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# Publications

Rethinking the European Union’s post-Brexit budget priorities

There will be a €94 billion Brexit-related hole in the EU budget for 2021-27 if business continues as before and the United Kingdom does not contribute. The authors show that freezing agriculture and cohesion spending in...

19th March 2018 by Zsolt Darvas, Guntram B. Wolff 154 views

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# Publications

Beyond the Juncker and Schäuble visions of euro-area governance

This policy brief was first published on Bruegel.org. It is widely covered in the press. The issue Two diametrically opposed visions of the euro-area architecture have been put forward. European Commission president Jean...

1st December 2017 by Guntram Wolff 596 views

10 likes

# Publications

Capital Markets Union and the fintech opportunity

The paper was prepared for and presented at the informal ECOFIN in Tallinn, Estonia, on 15 September 2017. The paper is available here. Complementing Europe’s bank-based system with deeper capital markets and more...

14th September 2017 by Maria Demertzis, Silvia Merler, Guntram B. Wolff 682 views

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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 1064 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 858 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 1076 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 853 views

1 likes

# 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 1136 views

1 likes

# 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 926 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 2436 views