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Policy Contribution

Racing against COVID-19: a vaccines strategy for Europe

This Policy Contribution proposes a staged support scheme to tackle the COVID-19 vaccine challenge and a moon shot programme to meet the challenge of future pandemics.

By: and Date: April 21, 2020 Topic: Innovation & Competition Policy

The fast development of vaccines is an essential part of the long-term solution to COVID-19, but vaccine development has high costs and carries the risk of high failure rates.

There are currently too few promising projects in the clinical trial pipeline to guarantee at least one vaccine soon. More projects need to pass through the development pipeline in parallel. Vaccines should ultimately be widely available to all who need them at low cost.

Private life-sciences companies under-invest in vaccine development, especially when compulsory licensing and/or price regulations are imposed. Public funding is needed to reduce the risks of investing in vaccine development, and also to balance compulsory licensing and/or price regulations with incentives for private firms.

The public funding being put into identifying COVID-19 vaccines is too limited to carry enough projects through so that at least one vaccine, and preferably more, become available at large scale and low cost. Public budgets for these efforts need to be multiplied up several times over. We propose a staged support scheme to tackle the COVID-19 vaccine challenge and a moon shot programme to meet the challenge of future pandemics. We calculate the public budget needed to ensure supply of COVID-19 vaccines. Although substantial, the budget represents a bargain compared to the avoided health, social and economic costs.

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Opinion

A Global Pandemic Alarm Bell

The appearance of new strains of the coronavirus in the United Kingdom, South Africa, and Brazil has given the world no choice but to design and implement a comprehensive global strategy. So, what's stopping that from happening?

By: Jean Pisani-Ferry Topic: Global Economics & Governance Date: January 26, 2021
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Working Paper

Platform mergers and antitrust

This paper sets out a framework for addressing competition concerns arising from acquisitions in big platform ecosystems.

By: Geoffrey Parker, Georgios Petropoulos and Marshall Van Alstyne Topic: Innovation & Competition Policy Date: January 26, 2021
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Opinion

疫情對全球經濟的結構性改變或比想像的更深

現在是時候重新思考我們目前經濟模式中的基本原理,來減輕這些影響。

By: Alicia García-Herrero Topic: Global Economics & Governance Date: January 21, 2021
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Podcast

Podcast

Where did the vaccine strategy go wrong?

“We have to open our mind, we have to look internationally. Because if we don’t, COVID-19 is going to stay with us.”

By: The Sound of Economics Topic: Global Economics & Governance Date: January 20, 2021
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Blog Post

What do vaccination passports mean for Europe?

To the extent that vaccination against COVID-19 stops individuals infecting others, restrictions on vaccinated individuals’ rights should be lifted: fundamental freedoms should not be limited unnecessarily. Nevertheless, acceptance of vaccination passports depends on whether the vaccination allocation timeline is perceived as fair.

By: Lionel Jeanrenaud, Mario Mariniello and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 20, 2021
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Opinion

Résilience : la nouvelle boussole

Pour surmonter le choc de la pandémie de Covid-19, l’économiste écarte, dans sa chronique, l’idée d’un repli protectionniste, mais suggère de passer d’un objectif de réduction des coûts à celui de la réduction des risques.

By: Jean Pisani-Ferry Topic: Global Economics & Governance Date: January 18, 2021
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Blog Post

A matter of life and death: governments must speed up vaccination

COVID-19 vaccination in Europe and the United States is moving too slowly and is failing to prevent avoidable death and economic disruption. More must be done to accelerate the campaign by targeting those most at risk.

By: Uri Dadush Topic: Global Economics & Governance Date: January 13, 2021
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Blog Post

Corporate insolvencies during COVID-19: keeping calm before the storm

Measures in major economies have protected companies from COVID-19 related insolvency, but have also protected weak firms. Nevertheless, support should remain as long as necessary, while cumbersome insolvency processes should be reformed for the long term.

By: Grégory Claeys, Mia Hoffmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 7, 2021
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Blog Post

Has the European Union squandered its coronavirus vaccination opportunity?

The European Union’s purchases of frontrunner coronavirus vaccines are insufficient for the population’s near-term needs. The shortfall could have healthcare consequences and might delay economic reopening. Lessons should be learned for future pandemics.

By: J. Scott Marcus Topic: Innovation & Competition Policy Date: January 6, 2021
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Blog Post

When the future changes the past: fiscal indicator revisions

The 2020 pandemic economic shock has led to reassessment of fiscal policy measures in 2018 and earlier, because of faulty measurement of unobserved output gaps and structural balances. The current period of suspension of EU fiscal rules should be used to design a better fiscal framework.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 5, 2021
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Opinion

Europe's disappointing investment deal with China

Why rush a deal that is so inherently complex?

By: Alicia García-Herrero Topic: Global Economics & Governance Date: January 4, 2021
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Blog Post

Happy New Year?

A recovery from the COVID-19 recession is underway though the suffering is far from over, especially for the most vulnerable. Inequality is both a consequence of the pandemic and a cause of its severity. Many countries need comprehensive policy change to address its worst effects.

By: Uri Dadush Topic: Global Economics & Governance Date: December 23, 2020
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