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Tag Archives: Global Economics & Governance

A Late Bloomer: where is China’s climate plan?

The world awaits China's concrete plan on carbon reduction, but the country is following its own pace. Check the previous editions of ZhōngHuá Mundus Sign up for the newsletter As the largest global emitter of greenhouse gases, China is key to the success of the upcoming COP26 and the global effort for climate neutrality by the mid-century. Yet two months ahead of the Glasgow convention, China has yet to present a concrete policy path to become net-zero by 2060. Why is China taking so long...

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What is behind China’s Dual Circulation Strategy?

China's dual circulation strategy should not be dismissed as a buzzword: its implementation will entail major consequences. Dual circulation may sound like a buzzword without much relevance, but it is not. It actually enshrines China’s long-standing ambition to become self-sufficient. Such an ambition was made known to the world in 2015 after the launch of China’s industrial policy masterplan, Made in China 2025, even though the world at the time was still in full engagement with China....

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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 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...

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Increasing the global supply of essential medical supplies: Time for Europe to step up its global leadership

Europe has already made a significant financial contribution to beating the pandemic, now it has the oppurtunity and moral responsibility to do more. The COVID-19 pandemic is nowhere near its end at a global level. What is worse, new pandemics are likely to endanger global health in the coming decades, with severe consequences for livelihoods and economic activity. Preventing pandemics is a global public good like climate change mitigation: the world needs to act collectively to avoid...

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The European Union’s carbon border mechanism and the WTO

To avoid any backlash, the European Union should work with other World Trade Organisation members to define basic principles of carbon border adjustment mechanisms. According to the World Bank’s Carbon Pricing Dashboard, as of April 2021, 45 countries had in place national or supra-national carbon pricing schemes, in the form of either an emission trading system (ETS) or a carbon tax. Although existing schemes still only cover 18.8% of global greenhouse gas emissions, the international...

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Building the Road to Greener Pastures

How the G20 can support the recovery with sustainable local infrastructure investment. We owe our gratitude to Suman Bery, Nicola Bilotta, Maria Demertzis, Alberto Franco Pozzolo, Simone Tagliapietra, Guntram Wolff, and Georg Zachmann for their input and comments, as well as Alma Kurtovic for her excellent management of this project. We would also like to thank the Italian Ministry of Finance and Economics and the members of the G20 Infrastructure Working Group for their valuable feedback...

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Could the RMB dislodge the dollar as a reserve currency?

A Global Deal for Our Pandemic Age Report of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response. By: Tharman Shanmugaratnam, Lawrence H. Summers, Ngozi Okonjo-Iweala, Ana Botin, Mohamed El-Erian, Jacob Frenkel, Rebeca Grynspan, Naoko Ishii, Michael Kremer, Kiran Mazumdar-Shaw, Luis Alberto Moreno, Lucrezia Reichlin, John-Arne Røttingen, Vera Songwe, Mark Suzman, Tidjane Thiam, Jean-Claude Trichet, Ngaire Woods, ZHU Min, Masood Ahmed,...

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What should public spending look like?

What should we do about the increase in public spending due to COVID-19? Bruegel Director Guntram Wolff and Former Deputy Secretary-General of OECD Ludger Schuknecht discuss. Here’s what’s clear: public spending is on the rise. Public expenditure ratios have quadrupled since 1870, and increased even more in the recent COVID-19 pandemic. Is that good or bad? What does responsible public spending look like? How should governments institute reforms in order to improve their public spending...

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CCP’s 100th Anniversary: Reflecting and looking forward

As the Chinese Communist Party celebrates its 100th anniversary, we looked into the past, future and present of the country's economic development. Check the previous editions of ZhōngHuá Mundus Sign up for the newsletter On July 1st, 2021, the Chinese Communist Party celebrated its 100th anniversary. Today, Bruegel’s Giuseppe Porcaro speaks with Bruegel Senior Fellow Alicia García-Herrero and Professor Steve Tsang, Director of SOAS China Institute at University of London about the past,...

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