The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and…

This paper takes stock of global efforts towards financial reform since the start of the financial crisis in 2007-08, and provides a synthetic (if simplified) picture of their status as of January 2012.

In spite of the disappointing outcome of some recent summits, notably the most recent in Cannes, the G20 is and should remain the cornerstone of…

This working paper  argues that the international position of the US dollar is likely to erode in the coming years, though the speed of the…

In this working paper, with a unique data set summarising the quality of rules-based fiscal governance in European Union member states, the authors show that stronger fiscal rules in euro-area members reduce sovereign risk premia, in particular in times of market stress.

In this working paper the authors assess how a strong role for the European Parliament within the framework of the European Semester can increase the effectiveness of EU economic governance.

This paper investigates the impact of the European Union’s Emission Trading System (EU ETS) at a firm level. Using panel data on the emissions and…

We test if and where industrial policy to promote ‘green’ industry development can improve competitiveness in export markets. Proponents of ‘green growth’ have argued that…

Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the euro…

This background paper describes in detail the assumptions and calculations behind the results presented in Zsolt Darvas, Jean Pisani-Ferry and André Sapir "A comprehensive approach…