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Tag Archives: Global Economics & Governance

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. 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...

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Argentina, plus ça change…

Recent primary elections in Argentina saw the defeat by a wide margin of President Macri. This fueled market volatility given expectations of a reversal of reforms after national elections in October; the recent re-introduction of capital controls attests to the extent of the economic fallout. With Macri’s end in sight, this post will review the evolution of the Argentinian economy during his term.When Macri assumed office in 2015, markets viewed his economic programme favourably (the...

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Truths about Trade: A speech by Cecilia Malmström

Cecilia Malmström, European Commissioner for Trade, talks on the truths of EU trade at the Bruegel Annual Meetings 2019. By: Cecilia Malmström Date: September 4, 2019 Topic: Global Economics & Governance Ladies and gentlemen,Today I want to discuss truth.In the age we live in – of instant communication, simplified messages and government by Twitter – truth can be difficult to hold on to. There is a quote, attributed to Mark Twain: “A lie travels around the globe while the truth...

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Braver, greener, fairer: Memos to the EU leadership 2019-2024

This collected volume, edited by Maria Demertzis and Guntram Wolff, focusing on the most important economic questions at EU level. The memos covering 16 different files and written by 21 Bruegel scholars, are intended to present the strategic to-do list based on an assessment of the state of affairs and the challenges that will greet the new Commissioners.The policymakers who will lead the European Union until 2024 take office in the context of a more favourable economic environment than...

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Last Tango In Biarritz: The End Of The G7?

The seemingly omnipotent G7, the meeting of the seven largest developed economies in the world, is weakening continuously and, as the author suggests, this should worry us all.The meeting of the seven largest developed economies in the world, the seemingly omnipotent G7, just concluded proceedings in Biarritz under the French presidency. Notwithstanding Emmanuel Macron’s attempt to climb the ranks of world leadership, the reality is that not much has been achieved at this summit, if at all. ...

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Is this really a currency war or just a tantrum?

Since the People’s Bank of China (PBOC) allowed the yuan to surpass the dreaded level of 7 to the dollar on August 11, rivers of ink have flowed citing a new matter of contention between the U.S. and China, namely using currencies to gain competitiveness or, more simply, a "currency war."Previous versions of this opinion piece were published by Forbes and El PaisTo describe the events as a currency war may seem logical because another type of “war” between the U.S. and China, namely the trade...

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How long is the head table?

International cooperation often depends on how many nations take part in negotiations. But what is the optimal number of actors for effective collective action and should EU nations states negotiate as many or as one? It is well known that the effectiveness of collective action depends negatively on the number of participants. For this reason, Olson (1965) considers group size as a key variable to monitor when analysing impediments to collective action. Sandler (2005) regards the difficulty...

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Hong Kong’s economy is still important to the Mainland, at least financially

Hong Kong’s current situation is important for the world in as far as its role as major offshore financial centre is key for China’s inbound and outbound investment and financing. Capital outflows from Hong Kong are especially risky given Hong Kong's so far useful but rigid monetary regime, namely a peg to the USD under a currency boardDiscontent is running deep in Hong Kong, currently facing the most severe political crisis since the handover almost two decades ago. The recent turmoil has...

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The Democrats need to have a climate-only TV debate. For Americans and for the rest of us

A series of global summits mean the months between now and November 2020 will be crucial to the future of climate change. By: Simone Tagliapietra Date: August 6, 2019 Topic: Global Economics & Governance When Catholics are busy choosing a new Pope the whole world watches Italy and when Americans are busy choosing a new president, the whole of Italy watches America. We used to watch for entertainment, but these days we watch because we’re scared.For American voters, climate...

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