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Dennis Essers

  • Thursday 16/11/2023

    Greenhouse gas emissions continue to rise and are the main cause of global warming. The article looks at which policies the world’s largest emitters (including China, India, the US and the EU) are taking to reduce their emissions and whether these policies are sufficiently ambitious to keep global warming well below 2 °C, and even preferably 1.5 °C, by the end of this century (as per the Paris Agreement's goals). We explain that, despite the progress made thus far, the world as a whole is not on track to meet the temperature objectives of the Paris Agreement. Climate mitigation ambitions, the used policy mixes and the strength of policy implementation vary widely from country to country. Stronger international cooperation is key to moving forward on this policy goal, particularly as the window to avoid the worst effects of climate change is rapidly closing.

  • Tuesday 19/9/2023

    This article discusses the landmark 2022 United States Inflation Reduction Act (IRA) and the EU’s response so far. First, it lays out the main clean energy provisions of the US IRA, their underlying objectives, and the projected impacts. Second, the article examines the EU’s concerns with the IRA and assesses the resulting policy initiatives of the European Commission proposed under the umbrella of the Green Deal Industrial Plan. While US and EU preferences and policy choices are clearly different, more international cooperation − between them and with others − will be needed for a successful green transition.

  • Thursday 5/11/2020
    Buysse / Essers

    COVID-19 has led to profound turmoil and severe disruptions in our lives and economies. Even more than the 2008–2009 global financial crisis (GFC)—which was most directly felt in the United States and in Europe—the current pandemic-induced crisis is affecting nearly all countries around the world. This article provides an overview of the economic developments in emerging market economies (EMEs), with a focus on those that have been systemically important for the world and/or euro area economy: China, India, Brazil, Russia and Turkey. A decade ago, EMEs succeeded in weathering the crisis rather well and were the engine of the subsequent global recovery. Based on our overview, we conclude that EMEs will most likely not play that role again throughout the COVID-19 crisis.

  • Wednesday 1/7/2020

    Economic convergence has been one of the explicit goals of the EU from its very beginning. The prospect of higher living standards has undeniably been a major attraction of EU membership. Conversely, economic divergence may undermine support for the European project and complicate the common monetary policy in the euro area. In this policy note, we first summarise the key findings of an analysis of national and regional convergence across the EU. In particular, we show that initially poorer European countries and regions have, in general and over the longer term, made progress in catching-up with the income levels of their richer peers, even though convergence has not been a smooth process. The relative performance of countries and regions in the EU is also illustrated. We then shed some light on the extent to which the Covid-19 crisis and the ensuing recovery might impact the functioning of the EU “convergence machine”, before drawing some implications in terms of economic policy.