# Publications

How to provide liquidity to banks after resolution in Europe’s banking union

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence...

22nd November 2018 by MARIA DEMERTZIS, INÊS GONCALVES RAPOSO, PIA HÜTTL AND GUNTRAM B. WOLFF 85 views

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# Publications

One size does not fit all: European integration by differentiation

THE ISSUE Reforming the governance of the European Union has become urgent for three reasons: to better deal with politically-sensitive topics, to manage greater external challenges and because future EU enlargement will...

19th September 2018 by MARIA DEMERTZIS, JEAN PISANI-FERRY, ANDRÉ SAPIR, THOMAS WIESER AND GUNTRAM B. WOLFF 346 views

# Publications

The EU’s Multiannual Financial Framework and some implications for CESEE countries

The European Union’s budget – which is fundamentally different from the budgets of federal countries and amounts to only about 1% of the EU’s gross national income – continues to be heavy on agricultural and cohesion spe...

17th September 2018 by Zsolt Darvas, Guntram B. Wolff 248 views

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# Publications

The economic potential and risks of crypto assets: is a regulatory framework needed?

This paper was paper written at the request of the Austrian Presidency of the Council of the European Union for the informal ECOFIN meeting of EU finance ministers and central bank governors (September 2018) and was pres...

6th September 2018 by Maria Demertzis, Guntram B. Wolff 376 views

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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 421 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 351 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 362 views

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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 376 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 825 views

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# 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 920 views