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# Publications

Is the European Semester effective and useful?

We study whether and to what extent EU countries implement recommendations on macroeconomic imbalances given by the EU in the so-called European Semester. Overall implementation of recommendations by EU countries has wor...

13th June 2018 by KONSTANTINOS EFSTATHIOU AND GUNTRAM B. WOLFF 37 views

# podcast

Central banking and the problem of unelected power

Paul Tucker, former deputy governor of the Bank of England, joins me to discuss the thesis of his new book, as well as the current tensions within current models of central banking governance. We discuss whether the ECB ...

5th June 2018 by Guntram Wolff 270 views

# podcast

What risk does Italy’s new government pose to the euro area?

I discuss here with Francesco Papadia, Bruegel senior fellow, the situation in Italy. The coalition agreement between Italy’s Five Star Movement and the League puts the country’s new government on a potential collision c...

24th May 2018 by Guntram Wolff 204 views

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# Publications

EU funds for migration, asylum and integration policies

The European Union significantly increased its funding for migration, asylum and integration policies in the wake of the increased inflow of asylum seekers in 2015. This study provides an overview, an analysis and an eva...

23rd May 2018 by FRANCESCO CHIACCHIO, ZSOLT DARVAS, KONSTANTINOS EFSTATHIOU, INÊS GONCALVES RAPOSO AND GUNTRAM B. WOLFF 110 views

# Blog

Germany’s Government Still Has an Allergy to Investing

The new coalition budget looks a lot like the old German coalition budget. My Bloomberg View column is here....

14th May 2018 by Guntram Wolff 170 views

# Blog

Germany’s current account surplus and corporate investment

Following the 1990s post-reunification period and since the beginning of monetary union, Germany’s current account has grown substantially. In the crisis years, Germany’s lost about 15 percentage points of GDP in i...

10th May 2018 by Guntram Wolff 211 views

# podcast

EU policy priorities towards Capital Markets Union

The deepening and enlargement of Europe’s capital markets has long been a policy target for the EU – indeed, it is a flagship priority of the current Commission. Many legislative proposals have been forwarded, and there ...

8th May 2018 by Guntram Wolff 181 views

# Blog

Europe needs a broader discussion of its future

The important Franco-German paper leaves aside some of the most crucial issues for the future of Europe’s monetary union: European public goods, a proper fiscal stance and major national reforms. Its compromise on sovere...

6th May 2018 by Guntram Wolff 212 views

# Blog

Germany’s export-oriented economic model is caught in a US-Chinese squeeze

The new Merkel government has to reduce the dependencies on exports by stimulating domestic growth forces in Germany and Europe. At the same time, Berlin should push for a more ambitious national and European innovation ...

30th April 2018 by Sebastian Heilmann, Guntram B. Wolff 231 views

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# Publications

Making a reality of Europe’s capital markets union

This Policy Contribution is an edited version of a paper prepared for and presented at the informal meeting of European Union economic and financial affairs ministers (Informal ECOFIN), Sofia, Bulgaria, 27-28 April 2018....

27th April 2018 by André Sapir, Nicolas Véron, Guntram B. Wolff 168 views