Population ageing is straining public debt

In this episode of The Sound of Economics, Rebecca Christie sits down with Bruegel's Ben McWilliams and Rhodium's Senior Analyst Marie Tamba to talk about the solar energy transition, and how better information on investment and deployment can lead to better policy. Data trends in the EU and the U.S. offer insights into where clean energy is ramping up and what steps will help going forward. They also discuss how a proposed EU-wide energy data agency could help Europe form a clearer picture of where things stand. Read the Analysis 'Transatlantic Clean Investment Monitor: a solar PV snapshot' that compares the state of play in solar capacity in both the US and Europe, jointly published by Bruegel and Rhodium group. Financial support from the Children's Investment Fund Foundation is gratefully acknowledged.

In this episode of The Sound of Economics,  Yuyun Zhan invites Alicia García-Herrero and Alfred Schipke to explore the stimulus package China announced in late September 2024. They discuss why the Chinese government introduced these new measures, the key components of the package, especially how it addresses the real estate crisis and local government debt issues. Garcia Herrero notes that the stimulus is increasingly resembling a rescue package, likening it to a cleanup exercise for the economy. Schipke highlights the absence of direct support for households as a gap in the current package. Finally, they discuss the need for structural reform in China’s economy. 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!

While the term Japanification is usually taken negatively, Japan actually managed a very challenging economic situation with an ageing population and low productivity growth. As the rest of the world grapples with the same structural decline in population, Rebecca Christie sits down with Jacob Funk Kirkegaard and Takeshi Tashiro to explore what lessons Europe and beyond can learn from Japan’s experiences, what worked and what didn’t work, including fiscal sustainability, private savings, as well as workforce participation and productivity.

In this episode of The Sound of Economics, Conor Brummell explores the topic of multilingualism within the European Union. He is joined by language experts Margo Sjis, Head of the Dutch Unit in DG Interpretation of the European Commission and Merje Laht, Head of the Estonian Unit in DG Interpretation of the European Commission and Aislínn McCrory, Head of the Irish Translations Unit in the European Commission.  Each of the language experts explain the historical, cultural, and political importance of their native tongues, before diving into the need for language diversity within the European institutions, which play a vital role in preserving and promoting European languages. They speak about the technical skills required for translation and interpretation and the importance of these services for inclusivity and democratic participation in the EU.  Finally, the conversation culminates with the language experts giving their insights on English becoming the lingua franca of the EU, and the cost to democracy if translation and interpretation services were removed from the European institutions.

In this episode of The Sound of Economics, Rebecca Christie invites Bruegel’s own Simone Tagliapietra and Cecilia Trasi, as well as Jacob Werksman, Principal Adviser of European Commission’s DG Clima, to examine the EU’s global green agenda and the challenges of balancing decarbonisation, competitiveness, and strategic autonomy. They discuss how the EU’s green geoeconomic approach should support global decarbonisation efforts and strengthen the EU's strategic position. Relevant publications and events: Sgaravatti, G., S. Tagliapietra and C. Trasi (2024) ‘Re-energising Europe’s global green reach’, Policy Brief 11/2024, Bruegel Re-energising Europe’s global green reach, Bruegel event with Anthony Agotha, Norbert Gorissen, Simone Tagliapietra, Cecilia Trasi and Jacob Werksman Bolton, P., A.M. Kleinnijenhuis and J. Zettelmeyer (2024) ‘The economic case for climate finance at scale’, Policy Brief 09/2024, Bruegel

In this episode of The Sound of Economics, Yuyun Zhan sits down with Alicia García-Herrero and Abigaël Vasselier to assess the new reality of EU-China relations and explain why the European Union must prepare for a much more difficult relationship with China. Relevant publication: García-Herrero, A. and A. Vasselier (2024) ‘Updating the EU strategy on China: co-existence while de-risking through partnerships’, Policy Brief 27/2024, 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!

In this episode of The Sound of Economics, Rebecca Christie sits down with Bruegel Senior fellow Zsolt Darvas and Jennifer D. Sciubba, President and CEO of the Population Reference Bureau from Washington DC. Together, they explore the findings of Darvas’ recent paper on the effects of demographic changes on public debt sustainability, which was presented at the informal Meeting of Economic and Financial Affairs Ministers on 14 September 2024. Darvas pointed out that countries will have to devote a much larger share of their budget for paying for pensions and health care and elderly care, and fiscal adjustments might not be enough to cover these. Sciubba emphasizes the urgency for policymakers to acknowledge the change in demographics and work toward actionable solutions.

In this episode of The Sound of Economics, Rebecca Christie sits down with Eurogroup president Paschal Donohoe and Bruegel Senior fellow Guntram Wolff to discuss the EU's dire defence and security challenges and the role of public finances. They also discuss Wolff's latest report on Europe's and Germany's slow rearmament, particularly compared to Russian arms production. Listen to Donohoe's speech at Bruegel Annual Meetings about the Eurogroup's immediate priorities here.

The Memos to the European Union leadership have been a Bruegel tradition since 2009. Every five years – after the European elections but before a new European Commission takes office – we take stock of EU economic policies, reflect on the EU's main challenges, make recommendations on how the new leadership should address them. In this episode of The Sound of Economics, Rebecca Christie invites the book's editors, Maria Demertzis, André Sapir and Jeromin Zettelmeyer, to unpack the crown memo to the Presidents of the European Commission, Council and Parliament. Their key takeaways are: support Ukraine; work toward the 2040 climate goals; and defend competition, openness and multilateralism. Bruegel holds its flagship event, the Bruegel Annual Meetings in Brussels on 4-5 September 2024. It serves as the moment to launch the Memos and discuss the issues with policy makers and experts. Join us for the conversation!

Maria Demertzis sits down in the studio of The Sound of Economics for one last time in her capacity as Senior fellow and Bruegel’s former Deputy director. In this episode, she reflects on the eight years of her work. What have been the major challenges for the EU and how has Bruegel responded to them? Why does she feel strongly about financial vulnerability and what she sees as the next great challenges for the EU leadership? From inflation to the Fearless girl statue, Maria shares her wide-reaching insights in an interview with Bruegel’s Head of Communications, Katja Knežević. Research mentioned: Memos to the European Union leadership 2024-2029 and Bruegel Annual Meetings 2024 https://www.bruegel.org/anthology/memos-new-eu-leadership-2024 https://www.bruegel.org/BAM2024 Assets purchase programme https://www.bruegel.org/policy-brief/effectiveness-european-central-banks-asset-purchase-programme Productivity https://www.bruegel.org/policy-brief/productivity-paradox-policy-lessons-microprod Financial literacy https://www.bruegel.org/opinion-piece/financial-literacy-and-fearless-woman https://www.bruegel.org/policy-brief/state-financial-knowledge-european-union Rubles payment https://www.bruegel.org/blog-post/sanctions-counter-measure-gas-payments-russia-rubles Digital euro https://www.bruegel.org/policy-brief/value-added-central-bank-digital-currencies-view-euro-area