Publications

Jacques Delors Institut - Berlin, Bertelsmann Stiftung (Publisher) (PDF)2018

The MFF proposal: What’s new, what’s old, what’s next?

On 2 May 2018, the European Commission released its proposal for the next Multiannual Financial Framework (MFF), covering the years 2021-27. In its own words, the Commission tabled ‘a new, modern long-term budget, tightly geared to the political priorities of the Union at 27’. This article analyses how much change and how much continuity the current proposal truly contains and discusses the next steps and possible negotiation dynamics. read more

Jacques Delors Institut – Berlin, Bertelsmann Stiftung (Publisher) (PDF)2018

Takes two to tax. On fair taxation of the digital economy

The ongoing digital transformation poses enormous challenges to current tax law. This is, because value creation through intangibles raises problems to two core paradigms of international tax rules: where to tax and what to tax. In order to solve these problems, the European Commission published two proposals, a so-called interim tax and a comprehensive solution. In this blogpost, Pola Schneemelcher assesses the proposals and makes the case that they do not sufficiently address the crucial question of how to value data. read more

Jacques Delors Institut - Berlin; Bertelsmann Stiftung (Publisher) (PDF)2018

Should Bulgaria join the euro now? Why being a Maastricht model student isn't enough

The answer is: no – not yet. While the Bulgarian case for joining the euro seems compelling on first sight, neither Sofia nor Brussels should jump the gun now. Not only does Bulgaria still lack the institutional capacity to be a reliable member of the club; it would also loose important degrees of freedom to foster growth and deal with crises at home. This Blog Post argues that the Maastricht criteria may be a necessary, but by no means a sufficient condition for stable euro membership. Bulgaria’s accession should be based on prudence, rather than precipitation. read more

Jacques Delors Institut – Berlin; Bertelsmann Stiftung (Publisher) (PDF)2018

No Escape from Politics: Four Tests for a Successful Fiscal Instrument in the Euro Area

With his proposal for a euro area budget, Emmanuel Macron has put a common fiscal Instrument back at the center of the euro area reform debate. The discussion about whether or not the euro area needs more fiscal integration may be older than the currency union itself, but there is good reason to believe that the coming months will be a critical juncture for European fiscal policy. read more

Jacques Delors Institut – Berlin, Bertelsmann Stiftung (Publisher) (PDF)2017

Looking for the silver bullet

The debate about the future of the European Stability Mechanism (ESM) has taken a centre stage in the discussion about the future of economic and monetary union (EMU). This is partly due to the possible departure of the IMF from European programmes and to the idea to make the ESM a permanent backstop for banking union. But this is also because changing the ESM treaty is seen by many as a quick-fix alternative to a proper overhaul of EMU architecture that would include EU Treaty change. Here, the cart is put often before the horse: Discussions on the precise vehicle of a reform (in this case the ESM) take priority over properly assessing the need of a tool itself. The question how to reform the ESM is not the most fundamental one facing EMU today; but ESM reform can nevertheless contribute to making EMU more stable. This paper argues that the discussion on ESM reform in fact subsumes four separate policy debates. These debates are only loosely linked functionally, but are often being connected politically. The paper gives an overview and assessment of the most important proposals in each of these four debates. read more

Jacques Delors Institut - Berlin, Bertelsmann Stiftung (Publisher) (PDF)2017

Convergence: Are the Eurozone countries too different?

The Eurozone countries are economically different. The crisis has rendered some of these differences more acute and this could destabilize the currency union. The Eurozone countries therefore need to agree on which type of convergence is most important to them and the best way to achieve it. In what areas should they converge? What differences could or should remain? And what policy instruments are required to achieve this? read more

Jacques Delors Institut – Berlin, Bertelsmann Stiftung (Publisher) (PDF)2017

EU budget: What’s the cost of Europe?

The European Union’s budget is relatively small but how it is financed and for what purpose it is used is controversial. The debate around this issue is coming to a head with the pending departure of the United Kingdom. Where does the EU get its money from? Who benefits from the spending? And what ideas are there for a more transparent and effective budget? read more

Jacques Delors Institut – Berlin, Bertelsmann Stiftung (Publisher) (PDF)2017

Banking Union: How stable are Europe’s banks?

The euro crisis was, besides an economic and sovereign debt crisis, a full-blown banking crisis. The Banking Union was thus created precisely to break the vicious circle of ailing banks and weak government finances in the Eurozone. For the moment, it consists of a European banking supervision and a single resolution framework. But the project remains incomplete. How stable are Europe's banks almost eight years after the start of the euro crisis and what is in store for the Banking Union? read more

Jacques Delors Institut – Berlin, Bertelsmann Stiftung (Publisher) (PDF)2017

Low interest rates: Is the ECB’s policy correct?

Since 2013, inflation in the euro area has been too low. In order to revive the economy and bring inflation back to target, the European Central Bank has implemented a low interest-rate policy which includes a bond-buying programme known as quantitative easing or QE. The ECB’s measures, including historically ultra-low interest rates, also bear risks. For example, some observers fear the formation of a bubble in real estate and stock markets or complain about one-sided capital gains for wealthy households. read more

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