Jean Pisani-Ferry
Jean Pisani-Ferry is a Senior Fellow at Bruegel, the European think tank, and a Non-Resident Senior Fellow at the Peterson Institute (Washington DC). He is also a professor of economics with Sciences Po (Paris).
He sits on the supervisory board of the French Caisse des Dépôts and serves as non-executive chair of I4CE, the French institute for climate economics.
Pisani-Ferry served from 2013 to 2016 as Commissioner-General of France Stratégie, the ideas lab of the French government. In 2017, he contributed to Emmanuel Macron’s presidential bid as the Director of programme and ideas of his campaign. He was from 2005 to 2013 the Founding Director of Bruegel, the Brussels-based economic think tank that he had contributed to create. Beforehand, he was Executive President of the French PM’s Council of Economic Analysis (2001-2002), Senior Economic Adviser to the French Minister of Finance (1997-2000), and Director of CEPII, the French institute for international economics (1992-1997).
Pisani-Ferry has taught at University Paris-Dauphine, École Polytechnique, École Centrale and the Free University of Brussels. His publications include numerous books and articles on economic policy and European policy issues. He has also been an active contributor to public debates with regular columns in Le Monde and for Project Syndicate.
Disclosure of interests
Featured work
Bruegel Annual Meetings | 4-5 September 2024
This year's Annual Meetings centered around the launch of the Bruegel Memos to the European Union leadership 2024-2029
What Will It Take to Awaken Europe?
Adapt to a harsher world: Memo to the High Representative for Foreign and Security Policy
The EU has become more vulnerable, facing Russian aggression on its borders and a conflict in the Middle East where it has little influence
A hard-right government might try guerrilla tactics
The priority tasks awaiting Europe no longer align with its citizens' expectations
Europe's economic security: vulnerabilities and solutions
How should Europe address economic security and supply chain risks, especially regarding trade policy, import dependencies?
Le danger est celui d’une divergence croissante entre les Etats-Unis et l’Europe sur la question chinoise
Financial tools for biodiversity
This invitation-only workshop aims to stimulate a better-informed policy discussion on how to develop financial tools for biodiversity
How to de-risk: European economic security in a world of interdependence
The question is how exactly the EU should ‘de-risk’ its external economic relationships without foregoing the benefits of trade.
Paris report 2: Europe's economic security
The macroeconomics of decarbonisation
At this event we launched the book "The Macroeconomics of Decarbonisation: Implications and Policies"
Coordination for EU Competitiveness
The Euro at 25: Fit for purpose?
Bringing the reform of European Union fiscal rules to a successful close
EU fiscal rules must not unnecessarily restrict green investment.
The economic implications of climate action
Europe must start preparing a new green investment plan
A new governance framework to safeguard the European Green Deal
This policy brief sets out policy proposals to enhance governance in order to safeguard EU decarbonisation.
Bruegel Annual Meetings, 6-7 September 2023
A symphony in progress: shaping a new agenda for Europe
Europe’s green deal will need broad support to succeed
EU has embarked on no less than an industrial revolution. A revolution that — unlike those of the past — is set against a tight deadline.
How can EU policy drive the transition to net-zero?
On track to net-zero: overcoming the economic hurdles of decarbonisation
What policies should be implemented to ensure that countries achieve net-zero emissions by 2050?
Reinventing the European Union
Russia’s invasion of Ukraine and new economic imperatives have called into question the EU’s long-standing reliance on regulatory standards as a form.
Shaping the future of the European Union: a discussion on public goods
Should the EU play a greater role as a provider of public goods?
Why Europe’s Franco-German Engine Is Stalling
Completing Europe’s banking union: economic requirements and legal conditions
This contribution analyses the deficiencies of the current framework and identifies possible responses, in line with three levels of reform ambition.
Europe’s Looming Energy Disaster
With winter fast approaching, the absence of common guidelines for national energy policies should be regarded as an economic emergency.
How to get the European Banking Union unstuck
Enlarging and deepening: giving substance to the European Political Community
The EPC would not be, and should not be, regarded as a substitute for EU accession, but should be designed to work as an accelerator.
How to make the EU Energy Platform an effective emergency tool
The platform could become an effective emergency tool to safeguard Europe’s gas supply, but policymakers need to address challenges to make it work.
Fiscal support and monetary vigilance: economic policy implications of the Russia-Ukraine war for the European Union
Policymakers must think coherently about the joint implications of their actions and avoid taking measures that contradict each other.
The economic policy consequences of the war
Whatever the duration of the war, its legacy will be long-lasting. It will shape Europe’s policy choices for the years and decades to come.
War in Ukraine: Macroeconomic implications for the EU
A special episode of the Sound of Economics Live where we analysed the macroeconomic implications of the war in Ukraine.
Greening Europe’s post-COVID-19 recovery
This Blueprint includes some of the Group’s most prominent voices on the different aspects of the multidimensional issue of green recovery.
The failure of global public health governance: a forensic analysis
In this Policy Contribution, we seek to understand the reasons for these failures of global collective action.
The Euro at 20
The euro’s advocates hoped that the single currency would deliver economic and financial integration, policy convergence, political amalgamation, and
Monetary policy in the time of climate change
How does climate change influence monetary policy in the eurozone? What potential monetary policy measures should be taken up to address climate risks
The geopolitical conquest of economics
Although economics and geopolitics have never been completely separate domains, international economic relations were shaped for 70 years by their own
Navigating a more polarised world: policy implications
Bruegel Annual Meetings, Day 2 - Are we entering a new age in the relationship between international economics and global politics? Is Europe well-equ
Global asymmetries strike back
This essay addresses an old question that international relations scholars view as fundamental, but which economists regard as secondary: that of asym
Bruegel Annual Meetings, 1-3 September 2021
The 2021 Annual Meetings gathered high-level speakers and participants to discuss how to recover from the crises brought on by the Covid pandemic
The end of globalisation as we know it
The tension between the unprecedented need for global collective action and a growing aspiration to rebuild political communities behind national bord
Is Bidenomics more than catch-up?
The Biden administration's promises to 'think big' and rebuild the country seem like a major historical departure from decades of policy orthodoxy.
Persistent COVID-19: Exploring potential economic implications
We see three main economic implications of a scenario of recurrent outbreaks: lasting border restrictions, repeated lockdowns and enduring effects on
The EU can’t separate climate policy from foreign policy
How to make the European Green Deal succeed.
Central banking’s brave new world
Ever since the 2008 financial crisis, central bankers have been busy developing new policy instruments to fight fires and ward off emerging threats. N
La dette : une obsession prématurée
Ce qui est malsain, avec la proposition d’annuler la dette, c’est le déni de réalité consistant à affirmer que l’Etat peut effacer une partie de ses e
The EU can’t separate climate policy from foreign policy
How to make the European Green Deal succeed.
The geopolitics of the European Green Deal
The Green Deal will redefine Europe’s global policy priorities; as such, it is a foreign policy development with profound geopolitical consequences
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 imple
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
Health: Crisis governance for a vital global public good
Given the collapse in cooperation over health governance, what strategies should be pursued at international level, and by what means?
Grading the big pandemic test
COVID-19 almost one year on, it is time to assess who passed the test, and who failed.
Reforming the ETS: what to make of revenues?
What will a reformed European Emissions Trading Scheme (ETS) look like?
Globalisation needs rebuilding, not just repair
An attempt merely to restore the pre-Trump status quo would fail to address major challenges; the task ahead is one of rebuilding, rather than repair.
European Union recovery funds: strings attached, but not tied up in knots
Ensuring effective recovery spending is a high-stakes challenge for the European Union, with the potential for derailment because of fuzzy objectives
Trump’s International Economic Legacy
If Donald Trump loses the United States presidential election in November, he will ultimately be seen to have left little mark in many areas. But in t
Europe’s recovery gamble
Next Generation EU, was rightly hailed as a major breakthrough: never before had the EU borrowed to finance expenditures, let alone transfers to membe
Financing the European Union: New Context, New Responses
With the European Union for the first time taking on debt to help finance the economic recovery from the coronavirus, new resources are needed to fund
Bruegel Annual Meetings 2020 - Day 2
Second day of Bruegel Annual Meetings.
Bruegel Annual Meetings 1-3 September, 2020
Bruegel's flagship event transformed into a virtual conference for pandemic times
The Challenges of the Post-Pandemic Agenda
There is a growing possibility that the COVID-19 crisis will mark the end of the growth model born four decades ago with the Reagan-Thatcher revolutio
A new policy toolkit is needed as countries exit COVID-19 lockdowns
Most governments have taken measures to protect vulnerable workers and firms from the worst effects of the sudden drop in activity related to COVID-19
The message in the ruling
The German Constitutional Court's ruling on the ECB's asset purchase programme is open to much criticism but it can hardly be blamed for raising an im
Building a Post-Pandemic World Will Not Be Easy
Both the COVID-19 crisis and the climate crisis highlight the limits of humanity’s power over nature. But while both remind us that the Anthropocene e
Facts, not words: the EU role in the de-confinement phase
The EU should be modest, but not shy. As far as public health is concerned, it is not in the driving seat and there is no reason to pretend it should
The Sound of Economics Live: Exiting the great lockdown?
This episode of The Sound of Economics Live will discuss European coordination, national responses, and local effects in moving on the the next phase
Monetisation: do not panic
The extraordinary operations that are under way in most countries in response to the COVID-19 shock have raised fears that large-scale monetisation wi
Will the economic strategy work?
Because even thriving companies can be killed in a matter of weeks by a recession of the magnitude now confronting the world, advanced-economy governm
A Radical Way Out of the EU Budget Maze
It can be tempting to treat European budgetary discussions as a fairly inconsequential distributional game. But with the EU's role increasingly focuse
Britain faces a triple contradiction
If Boris Johnson can negotiate agreements that are better than the EU system, it would be a serious challenge for the 27
Explaining the triumph of Trump’s economic recklessness
The Trump administration’s economic policy is a strange cocktail: one part populist trade protectionism and industrial interventionism; one part class
The Green Deal is not just one of many EU projects, it is the new defining mission
The EU has already invested so much of its political capital into the green transition that a failure to deliver would severely damage its legitimacy.
Understanding populism
Political identity is a group stereotype. As no camp corresponds exactly to our expectations, we choose the one to which we are closest and which is a
Europe can take a bigger role in providing public goods
The EU should invest where it can deliver more value than member states acting alone.
EU-Asia trade and investment connectivity
The Asia Europe Economic Forum (AEEF) was established in 2006 as a high level forum for in-depth research-based exchanges on global issues between Asi
A Primer on Developing European Public Goods: A report to Ministers Bruno Le Maire and Olaf Scholz
This report was prepared for the French and German Ministers of Finance.
Europe: en finir avec la politique en silos
Projetée dans un monde de rapport de force dont les principaux protagonistes ne séparent pas géopolitique et économie, l’UE va devoir conduire un chan
Thomas Piketty's New Book: Impressive Research, Problematic Solutions
Thomas Piketty’s Capital in the Twenty-First Century blended history, statistics, and theory. Capital and Ideology his new magnum opus, is long enough
How to ward off the next recession
Despite confident official pronouncements, the deteriorating state of the global economy is now high on the international policy agenda. The OECD rece
Questions to the High Representative and Vice-President-designate Josep Borrell
Josep Borrell, the incoming High Representative and Vice-President-designate must explain how von der Leyen’s ‘geopolitical Commission’ intends to ada
Competing Globally: Europe’s Debate Over Trade and Sovereignty
This blog is part of a series following the 2019 Bruegel annual meetings, which brought together nearly 1,000 participants for two days of policy deba
Collective action in a fragmented world
International collective action is in search of a new paradigm. It cannot rely anymore on global binding rules supported by universal institutions. Ne
Bruegel Annual Meetings 2019, 4-5 September
The 2019 Annual Meetings featured the launch of Bruegel's memos to the new European Leadership, proposing how to deal with future policy challenges
Bruegel Annual Meetings 2019
Bruegel's 2019 Annual Meetings will be held on 4-5 September and feature the launch of Bruegel's Memos to the New European Commission.
Retraites : pour la clarté
L’économiste regrette, dans sa chronique au "Monde", que les tensions internes au gouvernement aient conduit à s’écarter de la stricte logique d’un sy
Dousing the Sovereignty Wildfire
In time, the current spat between French President Emmanuel Macron and his Brazilian counterpart Jair Bolsonaro regarding the Amazon rainforest may be
How long is the head table?
An empirical assessment of concentration in global collective action
The Coming Clash Between Climate and Trade
The new leaders of the European Union, who have relentlessly championed open markets, will, ironically, likely trigger a conflict between climate pres
The threats to the European Union’s economic sovereignty
Memo to the High Representative of the Union for Foreign Affairs and Security Policy. The authors describe the current context and the increasing inte
Faut-il s’endetter pour le climat?
Jean Pisani-Ferry, soutient qu’il ne faut pas s’interdire de financer une partie du coût de la transition écologique par l’endettement.
Farewell, flat world
In the last 50 years, the most important economic development has been the diminishing income gap between the richer and poorer countries. Now, there
Redefining Europe’s economic sovereignty
This Policy Contribution delves into the position of the EU in the current global order. China and the United States increasingly trying to gain geopo
Europe’s citizens say they want a more political EU
The recent European Parliament election suggests that a growing share of European voters sees things differently from national governments. Whereas ci
L’euro sans l’Europe : un projet incohérent
Jean Pisani-Ferry constate que tous les grands partis ne remettent plus en cause l’euro. Il souligne néanmoins que trois vulnérabilités – économique,
When facts change, change the pact
“When facts change, I change my mind,” John Maynard Keynes famously said. With long-term interest rates currently near zero, the European Union should
Europe and the new imperialism
For decades, Europe has served as a steward of the post-war liberal order, ensuring that economic rules are enforced and that national ambitions are s
The case for green realism
The transition to a carbon-neutral economy is bound to make us worse off before it makes us better off, and the most vulnerable segments of society wi
The EU needs a Brexit endgame
Britain and the EU must try to preserve the longstanding economic, political, and security links and, despite the last 31 months spent arguing over Br
Fifty shades of yellow
Who are the Yellow Vests? What are the true roots of their uprising? And what do they want? Six weeks after they started rocking French politics and a
The great macro divergence
Global growth is expected to continue in 2019 and 2020, albeit at a slower pace. Forecasters are notoriously bad, however, at spotting macroeconomic t
Macroéconomie et gilets jaunes
Les analyses de la fronde des gilets jaunes ont surtout mis l’accent sur la répartition des revenus et des prélèvements entre catégories sociales et s
Euro area reform: An anatomy of the debate
A year ago, a group of 14 French and German economists joined forces with the aim of forging common proposals for euro area reforms. Their report gave
The global economy’s three games
In this column, Jean Pisani-Ferry portrays the current international economic and geopolitical order as increasingly reminiscent of chess. Three key p
Should we give up on global governance?
The pervasive gridlock affecting the traditional global governance approach calls into question the idea of broadening its scope beyond its core remit
Asia-Europe Economic Forum 2018 - Public
This year's Asia-Europe Economic Forum (AEEF) will be held in Brussels on 17-18 October
One club does not fit all in Europe
In this column, Jean Pisani-Ferry argues how the EU can become a more effective global player, following the Policy Brief "One size does not fit all:
One size does not fit all: European integration by differentiation
The need for reform of the EU is increasingly urgent. The authors of this policy brief suggest a new governance model, combining a bare-bones EU with
Bruegel Annual Meetings 2018
The 2018 Annual Meetings will be held on 3-4 September and will feature sessions on European and global economic governance, as well as finance, ener
Is Europe America’s Friend or Foe?
Since Donald Trump took office as US president, a new cottage industry in rational theories of his seemingly irrational behavior has developed. On one
Europe should avoid a no-deal Brexit
The UK government finally tabled a serious proposal for the country’s future relationship with the European Union (EU). The White Paper puts the ball
Ubu ou Machiavel?
L'administration Trump veut imposer une approche transactionnelle des relations économiques gouvernée par le rapport de force bilatéral en lieu et pla
Can Multilateralism Adapt?
Global governance requires rules, because flexibility and goodwill alone cannot tackle the hardest shared problems. With multilateralism under attack,
« Mieux vaudrait laisser les gouvernements libres de tenter les politiques de leur choix »
Les peuples ont le droit de faire des erreurs: Selon l’économiste Jean Pisani-Ferry, l’Union européenne doit accepter les aspirations légitimes à des
Mattarella’s line in the sand
The vital task confronting Europe is to reconcile citizens’ right to make radical choices with the need to ensure that decisions leading to constituti
Unelected Power: the quest for legitimacy in central banking and the regulatory state
We are pleased to host the presentation of Paul Tucker's latest book.
La PAC n’est pas taboue
Dans cette chronique, l'auteur estime qu’une renationalisation graduelle de certaines politiques pourrait utilement contribuer à la nécessaire redéfin
The upheaval Italy needs
While Italy remains without a new government, it would be foolish to believe that a country where anti-system parties won 55% of the popular vote will
European development policy in a global context
What is the role of Europe in development finance and how effective is the current institutional structure? How can we leverage the private sector to
The Lesser Evil for the Eurozone
For three decades, the consensus within the European Commission and the European Central Bank on the need for market reforms and sound public finances
The EU’s Seven-Year Budget Itch
On February 23, EU members began negotiations on the bloc's multiannual financial framework for 2021-2027. But, with all countries focusing on net bal
The International Economic Consequences of Mr. Trump
What has fundamentally changed with the Trump administration is not that it behaves more selfishly than its predecessors, but that it seems unconvince
Reconciling risk sharing with market discipline: A constructive approach to euro area reform
This publication proposes six reforms to improve the Eurozone’s financial stability, political cohesion, and potential for delivering prosperity.
A resilient Euro needs Franco-German compromise
In a piece signed by 15 leading French and German economists, Nicolas Véron lays out a path to a more sustainable Euro. Germany will need to accept so
Financial Times - Bruegel Forum: the future of Europe after the French election
The second event in the Financial Times - Bruegel Forum series will look at how the results of the French elections will affect Europe.
Bruegel Annual Meetings 2016, 6-7 September
The Annual Meetings are a high point in Bruegel's calendar.
Bruegel Annual Meetings 2016
The Annual Meetings are a high point in Bruegel's calendar.
Europe after Brexit: A proposal for a continental partnership
This paper leaves aside the issue of EU reform and focuses on the desirable EU-UK relationship after Brexit. The authors argue that none of the existi
12th Asia Europe Economic Forum (AEEF)
This year's conference is entitled "Global Governance of Public Goods: Asian and European Perspectives".
Bruegel: an unlikely start-up
Bruegel was born out of an unusual openness to new ideas and an extraordinary coincidence of minds in the French and German Treasuries. The story of i
Bruegel's Annual Conference
Bruegel's Annual Conference is a closed-door event with three panel discussions on banks and capital markets, growth perspectives, and monetary policy
Bruegel year in review - 2013
EU-IMF assistance to euro area countries: an early assessment
This study provides an early evaluation of the assistance programmes implemented by the Troika in Greece, Ireland and Portugal. The study assesses the
Europe’s Troika should grow up
In early 2010, a group of men (and a few women) in dark suits landed in Athens. They belonged to a global institution, the International Monetary Fund
Deleveraging and global growth
Paper based on the Asia Europe Economic Forum conference of 21-22 January 2013.
La voie étroite de l’intelligence budgétaire
Le débat sur l’austérité budgétaire a repris en Europe. Ce n’est pas étonnant.
EU-Korea Economic Exchange
Articles published during the Bruegel/Korea Institute of Finance project on ‘EU-Korea policy responses to the global financial and economic crisis and
An evaluation of the Troika's programmes in the euro area
Is the Euro Crisis Over?
Financial crises tend to start abruptly and end by surprise. Three years ago, the euro crisis began when Greece became a cause for concern among polic
Europe’s banks need to be recapitalised – now
Europe’s growth performance was disappointing before the financial crisis. It has been dismal since. Five years into the “great recession”, the r
Europe's growth problem (and what to do about it)
The issue: The European Union's pre-crisis growth performance was disappointingenough, but the performance has been even more dismal since theonset of
The Politics of Moral Hazard
It is an old and a never-ending contest. On one side are the moral-hazard scolds, claiming that one of the major responsibilities confronting policyma
Chypre : calculs, cafouillages et émotions
Une bonne intrigue combine classiquement le froid calcul des acteurs rationnels, la dose de cafouillage nécessaire au réalisme, et ce qu’il faut d’émo
A dialogue on Abenomics
The austerity debate: what Europe got right and wrong
Is struggling Europe on the right track?
The latest European Commission outlook forecasts 2014 unemployment rates above 25 per cent in Greece and Spain, in the vicinity of 15 per cent in Irel
What Mr Rehn should tell France.
When he presents the forecasts on Friday, should Olli Rehn, the commission’s vice-president, coerce governments in France and other countries int
L’Europe en morceaux
Avec un David Cameron acharné à préserver son rabais et à dégraisser la bureaucratie bruxelloise et un François Hollande soucieux de sauvegarder
L’euro fort : fausses frayeurs et vrais dangers
Les dirigeants français, François Hollande en tête, s’alarment de la remontée de l’euro. Leurs homologues allemands rétorquent qu’il n’est pas suréval
The eurozone will muddle through (again)
At the last European Council summit of 2012, politicians decided to go ahead with the banking union while ending their reflections on fiscal union the
Bruegel's Franco-German roots
'I have not been an enthusiastic supporter of every French, German, or Franco-German initiative, but I must say that this one was worth supporting.'
Distressed Europe should not be bribed to reform
European leaders have started a discussion on German-inspired “contracts for competitiveness and growth”. To implement structural reforms in eurozone
Tim Geithner and Europe’s phone number
According to a famous (yet apocryphal) joke by Henry Kissinger, there is no telephone number to call to speak to Europe. Indeed the fragmentation of E
Wie alles anfing
„Ich habe mich nicht für jede französische, deutsche, oder deutsch-französische Initiative begeistert, aber diese hier war die Unterstützung wert“. Mi
Kein schmerzfreier Ausweg
Das fiskalische Kliff in den USA können wir vergessen. Das eigentliche Problem ist der Schuldenberg - in Amerika, aber auch in Europa. Die Aufgabe, di
British angst over Europe will continue
David Cameron’s speech on Europe was predominantly tactical. So, too, are the reactions from Berlin and Paris. But the British pri
Merkel et Hollande doivent se projeter dans l'avenir et développer un projet qui fasse sens
Options for a Euro-area fiscal capacity
This Policy Contribution is based on a briefing paper for the European Parliament Economic and Monetary Affairs Committee’s Monetary Dialogue: Europe
Alternative Fiscal Medicine?
Forget the fiscal cliff. The real issue is the fiscal mountain. According to the International Monetary Fund, the challenge of reducing the public deb
Un budget pour la zone euro?
Faut-il un budget pour la zone euro ? Enfouie depuis plus de vingt ans, la question a ressurgi ces derniers mois. Visiblement, beaucoup de ceux q
Slow, but real progress on resolving eurozone crisis
Last week summit of heads as well as finance ministers marks an important step in completing the eurozone architecture. At the same time, the summit’s
Mario Monti and Jean Pisani-Ferry talk on democracy in Europe
Should Europe Emulate the US?
The Great Austerity Debate
Is it time for fiscal consolidation or stimulus? Should governments cut or increase spending? Once again the issue is a matter of dispute among poli
Compétitivité : les trois débats
Un seul suffirait au malheur du gouvernement. Mais sur la compétitivité, trois débats s’enchevêtrent : ils portent sur l’urgence d’une réponse&nb
A five-step guide to European banking union
Assurance mutuelle ou fédéralisme: la zone euro entre deux modèles
The response to the euro zone crisis, which has gradually developed since 2010, has not led to a search for federalism and it has hardly taken the com
The known unknowns and the unknown unknowns of the EMU
Extensive prior research on the economics of European monetary union highlighted some potential risks (the known unknowns) but overlooked others (the
The known unknowns and the unknown unknowns of the EMU
International Cooperation in Times of Global Crisis: Views from G20 countries
Clock is ticking on European banking union
Jean Pisani-Ferry discusses IMF-World Bank meetings
Why France will have no budget rule
Like in other countries, the French Constitutional Council was asked to decide on the compatibility of the European fiscal treaty with the Constitutio
The zero-sum game poison
Europe should choose whether it wants Greece in or out
For the third time in three years the Europeans’ stance on Greece is economically inconsistent. One camp considers the country should leave the eurozo
Assurance mutuelle ou fédéralisme : la zone euro entre deux modèles
The euro crisis and the new impossible trinity
Fünf Schritte zur europäischen Bankenunion
Central banks on the offensive?
L’affaire des deux hôtels
The fiscal implications of a banking union
Systemic banking crises are a threat to all countries whatever their development level. They can entail major fiscal costs that can undermine the sus
Which way for Europe?
August was quieter than feared on the European bond markets. While resting on Europe’s celebrated beaches and mountains, policymakers could therefore
François Hollande doit choisir ses contraintes
Les grammairiens s’étonneront peut-être de la lecture que le Conseil constitutionnel vient de faire du traité budgétaire européen. Certains de nos par
The simple macroeconomics of North and South in EMU
The euro area today consists of a competitive, moderately leveraged North and an uncompetitive, over-indebted South. Its main macroeconomic challenge
Should the eurozone be mutualised?
The debate on Eurobonds is at risk of missing the forest for the trees. Discussions about their various colours and shapes, their incentive properti
To rescue Europe, our leaders need a new sense of resolve
The two most important questions for the future of Europe are, first, what the euro area must do to rescue itself and, second, whether it has a stra
Capital flight in the Euro area: from bad to worse
Imagine a world without Europe
Ambitious in the end – but policymakers should forsake summer holidays
An Agenda for Europe’s Worn-out Magicians
Eine Agenda für die Rettung Europas
ie Staats- und Regierungschefs der EU treffen sich Ende Juni wieder in Brüssel. Diesmal müssen sie nicht nur die Frage beantworten, ob sie dieses od
How to design a banking union that will save the eurozone
To stop the doom spiral that threatens the eurozone, European leaders must now repair the serious flaws in the design of monetary union that have be
What kind of European banking union?
This policy contribution discusses in detail how a future banking union could be organised by examining seven fundamental choices that decision makers
Banking union and Greek bailout renegotiation
Comment bâtir une union bancaire européenne crédible
Macroeconomic coordination: what has the G-20 achieved?
The case for a European banking union
The euro-area rebalancing challenge
The balance of financial terror
Is the euro ending or beginning?
G20: Decreasing returns
Macroeconomic coordination, the hallmark of the first few G20 summits, went through three successive phases. The first phase, from Washington to Pit
M. Hollande, ce n’est pas le moment d’être normal
Is LTRO QE in disguise?
Bruegel presents Propping up Europe?
A difficult equation
Propping up Europe?
This Policy Contribution is based on a briefing paper prepared for the European Parliament Economic and Monetary Affairs Committee’s Monetary Dialogue
What is at stake in the French election
Hazardous tango: sovereign-bank interdependence and financial stability in the euro area
EU - euro area governance – a messy rebuilding
Sudden stops in the euro area
Many analysts and observers have put forward that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis. The issue has g
France and Europe: the phantom issues and the real issues
Sky-high protectionism?
The messy rebuilding of Europe
The euro crisis and subsequent policy responses have challenged the assumptions underpinning the euro-area's governance, and the relationship bet
Sudden stops in the euro area
There is a view that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis.The balance-of-payments discussion lacks clar
Pourquoi l’Europe ne parle pas francais
“Jetzt auf einmal wird in Europa Deutsch gesprochen” (“Tout d’un coup, on s’est mis à parler allemand en Europe”). En s’enorgueillissant ainsi, fin
The G20: characters in search of an author
The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visibl
Debate on Target 2: Don’t confuse symptom and disease!
Eurozone countries must not be forced to meet deficit targets
Who lost Greece? (update)
Who's afraid of sovereign bonds?
The December large-scale provision of liquidity to banks by the ECB contributed to reducing spreads on Southern European sovereign bonds, but did it c
How to make the Eurozone’s strategy effective
Don’t let the euro-area crisis go east
The European Union is committed to strengthening its partnership with China, as demonstrated by the fourteenth EU-China summit, to take place in Bei
The eurozone’s strategy of pain
Les habits neufs des dirigeants européens
The EZ’s adjustment gamble
Politics doesn’t have to remain in suspended animation
La politique en berne
S&P’s downgrades: don’t shoot the messenger
Jean Pisani-Ferry on the new EU treaty
The Euro crisis and the new impossible trinity
The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement of existing fiscal rules. Euro
The Eurozone’s gamble
The eurozone and the streetlamp syndrome
Will Europe’s crisis reconcile Asia with the IMF?
The eurozone and the streetlamp syndrome
Jean Pisani-Ferry about Eurobonds
Germany's hour
Eurozone is on its way to fiscal union
Three wise men in the East
Europe’s leaders must start making tough decisions
Fiscal consolidation is no indiscriminate belt-tightening
Invoking the spirit of Bretton Woods
Europe must unchain itself to save itself
Wanted: a stronger and better G20 for the global economy
Ahead of the G-20 summit in Cannes of 3-4 November, this policy contribution by Jean Pisani-Ferry and Ignazio Angeloni outline a set of priorities t
An evaluation of IMF surveillance of the euro area
This report evaluates International Monetary Fund surveillance of the euro area in the years before the financial crisis and during 2008-10.
Europe's growth emergency
This Policy Contribution puts forward policy recommendations to move towards growth rebuilding in the EU, reducing the fragility of the European ban
Xerfi J. Pisani-Ferry - Le tissu français d'entreprises face aux enjeux de l'euro
How to stop fragmentation of the Eurozone
Eurozone countries can't afford more fiscal stimulus
Rethinking central banking
The euro: no soft landing on exit
Europe: small steps and giant leaps
It's the politics, studpi!
Europe must intervene to get Greece growing
Europe: the last taboo
Global currencies for tomorrow: a European perspective
An action plan for the European leaders
Will it take a Lagarde to steer the IMF away from Europe?
Belgium lessons for Greece
A summer to-do list for European leaders
TGAE report - The contribution of 16 European think tanks to the Polish, Danish, and Cypriot trio presidency of the European Union
Must one repay one’s debts?
Jean Pisani-Ferry: Of Nightmares and Tigers
Jean Pisani-Ferry discusses efforts to resolve the euro-zone debt crisis
Déficits à l'anglo-saxonne
Finances publiques: Le vrai débat
French public finances: Time for change
Pour l'union de l'euro
Comment discipliner les finances publiques ?
Jean Pisani-Ferry: Optimal Currency Areas and Governance - The Challenge of Europe (3/8)
The weak power syndrome
What international monetary system for a fast-changing world economy
Reform of the international monetary system: Some concrete steps
THE BUSINESS INTERVIEW: Jean PISANI-FERRY, director of BRUEGEL, Brussels
Is it EMU 2.0 or 1.7.3?
Arab spring: Echoes of 1989
An ocean apart: Comparing transatlantic responses to the financial crisis
A comprehensive approach to the euro-area crisis: Background calculations
Half empty, half full
The European debt crisis
From convoy to parting ways? Post-crisis divergence between European and US macroeconomic Policies
A comprehensive approach to the euro-area debt crisis
Zsolt Darvas, André Sapir and Jean Pisani-Ferry propose a comprehensive solution to the current European crisis based on three pillars.
The threat of 'currency wars': a European perspective
Europe needs a growth strategy
Crise de l'euro: sortir du déni
The threat of "currency wars"
Whither growth in central and eastern Europe? Policy lessons for an integrated Europe
Wie die Euro-Zone ihre Schulden bewältigen kann
After Seoul: the challenges of international monetary reform
Currency Wars: What do effective exchange rates tell us?
A European mechanism for sovereign debt crisis resolution: a proposal
Currency Wars: What do effective exchange rates tell us?
The current accounts quandary
The current accounts quandary
The G-20 and the currency war
The G-20 and the currency war
Why the Euro Is Not the Next Global Currency
A resistible currency war
Governments vs. markets: the battle goes on
Is it the end of the G20?
How to insure the crisis
There are comfortable-and uncomfortable-trade offs
The test was well worth the stress
France employment policy puts pressure on the budget
Are we in 1936 or 1812?
Did you say federalism?
Back to the G7?
Back to the G7?
Towards a system to secure the euro
Watershed in Busan
The G-20’s Next Test
The G-20’s Next Test
Euro area governance: What went wrong in the euro area? How to repair it?
Euro Area Governance: What went wrong? How to repair it?
Proposal for a French fiscal rule
Europe needs a framework for debt crises
A sense of normalcy should not lead to complacency
Germany should share the blame for the Greek crisis
International asymmetries redux
Greek crisis: lending is not giving
Two crises, two responses
Future developments of global imbalances
This document was requested by the European Parliament’s Committee on Economic and Monetary Affairs.
What is happening in the euro area?
The Spanish conundrum
China and the world economy: a European perspective
Think Global Act European II
Wirtschaftsregierung, mode d'emploi
The Best Course for Greece is to Call in the Fund
Retraites: réformer une bonne fois pour toutes
Crisis resolution in the euro area: an alternative to the European Monetray Fund
Last Year in Copenhagen
Why Europe Struggles - And How it can Recover
EMU Warfare: The Colin Powell doctrine has come to Europe
Banking Crisis Management in the EU: An Interim Assessment
A New Purpose for Public Action
The Crisis: Policy Lessons and Policy Challenges
Can China Change?
Europe: Mission Accomplished?
Fear of debt
A European Exit Strategy
The Winner's Curse
Can A Less Boring ECB Remain Accountable?
What Mark Will the Crisis Leave?
The G20 is not just a G7 with extra chairs
Sharing the burden
La crédibilité des engagements budgétaires français est quasi nulle
La crédibilité des engagements budgétaires français est quasi nulle
Memos to the new Commission- Europe's economic priorities 2010-2015
In search of a goldilocks exit strategy
Bonne et mauvaise flexibilités
The euro at ten: the next global currency?
Some advice for the new MEPs
Europe must take control of banking stress tests
A crisis increasingly European
Between a rock and a hard place
What form will the recovery take?
Handle with care! Post-crisis growth in the EU
The Ruses of the crisis
Politique budgétaire: Stabilisateurs ou politique discrétionnaire?
Reshaping the global economy
International governance- is the G20 the right forum?
The G20 in the aftermath of the crisis: a Euro-Asian view
Weathering the storm- Fair weather versus stormy-weather governance in the euro area
Eastern European currencies need help now
We need a proper Stability Pact
The crisis multiplier
La zone euro à l’épreuve
The euro sorely tested by national crises
The looming divide within Europe
Avoiding a new European divide
The International agenda: immediate priorities and longer-term challenges
Europe is against a wall
A European recovery programme
Europe needs a concerted fiscal stimulus
Will the current crisis trigger a revival of the IMF?
Will it Work?
Asia-Europe: The Third Link
Portrait of the Union as a player on the world stage
European growth : what's to be done?
Policy is a matter for all of the world, not just a rich club
Speed limit
Who's to pay
The next ten years of the Euro
Economic policy : why France is on the blacklist
The orphan currency
Dix ans d'euro : un bilan
Politique économique : avons-nous appris ?
Lasting Euro success requires bolder proposals
Progressive governance and globalisation
Why the coffers are empty
Fire and ice
