The Sound of 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 be the most challenging part of completing the banking union. Dirk Schoenmaker reflects on the topic.Our guests go on to discuss how Brexit will affect the European banking and which risks and opportunities it might bring. Finally, they identify some of the challenges that the European banking system will have to address in the longer run.SPEAKERS Silvia Merler, Affiliate FellowDirk Schoenmaker, Senior FellowNicolas Véron, Senior FellowCREDITS Presented and produced by Antonija Parat

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, Bruegel Samuel Engblom, Policy director, The Swedish Confederation of Professional Employees (TCO) Anna Ilyina, Division Chief, International Monetary Fund Alessandra Venturini, Deputy Director Migration Policy Center,Robert Schuman Centre for Advanced Studies, European University Institute (EUI)CREDITS Produced and presented by Giuseppe Porcaro

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 process. Finally, they discuss what they think will be the biggest change resulting from AI development.SPEAKERS Robert Atkinson, President, Information Technology and Innovation Foundation Anna Byhovskaya, Policy & Communications Advisor, TUAC/ OECD Merja Kyllönen, Member of the European Parliament Georgios Petropoulos, Research Fellow, BruegelCREDITS Produced and presented by Giuseppe Porcaro

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 guests go on to debate what Europe can offer its citizens and what questions it will have to answer to move forward. Finally they reflect on the impact of the Treaty of Rome over the last 60 years.SPEAKERSEmmanuel Mourlon-Druol, Non-resident fellow, BruegelIvan Krastev, Chairman of the Centre for Liberal Strategies ,Sofia and Permanent fellow at the Institute for Human Sciences, ViennaJohanna Nyman, Expert on youth policy and human rightsGuntram B. Wolff, Director, BruegelCREDITSProduced by Giuseppe Porcaro Presented by Bryn Watkins

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 difficult question of who should bear the loss.

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, BusinessEuropeCREDITS Presented by Giuseppe Porcaro Produced by Vanessa Cotterell and Giuseppe Porcaro

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 initiative entails, and Alicia shared her opinion on potential opportunities and dangers that the initiative can bring to Europe.SPEAKERS Alicia Garcia Herrero, Senior Fellow, Bruegel Pascal Lamy, former General Director, World Trade Organisation Lawrence Lau, Professor of Economics, University of Hong Kong Jianwei Xu, Visiting Fellow, BruegelCREDITS Presented and produced by Vanessa Cotterell and Giuseppe Porcaro

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, BruegelCREDITS Presented by Giuseppe Porcaro Produced by Vanessa Cotterell and Giuseppe Porcaro