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The CEPII Newsletter       
October 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

FED Zero Interest-Rate : 2008-????

Even if the exit from the zero interest rate policy is already expected, the “steepness” of interest rate rises by the Federal Reserve has a first order impact on economic activity. Given the current degree of uncertainty surrounding the robustness of the US economic environment – in particular price and wage developments – we would argue that the Fed should err on the side of caution and opt for a gradual exit.
Stéphane Lhuissier, Fabien Tripier


After TPP, No Rush for the EU

Despite the magnitude of the Transpacific Partnership Agreement concluded by the United States, the EU should not heed calls to rush into concluding ongoing Transatlantic Trade and Investment Partnership talks under the Obama administration at any cost, and focus instead on negotiating a good agreement. The stakes in TTIP are too high for the deal to be rushed. What is more, the Obama administration will be busy with passing TPP through Congress and on presidential elections in 2016. Seeking to conclude TTIP under the Obama administration can only lead to a carelessly crafted deal, with few chances of being favourable to Europeans.
Sébastien Jean



Energy Transition

France Stratégie and CEPII have opened a space providing a medium for experts and non-experts to discuss the merits and the limits of the various proposals and initiatives in the field of international finance. It is intended to become a forum where the debate on the financial system’s contribution to the energy transition can flourish.
Que faut-il attendre de la conférence de Paris sur le climat ?
Financial Innovation and The State: Lessons for 21st Century Climate Finance from the 19th Century Railways Era
Supporting the energy transition: the role of low interest rates
The Role of International Financial Institutions, Central Banks and Monetary Policies in the Low-Carbon Transition
An Investment Climate for Climate Investment
What Role for Financial Supervisors in Addressing Systemic Environmental Risk?
Positive Pricing of Carbon Reduction: A Low Hanging Fruit
More Political Economy on Global Warming and a Proposition
Four Roadblocks to a Global Climate Agreement


Sovereign Debt Restructuring: Alternate solutions

The implementation of a multilateral mechanism for sovereign debt restructuring that the UN is calling for, is illusory. However, progress could be achieved in different ways: improving the contractual terms, introducing new clauses on automatic debt reprofiling and using the leverage of international funding. [more]
Christophe Destais


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