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Recent policy publications

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  1. 2024, Unite, defend, grow: Memos to the European Union leadership, 2024-2019, forthcoming, with Andre Sapir and Jeromin Zettelmeyer (eds).

  2. 2024, Memo to the Commissioner for Economics and Finance, September with Zsolt Darvas and Stavros Zenios. forthcoming

  3. 2024, Overcome divisions and confront threats: Memo to the Presidents of the European Commission, Council and Parliament, Memos to the New Commission, with Andre Sapir and Jeromin Zettelmeyer, 3 July 2024.

  4. 2024, The state of financial knowledge in the European Union, Bruegel Report No 4, February, 23rd, with Luca Lery Moffat, Annamaria Lusardi and Juan Mejino Lopez.

  5. 2024, Accelerating strategic investment in the European Union beyond 2026, Bruegel Report, January, with David Pinkus and Nina Ruer (written on request of the Belgian Presidency).

Policy publications

  1. 2023, The trade and investment sanctions imposed by the EU and other countries on Russia following the war of aggression, chapter in EU trade and investment following Russia's illegal invasion of Ukraine, European Parliament, June, with Zsolt Darvas, Luka Moffat and Elina Ribakova.

  2. 2023, The Geopolitical Relevance of Central Bank Digital Currencies, Intereconomics,Volume 58 July/August, Number 4, with Josh Lipsky.

  3. 2023, Progress with the digital euro, Intereconomics, Volume 58 July/August, Number 4, with Catarina Martins.

  4. 2023, Demertzis, Maria and Catarina Martins, The value added of Central Bank Digital Currencies: a view from the euro area, Bruegel, Policy Brief, 13 / 12 June.

  5. 2023, Demertzis, Maria and Catarina Martins, Decentralised finance: good technology, bad finance, Bruegel, Policy Brief, 09 / 05 April.

  6. 2023, Demertzis, Maria and Conor McCaffrey, The ECB as part of an imperfect architecture, chapter in The Union in a fragmented world: A yearbook on the Euro, pp 95-108.

  7. 2022, Demertzis, Maria  Benjamin Hilgenstock Ben McWilliams Elina Ribakova and  Simone Tagliapietra, How have sanctions impacted Russia?, Policy Contribution Issue n˚18/22 | October.

  8. 2022, Bourguignon, J., M. Demertzis and E. Sprenger, EU Enlargement in a New Light, Volume 57, Number 4, p. 204.

  9. 2022, Demertzis, M., C. Martins and N. Viegi, "An analysis of central bank decision-making", Bruegel Policy Brief, 12 June.

  10. 2022, Claeys, G, M. Demertzis and L. Guetta-Jeanrenaud, "Fragmentation risk in the euro area: no easy way out for the European Central Bank", Monetary Dialogue Papers, European Parliament, June.

  11. 2022, Claeys, G. and M. Demertzis, "A return to what fiscal rules?", chapter 6 in Good Policies, a Gap Year on Reforms, A Yearbook on the Euro 2022,  edited by Fernando Fernández Méndez de Andés. 

  12. 2021, Altomonte, C. M. Demertzis, L. Fontagne and S Muller, COVID-19 financial aid and productivity: has support been well spent? Bruegel Policy Contribution, Issue No. 21, September.

  13. 2021, Demertzis, M. and M. Domínguez-Jiménez and L. Guetta-Jeanrenaud, “Europe must not forget its Capital Markets Union”, Bruegel Policy Contribution, Issue No. 13, June.

  14. 2021, Claeys, G., Z. Darvas, M. Demertzis and G. Wolff, "The great COVID-19 divergence: managing a sustainable and equitable recovery in the European Union", Bruegel Policy Contribution, Issue No. 11, May. Paper presented at the Informal Ecofin, Lisbon.

  15. 2021, Demertzis, M. and N.Viegi, "Low-interest rates in Europe and the US: one trend, two stories", Bruegel Policy Contribution, Issue No. 7, March.

  16. 2021, Demertzis, M. and M. Domínguez-Jiménez, ‘Fundamental uncertainty and climate: two issues to guide the ECB’s strategy review’, a chapter of the report “The Euro in 2021, A Yearbook on the European Monetary Union”, edited by Fernando Fernández Méndez de Andés.

  17.  2021, Demertzis, M. and G. Claeys, "The productivity paradox: policy lessons from MICROPROD", Bruegel Policy Contribution, Issue No. 1, January.

  18. 2020. Demertzis, M. and M. Domínguez-Jiménez Monetary policy in the time of COVID-19, or how uncertainty is here to stay, Monetary Dialogue Papers, European Parliament, November.

  19. 2020, Demertzis, M. and M. Domínguez-Jiménez and Annamaria Lusardi, The financial fragility of European households in the time of COVID-19,  Bruegel Policy Contribution, Issue No. 15, July.

  20. 2020, Analysis of developments in EU capital flows in the global context, European Commission, DG Fisma, with Gregory Claeys, Marta Dominguez-Jimenez, Konstantinos Efstathiou and Tanja Linta, 16 April.

  21. 2020, Facing the Lower Bound: What will the ECB do in the Next Recession?" with Aliénor Cameron, Grégory Claeys and Maria Demertzis, Fundacion ICO, chapter in “The Euro in 2020, A Yearbook on the European Monetary Union”, edited by Fernando Fernández Méndez de Andés, April.

  22. 2020. An effective economic response to the Coronavirus in Europe, Bruegel Policy Contribution, Issue No. 5, March, with André Sapir, Simone Tagliapietra and Guntram B. Wolff.

  23. 2019, The next generation of digital currencies: in search of stability, Bruegel Policy Contribution, Issue No. 15, December, (with Grégory Claeys).

  24. 2019, Challenges ahead for the European Central Bank: Navigating in the dark? European Parliament’s Committee on Economic and Monetary Affairs, (with Grégory Claeys and Francesco Papadia).

  25. 2019,  Hybrid and cybersecurity threats and the European Union’s financial system, Bruegel Policy Contribution, Issue No. 10, September, (with Guntram Wolff).

  26. 2019, Preparing for uncertainty, Memos to the new ECB president, July.

  27. 2019, A strategic agenda for the new EU leadership, June 13, (with Andre Sapir and Guntram Wolff).

  28. 2019, Promoting sustainable and inclusive growth and convergence in the European Union, April, (with Andre Sapir and Guntram Wolff).

  29. 2019, Analysis of developments in EU capital flows in the global context, ( with Gregory, Claeys, Konstantinos Efstathiou, Ines Goncalves Raposo, Alexander Lehmann and David Pichler).

  30. 2018, How to provide liquidity to banks after resolution in Europe's banking Union, European Parliament, In-Depth Analysis, November.

  31. 2018, A monetary policy framework for the European Central Bank to deal with uncertainty, Bruegel Policy Contribution, No. 21, November, (with Grégory Claeys and Jan Mazza).

  32. 2018, One size does not fit all: European Integration by differentiation, Bruegel Policy Brief No. 3, September, (with Jean Pisani-Ferry, Andre Sapir, Thomas Wieser and Guntram Wolff).

  33. 2018, The economic potential and risks of crypto assets: is a regulatory framework needed?, Bruegel Policy Contribution Issue no 14, September (with Guntram Wolff).

  34. 2018, Cryptocurrencies and monetary policy, Bruegel Policy Contribution Issue no 10, June (with Grégory Claeys and Konstantinos Efstathiou).

  35. 2018, Financial literacy and inclusive growth in the European Union, Bruegel Policy Contribution Issue n˚08 | May (with Uuriintuya Batsaikhan).

  36. 2018, State contingent debt as insurance for euro-area sovereigns, Bruegel Working Paper No. 3, April (with Stavros Zenios).

  37. 2018, Analysis of development in EU capital flows in the global context, Report produced for the European Commission, DG Fisma, (with Grégory Claeys, Konstantinos Efstathiou, Ines Goncalves Raposo, Pia Huttl and Alexander Lehmann).

  38. 2017. Promoting intra-regional Trade in the Southern Mediterranean, in Looking Ahead: Charting New Paths for the Mediterranean, MED Mediterranean Dialogues, Valeria Talbot and Stefano Torelli (eds), (with Filippo Biondi).

  39. 2017, How should the European Central Bank ‘normalise’ its monetary policy?, Bruegel Policy Contribution, No. 31, November, (with Grégory Claeys).

  40. 2017, Capital Markets Union and the fintech opportunity, Bruegel Policy Contribution No. 22, September, (with Silvia Merler and Guntram Wolff). 

  41. 2017, The EU and the US: a relationship in motion, published at Clingendael, 13, July.

  42. 2017, Tackling Europe’s crisis legacy: a comprehensive strategy for bad loans and debt restructuring, Bruegel Policy Contribution No. 11, April 21st, (with Alexander Lehmann).

  43. 2017, Europe’s role in North Africa: development, investment and migration, Bruegel Policy Contribution No. 10 (with Uri Dadush and Guntram Wolff). Paper presented at the Informal Ecofin in Malta, 8th of April 2017.

  44. 2017, Europe in a new World Order, Bruegel Policy Brief, Issue 2, February (with André Sapir and Guntram Wolff).

  45. 2016, What impact does the ECB’s quantitative easing policy have on bank profitability? Bruegel Policy Contribution no 20, (with Guntram Wolff).

  46. 2016, What are the prerequisites for a euro-area fiscal capacity? Breugel Policy Contribution Issue n˚14, (with Guntram B. Wolff).

  47. 2016, The effectiveness of the European Central Bank’s Asset Purchase Programme, Bruegel Policy contribution, June 23 (with Guntram Wolff).

  48. 2016, Insolvency Frameworks in the EU: Reform Priorities from a Macroeconomic Perspective, European Commission Discussion Paper 32 (with Jean Charles Bricongne, Peter Pontuch and Alessandro Turrini).

  49. 2014, Delivering the Eurozone 'Consistent Trinity, 20 March, with Buti and Nogueira Martins.

  50. 2014, External rebalancing in the euro area: progress made and what remains to be done, Quarterly report on the euro area, Vol 13, No 4, December (with Alexandr Hobza).

  51. 2013, The role of FDI in preventing imbalances in the euro area, Quarterly report on the euro area, Vol 12, No 2, June (with Peter Pontuch).

  52. 2012, Current Account Surpluses in the EU, European Economy September (contributor).

  53. 2011, Monetary Policy and Excessive Bank Risk-Taking, Voxeu, 31 January.

  54. 2007, 3. A Case Against Central Bank Transparency, speech delivered at the Workshop organised by DNB on Transparency and Communication, January 2007 (appeared at ).

  55. 2006, EUROMON: the multi-country model of De Nederlandsche Bank, Occasional Studies, De Nederlandsche Bank, (with P. van Els, S. Grob and M. Peeters).

  56. 1997, "European Monetary Union: its Past and its Future", in Modern Studies Association Yearbook, A Review of British and International Affairs in 1996/97, 48-51.

  57. 1996, "EMU, the UK and their Future?" Quarterly Economic Commentary. Vol. 22, No 1, December, Glasgow, 85-97, (with Kenneth Low and Peter McAdam).

  58. 1995, " Is there Convergence in a Two-Speed Europe: Evidence from the Labour Market", Discussion Paper No 22, Economic and Social Research Council (GEI Programme), London, (with Andrew Hughes Hallett).

  59. 1995, "What Value is a Single Currency?" Parliamentary Brief March 1995, (with Andrew Hughes Hallett).

 

Other discussion papers

 

  1. 2011. Complex Methods in Economics: An Example of Behavioural Heterogeneity in House Prices, DNB Working Paper, No. 329, (with Wilko Bolt, Cees Diks and Marco van der Leij).

  2. 2006. Three Models of Imperfect Transparency in Monetary Policy, CEPR Discussion Paper No. 4117, (with Andrew Hughes Hallett).

  3. 2004. The Dynamic Properties of Inflation Targeting Under Uncertainty, DNB Staff Report No. 113, (with Nicola Viegi).

  4. 2002, External Wealth and the Trade Balance: A Time-Series Analysis for the Netherlands, WO Research Memoranda, De Nederlandsche Bank, (with Stephanie Holle).

  5. 2001, “The Euro economy in the years 2001-2003: a Forecast with EUROMON”, Research Memorandum, WOE, No. 657, (with Leo de Haan).

  6. 2001, “The role of fiscal policy in EMU: a simulation with EUROMON “ WOE Research Memorandum No. 653. Also published in Quarterly Bulletin, DNB, March, (with H.M.M. Peeters).

  7. 2001, “Fiscal Architecture in EMU: an Overview”, DNB Mimeo.

  8. 2000, “A Note on Fiscal Federalism”, De Nederlandsche Bank, WOE Research Memorandum, No. 612, March.

  9. 1999, “When Can an Independent Central Bank Offer Lower Inflation at No Cost? A Political Economy Analysis”, Economic Policy Research Unit, Working Paper Series, 2000-01, University of Copenhagen, (with Andrew Hughes Hallett).

  10. 1998, “Independently Blue? Accountability and Independence in the New European Central Bank”, Discussion Paper Series, No 1842, Centre for Economic Policy Research, London. (with Andrew Hughes Hallett and Nicola Viegi).

  11. 1997, "Predicting the Euro: More Volatile - Certainly; but 'Soft', Probably Not", University of Strathclyde, Mimeo, (with Andrew Hughes Hallett).

  12. 1997, "The External Impact of European Monetary Union", University of Strathclyde, Mimeo, Prepared for the Jean Monnet meeting, Brussels Sept 1997, (with Andrew Hughes Hallett).

  13. 1995, "Economic and Monetary Union: Some Unresolved Issues", ICMM Discussion Paper 31, (with Andrew Hughes Hallett).

  14. 1995, "Inflation and the Distribution of Unemployment Across Europe", University of Strathclyde, Discussion Paper, 26. International Centre for Macroeconomic Modelling, (with Andrew Hughes Hallett).

  15. 1995, "On Measuring the Costs of Labour Immobility and Market Heterogeneity in Europe", Discussion Paper Series, No 1189, Centre for Economic Policy Research, London, (with Andrew Hughes Hallett).

     

     

     

     

     

     

     

 

 

 

 

 

 

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