Research Policy Network (RPNs) EU Economic Architecture

European Economic Policy

Project lead

Giancarlo Corsetti

Pierre Werner Chair and Joint Professor, Department of Economics and Robert Schuman Centre for Advanced Studies European University Institute

The construction of Europe as an integrated economic social and political region able to deliver inclusive prosperity and sustainable growth for its member states and across its boundaries has been a focus area of research and policy at CEPR for decades. In recent years, CEPR researchers have engaged in the debate about the reform of its Macroeconomic Policy strategies and institutions, contributing a number of policy proposals on how monetary fiscal and regulatory policies can interact most effectively. Much of the problems are common to other regions in the world: which macroeconomic policy framework is best suited to deal with large tail shocks such as the COVID-19 pandemic, to stabilize economies with a high level of public and private debt, to adjust to long-term trends in ageing and productivity, and to manage the macro dimensions of climate change and energy transition? Specific to the euro area are issues arising from the coexistence of independent fiscal policies and asymmetric fiscal outlooks, as well as from the need to define, deliver and finance common public goods and policies and contain imbalances.

In the past decades, “Rebooting Europe Project” endeavoured to find a consensus on the underlying causes and possible solutions of the crisis (Baldwin and Giavazzi 2015 and 2016). Two reports on Monitoring the Eurozone (2015 and 2016) made concrete proposals on how to reinforce the euro area construction and finally, CEPR Policy Insight 91 (2018), created an intense debate on how to reconcile risk sharing with market discipline in the euro area. Macroeconomic themes were centrestage in the debates on the CEPR debates on how to address the COVID-19 pandemic. The debate on Euro Area Reform on CEPR's policy portal VoxEU has gathered high-level reactions to this proposal.

From the pandemics and the War in the Ukraine on, the macroeconomic environment has profoundly changed, challenging the economic policy model as it has evolved in the post-GFC era. Conventional boundaries between monetary fiscal and regulatory policies have been blurred and interactions among these policies have become the norm. The question is how to make our policy institutions stronger, so to preserve the credibility and effectiveness of their policies. The purpose of the RPN on European Economic Policy (EEP) is to cons the leading forum for constructive contributions on reformulating the policy model.

The RPN is expected to become a key source of expertise on policy issues in particular for the euro area, and will help bridge national divisions in views and create a productive debate. Among its qualifying goals is promoting a stricter and effective integration of research and policy assessment/design, favouring multi-disciplinarity with the constructive engagement of economists with political scientists, historians and law experts. A particular promising direction of analysis, booming especially after COVID-19, consists of taking advantage of the increasing availability of large and rich databases on firms and households behaviour and government projects to pursue a micro-to-macro approach to policy evaluation.

The European Economic Architecture (EEA) RPN, established in September 2018 for an initial three-year term, has now evolved and been renamed European Economic Policy (EEP). It is currently led by Giancarlo Corsetti.

Events

The Centre for Economic Policy Research (CEPR) Research Policy Network (RPN) European Economic Policy will host several events a year, including a Webinar Series in collaboration with the European and Monetary Union (EMU) Laboratory of the European University Institute (EUI).

European Economic Policy RPN Webinar Series

On Saturday, 9 December 2023, 14:30 - 15:30 (Paris time), the European Economic Policy RPN held the Panel "Rebuilding an Agenda for Europe" at Sciences Po during the CEPR Paris Symposium 2023.

Learn More

EU Economic Policy and Architecture after Covid

VoxEU Column

EU independent fiscal institutions deserve a stronger role

Roel Beetsma

Banner image for Vox debate on EU reform

VoxEU Column

On the Commission’s orientations for a revised economic governance in the EU

Stefano Micossi

23 Feb 2023

EU institutions
EU policies

VoxEU Column

Why we need to reform the EU fiscal framework now

4 Nov 2022

EU policies
Macroeconomic policy

Members

Elga Bartsch

RPN Member, European Economic Policy

Roel Beetsma

Dean of the Faculty of Economics and Business and Professor of Macroeconomics University Of Amsterdam

Giancarlo Corsetti

Pierre Werner Chair and Joint Professor, Department of Economics and Robert Schuman Centre for Advanced Studies European University Institute

Zsolt Darvas

Senior Fellow Bruegel; Senior Research Fellow Corvinus University Of Budapest

RPN Member, European Economic Policy

Xavier Debrun

Advisor, Research Department National Bank Of Belgium

RPN Member, European Economic Policy

Anne-Laure Delatte

Research Fellow French National Centre for Scientific Research (CNRS)

Giovanni Dell'Ariccia

Deputy Director Research Department International Monetary Fund

RPN Member, European Economic Policy / RPN Member, European Financial Architecture / Fellow, Banking and Corporate Finance

Marcel Fratzscher

President Deutsches Institut Für Wirtschaftsforschung (DIW Berlin); Professor of Macroeconomics and Finance Humboldt University Of Berlin

Fellow, International Macroeconomics and Finance / RPN Member, European Economic Policy

Reint Gropp

President Halle Institute For Economic Research; Professor of Economics Otto-von-guericke University Magdeburg

RPN Member, European Economic Policy

Lucas Guttenberg

Deputy Director, Jacques Delors Centre Hertie School of Governance

RPN Member, European Economic Policy

Erik Jones

RPN Member, European Economic Policy

Jan-Pieter Krahnen

RPN Leader, European Financial Architecture / RPN Member, European Economic Policy / Fellow, Banking and Corporate Finance / RPN Steering Committee, European Financial Architecture

Luc Laeven

Director-General of the Directorate General Research European Central Bank

Ramon Marimon

Affiliated Professor Barcelona School Of Economics; Associate Professor Centre De Recerca En Economia Internacional (CREI); Part-time Professor European University Institute; Professor of Economics at the Department of Economics and Business Pompeu Fabra University

Silvia Merler

Affiliate Fellow Bruegel

RPN Member, European Economic Policy

George Papaconstantinou

Professor of International Political economy, School of Transnational Governance European University Institute

RPN Member, European Economic Policy

Elias Papaioannou

Academic Co-Director LBS Wheeler Institute for Business and Development; Professor of Economics London Business School

Richard Portes

Lucrezia Reichlin

Fellow British Academy; Fellow Econometric Society; Chair of the fellows IFRS International Financial Reporting Standards Foundation; Professor of Economics London Business School

Ricardo Reis

A.W. Phillips Professor of Economics London School Of Economics And Political Science

Hélène Rey

Vice President Centre for Economic Policy Research; Lord Bagri Professor of Economics London Business School

Andre Sapir

Senior Fellow Bruegel; Professor Emeritus Université Libre De Bruxelles

Fellow, International Trade and Regional Economics / RPN Member, European Economic Policy

Philippa Sigl-Glöckner

RPN Member, European Economic Policy

Armin Steinbach

Professor of Law and Economics HEC Paris School of Management

RPN Member, European Economic Policy

Rolf Strauch

RPN Member, European Economic Policy

Mateusz Szczurek

Member European Fiscal Board; former Minister of Finance Government of Poland

RPN Member, European Economic Policy

Ángel Ubide

RPN Member, European Economic Policy

Shahin Vallee

RPN Member, European Economic Policy

Isabel Vansteenkiste

Visiting professor College Of Europe; Director General for International and European Relations European Central Bank

Dimitri Vayanos

Professor of Finance and Director of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality London School Of Economics And Political Science; Research Associate National Bureau Of Economic Research (NBER)

RPN Member, European Economic Policy / RPN Member, European Financial Architecture / Fellow, Asset Pricing

Pierre-François Weber

Head of Macro-Finance Division Banque De France

RPN Member, European Economic Policy

Beatrice Weder di Mauro

Guntram B. Wolff

Director Bruegel

RPN Member, European Economic Policy

Jeromin Zettelmeyer

Director Breugel

Associate Fellows

Agnès Bénassy-Quéré

Deputy-Governor Banque De France; Distinguished Fellow Centre for Economic Policy Research; Professor (on Leave) Pantheon-Sorbonne University; Professor (on Leave) Paris School of Economics (PSE)

RPN Associate Fellow, European Economic Policy / Distinguished Fellow

Marco Buti

Tommaso Padoa-Schioppa Chair of Economic and Monetary Integration European University Institute

Clemens Fuest

Professor of Economics and Public Finance Bibliothek Wirtscharftswiseneschaften - University of Munich; Director Center for Economic Studies; Executive Director Cesifo; Speaker European Network for Economic and Fiscal Policy Research; President Ifo Institute