Macroeconomics & the euro
State of the Union: From Putin's war to a trade war?
26 September 2023
If she wants the EU to be greener, fairer, and more resilient, Ursula von der Leyen, or whoever comes next, should stay away from trade spats and support a more ambitious industrial policy instead.
Germany needs a new growth model
30 June 2023
Berlin should fundamentally reset its growth strategy, rather than clinging to a failing model of industrial export corporatism.
Five proposals for enforceable EU fiscal rules
17 April 2023
As the EU reforms its fiscal rules it risks repeating past mistakes. The EU should couple Commission discretion with stronger enforcement mechanisms to get member-states to follow debt reduction plans.
Ditchley conference report: Macroeconomics in a time of pandemic and war
24 February 2023
In November, the CER held its annual economics conference on the macroeconomic consequences of the pandemic and Putin’s invasion of Ukraine.
A year of war in Europe: The balance sheet
22 February 2023
Since Russia attacked Ukraine, the CER has tracked the war’s effect on the protagonists, the EU, NATO and other powers. What conclusions can be drawn from the past year?
The impact of the war in Ukraine: Annual report 2022
10 February 2023
The CER's annual report starts with an essay on how the war in Ukraine is changing Europe. The report then highlights some of the CER's most important publications and events from 2022.
Hungary, Poland and the EU: It's the money, stupid?
08 February 2023
After years playing by the legal book, the EU is now using its purse strings to curb democratic backsliding in Poland and Hungary. This is a good tactic, but not a sustainable strategy in the long-term.
Europe's central bankers should cherish their disagreements
20 December 2022
Promoting an open debate instead of forging consensus behind closed doors could make the European Central Bank’s decision-making culture more effective.
The European Stability Mechanism is not ready for the next crisis
29 November 2022
Eurozone finance ministers just appointed a new head of the European Stability Mechanism (ESM). They should seize the opportunity to turn the ESM into a more useful institution.
Using sanctioned Russian assets to rebuild Ukraine will not be easy
03 August 2022
Funding Ukraine’s reconstruction with confiscated assets from Russian elites will be legally complex. Seizing Russia’s frozen foreign reserves may prove easier.
A new EU fiscal regime could make the ECB truly independent
30 June 2022
The ECB must be free to target inflation and prevent spreads rising without encouraging fiscal irresponsibility. A new, credible fiscal regime is needed, with a permanent EU green investment fund at its centre.
Why would anyone use a central bank digital currency?
07 June 2022
Central banks are rushing to pilot their own digital currencies. These may sound exciting. But they may offer users few compelling benefits they do not already enjoy.
How to make EU fiscal rules compatible with net zero
09 May 2022
EU governments will have to invest a lot more to meet 2030 emissions targets. Fiscal rules exemptions and more EU funding are needed to ensure Europe reaches its climate goals without political crises.
Russia may ditch the dollar – but it needs the euro
29 March 2022
Naysayers claim Western financial sanctions will speed Russia and China’s drift away from Western currencies and finance. But the West’s predominance in the global financial system is enduring.
The EU must triple down on green investment
24 March 2022
Russia’s war on Ukraine forces Europe to make some tough economic choices. Higher climate investment is a no-brainer, however.
How the world has changed in 25 years: Annual report 2021
07 February 2022
The CER has been in business for about a quarter of a century – we published our first pamphlets in 1996 and opened our London office in 1998.
Ditchley conference report: The politics of climate change
02 February 2022
Climate change is as much a political problem as a technological one, and the CER's annual economics conference focused on ways to overcome inertia, denial and myopia.
Europe shouldn't worry about inflation
20 July 2021
The fear of inflation is stalking Europe again. Policy-makers are right to be relaxed.
The G7 corporate tax deal: Why the EU should curb its enthusiasm
09 June 2021
The recent G7 deal will not bolster the European Commission’s broader efforts to fight aggressive tax practices. The Commission needs political realism and more modest aims to make headway.
Don't imitate – innovate! Why Europe doesn't need a rival to Visa and Mastercard
28 May 2021
The European authorities want a home-grown challenger to Visa and Mastercard. They should instead encourage European banks to support more diverse payment options.