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The CEPII Newsletter       
July 2014        



The French edition is slightly different as it also includes material available in French only  

Europe Monnaie & Finance Trade & Globalization Migrations Economic Policy Emerging Economies Competitivness & Growth Environment & Natural Ressources
  Focus

A Eurosystem of Investment Banks

A new European initiative might be needed to get investment back on track and thus protect future growth. To this end we propose establishing, by treaty, a Eurosystem of Investment Banks (ESIB), around a pan-European financial capacity that would coordinate the actions of the national public investment banks of Euro area member states and add to their funding capacity. The ESIB would channel the Euro area’s excess savings towards investment in the right places throughout the continent. To do so in an economically sustainable and financially profitable way, funding would be conditional on firm commitments to growth-enhancing structural reforms and economic policies. >>>
Natacha VallaThomas Brand, Sébastien Doisy
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  Edito




China : an ambitious plan of reforms over the next 20 years

There are two pilars to the reform. First, labor market developments should provide workers with enhanced bargaining power. Government is expanding the basic social safety net, promoting low catch-up, enforcing labor contracts and introducing collective bargaining. Second, capital market reform has been speeded-up by the urgency of dealing with nonperforming loans held in state-owned enterprises and credit platforms guaranteed by local governments. >>>
Michel Aglietta, Guo Bai

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  Opinion






In 2035 there might still be room for multilateralism

Whatever be the senarios considered, including a complete trade liberalization within regional agreements, the main part of trade would remain globalized and justify interest for a multilateral framework for trade negociations. >>>
Lionel Fontagné, Jean Fouré, Alexander Keck



ISSN: 1255-7072
Editorial Director : Sébastien Jean
Managing Editor : Dominique Pianelli