​•    Between a pro-European government in France and early discussions of a Große Koalition in Germany, there is political momentum on both sides of the Rhine for a stronger Europe. Building on the principle of subsidiarity, and focusing on cost-effective institutional breakthroughs, France and Germany could drive the European project further with ten initiatives in five reform areas:

•    Building adequate stabilization mechanisms for the European Monetary Union (EMU): (1) Creating a credible crisis resolution mechanism in the form of a European Monetary Fund (EMF); and (2) Financing a rainy day fund to address local shocks that endanger the viability of EMU over time.

•    Towards a Capital Markets Union: (3) Removing economic and legal barriers for better pan European risk sharing and capital allocation; and (4) Expanding the scope and scale of the Juncker Plan for infrastructure investment.

•    An industrial policy focused on trade and digital innovation: (5) Increasing the coherence and legitimacy of European trade policy; and (6) Promoting an integrated and innovative digital single market.

•    Working together for more inclusive growth: (7) Improving the state of low wage earners and promoting work incentives; and (8) Guaranteeing the transportability of rights across Europe.

•    Preparing the workforce of tomorrow, today: (9) Tackling youth unemployment today by adopting EU wide standards for apprenticeships; and (10) Ensuring lifelong training to deal with the technological disruption of tomorrow.

Chief Economist
Ludovic joined Euler Hermes as Chief Economist in 2011. He also heads macroeconomic and thematic research for Allianz SE globally since 2017. Ludovic sits on the Board of Directors of Solunion, Euler Hermes’ joint venture company for Spain and Latin America.
Head of Economic Research