The design of the recent bailout package for Cyprus preserves the offshore banking status that is used by Russian depositors and round-trip investors. Is it worth it?

On January 30, 2013, the IMF Executive Board issued a short report on the outcome of its discussion regarding the quota formula review. Judging from the extent of remaining disagreement, the objective of completing the review by 2013 is not met and there is still a long way to go.

The last 5 years have been a major challenge for the theory and practice of monetary policy. The key channel of conventional monetary policy has been severely impaired and the target policy rates in some countries have approached zero.

Par arrêté du Premier ministre en date du 18 décembre 2012, M. Sébastien JEAN est nommé directeur du Centre d’études prospectives et d’informations internationales.

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.

Restoring the smooth functioning of the interbank markets was a key objective for Mario Draghi when he became president of the ECB. One year and two LTROs later, the ECB reached its target.

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.

International trade plays a key role in technological diffusion. In a recent work, we show how firms can improve their competitiveness and export performance through importing more varieties of high quality or lower cost intermediate goods.

On October 2, Mikheil Saakashvili – who has led the “Rose Revolution” in Georgia in 2003 and has been president since 2004 – admitted defeat of his party in Georgia's parliamentary election against Bidzina Ivanishvili.

The banking reforms that took place in India in the mid 90s have improved the availability of credit. However, the effects of financial development on firms’ growth appear to be unequal depending on their characteristics. Where are the gains from credit expansion concentrated?