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The CEPII Newsletter       
February 2018        



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

Several States committed to uphold the US objectives of the Agreement within their borders

Despite President Trump’s announcement to withdraw from the Paris Agreement, several states (16 as of today, representing 23% of total US emissions) formed the United States Climate Alliance and committed to uphold the US objectives of the Agreement within their borders. The UN Secretary General’s Special Envoy for Cities and Climate Change, Michael Bloomberg, the former mayor of New York City, wrote to the UN Secretary General to ask UNFCCC Parties to acknowledge subnational commitments, from states, cities, businesses and civil society, as a parallel submission to the Paris Agreement. Some of these actors are also making their pledges to the UN platform NAZCA, which brings together commitments to climate action by actors other than sovereign states.
Cecilia Bellora & Jean Fouré
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  Edito




Euro area imbalances are still large

Current estimates of misalignments in real effective exchange rates show that euro area imbalances are still large: Germany exhibits a 20 percentage point undervaluation compared to the rest of the euro area (EA). Within a monetary union, rebalancing requires price adjustments through differentials in inflation rates.  At the current pace, rebalancing is a 20 year process and requires sustained very low inflation rates in the rest of the euro area.
Guillaume Gaulier & Vincent Vicard

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  Facts & Figures





33% of household appliances producers surveyed by the USITC responded that the 2002 steel safeguard measures led them to relocate U.S. steel-consuming facilities abroad. 19% in furniture and hardware, 12% among steel fabricators. These safeguards were the latest use of Section 201 of U.S. trade law, before it was invoked by Donald Trump on January 22 to apply tariffs on imported washing machines and solar panels.
Sébastien Jean & Ariell Reshef

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  Opinion




Uncertainty Fluctuations: Measures, Effects and Macroeconomic Policy Challenges

There has been a strong focus in recent policy debates, on the various types of uncertainty in the global economy from economic policy uncertainty to financial volatility. This Policy Brief presents the key challenges raised by this phenomena: How to measure uncertainty? Through which channels does uncertainty impact the economy? What are the implications of uncertainty for policy makers?
Laurent Ferrara, Stéphane Lhuissier & Fabien Tripier

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ISSN: 1255-7072
Editorial Director : Christophe Destais
Managing Editor : Dominique Pianelli