Reform of the international monetary system is under discussion after three decades of apathy. Tectonic shifts in the balance of international power have made reform more urgent. However, in the short term, there is little chance of a grand redesign of the international monetary system....

Extensive prior research on the economics of European monetary union highlighted some potential risks (the known unknowns) but overlooked others (the unknown unknowns). Asymmetries among participating countries, the potentially destabilising character of a one-size-fits all monetary policy, the...

In this Policy Contribution, Jean Pisani-Ferry, takes a look at the way the IMF his gradually making its come-back from an era of crisis confidence and legitimacy. The author believes the Fund could gain a significant role as the key institution that links macroeconomic and financial...

Jean Pisani-Ferry discusses the development of globalisation during the last decade and the challenges ahead. The speed and magnitude of the transformation affecting the world economy are larger than initially envisaged, while domestic policy reforms and redistribution have often been...