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Europe

Reforming the European Investment Bank: a New Architecture for Public Investment in Europe

Post, July 30, 2014
By Natacha Valla

Some five years after the severe recession of 2009, private sector investment in Europe is still dangerously sluggish. And public investment has been cut further, reinforcing a long term downward trend. At a mere 2% of GDP, it has halved over thirty years.

The euro area urgently needs a Federal Investment Fund (not a budget)

Post, April 9, 2014
By Natacha Valla

The decline in investment rates in the euro area following the global financial crisis has been sharp. And it looks as though it will not reverse significantly. Rebooting investment and channeling investable funds to the right places on the continent is therefore a major challenge for policy makers.

The French should care about Karlsruhe

Post, February 12, 2014
By Natacha Valla

Strikingly, the debate about the Feb 7 ruling of the German Constitutional Court against the ECB’s flagship OMT programme has gone almost unnoticed in France. This is wrong. The French should care about it.

Is the Eurozone really a monetary union? (2/2)

Post, July 3, 2013
By Christophe Destais

In the United States, the regional Federal Reserve Banks (FRBs) are de facto subsidiaries of the central Federal Reserve Board. The claims and the debts between FRBs are settled through a transfer of assets which is actually a simple accounting arrangement.

Is the Eurozone really a monetary union? (1/2)

Post, July 1, 2013
By Christophe Destais

Central banks in the Eurozone have accumulated claims and debts between themselves. These "Target 2 imbalances" substituted for the outstanding between private entities, in particular for the interbank loans and there is no mechanism to settle them. Should the Eurozone burst, they would become due.

Ending the euro area crisis: crossing the river by feeling the stones

Post, December 13, 2012
By Benjamin Carton, Christophe Destais, Sophie Piton, Agnès Bénassy-Quéré, Yves-Emmanuel Bara

Europeans face a fourfold crisis: a sovereign debt crisis, a banking crisis, a competitiveness crisis and a crisis of governance. CEPII's first Policy Paper highlight the key issues that need to be addressed for a comprehensive solution to be found.

Six pack: the case for a simplified scoreboard

Post, November 14, 2012
By Laurence Nayman, Sophie Piton, Agnès Bénassy-Quéré

In December 2011, the ‘six pack’ introduced a new surveillance procedure of macroeconomic imbalances at the European level. However, the ten indicators used for the early warning of imbalances do not seem much more relevant than the simple indicator of the current account balance.

Single bells: single market, single currency, single supervisor, single resolution mechanism

Post, September 14, 2012
By Olena Havrylchyk

On 12 of September, the European Commission (EC) has unveiled its proposal that shifts banking supervision to the European level, giving sweeping supervisory powers to the ECB.

Internal devaluation: nothing but sweat and tears?

Post, August 7, 2012
By Sophie Piton, Yves-Emmanuel Bara

The Lettre du CEPII No. 324 shows that internal devaluation strategies in Latvia and in Ireland produced only limited adjustments at the price of considerable social costs.

Eurobonds: a way to act swiftly

Post, June 5, 2012
By Agnès Bénassy-Quéré

The Eurozone is facing three intertwined and mutually reinforcing crises: a sovereign debt glut, banks’ financial fragility and dampened growth prospects. Further fiscal and political integration seems to be the only way to address these issues.

Trade liberalization in the services sectors: a promising competitiveness policy for European countries

Post, April 19, 2012
By Cristina Mitaritonna, Matthieu Crozet

In France, like in most Western European countries, the debate on competitiveness is entirely focused on manufacturing industries. The case of services sectors remains in the shadows, even though they undoubtedly are an important source of employment and constitute a clear comparative advantage.

Don’t let the Eurozone crisis go East

Post, April 4, 2012
By Asia-Europe Economic Forum

The eurozone crisis presents a risk for Asian economies. Mainly, the crisis could spread through trade and various financial channels.Yet, economic impact of spillovers is not the only reason why Asia has a specific interest in the survival of the euro.

The fate of Europe. Collapse or federation.

Audio, January 18, 2012
By Michel Aglietta

In his new book, Michel Aglietta explains how Europe reached a critical point and suggests solutions to the challenges met by the eurozone.

Any progress towards the Single Market could improve substantially EU growth path for the years to come

Post, January 15, 2012
By CEPII

The European Union has always relied first and foremost on a gradual economic integration process. The current euro-zone crisis casts serious doubts on the benefits of such integration. Assessing its economic benefits is therefore central to measuring the overall benefits the European Union (EU) provides to its citizens.

The international monetary system needs the euro

Post, January 12, 2012
By Agnès Bénassy-Quéré

With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro.

The Twin Sovereign and Banking Crisis in the Euro Area

Post, December 19, 2011
By Michel Aglietta

Europe’s banking system has been in a continuous stage of systemic fragility since the beginning of the financial crisis in 2007-08. The present phase is a two-way process of sovereign and banking crises feeding one another.

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