Newsletter September 2019
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The Weakness of the German Car Industry and its Sectoral and Global Impacts
In this issue:
  • Registration open for the second CEPS-EconPol lunch debate
  • The long-term climate strategy of the European Union – a reality check
  • Chinese state capitalism and the economic challenges for Western markets
  • The weakness of the German car industry and its sectoral and global impacts
  • Why do Dutch SMEs apply for fewer bank loans than their EU neighbours?

Pension Reform in Europe: Recent Experience and Challenges Ahead

Ageing populations in European countries are putting pressure on public finances through higher spending on old age benefits and lower tax revenues. Several European countries have conducted pension reforms in recent years aimed at enhancing fiscal sustainability. However, further policy challenges will arise due to the projected demographic changes ahead.

The second joined CEPS-EconPol lunch time seminar, to be held in Brussels on 2 October, will discuss the issue of pension reform from different angles. In particular, it will reflect on the experience with recent pension reforms in Europe, their public finance and labor market consequences and intergenerational fairness aspects. Another crucial question the seminar will focus on is under which conditions pension reforms may find political support.

See the full programme and register

The Long-Term Climate Strategy of the European Union – a Reality Check

To prevent the average global temperature rising by more than 1.5° celsius, we need to reduce global net greenhouse gas (GHG) emissions to zero by 2050. The EU’s current target is a reduction of emissions by 80-95% by 2050. However, the EU itself estimates that it will only achieve about 60% with a continuation of current policies. In 2017, GHG emissions rose after falling by almost 23% between 1990 and 2016. Karen Pittel examines the evidence and suggests a framework for action.

EconPol Opinion 23

In Systemic Competition with China

China’s success with state capitalism poses security concerns and huge economic challenges for western market economies. Its economy has boomed over the past 20 years, with private industry contributing much to recent success. And while private industry has helped the rise of China, it’s only one part of the economy. State enterprises and state-controlled firms play a dominant role; the former accounts for 35% of China’s GDP. Amidst uncertainty over how the trade-off between private corporate dynamics and government management of firms will develop, Achim Wambach says Europe needs to work with China to create fair competition and avoid unilateral protectionism.

EconPol Opinion 24

The Weakness of the German Car Industry and its Sectoral and Global Impacts

A sharp downturn in industrial production in the German car industry in the third quarter 2018 had an immediate impact on its main trading partners and is causing global and sectoral losses. The drop is raising questions about broader economic consequences, say EconPol researchers, who expect German car industry to stay in recession for the near future.

EconPol Policy Brief 18

SME Bank Financing from a European Perspective

Bank loans continue to be the main source of external financing for small and medium-sized enterprises (SMEs), in both the Netherlands and other European countries. Businesses are using those loans for expansion, innovation or as working capital.  But Dutch SMEs are applying for fewer bank loans, and those applications are often rejected by the banks. How does SME bank financing in the Netherlands relate to other European countries, and what are the reasons for the differences?

EconPol Policy Brief 19
Joint CEPS-EconPol Lunch Debate: Pension Reform and Sustainability of Public Finance
2 October 2019
Brussels, Belgium
EconPol Annual Conference
7-8 November 2019
Brussels, Belgium
CEPII newsletter
CEPS latest publications
CERGE-EI latest news
CPB latest publications
IHS publications hub
Instituto Universitario de Economía Universidad Carlos III de Madrid – latest news
KOF Bulletin
REM – Research in Economics and Mathematics Newsletter
TSE news
Universita di Trento news
University of Oxford (Centre for Business Taxation) news and insights
VATT news
ZEW newsletter
2019 Fiscal Policy Seminar | German Federal Ministry of Finance | 7-8 October
The Federal Ministry of Finance will be hosting its second Fiscal Policy Seminar on
7-8 October 2019. The conference will offer participants a unique chance to engage in fruitful research and policy debates with academics and practitioners alike. This year, the theme is “Analyzing developments in savings, investments and interest rates – reassessing the role of fiscal policies for growth and stabilization”. Registrations from people with an academic background and an interest in fiscal policy are welcomed.

See the full programme and register (external website)
EconPol Europe is a cross-border voice for research in Europe, providing research-based contributions aimed at promoting growth, prosperity and social cohesion in Europe and, in particular, the European and Monetary Union. Our mission is to contribute our research findings to help solve the pressing economic and fiscal policy issues facing the European Union, and to anchor more deeply the idea of a united Europe within member states.

Our joint interdisciplinary research covers:

    •    sustainable growth and best practice,
    •    reform of EU policies and the EU budget,
    •    capital markets and the regulation of the financial sector and
    •    governance and macroeconomic policy in the European Monetary Union.

If you would like further information about EconPol Europe, please contact Juliet Shaw at

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© EconPol Europe: European Network for Economic and Fiscal Policy Research – ifo Institute – Leibniz Institute for Economic Research at the University of Munich 2019.

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Published: ifo Institute for Economic Research at the University of Munich,
Editor: Juliet Shaw.

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