annual report 2009:Mise en page 1 - Bruegel · PAGE 2 BRUEGEL’S ANNUAL REPORT 2009. ... the Board, which represents the diversity of Bruegel’s stakeholders. Decisions on new research

ANNU

ALREPORT

2009

Bruegel’s members

State members

AustriaBelgiumCyprusCzech RepublicDenmarkFinlandFranceGermanyHungaryIrelandItalyLithuaniaLuxembourgNetherlandsPolandSloveniaSpainSwedenUnited Kingdom

Partner research institutions

CEPII (Paris)CER (London)CESifo (Munich)ICRIER (New Delhi)IfW (Kiel)Peterson Institute (Washington DC)

Corporate members

ArevaBNP Paribas FortisBPDeutsche BankDeutsche TelekomEDFErnst & YoungErste Bank GroupFrance TelecomGDF SuezGoldman SachsNovartisPfizerQualcommRenaultSamsung ElectronicsSyngentaUniCredit

Institutional members

European Investment BankEuropean Bank for Reconstruction andDevelopment

Members as at the middle of July 2010. For further information about Bruegel’s governance and its relationshipwith its members, see page 22.

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BRU EGE L’ S M I S S I ON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

C H A I R M A N ’ S M E S S A GE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

D I R EC TOR ’ S I N T RODUC T I ON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

OP E R AT I ON A L R E V I E W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

R E S E A R C H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

E V E N T S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0

M E D I A I M PA C T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8

W E B S I T E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9

T E A M DE V E LOP M E N T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0

GO V E R N A NC E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2

F I N A NC I A L S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4

A U D I TOR ’ S R E P OR T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 7

BRU EGE L’ S P EOP LE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 8

Contents

B R U E G E L’ S A N N U A L R E P O R T 2 0 0 9 P A G E 3

Bruegel’s missionBRU EGE L A I MS TO CON T R I BU T E TO T H E QU A L I T Y OF ECONOM I C

P OL I C Y M A K I NG I N EU ROP E T H ROU GH OP E N, FA C T- B A S E D

A N D P OL I C Y- R E LE VA N T R E S E A R C H , A N A LY S I S A N D D I S C U S S I ON.

Bruegel is defined by five key features:

Outward-oriented focus. More than ever,Europe must enrich its policy debates, whichtoo often suffer from an inward-looking bias,and develop genuine policy discussions withother international economic players. Bruegelaims to contribute to a better understanding ofthe economic challenges and responsibilitiesfacing Europe in the context of globalisation.

Evidence-based policy recommendations.Bruegel does not stand for any particularpolicy doctrine. Its research, which is conduc-ted both in-house and through partnershipswith other research organisations, draws onstate-of-the-art analysis to assess economictransformations, discuss policy options andpropose recommendations – while alwayskeeping an eye on their practical feasibility.

Demand-driven questions, independent ans-wers. Bruegel’s Research Programme is set bythe Board, which represents the diversity ofBruegel’s stakeholders. Decisions on newresearch projects follow extensive discussionswith Bruegel’s members. Once a research topicis chosen, however, research and publicationsare fully independent. All publications arereleased under the signature of theirauthor(s), and Bruegel itself abstains fromtaking any policy positions.

Linking government, research, business andcivil society. At a time when policy ideas arecalled for, Bruegel provides a forum for infor-med discussions between individuals fromdiverse backgrounds. It builds on the diversityof experience of its stakeholders to developinteraction between communities. Bruegelalso aims to cooperate with leading Europeanand international research institutions on spe-cific research projects.

European reach. From the outset, Bruegel has adopted a pan-European approach. Itaddresses topics for which policy responsibi-lity rests with individual states, the EuropeanUnion, or international organisations. Itintends to develop its presence in nationaldebates across Europe, as well as Brusselsand international discussion forums.

BRUEGEL’S NAME, while referring to a ‘BrusselsEuropean and Global Economic Laboratory’,pays tribute to Pieter Bruegel (‘the Elder’),considered one of Europe’s most innovativepainters in the 16th Century. Pieter Bruegel'sson and nephew were also renowned painterswho spelled their names ‘Breughel’; Bruegelthe Elder, however, signed most of his master-pieces with ‘Bruegel’.


Chairman’s message

While 2008 saw the emer-gence of the crisis, 2009was the year that witnes-sed a fully blown crisis bothin Europe and beyond. Thecrisis was challenging notonly in terms of policychoice, but also in terms of

institutional cohesion and governance.Policymakers often seemed at a collective lossto get things moving again, and there was –and still is – more than just a sense of ‘mudd-ling through’. Under such extreme circums-tances, there is a need for clear thinking,attention to facts and cool analysis. We hopethat Bruegel has, in some small way, contribu-ted to keeping European policy debate ‘real’.

Last year saw Bruegel ‘come of age’ in anumber of ways. In purely statistical terms,the number of Bruegel publications, events,web hits and media mentions rose markedlycompared with 2008 and previous years (seedata in this report). Second, and pari passuwith global developments, Bruegel stepped upits focus on the global policy and governancedebate taking place at the G20 and the IMF.Third, Bruegel responded to increased demandfor fact-based expertise by the European and

global policy institutions (Commission,Parliament committees), no doubt reflectingthe growing tension everywhere between par-tisan politics and the countervailing need fordata-driven analytics in policymaking. Fourth,Bruegel has further extended its outreach workbeyond the Brussels beltway to the US andAsia.

But it would be misleading to paint a panglos-sian picture of Bruegel’s place in the policy fir-mament. We still have a relatively modestbudget which we are working hard to consoli-date through additional member and non-member resources. We are currently achievinga fine balance between macro and broad microwork on the one hand, and the demand formore specific sectoral work from our memberson the other. Our membership has a goldenopportunity this year to help shape howBruegel will work in the future. The indepen-dent task force reviewing Bruegel’s perfor-mance over the period 2007-2009 will reportto the General Assembly in June to seek mem-bers’ views on the future orientation ofBruegel’s work. I very much look forward tothis discussion.

Leszek Balcerowicz

‘ BRU EGE L M U S T CONS OL I DAT E T H E P RO GR E S S M A DE I N 2 0 0 9 . T H I S W I LL

R EQU I R E I T S M E M BE R S TO P RO V I DE A S T RONG A N D U N A M B I GUOU S S T E E R

A BOU T T H E BRU EGE L T H E Y W I S H TO S E E . ’



Director’s introductionBRU EGE L I S P ROU D TO H AV E CON T R I BU T E D TO EU ROP E A N P OL I C Y T H I N K I NG

I N 2 0 0 9 DU R I NG T H E GLOB A L C R I S I S .

During 2009, Bruegel’sadvice was solicited by poli-cymakers (as for our contri-bution on the design of exitstrategies) and offeredspontaneously (as in theMemos to the NewCommission), but we have

always aimed at keeping the blend of imagina-tion and realism that makes analyses and pro-posals stimulating without making themirrelevant for pragmatic policymakers.

The global recession has now abated, but onlyto make way for a European crisis. Tension onsome sovereign-bond markets, euro-area com-petitiveness strains and the ensuing debateover policy responses, raise questions aboutcrisis management and governance reform.This is a first area where innovative thinking iscalled for. As the institution that in 2006 publi-shed a Policy Brief under the unfortunatelypremonitory title ‘The euro: only for the agile’,Bruegel intends to play its part in this cruciallyimportant conversation.

Beyond immediate, daunting concerns, growthis again on the policy agenda. But with achange. Whereas the concern in the early2000s was the risk of Europe losing groundrelative to the US, there is much more at stakenow. It is crucial to enhance the continent’sgrowth potential if Europe’s public finance pro-blems are not to become intractable and thesocial models it is proud of simply unafforda-ble. This is an area where Bruegel has longbeen active through research on the deepdeterminants of economic performance. Weintend to continue relentlessly to provide frankassessments and to indicate solutions. This is

one of the reasons why we have investedresources in competitiveness, innovation, thedigital agenda and the determinants of firm-level performance. We also intend to tackleissues of competition policy and regulationthat are becoming even more essential in amore interventionist Europe.

2010 is, finally, a key year for the future ofglobalisation. In 2008-2009 policymakersworldwide rose to the challenge of the globalcrisis, largely resisted protectionism and engi-neered a global response that will go down inhistory as the exact opposite of the beggar-thy-neighbour attitude that prevailed in the1930s. But the aftermath of the crisis isequally challenging, as disappointment sets inover the global financial regulation agenda, asmacroeconomic asymmetries between emer-ging and advanced countries re-emerge andas pressure for protective national policiesmounts. Taking on board the global dimensionis part of Bruegel’s DNA. This means research– for example on the shape and governance ofglobalisation and on the energy/climate-change nexus. This also means initiatives toincrease our reach beyond Europe, such asthose we have taken with Asian, American andIndian partners.

More than ever, Bruegel must combine invest-ment in research fields that match the breadthof interests and demands of its members andthe provide the rapid response required tomake its contributions timely and relevant.The balance is not always easy to achieve. Butstriking this balance is a key part of ourBruegel’s raison d’être.

Jean Pisani-Ferry


Operational review

RESEARCH

The policy agenda in 2009 was dominated bythe development of the crisis and the imme-diate responses to it at national, European andglobal levels. Bruegel accordingly adopted aspecially tailored research programme anddecided to preserve considerable flexibility inorder to be able to contribute to the policy dis-cussion as it developed. Core investments in afew areas of strategic significance were howe-ver retained.

This approach resulted in a compact researchprogramme distinguishing:

• Crisis management at European and globallevels and its consequences for future eco-nomic performance: projects here addres-sed immediate crisis response as well asits longer term implications.

• Longer-term challenges: projects groupedunder this heading represented ongoinginvestment in areas where Bruegel inten-ded to build capabilities and contributeindependently of the immediate economiccircumstances.

• A special project: the preparation of a seriesof ‘memos’ to the new Commission, in orderto set out key choices for the EU in 2010-2015.

Interaction with policymakers was especiallyintense around these priorities, as Bruegelaimed at providing input into a fast-evolvingpolicy discussion.

A. CRISIS MANAGEMENT AND ITSCONSEQUENCES FOR FUTURE PERFORMANCE

Research in this area concentrated on fourmain areas:

• The longer-term consequences of short-term remedies. Bruegel contributed to boththe Czech presidency (on the adverseeffects of the crisis in the medium term andthe ways to limit them) and the Swedishpresidency of the EU (with a paper on exitstrategies that was presented to the ECOFINCouncil). It also organised workshops onexit strategies and employment policies.

• The rebuilding of the European financialsystem. Papers by Bruegel scholars discus-sed the management of the banking crisis,limitations of the strategies in place andwhat macroprudential supervision couldachieve. Workshops and conferences, inclu-ding with the IMF and the National Bank ofBelgium, provided opportunities for discus-sing the contours of the new Europeanfinancial landscape.

• The consequence of the crisis for the newmember states and their integration withinthe EU. Issues addressed were crisis mana-gement in central and eastern Europe andthe design and implementation of IMF pro-grammes, which was the topic of a specialseminar with the Managing Director of theFund.

• The G20 dimension and its implications forglobal governance. Building on existingpartnerships with Asian and US researchinstitutions, Bruegel extended its networkto reach out to G20 partners and positionitself as a centre of relevance for G20issues in Europe. It contributed to the UKG20 presidency.

2009 publications

• Handle with care ! Post-crisis growth in theEU, Policy Brief, Jean Pisani-Ferry andBruno van Pottelsberghe, April

• A solution for Europe’s banking problem,Policy Brief, Adam Posen and Nicolas Veron,June

• More than one step to financial stability,Policy Brief, Garry Schinasi, October

• Rating agencies: an information privilegewhose time has passed, PolicyContribution, Nicolas Veron, February

• Reshaping the global economy, PolicyContribution, Jean Pisani-Ferry and IndhiraSantos, March

• International governance – is the G20 theright forum?, Policy Contribution, JeanPisani-Ferry, March

• Weathering the storm – fair weather versusstormy weather governance in the euroarea, Policy Contribution, Jean Pisani-Ferryand André Sapir, March

• Estimating the size of the European stimu-lus packages, Policy Contribution, Jakobvon Weizsäcker and David Saha, April

• A US strategy for IFRS adoption, PolicyContribution,Nicolas Veron, April

• A European exit strategy, Policy Brief,Jürgen von Hagen, Jean Pisani-Ferry andJakob von Weizsäcker, October

• The monetary mechanics of the crisis,Policy Contribution, Jürgen von Hagen,August

• The Pittsburgh G20 checklist, PolicyContribution, Ignazio Angeloni, September

• The G20 is not just a G7 with extra chairs,Policy Contribution, Jean Pisani-Ferry,Agnès Bénassy-Quéré and Rajiv Kumar,September

• Can a less boring ECB remain accountable?,Policy Contribution, Jean Pisani-Ferry andJakob von Weizsäcker, September

• The Baltic challenge and euro-area entry,Policy Contribution, Zsolt Darvas, November

• Monetary policy on the way out of the

crisis, Policy Contribution, Jürgen vonHagen, December

• IFRS sustainability requires further gover-nance reform, Policy Contribution, NicolasVeron, December

• The EU’s role in supporting crisis-hit coun-tries of central and eastern European coun-tries, Policy Contribution, Zsolt Darvas,December

• The crisis: policy lessons and policy chal-lenges, Working Paper, Jean Pisani-Ferry etal, December

• Banking crisis management in the EU: aninterim assessment, Working Paper, JeanPisani-Ferry and André Sapir, December

• The impact of the crisis on budget policy incentral and eastern Europe, Working Paper,Zsolt Darvas, July

• Politics and trade: lessons from past globa-lisations, Essay, Kevin O’Rourke, February

B. LONGER-TERM CHALLENGES

Research on longer-term challenges coveredfour main areas:

• Climate change, energy and their conse-quences for growth and competitiveness:Bruegel participated in the assessment ofthe consequences of climate policies,concentrating on their interrelationshipwith innovation and their longer-term impli-cations on economic performance.

• Innovation: building on research conductedin 2008, the focus was on intellectual pro-perty and the role of young innovating com-panies.

• The future of the EU policy system: Bruegelcontributed to discussions on the interna-tional role of the euro and on avenues forreforming the EU budget.

• Globalisation and the internationalisation ofEuropean companies: a major firm-levelsurvey was launched within the frameworkof the EFIGE project to analyse the rela-tionship between firm internationalisationand performance1.

1. Details can be found on www.efige.org.


2009 publications

• The euro at ten: the next global currency?,Book, edited by Jean Pisani-Ferry and AdamPosen, June

• Beyond Copenhagen: A climate policyma-ker’s handbook, Book, edited by JuanDelgado and Stephen Gardner, September

• Beyond the WTO? An anatomy of EU and USpreferential trade agreements, Blueprint,Henrik Horn, Petros C. Mavroidis and AndréSapir, February

• Of markets, products and prices – theeffects of the euro on European firms,Blueprint, Lionel Fontagné, Thierry Mayerand Gianmarco Ottaviano, February

• Lost property: The European patent systemand why it doesn’t work, Blueprint, Brunovan Pottelsberghe, June

• A lifeline for Europe’s young radical innova-tors, Policy Brief, Reinhilde Veugelers, March

• A better process for a better budget, PolicyBrief, Susanne Neheider and Indhira Santos,July

• No green growth without innovation, PolicyBrief, Reinhilde Veugelers, Philippe Aghionand David Hemous, November

• EU cohesion policy: some fundamentalquestions, Policy Contribution, IndhiraSantos, May

• Cold start for the innovation machine,Policy Contribution, Philippe Aghion,Reinhilde Veugelers and Clement Serre,November

• Economic incongruities in the Europeanpatent system, Working Paper, Bruno vanPottelsberghe and Malwina Mejer, January.

• The battle for talent: globalisation and therise of executive pay, Working Paper, DaliaMarin, February

• Reframing the EU budget-decision-makingprocess, Working Paper, Indhira Santos andSusanne Neheider, May

• Cyclical dimensions of labour mobility afterEU enlargement, Working Paper, AlanAhearne, Herbert Brücker, Zsolt Darvas andJakob von Weizsäcker, May

• Cost benefit analysis of the Communitypatent, Working Paper, Bruno vanPottelsberghe, December

C. MEMOS TO THE NEW COMMISSION

On the occasion of the election of the newEuropean Parliament and the appointment ofthe new Commission, Bruegel prepared aseries of short, non-technical memos highligh-ting the key challenges for the EU in the nextfive years, outlining the strategic options andmaking recommendations for effective action.This publication was widely commented anddiscussed and two additional memos wereadded to the series at end 2009-early 2010.

2009 publications

• Memos to the new Commission – Europe’seconomic priorities 2010-2015, Book,André Sapir, August

• Memo to the Commissioner for Energy,Policy Contribution, Georg Zachmann,December

• Memo to the new Digital AgendaCommissioner, Policy Contribution, BrunoVan Pottelsberghe and Reinhilde Veugelers,January 2010

For a full account of Bruegel’s publication acti-vities, please seewww.bruegel.org/publications


EVENTS

Bruegel’s events calendar has something tooffer nearly every week, from large confe-rences organised with international organisa-tions to smaller workshops, themed seminarsand off-the-record dinners and publicationevents. Bruegel’s events bring together itsmembers with policymakers, business leaders,academics and policy-influential individuals.Our philosophy is to encourage every partici-pant to make a contribution to the debate.

A. CONFERENCES

Bruegel organised, or coorganised, four largeconferences in 2009. The first, ‘After the storm:the future face of Europe’s financial system’coorganised with the International MonetaryFund and National Bank of Belgium took stockof the changes that the financial crisis resul-ted in for Europe’s financial system and deba-ted how public policies could build aneffective, resilient and integrated financialsystem for a post-crisis era. Held on 23-24March in Brussels, the conference includedfour working sessions (What impact has thecrisis had so far; Managing government inter-vention; The consequences of crisis and EUcompetition policies; Crisis resolution: Wheredo we stand and how do we improve it) and apublic event which discussed the De LarosièreReport, as well as presented two panels, on‘The crisis’ lessons for EU financial servicesand competition policy’ and ‘The crisis’ lessonsfor EU financial supervisory policy’.

With more than 250 participants, this was oneof Bruegel’s largest conferences. It includedcontributions from Joaquin Almunia(European Commissioner for Economic andMonetary Affairs), Nigel Wicks (Chairman ofEuroclear), Jernej Omahen (Executive Director,Global Investment Research, Goldman Sachs),Matthew Sebag-Montefiore (Oliver WymanFinancial Services), Mojmir Hampl (CzechNational Bank), Marco Annunziata (UniCredit),Philipp Hartmann (ECB), Pervenche Beres(MEP, Chair of the ECON Committee), StefanIngves (Riksbank Sweden), Vitor Gaspar

(European Commission, BEPA), Peter ThalLarsen (Financial Times), Gonzalo Caprirolo(Slovenian Ministry of Finance), DamienNeven (European Commission, DG Comp), DirkSchoenmaker (Duisenberg School of Finance,Amsterdam), Hans-Joachim Dübel(Finpolconsult), Jesus Saurina (Bank ofSpain), Wim Fonteyne (IMF), Eva Hüpkes(FINMA Switzerland), Enrico Perotti(University of Amsterdam), John Berrigan(European Commission, DG Ecfin), Peter Praet(National Bank of Belgium), Marek Belka(Head of European Department, IMF), JoséPérez Fernandez (Chairman of Intermoneyand LG member), Rainer Masera (Advisor tothe EIB and LG member), Freddy Van denSpiegel (Chief Economist, Fortis), David Wright(European Commission, DG Markt) AndréBergen (CEO, KBC Group), Erik Berglof (ChiefEconomist, EBRD), Jan Pieter Krahnen(Director, Centre for Financial Studies), JanBrockmeijer (Deputy Director, Monetary andCapital Markets Department, IMF), MalcolmKnight (Vice Chairman, Deutsche Bank Group),Alexandre Lamfalussy, and Lucas Papademos(Vice President, European Central Bank); aswell as interventions from Bruegel seniorfellow Nicolas Véron, director Jean Pisani-Ferry, chairman Leszek Balcerowicz andformer chairman Mario Monti (President,Bocconi University).

On the 10-11 September, the conference ‘AnOcean Apart? Comparing TransatlanticResponses to the Financial Crisis’ took place inRome, organised jointly with Banca d’Italiaand the Peterson Institute for InternationalEconomics. Over two days, the conferenceexamined the underlying forces behind thecrisis, their impact, and the macro responsesin the EU and US and the differences inapproach to the banking issue. The conferenceexamined how the crisis would impact policysystems on both sides of the Atlantic and theglobal implications those differences or simila-rities might have were discussed.

Contributions were heard from FabrizioSaccomanni (Banca d’Italia), Gian Maria Milesi-Ferretti (IMF), Paolo Pesenti (Federal Reserve

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Bank of New York), Charles Steindel (FederalReserve Bank of New York), Angel Ubide (PIIE),Joseph Gagnon (PIIE), Stefan Gerlach(Frankfurt University), Heinz Herrmann(Bundesbank), Mark Horton (IMF), DouglasLaxton (IMF), Roberto Perotti (UniversitaBocconi), Randall Kroszner (University ofChicago), Thomas Wieser (Economic andFinancial Committee), Thomas Glaessner(Citigroup), Garry Schinasi (IMF, on sabbati-cal), Peter Garber (Deutsche Bank), PaoloAngelini, (Banca d’Italia), Hans-Helmut Kotz(Bundesbank), Klaus Regling (KR Economics),Caroline Atkinson (IMF), Lorenzo Bini-Smaghi(ECB), Marco Buti (DG Ecfin), Edwin Truman(PIIE), Dave Ramsden (UK Treasury) andBruegel’s director, Jean Pisani-Ferry.

Bruegel partnered with CEPII (Centre d'étudesprospectives et d'informations internatio-nales) and ICRIER (Indian Council forResearch on International EconomicRelations) for a conference on the 14 and 15of September entitled ‘International coopera-tion in times of global crisis: views from G20Countries’ in New Delhi. Organised as a high-level conversation on global financial and eco-nomic policy challenges, the conferenceexamined the scope and architecture of finan-cial regulation; accounting standards andtransparency; global imbalances and the inter-national monetary system; protectionism intrade and cross-border finance; the economicbalance of power and the reform of BrettonWoods institutions as well as the future ofinternational cooperation during a crisis.

Contributors to the conference included AshokChawla (Finance Secretary, India), MontekSingh Ahluwalia (Deputy Chairman, IndianPlanning Commission), Shigeo Kashiwagi(Professor, Keio University, Japan), AvinashPersaud (Chairman, Intelligence Capital, UK),Silvina Vatnick (President, Center for FinancialStability, Argentina), Anand Sinha (ExecutiveDirector, Reserve Bank of India), Louis Pauly(Professor, University of Toronto, Canada), ViralAcharya (Professor, Stern School of Business,NY University), P.R. Ravimohan (GeneralManager, Reserve Bank of India), Ku-Hyun

Jung (Senior Advisor, Samsung EconomicResearch Institute, Korea), David Vines(Professor, Oxford University), Manuel RamosFrancia (Head of Research, Bank of Mexico),Gian Maria Milesi-Ferretti (Deputy Director,Research Department, International MonetaryFund), Edwin M. Truman (Senior Fellow,Peterson Institute for InternationalEconomics), He Fan (Chinese Academy ofSocial Sciences), Dietrich Jahn (Head ofMonetary Policies directorate, Ministry ofFinance, Germany), Bimal Jalan (Member ofParliament, India), Andrew Sheng (Professor,University of Malaya), Peter Draper (SouthAfrican Institute of International Affairs), TangMin (Deputy Secretary General, ChinaDevelopment Research Foundation), BibekDebroy (Professor, Centre for Policy Research,India), Natalia Volchkova (New EconomicSchool, Centre for Economic and FinancialResearch, Russia), Suman Bery (DirectorGeneral, National Council for Applied EconomicResearch, India), Marcio Wohlers (Director ofSectorial Studies, IPEA, Brazil), Jean-JosephBoillot (Euro-India Economic Business Group),Pierre Jaillet (Director General, Economics andInternational Relations, Banque de France),Stormy-Annika Mildner (German Institute forInternational and Security Affairs) and TimCallen (Senior Member, External RelationsDepartment, International Monetary Fund), aswell as contributions from the organising insti-tutions: Rajiv Kumar (Director of ICRIER),Agnès Bénassy-Quéré (Director of CEPII) andBruegel’s director Jean Pisani-Ferry; withNicolas Véron (Bruegel), Olena Havrylchyk(CEPII) and Shankar Acharya (ICRIER).

The fourth conference was organised underthe banner of the Asia Europe Economic Forum(see page 17).

B. WORKSHOPS

Eight workshops were organised in 2009, allbut one held in Bruegel’s new meeting room atthe office in Brussels. These smaller-scaleevents typically involve 20 to 30 experts andpolicymakers for discussion on relevant policyissues.

B R U E G E L’ S A N N U A L R E P O R T 2 0 0 9 P A G E 1 1

30 March: ‘European research area: past andfuture’ looked at the role the EuropeanResearch Area might play in improvingEurope’s long-term competitiveness by asses-sing the achievements of ERA and the ade-quacy of existing policy instruments andtargets. Contributors included Bruegel directorJean Pisani-Ferry, senior fellows Bruno vanPottelsberghe, Reinhilde Veugelers and AndréSapir and non-resident senior fellow PhilippeAghion from Bruegel, and Isi Saragossi(European Commission, DG Research), PierreVigier (European Commission, DG Research),Michael Keenan (OECD), Marc Ivaldi(University of Toulouse), Luke Georghiou(University of Manchester) and JanezPotocnik, then European Commissioner forScience and Research.

28 April: ‘The crisis and beyond: policy optionsfor the new member states and candidatecountries of the EU’ was organised with theEuropean Commission’s DG ECFIN. The works-hop focused entirely on discussion, with ses-sions chaired by Bruegel’s chairman, LeszekBalcerowicz and DG ECFIN’s director general,Marco Buti.

25 June: ‘Where is the exit? Towards and exitstrategy from crisis management mode’ exa-mined how policymakers might eventuallymove from crisis management mode back tonormality, addressing the questions of poten-tial versus actual growth after the crisis; thebarriers to exiting from private sector supportand the merits of a coordinated exit. As well asinterventions from the Bruegel team (JeanPisani-Ferry, Jakob von Weizsäcker, AlanAhearne and Jürgen Von Hagen), the workshopheard from Stéphanie Guichard (OECD), CoenTeulings (CPB, Netherlands), Xavier Freixas(Pompeu Fabra University), Marco Buti(European Commission, DG ECFIN), ThomasWieser (Chair of the EFC and Director Generalfor Economic Policy and Financial Markets,Austrian Federal Ministry of Finance).

30 June: Bruegel hosted the Institute forCommunication Economics at Ludwig-Maximilians University (LMU, Munich), the

London School of Economics (LSE) and theAnglo German Foundation (ZEW) for the clo-sing event of an international research pro-gramme on creating sustainable growth inEurope. The conference covered four areas,management practices, innovation, ICT andthe environment. Bruegel senior fellowsReinhilde Veugelers and Bruno vanPottelsberghe contributed to the programme,along with Ray Cunningham (AGF), TobiasKretschmer (LMU), John van Reenen(CEP/LSE), Nick Bloom (Stanford), IsabelleGrillo (European Commission, DG ENTR),Elisabeth Müller (ZEW), Birgit Aschhoff (ZEW),Mirko Draca (CEP/LSE), Christos Genakos(Cambridge) and Ralf Martin (CEP/LSE).

7 September: Bruegel organised, with theInternational Monetary Fund, a workshopentitled ‘Early lessons from IMF-supported pro-grammes in emerging Europe’. The event provi-ded an opportunity to discuss the IMF’s newapproach to conditional assistance pro-grammes, and to hear the views of countriesunder such programmes. Contributions weremade by Dominique Strauss-Kahn (IMFManaging Director), Reza Moghadam (Director,IMF Strategy, Policy, and Review Department),Charles Wyplosz (Graduate Institute forInternational Studies, Geneva), JoaquinAlmunia (European Commissioner forEconomic and Financial Affairs), Lorenzo BiniSmaghi (Member of the Executive Board,European Central Bank), Wolfgang Münchau(Financial Times), Lorenzo Giorgianni (IMFStrategy, Policy, and Review Department),György Kopits (Hungarian Fiscal Council), ErikBerglöf (Chief Economist and Special Advisorto the President, European Bank forReconstruction and Development), JamesRoaf (IMF Strategy, Policy, and ReviewDepartment), Daniel Daianu (former Member,European Parliament), Sharon Bowles (inco-ming Chair of the Economic and MonetaryAffairs Committee, European Parliament), PoulThomsen (European Department, IMF), andBruegel’s chairman, Leszek Balcerowicz anddirector Jean Pisani-Ferry.

11 November: Bruegel co-organised a works-


hop with the German Institute for the Study ofLabour (IZA) on ‘Post-crisis challenges foremployment policy in Europe’. The event exa-mined short term fixes and structural reme-dies, addressing the European dimension andtackling rising unemployment in memberstates. The workshop heard from Bruegeldirector Jean Pisani-Ferry, Bruegel researchfellow Jakob von Weizsäcker, IZA DirectorKlaus F. Zimmermann, and IZA fellows WernerEichhorst and Hilmar Schneider. Contributionswere also made by Robert Verrue (EuropeanCommission, DG Employment), FrancisKramarz (INSEE-CREST), Gert-Jan Koopman(European Commission, DG ECFIN), XavierPrats-Monné (European Commission, DGEmployment), Florentino Felgueroso (Oviedo),Ronnie Schöb (FU Berlin), David Bell (Stirling),Pervenche Berès MEP (Chair of EmploymentCommittee, EP) and Thomas Mann MEP (Vice-Chair of Employment Committee, EuropeanParliament).

19 November: ‘Europe's future financial land-scape’ heard contributions from JernejOmahen (Global Investment Research,Goldman Sachs), Barbara Ridpath (ChiefExecutive, International Centre for FinancialRegulation, London), Elena Carletti (Professor,European University Institute, Florence), HansDegryse (Professor of FinancialIntermediation and Markets, TilburgUniversity), Alberto Giovannini (CEO,Unifortune Asset Management), Nigel Wicks(Chairman, Euroclear) and Thomas Wieser(Chair of the EFC and Director General forEconomic Policy and Financial Markets,Austrian Federal Ministry of Finance).Bruegel’s Jean Pisani-Ferry and Nicolas Véronalso contributed. The workshop compared thefinancial landscape pre- and post-crisis, andexamined efficiency and risk in the Europeansystem.

23 November: At a workshop held at theNational Bank of Belgium, Bruegel and part-ners Sveriges Riksbank and the National Bankof Belgium discussed ‘Strengthening the crisisresolution framework in the EU’. It assessedthe market fragmentation risk as well as how

to strengthen the crisis resolution framework,including burden sharing and resolutionmechanisms. Contributions were heard fromStephan Pache (Deutsche Bank AG), SergioLugaresi (UniCredit Group), Jacob Grinbaum(Nordea), Richard Meddings (StandardChartered), Robert Le Blanc (Barclays),Giovanni Carosio (CEBS), David Strachan(FSA), Geof Mortlock (Australian PrudentialRegulation Authority), Mike Krimminger(FDIC), David Wright (European Commission),Wim Fonteyne (IMF) and Peter Nyberg(Ministry of Finance, Finland).

C. POLICY PANELS AND PUBLICATION LAUNCHES

When the timing and the topic merit, Bruegelorganises policy panels and other events tolaunch its publications to members, the pressand policymakers. During 2009, most ofBruegel’s major publications were presented ata launch event:

3 February: A policy panel entitled ‘Preferentialtrade agreements and the WTO’ was held at theResidence Palace in Brussels, to launch theBlueprint ‘Beyond the WTO? An anatomy of EUand US preferential trade agreements’. Theauthors, Henrik Horn, Petros C. Mavroidis andAndré Sapir, were joined on the panel by JaiminiBhagwati, India’s ambassador to the EU.

10 February: A policy panel was organised tolaunch the second Blueprint of the EFIGE pro-ject, ‘Of markets, products and prices: theeffects of the euro on European firms’. Theauthors, Lionel Fontagné (Paris School ofEconomics), Thierry Mayer (Paris School ofEconomics) and Gianmarco Ottaviano(Bocconi University and non-resident seniorfellow at Bruegel) were joined by Gert-JanKoopman (Director, European Commission, DGECFIN) and Dariusz Rosati MEP.

25 February: Bruegel hosted the launch of theEuropean Economic Advisory Group’s Report onthe European Economy produced by partnerresearch institution CESifo, Munich. Two of thereport’s authors, Hans-Werner Sinn (President,Ifo Institute for Economic Research and


Professor, University of Munich) and GillesSaint-Paul (Professor, University of Toulouse)were joined by European Commissioner forEconomic and Financial Affairs JoaquínAlmunia and Bruegel’s director Jean Pisani-Ferry.

16 April: The Policy Brief ‘Handle with care!Post-crisis growth in the EU’ was launched atBruegel by authors Jean Pisani-Ferry andBruno van Pottelsberghe.

13 May: ‘A development emergency’ was thetitle of the event which launched the ‘GlobalMonitoring Report 2009’ prepared by the WorldBank and the International Monetary Fund.Lead author Zia Qureshi (Senior Advisor to theWorld Bank) presented the report with com-ments from Director General of the EuropeanCommission’s DG DEV, Stefano Manservisi andNuria Molina of EURODAD (European Networkon Debt and Development).

11 June: The Policy Brief ‘A solution forEurope's banking problem’ by Adam Posen(Deputy Director, Peterson Institute forInternational Economics) and Nicolas Véron(Senior Fellow, Bruegel) was presented byNicolas Véron at Bruegel’s offices in Brussels.

16 June: ‘The euro: global or regional cur-rency?’ was the title of the panel which laun-ched the Bruegel-Peterson Institute forInternational Economics book ‘The euro at ten:the next global currency?’ in Brussels. Thepanel was made up of European Commissionerfor Economic and Financial Affairs, JoaquínAlmunia, Bruegel’s director, Jean Pisani-Ferry,Adam Posen (Deputy Director, PetersonInstitute for International Economics) andTommaso Padoa Schioppa (Chairman, NotreEurope).

29 June: Bruegel senior fellow Bruno vanPottelsberghe was joined by MargotFröhlinger, Director of the Knowledge BasedEconomy unit at the European Commission’sDG MARKT, for the launch of the Blueprint, ‘Lostproperty: the European patent system and whyit doesn't work’.

1 September: Bruegel launched its ‘Memos tothe new Commission’ at a policy panel atResidence Palace, Brussels. Joining Bruegel’sdirector Jean Pisani-Ferry and senior fellowAndré Sapir, were Elmar Brok MEP (Member ofthe Group of the European People’s Party),Daniel Cohn-Bendit MEP (Co-president of theEuropean Greens–European Free Alliancegroup), Annemie Neyts-Uyttebroeck MEP(President European Liberal, Democrat andReform Party) and Poul Nyrup Rasmussen(President of the Party of EuropeanSocialists).

23 November: Bruegel launched the last PolicyBrief of the year, ‘No green growth withoutinnovation’ in an event led by two of theauthors, Philippe Aghion (Bruegel non-residentsenior fellow and Harvard professor) andReinhilde Veugelers (Bruegel senior fellow andKUL professor).

15 December: The same Policy Brief, ‘No greengrowth without innovation’ was also presentedat the UNFCCC COP 15 in Copenhagen with apolicy panel at the Danish Radio Studios. Thepolicy panel included the three authors,Philippe Aghion (non-resident senior fellow atBruegel and Harvard professor), ReinhildeVeugelers (Bruegel senior fellow and KUL pro-fessor) and David Hemous (HarvardUniversity), along with Per Callesen (DeputyPermanent Secretary, Ministry of Finance,Denmark) and Nigel Purvis (President, ClimateAdvisors; Fellow, German Marshall Fund). It waschaired by Bruegel’s director, Jean Pisani-Ferryin partnership with the German Marshall Fund.

D. SEMINARS

In addition to workshops and conferences rela-ted to the research programme, Bruegel alsoholds regular discussions and seminars in fourevents series: lunchtalk@bruegel, EconomicPolicy Seminar, Finance Focus Breakfast andEnergy and Climate Exchange.

The lunchtalk@bruegel series typically high-lights a topic of current interest presented bya guest speaker with a response from an


expert in the same field. During 2009 Bruegelheld nine lunchtalks:

• 29 January: ‘The importance of transatlan-tic relations’ with Faryar Shirzad (TheGoldman Sachs Group).

• 17 February: ‘Should euro area govern-ments issues joint eurobonds?’ withJacques Delpla (Member of the Conseild’analyse économique, France) andThomas Mayer (Co-head of GlobalEconomics and Chief European Economist,Deutsche Bank) as discussant.

• 4 June: ‘Coping with the crisis: what's nextfor Ireland’ with Alan Ahearne (SpecialAdvisor to Minister for Finance BrianLenihan, Ireland, and non-resident researchfellow, Bruegel).

• 12 June: ‘The future of the motor vehicleblock exemption regulation’ was a jointevent with the European School ofManagement and Technology (ESMT) inBerlin. ESMT President and Bruegel non-resident senior fellow, Lars-Hendrik Röllerpresented the ESMT report and NadiaCalvino (DG COMP, European Commission)was discussant.

• 17 September: ‘Make it or brake it?Assessing the German debt brake’ withChristian Kastrop (Ministry of Finance,Germany) and Xavier Timbeau (OFCE) asdiscussant.

• 13 October: ‘What can macroprudentialsupervision achieve?’ with Adam Posen(Monetary Policy Committee, Bank ofEngland) and Garry Schinasi (on Sabbaticalfrom the International Monetary Fund).

• 6 November: ‘Rethinking Europe's strategyfor growth’ with Lord Mandelson (FirstSecretary of State, Secretary of State forBusiness, Innovation and Skills, UK) andAndré Sapir (senior fellow, Bruegel; profes-sor, Université Libre de Bruxelles) as dis-cussant.

• 30 November: ‘Sequencing the exit’ withWolfgang Münchau (Financial Times andEurointelligence), Lucio Pench (EuropeanCommission, DG ECFIN) and Jean Pisani-Ferry and Jakob von Weizsäcker of Bruegel.

• 1 December, ‘Broadband infrastructure and

economic growth’ with Ludger Woessmann(Ifo, University of Munich) and TobiasKretschmer (ICE, University of Munich) withLucilla Sioli (European Commission, DGINFSO) as discussant.

The Bruegel Economic Policy Seminar, coordi-nated by Research Fellow Zsolt Darvas, hadseven sessions in 2009. These provided anopportunity for speakers to present academicpapers before their peers and public policy sta-keholders for informed debate.

• 24 February: ‘Natural resources: boom ordoom? Evidence from oil discoveries inBrazil’ with Francesco Caselli (LondonSchool of Economics).

• 22 June: ‘The financial crisis: causes,consequences and cures’ with BengtHolmstrom (Professor, MassachusettsInstitute of Technology) and Nicolas Véron(Bruegel).

• 24 June: ‘From theory to practice: has eco-nomic analysis improved regulatory deci-sions?’ with Robert W. Hahn (AEI Centre forRegulatory and Market Studies).

• 29 June: ‘Trade imbalances and exchangerates: conditions for the unwinding of globaltrade imbalances’ with Matthieu Bussiere(European Central Bank) and MassimoSuardi (European Commission, DG ECFIN)as discussant.

• 6 July: ‘Climate change and growth: the roleof technical change and what public policycan do about it’ with Philippe Aghion(Harvard University and non-resident seniorfellow, Bruegel) and Jos Delbeke (EuropeanCommission, DG Environment) as discus-sant.

• 20 October: ‘Chinese inventors: new inputsinto European knowledge creation’ withRachel Griffith (Institute for Fiscal Studiesand University College London) and JoepKonings (Euroepan Commission Bureau ofEuropean Policy Advisers) as discussant.

• 26 November: ‘Cross-country causes andconsequences of the 2008 crisis; interna-tional linkages and American exposure’ withAndrew K. Rose (University of California,Berkeley) and Robert Kollmann (Université


Libre de Bruxelles) as discussant.

The Finance Focus Breakfast series, coordina-ted by senior fellow Nicolas Véron, is specifi-cally targeted at market participants,policymakers and academics interested infinancial market issues. Nine sessions wereheld in 2009:

• 21 January: ‘Financial market develop-ments in the Middle East’ with DimyanosKattar (Independent consultant, formerFinance Minister of Lebanon).

• 31 March: ‘Financial hubs in the crisis: wholoses, who wins?’ with Michael Mainelli(Director, Z/Yen Group Limited) and SteffenKern (Deutsche Bank Research).

• 16 April: ‘European banking supervision:time to be specific’ with Giorgio BarbaNavaretti (Professor of Economics,University of Milan), Guido Ferrarini(Professor of Law, Univ. of Genoa and Vice-Chair, Eur. Corporate Governance Institute),Carmine Lamanda (Head of Institutionaland Regulatory Strategic Affairs, UniCreditGroup) and Sebastian Fairhurst (Manager,European Financial Services Round Table)as discussant.

• 5 May: ‘The key challenges of financialregulatory reform’ with Charles Goodhart(Professor Emeritus of Banking andFinance and Financial Markets GroupDirector, London School of Economics) andDaniel Gros (Director, Centre for EuropeanPolicy Studies) as discussant.

• 23 June: ‘Accounting standards and finan-cial asset liquidity’ with Elena Carletti(Professor, European University Institute)and Philippe Danjou (Board Member,International Accounting Standards Board)as discussant.

• 3 September: ‘Are they coming? Perspect-ives on Chinese companies' direct invest-ment into the EU’ with Thilo Hanemann(Research Analyst, The Rhodium Group)and Francisco Caballero-Sanz (DG Markt,European Commission) as discussant.

• 6 October: ‘The role of corporate governancein the current financial crisis’ with PedroMatos (Assistant Professor of Finance,

Marshall Business School, University ofSouthern California) and Patrick Pearson(Head of Unit, Banking and FinancialConglomerates, DG Markt, EuropeanCommission) as discussant.

• 3 November: ‘Europe's savings industry:does supply match demand?’ with DavidBowers (Joint Managing Director and Co-founder of Absolute Strategy Research).

• 10 December: ‘Cross-border bank resolutionregimes: a global perspective on theEuropean debate’ with Chris Bates (Partnerat Clifford Chance LLP, London), BarbaraRidpath (Chief Executive of theInternational Centre for FinancialRegulation, London) and Laura Segni(Adviser to Italian Economy and FinanceMinister Giulio Tremonti).

The Energy and Climate Exchange series waslaunched in 2008 and was coordinated bysenior fellow Reinhilde Veugelers in 2009. Itwas designed as a reference discussion forumin Brussels for professionals in the energy andclimate change fields and other interested par-ties (academia and think tanks, policy institu-tions, selected press, business, NGOs and civilsociety) to discuss issues related to the eco-nomics of energy and climate change policies.Two sessions were held in 2009 (and a fullprogramme has already been planned for2010):

• 28 September: ‘Identifying the causal effectof carbon taxes: an evaluation of the UK cli-mate change levy’ with Ralf Martin (LondonSchool of Economics).

• 9 November: ‘The US climate debate and theprospects for Copenhagen’ with CathleenKelly (Director, Climate and EnergyProgramme, German Marshall Fund of theUnited States).

E. ANNUAL MEETING

On 15 June Bruegel held its fourth AnnualMeeting bringing together Members, Board andstaff at the Theatre du Vaudeville in Gallerie dela Reine in the centre of Brussels. This year, asa gesture towards saving time and money


during the crisis, the Annual Meeting tookplace over one day instead of two.

The traditional dinner address was given thisyear by Ivan Krastev, Chairman of the Boardand Programme Director of the Centre forLiberal Strategies in Sofia, Bulgaria. The themeof the Annual Meeting was ‘Europe: whatneeds to be done in the next five years’ andthe focus was on Bruegel’s ‘Memos to the newCommission’, then in the planning stage(published on September 1). Bruegel’s scho-lars presented their memos to the newEuropean Commission, which were then deba-ted by Bruegel’s members.

F. BRUEGEL ECONOMIC CLUB

In 2009 Bruegel introduced a new eventformat to create an opportunity in Brussels forhigh-level, off-the-record debate and discus-sion on current economic topics amongst poli-cymakers and policy influencers. The BruegelEconomic Club is a group of about 30 policy-makers, academics, advisors and businessleaders who meet a few times a year overdinner to debate with a guest from outsideBrussels. The first Bruegel Economic Clubdinner was held on February 24, with LloydBlankfein, Chairman and CEO of GoldmanSachs Group. The club is convened by BruegelSenior Fellow and Professor of Economics atULB, André Sapir. At the time of writing of thisreport the club had met three times in 2010.

G. ASIA-EUROPE ECONOMIC FORUM

With a growing recognition for the need todiversify and consolidate the linkage betweeneconomists and practitioners from Asia andEurope, five institutions from Asia and Europe,led by Bruegel, agreed in 2006 to establish the

Asia Europe Economic Forum (AEEF) to serveas a high-level forum, giving Asian andEuropean policy experts an occasion for in-depth research-based exchanges on globalissues of mutual interest. AEEF now has sevenmembers: the Asian Development BankInstitute (Japan); Bruegel; Centre d'etudesprospectives et d'information international(France); the Chinese Academy of SocialSciences (China); Keio University (Japan);Kiel Institute for the World Economy(Germany) and Korea University (Korea).

2009’s annual AEEF conference took place on7-8 July at the Kiel Institute for the WorldEconomy in Germany. Under the theme ‘Crisisdevelopments and long-term global responses:insights from Asia and Europe’, the conferenceexamined the policy responses to the crisis inEurope and Asia; the future of global monetaryarrangements; and global regulatory reform.Contributions were heard from Frank Moss(ECB), Masahiro Kawai (ADBI), Dennis Snower(Kiel Institute for the World Economy), MorenoBertoldi (European Commission), HuangYiping (Beijing University), Kyung-Tae Lee(Institute for International Trade), ZhanLiquing (Central University of Finance andEconomics), Yu Yongding (Chinese Academy ofSocial Sciences), Agnès Benassy-Quéré(CEPII), Natacha Valla (Goldman Sachs), KimKyung-Soo (Bank of Korea), Cho Yoon-Je(Former Ambassador to the UK), Yung ChulPark (Korea University), Steffen Dyck(Deutsche Bank Research), Jin Luo (DeputyDG of Financial Stability Bureau, People’s BankOf China), Ignazio Angeloni (European CentralBank), Yang Jinlin (Ministry of Finance, China)and Jung Ku-Hyun (SERI). Bruegel directorJean Pisani-Ferry and senior fellows AndréSapir and Nicolas Véron also took part.



MEDIA IMPACT

Bruegel’s media presence increased conside-rably in 2009. Media coverage increased by 60percent with 1,176 mentions of Bruegel inmonitored press, compared to 735 in 2008.

During 2009, the Bruegel communicationsteam introduced a communications strategythat defines specific media targets. The mainfocus has been printed publications identifiedas ‘Triple A’ international media: The FinancialTimes, International Herald Tribune, New YorkTimes, Wall Street Journal, The Economist,Time and Newsweek. Other target mediaincludes the main publications in the EU’sseven largest countries, and Brussels-basedmedia covering EU policy.

Coverage in target media increased by 25 per-cent in 2009. In the ‘Triple A’ media, thenumber of mentions of Bruegel has grown by15 percent, to 68 mentions during 2009.

In terms of the type of article published, thedistribution has remained stable compared to2008, with 69 percent of mentions of theBruegel name being ‘short’ mentions, eightpercent being ‘substantial’ mentions, 12 per-cent interviews with Bruegel scholars, and 11percent opinion pieces and columns writtenby Bruegel research staff. Of the 132 opinionpieces published, 57 were in target media.‘Short’ mentions are mostly quotes fromBruegel scholars who have been asked fortheir views on an economic topic. The increa-sing profile of Bruegel scholars is illustrated bythe number of times they are consulted fortheir opinions, and by the four percentincrease in media interviews of scholars in2009 compared to 2008.

Looking at geographical spread, Bruegel hasbeen cited by media in more than 75 countriesin different regions, with a prominent presencein European media, where 68 percent of men-tions appeared. In international media (iemedia with readership in more than oneregion), the number of mentions increasedmore than doubled to 196 in 2009 comparedto 94 mentions the previous year.

During 2009, Bruegel scholars gave more than100 interviews to broadcast media. Work hasalso been done to ensure that Bruegel is cur-rent in economic blogs, which are influentialespecially on energy and climate changequestions.

Figure1: Total media mentions 2007-09

* Target Media includes Financial Times, International HeraldTribune/New York Times, Wall Street Journal, The Economist,Time, Newsweek, European Voice, Dow Jones, Bloomberg,Thomson Reuters, Agence France Press, Associated Press,Euractiv, Europolitics/Europolitique, VOXeu, EUobserver, LeMonde, La Tribune, Les Echos, Handelsblatt, FT Deutschland, DieWelt, FAZ, La Repubblica, Il Corriere della Sera, Il Sole 24Ore, ElPais, El Mundo, Expansión, The Times, The Guardian, GazetaWyborcza, Rzeczpospolita, De Telegraaf, NRC Handelsblad.** Triple A international media: Financial Times, InternationalHerald Tribune/New York Times, Wall Street Journal, TheEconomist, Time and Newsweek.Note: One mention is one or more citations of Bruegel in a singlearticle. Source: Factiva and Bruegel’s own monitoring.

2007 2008 20090

200

400

600

800

1000

1200

1400

411

735

1176

148

289

540

22 59 68

Total media mentions

Target media*

Triple A international media**

2007 2008 20090

200

400

600

800

1000

1200

1400

216

432

810

87

114

132

84

128

96

24

61

138

Interview

Substantial mention

Op-ed

Short mention

Figure 2: Type of media mention 2007-09


The Bruegel communications team has imple-mented an enhanced media tracking proce-dure, with the aim of providing more accuratefigures, thus giving a basis for a better defini-tion of the communications strategy.

WEBSITE

Bruegel’s website is the backbone of Bruegel’scommunications strategy as it enables accessto all Bruegel publications, which are archivedonline. It is also a platform for the promotion ofevents and other Bruegel activities.

A redesigned website went live on 28 June2009, featuring better content architecture toaccommodate the increasing volume of mate-rial produced by Bruegel. Between the launchand the end of 2009, the website received201,864 hits from 31,834 unique visitors.Most visits were from Europe and the UnitedStates, though overall the website recordedhits from more than 100 countries.

It is interesting to note that website visitspicked during the first week of September2009, with 2,400 unique visits during theweek. This was the week when Bruegel publi-shed its ‘Memos to the new Commission’ (seepage 9 for details). Unique visits were alsohigh – at 2,626 – for the week commencing29 November 2009, during which ‘No greengrowth without innovation’ (Bruegel PolicyBrief 2009/07) was published, just ahead ofthe December 2009 Copenhagen ClimateSummit.


Team Development

The following individuals joined Bruegel during2009:

Juan Ignacio Aldasoro, Research Assistantjoined Bruegel in September. He holds an MScin economics from the University of BuenosAires and also studied at the AdvancedStudies Programme in International EconomicPolicy Research at the Kiel Institute for theWorld Economy. Before joining Bruegel, heworked as a research assistant at the KielInstitute. He has also worked as an economistat the Argentinean consulting firm M&SConsultores and as a statistics assistant atthe Fundación de Investigaciones EconómicasLatinoamericanas (FIEL), a think tank inArgentina.

Carlo Altomonte, Visiting Fellowjoined Bruegel in September. He is AssociateProfessor of Economics of EuropeanIntegration at Bocconi University in Milan andteaches International Business Environmentat SDA Bocconi School of Management. A gra-duate cum laude in International Economics atBocconi University, he has a PhD in appliedeconomics from Leuven University (KUL),Belgium. He also holds a MA in economics fromUCL-Belgium (1996) and a Doctoral Degree ininternational economic law from BocconiUniversity (1999). His main areas of researchare European economic policy, industrial eco-nomics and economic geography, theory ofmultinational corporations and foreign directinvestment.

Tommaso Aquilante, Research Assistant, EFIGEproject joined Bruegel in September. He was awardedhis BA and MSc in economics from Bocconi

University in Milan. He is currently a PhD stu-dent in quantitative economics at theEuropean Centre for Advanced Research inEconomics and Statistics in Brussels. Beforejoining Bruegel, he worked as a research assis-tant in the Econometric Modelling Division ofthe Directorate General Research, EuropeanCentral Bank, Frankfurt. He also worked atFondazione Eni Enrico Mattei and at BocconiUniversity.

Elodie Colson, Assistant to the ResearchManagerjoined Bruegel as an intern, later becoming apart-time assistant to the Research Manager,administering the European Firms in a GlobalEconomy (EFIGE) project (funded by theEuropean Commission). She graduated fromthe Facultés Universitaires Saint Louis (UCL)with a bachelors in political science. She is cur-rently enrolled in a Masters programme inEuropean studies at the Institute of EuropeanStudies, Université libre de Bruxelles.

Naiara Martinez, Communications Managerjoined Bruegel in September, initially to cover amaternity leave, and subsequently appointedCommunications Manager in February 2010.Previously she worked at Brunswick in Londonas a corporate communications consultant,and in the corporate communications depart-ment of Amadeus IT Group, Madrid.

Mauricio Nakahodo, Research Assistant joined Bruegel in September. He holds aMasters in applied economics from the FederalUniversity of Rio Grande do Sul. He was also astudent on the Advanced Studies Programmein International Economics at the Kiel Institutefor the World Economy. He has worked as an


economist for the Brazil unit of ABN AMRObank, and for the Sao Paulo Mercantile,Futures and Stock Exchange. He has alsoworked as a research assistant in internatio-nal trade for the Kiel Institute.

Sarah Roblain, Administrative Assistantjoined Bruegel in September. She holds abachelors in communications from the InstitutSuperieur de Formation Sociale et deCommunication (ISFSC) in Brussels.Previously, she worked as marketing commu-nications coordinator, MCI Group, Brussels.

Garry Schinasi, Visiting Fellowjoined Bruegel in October. He is on sabbaticalfrom the International Monetary Fund, wherehe has worked since 1990, focusing on globalfinance and financial stability. While on sabba-tical he is working as an independent resear-cher and advisor on global and Europeanfinancial stability. He received his PhD in eco-nomics from Columbia University in 1979 andfor the next decade held staff positions at theBoard of Governors of the US Federal ReserveSystem before joining the IMF. His researchinterests include: safeguarding global financialstability; European financial crisis manage-ment; international financial architecture andglobal governance; monetary and macroeco-nomic policy; and applied economic theory.

Clément Serre, Research Assistantjoined Bruegel in September. He holds aMasters degree in international and develop-ment economics from the Université ParisDauphine. He worked on climate policy duringprevious internships at the CNRS researchcentre on environmental economics, and atthe Fondation Nicolas Hulot, a French non-governmental organisation.

Ann Van Gyseghem, Executive Assistantjoined Bruegel in January as executive assis-tant to the Director, and events coordinator.She has since been assigned to provide execu-tive assistance to both the Director and theDirector for Development and Communications(and relieved from events coordination). Shehas a Masters degree in translation from

Antwerp University and a teacher’s certificate.Prior to joining Bruegel she worked as an exe-cutive assistant in various international com-panies.

Hélène Vuillermet, Research Assistantjoined Bruegel in August. She has a Masters ineconomics from the Paris School ofEconomics. She studied economics and philo-sophy at the Ecole Normale Supérieure, Paris,and she was a visiting student at PrincetonUniversity's Economics Department in 2007-2008. Her main research interests are interna-tional macroeconomics and fiscal policy.

Georg Zachmann, Research Fellowjoined Bruegel in September. He is a memberof the German Advisory Group in Ukraine andthe German Economic Team in Belarus, advi-sing policymakers in these countries onenergy sector issues. Previously he worked atLARSEN in Paris, at the German Ministry ofFinance and at the German Institute forEconomic Research (DIW Berlin). Georg defen-ded his PhD thesis at Dresden University ofTechnology and holds a Diploma in economicsfrom Humboldt University Berlin. His researchis focused on the energy sector, in particularelectricity markets.

During the course of 2009 Bruegel also bene-fitted from the work of Kristina Morkunaite(Research Assistant, September-December)and Renu Sabherwal (Director for Developmentand Communications, May 2009 to January2010) and Vanessa Witkowski(Communications Manager). Bruegel is alsograteful to all the students who completedinternships during 2009: Alison Barry,Guillaume Liegy, Daniela Hernandez, JaredMiller, Ashraf Saheb and Joel Strange.


GovernanceBRU EGE L’ S GO V E R N A NC E F R A M E W OR K I S DE S I GN E D TO E NS U R E BOT H T H E

I N 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 D I V E R S E

S TA K EHOLDE R S .

Bruegel is registered as a Belgian internationalnon-profit association (AssociationInternationale Sans But Lucratif) under thenumber 0867636096, with registered officeon Rue de la Charité 33, B-1210 Brussels. Thebasis for its governance is formed by its sta-tute and bylaws, both of which can be down-loaded from Bruegel’s website.

In 2009 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 approved byBruegel’s Board; and Institutional Memberscurrently includes the European InvestmentBank and the EBRD. Bruegel also cooperateswith selected Partner Research Institutions,which are represented on Bruegel’s Board andpay a token membership fee.

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 so called ‘Groups’ which are formed, respec-tively, by Bruegel’s state and corporate mem-bers. The General Administration Body (organed’administration générale under Belgian law)is the Board, which is entrusted with broaddecision-making powers, including seniorrecruitments and the research programme.The Board has no responsibility for publica-tions and policy positions.

In 2009, the General Assembly met on 15June for its statutory annual meeting andagain on 12 November to agree subscriptionlevels for 2010 and approve the budget. TheGroup of States and Group of CorporateMembers also met on the same days.

Bruegel’s Board met three times in 2009, on 2February, 15 June and 25 September, with anaverage attendance rate of 76 percent. It hastwo established sub-committees, the AuditCommittee chaired by Helen Wallace and theCompensation Committee chaired by LeszekBalcerowicz.

The Scientific Council consists of eight interna-tionally recognised economists, appointed bythe Board for a three-year mandate. It advisesBruegel’s Board and Director and assesses thescientific quality of Bruegel’s output. During2009 the Scientific Council’s chair passed fromPaul Seabright to Giuseppe Bertola.

Bruegel’s Research Programme is currentlyprepared annually. Based on extensive consul-tation with Bruegel’s members, including atleast one plenary meeting of members’ SeniorEconomists (in November), a draft programmeis prepared by Bruegel’s staff, sent to mem-bers for consultation, and proposed to theBoard together with the members’ feedback.The Board then adopts a research programme.In 2009 Bruegel’s Board, members and mana-gement made preparations for a ‘twin peaks’model of Research Programme: the annual pro-gramme will be supplemented by a documentoutlining medium-term research prioritiesagreed by the same process. All of Bruegel’sresearch programmes since 2006 can bedownloaded from Bruegel’s website.


Bruegel’s research in 2009 benefited from fun-ding in addition to members’ subscriptions. InSeptember, Bruegel was awarded a grant bythe European Parliament’s Economic andScientific Policy Department to provide brie-fing notes giving an independent analysis ofthe European Central Bank’s monetary policy,and providing an evaluation of general issues.The same European Parliament departmentalso made a small grant to Bruegel in Januaryto update its briefing paper on Euro-pean reco-very programmes by estimating the size ofEuropean stimulus packages in 2009.

Bruegel also received from the EuropeanClimate Foundation a contribution towards thefunding of Bruegel’s Energy and ClimateExchange event series. The grant coversevents from September 2009 to June 2010.

Bruegel’s strategic partnership with theGerman Marshall Fund of the United States(GMF) continued in 2009, with the GMF gran-ting Bruegel funding for its research on thecrisis, climate change and central and easternEurope. Bruegel’s agreement with GMF extendsinto 2010, with GMF continuing to fundresearch in these three areas, as well as ontransatlantic policy issues.

Funding from the European Commission’s alsocontinued in 2009 for the European Firms in aGlobal Economy (EFIGE) project, which Bruegelleads. The project collects and analyses firm-level data in seven European countries as abasis for policies relating to the internationali-

Web references:

Bruegel’s statute:http://www.bruegel.org/fileadmin/files/admin/about/bylaws_and_Statutes/Bruegel_Statute_in_EN.pdf

Bruegel’s bylaws:http://www.bruegel.org/fileadmin/files/admin/about/bylaws_and_Statutes/Bylaws_in_EN.pdf

2009 research programme:http://www.bruegel.org/fileadmin/files/admin/research_initiatives/annual_research_programmes/2009_Research_Programme_final.pdf

2010 research programme:http://www.bruegel.org/fileadmin/files/admin/research_initiatives/annual_research_programmes/Research_Programme_2010_final.pdf

sation of European firms. The project runs untilSeptember 2012. Bruegel’s partners in EFIGEare Universidad Carlos III (Madrid), the Centrefor Economic Policy Research (London), theInstitute for Applied Economic Research(Tübingen), Centro Studi Luca d’Agliano(Milan), UniCredit (Milan) and Centre d’EtudesProspectives et d’Information Internationales(Paris).

The European Commission’s DGs ECFIN andRELEX also funded during 2009 the secondpart of a project with the Peterson Institute forInternational Economics. Running fromSeptember 2008 to August 2009, the projectconsisted of two conferences under the title‘The Euro at 10: Time for Greater TransatlanticEconomic Cooperation?’

Financial details of all grants from whichBruegel benefitted in 2009 are included in the‘Financials’ section of this Annual Report.

Bruegel’s public Statement on ResearchIntegrity, adopted by the Board in May 2006,is also available on Bruegel’s website. The sta-tement sets rules for the avoidance of politi-cal, national or commercial conflicts ofinterest which could harm the integrity ofBruegel’s research. Bruegel’s researchers,including visiting fellows and senior staff, pro-mise to abide by this statement when theysign contracts with Bruegel. They also makean annual declaration of interests to avoid anyconflict of interest in the areas in which theywork.

I N C O M E S T A T E M E N T 2 0 0 9 - 2 0 0 8


ASSETS

FIXED ASSETS

Furniture and office equipment

CURRENT ASSETS

Trades receivablesFinancial income to receiveOther debtorsProject receivables claimed

CASH & CASH EQUIVALENTS

DEFERRALS AND ACCRUALS

Deferred rentDeferred insurance

TOTAL ASSETS

LIABILITIES

CURRENT LIABILITIES

Trade payablesVAT payableEarly subscription paymentsRemuneration and social security payablesCommitments to project partners

NET ASSETS

NET ASSETS

ReservesSurplus of the yearAccumulated reserves from previous year

TOTAL LIABILITIES AND NET ASSETS

B A L A N C E S H E E T 2 0 0 9 - 2 0 0 8

369,571.36

230,375.50

14,359.80705,226.67

45,486.185623.48

120,823.53153,475.48349,252.35212,901.43

1,149,209.76

-149,102.612,678,205.33

369,571.36

949,961.97

3,144,122.28

51,109.66

4,514,765.27

1,985,662.55

2,529,102.72

4,514,765.27

Financials

2 0 0 9

47,981.49

238,546.23685.00

82,337.03115,420.85

5242.81

126,249.97

100,000.00107,183.00

-155,228.382,833,433.71

47,981.49

436,989.11

2,521,424.89

5,242.81

3,011,638.30

333,432.97

2,678,205.33

3,01 1,638.30

2 0 0 8


REVENUE

Subscriptions - State MembersCategory 1 – CY, LT (1), LU, SICategory 2 – IECategory 3 – AT, CZ, DK, FIN, HU, SECategory 4 – BE, NL, PLCategory 5 – DE, ES, FR, IT, UK

Subscriptions - Corporate Members Full-Year Corporate Members (2)Corporate Members joining during the year (3)

Subscriptions - Other Members (4)

Other revenueConference-related and other honorariaProject-based funding*Foundation grants (5)Sales of publicationsExpenses recovered (6)

TOTAL REVENUEREVENUE NET OF PROJECT-SPECIFIC TURNOVER*

EXPENSES

Wages and Compensation

Other operating expensesStaff travel costsExternal research costs*Documentation costs*Outreach-related costs*Office rent and running costsExternal professional services (7)General and administrative costs

Depreciation charges (8)Exceptional charges:

Unrecoverable VATGroup insurance back-paymentWrite-off of unpaid subscriptionsProject based income adjustment 2008 (9)

Net financial incomeFinancial incomeFinancial chargesWithholding Tax

TOTAL EXPENSESEXPENSES NET OF PROJECT-SPECIFIC COSTS*Final surplus/deficit for the yearSurplus/deficit excluding exceptional charges

2 0 0 9

I N C O M E S T A T E M E N T 2 0 0 9 - 2 0 0 8

100,329.0060,198.00

541,782.00361,188.00902,970.00

800,000.008333.33

4886.041,103,467.26

134,356.201861.05

31,876.55

148,662.22584,882.22

95,439.01345,680.27229,847.85138,915.70111,230.78

21,410.52-5368.74-2090.63

1,966,467.00

808,333.33

50,000.00

1,276,447.10

4,101,247.432,997,780.18

-2,329,733.25

-1,654,658.05

-139,933.58

-103,376.73-36,599.58

13,951.15

-4,124,324.88-3,209,346.74

-149,102.61-9,126.30

2 0 0 8

78,519.0052,346.00

333,706.00314,076.00785,190.00

1,050,000.0057,500.00

64,561.79

137,420.853,699.40

13,347.74

141,398.3550,444.6432,949.26

250,631.10216,660.49

85,755.59124,687.69

98,954.47-27,643.44-14,523.84

1,553,837.00

1,107,500.00

219,029.78

2,890,366.78

-1,995,038.66

-902,527.12

-41,015.92

-12,255.63-151,545.02

56,787.19

-3,102,382.35

-155,228.388,572.27

* Project-based funding (EFIGE and euro@10) is restricted in its use in relation to Bruegel’s General Budget: see the ‘Break-down of other income and costs’ on the following page, which includes project-based funding and grants from foundations.


BREAKDOWN OF OTHER INCOME AND COSTS, 2009

EFIGE euro@10 EP ECON GMF ECF Bruegel

REVENUE

Bruegel subscription revenue 2,824,800.33 2,824,800.33

Other revenue 1,276,477.10

Conferences & honoraria 4886.04 4886.04

Project-based funding 106,000.87 97,400.87 8600.00

Foundation grants 134,356.20 116,036.20 18,320.00

Sales of publications 1861.05 1861.05

EFIGE, FP7 funding 628,549.83 628,549.83

EFIGE, UniCredit funding 368,916.56 368,916.56

Expenses recovered 31,876.55 31,876.55

TOTAL REVENUE 4,101,247.43 997,466.39 97,400.87 8600.00 116,036.20 18,320.00 2,863,423.97

EXPENSES

Wages and compensation -2,329,733.25 -140,090.78 -54,874.13 -2,126,168.34

Other operating expenses -1,654,658.05

Staff travel costs 148,662.22 -148,662.22

External research costs 584,882.22 -560,181.60 -24,700.62

Documentation costs 95,439.01 -66,550.00 -42,526.74 -28,889.01

Outreach-related costs 345,680.27 -46,007.14 -18,320.00 -238,826.39

Office rent and running costs 229,847.85 -229,847.85

Professional services 138,915.70 -4747.75 -134,167.95

General & admin. costs 111,230.78 -111,230.78

Subtotal (per project orfoundation)

-817,577.27 -97,400.87 -8600.00 -116,036.20 -18,320.00 -3,042,493.16

Notes:EFIGE: European Firms in a Global Economy. Funded by the European Commission’s Seventh Framework Programme, UniCredit,Bruegel and the EFIGE partners (see report on EFIGE).euro@10: project funded by the European Commission’s DG RELEX, with partner the Peterson Institute for InternationalEconomics.EP ECON: The European Parliament’s Economic and Monetary Affairs Committee provides funds to Bruegel for occassional researchpapers.GMF: the German Marshall Fund of the United States contributes to Bruegel’s general expenses related to research on central andeastern Europe, the financial and economic crisis, and the cost of climate change.ECF: the European Climate Foundation contributed to the cost of Bruegel’s ‘Energy and climate exchange’ event series.The final column reflects Bruegel’s general income and operating expenses net of project-based funding and foundation grants.

Notes to the income statement on page 24:(1) In accordance with Bruegel's Bylaws, in 2009 Lithuania paid a pro-rata subscription of €10,032 .(2) Areva, BNP Paribas Fortis, BP, Deutsche Bank, Deutsche Telekom, EDF, France Telecom, GDF Suez, Goldman Sachs, IBM, Nokia,

Novartis, Pfizer, Renault, Samsung Electronics, UniCredit; €50,000 each.(3) Syngenta paid a reduced subscription on a pro rata temporis basis for 2009.(4) European Investment Bank.(5) US$ 150,000 from German Marshall Fund of the United States, €18,320 from the European Climate Foundation.(6) Bruegel fellows’ travel and accommodation expenses are sometimes recovered when they participate in exernal events such

as conferences.(7)This amount also includes a one-off cost for architectural assistnce for the 2009 office redevelopment.(8) Bruegel's office underwent building works in 2009 to double its size and improve meeting facilities.(9) The EFIGE budget for 2008 was adjusted in 2009 to take account of an unforeseen reallocation of costs to the 2009 EFIGE

budget.


Auditor’s reportMarie-Chantal DEBROUX-LEDDETRéviseur d’entreprisesAvenue Jean-François Debecker, 114, 1200 Brussels, BelgiumTel. 00 32 2 775 88 20 • Email: [email protected]

AISBL International AssociationBRUEGEL, Rue de la charité, 33 - 1210 Brussels - Belgium

STATUTORY AUDITOR’S REPORT FOR THE YEAR ENDED DECEMBER 31, 2009to the General Assembly of the International Association to be held in June 2010

In accordance with the legal and statutory requirements, we report to you on the performance of the mandate of statutory audi-tor, which has been entrusted to us. This report contains our opinion on the true and fair view of the financial statements as wellas the required additional statements and information.

Unqualified audit opinion on the financial statements

We have audited the financial statements for the year ended 31 December 2009, prepared in accordance with the financial repor-ting framework applicable in Belgium, which show a balance sheet total of €4,514,765.27 and a deficit for the year of€149,102.61.

Management is responsible for the preparation and the fair presentation of these financial statements. This responsibilityincludes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financialstatements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accountingpolicies; and making accounting estimates that are reasonable in the circumstances.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accor-dance with the legal requirements and the Auditing Standards applicable in Belgium, as issued by the Institute of RegisteredAuditors. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial state-ments are free from material misstatement, whether due to fraud or error.

In accordance with the above-mentioned auditing standards, we considered the association’s accounting system, as well as itsinternal control procedures. We have obtained from management and from the association's officials the explanations and infor-mation necessary for executing our audit procedures. We have examined, on a test basis, the evidence supporting the amountsincluded in the financial statements. We have assessed the appropriateness of accounting policies and the reasonableness of thesignificant accounting estimates made by the association as well as the overall financial statement presentation. We believe thatthese procedures provide a reasonable basis for our opinion.

In our opinion, the financial statements for the year ended December 31, 2009 give a true and fair view of the association’s assetsand liabilities, its financial position and the results of its operations in accordance with the financial reporting framework applica-ble in Belgium.

Additional statements and information

The compliance by the international association with the Law of 27 June 1921 related to non profit associations, international not-for-profit associations and foundations is the responsibility of management.

Our responsibility is to supplement our report with the following additional statements (and information), which do not modify ouraudit opinion on the financial statements:

• Without prejudice to formal aspects of minor importance, the accounting records were maintained in accordance with the legaland regulatory requirements applicable in Belgium.

• There are no transactions undertaken or decisions taken in violation of the association's statutes or the Law of 27 June 1921related to not-for-profit associations, international non profit associations and foundations that we have to report to you.

Brussels, 26 May 2010

Marie-Chantal DEBROUX-LEDDETCertified Auditor


BOARD

Leszek Balcerowicz, Chairman of Bruegel,Professor of Economics, Warsaw School ofEconomicsLydia Aguirre Pereirra, Editor in Chief, ELPAíS.COMFrank Dangeard, former Chairman, ThomsonAnna Ekström, President, Swedish Confederation ofProfessional Associations (SACO)Caio Koch-Weser, Vice Chairman, Deutsche BankGroupThomas Mirow, President, European Bank forReconstruction and Development Jim O’Neill, Head of Global Economic Research,Goldman SachsJaroslaw Pietras, Director General, EuropeanCouncilAdam Posen, Deputy Director of the PetersonInstitutePeter Praet, Director, National Bank of BelgiumHelen Wallace, Centennial Professor, EuropeanInstitute at the London School of Economics

Mario Monti, Honorary President

SCIENTIFIC COUNCIL

Giuseppe Bertola, Chairman of the ScientificCouncil, Professor of Economics, Università diTorinoSergei Guriev, Morgan Stanley Professor ofEconomics and Rector, New Economic School inMoscowPeter Neary, Professor of Economics, OxfordUniversityLucrezia Reichlin, Professor of Economics, LondonBusiness SchoolDani Rodrik, Professor of International PoliticalEconomy, John F. Kennedy School of Government atHarvard UniversityPaul Seabright, Member, Toulouse School ofEconomicsJaume Ventura, Senior Researcher at the Centre deRecerca en Economia Internacional (Barcelona)Luigi Zingales, Robert C. McCormack Professor ofEntrepreneurship and Finance, University ofChicago Graduate School of Business

STAFF (as at 1 June 2010)

DirectorJean Pisani-Ferry

ResearchPhilippe Aghion, Non-resident Senior FellowAlan Ahearne, Non-resident Research Fellow (onsabbatical)Juan Ignacio Aldosoro, Research AssistantCarlo Altomonte, Visiting FellowTommaso Aquilante, Research AssistantZsolt Darvas, Research FellowDalia Marin, Non-resident Senior FellowBenedicta Marzinotto, Research FellowMauricio Nakahodo, Research AssistantMikiko Ohta, Visiting Fellow Gianmarco Ottaviano, Non-resident Senior FellowWolfgang Proissl, Visiting Fellow Lars-Hendrik Röller, Non-resident Senior Fellow André Sapir, Senior FellowGarry Schinasi, Visiting Fellow

Bruegel’s people

Clément Serre, Research AssistantBruno van Pottelsberghe, Senior FellowNicolas Véron, Senior FellowReinhilde Veugelers, Senior FellowHélène Vuillermet, Research AssistantJürgen von Hagen, Non-resident Senior FellowJakob von Weizsäcker, Non-resident Research FellowGeorg Zachmann, Research FellowRui Zhuang, Visiting Fellow

OperationsElodie Colson, Assistant to the Research ManagerMatt Dann, Secretary GeneralAndrew Fielding, Director for Development andCommunicationsStephen Gardner, EditingNaiara Martinez, Communications ManagerDelphine Michel, Research ManagerSona Patel Amin, Accounting and HR OfficerSarah Roblain, Administrative AssistantMatilda Sevón, Events CoordinatorAnn Van Gyseghem, Executive Assistant

PAGE 2 8 BRU EGE L’ S A NNUA L R E P OR T 2 0 0 9

BRUEGEL33, rue de la Charité, Box 4

1210 Brussels, Belgium

http://www.bruegel.org

Telephone +32 2 227 [email protected]

Documents

annual report 2009:Mise en page 1 - Bruegel · PAGE 2 BRUEGEL’S ANNUAL REPORT 2009. ... the Board, which represents the diversity of Bruegel’s stakeholders. Decisions on new research