Adviser, European Parliament. Former: Member, advisory bodies, French Ministry of Finance and French Prime Minister; Editor, International Finance; Member, Shadow Council, Handelsblatt. Member, Advisory Scientific Committee, European Systemic Risk Board. Deputy Chair, Supervisory Board, Eurizon Capital. Author: Winds of Change in Central and Eastern Europe (1995, 2001); European Monetary Integration, from EMS to EMU (1997). Expertise and interests: international economics, financial markets and currencies, European integration, European monetary union.
Many European governments are trying to combat the second wave of the COVID-19 pandemic by imposing a “lockdown light,” usually including limitations on the operations of restaurants, bar...
Central banks aim for price stability, and today, prices are largely stable across much of the developed world. Yet central bankers declare themselves unsatisfied. Some policymakers, most...
The view that deficits and higher public debt can be beneficial received an important boost via Olivier Blanchard’s 2019 presidential address at the American Economic Association (Blancha...
One of the great claims made for the euro was that it would rival the US dollar as a second global reserve currency. These hopes have failed to materialize. The euro’s importance in globa...
The euro’s first 20 years played out very differently than many expected, highlighting the importance of recognizing that the future is likely to be different from the past. Given this, o...
Market volatility has surged lately, apparently vindicating those who have warned of lofty equity valuations. But, even as the US stock market suffered one of its worst weeks since the fi...
El libre comercio parece tener pocos defensores estos días. Si bien los volúmenes comerciales reales se están recuperando de la recesión post-crisis y de la caída de los precios de las m...
La demografía no determina el destino, al menos no del todo. A lo largo de siglos, las políticas pueden afectar las decisiones de fertilidad, y la migración puede transformar a un país, c...
Hace apenas cuatro meses, cuando el europeísta Emmanuel Macron fue elegido presidente de Francia, parecía que la Unión Europea finalmente podía aspirar a un período de calma. Pero la calm...
El tema de la reunión de este año de directores de bancos centrales de todo el mundo en Jackson Hole (EE. UU.) tuvo poco que ver con la política monetaria. No es que “Fomentar una economí...
Los bancos centrales tienen un problema: el crecimiento en gran parte del mundo se está acelerando, pero la inflación no ha despegado. Por supuesto, para la mayoría de las personas, el c...
近年来，关于全球化的大多数报道都关注了其所面临的问题：贸易水平日益下降，人们也废弃了大型区域贸易协定。的确，美国已经退出了跨太平洋合作伙伴关系协议（TPP，由包括美国和日本在内的太平洋沿岸的12个国家共同签订）；美国与欧盟的跨大西洋贸易与投资伙伴协议的谈判也被搁置。
Most reports about globalization in recent years have focused on its problems, such as declining levels of trade and the abandonment of “mega-regional” trade agreements. Indeed, US Presid...
La mayoría de los análisis de la globalización en años recientes han hecho hincapié en sus problemas, por ejemplo, la disminución del comercio internacional y el abandono de los tratados ...
When it comes to bilateral trade, gains and losses are distributed asymmetrically between the larger and the smaller economy. In the best of times, that would be bad news for the United K...
