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Philippe Legrain

Philippe Legrain is a Senior Visiting Fellow in the London School of Economics’ European Institute. From February 2011 to February 2014, he was economic adviser to the President of the European Commission and head of the team that provides President Barroso with strategic policy advice in the Bureau of European Policy Advisers.

Philippe Legrain

The Twilight Of Angela Merkel

Philippe Legrain 24th November 2017

Amid all the crises and upheavals that have battered the European Union over the past decade, one fixed point has been the stolid, stable government of German Chancellor Angela Merkel. But, following the collapse of talks to form a new coalition, Merkel suddenly seems mortal. While Merkel’s departure may not be imminent, her power is […]

Macron’s Challenge For Europe

Philippe Legrain 31st October 2017

In an ambitious, visionary speech at the Sorbonne, French President Emmanuel Macron presented his plan for countering the tide of xenophobic nationalism in Europe. He wants to build a “sovereign, united, and democratic Europe,” where citizens again feel a sense of allegiance to the idea of Europe itself. Macron’s speech was a welcome call to […]

Has Populism Peaked?

Philippe Legrain 26th May 2017

After last year, when the United Kingdom voted to leave the European Union and the United States elected Donald Trump as president, xenophobic nationalism was beginning to seem irresistible. Yet France has now become the biggest power to buck the trend, electing as its president the socially liberal, pro-immigration, and pro-Europe Emmanuel Macron. Has the […]

Brexit Into Trumpland

Philippe Legrain 24th January 2017

British Prime Minister Theresa May is leading the United Kingdom toward a very “hard” Brexit in 2019 – and potentially off a cliff, if the UK leaves the European Union without an exit or trade deal. In her January 17 speech, May outlined her objectives for negotiating with the EU, and made it clear that […]

Italy On The Brink

Philippe Legrain 13th December 2016

Political instability in Italy is nothing new. But Italian voters’ rejection of constitutional reforms in a referendum has not only led Prime Minister Matteo Renzi to resign; it has dealt another blow to a crisis-ridden European Union. In the near term, Italy’s ongoing banking crisis could flare up again and threaten European stability; in the […]

President-elect Trump’s New World Disorder

Philippe Legrain 10th November 2016

So much for the end of history. Twenty-seven years to the day after the fall of the Berlin Wall heralded the collapse of communism in Europe, Donald Trump’s election as US president endangers the liberal international order that his wiser, broader-minded predecessors crafted. Trump’s “America First,” anti-“globalist” agenda threatens protectionist trade wars, a worldwide “clash […]

Mayday In The UK

Philippe Legrain 14th October 2016

Conservative Brexiteers – who campaigned for the United Kingdom to vote to leave the European Union – continue to blather about building an open, outward-looking, free-trading Britain. But the UK is in fact turning inward. Prime Minister Theresa May, who styles herself as the UK’s answer to Angela Merkel, is turning out to have more […]

Three Paths To European Disintegration

Philippe Legrain 22nd August 2016

For once, Marine Le Pen, the leader of France’s far-right National Front, may be correct. She has called the United Kingdom’s vote to leave the European Union the biggest political event in Europe since the fall of the Berlin Wall. That may turn out to be true: Brexit has destabilized the UK and could end […]

The Economic Consequences Of Brexit

Philippe Legrain 23rd May 2016

Those campaigning for Britain to exit the European Union claim that doing so would make their country both freer and richer. They assert that after “Brexit”, the UK could quickly negotiate a bespoke agreement with the EU that offers all the benefits of free trade without the costs of EU membership; strike better trade deals […]

The Battle For Britain

Philippe Legrain 9th December 2015

The Islamic State’s attack in Paris in November was the latest crisis to delay Britain’s bid to renegotiate its membership in the European Union, ahead of a planned referendum on whether to maintain the relationship. First Greece, then refugees, and now terrorism have dominated the diplomatic agenda instead. On December 3, Conservative Prime Minister David […]

The Disintegration Of Europe

Philippe Legrain 20th October 2015

If a clear signal was needed that the European Union is falling apart at an alarming rate, Hungary’s construction of razor-wire fences along the border with its fellow EU member Croatia is it. The crisis in the eurozone has, of course, fragmented financial flows, caused economies to diverge, eroded political support for EU institutions, and […]

The Eurozone’s German Problem

Philippe Legrain 27th July 2015

The eurozone has a German problem. Germany’s beggar-thy-neighbor policies and the broader crisis response that the country has led have proved disastrous. Seven years after the start of the crisis, the eurozone economy is faring worse than Europe did during the Great Depression of the 1930s. The German government’s efforts to crush Greece and force […]

The Eurozone’s False Recovery

Philippe Legrain 13th April 2015

At first glance, the eurozone economy seems like it might finally be on the mend. Stock markets are rallying. Consumer confidence has picked up. Lower oil prices, a cheaper euro, and quantitative easing by the European Central Bank are all expected to boost growth. ECB President Mario Draghi claims that “a sustained recovery is taking hold,” while […]

The Eurozone Has Become A Glorified Debtors’ Prison

Philippe Legrain 17th March 2015

With no lasting solution yet found for dealing with Greek debt, and economies in the Eurozone continuing to suffer from weak growth, how can Europe finally solve the problems brought on by the financial crisis? In an interview with EUROPP’s editor Stuart Brown, Philippe Legrain discusses the policy failures at the root of the crisis, the need […]

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The macroeconomic effects of re-applying the EU fiscal rules

Against the background of the European Commission's reform plans for the Stability and Growth Pact (SGP), this policy brief uses the macroeconometric multi-country model NiGEM to simulate the macroeconomic implications of the most relevant reform options from 2024 onwards. Next to a return to the existing and unreformed rules, the most prominent options include an expenditure rule linked to a debt anchor.

Our results for the euro area and its four biggest economies—France, Italy, Germany and Spain—indicate that returning to the rules of the SGP would lead to severe cuts in public spending, particularly if the SGP rules were interpreted as in the past. A more flexible interpretation would only somewhat ease the fiscal-adjustment burden. An expenditure rule along the lines of the European Fiscal Board would, however, not necessarily alleviate that burden in and of itself.

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This eighth edition of the report, The Impact of inflation and COVID-19 on wages and purchasing power, examines the evolution of real wages, giving a unique picture of wage trends globally and by region. The report includes evidence on how wages have evolved through the COVID-19 crisis as well as how the current inflationary context is biting into real wage growth in most regions of the world. The report shows that for the first time in the 21st century real wage growth has fallen to negative values while, at the same time, the gap between real productivity growth and real wage growth continues to widen.

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The EU recovery strategy: a blueprint for a more Social Europe or a house of cards?

This new ETUI paper explores the European Union recovery strategy, with a focus on its potentially transformative aspects vis-à-vis European integration and its implications for the social dimension of the EU’s socio-economic governance. In particular, it reflects on whether the agreed measures provide sufficient safeguards against the spectre of austerity and whether these constitute steps away from treating social and labour policies as mere ‘variables’ of economic growth.


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The sequence of recent catastrophes has thrust new words into our vocabulary—'polycrisis', for example, even 'permacrisis'. These challenges have multiple origins, reinforce each other and cannot be tackled individually. But could they also be opportunities for the EU?

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