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The CEPII Newsletter       
May 2015        



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

Towards a lower economic instability ?

Following the largest financial shock since the Great Depression, modern industrial countries appear to be coming back to a moderate growth trajectory, as was the case for the last three decades. Many macroeconomic indicators show that moderation has recently returned. Very good news for world economy! >>>
Stéphane Lhuissier




  Edito




Competitiveness: an obsession jeopardizing the European cohesion

While European external surpluses are accumulating and domestic demand is slacking, insisting on improving the Union’s external competitiveness, as some in the Commission are presently doing, is paradoxical. For Europe, the paramount risk is not losing its competitiveness. It is not recovering cohesion and growth. >>>
Sébastien Jean



  Facts & Figures





35
%

It is the proportion of macroeconomic uncertainty in oil price uncertainty during the recent 2007-09 financial crisis : around 35% of oil price uncertainty is explained by macroeconomic uncertainty during this period.>>>
See also here
Valérie Mignon, Marc Joëts, Tovonony Razafindrabe



  Opinion




An overall strategic vision for 3 stars

To stimulate and finance investment in Europe the three “policy stars” of Europe need to be aligned: the Capital Markets Union initiative, the €315bn Investment Plan, and the ECB’s €1,100bn asset purchase scheme. They jointly face a unique set of issues. >>>
Natacha Valla, Jesper Berg, Laurent Clerc, Olivier Garnier, Erik Nielsen



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