https://www.cepii.fr/BLOG/en/theme.asp?idTheme=1https://www.cepii.fr/BLOG/img/blog_logo.pnghttps://www.cepii.fr/BLOG/en/theme.asp?idTheme=1Le Blog du CEPIIcepiiweb@cepii.fr (CEPII)frCEPIICEPIIhttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1207Fri, 12 Jun 2026 10:42:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1207https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1207 Charlotte Emlinger, Kevin Lefebvre, Isabelle Méjean, Vincent Vicard

]]>The closure of the U.S. market following Donald Trump’s return to office raises the prospect of a reorientation of Chinese exports toward the European Union. How significant could this shift be?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1177Mon, 9 Mar 2026 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1177https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1177 Anthony Edo, Jérôme Valette

]]>Within the ten main host countries of the European Union (EU), non-European immigrants (born outside the EU) face notable difficulties in economic integration. With comparable socio-economic characteristics, their employment rate is on average 11 percentage points lower than that of native-born individuals.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1162Mon, 26 Jan 2026 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1162https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1162 Anthony Edo, Jérôme Valette

]]>The share of immigrants in the population of the European Union increased between 2010 and 2024, but at very different rates across countries.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1103Mon, 15 Sep 2025 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1103https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1103 Pierre Cotterlaz, Christophe Gouel

]]>The geographical origin of France's imports played a decisive role in the increase of its carbon footprint during the 2000s. This trend is primarily explained by the "China shock" followed by the rise in the economy's openness rate.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1101Mon, 1 Sep 2025 15:08:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1101https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1101 Charlotte Emlinger, Houssein Guimbard

]]>In discussions surrounding international trade agreements, European agriculture is often portrayed as a homogeneous sector, unable to compete on the global stage. This oversimplified perception fuels ongoing debates over market liberalization, foreign competition, and the safeguarding of domestic industries.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1100Mon, 4 Aug 2025 12:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1100https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1100 Deniz Ünal

]]>American protectionism constitutes an additional shock likely to reinforce trade within the Single Market.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1096Tue, 1 Jul 2025 08:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1096https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1096 Antoine Bouët, Lionel Fontagné, Houssein Guimbard, Pauline Wibaux, Yu Zheng

]]>How can Europe identify the threat of trade retaliation that allows it to establish the strongest negotiating position in dealing with the United States in merchandise trade alone?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1077Mon, 31 Mar 2025 14:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1077https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1077 Deniz Ünal

]]>Faced with the protectionist threats from the United States or China targeting sectors that play a significant role in the trade of some of its members, the European Union (EU) might be inclined to present a united front due to the strong interconnection of its economies.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1055Thu, 30 Jan 2025 00:06:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1055https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=1055 Kevin Lefebvre, Pauline Wibaux

]]>The COVID-19 pandemic and the war in Ukraine have highlighted the challenges associated with import dependency.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=831Mon, 6 Jul 2020 16:55:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=831https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=831 Anne-Laure Delatte

]]>French President Emmanuel Macron and German Chancellor Angela Merkel might well hold the future of Europe in their hands. Or maybe more accurately in their cheque books. Round table with Anne-Laure Delatte, Lorenzo Marsili, Daniel Stelter, and Olaf Wientzek, on France 24 on 30 june 2020.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=822Tue, 2 Jun 2020 14:43:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=822https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=822 Pierre Cotterlaz, Guillaume Gaulier, Aude Sztulman, Deniz Ünal

]]>The Covid-19 pandemic has revealed the vulnerability of the Old continent to drug-supply disruption. Europe nevertheless remains, by far, the leader in the global trade of pharmaceutical products. Article published in The Conversation on May 31, 2020

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=725Tue, 3 Dec 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=725https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=725 Fabien Tripier

]]>More than three years after the Brexit referendum, Brexit is still not settled, but the uncertainty remains. This long period of uncertainty has cost around half a point of economic growth per year since 2016 for the UK’s economy, which is equivalent to an annual loss of £16 billion.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=717Tue, 2 Jul 2019 14:53:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=717https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=717 Sébastien Jean, Anne Perrot, Thomas Philippon

]]>Europe’s competition policy has successfully contained the rise in concentration and excess profits, and the EU should not follow the US in weakening its approach. Instead, the EU needs to strengthen its trade policy to be more assertive on reciprocity in market access and control of industrial subsidies.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=688Mon, 15 Apr 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=688https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=688 Virginie Coudert, Cécile Couharde, Carl Grekou, Valérie Mignon

]]>The shock caused by the 2007-08 financial collapse, followed by the European sovereign debt crisis, has raised new doubts about the ability of the single currency to work well in a region with huge economic and political diversity. It has also given a new dimension to this debate by highlighting the building-up of unsustainable macroeconomic imbalances within the European Monetary Union (EMU).

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=645Mon, 14 Jan 2019 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=645https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=645 Erica Perego

]]>Stocks and sovereign bonds are among the most used financial products and the correlation between stock and bond returns corresponds to a typically time-varying pattern reflecting changes in investors' decisions.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=623Mon, 29 Oct 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=623https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=623 Anne-Laure Delatte

]]>The agenda to fix the euro is hampered by conflicting national interests. Creditor countries demand fiscal house cleaning and debtor countries ask for risk sharing. There is currently a political deadlock about how the adjustment burden should be distributed, perpetuating a state of vulnerability that is not in the collective interest of euro area members. This column, part of the Vox debate on euro area reform, argues that overcoming this coordination failure requires reforming the political governance of the EU, rather than just its economic governance. This post has been first published on VoxEU.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=596Thu, 12 Apr 2018 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=596https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=596 CEPII

]]>On the occasion of its 40th anniversary, three panel discussions, CEPII brought together experts, foreign and French, decision-makers and academics to discuss the major challenges that France and Europe are facing ten years after the crisis and the deep transformation of the international economic relationships. See videos et presentations.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=570Thu, 26 Oct 2017 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=570https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=570 Sébastien Jean

]]>Trade between Japan and the EU is not a big deal in world trade, barely more than 1%. Their Economic Partnership Agreement can nevertheless be very influential because, jointly, they are a party in more than 40% of world trade, and much more in innovative sectors.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=475Fri, 19 Aug 2016 15:27:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=475https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=475 Stéphane Lhuissier, Fabien Tripier

]]>IMF cuts global growth forecasts following Brexit vote. Paul Krugman has taken a different point of view by arguing there is no reason to worry in the immediate future. This opposition reflects clearly two different opinions on the short-term consequences of uncertainty.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=474Fri, 15 Jul 2016 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=474https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=474 Francesco Molteni

]]>European financial markets face a shortage of liquid assets. New regulations increase banks’ demand for liquid securities, mainly sovereign bonds, but the European fiscal rules constrain the supply of public debt. Further, the QE is draining bonds from the market. Some proposed forms of “Eurobonds” or new debt securities issued by European supranational organizations could solve this problem.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=444Thu, 10 Dec 2015 11:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=444https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=444 Stéphane Lhuissier

]]>This column reports the nature and the amplitude of economic cycles in the Euro area since 1970, with a focus on the role of financial factors in generating these cycles.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=385Tue, 30 Jun 2015 17:20:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=385https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=385 Christophe Destais

]]>Back in 2010, the Eurozone countries insisted a lot that the IMF provides exceptional financing to Greece. They will be duly reminded when the reckoning moment has come.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=382Fri, 29 May 2015 10:57:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=382https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=382 Sophie Piton

]]>From May 21 to May 23, the ECB organized its 2nd annual forum on Central banking. Mario Draghi's inaugural speech, as well as discussions on May 23rd, focused mainly on the need for structural reforms to strengthen growth in Europe.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=372Wed, 22 Apr 2015 09:21:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=372https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=372 Sébastien Jean

]]>While European external surpluses are accumulating and domestic demand is slacking, insisting on improving the Union’s external competitiveness, as some in the Commission are presently doing, is paradoxical. For Europe, the paramount risk is not losing its competitiveness. It is not recovering cohesion and growth.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=359Sat, 24 Jan 2015 12:54:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=359https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=359 Stéphane Lhuissier

]]>The ECB has announced that it will launch in March its first round of quantitative easing. The announcement contains some good and bad surprises: the size of the ECB's plan is gigantic, while the Central Bank was unclear about the Greek issue. How was this announcement perceived by markets?

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=356Fri, 9 Jan 2015 11:35:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=356https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=356 Urszula Szczerbowicz, Natacha Valla

]]>Instead of buying sovereign debt, the ECB could broaden further its purchases to include equity of all sorts. Fuelling an equity bubble is no worse than fuelling a bond one. It can be mitigated by intervening secretly and including non listed securities. Inhibitions to take risk should be lifted.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=353Sun, 21 Dec 2014 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=353https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=353 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=347Thu, 4 Dec 2014 10:24:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=347https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=347 Urszula Szczerbowicz

]]>The ECB has confirmed its determination to counter the risk of deflation in the eurozone by evoking the possibility of sovereign bond purchases, but is confronted once again with the heterogeneity of the area. The need for compromise could jeopardize the effectiveness of its action.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=335Fri, 3 Oct 2014 13:23:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=335https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=335 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=325Wed, 30 Jul 2014 12:01:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=325https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=325 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=298Wed, 9 Apr 2014 10:12:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=298https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=298 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=279Wed, 12 Feb 2014 14:07:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=279https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=279 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=232Wed, 3 Jul 2013 13:51:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=232https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=232 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=230Mon, 1 Jul 2013 12:25:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=230https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=230 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=170Thu, 13 Dec 2012 10:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=170https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=170 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=162Wed, 14 Nov 2012 10:49:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=162https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=162 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.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=140Fri, 14 Sep 2012 09:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=140https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=140 Olena Havrylchyk

]]>On 12 of September, the European Commission (EC) has unveiled its proposal that shifts banking supervision to the European level, giving sweeping supervisory powers to the ECB. 

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=121Tue, 7 Aug 2012 15:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=121https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=121 Sophie Piton, Yves-Emmanuel Bara

]]>The Lettre du CEPII No. 324 shows that internal devaluation strategies in Latvia and in Ireland produced only limited adjustments at the price of considerable social costs.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=96Tue, 5 Jun 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=96https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=96 Agnès Bénassy-Quéré

]]>The Eurozone is facing three intertwined and mutually reinforcing crises: a sovereign debt glut, banks’ financial fragility and dampened growth prospects. Further fiscal and political integration seems to be the only way to address these issues.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=80Thu, 19 Apr 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=80https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=80 Cristina Mitaritonna, Matthieu Crozet

]]>In France, like in most Western European countries, the debate on competitiveness is entirely focused on manufacturing industries. The case of services sectors remains in the shadows, even though they undoubtedly are an important source of employment and constitute a clear comparative advantage.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=74Wed, 4 Apr 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=74https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=74Authors: Asia-Europe Economic Forum

]]>The eurozone crisis presents a risk for Asian economies. Mainly, the crisis could spread through trade and various financial channels.Yet, economic impact of spillovers is not the only reason why Asia has a specific interest in the survival of the euro.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=40Wed, 18 Jan 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=40https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=40 Michel Aglietta

]]>In his new book, Michel Aglietta explains how Europe reached a critical point and suggests solutions to the challenges met by the eurozone.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=79Sun, 15 Jan 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=79https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=79 CEPII

]]>The European Union has always relied first and foremost on a gradual economic integration process. The current euro-zone crisis casts serious doubts on the benefits of such integration. Assessing its economic benefits is therefore central to measuring the overall benefits the European Union (EU) provides to its citizens.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=34Thu, 12 Jan 2012 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=34https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=34 Agnès Bénassy-Quéré

]]>With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro.

]]>https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=36Mon, 19 Dec 2011 00:00:00 GMThttps://www.cepii.fr/BLOG/en/post.asp?IDcommunique=36https://www.cepii.fr/BLOG/en/post.asp?IDcommunique=36 Michel Aglietta

]]>Europe’s banking system has been in a continuous stage of systemic fragility since the beginning of the financial crisis in 2007-08. The present phase is a two-way process of sovereign and banking crises feeding one another.

]]>