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Articles by Alfred Kammer
Reforming Europe Under Pressure
Europe is at a familiar crossroads. An energy shock, smaller than in 2022 and this time rooted in the Middle East war, is weighing on growth and pushing inflation higher. Prior to the war, our forecast would have been upgraded. Now we see growth slowing down. Initial data point already to weaker private investment and consumption.
Making European Reforms A Success On The Ground: Leveraging The EU’s Production Hubs While Leaving No One Behind - Speech
Remarks by Alfred Kammer, Director, IMF European Department, at the launch of the Fall 2025 Regional Economic Outlook for Europe; Banque de France, Paris Thank you, Governor Villeroy de Galhau, for your warm introduction and for hosting us today. It is a great pleasure to be here at the Banque de France. The year 2025 has been one of profound change for the global economy.
Making The Most Of EU Accession – Speech | Flipboard
Germany inches close to agreement on contentious military service but questions remain In ten years, Germany wants to increase the number of service members in the Bundeswehr; the question of how to do this is another, with the SPD and …
Making The Most Of EU Accession - Speech
Remarks by Alfred Kammer, Director, IMF European Department, at the College of Europe (Tirana campus), Albania Good afternoon, everyone. It is a real pleasure to be here in Tirana—and especially to be at the newest campus of the College of Europe. Let me start by congratulating all of you— students, faculty, and staff— on bringing this remarkable institution to Albania.
How can Europe Pay for Things it Cannot Afford?
How can Europe Pay for Things it Cannot Afford? As prepared for delivery Thank you, [Mr. Kisselevsky], for the kind welcome and the ECB for hosting us again here in Brussels at the House of the Euro. The year 2025 marked a period of profound transformation in the global economy, driven by a reconfiguration of trade policies. For Europe, these developments follow a series of crises—from the pandemic, to Russia’s invasions of Ukraine—that have tested the region’s resilience.
Introductory Remarks at the IMF’s European Department Press Briefing
Introductory Remarks at the IMF’s European Department Press Briefing By Alfred Kammer, Director of the European Department 2025 Annual Meetings Welcome to today’s press conference on the economic outlook for Europe Six months since our previous briefing, Europe’s continues to face a difficult macroeconomic context: trade tensions and uncertainty are holding back investment and short-term growth, and the continent’s medium-term prospects remain subdued.
National-Level Priorities to Lift Growth in the EU: Why, What, and How?
National-Level Priorities to Lift Growth in the EU: Why, What, and How? Thank you for the opportunity to address you today on the national-level reform priorities of EU countries. History shows that high productivity growth in Europe is possible. Between the end of World War II and the end of the last century, the EU outpaced U.S. labor productivity growth.
A Changed Global Landscape: Policy Priorities In CESEE - Speech
Speech by Alfred Kammer, Director, European Department of the IMF — Slovenia It is a great pleasure to be with you in Ljubljana. Let me begin by setting the stage for what I hope will be an insightful discussion on policy options in the presence of geoeconomic shocks and uncertainty. I will focus on Central, Eastern and Southeastern European (CESEE) countries. Heightened uncertainty and trade policy volatility have been the main factors.
A Changed Global Landscape: Policy Priorities in CESEE
A Changed Global Landscape: Policy Priorities in CESEE It is a great pleasure to be with you in Ljubljana. Let me begin by setting the stage for what I hope will be an insightful discussion on policy options in the presence of geoeconomic shocks and uncertainty. I will focus on Central, Eastern and Southeastern European (CESEE) countries.
Making the MFF Fit for Purpose
Making the MFF Fit for Purpose Thank you for the opportunity to join this important discussion today on the EU budget. Europe stands at a transformative crossroads. The global environment is increasingly complex, and structural changes are reshaping the foundations of European economies.
Rising To The Challenge: Europe’s Path To Growth And Resilience - Speech
Good afternoon, Thank you, Karel, for the introduction and CEPS for hosting this event. I would also like to extend a warm thank you to Cinzia and Maarten for taking time out of your busy schedules, and to all of you for joining us today. Europe has achieved much over the last 75 years. The “economic miracle” of the post-WWII period brought the rapid recovery in income levels.
Rising to the Challenge: Europe’s Path to Growth and Resilience
Rising to the Challenge: Europe’s Path to Growth and Resilience Speech by Alfred Kammer, Director, IMF European Department at the Centre for European Policy Studies (CEPS), Brussels Good afternoon, Thank you, Karel, for the introduction and CEPS for hosting this event. I would also like to extend a warm thank you to Cinzia and Maarten for taking time out of your busy schedules, and to all of you for joining us today. Europe has achieved much over the last 75 years.
Opening Remarks at the Press Conference for the Regional Economic Outlook for Europe
Over the next 25 years, social, defense, and climate spending alone will add almost 5 ¾ percentage points of GDP to budgets in advanced economies, and 8 percentage points in emerging Europe (Eble et al., 2025). Policy Prescriptions So, what type of policies should Europe implement to navigate these turbulent times and secure the future? First, Europe should aim for more, not less trade.
Short-term Policy Responses to Geoeconomic Shocks in CESEE Countries
Short-term Policy Responses to Geoeconomic Shocks in CESEE Countries It is a great pleasure to open this session. Let me begin by setting the stage for what I hope will be an insightful discussion on short-term policy responses to geoeconomic shocks. I will focus on the Central, Eastern, and South Eastern European (CESEE) countries. The CESEE region experienced a respectable recovery last year with growth accelerating from 0.8 percent in 2023 to 2.5 percent in 2024.
Integrating the EU Energy Market to Foster Growth and Resilience
Remarks for EFC in January 2025 By Alfred Kammer Europe faces significant challenges: Persistently low growth, driven by a large productivity gap with the global frontier, has plagued the EU for decades. To this, we now add growing geo-economic fragmentation and a soaring energy price gap to other advanced and emerging market economies. These challenges coincide with an urgent need to accelerate the green transition and to strengthen Europe’s energy security.
Transcript of European Economic Outlook October 2024 Press Briefing
Transcript of European Economic Outlook October 2024 Press Briefing Speakers: Alfred Kammer, Director, European Department, IMF Helge Berger, Deputy Director, European Department, IMF Oya Celasun, Deputy Director, European Department, IMF Moderator: Camila Perez, Senior Communications Officer, IMF MS. PEREZ: Hi everyone, thanks so much for joining today's press conference on the release of the European Economic Outlook. My name is Camila Perez. I'm a Communications Officer here at the IMF.
Central Banks and Central Banking in a Highly Complex World: Demonstrating Commitment and Preserving Credibility
Central Banks and Central Banking in a Highly Complex World: Demonstrating Commitment and Preserving Credibility Ladies and Gentlemen, Good morning and thank you very much for the invitation and the warm welcome. Today, we gather for this conference whilst at the crossroads in our effort to restore price stability. In many countries, headline inflation is back to more comfortable levels and the extreme uncertainty surrounding our economic models has receded.
How to Awaken Europe's Private Sector and Boost Economic Growth
In the European Union, income per person, one of the main gauges of living standards, is on average one-third less than in the United States, mostly because of lower productivity—as emphasized by Mario Draghi’s Sept. 9 competitiveness report for the European Commission. But what is the cause of the problem? As we show in the forthcoming Regional Economic Outlook, Europe's aggregate productivity problem can be traced back to performance differences at the firm level.
How To Awaken Europe’S Private Sector And Boost Economic Growth
How To Awaken Europe’S Private Sector And Boost Economic Growth 9/11/2024 10:10:42 PM (MENAFN- Caribbean News Global) EU companies grow and innovate less than American counterparts By Diego Cerdeiro , Gee Hee Hong , Alfred Kammer In the European Union, income per person, one of the main gauges of living standards, is on average one-third less than in the United States, mostly because of lower productivity – as emphasized by Mario Draghi's September 9 competitiveness report for the European...
Financing CESEE’s Growth Ambition
Financing CESEE’s Growth Ambition Keynote Speech by Alfred Kammer, Director, IMF European Department, at the joint Bank of Slovenia-IMF Conference, Portorož As prepared for delivery Thank you, Governor Vasle, for your opening remarks and for hosting this joint Bank of Slovenia – IMF conference in lovely Portorož. Europe withstood the test of the twin crises.
Europe: Turning the Recovery into Enduring Growth
Europe: Turning the Recovery into Enduring Growth Speech by Alfred Kammer, Director, IMF European Department, at the ECB House of the Euro, Brussels ** Watch the live event here ** As prepared for delivery. Good afternoon. Thank you, Mr. Kisselevsky, for the kind welcome and the ECB for hosting us today. Today's seminar takes place two years after Russia's invasion of Ukraine, a large energy shock, and the emergence of a more divided global economy.
Executing A Soft Landing For A Lasting Recovery - Speech
Thank you, Dean Muštra, for your opening remarks and Governor Vujčić for the invitation to attend this year’s Regional Governors’ Meeting in Split. Today’s gathering comes two years after Russia’s invasion of Ukraine, a subsequent energy-price roller coaster, and the advent of a more fragmented global economy. Against this backdrop Europe has done well, because governments acted fast and decisively.
Executing a Soft Landing for a Lasting Recovery
Executing a Soft Landing for a Lasting Recovery As prepared for delivery Good morning. Thank you, Dean Muštra, for your opening remarks and Governor Vujčić for the invitation to attend this year’s Regional Governors’ Meeting in Split. Today’s gathering comes two years after Russia’s invasion of Ukraine, a subsequent energy-price roller coaster, and the advent of a more fragmented global economy. Against this backdrop Europe has done well, because governments acted fast and decisively.
Europe Must Succeed In Restoring Price Stability
(MENAFN- Caribbean News Global) By Alfred Kammer So far so good. These words are probably a fair assessment of Europe's progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signalled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year.
Europe must succeed in restoring price stability - caribbeannewsglobal
By Alfred Kammer So far so good. These words are probably a fair assessment of Europe’s progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signalled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year. Underlying inflation, however, is proving more stubborn than headline inflation, which includes energy, food, and other more volatile items.
Europe Must Succeed in Restoring Price Stability
So far so good. These words are probably a fair assessment of Europe’s progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signaled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year. Underlying inflation, however, is proving more stubborn than headline inflation, which includes energy, food, and other more volatile items.
Europa tiene que recobrar la estabilidad de precios
Hasta ahora, todo bien. Estas palabras son quizá una evaluación objetiva de los avances que Europa ha logrado hasta la fecha en su lucha contra la inflación. Las tasas de interés de política monetaria se han elevado con firmeza, los bancos centrales han dejado claro que están decididos a mantenerlas en niveles altos tanto tiempo como sea necesario y la inflación ha descendido mucho con respecto a los máximos de dos dígitos observados el año pasado.
Resurgence Of Inflation And New Geopolitical Realities Redesigning Macroeconomic Policy - Speech
Good afternoon to everybody. Thank you, Governor Bezhoska, for the invitation to speak. This conference could not be more timely as Europe simultaneously grapples with firmly bending the inflation curve in the near-term and attempts to revive its growth engine in the medium term against the background of rising geopolitical risks. Europe has weathered well an unprecedented series of shocks, the pandemic and the energy crisis triggered by Russia’s war in Ukraine.
Europe should tighten monetary policy further
– Higher interest rates soon would prevent more economic pain later By Alfred Kammer, Luis Brandão-Marques The European Central Bank could prevent inflation expectations from becoming unmoored and drifting upwards by continuing to raise its policy rate, as discussed in our recent report on the euro area. A further tightening of monetary policy in the near term would prevent much more costly measures later to bring inflation back to target.
Europe should tighten monetary policy further
English Content By Alfred Kammer and Luis Brandão-Marques The European Central Bank could prevent inflation expectations from becoming unmoored and drifting upwards by continuing to raise its policy rate, as discussed in our recent report on the euro area. A further tightening of monetary policy in the near term would prevent much more costly measures later to bring inflation back to target.
Europe Should Tighten Monetary Policy Further - Analysis
The European Central Bank could prevent inflation expectations from becoming unmoored and drifting upwards by continuing to raise its policy rate, as discussed in our recent report on the euro area. A further tightening of monetary policy in the near term would prevent much more costly measures later to bring inflation back to target.
European Central Bank Should Tighten Monetary Policy Further
Higher interest rates soon would prevent more economic pain later The European Central Bank could prevent inflation expectations from becoming unmoored and drifting upwards by continuing to raise its policy rate, as discussed in our recent report on the euro area. A further tightening of monetary policy in the near term would prevent much more costly measures later to bring inflation back to target.
Working in Concert to Defeat Inflation
I am very happy to see all of you here in Montenegro today. I would like to thank the organizers for their invitation to speak on fiscal consolidation and monetary tightening, and the optimal policy mix. Policymakers are currently facing a complex and multifaceted challenge: to defeat inflation, while safeguarding financial stability and sustaining the recovery.
Europe and the world should use green subsidies cooperatively
Governments across the world are using subsidies to support the green transition. Green subsidies can be helpful where there are market failures. When carbon emissions are underpriced in relation to their true cost to society or preferable policy solutions (such as carbon pricing) are not in place, subsidies can steer businesses and consumers towards clean technologies that are less polluting while also lowering the costs of those technologies.
Europe and the world should use green subsidies cooperatively
The risk now is a harmful subsidy race between the world’s largest economies to lure green investment By Alfred Kammer Published: Sun 14 May 2023, 11:35 PM Governments across the world are using subsidies to support the green transition. Green subsidies can be helpful where there are market failures.
Europa y el mundo deberían utilizar los subsidios verdes de manera cooperativa
Los gobiernos de todo el mundo están utilizando subsidios para apoyar la transición verde. Los subsidios verdes pueden ser útiles cuando hay fallas de mercado.
Europe, And the World, Should Use Green Subsidies Cooperatively : 4Hoteliers
SHARE THIS PAGE NEWSLETTERS CONTACT US SUBMIT CONTENT ADVERTISING Europe, And the World, Should Use Green Subsidies Cooperatively By Alfred Kammer Friday, 12th May 2023 When carbon emissions are underpriced in relation to their true cost to society or preferable policy solutions (such as carbon pricing) are not in place, subsidies can steer businesses and consumers towards clean technologies that are less polluting while also lowering the costs of those technologies.
Europe, And The World, Should Use Green Subsidies Cooperatively - Analysis
Governments across the world are using subsidies to support the green transition. Green subsidies can be helpful where there are market failures. When carbon emissions are underpriced in relation to their true cost to society or preferable policy solutions (such as carbon pricing) are not in place, subsidies can steer businesses and consumers towards clean technologies that are less polluting while also lowering the costs of those technologies.
Europe, And the World, Should Use Green Subsidies Cooperatively
Governments across the world are using subsidies to support the green transition. Green subsidies can be helpful where there are market failures. When carbon emissions are underpriced in relation to their true cost to society or preferable policy solutions (such as carbon pricing) are not in place, subsidies can steer businesses and consumers towards clean technologies that are less polluting while also lowering the costs of those technologies.
Europe’s Knife-Edge Path Toward Beating Inflation Without A Recession - Analysis
Following a strong exit from the pandemic, Europe was hit hard by the economic impact of Russia’s invasion of Ukraine. Growth slowed drastically, inflation shot up, and episodes of financial stress materialized. But as a result of decisive policy action, most economies narrowly avoided a recession this winter. Europe now faces the difficult task of sustaining the recovery, defeating inflation, and safeguarding financial stability.
Europe’s Knife-Edge Path Toward Beating Inflation Without a Recession
Success will require tighter macroeconomic policies tailored to changing financial conditions, strong financial supervision and regulation, and bold supply-side reforms Following a strong exit from the pandemic, Europe was hit hard by the economic impact of Russia’s invasion of Ukraine. Growth slowed drastically, inflation shot up, and episodes of financial stress materialized. But as a result of decisive policy action, most economies narrowly avoided a recession this winter.
El FMI asegura que España se encuentra en una posición 'bastante buena'
La economía española se encuentra en general en una posición "bastante buena", según ha resumido el director del departamento europeo del Fondo Monetario Internacional (FMI), Alfred Kammer, para quien es necesario que el Banco Central Europeo (BCE) continúe subiendo los tipos de interés, mientras que una mayor consolidación fiscal por parte de los gobiernos ayudaría a luchar contra la inflación.
The IMF explained that Moldova is ready to be the first in Europe to overcome the economic crisis
Global overview Press | Geraint Nicholas/Keystone News AgencyChisinau can emerge from the economic crisis faster than its neighbor in the region, said the head of the European department of the International Monetary Fund (IMF), Alfred Kammer. An on-air specialist from the Moldovan TV channel RliveTV said the republic faces rising inflation earlier than others. For this reason, it could see an improvement in economic performance next year.
Europe Must Address a Toxic Mix of High Inflation and Flagging Growth : 4Hoteliers
Europe’s advanced economies will grow by just 0.6 percent next year, while emerging economies (excluding Türkiye and conflict countries Belarus, Russia, Ukraine) will expand by 1.7 percent, according to projections in our latest World Economic Outlook. That’s down by 0.7 percentage point and 1.1 percentage points, respectively, from July’s projections.
Europe Must Address a Toxic Mix of High Inflation and Flagging Growth
español français русский українська Authorities must tighten macroeconomic policies to bring down inflation, while helping vulnerable households and viable firms cope with the energy crisis As Russia’s war in Ukraine takes a rising toll on Europe’s economies, growth is flagging across the continent, while inflation shows little sign of abating.
The Price To Pay: How To Rein In Inflation? Central Bank And Government Perspectives - Speech
1 Business Europe Opinion By Alfred Kammer In a matter of just two years, the monetary policy debate in Europe and beyond has shifted from fighting risks of a great depression and great deflation to coping with multi-decades high inflation that shows no signs of abating. Moreover, while the exit from the pandemic was uncharted territory, Russia’s war in Ukraine has fundamentally changed the global outlook.
European Fiscal Governance: A Proposal from the IMF
By Vitor Gaspar, Alfred Kammer, and Ceyla Pazarbasioglu High debt and rising interest rates put a premium on improved governance to anchor fiscal policy in EU member states. Given the central role of fiscal policy in addressing both recent crises and future challenges, the call to reform fiscal governance in Europe resonates like never before. Fiscal policy provides essential support when households and firms are hit by large shocks, such as the pandemic, or when monetary policy is constrained.
How a russian natural gas cutoff could weigh on Europe’s economies
English Content By Mark Flanagan, Alfred Kammer, Andrea Pescatori and Martin Stuermer Russia’s invasion of Ukraine has further darkened the global growth outlook, with the European economy facing a serious setback given trade, investment, and financial links with the warring countries. Now, Europe is enduring a partial cutoff of natural gas exports from Russia, its largest energy supplier.
How a Russian natural gas cutoff could weigh on Europe’s economies
Russia’s invasion of Ukraine has further darkened the global growth outlook, with the European economy facing a serious setback given trade, investment, and financial links with the warring countries. Now, Europe is enduring a partial cutoff of natural gas exports from Russia, its largest energy supplier. The prospect of an unprecedented total shutoff is fueling concern about gas shortages, still higher prices, and economic impacts.
Afrique: Comment l'arrêt des livraisons de gaz naturel russe pourrait peser sur les économies européennes
L'invasion de l'Ukraine par la Russie a encore assombri les perspectives de la croissance mondiale, l'économie européenne étant exposée à de graves revers en raison de ses liens commerciaux, financiers et d'investissement avec les pays en guerre. L'Europe subit à présent une interruption partielle des exportations de gaz naturel de la Russie, son principal fournisseur d'énergie.
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