Bruegel Annual Report 2014

8/9/2019 Bruegel Annual Report 2014

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A N N U A

L R E

P O R T

i m p r

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2014


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Bruegel Annual Report 2014| Bruegel Annual Repor t 20142


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Bruegel Annual Report 2014 | 3

8 Improving economic policy since 200510 A network of talents11 Researchers18 Staff list

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B R U E GE L AT A G L A N C E

5 Chairman’s message6 Director’s introduction

21 The research strategy23 Policy impact28 European macroeconomics and governance32 Global economics and governance42 Finance and financial regulation44 Innovation and growth46 Competition policy50 Energy and climate

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G O V E R N A N C E & M E M B E R S H I P

52 Values54 Governance model55 Board56 Members58 Scientific council59 Management team60 Financial statements62 Auditor’s report

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R E S E A R C H A N D P O L I C Y I M PA CT

C O N T E N T S


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It is dif cult, in reviewing the European policyenvironment in 2014, to avoid a sense of ‘déjà vu’.Many of the problems that were – and continue to be– in need of solutions appeared to be the same as inprevious years. At the same time, implementation ofdecisions was sometimes slow and incomplete. Whilethere was consensus that certain complex situationsneeded to be addressed, there was failure to agree onhow to address them.

Bruegel’s response, therefore, has adapted to thecurrent needs of the policymaking environment:Bruegel scholars put more emphasis on the detailedanalysis of the situation, on the political economy ofreform, providing frameworks in which policymakerscould navigate in a particularly demanding economic,

nancial, monetary and political environment. Anexcellent example of this was the publication ofmemos to the new EU leadership, providing leaderswith proposed strategic priorities for the next veyears, and released in time for the nominationhearings for the Commission. Once the Commissionwas appointed, a number of Commissioners were

happy to debate these recommended priorities withus. Focusing on having the right agenda should be avaluable contribution to solving our implementationconundrum.

But 2014 will also be remembered as ayear of big surprises from outside theEU. Bruegel’s reaction to geopoliticalconcerns was to provide informationand advice on the economic

consequences of emerging situations.

I have been happy to observe,along with all of our Boardmembers, that Bruegel’s Directorcontinued to increase the reliability,

trustworthiness and also the nancial strength ofBruegel. Bruegel’s research and events continue to befocal points of the European debate.

The key to this success has been timeliness and thequality and depth of the research, while keeping an eyeon the political economy.

Bruegel has also made a notable institutional responseto an increase in scepticism about the greaterEuropean project: to increase the transparency ofour nancing and governance, further reinforcingour trustworthiness. Our transparency reassuresstakeholders that Bruegel can make a legitimatecontribution to improving economic policy, whichrests solely on the quality of the ideas it generates. Wecontinue to promote the idea that a diverse funding

base, an emphasis on core funding and an appropriaterelationship with members is maintained, while beingopen about what motivates all the individuals thatcontribute to Bruegel’s output. We engage with all

bodies affected by policy, to create solutions that willwork for as many of us as possible.

Bruegel continued to grow in 2014, enjoying thegreatest nancial support it has ever enjoyed.We are very grateful to all those in the publicand private sectors who put their faith in our

commitment to improving economicpolicymaking through an independent,evidence-based, analytical approach.Bruegel’s members, its Board,management and the whole team will

strive to continue to be worthy of thecon dence our institution presently

bene ts from, continuing to work forsolutions we can all have faith in.

C H A I R M A N ’ S M E S S A G E

Jean-Claude Trichet

“Bruegel has adapted to the currentneeds of the policymaking environment”


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“A f ocus on impact”Policymakers faced major challenges in Europeand abroad in 2014. In the euro area, slow growthand falling in ation meant there was a need fordetermined action and implementation of well-known

but controversial measures. The issue was not a lack ofcreative ideas but rather concrete solutions that work.Rigorous and detailed analysis was crucial to convinceand demonstrate to policymakers that, contraryto numerous statements, the recovery was weak,underlying disin ation dynamics were substantial andan urgent response was therefore required.

The social problems created by the European crisisneeded and still need to be addressed. We decidedto put substantial emphasis on an analysis ofrising poverty and inequality, highlighting thatunemployment is not only a problem in itself but thatit also undermines the potential for economies to growin the long term. We also explored the opportunitiesand limits of creating a European unemploymentinsurance system.

The crisis in Ukraine triggered a whole set of policychallenges. Several Bruegel scholars worked on a

detailed analysis of the gas interdependencies betweenthe EU, Ukraine and Russia, and made proposals onhow the interdependencies could be reduced. Theyalso analysed the macroeconomic challenges facingUkraine and made proposals on what to prioritise inthe nancial assistance programme.

In my message a year ago, Iemphasised Europe’s structuralproblems. In the intervening period,

Bruegel has sought to address these,looking at how growth can be revivedand necessary adjustments completed.The creation of a single marketfor telecoms and the associatedcompetition problems were focus

issues. We also deepened our work on energy andclimate change, two crucial areas for the Europeaneconomy and the sustainability of our models.

Bruegel also focused on the structurally importantareas of banking and nance during 2014, especially

banking fragility, the setting-up of a commonsupervisor and the still-ongoing resolution ofweaknesses in that market. Here, we not only shapedthe ex-ante debate but also evaluated policymakers’decisions ex-post. Our calls for deeper and moreintegrated capital markets date back to 2012 and2013. Capital markets union has now become animportant topic on the structural policy agenda forthe 28 member states of the European Union. We willcontinue to drive this debate in 2015.

While much of our work has had a European focus,Bruegel also placed the economic debate in a globalcontext, continuing our cooperation with think tanksfrom Europe’s neighbourhood, Asia and North America.In 2013 emerging and developing countries togetheraccounted – for the rst time since at least 1850 – formore than 50 percent of global GDP. In the same period,

the average public debt-to-GDP ratio of these countriesdropped below 40 percent while it has reached nearly110 percent in the advanced economies. The globaleconomy is, therefore, an essential part of our work.

Bruegel focuses on impact but we arestill below optimal size and thereforeintend to continue to grow. In thename of the entire Bruegel team, I canassure you that we continue to strive

to improve economic policy based onour core values of honesty, excellence,impartiality and transparency. We lookforward to working with you to makean impact on policy.

Guntram Wolff D IR E C TO R ’ S I N T R O DU C T I ON


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B R U E

G E L A T

G L A N

C E

Bruegel is a European think tankspecialising in economics.Established in 2005, Bruegel isindependent and non-doctrinal. Itsmission is to improve the quality ofeconomic policy with open and

fact-based research, analysis anddebate. Bruegel’s membershipincludes EU member stategovernments, internationalcorporations and institutions.

Thanks to our dual focus onanalysis and impact, and ourdynamic relationships withpolicymakers at every level ofgovernance, we have establishedourselves as a vibrant laboratory for

economic policy.

Bruegel contributes at variousstages in policy making: setting theagenda, shaping fast-moving policydebates in real time and evaluatingpolicies to propose improvements.


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EVIDENCE-BASED POLICY RECOMMENDATIONS

DEMAND-DRIVEN QUESTION INDEPENDENT ANSWERS

Bruegel does not stand for anyparticular policy doctrine. Its fellowsdraw on analysis to assess economictransformations, discuss policyoptions and propose recommenda-tions – while always keeping an eyeon their practical feasibility.

Bruegel’s diverse stakeholders, inclu -ding members, design the researchprogramme collaboratively. The Boardtakes the nal decision on the pro -gramme. Once a research topic ischosen, however, research and publica -tions are fully independent. All publica -tions are released under the signature oftheir author(s). Bruegel takes noinstitutional standpoint, though thedirector exercises editorial oversightand quality control.

The idea to set up an independent European think tankdevoted to international economics stemmed fromdiscussions involving economists, policymakers andprivate practitioners from many European countries.

The initiative subsequently found support from 12 EUgovernments and 17 leading European corporations, whocommitted to the project’s initial funding base andparticipated in the election of its rst Board in December2004. Operations started in 2005 and today Bruegelcounts 18 EU governments, 33 corporations and 10 insti -tutions among its members.

IMPROVING ECONOMIC POL

SINCE 2005


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LINKING GOVERNMENT, RESEARCH,BUSINESS AND CIVIL SOCIETY

EUROPEAN IDENTITY,OUTWARD-ORIENTED FOCU

Through publications, events, socialmedia and its blog, Bruegel provides aforum for informed policy discussions between individuals from diverse

backgrounds. Bruegel also cooperateswith leading European and internatio-

nal research institutions on speci cresearch projects or exchange pro -grammes.

Bruegel addresses topics for whichpolicy responsibility rests with indivi-dual states, the European Union, globalgovernance groups and internationalorganisations. Its interactions withdecision-makers develop at everygovernance level and take place inmany parts of the world.

Independence and honesty are essential for a credible think tank. Transparify, anindependent NGO, has repeatedly awarded Bruegel ve stars out of ve fortransparency, recognising its openness about nancing and governance.However, transparency is about more than just money. All researchers makeannual declarations of their outside engagements and projects. Bruegel is clear

about the role of members, and partners, who help set the research agenda but donot in uence the outcome of the independently conducted research.


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Bruegel relies on a team that is bothinternational and diverse in its expertise.

Resident scholars are part of the core team that works in

Brussels. They are senior fellows, fellows and af liate fellowswho are generally former research assistants now engaged instudy. Non-resident scholars are active contributors basedoutside Brussels. Fellows at large are former fellows whosecurrent positions prevent them from commenting directly onthe policy-making process, but who still wish to engage inter -nally or to contribute.

Bruegel strives for a geographically diverse representationamong its team. Visiting fellows add to this diversity, coming

from internationally recognised institutes (NIRA, CASS, ICRIER,Canon Institute for Global Studies, etc.). Through this pro -gramme, research scholars, policymakers and practitioners staytemporarily at Bruegel to conduct research work, and to interactwith other fellows, members and a wider audience by speakingat selected events.

All fellows rely on a team of research assistants and researchinterns whose skills and commitment are gratefullyacknowledged. A dedicated non-research team is responsible for

the daily management, outreach and development of theorganisation.

A N E T W O R

K O

F T A L E N T

S


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Carlo ALTOMONTE

Carlo’s research focuses on international trade and investment, the political economyof globalisation and the process of European integration. He is associate professor ofeconomics of European integration at Bocconi University, and professor ofmacroeconomics and international business environment at SDA Bocconi School ofManagement. He received his PhD in applied economics at the Catholic University of

Leuven.

Non-resident fellow

MichielBIJLSMA Michiel focuses on the added value of the nancial sector and structural differences

between the nancial sector in Europe and in the USA. He is programme leader fornancial markets at the Netherlands Bureau for Economic Policy Analysis (CPB). After

a PhD in theoretical physics at the University of Utrecht, he was a consultant at Ernst& Young and senior economist at The Netherland’s Competition Authority.

Non-resident fellow

R E S E A R C H E R S *

Grégory CLAEYS

Grégory’s research interests include nancial economics, internationalmacroeconomics and nance, central banking and European governance. From 2006 to2009 Grégory worked as a macroeconomist in the Economic Research Department ofthe French bank Crédit Agricole. Prior to joining Bruegel he also conducted research inseveral capacities, including as a visiting researcher in the Financial ResearchDepartment of the Central Bank of Chile in Santiago, and in the Economic Department

of the French Embassy in Chicago . Grégory taught undergraduate macroeconomics atSciences Po in Paris. He holds a PhD in Economics from the European University Institute(Florence), an MSc in economics from Paris X University and an MSc in management from

HEC (Paris).

Research fellow

*Only scholars that have published in 2014 are fully listed with bios.For the complete list of the scholars see the table at the end of this section.

Resident fellows Non-resident fellows


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MarekDABROWSKI

Marek focuses on economic reforms and prospects in Russia, Ukraine and centralEurope. He is a professor at the Higher School of Economics in Moscow and was afellow under the 2014-2015 fellowship initiative of the European Commission. He waspreviously a First Deputy Minister of Finance of Poland, a Member of Parliament and aMember of the Monetary Policy Council of the National Bank of Poland.

Non-resident fellow

Zsolt DARVAS

Zsolt’s research interests include macroeconomics, international economics, central banking and time-series analysis. He is also research fellow at the Institute of

Economics of the Hungarian Academy of Sciences and associate professor at theCorvinus University of Budapest. From 2005 to 2008, he was the research adviser tothe Argenta Financial Research Group in Budapest. Before that, he worked at theResearch Unit of the Central Bank of Hungary (1994-2005), where he served as deputy

head. Zsolt holds a PhD in economics from Corvinus University of Budapest.

Senior fellow

Mark HALLERBERG

Mark researches political economy, scal policy and scal institutions and bankingsupervision. He is professor of public management and political economy at the HertieSchool of Governance and is director of Hertie’s Fiscal Governance Centre. He has heldprofessorships at Emory University, the University of Pittsburgh, and the GeorgiaInstitute of Technology and holds a PhD from the University of California in LosAngeles.

Non-resident fellow

JérémieCOHEN-SETTON

Jérémie produces a weekly review of economic blogs for the Bruegel website,summarising online debate and opinion about key topical issues. He is a PhDcandidate in economics at U.C. Berkeley. He was previously an economist in the UK’sTreasury, where his work focused on preparations for the London Summit.

Non-resident affiliate fellow


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Guonan MA

Guonan’s research focuses on Chinese monetary policy. He was a senior economist atthe Representative Of ce for Asia and the Paci c of the Bank for InternationalSettlements (BIS). Before joining the BIS in 2001, he worked as a chief North Asiaeconomist at various investment banks, including Merrill Lynch, Salomon SmithBarney and Bankers Trust. Guonan was also a lecturer and research fellow at theAustralian National University and holds a PhD.

Non-resident fellow

Mario MARINIELLO

Mario’s work focuses on European competition policy and regulation issues. Before joining Bruegel, Mario was a member of the Chief Economist’s Team in the European

Commission’s DG Competition. He holds a PhD in industrial organisation from theEuropean University Institute of Fiesole (Florence) and an MSc in economics fromCORIPE (Turin). During the time he spent at the European Commission he worked oneconomic analysis of a number of topical antitrust and merger cases such as

Qualcomm, Oneworld and Star Alliances, Ebooks, KLM/Martinair, Newscorp/BSkyB,UPM/Myllykoski. He also participated in the drafting of the new European Guidelines for

the application of Article 101 of the TFEU to Horizontal Cooperation Agreements.

Research fellow

AshokaMODY

Ashoka Mody researches nancial institutions and governance, especially the euro-areacrisis. He is visiting professor in international economic policy at the Woodrow WilsonSchool, Princeton University. Previously, at the IMF, he was responsible for Article IVconsultations, and for the design of Ireland’s nancial rescue programme. He has heldmanagement positions at the World Bank and advised governments worldwide ondevelopment and nancial policies.

Non-resident fellow

SilviaMERLER

Silvia’s research focuses on international macro and nancial economics, central bankingand EU institutions and policymaking. She has been writing on various aspects of thesovereign banking crisis, on monetary policy, on macroeconomic imbalances and

adjustment and on the dynamics of capital ows in the euro area. Silvia was aneconomic analyst at the European Commission (DG ECFIN), providing supportiveanalysis for the policy negotiations around the European Stability Mechanism (ESM).

While a student she was involved in the MICRODYN project, working on a cross-countryand cross-sectors analysis of productivity developments with rm-level data, and on the

POLINARES project (Policy for Natural Resources). Silvia holds an MSc in economics andsocial sciences at Bocconi University in Milan.

Affiliate fellow


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Mario

JimO’NEILL

Jim’s research for Bruegel focuses on aspects of changing global trade patterns,emerging markets and how to target higher sustainable economic growth. He servedon the Bruegel board from its inception until 2013. Jim is the creator of the acronymsBRICs and MINTs. He worked for many years at Goldman Sachs, specialising incurrencies and asset management. Jim also does philanthropic work in the eld ofeducation.

Non-resident fellow

Mario MARINIELLORainerMÜNZ

Rainer specialises in international migration. He was head of the Research &Knowledge Centre at Erste Group, and senior fellow at the Hamburg Institute ofInternational Economics. He was director of the Institute of Demography at theAustrian Academy of Science, and head of the Department of Demography atHumboldt University, Berlin. Rainer has worked as a consultant for international

institutions and several EU presidencies.

Non-resident fellow

From the left: Antoine Aubert (Google), Wolfgang Kopf (Deutsche Telekom), Reinhilde Veugelers, André Sapir, Mario Mariniello


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Bruno VAN POTTELSBERGHE

Bruno focuses on the effectiveness of R&D policies aimed at stimulating innovation inEurope. He was chief economist of the European Patent Of ce (EPO) from 2005 to 2007.He is dean of Solvay Brussels School of the Brussels Free University (ULB) and aprofessor. He teaches courses on the economics and management of innovation andintellectual property.

Non-resident fellow

André SAPIR

André’s research focuses on international trade, European governance, and global andEuropean macroeconomics. He was professor of economics at the Brussels FreeUniversity (ULB) and a former economic adviser to the president of the EuropeanCommission. He is vice-chair and former chair of the scienti c council of the

European Systemic Risk Board. In 2004 he published “An Agenda for a GrowingEurope”, a report to the President of the Commission by a group of independentexperts that is known as the Sapir report. André holds a PhD in economics from

Johns Hopkins University. He is also a research fellow of the Centre for EconomicPolicy Research (CEPR). André is a founding editorial board member of the World Trade

Review, published by Cambridge University Press and the World Trade Organisation.

Senior fellow


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AlessioTERZI

Alessio’s research interests include structural reforms, competitiveness, Economic andMonetary Union (EMU) governance and the G20. He was a research analyst in the EMUgovernance division of the European Central Bank and research assistant at Bruegel.He has also worked for the macroeconomic forecasting unit of DG ECFIN (EuropeanCommission), the Scottish Parliament’s Financial Scrutiny Unit and Business Monitor

International, a country risk and forecasting rm in the City of London, where he wasEurope analyst. Alessio holds an MPA in European public and economic policy fromthe London School of Economics. He is currently a PhD candidate at the Hertie School

of Governance in Berlin.

Affiliate fellow

Nicolas VÉRON

Nicolas’ research is mostly about nancial systems and nancial reform around theworld, including global nancial regulatory initiatives and current developments inthe European Union. He was a co-founder of Bruegel in 2002, initially focusing onBruegel’s design, operational start-up and development. He joined the PetersonInstitute as a visiting fellow in 2009 and divides his time between the US andEurope. Nicolas has authored or co-authored numerous policy papers on issuesincluding banking supervision and crisis management, nancial reporting, the

euro-area policy framework and economic nationalism. He has testi ed in front of theEuropean Parliament and US Congress committees. His publications also include

“Smoke & Mirrors, Inc.: Accounting for Capitalism”, a book on accounting standards andpractices (Cornell University Press, 2006), and several books in French.

Senior fellow

Mario MARINIELLOReinhilde VEUGELERS

Reinhilde concentrates her research in the elds of industrial organisation, internatio -nal economics and strategy, innovation and science. She is a full professor at theUniversity of Leuven in the Department of Management, Strategy and Innovation.She has been a senior fellow at Bruegel since 2009. She is also a CEPR researchfellow and a member of the Royal Flemish Academy of Belgium for Sciences. From2004-2008, she was an adviser for the European Commission’s Bureau of EuropeanPolicy Analysis (BEPA). She was the president-elect of EARIE (European Association

for Research in Industrial Economics). She currently serves on the ERC Scienti cCouncil.

Senior fellow

Karen WILSON

Karen’s work at Bruegel focuses on entrepreneurship and innovation. She has worked inthe Structural Policy Division of the Science, Technology and Industry Directorate at theOECD since 2009 and served as a senior fellow at the Kauffman Foundation from2008-2012. She is an associate fellow at the Said Business School at Oxford Universityand a visiting lecturer at the Stockholm School of Economics in Riga. Karen is thefounder of GV Partners, a research and consulting rm created in 2004. Karen waspart of the senior management team at the World Economic Forum and, before that,served as the executive director of the Global Initiative at Harvard Business School. She

received, with honours, a Bachelor of Science in Mathematics and Management fromCarnegie Mellon University and an MBA from Harvard Business School.

Senior fellow


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GeorgZACHMANN

Georg’s work at Bruegel focuses on energy and climate change issues and he is anexpert on Ukraine. He is a member of the German Advisory Group in Ukraine and theGerman Economic Team in Belarus and Moldova. Prior to this, he worked at theGerman Ministry of Finance and the German Institute for Economic Research inBerlin. He has worked on the EU emissions trading system, the European electricitymarket and European renewables policy. In addition he covers fuel and commodity

markets. Georg holds a doctoral degree from the Technical University of Dresden, anda diploma in economics from the Humboldt University, Berlin. In Berlin and Dresden,

and during research and study visits to the London Business School and the UniversitéVal d’Essone, he specialised in empirical microeconomics and energy economics.

Research fellow

Guntram WOLFF

Guntram has been the director of Bruegel since June 2013 and previously served asdeputy director. His research focuses on the European economy and governance, on

scal and monetary policy and global nance. He regularily testi es to the EuropeanFinance Ministers’ ECOFIN meeting, the European Parliament, the German Parlia -ment (Bundestag), the French Parliament (Assemblée Nationale) and the House ofLords (UK). He is a member of the French prime minister’s economic advisory

council. He joined Bruegel from the European Commission, where he worked on themacroeconomics and governance of the euro area. Prior to this, Guntram coordinated

the scal research at Deutsche Bundesbank. He worked as adviser to the InternationalMonetary Fund. Guntram holds a PhD from the University of Bonn and taught economics in

Pittsburgh and Brussels.

Director

Grégory Claeys at the European Economic and Social Committee for the Civil Society Day, 18 March 2014.


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Director

Guntram Wolff

Resident scholars

Grégory ClaeysZsolt DarvasMario MarinielloSilvia MerlerAndré SapirAlessio TerziReinhilde VeugelersNicolas VéronKaren WilsonGuntram Wolff Georg Zachmann

Non resident scholars

Philippe AghionAlan AhearneCarlo AltomonteTommaso AquilanteMichiel BijlsmaJérémie Cohen-SettonMarek DabrowskiMichal GrajekJürgen von Hagen

Mark HallerbergGuonan MaDalia MarinAshoka ModyRainer MünzJim O‘NeillGianmarco OttavianoFrancesco PapadiaBruno van Pottelsberghe

Visiting scholars in 2014

Éric Monnet Yukihiro MatsuyamaSuparna Karmakar

Fellows-at-large

Ignazio AngeloniBenedicta MarzinottoShahin Vallée

S TA F F L I S T(as of March 2015)

Research assistants

Pia HüttlAlvaro LeandroDiogo Machado

Francesco SalemiBurak TurkogluThomas Walsh

Research interns

Allison Mandra

“My internship with Bruegel has been a great opportunity to discoverhow economic research can have a tangible impact on policydiscussions and I have thoroughly enjoyed working with a team ofdistinguished researchers committed to producing quality work.”

Allison Mandra Research intern at Bruegel


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Non-research staff

Sona Patel AminOperations managerJérémy Apert Development internCristina Bonafé

Public funding coordi-natorStephen GardnerEditor

Katja Knezevic Administrative assistantMichel Krmek Online communicationsofficer

Alma Kurtovic Management assistant Áine Quinn Press assistant

Sarah Roblain Administrative assistantMatilda Sevón Events managerScarlett Varga

Partnerships coordina-torBryn WatkinsEvents assistant

Non-research staff : Leire Ariz, Erik Dale, PaulineLabib, Isabella Rota-Baldini, Ann Van Gyseghem

Non-research interns: Christos Avdellas, EstherBanales, Katherine Kotsias, Namwinbele Some,Eero Vento.

Research assistants: Marco Antonielli, GiuseppeDaluiso, Sergiy Golovin, Milena Mathé, MichelePeruzzi, Marco Testoni, Olga Tschekassin.

Research interns: Elsa Brown,Silvia Carrieri,Simon Ganem, Giulio Mazzolini, Noah Garcia,Daehyeon Kim, Jana Nicole Persky, Elena Zauri-

Management team

Guntram WolffDirectorMatt DannSecretary generalPaola Maniga Development managerGiuseppe PorcaroHead of communica-tions and events

Bruegel is also grateful all those who worked at Bruegel during 2014:


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R E S E

A R C H A

N D P O L

I C Y I M

P A C T


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Bruegel’s research is articulated around a focused and programmaticmedium-term research strategy. It consists of three-year cycles andserves as a basis for our approach to governance, research, outreach andfundraising.

S T R A T E G Y

R E S E A R C H

Our strategy de nes core areas ofexpertise, where research investmentsare made, and a wider range of policyissues, where external fellows andpartners play a key role. The strategy is

based on a “twin peaks” principle,according to which long-term researchinvestment beyond the usual annualprogramming cycle are combined withresponsiveness to unanticipated policydevelopments.

Several evaluation processes are used tomaintain high research standards,relevance and impact. The most recentthree-year evaluation was undertaken in

2013. Internal and external evaluationsare undertaken throughout the year,including weekly research seminars,

quarterly outreach reports by thecommunications team and regulardiscussions with the Board and theScienti c Council. The director hasoverall editorial responsibility forBruegel’s research and ensures its quality.

Bruegel’s members play an important rolein the identi cation of research priorities.Our annual research programme isadopted by the Board in September andre ects a number of intensive priordiscussions between Bruegel scholars,members and other stakeholders.


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Research partnershipsBruegel leads different initiatives to intensify and consolidate its linkswith top research institutes and private foundations around the world.The focus is always on quality content.

Partnerships can include inbound and outbound visiting fellowships,common publications or joint events. For example, our agship Asia-Europe Economic Forum gathers leading organisations such as theChinese Academy of Social Sciences, Asian Development Bank Institute,CEAS Korea University, Asia-Europe Foundation, the BertelsmannFoundation and Centre d’Etudes Prospectives et d’Information

Internationale.Bruegel acts as a hub in Brussels by circulating partners’ work andpartners provide a similar contribution by disseminating Bruegel’s workin their countries.


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In uencing and changing the terms of the public debate is acornerstone of our strategy to persuade policymakers to take ourrecommendations on board.

Through our publications, social media, our blog and our press work,Bruegel has carved out a discussion space for those interested inimproving economic policy and those who make it.

Our diverse output is tailored to reach different audiences and targetour messages. For example, policy briefs are aimed primarily at a policyaudience and provide concise analysis of current issues plus concretepolicy recommendations. Working papers aim to foster academicdebate. The blog provides timely analysis on the latest developments ineconomic policy.

“Bruegel is one of the most influential Europeanthink tanks and it is the quality of its research thatmakes it translate into actual policymaking.”

Mateusz Szczurek Finance Minister, Poland

We were mentioned3000 times in media outlets across the world.

Our web pages were viewed1.7 million times.

We published51 publicationsand 268 blog posts.

We increased our Twitter followers from16,700 to 23,900.

I M P A C T

P O L I C Y

In 2014


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“I encourage everyone to read these Memos. They very clearlyand succinctly spell out exactly what European policymakersare up against right now, and Bruegel’s views always impact theBrussels debate.”Peter Spiegel Head of Brussels bureau, Financial Times

The new European Commission and the new presidents of the EuropeanParliament and European Council took of ce at a challenging time for theEuropean Union. The results of the European elections in May 2014,combined with ongoing economic challenges, clearly call for thedelivery of effective change.

In time for the nomination hearingsof the new commissioners and thedevelopment of the Commission’sagenda, Bruegel published a set of

Memos, intended to be a strategic to-dolist for the commissioners and the newpresidents for the next ve years.

www.eu2do.bruegel.org

EU TO DO IN 2015-2019

MEMOS TO THE NEW E U LE ADERSHIP

Georg Zachmann, Reinhilde Veugelers, Rainer Münz and André Sapir at thelaunch event of the Memos to the new EU leadership.


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Bruegel’s ability to bring together real in uencers means that our manyevents achieve a number of strategic goals:• helping to set the policymaking agenda• exploring pragmatic solutions to policy impasses• analysing the policy relevance of current economic research.

Different formats address different needs. Smaller meetings help inform ourresearch while larger conferences offer space for debate and hold of cials toaccount. Many events bring together parties that would not ordinarily have a

chance to exchange ideas with each other.We have introduced six event series to enable Bruegel’s stakeholders to followparticular topics, whether linked to a general interest in European macroeco -nomics and governance, nance and global economics or a speci c interest incompetition policy, innovation or the economics of Europe’s energy markets.

EVENTS

More than20 events were live streamed.

3155 people attended Bruegel events in 2014.

In 2014 Bruegel held79 events in total.

Our events took place in Beijing, Berlin,Bodrum, Bratislava, Brussels, Kiev, Milan, TheHague and Tokyo.


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Pier Carlo Padoan (Minister of Economy and Financesof Italy) discusses with Bruegel scholars and memberspriorities of the Italian presidency.

Filippo Altissimo (Tudor), Danièle Nouy (ECB), Rachel Lomax (Bruegel board member), Stephan Leithner(Deutsche Bank), Marco Pagano (University of Naples Federico II) at the Bruegel Annual Meeting 2014.


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18 FEBRUARY 2014 – EUROPEAN PARLIAMENT André Sapir presented the external publication ‘The Troikaand nancial assistance in the euro area: successes andfailures’ to the ECON committee.

19 FEBRUARY 2014 – FRENCH ASS EMBLYGuntram Wolff presented the policy brief ‘On the effective -ness and legitimacy of EU economic policies’.

26 FEBRUARY 2014 – PORTUGU ESE PARLIA MENTNicolas Véron spoke on ‘European banking union: currentoutlook and short-term choices’.

3 MARCH 2014 – EUROPEA N PARLIAMENT Grégory Claeys presented the policy brief ‘European CentralBank accountability: how the monetary dialogue could beimproved’ prepared for the European Parliament’s MonetaryDialogue with the President of the European Central BankMario Draghi.

1 APRIL 2014 – INFORMAL MEETING OF EUFINANCE MINIS TERS (ECOFIN)Zsolt Darvas and Guntram Wolff presented a policy brief onEurope’s social problem and its implication for economicgrowth.

14 JULY 2014 – EUROPE AN PARL IAME NTGrégory Claeys presented the paper ‘The (not so) unconven -tional monetary policy of the European Central Bank since2008’, prepared for the European Parliament’s MonetaryDialogue with the president of the European Central BankMario Draghi.

17 JULY 2014 – INFOR MAL E U L ABOUR ANDSOCIAL MINISTERSZsolt Darvas and Guntram Wolff presented a paper on ‘Bene -ts and drawbacks of European unemployment insurance’.

9 SEPTEMBER 2014 – UK HOUSE OF LORDSNicolas Véron gave evidence to the Select Committee on theEuropean Union, Economic and Financial Affairs (Sub-Com -mittee A) Inquiry on ‘Review on the EU nancial regulatoryframework’

13 SEPTE MBER 2014 – INFORM AL ME ETING EU FINANC E MINISTERS (ECOFIN)Grégory Claeys and Guntram Wolff presented ‘Bene ts anddrawbacks of European unemployment insurance’.

22 SEPTEMBER 2014 – EUROPEAN PARLIAMGuntram Wolff and Zsolt Darvas presented the policy contri -

bution ‘So far apart and yet so close: Should the ECB careabout in ation differentials?’ prepared for the EuropeanParliament’s Monetary Dialogue with the president of the

European Central Bank Mario Draghi.

29 SEPTEMBER 2014 – INTERPARLIAME NTARCONFERENCE, ROMEGuntram Wolff made a speech entitled ‘Which economicand nancial governance tools to overcome low growth – AEuropean Unemployment Insurance? – A European Invest -ment Plan?’ to the Interparliamentary Conference organized

by the Italian Presidency of the European Council.

30 SEPTEMBER 2014 – INTERPAR-LIAMENTARY C ONFERENCE, ROM ENicolas Véron gave a speech on ‘Banking union in ninequestions’ to the Interparliamentary Conference organised

by the Italian Presidency of the European Council.

6 OCTOBER 2014 – GERMAN BUNDESTAGGuntram Wolff participated in a hearing at the BudgetCommittee and delivered a speech on banking union andthe direct recapitalisation instrument.

17 OCTOBER 2014 – EUR OPEAN PARLIAMENGuntram Wolff presented a policy contribution to theCommittee on Economic and Monetary Affairs: ‘Eurosystemcollateral policy and framework: Was it unduly changed?’

T E S T I M O N I E SBruegel’s scholars have been invited to speak at numerous national parliamentsand the European Parliament. They have given testimonies at informal meetings offinance ministers.

Zsolt Darvas and Guntram Wolff with Giuliano Poletti (Minister of Lbour, Italy) at the informal EPSCO meeting in Milan, 17-18 July 2014


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Monetary and f iscal pol ic ies ,and ad jus tment

Europe faced major challenges in 2014: a fragile economicsituation was preventing job creation, while states continuedattempts to reduce public and private debts.

EUROPEAN MACROECONOM

AND GOVERNANCE

2014 saw anaemic economic recoveryin the euro area, accompanied by fallingin ation. Several of our scholars hadwarned of disin ationary pressuressince 2013. They also highlighted thatlow European in ation is making the re -

lative price adjustment needed betweenthe euro-area core and the periphery,and public and private sector delevera-ging, more dif cult.

PUBLICATIONSINFLATION PERSISTENCE IN CENTRAL AND EASTERNEUROPEAN COUNTRIESZsolt Darvas and Balázs Varga17 February, External Publication

EUROPEAN CENTRAL BANK ACCOUNTABILITY: HOWTHE MONETARY DIALOGUE COULD BE IMPROVEDGrégory Claeys, Mark Hallerberg and Olga Tschekassin3 March, Policy Contributio n

ADDRE SSING W E AK INFL ATION: T HE EUROPE AN

CENTRAL BANK’S SHOPPING LISTGrégory Claeys, Zsolt Darvas, Silvia Merler and Guntram B. Wolff6 May, Policy Contribution

THE (NOT SO) UNCONVENTIONAL MONETARY POLICYOF THE EUROPEAN CENTRAL BANK SINCE 2008Grégory Claeys9 July, External Publication

MEMO TO T HE COMMISSIONER FOR ECONOMIC MONETARY AFFAIRSZsolt Darvas & Guntram B. Wolff4 September

SO FAR APART AND YET S O CLOSE: SHOULD THCARE ABOUT INFLATION DIFFERE N T I A L S ?Zsolt Darvas and Guntram B. Wolff22 September, Policy Contribution

DOES MONEY MATTER IN THE EURO AREA? EVI

DENCE FROM A NEW DIVISIA INDEXZsolt Darvas6 November, Working Paper

EUROSYSTEM COLLATERAL POLICY ANDFRAMEWORK: WA S IT UNDULY CHANGED?Guntram B. Wolff


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To counteract the risk of de ation,Claeys, Darvas, Merler and Wolffproposed a potential asset purchaseprogramme by the ECB in May 2014.

We discussed the ECB’s collateralstandards and how the ECB should dealwith in ation differentials. GrégoryClaeys compared the ECB’s policieswith other central banks’ unconventio-nal policies.

Silvia Merler and several other Bruegelscholars were at the forefront of provi-ding economic analysis, commentingon important ECB decisions with timely

blog posts.Numerous blog posts commented on

scal policy decisions. The Memo tothe new commissioner for economicand nancial affairs by Zsolt Darvasand Guntram Wolff focused on centralchoices in scal policy.

We also published a number of opinionpieces in major newspapers to drive thegeneral debate in many EU countries. “There is currently a

major problem of too lowinflation in the eurozone,”

said Zsolt Darvas.

New York Times

NEGATIVE ECB DEPOSIT RATE: BUT WHAT NEXT? Zsolt Darvas and Pia Hüttl, 5 June

T-LTRO: VARI ATION ON A (ECB’S) T HEME.Silvia Merler, 10 June

AUST ERIT Y TALE S: TH E NE T HERL AND S AND I TALYGiulio Mazzolini and Ashoka Mody, 3 October

THE DISTRIBUTIONAL EFFECT OF QUANTITATI

E A S I N GJ érémie Cohen-Setton, 27 October

WHAT IS BEHIND THE REDUCTION OF PRI VATESECTOR DEBT? COMPARING SPAIN AND THE UKPia Hüttl and Guntram B. Wolff, 2 December

SELECTED BLOG POSTS

09/01 GERMANY: OUTPERFOR MER IN TIMES OF CRISIS , BUT MAJOR CHALLENGE S AHEAD2 2 / 1 0 T H E E U R O A R E A : A N U N B A L A N C E D R E B A L A N C I N G ?17/11 ASSESSING THE EUROPEAN FISCAL FRAMEWOR K04/11 THE EURO TRAP: ON BURSTING BUBBLES, BUDGETS AND BELIEFS

EVENTS

Matthew Newton (Generali) at the Bruegel AnnualMeeting.


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PUBLICATIONSTHE TROIK A AND FINANCIAL A SSISTANCE IN THEEURO AREA: SUCCESSES AND FAILURESAndré Sapir, Guntram B. Wolff, Carlos De Sousa and AlessioTerzi19 February, External Publication

THE LONG HAUL: MANAGING EX IT FROM FINANCIAL A SSI STANC EZsolt Darvas, André Sapir and Guntram B. Wolff20th February, Policy Contribution

THE LONG HAUL: DEBT SUSTAINABILITY AN ALZsolt Darvas and Pia Hüttl18 June, Working Paper


As Ireland and Portugal exited theirrespective nancial assistance programmes,several institutions became interested in ex-post evaluations of the programmes.

Jean Pisani-Ferry, André Sapir and GuntramWolff had already prepared an earlyevaluation in 2013. We extended and updatedthe study for the European Parliament in2014.

In their policy contribution ‘The long haul:managing exit from nancial assistance’Zsolt Darvas, André Sapir and Guntram Wolffdiscussed under what conditions a cleanexit or an exit with a precautionary creditline was to be preferred.

We also warned that political decisionmakers should think carefully about what itmeans to establish creditor-debtor relations between countries that last for more than 30years .

Financia l ass i s tance

DESPITE LOWER YIELDS, EURO-PERIPHERY IS NOT YE T OUT OF T HE WOODSZsolt Darvas and Pia Hüttl, 18 June

BLOGS REVIEW: T HE NEW PROPOSED IMF LENDINGFRAMEWORK Jérémie Cohen-Setton, 4 August

MAKING ARGENTINA’S DEBT DEBACLE A RARITAshoka Mody, 9 October

GREECE TO THE EUROZONE’S RESCUEAshoka Mody, 23 December

SELECTED BLOG POSTS

Harris Georgiades (Minister of Fi-nance, Cyprus) at the Bruegel event‘One year of the Cypriot programme:a review’, 10 March 2014.


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“We cannot expect different economic

outcomes without fundamentally differentgrowth models,” Ashoka Mody writes.

Dow Jones

22/01 FORGING A PRACTICA L PLAN TO IMPROVE OUR HANDLING OF SOVEREIG N DEBT CRISES10/03 ONE YEAR OF THE CYPRIOT PROGRAMME: A REVIEW2 3 / 0 5 T H E E U R O C R I S I S A ND I TS A F T E R M AT H24/09 TO RESTRUCT URE OR NOT? MANAGING THE EURO-ARE A DEBT CRISIS12/12 DESIGNING A EUROPEAN FISCAL UNION: LESSONS FROM THE EXPERIENCE OF FISCAL FEDERAT

EVENTS


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PUBLICATIONSEUROPE’S SOCIAL PROBLEM AND ITS IMPLICATIONSFOR ECONOMIC GROWTHZsolt Darvas and Guntram B. Wolff1 April, Policy Brief

MEMO TO THE COMMISSIONER IN CHARGE OFMOBILITY, MIGRATION, ASYLUM AND BORDER Rainer Münz4 September

BENEFITS AND DRAWBACKS OF EUROPEANUNEMPLOYMENT INSURANCEGrégory Claeys, Zsolt Darvas and Guntram B. Wolff13 September, Policy Brief

AUSTERI T Y AND P OVER T Y IN TH E EUROP E AN UZsolt Darvas, Pia Hüttl, Carlos De Sousa, Alessio Terzi and OlgaTschekassin15 September, External Publication

DO IT YOURSELF EUROPE AN UNEMPLOYMENTINSURANCEGrégory Claeys, Simon Ganem, Pia Hüttl and Thomas Walsh, 30September

STUDENT MOBILITY IN EUROPEGiulio Mazzolini and Elena Zaurino, 14 October

LABOUR FORCE(D) MOBILITY: MIGRATION INEUROPEDiogo Machado and Thomas Walsh, 26 November

SELECTED BLOG POSTS


Against a background of high unemployment and afeeble recovery, Bruegel scholars carried out analysisof Europe’s social problems.

In a publication for the informal ECOFIN in Athenson 1 April, Zsolt Darvas and Guntram Wolff warnedthat social problems and unemployment havenegative implications for growth, as well as being

problems for society.

Address ing unemploymentand Euro pe’s socia lproblems

“The eurozone needs easiermacroeconomic policies and

structural reforms, and (...) thetwo need to go hand in hand,”

says Guntram Wolff.

Financial Times

Jyrki Katainen (Vice-President of the EuropeanCommission) discussing the Juncker Planwith Erik Nielsen (Unicredit), Isabel Schnabel(German Council of Economic Experts), andGuntram Wolff.

13/01 EDUCATION TO EMPLOYMENT: THE GROWING SKILL AND JOB GAPS IN EUROPE23/09 HEALTHCARE SYSTEMS AND AGEING POPULATIONS14/10 MOBILITY OF STUDENTS IN EUROPEAN HIGHER EDUCATION20/10 IMMIGRATION, INTRA-EU MOBILITY, AND SUSTAINABLE ECONOMIC GROWTH

EVENTS


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PUBLICATIONS

IN S ICKNESS AND IN HE ALTH: PROTECTING AND SUPPORTING PUBLIC INVE STMENT IN EFrancesca Barbiero and Zsolt Darvas7 February, Policy Contribution


While the euro area was of ciallyemerging from recession at the

beginning of 2014, several Bruegelscholars warned that this recovery wasnot robust and could easily be derailed.

During 2014 we continued to contributeto the debate on growth and investment.A series of blog pieces by GrégoryClaeys, André Sapir and Guntram Wolffsuggested improvements to the Junckerplan.

Guntram Wolff argued that addressingsecular stagnation in Europe requireda mix of policies, including structural,

scal and monetary measures.

Revivi ng growth

10 YEARS EU ENL ARGEMENT ANNIV ERSARY:WALTZING PAST VIENNA.Zsolt Darvas, 1 May

WHY DOES ITALY NOT GROW?Ashoka Mody and Emily Riley, 9 September

HOW CAN EUROPE AVOID SEC ULARSTAGNATION?Guntram B. Wolff, 12 November

MEASURING EUROPE’S INVESTMENT PROBGrégory Claeys, Pia Hüttl, André Sapir and Guntram B. Wolff, 24November

JUNCKER’S INVE STMENT PLA N: NO RISK –R E T U R NGrégory Claeys, André Sapir and Guntram B. Wolff, 28 November

CENTRAL AND E ASTERN EUR OPE: UNCERTPROSPECTS OF ECONOMIC CONVERGENCEMarek Dabrowski, 9 December

SELECTED BLOG POSTS

0 9 / 0 1 G E R M A N Y: O U T P E R F O R M E R I N T I M E S O F C R I S I S , B U T M A J O R C H A L L E N G E S A H E A D20/01 STUCK IN TRANSITI ON?29/01 CAUGHT IN THE MIDDLE? CENTRAL EUROPE’S STRATEGY FOR GROWTH 10 YEARS AFTE R EU1 2 / 0 3 O V E R C O M I N G U K R A I N E ’ S M A C R O E C O N O M I C C R I S I S

05/05 RECOVERY AT RISK? CENTRAL AND EASTERN EUROPE REMAINS VULNERABLE TO EXTERNA20/06 WHICH ITALIAN STRATEGY FOR THE EU?03/07 INSIDE THE EURO CRISIS: AN EYEWITNE SS ACCOUNT09/07 HOW TO KICKSTART INVESTMENT IN EUROPE?05/09 ANNUAL MEETING - EUROPE: THE WAY AHEAD04/09 LAUNCH OF THE MEMOS TO THE NEW EU LEADERSHIP20/11 25 YEARS OF TRANSIT ION IN POST-COMMUNIST EUROPE – SUCCESSE S AND DISAPPOINTM EN

EVENTS


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PUBLICATIONSSUPERVISORY TRANSPARENCY IN TH E EUROPEAN

BANKING UNIONChristopher Gandrud and Mark Hallerberg3 January, Policy Contribution

BANKING UNION AND BEYOND: DISCUSSION PAPERFOR BRUSSELS THINK TANK DIALOGUESilvia Merler28 January, External Publication

POUR UNE COMMUN AUTÉ POLITIQUE DE L’EUROThe Eiffel Group14 February, External Publication

TAX HARMONISATION IN EUROPE: MOVING FOR

Agnès Bénassy-Quéré, Alain Trannoy and Guntram B. Wolff17 July, External Publication

DID THE GERMAN COURT DO EUROPE A FAVOURAshoka Mody15 July, Working Paper

THE GRE AT TRANSFORMATION: MEMO TO THEINCOMING EU PRESIDENTSAndré Sapir and Guntram B. Wolff3 July, Policy Brief


EU and euro-area governance continued to be topics ofhuge economic and political relevance in 2014.

As the construction of banking union continued, wegave recommendations on its design (we discuss thisin the section on nance).

We continued to contribute to the longer term debateon whether and how monetary union should bestrengthened, and what this means for countriesoutside of the euro area.

Highlights were the Glienicker Gruppe and Eiffel Groupreports. André Sapir and Guntram Wolff urged the newincoming presidents to design a roadmap for furthertreaty change. Ashoka Mody, meanwhile, studied thedetails of the ECB Outright Monetary Transactions(OMT) programme and important legal debates.

European governance

OMT RULING: K ARLSRUHE SAYS NO, REFERS TO ECJ AND S UGGE STS ECB SHOULD ALWAYS BE PRE FER-RED CREDITORGuntram B. Wolff, 7 February 2014

THE EUROPEAN PARLIAMENT IMP ROVES BANKINGUNIONSilvia Merler and Guntram B. Wolff, 20 March

THE OMT PROGRAMME WAS JUSTIFIED BUT THEFISCAL UNION QUESTION REMAINSGuntram B. Wolff, 15 July

ARE THE EUROZONE ’S F I SC AL RULE S DY ING?Ashoka Mody, 28 October

SELECTED BLOG POSTS


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“The foundations of a banking union have been laid, but changes in the

financial landscape are yet to come,” says Andre Sapir.

Financial Times

Tatra Summit. From the left: Martin Šanta (Ministry Of Finance of the Slovak Republic)Guntram Wolff, Ivan Lesay (Ministry Of Finance of the Slovak Republic), Jozef Síkela

(Slovenská Sporite na), and Rolf Strauch (European Financial Stability Facility).

09/01 GERMANY: OUTPERFOR MER IN TIMES OF CRISIS , BUT MAJOR CHALLENGE S AHEAD23/01 DEMOCRACY IN AN EVER CLOSER UNION – THE CHALLENGE OF INTEGRATING POWER AND P

27/01 TATRA SUMMIT28/01 BRUSSELS THINK TANK DIALOGUE20/02 FOR A POLITICAL COMMUNITY OF THE EURO: AN ECONOMIC DEBATE WITH MEMBERS OF THE F24/02 PRIORITI ES AND CHALLENGES FOR THE NEW COMMISSION17/03 REFORMI NG PUBLIC ADMINISTRATIONS : SPAIN’S ACTION PLAN28/05 THE FUTURE OF THE EU AND THE EURO AREA04/06 THE UK BALANCE OF COMPETENCE S REVIEW: ECONOMIC GOVERNANC E

EVENTS


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True to its origins and history, Bruegel has continuedto make a signi cant contribution to global economicdebates, providing a uniquely European view on globalmatters that affect Europe.

The EU is still the world’s largest trader, and EU tradewith Asian emerging economies, in particular withChina, has increased signi cantly.

In 2014 Bruegel scholar Guonan Ma began a new seriesof blogs and papers focusing on Chinese monetary and

nancial policy.

Jim O’Neill and Alessio Terzi published on changingtrade patterns and on how to reform the G20 and G7.A collected volume on Japan and the EU in the globaleconomy completed the picture.

Rainer Münz’s research on migration explored thechallenges in the global race for talent.

We also continued with our successful Asia EuropeEconomic Forum, holding two editions in Berlin andTokyo this year.

Global economy

GLOB AL EC ONO MICS

AND GOVER N ANCE

“We are the global rule

makers, and that is at theheart of TTIP,” said theeconomist André Sapir

New York Times


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PUBLICATIONS

THE GLOBAL RACE FOR TALENT: EUROPE’SMIGRATION CHALLENGERainer Münz4 March, Policy Brief

JAPAN AND THE EU IN THE GLOBAL ECONOMY Guntram B. Wolff, Masahiko Yoshii (editors)9 April, Blueprint

FINANCIAL OPENNESS OF CHINA AND INDIA:IMPLICATIONS FOR CAPITAL ACCOUNT LIBERALISA-TIONGuonan Ma and Robert N. McCauley15 May, Working Paper

UKRAINE: CAN MEANINGFUL REFORM COME OUT OFCONFLICT?Marek Dabrowski1 August, Policy Contribution

MEMO TO THE COMMISSIONER FOR TRADESuparna Karmakar and André Sapir4 September

MEMO TO THE COMMISSIONER FORNEIGHBOURHOOD POLICY Jim O’Neill4 September, Policy Contribution

THE G20 F INANCIAL REFORM AGENDA Nicolas Véron26 September, Policy Contribution

DEVELOPING AN UNDERLYING INFL ATION GAUFOR CHINA Marlene Amstad, Ye Huan and Guonan Ma9 October, Working Paper

THE TWENTY-FIRST CENTURY NEEDS A BETTERG20 AND A NEW G7+Jim O‘Neill and Alessio Terzi14 November, Policy Contribution

AGING AND TH E GOVE RNANCE OF T HE HE ALT HSYSTEM IN JAPANYukihiro Matsuyama4 December, Working Paper


Bruegel staff at the China-Europe-US Economists Symposium: Reform, Challenges & Opportunitieswas held in Beijing. The conference was jointly organised by China Finance 40 Forum (CF40), PetersonInstitute for International Economics (PIIE) and Bruegel, 17-18 May 2014.

“By 2020, the BRICs, collectively, will represent 31 percent of world trade, and Cwill have a considerably bigger share of the global pie than the US.” Jim O’Neill

Financial Times


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DECODED: BRICSAkio Egawa, 8 January

THE WORL D IN 2020Jim O‘Neill and Alessio Terzi, 5 March

THE COST OF ES CALATING SANCTIONS ON RUSSIAOVER UKRAINE AND CRIMEA Georg Zachman, 18 March

THE PIKETTY DATA CONTROVERSY Jérémie Cohen-Setton, 26 May

BLOGS REVIEW: THE EU- USA TRANSATLANTIC TRADE AND INVE STM ENT PAR TNERSHIPDavid C. Saha, 8 July

IS THE BRICS RISE OVER? Jim O‘Neill, 26 July

BLOGS REVIEW: THE ECONOMICS OF SANCTIONBETWEEN RUSSIA AND THE WESTDavid C. Saha, 17 September

LESSONS FROM THE BANK OF JAPAN FOR THE E ARE A Guntram B. Wolff, 18 November

HAS A STRONGER RENMINBI CONTRIBUTED TONANCIAL TIGHTENING?Guonan Ma, 17 December

SELECTED BLOG POSTS


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25/02 CHANGING GLOBAL TRADE PATTERNS, UNCHANGING EUROPEA N AND GLOBAL GOVERNANCE04/03 INVESTMEN T PROTECTION IN TTIP27/03 THREE YEARS OF THE ARAB SPRING: ECONOMIC CHALLENGE S OF THE REGION17/04 CHINA-EUROP E-US ECONOMISTS SYMPOSIUM: REFORM– CHALLENGE S & OPPORTUNITIE S03/05 FORUM ON ECONOMIC GOVERNANCE0 5 / 0 5 R E C O V E RY AT R I S K ? C E N T R A L A N D E A S T E R N E U R O P E R E M A I N S V U L N E R A B L E TO E X T E R N A L13/05 TRADE RELATIONS BETWEEN THE EU AND ITS EASTERN NEIGHBOURS15/05 10TH ASIA EUROPE ECONOMIC FORUM30/06 SHOULD THE US AND EU BE NEGOTIATING A FREE TRADE AGREEMEN T?

14/07 THE FUTURE OF TRADE MULTILATERALIS M – GOVERNANC E OF 21ST CENTURY TRADE AND TH12/09 ASIA AND EUROPE’S CHALLENGE S FOR THE AUTUMN: A MACROECONO MIC AND FINANCIAL P08/10 ABENOMICS – STOCK-TAKING AND LESSONS FOR THE EU10/11 DEVELOPING ASIA: CHALLENGE S AND OPPORTUNITIE S IN THE GLOBAL ECONOMY28/11 FROM DE-INDUSTRIA LISATION TO THE FUTURE OF INDUSTRIES03/12 INTERNATIONAL ISATION OF THE RENMINBI: DEVELOPMENTS IN OFFSHOR E BUSINESS05/12 11TH ASIA EUROPE ECONOMIC FORUM

EVENTS


In 2014 geopolitical con ict just outsidethe borders of the EU was increasinglyin the spotlight. Bruegel’s team reactedrapidly to cover the economics of thesecon icts.

Marek Dabrowski published on theneed for reform in Ukraine, and how

nancial assistance should be shaped.His work also covered the larger CISregion, looking at the currency crises inseveral eastern European countries andin central Asia.

Georg Zachmann looked at the eventsin Ukraine with a number of blogsas well as longer pieces focusing onthe strategic implications for energysecurity. We also discussed theeconomics of sanctions against Russia.

Neighbourhood

Bruegel Annual Meeting, keynote speech by Sergei Guriev,‘Europe and its neighbourhood: back to stability?’


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PUBLICATIONSPOLICIES FOR SEED AND EARLY STAGE FINANCEKaren E. Wilson and Filipe Silva4 February, External Publication

FINANCIAL OPENNESS OF CHINA AND INDIA:IMPLICATIONS FOR CAPITAL ACCOUNT LIBERALI-SATIONGuonan Ma and Robert N. McCauley15 May, Working Paper

A SSE T-B ACK ED SEC URI TIE S: TH E KE Y TO UN-LOCKING EUROPE’S CREDIT MARKETS?Carlo Altomonte and Patrizia Bussoli24 July, Policy Contribution

IMPROVING THE ROLE OF EQUITY C ROWDFUNIN EUROPE’S CAPITAL MARKETSKaren E. Wilson and Marco Testoni29 August, Policy Contribution

MEMO TO TH E COMMISSIONER FOR FINANCIALSERVICESSilvia Merler & Nicolas Véron4 September, Policy Contribution

DEFINING EUROPE’S CAPITAL MARKETS UNIONNicolas Véron13 November, Policy Contribution

BAD BANKS IN THE EU: THE IMPACT OF EUROSR U L E SChristopher Gandrud and Mark Hallerberg16 December, Working Paper


During 2014 the Single Supervisory Mechanism started to take over the supervision of banks inthe euro area, launching a comprehensive exercise of asset quality review and stress tests forsupervised banks. Nicolas Véron was one of the key contributors to the debate about challengesfor a banking union. Carlo Altomonte and Patrizia Bussoli published on asset-backed securities,one of the hardest hit nancial assets at the onset of the crisis.

FINANCE AND

FINANCIAL REGULATION

Banking


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“A lot has happened in the last few years and a lot ofthings are in the process of implementation, but the

financial system is never in a steady state ... it’s morelike a never-ending struggle”, said Nicolas Véron.

Reuters

EUROPEAN BANK RESOLUTION: DON’T TRY T HIS ATHOME Silvia Merler, 17 January

THE CROWDFUNDING PHENOMENONKaren E. Wilson and Marco Testoni, 14 May

NORWAY IS THE SAFEST PLACE ON EARTHSilvia Merler, 18 July

THE WORLD STILL FEARS F ISCAL CRI SES (ANDMUCH ELSE) Silvia Merler, 10 September

EUROPE’S S INGLE SUPERVI SORY MECHANISM: MOSTSMALL BANKS ARE GERMAN (AND AUSTRIAN ANDITALIAN)Nicolas Véron, 22 September

WHO’S AFRAID OF THE AQR? Michiel Bijlsma and Sander van Veldhuizen, 24 September

CROWDFUNDING: BROADENING EUROPE ’S C APIMARKETSKaren E. Wilson, 10 October

THE DISTRIBUTIONAL EFFECT OF QUANTITATIVE A S I N G Jérémie Cohen-Setton, 27 October

EUROPEAN BANKING UNION AND FINANCIAL INGRATIONGuntram B. Wolff, 19 December

SELECTED BLOG POSTS

Nicolas Véron and Rebecca Christie (Bloomberg) at the launch event of the Memos to the new EU leadership.


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26/03 BANK BAILOUTS IN THE EU (SO FAR): WHAT WAS REALLY PAID BY WHOM?01/04 REFORMIN G THE STRUCTURE OF BANKS: THE UK APPROACH IN ITS EU CONTEXT16/05 CROWDFUNDIN G: BEYOND THE HYPE11/06 EXIT MARKETS ( IPOS AND M&A) FOR INNOVATIVE HIGH GROWTH FIRMS01/07 EUROPE AND THE GOVERNANC E OF GLOBAL FINANCE

17/07 THE FINANCIA L STABILITY BOARD’S WORK IN PROGRESS ON ENDING TOO-BIG-TO-FAIL16/09 SEED AND EARLY/STAGE FINANCE AND THE ROLE OF POLICY 24/10 EUROPEAN BANKS’ BUSINESS MODELS EVOLVING UNDER CRISIS PRESSURE30/10 THE COMPREHEN SIVE ASSESSMENT, THE ECB NEW ROLE AND LIMITS OF A COMMON SUPERVI24/11 EUROPE’S CAPITAL MARKETS UNION09/12 FINANCING LONG-TERM INVESTMEN T TO STIMULATE GROWTH IN THE EU16/12 THE FUNDING OF BANK RESOLUTION IN EUROPE: WILL THE NEW FRAMEWOR K MEET EXPECT

EVENTS


Several Bruegel authors have been callingfor further development of Europe’scapital markets to share risk and improveaccess to funding. In our memo to thecommissioner for nancial services, SilviaMerler and Nicolas Véron argued thatfurther integration might be bene cial for

both growth and stability. Nicolas Véronexpanded on this in his paper on capitalmarkets union, in which he suggested

six possible areas for policy initiatives inexpanding the non-bank part of Europe’snancial system.

Karen Wilson looked at a small butinteresting part of capital markets:crowdfunding, which has gainedmomentum as a method for raising funds.She argues that fragmented regulatoryapproaches in different EU countriesrepresent a real obstacle to creating a moreintegrated market.

“I think there is a logical inconsistency between theabsence of any ring fencing and purely national deposit

insurance,” Guntram Wolff

Bloomberg

Capi ta l markets

Karen Wilson at the Bruegel event ‘Crowdfunding: beyondthe hype’, 16 May 2014.


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PUBLICATIONSPOLICIES FOR SEED AND EARLY STAGE FINANCEKaren E. Wilson and Filipe Silva

4 February, External Publication

UNDERCUTTING THE FUTURE? EUROPEAN RE-SEARCH SPENDING IN TIMES OF FISCAL CONSOLI-DATIONReinhilde Veugelers10 June, Policy Contribution

NEW INVESTMENT APPROACHES FOR ADDRESSINGSOCIAL AND ECONOMIC CHALLENGESKaren E. Wilson1 July, External Publication

MEMO TO TH E COMMISSIONER RESPONSIBLE FORR E S E A R C HReinhilde Veugelers4 September

MEMO TO TH E COMMISSIONER RESPONSIBLE FORTHE DIGITAL AGENDA Mario Mariniello4 September

MEMO TO THE COMMISSIONER FOR THE SINGLMARKET AND INDUSTRY Carlo Altomonte, Mario Mariniello and Reinhilde Veugelers4 September

A FLE X IBLE, SC ALE ABLE AP PROAC H TO THE ITERNATIONAL PATENT ‘NAME GAME’Mark Huberty, Amma Serwaah and Georg Zachmann29 September, Working Paper

REMERGE: REGRESSION-BASED RE CORD LINKWITH AN APPLICATION TO PATSTATMichele Peruzzi, Georg Zachmann and Reinhilde Veugelers29 September, Working Paper

THE POLICY DILEMMA OF THE UNITARY PATENJérôme Danguy and Bruno van Pottelsberghe27 November, Working Paper


INNOVATION AND GRO WT

Europe has consistently failed to exploit its potential for innovation-basedgrowth, especially in comparison with the United States and Asian countries. In2014 Bruegel furthered its research on how Europe can improve its innovationperformance, despite facing longstanding and structural challenges. In herpaper on European research spending in times of scal consolidation, ReinhildeVeugelers examined how R&D budgets can be used smartly used to promote growtheven in times of reduced government spending.

Recent research demonstrates that immigration into the European Union andintra-EU mobility may promote economic growth in several ways. In our event

on education with László Andor, European commissioner for employment, socialaffairs and inclusion, we re ected on options for immigration policies at thecommunity and member state levels that might promote sustainable growth.


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During 2014, Bruegel continued to focus on entrepreneurship,looking into barriers and opportunities for high growthventures in Europe.

Karen Wilson held a series of events focused on the nancingand growth of entrepreneurial ventures including on venturecapital, crowdfunding and exit markets (IPOs and mergers andacquisitions).

While interest and activity in entrepreneurship is growing in

Europe, several barriers remain including fragmentation ofthe product, labour and nancial markets. Karen Wilson also broadened our expertise in this research area by examiningnew investment approaches for addressing social andeconomic challenges. For example, she examined in detailCommission President Juncker’s three-year €315 billioninvestment plan at our event on investment and growth.

“It’s hard enough for a business angel or a venturecapitalist to invest well in start-ups, but to do it

through the internet, when you haven’t met the team[involved], is much more complicated and fraught with

all sorts of difficulties” – said Karen Wilson.

Business Science

NOT ONE EUROPEAN CITY IN THE TOP 10FOR TECH TALENT.Silvia Merler, 9 July

WHY JUNCKER’S INDUSTRIAL GOALS ARE

UNLIKELY TO BE AC HIEVEDGuntram B. Wolff, 16 July

54% OF EU JOBS AT RISK OF COMP UTERISATION. Jeremy Bowles, 22 July

THE UK REACHING PRE-CRISIS GDP LEVELSSergiy Golovin and Elena Zaurino, 5 August

ALIB AB A IP O UNDERLINE S RISE OFCHINESE PRIVATE SECTORNicolas Véron, 11 September

THE ACHILLES’ H EEL OF JUNCKER’S

INVESTMENT PLANReinhilde Veugelers, 8 December

HIGH GROWTH FIRMS AND JOB CREATIONIN EUROPEDiogo Machado and Karen E. Wilson, 18 December

SELECTED BLOG POSTS


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13/01 EDUCATION TO EMPLOYMENT: THE GROWING SKILL AND JOB GAPS IN EUROPE29/01 EMPLOYMENT IN EUROPE: THE CONTRIBUT ION OF THE HIGH-TECH SECTOR06/02 GROWING PAINS: GROWTH-PROMOTING POLICIES AND MACROECON OMIC STABILITY 05/06 ADDRESSING CYBERSEC URITY 08/07 HOW TO KICKSTART INVESTME NT IN EUROPE?14/10 MOBILITY OF STUDENTS IN EUROPEA N HIGHER EDUCATION12/11 THE NEW EU POLITICAL CYCLE: ADDRESSING THE GROWTH AGENDA28/11 MAPPING COMPETITIV ENESS WITH EUROPEAN DATA0 2 / 1 2 B U I L D I N G E N T R E P R E N E U R I A L E C O S Y S T E M S I N E U R O P E08/12 HOW TO REVAMP GROWTH IN EUROPE09/12 FINANCING LONG-TERM INVESTMEN T TO STIMULATE GROWTH IN THE EU

EVENTS


“It will definitely take time, but I believe that industries offering value-addedproducts is the only option for Europe’s future,” said Reinhilde Veugelers

Wall Street Journal

Carlos Moedas (European Commissioner for Research, Innovation and Science) discussing the European research agen


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PUBLICATIONSCOMMITMENTS OR P ROHIBITION? THE EU

ANTI TRUST DIL EMM A Mario Mariniello31 January, Policy Brief

ANTI TRUST RI SK IN EU M ANUFAC TURING: A SEC TOR-L E VE L RANK INGMario Mariniello and Marco Antonielli8 July, Working Paper

MEMO TO T HE COMMISSIONER RE SPONSIBLE FO

COMPETITIONMario Mariniello4 September

FOREIGN TAKEOVERS NEED CLARITY FROM EUMario Mariniello9 December, Policy Brief


Competition policy is a powerful toolfor the European Commission and isaccordingly contentious. It is hopedthat the right decisions will enhancethe EU’s economic performance.Issues heavily debated in this area in2014 included the trade-off betweensettlement and prohibition in an-titrust procedures, the effect of foreigntakeovers on national economies,national consolidation in mobile mar-kets and the Google antitrust case.

Bruegel competition policy expertMario Mariniello has contributedextensively to the eld with a numberof papers and short commentaries for

important media outlets. Bruegel hasalso organised a number of in uen -tial high-level debates on the topic,including a day-long conference oncompetition policy enforcement withJoaquin Almunia, vice president of theEuropean Commission and commis-sioner for competition. Mario Mari -niello also wrote a memo to the newcompetition commissioner, MargretheVestager.

COMPETITION POLICY

Just started reading!


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24/01 ECONOMIC EVALUATION OF COMPETITION POLICY ENFORC EMENT1 8 / 0 2 C O M P E T I T I O N P O L I C Y E N F O R C E M E N T A S A D R I V E R F O R G R O W T H1 0 / 0 4 E N E R G Y C H A L L E N G E S F O R E U R O P E A N C O M P E T I T I O N P O L I C Y A C T I O N0 1 / 0 7 F I G H T I N G C A RT E L S : T H E N AT I O N A L A N D E U A N T I T R U S T E N F O R C E M E N T E X P E R I E N C E10/09 LEGAL AND ILLEGAL CARTELS IN EUROPE12/11 ECONOMIC PATRIOTISM, NATIONAL CHAMPIONS AND MERGER CONTROL

EVENTS


“There are a number of issues from privacy tosurveillance that are relevant and should be tackled.

But the discussion around these issues is beingpolluted by protectionism,” said Mario Mariniello

Wall Street Journal

THE YEAR IN ANTITRUST AND COMPETITION POLICY Mario Mariniello, 9 January

THE PROS AND CONS OF THE EU VS GOOGLESETTLEMENTMario Mariniello, 17 February

SAMSUNG, GOOGLE-MOTOROLA RULING: STEPPINGOUT OF THE PATENT ABUSE SA GA?Mario Mariniello, 30 April

COLD WATER ON EUROPE’S DIGITAL DREAMMario Mariniello, 4 July

THE ECONOMICS OF UBERSergiy Golovin, 30 September

JEAN TIROLE’S LEGACY Francesco Salemi, 16 October

UBER ECONOMICS: THERE IS NO SUCH THING ABAD PUBLICITY Diogo Machado, 21 October

HELD OG LYKKE, COMMISSIONER VESTAGER Mario Mariniello, 31 October

BRAIN DRAIN, GAIN, OR CIRCULATION? Alessio Terzi, 19 November

UNBUNDLING GOOGLE USERS FROM EUROPEMario Mariniello, 27 November

SELECTED BLOG POSTS

Keynote speech by Joaquin Almunia (Vice President of the EuropeanCommission and Commissioner for Competition) at the Bruegel event oncompetition policy enforcement as a driver for growth , 18 February 2014.


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In 2014 the EU set itself new targets for carbonemissions, the share of energy supply fromrenewable sources and energy ef ciency im -provements to be met by 2030. However, thesemajor long-term decisions were somewhatovershadowed by short-term concernsabout gas supply in the context of the Rus-sia-Ukraine crisis.

These led to far-reaching shifts in the debateon EU energy policy, and were at the root ofthe call from Donald Tusk, then prime minis -ter of Poland, for a European “energy union”.The new European Commission later made

the energy union one of the ve priorities forits mandate. Climate policy in 2014 focused onthe 2030 targets and repairing the emissiontrading system (ETS). While an agreementon 2030 targets was reached (including 40

percent decarbonisation by 2030), the searchfor a compromise on how to revamp the EU’smain instrument for decarbonisation – theETS – continues.

DOES EUROPE NEED A RENEWABLES TARGET?Georg Zachmann and Michele Peruzzi, 23 January

WHAT SHOULD EUROPE DO ABOUT HIGH ENERGYPRICES? Georg Zachmann, 31 January

GAS IMPORTS: UKRAINE’S EXPENSIVE ADDICTIONGeorg Zachmann, 25 February

CAN EUROPE SURVIVE WITHOUT RUSSIAN GAS? Georg Zachman, 21 March

INTERACTIVE CHART: HOW EUROPE C AN REPLACERUSSIAN GASGeorg Zachmann, Michele Peruzzi and Erik Dale, 24 March

EUROPE NEEDS AN ENERGY ‘SITUATION ROOM’Georg Zachmann, 20 May 2014

CHART OF THE WE EK: OBAMA’S LACKLUSTREBREAKT HROUGH ON EMISSIONS Georg Zachmann, 3 June

UKRAINE GA S NEGOTIATIONS: FROM ‘WIN-WINTO ‘LOSE-LOSE-LOSE’? Georg Zachmann, 17 June

BLOGS REVIEW: THE NEW OIL PRICE WARJérémie Cohen-Setton, 1 December

SELECTED BLOG POSTS

Suman Bery (Shell) and Georg Zachmann debating about EU energy policy


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05/02 THE ECONOMICS OF NUCLEAR ENERGY 2 7 / 0 2 I N S T R U M E N T S F O R T H E E N E R G Y T R A N S I T I O N14/05 EUROPEAN EXTER NAL ENERGY POLICY- RE-ORIENTATION IN TIMES OF CRISIS13/06 ENERGY MODELLING FOR POLICY MAKING27/06 JAPAN’S NEW ENERGY STRATEGY AND POTENTIAL EFFECTS ON EUROPEAN AND GLOBAL ENE01/10 EUROPEAN ENERGY AND CLIMATE STRATEGY BEYOND 2020(20)17/12 A NEW ENERGY POLICY FOR THE NEW EU COMMISSION11/12 TIME FOR REDEFINI NG GAS RELATIONS IN EU-UKRAIN E-RUSSIA TRIANGLE

EVENTS

Maros Sefcovic (European Commission Vice President) presenting his plan on the creation of aEuropean Energy Union at Bruegel with Georg Zachmann, Guntram Wolff and Simone Mori (EN


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improving economic policy

2014

G O V E

R N A N

C E A N

D M E

M B E R

S H I P

Bruegel’s distinctive nature rests ina balanced partnership betweenprivate and public stakeholders.

Our member base is composed of EUmember states, internationalcorporations and independentinstitutions. With membership feesconstituting more than 80 percent ofthe annual budget, but no singlemember contributing more than 3-5percent, Bruegel succeeds incollaborating with a wide array of

partners while protecting itsprincipal assets: independence,professional integrity andobjectivity.

Bruegel is committed to the highestlevels of transparency, both at thelevel of the institution and at thelevel of individual scholars. Thislevel of disclosure represents a newstandard in public transparency forthink thanks.


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Bruegel’s management isrequired by the Board andmembers to pursue balancedfunding, with goals coveringthe proportion of fundingreceived from membershipand non-membership sources.These goals match Bruegel’scommitment to building adiverse set of stakeholders,help buttress independenceand allow the budget to coverthe funding cycle. Diversityalso allows Bruegel to prosper

even during downturns in the business/funding cycle.

Core funding (ca. 85 percent)comes from the membershipprogramme. Bruegel’s uniquemembership mix includesa number of EU memberstates, alongside globalcorporations, central banks

and autonomous institutions(full list p.57). No membercontributes more than a smallpercentage of the annual budget (from 3-5 percentdepending on budget years),which protects independencefurther. An arm’s-lengthrelationship with Bruegel’smembers is nallyguaranteed by Bruegel’sStatute and Bylaws, de ningthe role that members play inthe organisation.

Non-core funding typicallycomes from EuropeanInstitutions for speci c multi-annual research projectsor papers, and from privateorganisations, such asfoundations, for the supportof large international events.As with core funding, non-core funding is carefullydetailed in Bruegel’s nancialstatements. Non-core fundingfrom European Institutionsoften implies collaborations

with partners bringing diverseexpertise, backgrounds andexperience to complex policyquestions. It also gives Bruegelan opportunity to interact withpolicymaking institutions andmakes advocacy for Bruegel’swork more effective.

I N

D E P E N D

E N C E

V A L U E S


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Financial development requirescareful planning. There arefewer resources available forEuropean think tanks, whichlack clear legal de nition and donot enjoy the special tax statusthat bene ts think tanks in theUS. Europe also offers a lessdeveloped philanthropic scene.

Bruegel’s development is plannedto be organic, with a gradualexpansion of the membershipprogramme and the sustainableexpansion of funding streamsin harmony with Bruegel’s corevalues. Even though the Europeancrisis played a disruptive rolein this development, carefulmanagement allowed Bruegel tomaintain its budget through thedif cult years, whilst increasingits impact on the policymakingprocess.

In 2013, Bruegel’s Board andGeneral Assembly approvedplans to open a Foundationwhich will allow Bruegel to build an endowment and further

buttress its own independence.A large part of making Bruegel’s

nancial future sustainable alsorests in constant innovation inoperations: nding ways to cutcosts whilst expanding output.Bruegel is committed to applying best practices in everything itdoes, with a particular focus onvalue for money.

Finally, Bruegel maintainsreserves of just over two millioneuros. These reserves giveBruegel six months’ operatingcosts and help maintain nancialstability. Bruegel’s cash owsare carefully managed andBruegel has never borrowed to

nance operations or for capitalinvestments.

Bruegel’s Statement on ResearchIntegrity, adopted by the Boardin May 2006, is available onour website. The statementsets rules for the avoidance ofpolitical, national or commercialcon icts of interest which couldharm the integrity of Bruegel’sresearch. Bruegel’s researchersand senior staff promise to abide by this statement when theysign contracts with Bruegel.

Scholars and managers alsomake an annual declarationof outside interests, which isavailable on Bruegel’s website.These interests are not just

nancial: it is important for the

reader of Bruegel’s research to be aware of all the potentialin uences a scholar might

be acting under. These publicdeclarations are extensive in theareas they cover and representa new standard in publictransparency for think tanks.

Finally, Bruegel’s commitmentto transparency means thatwe publish detailed nancialstatements every year in theAnnual Report. Independentlyaudited, we detail not onlywhere every cent of the budgetcomes from, but we also detailspending along nine spendinglines. The nancial statementsclearly show what everymember contributed in any oneyear, a level of transparency thatis rare in our sector. Bruegel’sState Members also have theright to audit Bruegel at anytime.

T R A N S P A R E

N C Y

S U S T A I N A B

I L I T Y


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ASSEMBLY OF MEMBERSBruegel’s highest governing body

SCIENTIFIC COUNCILBruegel’s advisory body

E X E C U T I V E M A N A G E M E N TBruegel’s executive body

BOARDBruegel’s general administration body

Meets in May and November of each year

Meets three times every year

11 members (6 elected, 5 appointed)

Chair: Jean-Claude Trichet

Works with management to guide theorganisation, holds director accountable.

Approves the budget, the annual researchprogramme, which is prepared on the basis ofa wide consultation of members.

Approves new members and senior staffappointments.

8 members

Chair: Lucrezia Reichlin

Advises Bruegel’s Board anddirector.

Assesses the scienti c qualityof Bruegel’s output with a yearlyreport.

Attends Bruegel’s Board Meetingsthrough presence of the chair.

Executive management

Research supervision

Editorial responsibility

Meets every year

STATEMEMBERS

CORPORATEMEMBERS

INSTITUTIONALMEMBERS

ELECT 3 MEMBERS EACH

G O V E R N A N C E M O D E L

Director: Guntram Wolff

Ratifes the appointment of the Board and of the director.

Approves the budget and the accounts.

Participates in the design of the Research Programme through multilateralconsultations, and bilateral exchanges involving each member individually.


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JEAN-CL AUDE TRICHE T(CHAIRMAN)Former president of the EuropeanCentral Bank

C A R L O S E G E A Chief trading desk strategist, MorganStanley

A NN A E K STRÖ MDirector-general, National Agency forEducation, Sweden

IÑIGO FERNANDEZ DE MESA State secretary of the Treasury and

nancial policy, Ministry of Economyand Competitiveness, Spain

WOLFGANG FRANZFormer chairman of the German Councilof Economic Experts, former professor,University of Mannheim

J E R Z Y H A U S N E RProfessor of economics, head of theDepartment of Public Economy andAdministration at Cracow University ofEconomics

WOLFGANG KOPFSenior vice-president for public andregulatory affairs, Deutsche Telekom AG

VINCE NZO L A V IA Director-general of Department ofTreasury, Ministry of Economy andFinance, Italy

RACHEL LOMAXFormer deputy governor of the Bank ofEngland

ANDRE A S P E NK Head of P zer Oncology Europe,chairman of the Board of P zer Germany

J .A . (HANS) VIJLBRIEFTreasurer-general, Ministry of Finance,The Netherlands

B O A R D

The Board’s composition re ects the diversity of Bruegel’s stakeholders. An eleven-person group, it is made up of high-ranking individuals from government, industryand civil society, each of them acting in a personal capacity.

A combination of elections and appointments ensures background, nationality andgender balance. It also re ects Bruegel’s nature as a public good.

The current Board was con rmed in February 2014:


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M E M B E R S

Members are the core of our organisational framework. They engage in a partnership,an exchange of ideas, and a commitment to Bruegel’s mission. Their representation atBoard level, their contribution to the Research Agenda, their interactions with scholars,and their participation in events guarantee that Bruegel remains both accountable andrelevant.

Members are committed to Bruegel’s standards of transparency and integrity. Theyrecognise Bruegel’s independence and agree to refrain from seeking to in uence thecourse of Bruegel’s research work or to obstruct publication. We are grateful to each ofthem for their support.

Mateusz Szczurek (Finance Minister, Poland) and Ferdinando NelliFeroci (former commissionner for Industry and Entrepreneurship).

Alfonso Dastis (Ambassador extraordinary and plenipotentiary permanentrepresentative of Spain) and Anna Ekström (Bruegel Board member).


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CORPORATE

BBVADeutsche BankDeutsche TelekomEbayEDFENELEuronextGeneraliGoldman Sachs

GoogleHSBCHuaweiINGMasterCardMetLifeMicrosoftMoody’sMoore Capital

Morgan StanleyNovartisPzerPrudentialQualcommSamsungSchrodersShellSociété Générale

Standard & Poor’sStandard CharteredTelefónicaIIES (Toyota Group)Tudor Investment Corp.UniCredit Group

STATE MEMBERS

AustriaBelgiumCyprusDenmarkFinland

FranceGermanyHungaryIrelandItaly

LuxembourgThe NetherlandsMaltaPolandSlovakia

SpainSwedenUnited Kingdom

INSTITUTIONAL MEMBERS

Bank of EnglandBanque Centrale du LuxembourgBanque de FranceGroupe Caisse des DépôtsDanmarks National BankThe European Bank for Reconstruction andDevelopment (EBRD)

The European Investment Bank (EIB)Fundación Instituto de Crédito Ocial (ICO)The National Bank of PolandSveriges Riksbank

MEMBERS

L I S T O F M E M B E R S

(as of April 2015)

Bank

Karen Wilson, Jan Mulfheit (Microsoft), Alvaro Nadal (Economic Office of thePresident of the Spanish Government), Jean-Claude Trichet and Guntram Wolff.


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LUCREZIA REICHLINChair of the Scienti c Council, professorof economics, London Business School

GIUSEPPE BERTOLA Professor of economics, EDHEC Business

School, France

S E R G E I G U R I E V Professor of economics, Sciences Po,Paris

K A I K O N R ADManaging director, Max Planck Instituteof Tax Law and Public Finance

PHILIPPE MARTINProfessor of economics, Sciences Po,Paris

KEVIN O’ROURKEChichele professor of economic history

and fellow of All Souls College, Univer -sity

Documents

Bruegel Annual Report 2014