The Sound Of Economics

SUMMARY:  Manufacturing in its 21st century guise is markedly different from its traditional portrayal. Innovations are not only improving the efficiency of production processes but are also allowing for the establishment of more complex supply chains, with smarter communications systems and big-data management systems driven by an increasing digitalisation. Companies in a variety of sectors in Europe are having to adapt quickly to keep pace with the change. In this episode of the Sound of Economics, Simone Tagliapietra discusses how the established energy companies are ensuring they stay relevant in this new age; J. Scott Marcus elaborates on the opportunities thus far missed in Europe to make e-commerce work better for everyone; and Reinhilde Veugelers looks at what Europe needs to do to maintain a global presence as new manufacturing takes hold, and what lessons might be learnt from elsewhere. Each of these three scholars has contributed significant research to the Bruegel Blueprint publication

The issue of member-state integration in two or more speeds is one of the recurring questions in the debate about the European project. While previously this was a subject for academic circles, it has now moved into policy circles. Is this the future of Europe? Would the idea of proceeding in two or more speeds provoke a break-up of the EU? Is it an opportunity for each country to rethink and renew its commitments to the European project? In this episode of the Sound of Economics, Bruegel's deputy director, Maria Demertzis, asks some of these questions to Sandro Gozi, Italy's State Secretary for European Affairs. #Multispeed #Europe #FutureOfEurope #EU

Senior Bruegel fellow Zsolt Darvas discusses the impact and integration of migrants in the European Union, based on a new research paper he has co-authored with Uuriintuya Batsaikhan and Inês Gonçalves Raposo. Joining him on 'The Sound of Economics' is Manu Bhardwaj, vice president for research and insights at the Mastercard Centre for Inclusive Growth, while Sean Gibson takes the reins of his first podcast as the new Bruegel press officer. Zsolt Darvas has written several blogs ahead of the release of the research paper, the issues of which are discussed in this episode: [How the EU has become an immigration area](http://bru.gl/2AXuNIm) by Zsolt Darvas [Support for intra-EU mobility of people is on the rise](http://bru.gl/2nRx2HH) by Zsolt Darvas [The challenge of fostering financial inclusion of refugees](http://bru.gl/2AhUHml) by Zsolt Darvas In addition, watch Bruegel's event on the same topic: [Better policies for people on the move](http://bru.gl/2B9Qx3t) SPEAKERS  Manu Bhardwaj,

Bruegel senior scholar Nicolas Véron speaks with Steven Maijoor, the chair of ESMA, about the future of the Capital Markets Union (CMU), and of the EU's financial supervisory architecture. Currently, the organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector: separate authorities for banking, insurance, and securities and markets. Maijoor's institution, ESMA, is an independent EU Authority that contributes to safeguarding the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets. What does he think about the future of CMU, and the regulatory changes that might entail?

Bruegel scholar Dirk Schoenmaker speaks with James Murray, London’s Deputy Mayor with responsibility for housing. They talk about the challenges London is facing in guaranteeing fair access to reasonably-priced housing. What is the right balance between rental and owned accommodation? And how much can local government influence the housing market in our most desirable cities? SPEAKERS Dirk Schoenmaker, Senior Scholar, Bruegel James Murray, Deputy Mayor of London for Housing and Residential Development PRODUCTION Giuseppe Porcaro Bryn Watkins

Bruegel’s Alicia García-Herrero and Robin Niblett of Chatham House discuss a new joint report on EU-China relations. How easy was it to find common ground with Chinese partners? And what should be the priorities for economic cooperation between Europe and China? In this episode of The Sound of Economics, we host a conversation between Alicia García-Herrero and Robin Niblett. Our guests talk about a new joint report, EU–China Economic Relations to 2025, produced by four leading institutes in Europe and China. They discuss the process of finding common ground between the authors, and draw out some of the most interesting findings. It turns out that the most obvious sphere for EU-China economic cooperation, trade and investment, might be the most difficult. So what could be the next step for Europe and China? SPEAKERS Alicia García-Herrero, Senior Scholar, Bruegel Robin Niblett, Director, Chatham House CREDITS Presented and produced by Bryn Watkins #EU #China #Cooperation #economics

In this episode of The Sound of Economics we focus on trade multilateralism. What are the advantages of a multilateral approach to trade, and what are the risks? What challenges is the global trade system facing, and how should Europe react? Bruegel’s André Sapir explains the benefits of multilateral trade agreements, and calls on society’s to find ways to compensate those who lose out. Arancha González, executive director of the International Trade Center, makes a strong case against protectionsism. Petra Pinzler, journalist and author, highlights the weaknesses in some narrow economic thinking about trade and argues for better quality trade agreements that empower states. And Guntram Wolff, Bruegel’s director, discusses Europe’s place in the multilateral trade system. #Trade #Europe #Protectionism #Globalisation #Multilateralism

In this episode of The Sound of Economics, we host a conversation between Jean Pisani-Ferry and Guntram Wolff on the future of Europe after the French election. Our guests discuss how to address the urban-rural divide that was visible not only in the French election, but also in the Brexit vote and the US election. They also address Emmanuel Macron's pro-European platform, and discuss the significance of winning on such a platform. Finally, they speak about what Macron's victory will mean for the future of the eurozone. SPEAKERS Guntram Wolff, Director, Bruegel Jean Pisani-Ferry, Director for Programme and Ideas of Emmanuel Macron’s presidential campaign CREDITS Presented by Bryn Watkins Produced by Giuseppe Porcaro

This episode of The Sound of Economics focuses on the banking system in Europe and some of the challenges it is facing. The financial crisis made it clear that more should be done to create conditions for a safer financial system. The EU has taken measures to do that, and one of those measures is the creation of the banking union, which implies bringing all instruments of the banking sector policy to the eurozone level. Nicolas Véron explains to which extent the banking union has been completed, and shares his assessment on how successful the implementation of the new framework has been so far. While there are some aspects of the framework that can already be assessed, it seems that addressing the issues of Italian banks will be the first big test of how it will function in practice. Silvia Merler shares her opinion on the situation in Italy and reforms that have been taken so far. One of the key aspects of the banking union is the creation of the European deposit insurance scheme, which has proven to b

This episode of The Sound of Economics focuses on labour mobility in Europe. Anti-immigration sentiment is on the rise due to the perception that immigrants are taking away jobs and benefits. But what is the real impact of migration on European labour markets? What are the economic challenges for migrants and how do these challenges impact on social integration? These are some of the questions we explore with our guests. Alessandra Venturini speaks about the perception of migrants and how it differs from research findings. Samuel Engblom argues that the impact of migration on labour markets depends on political choices, and that it varies between countries. Anna Ilyina discusses IMF research on the economic impact of emigration from Eastern Europe, and Maria Demertzis emphasises the effect of migration on sending countries. Finally, our guests debate what the ideal policy response to migration should be, and how perception of migration could be improved. SPEAKERS Maria Demertzis, Deputy Director, Br

This episode of The Sound of Economics focuses on artificial intelligence (AI). The important technological advancements in computer science and information systems move us towards the artificial intelligence era with the creation of computing machines and systems that perform operations analogous to human learning and decision making. How will our lives change in this new era? Robert Atkinson shares his opinion on how AI will develop in the future and what we can expect from this development. Anna Byhovskaya addresses the widespread perception that AI will replace jobs as we know them. Is that a myth to be debunked or something we should be ready for? Merja Kyllönen discusses the role of legislators in the process of AI advancement, and Georgios Petropoulos emphasises other important issues to consider, such as the role of companies. Our guests go on to discuss the specific ways in which AI might change the nature of work. They also debate whether it will have an impact on politics and the political pr

This year marks the 60th anniversary of the signing of the Treaty of Rome, which started the process of European integration. This presents an opportunity to reflect on the progress that has been made so far, and to discuss what Europeans can expect in the future. We explore some of the central questions on this topic with our guests. Europe is facing a period of doubt and uncertainty, but this is not the first time it has faced a crisis. We begin this episode by asking Emmanuel Mourlon-Druol how today's challenges compare to previous periods where Europe has faced difficulties. Ivan Krastev goes on to discuss how much control Europe has over its decision-making, and to what extent it responds to external circumstances. As uncertainty especially affects the younger generation of Europeans, Johanna Nyman examines how young people perceive the future of Europe and what they have to look forward to. Guntram Wolff shares his view on what Europeans should be hopeful about, and what they should worry about. Our

This episode of The Sound of Economics focuses on non-performing loans (NPLs), a pressing issue for Europe's banks. The financial crisis and the recession that followed left European banks with € 1 trillion of NPLs. This has a negative impact on banks, borrowers, and the wider European economy. A range of experts offer insights into why NPLs are a challenge for banks, and why they are a problem for the European economy as a whole. They also discuss cultural differences in our relationship with debts, and how NPLs affect borrowers and undermine entrepreneurship. NPLs are a big issue for the European economy, and the show's guests explore how this issue can be solved. They explain what NPL workout entails, and assess Europe's progress in streamlining the process. Asset Management Companies (AMCs), so-called "bad banks" are part of the solution, and this episode asks if a European approach to AMCs can be effective. And finally, since both banks and borrowers are negatively affected by NPLs, we address the diff

In this episode of “The Sound of Economics” we examine the issue of inclusive growth and inequality in Europe. We asked Zsolt Darvas, Senior Fellow at Bruegel, to explain us how is it possible to define and measure inclusive growth. We spoke to Jana Hainsworth, President of the Social Platform, about the negative effects of social inequalities. We also asked her which new policies should be implemented to support inclusive growth. Luca Visentini, Secretary General of the European Trade Unions Confederation, and Markus J. Beyrer, Director General of Businesseurope, also shared their opinion. Finally, Zsolt Darvas highlighted the key policy recommendations from the Bruegel Blueprint “An Anatomy of inclusive growth”. SPEAKERS Zsolt Darvas, Senior Fellow, Bruegel Jana Hainsworth, President, Social Platform Luca Visentini, Secretary General, European Trade Union Confederation Markus J. Beyrer, Director General, BusinessEurope CREDITS Presented by Giuseppe Porcaro Produced by Vanessa Cotterell and Giuseppe Po

In this episode of The Sound of Economics, we focus on trade relations between the EU and China. We asked Alicia Garcia Herrero, Senior Fellow at Bruegel, where relations between China and the EU stand at the moment, and why their trade relations are so important. Currently the US seems more interested in the Pacific than its Atlantic alliance. Does this situation leave any room for the EU and China to get closer? We asked Pascal Lamy, former General Director- of the World Trade Organisation. Lawrence Lau, Professor of Economics at the University of Hong Kong, told us why he believes that both China and the EU can benefit from closer relations. We spoke with Jianwei Xu, Visiting Scholar at Bruegel, about the effects of Brexit on the EU-China relations: what would happen if the UK strikes a free trade agreement with China before the EU does? Finally we discussed the Chinese Belt and Road initiative, which aims to reduce transportation costs between China and the EU. We asked professor Lau what this initi

In this episode of The Sound of Economics, we discuss the issue of indebtedness and debt resolution with Carmen Reinhart, Professor of the International Financial System at the Harvard Kennedy School. Professor Reinhart highlights the scale of the debt overhang in many advanced economies. She also presents evidence that deleveraging has been notably slow since the last global financial crisis. She discusses how this overhang is affecting the speed of recovery, and calls for debt restructuring – especially in the private sector. We also hear from Bruegel Research Fellow Maria Demertzis, who explains the significance of non-performing loans and argues for simplified bankruptcy laws. SPEAKERS: Carmen Reinhart, Professor of the international financial system, Harvard Kennedy School Maria Demertzis, Research Fellow, Bruegel CREDITS Presented by Giuseppe Porcaro Produced by Vanessa Cotterell and Giuseppe Porcaro

In this episode of The Sound of Economics, a panel of experts from Bruegel and the Financial Times discuss the outlook for the UK and Europe. There is still a lot of uncertainty about the future, but some key questions are becoming clear. What will be the impact of Brexit on politics and business? Is the UK retracting not only from Europe, but also from globalisation? How should Europe react to what is happening in the UK, and could the EU offer any flexibility on migration and ECJ jurisdiction? This episode was recorded in conjunction with a Bruegel/Financial Times event about Brexit. Notes from this event, along with video and audio recordings, are available on the event page: http://bruegel.org/events/ft/ SPEAKERS Lionel Barber, Editor, Financial Times James Blitz, Whitehall Editor, Financial Times Guntram Wolff, Director, Bruegel Maria Demertzis, Research Fellow, Bruegel CREDITS Presented by Giuseppe Porcaro Produced by Vanessa Cotterell and Giuseppe Porcaro

This episode of The Sound of Economics focuses on innovation. There is widespread agreement that innovation is vital for European economy, but how can we get from smart ideas to economic growth? We asked Reinhilde Veugelers, Senior Fellow at Bruegel, why innovation matters for our economies, and why it is important for the components of the innovation system to be interconnected. Dominique Guellec, Head of Science and Technological Policy in the Directorate of Science at the OECD, to shared with us his opinion on the main weaknesses in European innovation. We also spoke with Scott Stern, Professor of Management of Technology at the MIT Sloan School of Management. He outlined why he believes Europe needs to think local if it wants to get the full economic benefit of innovation. We asked Karen Wilson, another Senior Fellow at Bruegel, why Europe seems to fare badly on this compared to other regions such as the US. She stressed the importance of completing the Single Market to support high-growth firms. Acc

In this episode of The Sound of Economics, we focus the issue of decarbonisation and the fight against climate change. Decarbonisation is at the heart of EU energy and climate policy. And the recent ratification of the Paris Agreement makes decarbonisation targets some of the EU’s most important international commitments. Progress towards the 2020 targets has been impressive. But the 2020 framework is now being replaced by new targets. The EU wants an 80-95 percent reduction in emissions by 2050, with an intermediate target of 40 percent by 2030. We asked Simone Tagliapietra, Research Fellow at Bruegel, what progress the EU has already made towards its climate targets and what will change with the new emission targets. We also spoke with Georg Zachmann, Senior Research Fellow at Bruegel, about the recent drop in Europe’s greenhouse gas emissions and the future of EU’s emission trading scheme. Lászlo Varro, chief economist at the International Energy Agency, shared his insights on which energy sources wil

The Future of Europe by Bruegel