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# Publications

The global decline in the labour income share: is capital the answer to Germany’s current account surplus?

This policy contribution was published by Bruegel. Please find the pdf here. The piece was nicely covered by Martin Wolf in the FT. This paper links the major divergences between the three largest euro-area countries in ...

26th April 2017 by Bennet Berger, Guntram Wolff 396 views

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# Publications

Europe’s role in North Africa: development, investment and migration

Paper prepared for, and presented at, the informal ECOFIN meeting of EU finance ministers in Malta on 8 April 2017. The paper is available here. Executive summary Africa’s population is projected to reach almost 2.5 bill...

8th April 2017 by Uri Dadush, Maria Demertzis, Guntram Wolff 416 views

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# Publications

Europe in a new world order

This policy brief was first published on Bruegel. The pdf is available here. The issue The United States is the European Union’s most important trade and bilateral investment partner, which has, until now, supported a mu...

17th February 2017 by Maria Demertzis, André Sapir, Guntram B. Wolff 561 views

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# Publications

Making the best of the European single market

Now more than ever, the EU needs to address concerns about the significant decline in productivity growth and the increasing perception of unfairness. Completing the single market would unlock the EU’s growth poten...

2nd February 2017 by Vincent Aussilloux, Agnès Bénassy-Quéré, Clemens Fuest, Guntram Wolff 464 views

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# Publications

Is Brexit an opportunity to reform the European Parliament?

Brexit offers a political opportunity for the European Parliament to reform the allocation of seats to member states. This Policy Contribution explores different options for reform and their implications for equality of ...

27th January 2017 by Robert Kalcik, Guntram B. Wolff 712 views

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# Publications

What impact does the ECB’s quantitative easing policy have on bank profitability?

Quantitative easing (QE) affects banks’ profitability in three main ways. First, as QE drives up bond prices, banks holding such bonds see their balance sheets strengthened. Second, QE reduces long-term yields and thereb...

30th November 2016 by Maria Demertzis, Guntram B. Wolff 446 views

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# Publications

An anatomy of inclusive growth in Europe

This Blueprint offers an in-depth analysis of inequalities of income and wealth in the EU, as well as their causes and consequences. How evenly are the benefits of growth distributed in our economies, and what does this ...

27th October 2016 by Zsolt Darvas, Guntram B. Wolff 1061 views

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# Publications

What are the prerequisites for a euro-area fiscal capacity?

This paper is a background note for a presentation at the Informal ECOFIN meeting of EU finance ministers and central bank governors in Bratislava on September 9, 2016. policy contribution, summary sent to ministers, spe...

12th September 2016 by Maria Demertzis, Guntram B. Wolff 546 views

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# Publications

Europe after Brexit: A proposal for a continental partnership

After the British decision to leave the EU, Europe’s trajectory, even its destiny, has again become a matter of choice. In an increasingly volatile world, neither the EU nor the UK have an interest in a divorce that dimi...

29th August 2016 by Jean Pisani-Ferry, Norbert Röttgen, André Sapir, Paul Tucker, Guntram B. Wolff 883 views

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# Publications

The effectiveness of the European Central Bank’s Asset Purchase Programme

Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest o...

23rd June 2016 by Maria Demertzis, Guntram B. Wolff 593 views