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2 results

  • 5 - Reinventing Industrial Policy

  • Marija Bartl, University of Amsterdam
  • Book:
    Reimagining Prosperity
    Published online:
    18 October 2024
    Print publication:
    21 November 2024, pp 139-170
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  • Summary

    In this chapter, I explore the imaginaries of prosperity underlying the European Union’s (EU) approach to industrial law and policy. Long considered a taboo in European politics, the EU began to rediscover industrial policy after the 2008 great financial crisis, gradually increasing its ambitions when it came to shaping the relations between the state and the market. Having reviewed an array of EU measures, starting with the 2010 industrial policy and including the more recent burst of legislative proposals (Chips Act, Batteries Act, Critical Minerals Act, and Net Zero Industry Act), this chapter aims to do two things. First, it identifies shifts in the background understanding of political economy, including the role and appropriate objectives of markets, politics, law, and government, that lie behind successive policy interventions. Second, this chapter sketches the contours of the new synthesis of prosperity that emerges from these recent proposals and measures, while at the same time, and in no ambiguous terms, drawing attention to its considerable limitations.

  • Quantifying spillovers of coordinated investment stimulus in the EU

  • Philipp Pfeiffer, Janos Varga, Jan in ’t Veld
  • Journal:
    Macroeconomic Dynamics / Volume 27 / Issue 7 / October 2023
    Published online by Cambridge University Press:
    03 November 2022, pp. 1843-1865
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  • In response to the recession brought about by the COVID-19 pandemic, EU-wide macroeconomic policy has launched an unprecedented coordinated fiscal expansion across the EU (Next Generation EU or NGEU), financed by issuing common debt. Given NGEU’s nature, it is essential to take fiscal spillovers into consideration when assessing the overall macroeconomic effects of this fiscal expansion. We quantify the effects of the additional public investment for all Member States in a rich macro-model with a trade structure. Our model suggests that, on average, GDP effects are around one-third larger when explicitly accounting for the spillover effects from individual-country measures. For small open economies with smaller NGEU allocations, spillover effects account for the bulk of the GDP impact. We also quantify key transmission channels.