The latest international economic trends analyzed by CEPII's economists

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Michel Aglietta
Yves-Emmanuel Bara
Maria Bas
Agnès Bénassy-Quéré
Antoine Berthou
Céline Carrère
Benjamin Carton
Matthieu Crozet
Christophe Destais
Lionel Fontagné
Michel Fouquin
Jean Fouré
Julien Gourdon
Olena Havrylchyk
Colette Herzog
Sébastien Jean
Svetlana Ledyaeva
Françoise Lemoine
Valérie Mignon
Cristina Mitaritonna
Laurence Nayman
Marcelo Olarreaga
Gianluca Orefice
Sophie Piton
Urszula Szczerbowicz
Deniz Ünal
Natacha Valla
Guanghua Wan

Long live the Juncker Plan!

Europe | Economic Policy 
Post, December 21, 2014
By Natacha Valla
The long awaited Juncker Plan for investment in Europe has arrived a few weeks ago. Beyond the creation of a Strategic Fund, the Plan as a whole has disappointed: not adamant enough to eliminate the deep obstacles to cross-border investment, and opaque in generating the “List” of projects to be financed. Yet, even imperfectly, Europe has now done its homework.
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Is China finally inhaling the smoke of international financial markets?

Emerging Countries | Money & Finance 
Post, December 16, 2014
By Christophe Destais
The recycling of current account and/or financial account surpluses through the accumulation of foreign exchange reserves by emerging countries after the 1999-2001 crisis, particularly by China, has been described as “smoking but not inhaling in international financial markets”.
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TTIP is about regulatory coherence

Trade & Globalization 
Post, December 8, 2014
By Lionel Fontagné, Sébastien Jean
The TTIP has become a full-blown political issue as the two largest economic entities in the world are negotiating a deep integration agreement, going beyond what has been done previously in any agreement except the EU’s Single Market.
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The delusion of State guarantees

Europe | Money & Finance 
Post, October 3, 2014
By Natacha Valla
European policymakers are currently busy addressing two issues: moribund investment and banks on extended sick leave. Some observers might be tempted to segregate these issues. While investment would be in the remit of States, the financial health of our economies would be under the responsibility of the ECB alone.
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Reforming the European Investment Bank: a New Architecture for Public Investment in Europe

Money & Finance | Europe | Economic Policy 
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.
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China’s Roadmap to Harmonious Society

Economic Policy | Emerging Countries 
Post, June 12, 2014
By Michel Aglietta, Guo Bai
CEPII launches its third Policy Brief: “China’s Roadmap to Harmonious Society. Third Plenum Decisions on ‘major issues concerning comprehensively deepening reforms’.”
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The euro area urgently needs a Federal Investment Fund (not a budget)

Europe | Money & Finance 
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.
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Euro area: deflation is the wrong debate

Money & Finance 
Post, March 6, 2014
By Natacha Valla
For a fact, measures of headline consumer price inflation have decelerated sharply over the recent past. At 0.8-1%; inflation hovers around levels that are clearly below the ECB’s flagship 2% medium-term objective.
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The French should care about Karlsruhe

Economic Policy | Europe 
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.
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Money & Finance 
Post, December 9, 2013
By Christophe Destais
Currency swaps between central banks are quickly emerging as a key feature of the international monetary system.
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