe's banks. The financial crisis and the recession that followed left European banks with € 1 trillion of NPLs. This has a negative impact on banks, borrowers, and the wider European economy.
A range of experts offer insights into why NPLs are a challenge for banks, and why they are a problem for the European economy as a whole. They also discuss cultural differences in our relationship with debts, and how NPLs affect borrowers and undermine entrepreneurship.
NPLs are a big issue for the European economy, and the show's guests explore how this issue can be solved. They explain what NPL workout entails, and assess Europe's progress in streamlining the process. Asset Management Companies (AMCs), so-called "bad banks" are part of the solution, and this episode asks if a European approach to AMCs can be effective. And finally, since both banks and borrowers are negatively affected by NPLs, we address the difficult question of who should bear the loss.
15:1610/03/2017
Inclusive growth and inequality in Europe
In this episode of “The Sound of Economics” we examine the issue of inclusive growth and inequality in Europe.
We asked Zsolt Darvas, Senior Fellow at Bruegel, to explain us how is it possible to define and measure inclusive growth.
We spoke to Jana Hainsworth, President of the Social Platform, about the negative effects of social inequalities.
We also asked her which new policies should be implemented to support inclusive growth. Luca Visentini, Secretary General of the European Trade Unions Confederation, and Markus J. Beyrer, Director General of Businesseurope, also shared their opinion.
Finally, Zsolt Darvas highlighted the key policy recommendations from the Bruegel Blueprint “An Anatomy of inclusive growth”.
SPEAKERS
Zsolt Darvas, Senior Fellow, Bruegel
Jana Hainsworth, President, Social Platform
Luca Visentini, Secretary General, European Trade Union Confederation
Markus J. Beyrer, Director General, BusinessEurope
CREDITS
Presented by Giuseppe Porcaro
Produced by Vanessa Cotterell and Giuseppe Porcaro
16:4204/11/2016
Opportunities and challenges for EU-China trade relations
In this episode of The Sound of Economics, we focus on trade relations between the EU and China.
We asked Alicia Garcia Herrero, Senior Fellow at Bruegel, where relations between China and the EU stand at the moment, and why their trade relations are so important.
Currently the US seems more interested in the Pacific than its Atlantic alliance. Does this situation leave any room for the EU and China to get closer? We asked Pascal Lamy, former General Director- of the World Trade Organisation.
Lawrence Lau, Professor of Economics at the University of Hong Kong, told us why he believes that both China and the EU can benefit from closer relations.
We spoke with Jianwei Xu, Visiting Scholar at Bruegel, about the effects of Brexit on the EU-China relations: what would happen if the UK strikes a free trade agreement with China before the EU does?
Finally we discussed the Chinese Belt and Road initiative, which aims to reduce transportation costs between China and the EU. We asked professor Lau what this initiative entails, and Alicia shared her opinion on potential opportunities and dangers that the initiative can bring to Europe.
SPEAKERS
Alicia Garcia Herrero, Senior Fellow, Bruegel
Pascal Lamy, former General Director, World Trade Organisation
Lawrence Lau, Professor of Economics, University of Hong Kong
Jianwei Xu, Visiting Fellow, Bruegel
CREDITS
Presented and produced by Vanessa Cotterell and Giuseppe Porcaro
13:3304/11/2016
Debt resolution: moving on after the crisis
In this episode of The Sound of Economics, we discuss the issue of indebtedness and debt resolution with Carmen Reinhart, Professor of the International Financial System at the Harvard Kennedy School.
Professor Reinhart highlights the scale of the debt overhang in many advanced economies. She also presents evidence that deleveraging has been notably slow since the last global financial crisis.
She discusses how this overhang is affecting the speed of recovery, and calls for debt restructuring – especially in the private sector.
We also hear from Bruegel Research Fellow Maria Demertzis, who explains the significance of non-performing loans and argues for simplified bankruptcy laws.
SPEAKERS:
Carmen Reinhart, Professor of the international financial system, Harvard Kennedy School
Maria Demertzis, Research Fellow, Bruegel
CREDITS
Presented by Giuseppe Porcaro
Produced by Vanessa Cotterell and Giuseppe Porcaro
10:3204/11/2016
Brexit: the way forward
In this episode of The Sound of Economics, a panel of experts from Bruegel and the Financial Times discuss the outlook for the UK and Europe.
There is still a lot of uncertainty about the future, but some key questions are becoming clear.
What will be the impact of Brexit on politics and business?
Is the UK retracting not only from Europe, but also from globalisation?
How should Europe react to what is happening in the UK, and could the EU offer any flexibility on migration and ECJ jurisdiction?
This episode was recorded in conjunction with a Bruegel/Financial Times event about Brexit. Notes from this event, along with video and audio recordings, are available on the event page: http://bruegel.org/events/ft/
SPEAKERS
Lionel Barber, Editor, Financial Times
James Blitz, Whitehall Editor, Financial Times
Guntram Wolff, Director, Bruegel
Maria Demertzis, Research Fellow, Bruegel
CREDITS
Presented by Giuseppe Porcaro
Produced by Vanessa Cotterell and Giuseppe Porcaro
10:3004/11/2016
Unlocking the potential of innovation
This episode of The Sound of Economics focuses on innovation. There is widespread agreement that innovation is vital for European economy, but how can we get from smart ideas to economic growth?
We asked Reinhilde Veugelers, Senior Fellow at Bruegel, why innovation matters for our economies, and why it is important for the components of the innovation system to be interconnected.
Dominique Guellec, Head of Science and Technological Policy in the Directorate of Science at the OECD, to shared with us his opinion on the main weaknesses in European innovation.
We also spoke with Scott Stern, Professor of Management of Technology at the MIT Sloan School of Management. He outlined why he believes Europe needs to think local if it wants to get the full economic benefit of innovation.
We asked Karen Wilson, another Senior Fellow at Bruegel, why Europe seems to fare badly on this compared to other regions such as the US. She stressed the importance of completing the Single Market to support high-growth firms.
Access to capital is a vital factor for expansion of innovative firms. Karen shared her opinion on what the EU can do on this topic, while Reinhilde discussed why funding for innovative growth should come from capital markets.
SPEAKERS
Reinhilde Veugelers, Senior Fellow, Bruegel
Dominique Guellec, Head of Science and Technological Policy, Directorate for Science, Technology and Industry, OECD
Scott Stern, Professor of Management of Technology, MIT Sloan School of Management
Karen Wilson, Senior Fellow, Bruegel
CREDITS
Presented by Bryn Watkins
Produced by Vanessa Cotterell, Giuseppe Porcaro, Bryn Watkins
12:3304/11/2016
Decarbonisation and climate change: looking ahead
In this episode of The Sound of Economics, we focus the issue of decarbonisation and the fight against climate change.
Decarbonisation is at the heart of EU energy and climate policy. And the recent ratification of the Paris Agreement makes decarbonisation targets some of the EU’s most important international commitments.
Progress towards the 2020 targets has been impressive. But the 2020 framework is now being replaced by new targets. The EU wants an 80-95 percent reduction in emissions by 2050, with an intermediate target of 40 percent by 2030.
We asked Simone Tagliapietra, Research Fellow at Bruegel, what progress the EU has already made towards its climate targets and what will change with the new emission targets.
We also spoke with Georg Zachmann, Senior Research Fellow at Bruegel, about the recent drop in Europe’s greenhouse gas emissions and the future of EU’s emission trading scheme.
Lászlo Varro, chief economist at the International Energy Agency, shared his insights on which energy sources will be most important in the future.
We discussed with Connie Hedegaard, former European Commissioner for Climate Action, which other sectors need to be prioritised in the fight against climate change.
SPEAKERS
Simone Tagliapietra, Research Fellow, Bruegel
Georg Zachmann, Senior Fellow, Bruegel
Lászlo Varro, Chief Economist, International Energy Agency
Connie Hedegaard, former European Commissioner for Climate Action
CREDITS
Presented by Antonija Parat and Bryn Watkins
Produced by Vanessa Cotterell and Bryn Watkins
11:3204/11/2016
The Future of Europe
The Future of Europe by Bruegel
12:2607/09/2016
What the Eurozone can learn from US monetary history
The Sound of Economics is a series of podcasts about economic policy, brought to you by Bruegel.
Each episode focuses on a key economic policy debate.
In this episode we are joined by Jeffry Frieden, Professor of Government at Harvard University.
EPISODE 3
Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn from the USA’s experience?
This podcast was recorded when Jeffry Frieden visited Bruegel on 25 May 2016 to give a lecture on the topic. Bruegel also published an essay by Frieden, based on his lecture.
CONTENTS
1. Building the US monetary union
2. The dollar | From minute 11:30
3. Lessons for Europe | From minute 13:15
SPEAKERS
Jeffry Frieden, Professor at Harvard University
Presenters: Áine Quinn & Bryn Watkins
PRODUCERS
Giuseppe Porcaro & Vanessa Cotterell
Read the essay: http://bruegel.org/2016/05/lessons-for-the-euro-from-early-us-monetary-and-financial-history/
Watch the lecture: https://www.youtube.com/watch?v=-_jMFt5wl-U
17:4112/08/2016
Brexit: what happens now?
The sound of economics is a series of podcasts about economic policy, brought to you by Bruegel.
Each episode will look at a key economic policy debate, discuss why it is important and explore some of the work that Bruegel's researchers have done in the area.
This is a special edition about the UK leaving the EU:
On 23 June, the UK voted to leave the European Union, and the UK government will soon begin the process to withdraw from the European Union.
What will this huge change mean for the future of the European Union and its member states? What is the process of leaving, and what signal should the EU give to the UK? What issues are on the table as the UK negotiates a deal with the EU?
CONTENT
Initial reactions
Process of leaving the EU
Future of Europe
Producers – Giuseppe Porcaro & Vanessa Cotterell
SPEAKERS
Guntram Wolff – Director, Bruegel
Maria Demertzis – Research Fellow, Bruegel
Nicolas Véron – Senior Research fellow, Bruegel
Presenters – Áine Quinn & Bryn Watkins, Bruegel
Read more:
http://bruegel.org/tag/brexit/
http://bruegel.org/2016/06/the-day-after-brexit-what-do-we-know/
17:3524/06/2016
European Fiscal Rules
The sound of economics is a series of podcasts about economic policy, brought to you by Bruegel.
Each episode will look at a key economic policy debate, discuss why it is important and explore some of the work that Bruegel's researchers have done in the area.
This episode is about European fiscal rules.
EPISODE 1
The strong fiscal tightening implemented in many European countries since 2010 has contributed to the poor economic recovery in Europe. This raises doubts about the effectiveness of the EU’s fiscal rules in achieving their two main objectives: public debt sustainability and fiscal stabilisation.
A key indicator in the framework is the structural budget balance, but it is very difficult to measure. Recommendations made based on the structural budget balance are often revised when initial estimates turn out to be wrong.
Another problem with the current EU fiscal framework is the opaque web of ‘flexibility’ clauses. This leads to never-ending bargaining between member states and the European Commission about the implementation of the rules, which undermines trust in them.
A recent Bruegel policy contribution by Gregory Claeys, Zsolt Darvas and Alvaro Leandro analyses and assesses the framework and proposes a new set of rules.
Producers – Giuseppe Porcaro & Vanessa Cotterell
CONTENT
The current European fiscal framework and its flaws — until min. 07:50
Bruegel scholars propose new fiscal rules — from min. 07:50
Is a European fiscal council a good idea? — from min. 11:30
SPEAKERS
Gregory Claeys — Research Fellow, Bruegel
Zsolt Darvas — Senior Fellow, Bruegel
Jochen Andritzky — Secretary General of the German Council of Economic Experts
Filippo Taddei — Chief Economist of the Democratic Party, Italy
Presenters — Áine Quinn, Bryn Watkins, Bruegel
Read more:
A proposal to revive the European Fiscal Framework
by Gregory Claeys, Zsolt Darvas, Alvaro Leandro
bruegel.org/2016/03/a-proposal-…n-fiscal-framework/
How to reform EU fiscal rules
by Grégory Claeys & Zsolt Darvas
http://bruegel.org/2016/04/how-to-reform-eu-fiscal-rules/
Filling the gap: open economy considerations for more reliable potential output estimates
by Zsolt Darvas & Andras Simon
bruegel.org/2015/10/filling-the…l-output-estimates/
16:0914/06/2016