Bruegel’s members

State members in 2012

AustriaBelgiumCyprusDenmarkFinlandFranceGermanyHungaryIrelandItalyLithuaniaLuxembourgThe NetherlandsPolandSpainSwedenUnited Kingdom

Institutional members in 2012

Banque de FranceCaisse des DépôtsDanmarks NationalbankEuropean Bank for Reconstruction and

DevelopmentEuropean Investment BankNarodowy Bank Polski

Corporate members in 2012

Deutsche BankDeutsche TelekomEDFErnst & YoungErste Group BankGDF GEGoldman SachsGoogleLVMHMasterCardMCEM (Moore Capital)MicrosoftNovartisNYSE EuronextPfizerQualcommRenaultSamsung ElectronicsSchrödersSolvaySyngentaUBS

The contribution of each member is recorded in the financial section of this report, page 21. Members as of December 31, 2012. For further information about Bruegel’s governance and its relationshipswith its members, see page 17-18.

Bruegel would not exist without the support of its members, which is not just financial but alsoencompasses frequent and valuable interactions with scholars. All Bruegel’s members are com-mitted to its standards of transparency and integrity. They recognise Bruegel’s independence andhave agreed to refrain from seeking to influence the course of Bruegel’s research work or to obs-truct publication. We are grateful to each of them for their support.

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B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 3

BRU EGE L’ S P EOP LE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

BRU EGE L’ S MIS SION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

C H A IR M A N ’ S M E S S A GE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

DIR EC TOR ’ S IN T RODUC T ION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

BRU EGE L’ S R E S E A R C H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

F U N DE D R E S E A R C H P ROJ EC T S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

BRU EGE L’ S OU T R E A C H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

S TA F F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

T E A M DE V E LOP M E N T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

GO V E R N A NC E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

F IN A NCI A L S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

A U DI TOR ’ S R E P OR T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

A N N E X : P U BLI C AT IONS A N D E V E N T S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Contents

P A G E 4 B R U E G E L’ S A N N U A L R E P O R T 2 012

It is with grateful thanks that we acknowledge the contribution made by former chairmanLeszek Balcerowicz (Professor of Economics, Warsaw School of Economics) and mem-bers Vittorio Grilli (Minister of Finance, Italy; previously Director General of the ItalianTreasury) and Jan Fischer (former Vice President, Operational Policies, European Bank forReconstruction and Development).

In recognition of his eminent contribution to Bruegel, Leszek Balcerowicz has been appoin-ted Honorary President. Bruegel expresses gratitude to him for having steered the Boardthrough momentous economic times.

Board

Jean-Claude Trichet, Chairman of BruegelPer Callesen, Governor, Denmarks NationalbankJosé Manuel Campa, Professor of FinancialManagement, IESE Business School, SpainAnna Ekström, General Manager, Skolverket,Swedish National Agency for EducationWolfgang Kopf, Senior Vice President for Public andRegulatory Affairs, Deutsche TelekomVincenzo la Via, Director General, Department of theTreasury, Ministry of Economy and Finance, ItalyRainer Münz, Head of Research & Development,Erste Group; Senior Fellow, Hamburg Institute ofInternational Economics (HWWI)Jim O‘Neill, Chairman, Goldman Sachs AssetManagement (GSAM)Lars-Hendrik Röller, Director General, Economic andFinance Policy, Federal Chancellery, Germany; Dariusz Rosati, Professor, Warsaw School ofEconomics; Professor, Ryszard Lazarski Universityof Commerce and Law, WarsawHelen Wallace, Centennial Professor, EuropeanInstitute, London School of Economics and PoliticalScience

Scientific Council

Giuseppe Bertola, Chairman of the ScientificCouncil, Professor of Economics, EDHEC BusinessSchool, FranceSergei Guriev, Morgan Stanley Professor ofEconomics and Rector, New Economic School inMoscowKai Konrad, Managing Director, Max PlanckInstitute of Tax Law and Public FinancePhilippe Martin, Professor of Economics,Sciences Po, ParisKevin O’Rourke, Chichele Professor of EconomicHistory and Fellow of All Souls College, Universityof OxfordRaghuram Rajan, Eric J. Gleacher DistinguishedService Professor of Finance, Booth School ofBusiness, University of Chicago; Chief EconomicAdvisor to the Government of IndiaLucrezia Reichlin, Professor of Economics,London Business SchoolPaul Seabright, Professor of Economics, ToulouseSchool of Economics

In March 2013, Lucrezia Reichlin took over asChair of the Scientific Council.

Bruegel’s people

Bruegel’s missionBRU EGE L’ S MIS SION IS TO CON T RIBU T E TO T H E QU A LI T Y OF ECONOMI C

P OLI C Y T H ROU GH OP E N, E V IDE NC E- B A S E D A N D P OLI C Y- R E LE VA N T R E S E A R C H ,

A N A LY SIS A N D DIS C U S SION.

Bruegel is defined by four key features:

Evidence-based policy recommendations.Bruegel does not stand for any particularpolicy doctrine. Its research draws on state-of-the-art analysis to assess economic transfor-mations, discuss policy options and proposerecommendations – while always keeping aneye on their practical feasibility.

Demand-driven questions, independentanswers. Bruegel’s Research Programme isdesigned collaboratively by Bruegel’s diversestakeholders, including members. The finaldecision on the programme is taken by theBoard. Once a research topic is chosen, how-ever, research and publications are fully inde-pendent. All publications are released underthe signature of their author(s), and Bruegeltakes no institutional position.

Linking government, research, business andcivil society. Through publications, events,social media, or its blog, Bruegel provides aforum for informed policy discussionsbetween individuals from diverse back-grounds. Bruegel also cooperates with leadingEuropean and international research institu-tions on specific research projects orexchange programmes.

European centre, global reach. Bruegeladdresses topics for which policy responsibil-ity rests with individual states, the EuropeanUnion, global governance groups andinternational organisations. Its interactionswith decision-makers develop at every gover-nance level and in many parts of the world.

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 5

Chairman’s message

Never was Bruegel’s roleclearer, nor its voice louder,than in 2012. In the tenyears since PresidentChirac and ChancellorSchröder issued the decla-ration leading to its creation

on the occasion of the 40th anniversary of theElysée Treaty, Bruegel has developed tremen-dously. It has become an organisation capableof fulfilling its mission and of providing policy-makers with the dispassionate and innovativethinking required to address a fragile Europeancontext and major global issues.

As the advanced economies have to cope withthe worst financial crisis since the secondworld war, and as Europe is called on toimprove considerably its economic and fiscalgovernance, Bruegel has continued to showthe way to durable reform and successful inte-gration. Its leading role in shaping the bankingunion has been a perfect illustration of what itaims at. Through workshops, publications andpress articles, it has clarified the choices andthe consequences of these choices – bothintended and non-intended.

I am pleased to report that hard work and freshthinking were greatly rewarded in 2012, withBruegel enjoying increasing recognition bothwithin and outside Europe. First, among policy-makers: Bruegel scholars were regularly calledon to provide their expertise to national,European and American parliaments, and wereinvited twice to present to the ECOFIN. Second,among its peers: Bruegel was ranked 1st think

tank in Western Europe, 2nd think tank world-wide (non-US), and 1st think tank inInternational Economic Policy in the Global GoTo Think Tanks Report 2012, a peer-rankedsurvey published annually by the Universityof Pennsylvania. Equally positive, ProspectMagazine named Bruegel European Think Tankof the Year and Global Think Tank of the Year in2012.

It is an honour and a privilege to preside oversuch a dynamic organisation and to succeedits respected founding chairman, Mario Montiand my former colleague Leszek Balcerowicz. Ilook forward to guiding Bruegel through futuresuccesses and challenges, not the least ofwhich will be its first major institutional transi-tion, with the departure of its founding director,Jean Pisani-Ferry.

Jean’s relentless enthusiasm and matchlesstalent are the ingredients that have made theBruegel adventure possible. His commitmentto independence and transparency has set thehighest standards for Bruegel and establishedits unique position as both a partner and achallenger for policymaking. His contributionto economic policy, both through research andadvocacy, will remain invaluable.

As Bruegel is preparing to enter a new stage inits development, I also wish to take this oppor-tunity to welcome Guntram Wolff as Bruegel’snew director. His talent and dynamism willdoubtlessly be tremendous assets for Bruegel.

Jean-Claude Trichet

‘NEVER WAS BRUEGEL’S ROLE CLEARER, NOR ITS VOICE LOUDER, THAN IN 2012’.

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Director’s introduction‘A T HIN K TA N K OF VA LU E S ’ .

As our rules fortunately pre-vent the director to suc-cumb to the temptation ofserving for too long, this willbe my last introduction tothe Annual Report.

The years spent with Bruegel have been themost rewarding of my professional life. If Iwere to choose a word to encapsulate whatstarted more than ten years ago as an improb-able project – that of creating a European thinktank – it would be trust. Trust is what, againstall odds, made Bruegel possible. Trust is whatmade Bruegel thrive. Trust has been our mem-bership’s most precious bequest. Trust hasbeen from day one what the Chairman and theBoard endowed the director with. Trust is whatmakes a small collection of individuals a formi-dable team.

It is not my role to comment on our successes(and I would actually be more tempted to dis-cuss our shortcomings). But I may perhaps tryto summarise in a few words what makesBruegel unique and why it has been a privilegeto contribute to its development:

• We believe in ideas. The birthing and nurtur-ing of ideas is our raison d’être. As JohnMaynard Keynes, we think that “the powerof vested interests is vastly exaggeratedcompared with the gradual encroachmentof ideas”. We consider that by contributingideas we can greatly help improve eco-nomic policies;

• We believe in evidence. We have respect forfacts, not prejudices or ideologies. We thinktaboos were made to be challenged;

• We believe in independence. Bruegel’s cred-ibility rests on its uncompromising traditionof impartiality. It is this very independencethat makes dialogue with various stake-

holders both possible and fruitful; • We believe in discussion. Not all ideas are

the child of an argument, but most grow outof arguments. Within the Bruegel team wenever miss the opportunity for a good dis-pute. We are equally keen to submit ideasto the critique of our members;

• We believe in persuasion. There are moregood ideas on offer than opportunities toturn them into reality. Our work does notend with the production of a paper; it alsorequires to convey and convince;

• We believe in dialogue. Europe is not runfrom Brussels. It is diverse – even, thesedays, divided. This makes dialogue with allits components essential;

• We believe in openness. Europe is a smallplace with a long memory and a wealth ofexperience. We aim at making it more out-ward-looking and focused on its future.

I should add also, but it is of a different nature,that we believe in people. A think tank is acommunity of talents. We have an outstandingone. Our duty is to offer to all of our colleaguesan environment in which they can grow, thriveand be creative.

I remember visiting a US think tank about tenyears ago, when Bruegel was still little morethan a concept. When I asked one of the fel-lows why she had chosen to work with it shereplied immediately “because I want to changethe world”. We are Europeans, so we do notspeak so frankly. But I suspect many of ussecretly share the same hope.

A change of guard is a fantastic opportunity forimprovement. I trust my successor will breaktaboos and lead Bruegel in the exploration ofnew horizons. This is what I wish for Bruegel.

Jean Pisani-Ferry

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IN 2012, BRUEGEL CONFIRMED ITS ROLE as oneof Europe’s most vibrant laboratories for con-ceiving and developing innovative policyideas. As in previous years, Bruegel publica-tions (Blueprints, Policy Briefs, PolicyContributions, Working Papers, and Blog posts)have proved a powerful tool in shaping a tenseand eventful European debate. The organisa-tion of events (from public conferences torestricted workshops) and the participation ofscholars in national, European and G-20 insti-tutional meetings are also aligned withBruegel’s mission to improve the quality ofeconomic policy at every governance level.

In line with the priorities identified in the 2010medium-term strategy, Bruegel’s research cov-ered four areas in 2012: European macroeco-nomics; competition, innovation andsustainable growth; finance and financial regu-lation; and global economics.

In the European macroeconomics area, schol-ars aimed to combine proactive analysis of thevolatile situation of the euro crisis with a

Bruegel’s research: shaping theagenda in a time of crisis

Bruegel Publications 2010-2012

2010 2011 2012 Total by area

European macroeconomics 9 17 30 56

Global economics and governance 11 14 4 29

Finance and financial regulation 5 4 2 11

Competition, innovation and sustainable growth 10 10 11 31

Total by year 35 45 47 127Note: The table does not take account of external publications.

thorough reflection on the long-term implica-tions of building new institutional frameworksfor Europe. Early in 2012, Bruegel hosted anevent on the European Stability Mechanism(ESM) with a number of key players. It alsoshaped the thinking on banking union early onwith an event involving senior policymakersand a key publication on the issue (What kindof banking union?). Two of Bruegel’s publica-tions, The messy rebuilding of Europe and Thefiscal implications of a banking union, werepresented at informal meetings of Europe’s 27finance ministers (ECOFINs) in Copenhagenand Nicosia. Scholars also presented severalpolicy notes to the European Parliament, theUS Senate, the French and the German parlia-ments, and other institutions at the nationallevel. Bruegel left a meaningful mark on thedebate on Greece with The Greek debt trap: anescape plan, and to the debate on economicgrowth with Smart choices for growth. Otherkey research was conducted on how toachieve adjustment in Europe’s monetaryunion and on the form and size of the EUbudget.

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Research on competition, innovation and sus-tainable growth remained an essential area offocus for Bruegel’s research team, which pur-sued two avenues. The first was a timelyreflection on growth, with a focus on the futureof growth in Europe, its relationship with inno-vation (particularly with the ICT sector), and itsmain economic drivers. The second was aresearch initiative on energy which covered,among other topics, the single energy market,the EU emissions trading system, and how toachieve the EU 2020 agenda. Our Energy andClimate Exchange event series, and regularevents on innovation, growth and ICT, were ofstrategic importance in 2012. Equally impor-tant was the finalisation of a four-year projecton firm-level triggers of competitiveness andthe publication of the EFIGE (European Firmsin a Global Economy – see page 10 ) data.

In the area of finance and financial regulation,Bruegel made a high number of contributionsto newspapers and blogs, and continued withits signature Finance Focus Breakfast eventseries. The research agenda often overlappedwith initiatives in the macroeconomics area,particularly when related to the banking uniondiscussion. It was largely dominated by thelink between banking and sovereign risk andby the policy response to the fragility ofEurope’s banking system.

In global economics, much attention was givento Bruegel’s new Asia initiative – a strategythat will bear fruit in 2013 with a number ofresearchers from China, Japan and India join-ing the team as Visiting Fellows, and additional

funding secured for the Asia Europe EconomicForum, Bruegel’s recognised conference onAsian and European economic issues organ-ised in partnership with major research organi-sations. Research on the G-20, global trade,the role of Asia within the global context, andother timely questions continued in 2012.Bruegel’s publications in this area included apaper on the internationalisation of the ren-minbi and a new database on real effectiveexchange rates. Bruegel also contributed tothe transatlantic economic debate with thejoint publication of a book with the PetersonInstitute in Washington.

EVENTS

Bruegel’s events are an important part of itsoutreach, and a means to influence the policydebate. Events are tailored according to thedesired outcome: a high-level closed work-shop will help inform the writing of paperswhilst a lunchtime meeting will generate adebate on a topical issue concerning, andopen to, the public.

Events also follow the broad outlines of theresearch agenda, allowing Bruegel to engagewith the public and the policy makingcommunity in Brussels, Europe and the world:whilst the majority of Bruegel’s events takeplace at Bruegel’s offices, a number of keyevents also take place outside Brussels, oftenwith local partners such as Bruegel’s mem-bers, other think tanks and policy-orientedorganisations. In 2012, Bruegel organised 69events.

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Ongoing and completed projects

In 2012, Bruegel completed three EU-fundedprojects, starting with the largest project evercoordinated by Bruegel: EFIGE (EuropeanFirms in a Global Economy: internal policies forexternal competitiveness), an analysis ofquantitative and qualitative information onabout 150 items ranging from R&D and inno-vation, labour organisation, financing andorganisational activities, and pricing behaviourfor almost 15,000 European corporations. Thefindings and database of this project havebeen publicly available since September 2012and have already generated much interestfrom European institutions and the researchcommunity.

A research project focusing on the EuropeanSemester and funded by the EuropeanParliament also ended in 2012, as well as aproject focusing on ICT-innovative industriesfunded by the European Commission JointResearch Centre’s Institute for ProspectiveTechnological Studies.

Bruegel also continued to work with theEuropean Parliament through the frameworkcontract granted in 2009 (and up 2014), pro-viding external expertise, through briefingsand auditions, on monetary and economicpolicies.

New research project: SIMPATIC

In 2012, Bruegel started a new research proj-ect funded by the EU Seventh FrameworkProgramme and led by Bruegel Senior FellowReinhilde Veugelers. The project, entitled SIM-PATIC (Social IMpact Policy Analysis ofTechnological Innovation Challenges), is anambitious policy-oriented project coordinatedby Bruegel in collaboration with seven otherresearch institutions.

A unique bottom-up project, it brings together,for the first time, a wide variety of top classmicro- and macroeconomics researchers withexpertise in evidence-based policy analysis,impact assessment, and the scope and natureof research and innovation policies. The objec-tive of SIMPATIC is to provide policy makerswith a comprehensive and operational tool boxallowing for a better assessment of the impactof research and innovation policies in Europe,thus allowing European innovation policymakers to better address the EU2020 chal-lenges. The project runs from March 2012 toFebruary 2015 with a €2,696,560 grantawarded by the European Commission to theresearch consortium.

Furthering Bruegel’s Asia-Europe initiative

In line with its outward-oriented focus and itsambition to better encapsulate European poli-cymaking within the larger context of globali-sation, Bruegel devoted major efforts to securenew funding for its Asia-Europe initiative.

In particular, Bruegel explored the opportunityof welcoming Visiting Fellows from Asia to workon global economic issues and comparativeperspectives between their region and Europe.This new programme will start in 2013, withBruegel welcoming an Indian researcher for 15months thanks to funding provided by DGResearch through a Marie Curie grant. Bruegelalso entered partnerships with highly recog-nised Chinese and Japanese research insti-tutes, whose in-kind contributions will allowfor visiting fellows to stay at Bruegel for four orsix months in 2013. Bruegel gratefullyacknowledges the support of the Academy ofMacroeconomic Research, NationalDevelopment and Reform Commission,People’s Republic of China, the NationalInstitute for Research Advancement (NIRA)and Kobe University in Japan.

Funded research projects

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Finally, Bruegel secured financial support forits well-established annual conference, theAsia Europe Economic Forum, which was cre-ated in 2006. Bruegel gratefully acknowledgesthe conference’s institutional partners, theBertelsmann Stiftung and the Asia EuropeFoundation, whose financial and logistical sup-port will make the continuation of this pro-gramme possible in 2013 and 2014.

In the same geographic area of research,Bruegel conducted an EU funded projectorganised in partnership with the KoreaInstitute of Finance throughout 2012. Theproject started in August 2011 and was com-pleted in February 2013.It shed light on thechallenges and opportunities of an EU/Korearesponse to the crisis and the synergies in theinternationalisation of the financial servicesindustry in the EU and Korea.

Projects begun in 2012

Name of grant agreement: SIMPATIC SocialIMpact Policy Analysis of TechnologicalInnovation ChallengesBruegel lead: Reinhilde VeugelersProject in partnership with: KU-Leuven, UNI-MAAS-MERIT, SEURECO, ICCS, UCM, FPB,Imperial, IER Description of research project: The objectiveof SIMPATIC is to provide policy makers with acomprehensive and operational tool box allow-ing for a better assessment of the impact ofresearch and innovation policies in Europe. Project duration: March 2012 to February2014Funding organisation: European Commission,Directorate General for Research

Projects continued in 2012

Name of grant agreement: AEEF eventsBruegel lead: Jean Pisani-FerryProject in partnership with: BertelsmannStiftung, CEPII, ADBI, CASS, CEAS, ASEFDescription of research project: Given the suc-cess of these events and the recognition byinternational and European institutions of thisplatform, the partners decided to consolidatetheir collaboration to guarantee a longer-termfuture for the AEEF by securing funding for thenext two years, with one conference held peryear, in Asia or Europe.Project duration: 2012-2015 Funding organisations: Bertelsmann Stiftung,ASEF

Name of application: Public Diplomacy, PolicyResearch and Outreach devoted to the EU andEU-Korea relationsBruegel lead: Zsolt DarvasProject in partnership with: Korean Institute ofFinance (KIF)Description of research project: Analysis of thecrisis response of EU and Korea in terms offiscal, monetary and financial policies;Assessment of possible EU-Korean coopera-tion on the specific policy issues Project duration: August 2011 to February2013Funding organisation: European Commission,Directorate General for Service for ForeignPolicy Instruments

Name of grant agreement: Provision of exter-nal expertise in monetary and economic poli-cies Bruegel lead: Jean Pisani-FerryDescription of research project: Provision ofbriefing notes which give a critical and inde-pendent analysis of the monetary policy of theEuropean Central Bank and evaluation of gen-eral issues in connection with monetary, eco-nomic and fiscal policies in the EUProject duration: September 2009-August2014Funding organisation: European Parliament –Economic and Scientific Policy Department

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 1 1

Projects completed in 2012

Name of grant agreement: EFIGE - “EuropeanFirms in a Global Economy: internal policies forexternal competitiveness”Bruegel lead: Gianmarco Ottaviano, in partner-ship with seven other organisationsDescription of research project: Assessment ofthe internationalisation patterns of Europeanfirms through the creation of a dataset, basedon survey of firm-level data in seven countries(AT, FR, DE, HU, IT, ES, UK)Project duration: September 2008 toSeptember 2012Funding organisation: European Commission,Directorate General for ResearchDeliverables: Seven country surveys, onecross-wide survey; sixty working papers; fourpolicy reports; four scientific workshops; fourpolicy conferencesProject partners: Universidad Carlos III(Madrid); Centre for Economic Policy Research(London); The Institute for Applied EconomicResearch (Tubingen); Centro Studi Lucad’Agliano (Milan); UniCredit (Milan); Centred’Etudes Prospectives et d’InformationInternationales (Paris); The Institute ofEconomics of Hungarian Academy of Sciences(Budapest)Associate partners: Bank of France; Bank ofItaly; Bank of Spain; Bundesbank; NationalBank of Belgium; OECD

Name of grant agreement: The Role of theEuropean Parliament in the EuropeanSemester Bruegel lead: Benedicta Marzinotto Description of research project: Assessment ofthe principles behind the European Semesterand its work in practice and Analysis of therole of the European Parliament in theEuropean Semester, along with national parlia-ments, and how to better design the role of theEuropean ParliamentProject duration: March 2011 to June 2012Funding organisation: European Parliament’sCommittee on Economic and Monetary Affairs

Name of grant agreement: Further lessonsfrom ICT innovative industries (FLY)Bruegel lead: Resident Fellow ReinhildeVeugelersDescription of research project: Analysis ofrecent IPTS micro-level studies on emergentinnovative ICT technologies and assessmenton the capacity of the European industry tostay competitive in the related marketsProject duration: January 2011 to July 2012Funding organisation: European Commission,Joint Research Centre, Institute for ProspectiveTechnological Studies (IPTS)

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Media impact

Bruegel’s presence in the media reached ahigh point in 2012, by a number of measures.Over the past four years, the number of refer-ences to Bruegel in monitored media hasgrown by 235 percent, reaching a total of3,950 mentions in 2012. The types of mentionin media also evolved: comment pieces, sub-stantial mentions or interviews grew fromaround 20 percent to 40 percent of total men-tions. In addition to the number and type ofmedia pieces, Bruegel also improved its pres-ence in a number of target media: a group ofselected outlets with a higher concentration ofidentified audiences, in EU member states,and in the international media. These men-tions increased 159 percent over the sameperiod.

There has been a growing awareness ofBruegel as an institution, with the number ofmentions referring to the institution as a wholegrowing from four in 2011 to 166 in 2012.Along the same lines, Bruegel has developedvisibility outside of its core reputation forEuropean macroeconomic research, with thecompetition, innovation and sustainablegrowth research area doubling its coveragebetween 2011 and 2012.

2012 was another year in which European bor-ders were crossed to reach a wider audience inAsia. Through partnerships and events,Bruegel reinforced its global presence, result-ing in mentions in Asian outlets growing by182 percent. Three of Bruegel’s scholars nowhave regular columns in Asian media outlets.

Bruegel has not only been active in the printmedia. During 2012, online activity beyondBruegel’s own website grew. This was also theyear when Bruegel launched a blog, allowing

scholars and other members of the Bruegelcommunity to engage in timely reactions toongoing events, something that becomesmore important in times of crisis. Speedy reac-tions via the blog can be a useful tool in help-ing to fulfil Bruegel’s mission.

Website and online content

Bruegel increased its production of shortvideos during 2012, increased its social mediapresence and was the first European thinktank to launch an iPad app. These efforts havestrengthened Bruegel’s capacity to reachtarget audiences wherever they are. The con-siderable increase in mobile visits in 2012shows an ability to leverage that capacity. Theshare of visitors accessing Bruegel contentfrom a mobile device increased fivefold,making up more than one in ten visitors by theend of the year.

Bruegel’s website remains the backbone of itsdissemination strategy, serving as a reposi-tory of all of Bruegel publications, publishedand archived online. Online publications weredownloaded more than a quarter of a milliontimes in 2012, 10 percent more than the previ-ous year. The blog had more than 150,000views during its first year, becoming one of

Bruegel’s outreach

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 1 3

300,000

250,000

200,000

150,000

100,000

50,000

0

Unique visitors

2010 2011 2012

Source: Google Analytics.

95,015

161,869

276,479

Bruegel website, unique visitors 2010-12

Bruegel’s most popular products in a shorttime. Overall, the website saw a 70 percentincrease in visitors in 2012, beating 2011’sincrease of 40 percent.

During 2012 Bruegel developed its presenceon Twitter, reaching 6,500 followers by the endof the year, up from 1500 a year earlier. The 15percent monthly increase in followers during2012 has further accelerated since the begin-ning of 2013. Visits to the Bruegel websitechannelled from social media increasedtenfold.

While Europeans were still, by far, the mainconsumers of Bruegel’s website during 2012(representing almost 8 out of 10 visitors),there was a slight decline in the share of

European visitors compared to 2011. Theshare of visitors from Asia and the USincreased. It was also encouraging to see thegeographical spread of visitors increase, withalmost 90 different countries producing a sig-nificant number of visitors to the website(defined as more than 100 unique visitors), upfrom almost 70 countries the year before.

In September 2012, Bruegel became one ofthe first think-tanks in the world to release aniPad app, setting the standard for content-friendly user interfaces, improving access toBruegel’s work from tablet devices. The appallows users to browse and view all writtenmaterial, as well as to research events andother information.

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1.4

1.2

1.0

0.8

0.6

0.4

0.2

0

Page views, millions

2010 2011 2012

Source: Google Analytics.

575,285

797,262

1,183,519

Jan Feb Mar Apr Jun Jul Aug NovMay Sep Oct Dec

6,675

Followers

8000

6000

4000

2000

0

Bruegel Twitter feed, evolution during 2012Bruegel website, page views 2010-12

Staff

Staff as at 1 April 2013

DirectorJean Pisani-Ferry

Deputy DirectorGuntram B. Wolff

Research: Resident FellowsZsolt DarvasMario MarinielloAndré Sapir Reinhilde Veugelers Nicolas Véron Georg Zachmann

Research: Non-resident FellowsPhilippe Aghion Alan Ahearne Carlo Altomonte Jürgen von Hagen Henrik Horn Dalia Marin Gianmarco Ottaviano Bruno van Pottelsberghe Jörg Rocholl

Research: Fellows-at-largeIgnazio AngeloniBenedicta MarzinottoShahin ValléeJakob von Weizsäcker

Research: Affiliate FellowsTommaso AquilanteJérémie Cohen-SettonAndrew FieldingDavid C. Saha

Research: Visiting ScholarsMichiel Bijlsma Michał GrajekMark Huberty Francesco PapadiaKaren Wilson

Research AssistantsMarco AntonielliFrancesca BarbieroGiuseppe DaluisoAmma SerwaahCarlos De SousaErkki Vihrälä

Member Relations, Development,Communications and Events, Operations,Partnerships Management (in alphabetical order)

Leire Ariz, Media OfficerCristina Bonafé, Research PartnershipsOfficerErik Dale, Digital CommunicationsCoordinatorMatt Dann, Secretary GeneralStephen Gardner, EditorIoana Leu, Communications OfficerPauline Labib, Development ManagerDelphine Michel, Research PartnershipsManagerSona Patel Amin, Accounting and HROfficerSarah Roblain, Administrative & ExecutiveAssistantMatilda Sevón, Events CoordinatorAnn Van Gyseghem, Executive Assistant

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 1 5

Team development

The following joined Bruegel during 2012:

Leire Ariz, Media Officer, joined Bruegel inSeptember after an internship at Bruegel forsix months. She holds a BA in Journalism fromthe University of Navarra and has anInternational Media Program diploma fromGeorge Washington University.

Francesca Barbiero, Research Assistant,joined Bruegel in October. She holds master’sand bachelor’s degrees in economics andsocial sciences from Bocconi University inMilan. Her research interests include labourand industrial economics, and Europeanmacroeconomics and economic policy.

Erik Dale, Digital Communications Coordinator,joined Bruegel in December. He holds an MA inEuropean integration and European politicsfrom the University of Essex and has a BA inEuropean studies from the University of Bergen.

Carlos De Sousa, Research Assistant, joinedBruegel in August. He holds a master’s degreein macroeconomic policy and financial mar-kets from Barcelona Graduate School ofEconomics and a bachelor’s degree in econo-mics from Universidad Central de Venezuela inCaracas. His research interests includemacroeconomics, international economics,behavioral economics and public choice.

Mario Mariniello, Research Fellow, joinedBruegel in October. He holds a PhD in industrialorganisation from the European UniversityInstitute of Fiesole (Florence) and an MSc ineconomics from CORIPE (Turin). His researchinterests are European competition policy andregulation.

Francesco Papadia, Visiting Fellow, joinedBruegel in October. He is a former senior offi-cial of the Bank of Italy and a former Director-

General for Market Operations at the EuropeanCentral Bank. His work at Bruegel focuses onEuropean and global macroeconomic issues.

Elliot Posner, Visiting Fellow, joined Bruegel inJanuary for a five month visit to Bruegel. Heholds a PhD from the University of California,Berkeley, and degrees from the School ofAdvanced International Studies (SAIS) at theJohns Hopkins University (MA) and BrownUniversity (BA). His research interests includeinstitutional change and innovation, thesources of international regulatory power andcooperation, and the nature of markets.

Amma Serwaah, Research Assistant, joinedBruegel in October. She holds a master'sdegree in economic theory from the ToulouseSchool of Economics and a bachelor's degreein mathematics applied to social sciencesfrom Dartmouth College, USA. Her researchinterests include international economics andapplied micro econometrics.

Erkki Vihriälä, Research Assistant, joinedBruegel in October. He holds an MSc in econo-mics from the London School of Economics,and a bachelor’s degree from the University ofHelsinki. His research interests include empiri-cal macroeconomics, monetary economicsand financial economics.

Karen Wilson, Visiting Fellow, joined Bruegel inSeptember. She holds a bachelor of sciencedegree in mathematics and management fromCarnegie Mellon University and an MBA fromHarvard Business School. Her research inte-rests include entrepreneurship and innovation.

Bruegel is also grateful to all those who com-pleted internships during 2012: HannahLichtenberg (2012-13), Francesco Nicoli,Mathilde Perinet, Anna Pfitzer (2011-12) andPhiline Schuseil.

P A G E 1 6 B R U E G E L’ S A N N U A L R E P O R T 2 012

GovernanceBRU EGE L’ S GO V E R N A NC E F R A M E W OR K IS DE SIGN E D TO E NS U R E BOT H

T H E IN DE P E N DE NC E OF I T S R E S E A R C H A N D I T S R E LE VA NC E TO DI V E R S E

S TA K EHOLDE R S .

Governance changes in 2012

During 2012, Bruegel appointed a newChairman of the Board, to replace LeszekBalcerowicz, who served Bruegel for almostfour years. At the end of March 2012, Jean-Claude Trichet became Bruegel’s thirdchairman.

2012-13 will also see the moving of Bruegel’sresearch year to match the academic year,from September to August. Moving theresearch year facilitates the consultationprocess that results in the annual researchprogramme, as well as making it easier to co-opt talent (in the form of visiting scholars) tofulfill that programme.

Bruegel also agreed to move the AnnualMeeting to the first week of September andseparate it from Bruegel’s General Assemblies,which focus on governance matters. Bruegel’sformal governance business now takes placein April (to approve the accounts of the previ-ous year, discharge the Board and theDirector) and November (to approve subscrip-tion levels and the annual budget).

The General Assembly met on 30 March for itsstatutory annual meeting, ratifying theappointment of the new chairman and the newgovernance year. It met again on 29 Novemberto agree subscription levels for 2013, approvethe budget and begin the consultation processfor the Research Programme that would coverthe short term of January-August 2013. TheGroup of States and Group of CorporateMembers also met on the same days.

In September 2012, the Annual Meetingopened with a dinner addressed by FrenchFinance Minister Pierre Moscovici. The follow-ing day the conference discussed bankingunion in the EU, regaining competitivenessand growth, and global governance issues. ThePrime Minister of Latvia, Valdis Dombrovskis,was amongst the many leaders from govern-ment, business, academia and Bruegel’s mem-bership, to address the meeting.

Bruegel’s Board met three times in 2012, on12 March, 29 May and 18 December. It hasthree established sub-committees, the AuditCommittee chaired by Helen Wallace, theCompensation Committee chaired by Jean-Claude Trichet and an Investment Committee,charged with making decisions relating toBruegel’s cash reserves.

Bruegel’s legal form and governance model

Bruegel is registered as a Belgian internationalnon-profit association (AssociationInternationale Sans But Lucratif) under thenumber 0867636096, with registered officeson Rue de la Charité 33, B-1210 Brussels. Thebasis for its governance is found in its statuteand bylaws, both of which can be downloadedfrom Bruegel’s website.

In 2012 the association had three categoriesof member. State Members are governments ofmember states of the European Union whichhave chosen to join Bruegel; CorporateMembers are international firms whoserequest for membership has been approvedby Bruegel’s Board; and Institutional Members

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 1 7

are central banks and public finance institu-tions. Each member appoints a Senior ContactPerson and an Alternate, who represent themember in Bruegel’s governance bodies. Thedetails of members’ financial contributions aregiven in the ‘Financials’ section of this report.

The General Assembly is Bruegel’s highestgoverning body, which consists of all mem-bers. The General Assembly is complementedby ‘Groups’ which are formed, respectively, byBruegel’s state and corporate members. TheGeneral Administration Body (organe d’admin-istration générale under Belgian law) is theBoard, which is entrusted with broad decision-making powers, including senior recruitmentsand the research programme. The Board hasno responsibility for publications and policypositions.

The Scientific Council consists of eight interna-tionally recognised scholars, appointed by theBoard for a three-year mandate. It advisesBruegel’s Board and Management andassesses the scientific quality of Bruegel’soutput. The Scientific Council’s chair isLucrezia Reichlin.

Bruegel’s Research Programme is preparedannually, with an exception at the beginning of2013, during the transition to matching theresearch year with the academic year. Basedon extensive consultation with Bruegel’s mem-bers, including at least one plenary meeting ofmembers’ Senior Economists (in November2012), a draft programme is prepared byBruegel’s staff, sent to members for consulta-tion, and proposed to the Board together withthe members’ feedback. The Board thenadopts the research programme which is rati-fied by the General Assembly.

Further information:

For links to Bruegel’s statutes, previous annual reports and research programme, see:http://www.bruegel.org/about/governance-and-funding and http://www.bruegel.org/research

In 2010 Bruegel’s Board, members and man-agement put into place preparations for a ‘twinpeaks’ model of Research Programme supple-menting it with a medium-term research per-spective, agreed by the same process. Thishas enabled Bruegel to make longer terminvestments in research areas such as Asia, aswell as Competition and Regulation. All ofBruegel’s research programmes since 2006can be downloaded from Bruegel’s website.

Transparency and integrity

Bruegel’s public Statement on ResearchIntegrity, adopted by the Board in May 2006,is also available on Bruegel’s website. Thestatement sets rules for the avoidance ofpolitical, national or commercial conflicts ofinterest which could harm the integrity ofBruegel’s research. Bruegel’s researchers,including all types of fellows, and senior staff(ie those in the management team) promise toabide by this statement when they sign con-tracts with Bruegel. They also make an annualdeclaration of outside interests to avoid anyconflict with the areas in which they work.Those declarations are now made public onthe scholar’s personal pages onwww.bruegel.org.

P A G E 1 8 B R U E G E L’ S A N N U A L R E P O R T 2 012

ASSETS

FIXED ASSETS

Furniture and office equipmentIT development

CURRENT ASSETS

Trades receivablesOther debtorsFunded project receivables

CASH AND FINANCIAL ASSETS

DEFERRALS AND ACCRUALS

Other deferrals

TOTAL ASSETS

LIABILITIES

CURRENT LIABILITIES

Trade payablesPrepaid incomeRemuneration & social security payablesFunded project creditorsVAT payableAccrued chargesProvisions

NET ASSETS

NET ASSETS

ReservesSurplus/loss for the yearAccumulated reserves

TOTAL LIABILITIES AND NET ASSETS

B A L A N C E S H E E T 2 0 1 2 - 2 0 1 1

119,217.7680,371.38

136,312.105,000.00

235,655.84

39,484.04

96,457.94156,999.00167,130.68423,376.95

6,163.299,000.00

204,320.00

6,113.042,175,433.04

199,589.14

376,967.94

2,628,952.82

39,484.04

3,244,993.94

1,063,447.86

2,181,546.08

3,244,993.94

Financial statements

2 0 1 1

185,502.5050,500.44

364,810.26200,679.79176,931.36

10,374.22

177,070.76100,000.00170,686.03

18,493.9262,591.34

0.0046,296.00

134,270.472,041,162.57

236,002.94

742,439.41

1,761,754.52

10,374.22

2,750,571.09

575,138.05

2,175,433.04

2,750,571.09

2 0 1 2

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 1 9

REVENUE

Subscriptions – State members (Annex 1)Subscriptions – Corporate members (Annex 1)Subscriptions – Institutional members (Annex 1)

Other revenueHonorariaProject-based funding (Annex 2)Foundation grants (Annex 2)Sales of publicationsFinancial income (gross)Other income

TOTAL REVENUE

EXPENSES

Wages and Compensation

Other operating expensesStaff travel costsExternal research costsDocumentation costsOutreach-related costsOffice rent and running costsExternal professional servicesFinancial charges

Depreciation charges

TOTAL EXPENSESSurplus/deficit before extraordinary chargesProvisions (1)Surplus/deficit after extraordinary charges

2 0 1 1

I N C O M E S T A T E M E N T 2 0 1 2 - 2 0 1 1

43,552.77418,890.40

59,747.85317.35

4,510.1546,485.92

-90,963.69-41,769.28-49,397.86

-287,991.08-360,170.40

--109,299.48-4,116.55

2,018,224.001,014,583.00

225,000.00

573,504.44

3,831,311.14

-2,643,068.57

-943,708.34

-80,397.49

-3,667,174.40164,137.04,

-158,024.006,113.04

2 0 1 2

69,490.24577,076.31196,178.08

193.729,186.13

56,142.10

-112,125.07-87,649.22-44,171.72

-228,568.88-360,424.58-112,936.65

-4,130.79

2,056,156.00879,167.00

112,500.00

900,466.58

3,948,289.58

-2,628,840.23

-950,006.91

-138,875.97

-3,717,723.11230,566.47-96,296.00134,270.47

Notes:(1) Provisions: potential adjustment to the claim for the second reporting period of the EFIGE project (108,024); provision

against non-receipt of a corporate subscription (50,000).

P A G E 2 0 B R U E G E L’ S A N N U A L R E P O R T 2 012

ANNEX 1: CORE FUNDING2012 2011 Notes

Subscriptions – State MembersCategory 1 97,656.00 126,416.00Cyprus 32,552.00 31,604.00Lithuania 32,552.00 31,604.00Luxembourg 32,552.00 31,604.00Slovenia 31,604.00 Left at end 2011

Category 2 65,104.00 63,208.00Ireland 65, 104.00 63,208.00

Category 3 488,280.00 539,164.00Austria 97,656.00 94,812.00Denmark 97,656.00 94,812.00Finland 97,656.00 94,812.00Greece 65,104.00 Joined and left in 2011Hungary 97,656.00 94,812.00Sweden 97,656.00 94,812.00

Category 4 390,624.00 379,248.00Belgium 130,208.00 126,416.00Netherlands 130,208.00 126,416.00Poland 130,208.00 126,416.00

Category 5 976,560.00 948,120.00France 195,312.00 189,624.00Germany 195,312.00 189,624.00Italy 195,312.00 189,624.00Spain 195,312.00 189,624.00United Kingdom 195,312.00 189,624.00

Subscriptions – Corporate Members 1,014,583.00 879,167.00Areva 50,000.00 Left 2011Deutsche Bank 50,000.00 50,000.00Deutsche Telekom 50,000.00 50,000.00EDF 50,000.00 50,000.00Ernst & Young 50,000.00 50,000.00Erste Group Bank 50,000.00 50,000.00GDF Suez 50,000.00 50,000.00GE 50,000.00 re-joined 2012Goldman Sachs 50,000.00 50,000.00Google 50,000.00 50,000.00LVMH 37,500.00 Joined 2012Microsoft 50,000.00 50,000.00Novartis 50,000.00 50,000.00NYSE Euronext 50,000.00 12,500.00 Joined 2011MasterCard 25,000.00 Joined 2012MCEM (Moore Capital) 29,167.00 Joined 2012Pfizer 50,000.00 50,000.00Qualcomm 50,000.00 50,000.00Renault 50,000.00 50,000.00Samsung 25,000.00 50,000.00 Left, re-joined 2012Schröders 20,833.00 Joined 2012Solvay 50,000.00 16,667.00 Joined 2011Syngenta 50,000.00 50,000.00UBS 27,083.00 Joined 2012Unicredit 50,000.00 Left 2011, rejoined 13Subscriptions – Institutional Members 225,000.00 112,500.00

Banque de France 25,000.00 12.500.00 Joined 2011Caisse des Dépôts 50,000.00 Joined 2012Danmarks Nationalbank 25,000.00 Joined 2012European Investment Bank 50,000.00 50,000.00European Bank for Reconstruction and Development 50,000.00 50,000.00Narodowy Bank Polski 25,000.00 Joined 2012

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 2 1

ANNEX 2: PROJECTS AND GRANTS2012 2011 Notes

Income for research activities from public organisations442.149,82 577,076.31

SIMPATIC project (1) 214,853.30EFIGE project (1) 58,724.48 217,699.89European Parliament ECON Committee 12,523.00 12,500.00Central Bank of Ireland Visiting Fellow 10,000.00TRAREL project (2) 52,934.27IPTS project (2) 49,700.00IMS project (3) 36,019.61International Monetary Fund 40,961.94European Parliament 81,872.00 40,240.00European Investment Bank 15,000.00EU-Korea project (2) 64,177.04 29,126.60FCH project (4) 60,444.00ASEAN project (Asian Development Bank) 22,450.00

Income for research activities from private organisations49,747.85 218,888.96

German Marshall Fund Strategic Partnership 38,191.55 111,284.22Euro simulation game project (5) 47,160.74FCH project (4) 60,444.00PIIE fundraising share 11,556.30

Notes:(1) European Commission, Seventh Framework Programme for Research & Development.(2) Funded by DG RELEX, European Commission.(3) Funded by DG ECFIN, European Commission.(4) 50 percent funded by the European Commission, 50 percent by private consortium.(5) Funded through the Peterson Institute.

P A G E 2 2 B R U E G E L’ S A N N U A L R E P O R T 2 012

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 2 5

Annex: publications and events

Publications in 2012

European macroeconomics

1 The debt challenge in Europe, Alan Ahearne, Guntram B. Wolff, 31 January, Working Paper2 The euro crisis and the new impossible trinity, Jean Pisani-Ferry, 15 January, Policy

Contribution3 Corporate balance sheet adjustment: stylized facts, causes and consequences, Guntram B.

Wolff, Eric Ruscher, 6 February, Working Paper4 Who's afraid of sovereign bonds? Silvia Merler, Jean Pisani-Ferry, 6 February, Policy

Contribution5 Resolving the EU debt crisis, William R Cline (author and editor), Guntram Wolff (editor), 15

March, Book6 Sudden stops in the euro area, Silvia Merler, Jean Pisani-Ferry, 29 March, Policy Contribution7 The messy rebuilding of Europe, Jean Pisani-Ferry, André Sapir, Guntram B. Wolff, 30 March,

Policy Brief8 Challenges for the euro area and implications for Latvia, Guntram B. Wolff, 2 March, Policy

Contribution9 Propping up Europe? Jean Pisani-Ferry, Guntram B. Wolff, 24 April, Policy Contribution10 Monetary transmission in three central European economies: evidence from time-varying

coefficient vector autoregressions, Zsolt Darvas, 2 May, Working Paper11 Arithmetic is absolute: euro-area adjustment, Guntram B. Wolff, 23 May, Policy Contribution12 Compositional effects on productivity, labour cost and export adjustments, Zsolt Darvas, 22

June, Policy Contribution13 What kind of European banking union? Jean Pisani-Ferry, André Sapir, Nicolas Véron, Guntram

B. Wolff, 25 June, Policy Contribution14 The creation of euro-area financial safety nets, Michiel Bijlsma, Shahin Vallée, 2 July, Working

Paper15 Paths To eurobonds, Stijn Claessens, Ashoka Mody, Shahin Vallée, 3 July, Working Paper16 Productivity, labour cost and export adjustment: detailed results for 24 EU countries, Zsolt

Darvas, 12 July, Working Paper17 The simple macroeconomics of north and south in EMU, Jean Pisani-Ferry, Silvia Merler, 30

July, Working Paper18 The challenges of europe's fourfold union, Nicolas Véron, 16 August, Policy Contribution19 Intra-euro rebalancing is inevitable but insufficient, Zsolt Darvas, 31 August, Policy

Contribution20 The fiscal implications of a banking union, Jean Pisani-Ferry, Guntram B. Wolff, 14 September,

Policy Brief21 Fiscal rules: timing is everything, Benedicta Marzinotto, André Sapir, 17 September, Policy

Brief22 The growth effects of EU cohesion policy: a meta-analysis, Benedicta Marzinotto, 11 October,

Working Paper23 Europe's Single Supervisory Mechanism and the long journey towards banking union, Nicolas

Véron, 4 October, Policy Contribution

P A G E 2 6 B R U E G E L’ S A N N U A L R E P O R T 2 012

24 The euro crisis: ten roots, but fewer solutions, Zsolt Darvas, 19 October, Policy Contribution25 The known unknowns and the unknown unknowns of EMU, Jean Pisani-Ferry, 26 October,

Policy Contribution26 The Greek debt trap: an escape plan, Zsolt Darvas, 9 November, Policy Contribution27 The long-term EU budget: size or flexibility? Benedicta Marzinotto, 23 November, Policy Contribution28 On the effectiveness and legitimacy of EU economic policies, Mark Hallerberg, Benedicta

Marzinotto, Guntram B. Wolff, 9 November, Policy Brief29 A budget for Europe's monetary union, Guntram B. Wolff, 3 December, Policy Contribution30 Private long-term investment in uncertain times, Georg Zachmann, 19 December, Policy

Contribution

Competition, innovation and sustainable growth

31 The great transformation: decarbonising Europe’s energy and transport systems, GeorgZachmann, Michael Holtermann, Jörg Radeke, Mimi Tam, Mark Huberty,Dmytro Naumenko,Anta Ndoye, 2 February, Blueprint

32 Cutting carbon, not the economy, Georg Zachmann, 2 February, Policy Contribution33 Innovation in EU merger control: walking the talk, Reinhilde Veugelers, 29 February , Policy

Contribution34 How wide is the Mediterrenean? Georg Zachmann, Mimi Tam, Lucia Granelli, 21 May, Policy

Contribution35 Investment and growth in the time of climate change, Georg Zachmann, Edward Calthrop,

Armin-D. Riess, Atanas Kolev, 14 June, Book36 ICT for growth: a targeted approach, Michał Grajek, 20 June, Policy Contribution37 The triggers of competitiveness: the EFIGE cross-country report, Carlo Altomonte, Tommaso

Aquilante, Gianmarco Ottaviano, 17 July, Blueprint38 Breaking down the barriers to firm growth in Europe: the fourth EFIGE policy report, Loris

Rubini, Klaus Desmet, Facundo Piguillem, Aranzazu Crespo, 28 August, Blueprint39 New ICT sectors: platforms for European growth? Reinhilde Veugelers, 29 August, Policy

Contribution40 The EU-EFIGE/Bruegel-Unicredit Dataset, Carlo Altomonte, Tommaso Aquilante, 4 October,

Working Paper41 Smart choices for growth, Georg Zachmann, 28 November, Policy Contribution

Finance and financial regulation

42 Financial reform after the crisis: an early assessment, Nicolas Véron, 27 January, Working Paper43 Are banks affected by their holdings of government debt? Chiara Angeloni, Guntram B. Wolff,

26 March , Working Paper

Global economics and governance

44 The internationalisation path of the renminbi, Shahin Vallée, 13 March, Working Paper45 Real effective exchange rates for 178 countries: a new database, Zsolt Darvas, 15 March ,

Working Paper46 The G20: characters in search of an author, Ignazio Angeloni, Jean Pisani-Ferry, 13 March,

Working Paper47 Transatlantic economic challenges in an era of growing multipolarity, Jacob Funk Kirkegaard,

Nicolas Véron, Guntram B. Wolff, 24 July, Book

B R U E G E L’ S A N N U A L R E P O R T 2 012 P A G E 2 7

Events in 2012

1 The emerging governance of the euro area – Workshop, 11 January 2012, Brussels2 Is productivity the Achilles’ heel of economic recovery in Europe? – Lunchtalk, 17 January 2012,

Brussels3 Policy dialogue on the European growth model – Seminar, 24 January 2012, Brussels (in partner-

ship with the World Bank)4 Energy Market Developments in France – Energy and Climate Exchange Series, 25 January 2012,

Brussels5 Accounting Standards for Governments – Finance Focus Breakfast, 26 January 2012, Brussels6 Bank Branches and Subsidiaries – Workshop, 30 January 2012, Brussels7 Brussels Think Tank Dialogue – Conference, 31 January 2012, Brussels8 Public Support for Energy and Transport System Transition – Publication launch, 02 February 2012,

Brussels9 What explains the rise of CEO pay in Germany? – Economic Policy Seminar, 02 February 2012,

Brussels10 Stepping-up the role of the ETS in EU energy sector decarbonisation – Seminar, 08 February 2012,

Brussels (in partnership with l’Institut du Développement Durable et des Relations Internationales)11 Eurozone Debt Mutualisation and Debt Restructuring – Workshop, 08 February 2012, London (in

partnership with the European Bank for Reconstruction and Development)12 How economics shapes science – Lunchtalk, 15 February 2012, Brussels13 A skeptic's solution to the euro crisis? – Lunchtalk, 16 February 2012, Brussels14 The euro crisis – Seminar, 27 February 2012, Brussels (in partnership with CESifo)15 Europe in the global economy – Seminar, 29 February 2012, Brussels16 Assessing the proposed third EU regulation on credit rating agencies – Finance Focus Breakfast,

16 March 2012, Brussels17 Energy market developments in the UK – Energy and Climate Exchange Series, 19 March 2012,

Brussels18 One year after the Arab Spring – Seminar, 23 March 2012, Brussels (in partnership with the World

Bank)19 Transatlantic perspectives on energy infrastructure – Seminar, 23 March 2012, Brussels20 Intellectual property for growth in digital markets – Seminar, 28 March 2012, Brussels (in partner-

ship with the Intellectual Property Office)21 Common euro-area sovereign debt – Workshop, 04 April 2012, Brussels (in partnership with the

International Monetary Fund)22 GLOBESEC 2012 – Conference, 11 April 2012, Bratislava (in partnership with the Slovak Atlantic

Commission)23 Global Financial Services Integration – Conference, 16 April 2012, Brussels (in partnership with

the Korean Institute of Finance)24 Has the ECB's LTRO stopped the eurozone's vicious cycle? – Workshop, 18 April 2012, Brussels25 Fiscal consolidation strategies in a recessionary environment – Lunchtalk, 24 April 2012, Brussels26 One money, no market: the débâcle of European financial integration – Seminar, 26 April 2012,

Brussels27 Searching for Strategies to Restore Global Economic Stability and Growth – Conference, 02 May

2012, Chicago (in partnership with the Chicago Council on Global Affairs)28 How can digitisation transform the growth enhancing power of innovation – Lunchtalk, 07 May

2012, Brussels29 The economic impact of venture capital investment in Europe – Finance Focus Breakfast, 10 May

2012, Brussels30 Assessing the impact of EU cohesion policy – Workshop, 15 May 2012, Brussels31 Europe’s current economic growth challenge – Workshop, 16 May 2012, London (in partnership

with the HM Treasury)

P A G E 2 8 B R U E G E L’ S A N N U A L R E P O R T 2 012

32 The workings of the new global economic order – Australia as a case study of how new risingpowers shape economics and policies – Lunchtalk, 25 May 2012, Brussels

33 The messy rebuilding of Europe – Seminar, 31 May 2012, Berlin (in partnership with the HertieSchool)

34 4th EFIGE Scientific Workshop and Policy Conference – Conference, 01 June 2012, Barcelona (inpartnership with the Graduate School of Economics (Barcelona) and Centro de Recerca enEconomia Internacional)

35 Growth and imbalances in the euro area – Seminar, 05 June 2012, Brussels36 Clearing houses and derivatives markets infrastructures – Finance Focus Breakfast, 06 June

2012, Brussels37 China invests in Europe – Seminar, 07 June 2012, Brussels38 Challenges for a banking union – Workshop, 11 June 2012, Brussels39 Are Japan and Korea experiencing deindustrialisation? Lessons for Europe – Seminar, 19 June

2012, Brussels40 What determines government spending multipliers? – Economic Policy Seminar, 22 June 2012,

Brussels41 Energy market developments in Germany – Energy and Climate Exchange Series, 28 June 2012,

Brussels42 Central and Eastern Europe – Lunchtalk, 05 July 2012, Brussels43 The international role of the Euro – Lunchtalk, 03 September 2012, Brussels44 Annual Dinner – 06 September 2012, Brussels45 Annual Meeting – 07 September 2012, Brussels46 Navigating an interconnected world – Lunchtalk, 11 September 2012, Brussels47 Investments in Energy infrastructure – Workshop, 12 September 2012, Brussels48 Reforming financial sector taxation – Workshop, 18 September 2012, Brussels49 SIMPATIC Workshop – Workshop, 24 September 2012, Brussels50 Economic adjustment in the euro area – Workshop, 24 September 2012, Frankfurt (in partnership

with the European Central Bank)51 The changing role of the state in finance – Finance Focus Breakfast, 02 October 2012, Brussels52 Climate change and EU policy: why has so little been achieved? – Energy and Climate Exchange

Series, 04 October 2012, Brussels53 Microeconomic data for fact-based trade, growth and jobs policy design – Seminar, 05 October

2012, Brussels54 World knowledge forum – Conference, 09 October 2012, Seoul55 Growth and Cohesion in Europe – Publication launch, 11 October 2012, Brussels56 Startups by recent university graduates and their faculty – Seminar, 17 October 2012, Brussels57 International Cooperation in Times of Global Crisis – Conference, 18 October 2012, Moscow58 Intellectual Property Rights and Competition Policy – Lunchtalk, 18 October 2012, Brussels59 Energy market developments in the Nordic countries – Energy and Climate Exchange Series, 23

October 2012, Brussels60 SIMPATIC ‘Micro-Macro’ workshop – Workshop, 24 October 2012, Brussels61 Euro crisis and Sino-EU Economic relations – Workshop, 25 October 2012, Brussels62 The Impact of the crisis on Euro area neighbours – Workshop, 08 November 2012, Brussels63 European Banking Union – Workshop, 16 November 2012, Warsaw64 The value of a well-designed EU patent – Lunchtalk, 16 November 2012, Brussels65 Euro Monitor 2012 – Seminar, 27 November 2012, Brussels66 A blueprint for a deep and genuine economic and monetary union – Seminar, 05 December 2012,

Brussels67 Modernising State Aid through better evaluations – Workshop, 06 December 2012, Brussels68 EMU and labour markets – Workshop, 11 December 2012, Brussels69 On democracy in Europe with Mario Monti and Sylvie Goulard – Seminar, 13 December 2012,

Brussels