Weathering the storm- Fair weather versus stormy-weather governance in the euro area
by Jean Pisani-Ferry, André Sapir on 18 March 2009
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Category: POLICY CONTRIBUTIONS
Topics: Budgetary and monetary policies, Emerging economies and development, European and global governance
Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance system lacks some crucial properties: speed of reaction, policy discretion and centralised decision-making.
Reshaping the global economy
by Jean Pisani-Ferry, Indhira Santos on 28 February 2009
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Category: EXTERNAL PUBLICATIONS
Topics: Emerging economies and development
Jean Pisani-Ferry and Indhira Santos observe that the crisis and the national responses to it have started to reshape the global economy. But beyond the specifics of shock transmission, the crisis has also exposed that, in spite of regional integration and the emergence of new economic powers, the global economy lacks resilience. The authors explain how they believe the international community could build a stronger and more legitimate globalised governance out of the crisis.
Beyond the WTO? An anatomy of EU and US preferential trade agreements
by Henrik Horn, Petros C. Mavroidis , André Sapir on 09 February 2009
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Category: BLUEPRINTS
Topics: Emerging economies and development, European and global governance, Trade, investment and competitiveness
This Blueprint looks in detail at all the provisions of all the PTAs signed by the EC or the US and other WTO members. Henrik Horn, Petros C. Mavroidis and André Sapir find that Europe and the US have adopted different approaches to PTAs; however, both powers may also be seeking to project their priorities.
Avoiding a new European divide
by Zsolt Darvas, Jean Pisani-Ferry on 21 December 2008
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Category: POLICY BRIEFS
Topics: Competition and single market, Emerging economies and development
The financial crisis, which is now hitting the new member states severely, highlights the shortcomings of the existing institutional architecture in Europe. Current strains reflect a revaluation of risks but they also result from policy mistakes. In this policy brief, Zsolt Darvas and Jean Pisani-Ferry show that some of the non euro-area new member states suffer from serious vulnerabilities, to which policy has been slow to respond. They believe that the crisis management in the euro area has had the unintended consequence of putting non euro-area new member states at disadvantage. These are unhealthy developments and without decisive action, a new political and economic divide within Europe may emerge.
The International agenda: immediate priorities and longer-term challenges
by Jean Pisani-Ferry on 04 December 2008
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Category: POLICY CONTRIBUTIONS
Topics: Emerging economies and development, European and global governance
This policy contribution comprises Jean Pisani-Ferry's remarks at the Asian Development Bank Institute Annual Conference. For him, the challenge policymakers are facing, is to not to waste time before addressing the urgent tasks ahead of them and not to lose the momentum for reform created by the crisis. The sense of urgency and commonality should not be lost.