External Publication

Global Economic Resilience: Building Forward Better

A roadmap for systemic economic reform calling for step-change in global economic governance to increase resilience and build forward better from economic shocks, prepared for the G7 Advisory Panel on Economic Resilience.

By: Date: October 14, 2021 Topic: Global economy and trade

This report summarises the work of the Independent G7 Economic Resilience Panel in 2021, and its final policy recommendations, based on engagement and research throughout the year. The Panel, chaired by Lord Mark Sedwill, has produced an agenda for economic resilience, the Cornwall Consensus. The Panel has concluded that investment, standards and governance reform will be critical to overcome future shocks, such as pandemics, and the chronic underlying risks in our economic system. These reforms address the main categories of risk to economic resilience: environmental and health, and geo-political and socio-economic. The recommendations require collective and co-ordinated action by a united G7 to tackle systemic challenges across and within our interconnected markets.

Key recommendations made by the Panel include:

  • Driving international and domestic investment in economic resilience to deliver the new infrastructure and research required to respond to the challenges of the coming decade;
  • Ensuring that international trade rules enable the green transition, by demonstrating leadership by the G7 and allies through smaller agreements and alliances within the World Trade Organisation membership;
  • Committing to information sharing, traceability and Environmental, Social and Governance standards reform for minerals critical to the green transition.

The Panel members were nominated by G7 Heads of State and Government:

  • UK: Mark Sedwill, former Cabinet Secretary and National Security Adviser. Chair of the Atlantic Future Forum
  • Canada: Carolyn Wilkins, former Senior Deputy Governor of the Bank of Canada
  • France: Professor Thomas Philippon, Economist and Professor of Finance at New York University’s Stern School of Business; Economic Adviser to Emmanuel Macron
  • Germany: Dr Stormy-Annika Mildner, Executive Director of the Aspen Institute in Berlin, Adjunct Lecturer Hertie School, and former Head of Department for External Economic Policy at the Federation of German Industries
  • Italy: Professor Mariana Mazzucato, Special Economic Adviser to the Italian Government, and founding director of the UCL Institute for Innovation and Public Purpose at University College London
  • Japan: Professor Nobukatsu Kanehara of Doshisha University, Tokyo; former Assistant Chief Cabinet Secretary to Prime Minister Shinzo Abe
  • USA: Dr Felicia Wong, President and CEO of the Roosevelt Institute
  • EU: Thomas Wieser, Bruegel Non-Resident fellow and former President of the Euro Working Group and the European Financial Committee
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Past Event

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BRI 2.0: How has the pandemic influenced China’s landmark Belt and Road Initiative?

China's Belt and Road Initiative is undergoing a transformation after two years of pandemic. How is it changing and what are the consequences for Europe.

Speakers: Alessia Amighini, Eyck Freymann, Alicia García-Herrero and Zhang Xiaotong Topic: Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 23, 2022
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Shifting taxes in order to achieve green goals

How could shifting the tax burden from labour to pollution and resources help the EU reach its climate goals?

Speakers: Heather Grabbe, Femke Groothuis, Carola Maggiulli, Niclas Poitiers and Kinga Tchorzewska Topic: Green economy, Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Past Event

Past Event

Three data realms: Managing the divergence between the EU, the US and China in the digital sphere

Major economies are addressing the challenges brought by digital trade in different ways, resulting in diverging regulatory regimes. How should we view these divergences and best deal with them?

Speakers: Susan Ariel Aaronson, Henry Gao, Esa Kaunistola and Niclas Poitiers Topic: Digital economy and innovation, Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 19, 2022
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External Publication

The Global Quest for Green Growth: An Economic Policy Perspective

A review on green growth and degrowth arguments.

By: Klaas Lenaerts, Simone Tagliapietra and Guntram B. Wolff Topic: Global economy and trade, Green economy Date: May 5, 2022
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Podcast

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Global trade Down Under

A conversation on the global trading landscape.

By: The Sound of Economics Topic: Global economy and trade Date: May 4, 2022
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Owning up to sustainability risks: the EU should champion international standards

To keep European Union capital markets open and integrated, new international standards should be reflected in future European law and accounting practice to provide further incentives for a reallocation of capital, reflecting in particular climate risks.

By: Alexander Lehmann Topic: Banking and capital markets, Green economy Date: April 26, 2022
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Working Paper

The low productivity of European firms: how can policies enhance the allocation of resources?

A summary of the most important policy lessons from research undertaken in the MICROPROD project work package 4, related to the allocation of the factors of production, with a special focus on the weak dynamism of European small and medium-sized enterprises (SMEs).

By: Grégory Claeys, Marie Le Mouel and Giovanni Sgaravatti Topic: Macroeconomic policy Date: April 25, 2022
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While uncertain, studies suggest that climate change will cause significant internal and international migration over the next century.

By: Klaas Lenaerts and Simone Tagliapietra Topic: Global economy and trade Date: April 25, 2022
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Knowledge flows and global value chains

Trade and industrial policy can support productivity growth through global value chains by providing the right legal environment that supports the formation of longterm business relationships.

By: Marta Bisztray and Niclas Poitiers Topic: Global economy and trade Date: April 13, 2022
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Although Russia bears the brunt of Western high-tech sanctions, the European Union will face challenges in sectors where it relies on Russian and Ukrainian commodities and technologies.

By: Monika Grzegorczyk, J. Scott Marcus, Niclas Poitiers and Pauline Weil Topic: Global economy and trade Date: April 12, 2022
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Is the private sector retreating in China? Not among its largest companies

Though private ownership does not free companies from the pervasive influence of the Communist Party, China’s private and state sectors are not equivalent; China’s largest firms are growing faster than their state-owned counterparts.

By: Tianlei Huang and Nicolas Véron Topic: Global economy and trade Date: April 5, 2022
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