Home - Le Blog du CEPII

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.

Euro area: deflation is the wrong debate

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.

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.

Swapmania

Post, December 9, 2013
By Christophe Destais

Currency swaps between central banks are quickly emerging as a key feature of the international monetary system.

Negative interest rate on bank deposits at the central bank: an option for the ECB?

Post, November 27, 2013
By Urszula Szczerbowicz

For a long time considered as impossible to implement, the negative interest rates on deposits of commercial banks at the central bank is now often mentioned as an option for the European Central Bank (ECB).

WTO: Rethinking the special and differential treatment granted to developing countries

Post, October 8, 2013
By Sébastien Jean

The special and differential treatment granted to developing countries, a key principle in the multilateral trading system, now appears broken-down. Based on a speech given at the WTO Forum, this post reviews -with a focus on agriculture- why this is so and what could be done.

Significant economic gains could be achieved through a transatlantic trade partnership

Post, September 23, 2013
By Lionel Fontagné, Julien Gourdon, Sébastien Jean

CEPII launches its first Policy Brief “Transatlantic Trade: Whither Partnership, Which Economic Consequences?” which examines the stakes and potential impacts of a Transatlantic Trade and Investment Partnership.

Emerging turbulences

Post, September 10, 2013
By Christophe Destais

The current turmoil in emerging capital markets is the result of a classical reversal of market sentiment after an excess of optimism. There are good reasons for being cautiously optimistic but uncertainties remain.

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.

The banking union needs a guarantor of last resort

Post, June 17, 2013
By Christophe Destais

Governments act as guarantors of last resort of the financial system, as evidenced during the crises of the past 6 years. It will remain true in the future, even if a better regulation and the bailing in financial institutions by their creditors allow to better circumventing the risks born by the taxpayers.

Fast rising inequality in China: what can be done about it?

Post, May 15, 2013
By Guanghua Wan

As remarkable as its economic growth, China’s income distribution has been worsening since mid-1980s. Inequality across regions, occupations and between individual all rose dramatically. More importantly, it did so in a short time.

Challenges ahead for the next WTO DG

Post, May 2, 2013
By Sébastien Jean

The WTO is going through a leadership transition as after 8 years, the incumbent Director-General steps down on September 1, 2013. What are the challenges ahead for Pascal Lamy’s successor? The next DG will certainly have to take the Doha loss and move toward an updated multilateral trading system.

Round-tripping of Russian foreign investment via Cyprus

Post, March 18, 2013
By Olena Havrylchyk, Svetlana Ledyaeva

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?

IMF Quota Formula Review: still a long way to go

Post, February 20, 2013
By Christophe Destais

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.

Monetary policy in exceptional times

Post, January 31, 2013
By Urszula Szczerbowicz

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.

Sébastien Jean was appointed director of CEPII

Post, December 18, 2012
By CEPII

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.

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.

The interbank market one year after Mario Draghi presidency at the ECB

Post, November 19, 2012
By Urszula Szczerbowicz

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.

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.

First | Previous | Next | Last

10 | 20 | 50 | 100

About | Contact | Legal Mentions | Le blog du CEPII, ISSN: 2270-2571

CEPII