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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 36 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 109 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

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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 257 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 653 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 742 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 1183 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 914 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 1140 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 902 views