Wednesday , September 22 2021
Home / Jean Pisani-Ferry
Jean Pisani-Ferry

Jean Pisani-Ferry

Jean Pisani-Ferry (born July 28, 1951)[1] is a French economist and public policy expert. He serves currently as Commissioner General for Policy Planning under Prime Minister Manuel Valls.[2] He is also a professor at the Hertie School of Governance in Berlin.

Articles by Jean Pisani-Ferry

Global asymmetries strike back

20 days ago

This essay addresses an old question that international relations scholars view as fundamental, but which economists regard as secondary: that of asymmetries in international economic relations.
By:
Jean Pisani-Ferry
Date: September 2, 2021
Topic: Global Economics & Governance

Join the launch event of this publication at 16:00, 2 September.
Asymmetries in the global economy arising from economic concentration, global value chains, financial centres, digital networks and the enduring supremacy of the dominant currency are becoming harder to ignore. This essay provides a cross-cutting economic perspective on the analysis of global asymmetries at a time of growing emphasis on polarisation and power relations.

Read More »

The end of globalisation as we know it

July 1, 2021

Women, Covid-19 & The EU Recovery Plan
How can we ensure that the recovery plan doesn’t leave women behind when 84% of working women in the EU aged 15-64 are employed by services that were predominantly impacted by Covid-19 restrictions?

Speakers: Mary Collins, Maria Demertzis, Alexandra Geese, Jacob Funk Kirkegaard, Dan Mobley, Naomi O’Leary and Emma Rainey
Topic: European Macroeconomics & Governance
Date: June 2, 2021

Read More »

Is Bidenomics more than catch-up?

June 3, 2021

The Biden administration’s promises to ‘think big’ and rebuild the country seem like a major historical departure from decades of policy orthodoxy.

“Let us think big,” exhorted US Secretary of the Treasury Janet Yellen in May. “Let’s build something that lasts for generations.”
Such is the transformative rhetoric behind President Joe Biden’s economic-policy agenda. But what, exactly, will be built, and how will America be transformed? The answer is bound to be as much political as economic, because Biden has set out to respond to the anger that led many workers to vote for his predecessor, Donald Trump.
In recent weeks, much of the US policy debate has focused on the size of the Biden administration’s $1.9 trillion American Rescue Plan, with critics arguing that it represents excessive

Read More »

Central banking’s brave new world

February 24, 2021

Ever since the 2008 financial crisis, central bankers have been busy developing new policy instruments to fight fires and ward off emerging threats. Nonetheless, many secretly dreamed of returning to the good old days of cautious conservatism (with financial stability taken seriously).
By:
Jean Pisani-Ferry
Date: February 24, 2021
Topic: Global Economics & Governance

This opinion piece was originally published in Project Syndicate.

Twenty years ago, central bankers were proudly narrow-minded and conservative. They made a virtue of caring more about inflation than about the average citizen, and took great pains to be obsessively repetitive. As future Bank of England (BOE) Governor Mervyn King said in 2000, their ambition was to be boring.
The 2008 financial crisis abruptly

Read More »

La dette : une obsession prématurée

February 22, 2021

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 engagements sans que cela ne coûte à personne. By: Jean Pisani-Ferry Date: February 22, 2021 Topic: European Macroeconomics & Governance This opinion piece was originally published in Le Monde. …

Read More »

A Global Pandemic Alarm Bell

January 26, 2021

The appearance of new strains of the coronavirus in the United Kingdom, South Africa, and Brazil has given the world no choice but to design and implement a comprehensive global strategy. So, what’s stopping that from happening?
By:
Jean Pisani-Ferry
Date: January 26, 2021
Topic: Global Economics & Governance

Seen from Europe, Asia, or even North America, Manaus, the capital of the Brazilian state of Amazonas, is as remote as can be. Yet the 501.Y.V3 variant of the coronavirus recently detected there has already been identified as a global threat, because its emergence in a city where two-thirds of the population was already infected in the spring of 2020 suggests that acquired immunity does not protect against it.
Scientists speculate whether 501.Y.V3 may also thwart some of

Read More »

Grading the big pandemic test

November 27, 2020

COVID-19 almost one year on, it is time to assess who passed the test, and who failed.
By:
Jean Pisani-Ferry
Date: November 27, 2020
Topic: Global Economics & Governance

This opinion post was originally published in Project Syndicate.

PARIS – From the moment the COVID-19 emerged as a global threat, it was clear that it would test every society’s strength, resilience, and response capabilities. Almost one year on, it is time to assess who passed the test, and who failed.
From a public-health standpoint, the answer is clear: East Asia – including Australia and New Zealand – passed the test with flying colours. As for the rest, Europe performed unevenly, the United States stumbled badly, and developing countries have struggled.
To be sure, luck played more than its part in

Read More »

Globalisation needs rebuilding, not just repair

October 29, 2020

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. It should start with a clear identification of the problems that the international system must tackle.
By:
Jean Pisani-Ferry
Date: October 29, 2020
Topic: Global Economics & Governance

This opinion post was originally published in Project Syndicate.

A second term for US President Donald Trump would complete the demolition of the post-war international economic system. Trump’s aggressive unilateralism, chaotic trade initiatives, loathing of multilateral cooperation and disregard for the very idea of a global commons would overpower the resilience of the web of rules and institutions that underpin globalisation. But would a

Read More »

European Union recovery funds: strings attached, but not tied up in knots

October 27, 2020

Ensuring effective recovery spending is a high-stakes challenge for the European Union, with the potential for derailment because of fuzzy objectives and overloaded procedures. The EU should work with member countries to identify limited policies that will maximise the impact of EU investment, while accounting for spillovers.
By:
Jean Pisani-Ferry
Date: October 27, 2020
Topic: European Macroeconomics & Governance

The European Union’s plan for aiding recovery in member states hit by the coronavirus crisis has been rightly hailed as a major breakthrough for the bloc. But there is much less clarity on the plan’s economic aims, its priorities and the content of the contractual arrangements it should entail between the EU and member countries. The plan’s main plank, the Recovery

Read More »

Trump’s International Economic Legacy

September 29, 2020

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 the US’s relationship with China, the decoupling of economic links could continue, and that could force Europe into hard choices.
By:
Jean Pisani-Ferry
Date: September 29, 2020
Topic: Global Economics & Governance

This opinion post was originally published in Project Syndicate.

It would be foolish to start celebrating the end of US President Donald Trump’s administration, but it is not too soon to ponder the impact he will have left on the international economic system if his Democratic challenger, Joe Biden, wins November’s election. In some areas, a one-term Trump presidency would most likely leave an insignificant mark, which

Read More »

Europe’s recovery gamble

September 25, 2020

Next Generation EU, was rightly hailed as a major breakthrough: never before had the EU borrowed to finance expenditures, let alone transfers to member states. But the programme and its Recovery and Resilience Facility amount to a high-risk gamble.
By:
Jean Pisani-Ferry
Date: September 25, 2020
Topic: Finance & Financial Regulation

This opinion post was originally published in Project Syndicate.

To help their pandemic-hit economies recover, European Union leaders agreed in July to borrow €750 billion to finance €390 billion in grants and €360 billion in loans to the bloc’s member states. The programme, Next Generation EU, was rightly hailed as a major breakthrough: never before had the EU borrowed to finance expenditures, let alone transfers to member states.
But the

Read More »

The Challenges of the Post-Pandemic Agenda

July 28, 2020

This opinion piece has previously been published in Project Syndicate. PARIS – 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 revolution, China’s embrace of capitalism, and the demise of the Soviet Union. The pandemic has highlighted the vulnerability of […]

PARIS – 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 revolution, China’s embrace of capitalism, and the demise of the Soviet Union. The pandemic has highlighted the vulnerability of human societies and fortified support for urgent climate action. And it has strengthened governments’ hand, eroded already-shaky support for globalization, and

Read More »

The message in the ruling

May 12, 2020

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 important question.
By:
Jean Pisani-Ferry
Date: May 12, 2020
Topic: European Macroeconomics & Governance

From its pretence to establish itself as a custodian of the custodians to the narrowness of its perspective on central bank policy and the parochial assessment of the distributional consequences of monetary decisions, there is much to criticize in the ruling by the German Constitutional Court on the asset purchase programme initiated by the ECB in 2015. But it can hardly be blamed for raising an important question.
Europe’s central bank was born with the precisely defined mandate of preserving price stability. Over the years,

Read More »

Building a Post-Pandemic World Will Not Be Easy

April 30, 2020

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 epoch may jeopardize our continued existence, and that benign everyday behavior can result in catastrophic outcomes, such similarities must not obscure crucial differences.

PARIS – Die-hard green militants regard it as obvious: the COVID-19 crisis only strengthens the urgent need for climate action. But die-hard industrialists are equally convinced: there should be no higher priority than to repair a ravaged economy, postponing stricter environmental regulations if necessary. The battle has started. Its outcome will define the post-pandemic world.
Both the public-health crisis and the climate crisis highlight the limits of humanity’s power

Read More »

Facts, not words: the EU role in the de-confinement phase

April 22, 2020

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 be. But in connection to research on treatments and vaccines, it has a vital role to play in the collection and dissemination of accurate information on the development of the pandemic. In a situation dominated by fear and uncertainty, information is an essential ingredient for rebuilding trust, for creating the conditions for the gradual reopening of borders and for paving the way for common initiatives and policies. This is not something that member states will do by themselves. They need the EU to step in quickly.
By:
Jean Pisani-Ferry
Date: April 22, 2020
Topic: European Macroeconomics & Governance

Each year, 500 million

Read More »

Will the economic strategy work?

April 1, 2020

Because even thriving companies can be killed in a matter of weeks by a recession of the magnitude now confronting the world, advanced-economy governments have reacted in a remarkably similar fashion to the COVID-19 crisis. But extending liquidity lifelines to private businesses and supporting idled workers assumes a short crisis.
By:
Jean Pisani-Ferry
Date: April 1, 2020
Topic: European Macroeconomics & Governance

With the COVID-19 crisis bringing France to a halt, Insee, the French statistical institute, puts the drop in economic activity relative to normal at 35%. It reckons that the fall in household consumption is of a similar magnitude.
These numbers imply that each additional month of lockdown reduces annual GDP by three percentage points. And sectoral situations are

Read More »

Britain faces a triple contradiction

January 30, 2020

If Boris Johnson can negotiate agreements that are better than the EU system, it would be a serious challenge for the 27 By: Jean Pisani-Ferry Date: January 30, 2020 Topic: European Macroeconomics & Governance This opinion piece was originally published in Le Monde.This piece forms part of Bruegel’s ongoing work in EU3D, a research project that examines differentiation in the European political order. The EU3D project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 822419.He was believed to be an entertainer, he turned out to be a political strategist. Thanks to a crushing victory last December, where he managed to remove the Labour party from its working-class strongholds, Boris Johnson ‘got Brexit done’. The

Read More »

Explaining the triumph of Trump’s economic recklessness

January 29, 2020

The Trump administration’s economic policy is a strange cocktail: one part populist trade protectionism and industrial interventionism; one part classic Republican tax cuts skewed to the rich and industry-friendly deregulation; and one part Keynesian fiscal and monetary stimulus. But it’s the Keynesian part that delivers the kick. By: Jean Pisani-Ferry Date: January 29, 2020 Topic: Global Economics & Governance PARIS – Since he was elected US president, Donald Trump has done almost everything standard economic wisdom regards as heresy. He has erected trade barriers and stoked uncertainty with threats of further tariffs. He has blackmailed private businesses. He has eased prudential standards for banks. He has time and again attacked the Federal Reserve for policy not to his

Read More »

The Green Deal is not just one of many EU projects, it is the new defining mission

January 3, 2020

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.Most flags are multicoloured. Together with red-flagged China, the blue-flagged European Union is one of the few monochrome entities. Not anymore, apparently: the EU’s new defining project colours it green. At a meeting in mid-December, the leaders of all EU countries except one (Poland, not the United Kingdom) officially endorsed the goal of achieving climate neutrality—zero net emissions of greenhouse gases—by 2050.European Commission President Ursula von der Leyen wants to go further. Next March, she plans to introduce a “climate law” to ensure that all European policies are geared toward the climate neutrality objective. She wants member

Read More »

Understanding populism

January 2, 2020

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 also the most distant from the ideas we reject By: Jean Pisani-Ferry Date: January 2, 2020 Topic: European Macroeconomics & Governance How did Boris Johnson conquer the Midlands? What reason do American workers have for supporting Trump, whose policies favour the wealthy? How did Salvini, yesterday’s champion of northern selfishness, manage to extend his grip to the rest of Italy? To answer these questions, one must understand populism.Yann Algan, Elizabeth Beasley, Daniel Cohen and Martial Foucault have described the phenomenon as a symptom of desocialization. The disintegration of class, they argue, has left individuals in a state

Read More »

Europe can take a bigger role in providing public goods

December 5, 2019

The EU should invest where it can deliver more value than member states acting alone. By: Jean Pisani-Ferry Date: December 5, 2019 Topic: European Macroeconomics & Governance Now that the EU has a newly elected parliament and a new commission, what should be its agenda for the future?Traditionally, its focus has been on economic integration, for example through the single market, the euro or banking union. There are some common policies, but overall the EU budget is small and mostly spent on agricultural subsidies and transfers to poorer regions. European integration delivers benefits, but it is not a sufficient answer to the challenges Europe faces today.Times are changing. The race for new technologies intensifies; Europe can no longer rely on the US for its defence; rivalry

Read More »

Europe: en finir avec la politique en silos

October 8, 2019

Projetée dans un monde de rapport de force dont les principaux protagonistes ne séparent pas géopolitique et économie, l’UE va devoir conduire un changement de logiciel culturel, une mutation organisationnelle et un rééquipement opérationnel, explique l’économiste Jean Pisani-Ferry. By: Jean Pisani-Ferry Date: October 8, 2019 Topic: European Macroeconomics & Governance La nouvelle présidente de la Commission européenne, Ursula von der Leyen, s’est donné pour but de bâtir une Commission géopolitique au service d’une Europe plus stratégique, qui soit capable de s’affirmer dans un monde marqué par l’aiguisement des rivalités.Elle n’aura pas la tâche facile. Car l’Union européenne est ce que l’économiste André Sapir avait appelé un pouvoir morcelé (Fragmented Power: Europe and the

Read More »

Thomas Piketty’s New Book: Impressive Research, Problematic Solutions

October 3, 2019

Thomas Piketty’s Capital in the Twenty-First Century blended history, statistics, and theory. Capital and Ideology his new magnum opus, is long enough (1,200 pages) to lump together several books: a quantitative history of inequality through time and space, from medieval Europe and ancient India to present-day societies; a largely noneconomic theory of social stratification; an investigation into the social roots of current populism; and a political manifesto for the European left.From the extraordinary wealth of its empirical material to the breadth of its cultural scope, and from the rare alliance of statistical precision and literary references to the level of its intellectual and political ambition, there is much to commend in this remarkable book.From a policy standpoint, however, its

Read More »

How to ward off the next recession

October 2, 2019

Despite confident official pronouncements, the deteriorating state of the global economy is now high on the international policy agenda. The OECD recently revised down its forecasts to 1.5% growth in the advanced G20 economies in 2020, compared to almost 2.5% in 2017. And its chief economist Laurence Boone warned of the risk of further deterioration – a coded way of indicating a growing threat of recession.Structural shifts in the automobile industry, miserable productivity gains in advanced economies, shrinking spare capacity, and the build-up of financial fragilities would be sufficient causes for concern, even in normal times. But there is more: a combination of cracks in the global trading system and an unprecedented shortage of policy ammunition are adding to the worries.As the OECD

Read More »

Questions to the High Representative and Vice-President-designate Josep Borrell

September 30, 2019

Josep Borrell, the incoming High Representative and Vice-President-designate must explain how von der Leyen’s ‘geopolitical Commission’ intends to adapt to a global landscape dominated by an intensifying rivalry between Washington and Bejing. By: Jean Pisani-Ferry Date: September 30, 2019 Topic: European Macroeconomics & Governance In her mission letter, President-elect von der Leyen emphasises that she wants the next Commission to be a ‘geopolitical Commission’. She envisages a more strategic, more assertive and more united Union in its approach to international relations, and she would like the High Representative / Vice-President to contribute to creating a stronger link between the internal and the external aspects of EU policies so that the external action becomes a

Read More »

Collective action in a fragmented world

September 11, 2019

International collective action is in search of a new paradigm. It cannot rely anymore on global binding rules supported by universal institutions. New forms of cooperation have emerged in a number of fields. Europe should equip itself to be an effective player in this new global game. This calls for internal governance reforms. By: Jean Pisani-Ferry Date: September 11, 2019 Topic: Global Economics & Governance The issueThere is a greater need than ever for international collective action. From climate preservation to financial stability and internet security, heightened interdependence calls for common responses to global threats. Obstacles to global collective action are no less formidable. Beyond President Trump’s stance and worldwide concerns over sovereignty, the China-US

Read More »

Dousing the Sovereignty Wildfire

September 3, 2019

In time, the current spat between French President Emmanuel Macron and his Brazilian counterpart Jair Bolsonaro regarding the Amazon rainforest may become a mere footnote. But other rows between collective and national interests are sure to erupt, and the world needs to find a way to manage them. By: Jean Pisani-Ferry Date: September 3, 2019 Topic: European Macroeconomics & Governance PARIS – On the eve of the recent G7 summit in Biarritz, French President Emmanuel Macron described the Amazon rainforest as “the lungs of our planet.” And because the rainforest’s preservation matters for the whole world, Macron added, Brazilian President Jair Bolsonaro cannot be allowed “to destroy everything.” In reply, Bolsonaro accused Macron of instrumentalizing “an internal Brazilian issue,”

Read More »

Retraites : pour la clarté

September 3, 2019

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 système par points. By: Jean Pisani-Ferry Date: September 3, 2019 Topic: European Macroeconomics & Governance This opinion piece was originally published by Le Monde1993, 2003, 2007, 2010, 2013, 2019 : voici donc venir la sixième réforme des retraites. À coup de changement des règles d’indexation, de recul de l’âge légal et d’augmentation de la durée de cotisation, les cinq premières ont surtout cherché à contenir la hausse du poids des pensions dans le revenu national. Nécessaires du fait la démographie, elles ont été douloureuses : si les hommes nés en 1940 sont partis à 60 ans avec 80% de leur salaire, ceux de 1980 partiront à 64

Read More »

The Coming Clash Between Climate and Trade

August 1, 2019

The new leaders of the European Union, who have relentlessly championed open markets, will, ironically, likely trigger a conflict between climate preservation and free trade. But this clash is unavoidable, and how Europe and the world manage it will help to determine the fate of globalisation, if not that of the climate.The incoming president of the European Commission, Ursula von der Leyen, has laid out a highly ambitious climate agenda. In her first 100 days in office, she intends to propose a European Green Deal, as well as legislation that would commit the European Union to becoming carbon neutral by 2050. Her immediate priority will be to step up efforts to reduce the EU’s greenhouse-gas emissions, with the aggressive new goal of halving them (relative to 1990 levels) by 2030. The

Read More »

Farewell, flat world

July 2, 2019

In the last 50 years, the most important economic development has been the diminishing income gap between the richer and poorer countries. Now, there is a growing realisation that transformations in the global economy have been re-established centrally from intangible investments, to digital networks, to finance and exchange rates.

Fifty years ago, the conventional wisdom was that rich countries dominated poor countries, and it was widely assumed that the former would continue to get richer and the latter poorer, at least in relative terms. Economists like Gunnar Myrdal in Sweden, Andre Gunder Frank in the United States, and François Perroux in France warned of rising inequality among countries, the development of underdevelopment, and economic domination. Trade and foreign

Read More »