EEP Card
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.

EEP RPN Session at the CEPR Paris Symposium 2023

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.

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Members

Elga Bartsch

RPN Member, European Economic Policy / RPN Member, Central Bank Communication

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

Marcel Fratzscher

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

Reint Gropp

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

Lucas Guttenberg

Deputy Director, Jacques Delors Centre Hertie School of Governance

RPN Member, European Economic Policy

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

Elias Papaioannou

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

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

Armin Steinbach

Professor of Law and Economics HEC Paris School of Management

RPN Member, European Economic Policy

Mateusz Szczurek

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

RPN Member, European Economic Policy

Isabel Vansteenkiste

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

RPN Member, European Economic Policy / RPN Member, Geoeconomics

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)

Beatrice Weder Di Mauro

President Centre for Economic Policy Research; Professor of International Economics Geneva Graduate Institute (IHEID); Visiting Professor Hoffmann Global Institute for Business and Society INSEAD

CEPR President / RPN Member, European Economic Policy / RPN Member, International Lending and Sovereign Debt / RPN Member, Geoeconomics / Fellow, Climate Change and the Environment

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)

Marco Buti

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

RPN Associate Fellow, European Economic Policy

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

Jean Pisani-Ferry

Senior Fellow Bruegel; Tommaso Padoa-Schioppa chair, in Florence European University Institute; Senior Fellow Peterson Institute for International Economics (PIIE)

Xavier Ragot

Directeur de Recherche French National Centre for Scientific Research (CNRS); President Observatoire Français des Conjonctures Economiques; Professor Sciences Po Paris

Nicolas Veron

Senior Fellow Bruegel; Senior Fellow Peterson Institute for International Economics (PIIE)

RPN Associate Fellow, European Economic Policy / RPN Member, European Financial Architecture

Vesa Vihriälä

Professor of Practice, University of Helsinki, Graduate School of Economics University Of Helsinki

RPN Associate Fellow, European Economic Policy
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12 December
Symposium 2023 banner
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Webinar Video

EEA Panel: Europe Refocused

Chair: Jean Pisani-Ferry (Bruegel, EUI, PIIE, Sciences Po and CEPR)

Panellists:
Agnès Bénassy Quéré (Ministry of Economy and Finance, France, PSE and CEPR)
Francesco Giavazzi (Bocconi University and CEPR)
Luis Garicano (Renew Europe and CEPR)

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Webinar Video

EEA: Macro Session

Chair: Jean Pisani-Ferry (Bruegel, EUI, PIIE, Sciences Po and CEPR)

Macroeconomic Policy Choices at the Current Juncture based on Fiscal policy in the age of Covid: Does it ‘get in all of the cracks’
Pierre-Olivier Gourinchas (IMF and CEPR), with Şebnem Kalemli-Özcan, Veronika Penciakova, and Nick Sander