Jean Pisani-Ferry

Maintaining Progress in a Post-American World

Europe’s challenge and opportunity: building coalitions of the willing

The European Union should take the lead in convening alliances of countries to counteract threats to the global order

The price of a liveable future: Financing climate action

How the global economy must adapt to the costs of climate change

EU must propel global climate momentum to fill the gap left by Trump

Updated assessment: Memos to the commissioners responsible for EU foreign, enlargement, and partnerships policies

20 years of improving economic policy: story of Bruegel, story of Europe

Bruegel’s founders recount the think tank’s creation and its journey to becoming a key player in Europe’s economic policy landscape

Global Policymaking in the Trump-Xi Era

This event kicked-off Bruegel's 20th Anniversary celebrations by discussing the geopolitical challenges we face in the coming years.

Political contagion in Europe: can the European Union survive Trumpism?

Trumpism could fatally undermine European integration if governments do not stand firm and defend the EU’s law-based system

Clean Industrial Deal: a conversation with EVP Teresa Ribera

How will the Clean Industrial Deal support EU industries?

An investment strategy to keep the European Green Deal on track

In this Policy Brief, we assess the investment needed to achieve the 2030 climate goal and climate neutrality by 2050

The EU Needs a Strong Clean Industrial Deal

The European Union must implement a new Clean Industrial Deal that promotes decarbonization alongside sustainable growth and industrial development

Barnier’s balancing act: a skilful but precarious budget plan

The French government’s proposal to make the deficit manageable carefully balances different objectives but leaves tough choices for the future

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

Macron's snap election gamble

Dissecting the political turmoil in France following President Macron's surprising call for snap parliamentary elections

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?

A year in review

As 2023 closes, we look back at some of the most important and interesting economic policy developments from Europe and the world.

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

The Élysée Treaty: 60 years on

A review of Franco-German relations on the anniversary of the Élysée treaty.

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

What should the European Political Community look like?

Discussion of a European Political Community ahead of the summit in Prague on 6 October.

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.

War in Ukraine: Macroeconomic implications for the EU

A special episode of the Sound of Economics Live where we analyse 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

Can central banks save the planet?

“We are not going to lead our society to a low-carbon economy by continuing to finance the status quo. “

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 geopolitical repercussions of the European Green Deal

EU policymakers need to wake up to the consequences abroad of domestic decisions.

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

Exiting the great lockdown?

Are we going to exit from the containment measures for the COVID-19 pandemic in the European Union? When? How? In this episode of The Sound of Economi

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

How can the EU prevent our economies from shutting down?

From flights cancelled and restaurants closed to companies either slowing or stopping their production, COVID-19 is shutting our economies down. How c

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

Backstage at BAM19: Enhancing Europe's economic sovereignty

Backstage at the Bruegel Annual Meetings, Nicholas Barrett talks with Jean Pisani-Ferry on Europe's monetary union.

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

Director’s cut: Wrapping up 2018

With 2018 drawing to a close, and the dawn of 2019 imminent, Bruegel's scholars reflect on the economic policy developments we can expect in the new y

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

Director’s Cut: How to reform and fortify the global financial system

Bruegel director Guntram Wolff is joined by Tharman Shanmugaratnam, deputy prime minister of Singapore and chair of the G20 Eminent Persons Group, and

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

Director's Cut - The extent of Turkey's crisis

Bruegel director Guntram Wolff welcomes Brad Setser, senior fellow at the Council on Foreign Relations, and Jean Pisani-Ferry, Mercator senior fellow

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.

What's next for France and Europe?

We host a conversation between Jean Pisani-Ferry and Guntram Wolff to discuss what the French election result will mean for France and 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

Government size and output volatility: should we forsake automatic stabilisation?

Stormy weather reforms

Why Europe has caught a cold

Different economic strokes

Rougher times ahead for the Euro area

Transatlantic contrasts

Coming of age: report on the euro area

The end of Europe's longstanding indifference to the renminbi

Le divorce d'avec les chiffres

Grow the Lilliputians

The RMB affair

Lessons from a momentous British week

Transparency is no quick fix

Europe must heed the lessons of Lisbon on Energy Policy

What was he doing at the Eurogroup?

A tale about the Euro exchange rate policy

Challenges for Rato's successor

Testing times for the IMF… and for Europe

Et si la France se mettait à dos la zone euro?

Which way for French economic policy?

Three conditions for a fruitful discussion on the Governance of the Euro area

Faut-il combattre l'euro fort?

Economic consequences of Mr S.

Will France and Germany diverge on Fiscal Policy?

In search of a balanced view of the European Bank

Global imbalances: time for action

Why energy is key for Europe's future

Des déficits sans peine?

The struggling giants

Faut-il conditionner les allégements de cotisations sociales?

A gloomy anniversary

Soumettre la BCE : une proposition sans avenir, mais pas sans conséquences

Global governance: an agenda for Europe

Financial integration and European priorities

Le dissensus de Bruxelles

Economic reforms in the euro area: is there a common agenda?

L'insoutenable excédent chinois

L'Europe va devoir choisir entre le pouvoir et ses apparences

The EU and the governance of globalisation

Europe's eroding wealth of Knowledge

Les Américains préfèrent être riches qu'en vacances

Only basic Reform can deliver legitimacy to the Fund

Ces plombiers polonais qui nous ressemblent tant

There is room for improvement in the appointment of ECB executive board members

L'Europe sert-elle encore à quelque chose?

La flexibilité favorise plus la croissance que l'emploi

Last exit to Lisbon

The Last exit to lisbon

Mediocre growth in the Euro area: is governance part of the answer

The Euro: only for the agile

We Need to be Able to Disagree on European Policies

Sortir de la dette publique

Budget européen : beaucoup d'énergie pour un petit accord

Fiscal policy in EMU: towards a sustainability and growth pact

The goal of this working paper is to take stock of the discussions on the fiscal institutions of EMU, to confront the framework in place to what is

Should Ms Merkel ignore Europe?

Protectionnisme?

Allemagne : moins de réformes, plus de rigueur?

Tuer l'euro serait idiot

Only teamwork can put the Eurozone on a steady course