The recent G20 Hangzhou Summit is yet another example of the difficulties the G20 has to move ahead at cruising speed. Changes in the G20 process might help to increase its impact.

The shift from the concept of an “international monetary system” to that of “global financial safety nets” is positive but, still, limited mostly to emergency liquidity assistance. The broader notion of an “international financial public order” including crisis prevention would be more suitable.

Once again, the Federal Reserve has postponed the date of exit from the zero lower bound. We show that the pace of the tightening cycle matters more than the exact timing of the first interest rate hike for the macroeconomy.

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.

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.

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?

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.

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.

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.

CEPII launches its third Policy Brief: “China’s Roadmap to Harmonious Society. Third Plenum Decisions on ‘major issues concerning comprehensively deepening reforms’.”