The Sound of Economics

The idea of a global corporate tax has been floating around for decades, but a US proposal for a 15% of a global minimum tax rate means the proposal is now a serious possibility. This would affect both direct and indirect taxation, broader tax policy issues, and tax administration. In this live episode of The Sound of Economics, Giuseppe Porcaro is joined by Bruegel scholars Rebecca Christie and Niclas Poitiers, to discuss the outlook of global corporate tax and its possible outcomes. Relevant publication: Christie, R. (2021) ‘International tax debate moves from digital focus to global minimum,’ Bruegel Blog, 27 May

European strategic autonomy is probably the single most used watchword in European circles, if only because of lack of consensus about what it entails. US bashing for some, a more confident and independent EU for others, the concept has well and truly moved out of the security and defence area into every area of EU policy. This is most apparent in the debate around the international role of the euro, where institutional thinking has shifted fast in the past couple of years. Is it inevitable? In this episode of The Sound of Economics, Bruegel Director Guntram Wolff is joined by Franziska Brantner, Member of the Bundestag and Europe spokesperson for Alliance 90/The Greens’ parliamentary group, to talk about sovereignty, the international role of the euro and the geopolitical repercussions of the EU’s green deal. Relevant publications: Claeys, G. and G. Wolff (2020) ‘For the euro, there is no shortcut to becoming a dominant currency’, Bruegel Blog, 13 October Claeys, G. and G.B. Wolff (2020) ‘Is the COVID-19 crisis an opportunity to boost the euro as a global currency?’ Policy Contribution 11/2020, Bruegel Or maybe you’d like to watch our event with President of the European Council ‘From playing field to player: Europe’s strategic autonomy as our generation’s goal’ on the importance of Europe’s strategic autonomy

This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, bringing you monthly analysis of China in the world, as seen from Europe. Sign up now to receive it in your mailbox! China’s growing economic power is causing great anxiety in the West: European regulators are tightening the rules on takeovers by Chinese state-owned giants, while the United States is imposing aggressive sanctions on leading Chinese technology firms such as Huawei, ByteDance (TikTok) and Tencent (WeChat). In this episode of The Sound of Economics, Bruegel’s Alicia García-Herrero, Mario Mariniello and Giuseppe Porcaro make the virtual trip to the enclave of Hong Kong, where they are joined by Angela Huyue Zhang, an expert on Chinese law and the author of “Chinese Antitrust Exceptionalism: How the Rise of China Challenges Global Regulation”. She draws on her experience of examining how Chinese exceptionalism, as manifested in the way China regulates and is regulated, is reshaping global antitrust regulation to impose extraterritoriality and counter western sanctions and influence.

IMF Chief Economist Gita Gopinath joins Bruegel Director Guntram Wolff for this Live recorded session. They were able to discuss the uneven recovery from the pandemic. In the latest World Economic Outlook, the IMF warns that even though the global economy is on firmer ground, recoveries are diverging dangerously across and within countries, as economies with slower vaccine rollout, more limited policy support, and more reliance on tourism do less well. Global prospects remain highly uncertain one year into the pandemic. The outlook depends not just on the outcome of the battle between the virus and vaccines—it also hinges on how effectively economic policies deployed under high uncertainty can limit lasting damage from this unprecedented crisis. Bruegel would like to thank the International Monetary Fund for co-hosting this recording. This podcast was recorded with a live audience on clubhouse. Follow The Sound of Economics club on Clubhouse for the latest and regular rooms and high level policy conversations on everything from geoeconomics to energy and climate change.

What is a central bank digital currency (CBDC)? How is it different from the money in a private bank account, or from cryptocurrencies? What do consumers stand to gain from CBDCs? Have cryptocurrencies enabled the creation of the technology needed to guarantee anonymity, privacy and security? To debunk the myths and get to the bottom of the hows and the whys of CBDCs, this week Giuseppe Porcaro is joined by Bruegel Deputy Director Maria Demertzis and Senior Fellow Gregory Claeys who will tell us just how likely digital currency is to replace the money under our mattress.   Relevant publications and event: Demertzis, M. (2021) ‘Central bank currencies going digital’ Claeys, G. and M. Demertzis (2019) ‘The next generation of digital currencies: in search of stability’, Policy Contribution, European Parliament Disruption or transformation: the impact of a digital euro on the financial system with Guntram Wolff and Fabio Panetta See more relevant Bruegel research on Digital Currencies.

Before the pandemic, Africa was experiencing unprecedented economic growth and poverty reduction. While many economies have faced disruption around the globe, emerging economies face an even tougher challenge because they lack the tools at the disposal of developed countries, whether that be vaccines, macroeconomic liquidity or the ability of the labour market to work from home.  The global nature of the pandemic requires a global response. This January, Bruegel Director Guntram Wolff and Vera Songwe, Executive Secretary of the Economic Commission for Africa were appointed by the Italian G20 Presidency to the High Level Independent Panel on financing the global commons for pandemic preparedness and response, tasked with identifying gaps in the financing system for the global commons for pandemic prevention, surveillance, preparedness and response; and proposing actionable solutions to meet these gaps on a systematic and sustainable basis. In this episode of The Sound of Economics, Vera shares her insight on how Africa has been handling the spread of COVID-19 and its economic implications. Together they discuss how to ensure necessary financing available to all, that can ensure that the world is better prepared for the next pandemic. 

In a recent set of two Bruegel publications Giuseppe Porcaro, Emmanuel Mourlon-Druol, Enrico Bergamini and Francesco Papadia set out to understand exactly how europeanised public debate in national conversations actually is. With no quantitative indicators, they used a whole set of 'imperfect proxies' such as analysis of national newspapers to give them additional elements alongside the voters turnout, and existing eurobarometers surveys to understand just how strong citizens’ attachment to the European Union is. In this episode of The Sound of Economics LIVE, Giuseppe and Emmanuel are joined by two guests who with hands on experience in finding this 'European public sphere': Jaume Duch Guillot, the Spokesperson and Director General for Communication at the European Parliament, and Mick ter Reehorst, founder of 'Are We Europe', a pan-European publication that focuses on 'border-breaking' stories. Relevant publications: Bergamini, E. and E. Mourlon-Druol (2021) ‘Talking about Europe: exploring 70 years of news archives’, Working Paper 04/2021, Bruegel Papadia, F., E. Bergamini, E. Mourlon-Druol and G. Porcaro (2021) ‘Interest in European matters: a glass three-quarters full?’ Working Paper 05/2021, Bruegel

This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, bringing you monthly analysis of China in the world, as seen from Europe. Sign up now to receive it in your mailbox! A digital currency has been a heated discussion among central banks around the globe, and China is no exception. Where does Renminbi stand in the debate, what's next and what would be the implications of a digital yuan? Professor ZHU Min, Chair of the National Institute of Financial Research at Tsinghua University and former Deputy Managing Director of the International Monetary Fund, shares his insight with Bruegel Director Guntram Wolff and Senior Fellow Alicia García-Herrero. Relevant event: Disruption or transformation: the impact of a digital euro on the financial system with Guntram Wolff and Fabio Panetta

Recent sanctions and counter-sanctions between the EU and China have put the future of the Comprehensive Agreement on Investment (CAI) in doubt. Where do the parties go from here? In this episode of the Sound of Economics, Bruegel Director Guntram Wolff is joined by Mikko Huotari, Executive Director of MERICS - Mercator Institute for China Studies, to talk about the future of the agreement, the geopolitics at play and the role of the United States.

This is a very special moment for space exploration. The beginning of April will see the maiden flight of the first helicopter to another planet. The Artemis accords will mean that man will be back on the moon before long. The European Space Agency is building Daedalus, the first robot that will crawl inside lunar caves. The United Arab Emirates and India have successfully entered Mars’ orbit on their first try. Elon Musk has just stated that he will land his starship there before 2030. We are in the midst of a new space race, this time not as a proxy of the Cold War of the 60s, but as a multiplication of the actors, both private as well as state actors across the globe enter the realm of space. This week, Giuseppe Porcaro host of The Sound of Economics (and self acclaimed 'space geek') and Reinhilde Veugelers, senior fellow at Bruegel, have the pleasure of hosting Michel Praet, Head of the European Space Agency (ESA)’s Brussels Office, Jérôme Béquignon and Eleni Paliouras, also from ESA’s EU Relations Office for this episode. They discuss the position of the European Space sector in this brave new world, what the consequences are for industrial and innovation policy, and also take a closer look at the institutional set up which should foster this innovation. A transcription is available for this episode. Disclaimer: Due to the COVID-19 pandemic, all our podcasts are recorded remotely. We apologise in advance for the sound quality and thank you for your understanding.