The spread of the novel Corona Virus COVID-19 from the Chinese
province of Hebei across the world has resulted in a global pandemic
of catastrophic proportions. Certain countries have been affected
more severely than others, and there have been glaring disparities
in how national governments have responded to the outbreak.
In addition to the global death toll of 400,000 (and counting), the
industrial and financial disruption has been severe, with the Asian
Development Bank estimating the loss to the global economy at
between USD$ 5.8-8.8 trillion.1
To overcome the current crisis,
and work toward a vaccine, global solidarity, including cooperation
through multilateral organizations like the World Heath Organization
(WHO), is desperately needed.
Topic:
Health, Bilateral Relations, Geopolitics, Economy, and COVID-19
From 2002 up to 2009, the economies of European Union countries went through a skill upgrading, rather than a polarisation between low-skill and high-skill jobs. After 2009, this changed, with declining real wages and a significant increase in the share of workers in low-skill jobs. This assessment evaluates these changes in connection with labour market variables, population densities and the emergence of machine learning and artificial intelligence.
Topic:
Labor Issues, European Union, Economy, Innovation, Artificial Intelligence, Strategic Competition, and Geography
Olivier Blanchard, Thomas Philippon, and Jean Pisani-Ferry
Publication Date:
06-2020
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
Most governments have taken measures to protect vulnerable workers and firms from the worst effects of the sudden drop in activity related to COVID-19. But as lockdowns are lifted, the focus must shift, and governments in advanced economies must design measures that will limit the pain of adjustment.
Though outside the euro area, Denmark and Sweden could benefit from joining the European Union’s banking union. It would provide protection in case of any need to resolve at national level a large bank with a Scandinavian footprint, and would mark a choice in favour of more cross-border banking. But joining the banking union would also involve some loss of decision-making power.
Ben McWilliams, Simone Tagliapietra, and Georg Zachmann
Publication Date:
07-2020
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
In the wake of COVID-19, some economic recovery policies will help green the economy – for example, energy renovation of buildings. But there are limits to the share of stimulus that can be explicitly green. The European Union should therefore also green the fiscal consolidation by setting out the path to much higher carbon prices than today. This would guide investment and provide revenues to help the fiscal consolidation.
Topic:
Climate Change, Energy Policy, European Union, Economy, Renewable Energy, and COVID-19