After a thirty-year pause, discussions on the future of the international monetary system (IMS) have restarted. This is partly due to the fact that the IMS has facilitated, or at least not prevented, the economic and financial imbalances that led to the recent crisis. This paper argues that the...

In spite of the disappointing outcome of some recent summits, notably the most recent in Cannes, the G20 is and should remain the cornerstone of the global financial architecture. Its record of performance in the last three years, reviewed in this paper, is mixed but not as unambiguously...

In this paper Bruegel Visiting Scholar Ignazio Angeloni (European Central Bank), Ester Faia (Goethe University Frankfurt, Kiel IfW and CEPREMAP)  and Marco Lo Duca (European Central Bank) examine the links between monetary policy, financial risk and the business cycle, combining data evidence...

The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visible and disagreement rather than agreement has come to the fore. Against this background, this paper revisits the basic economic and geopolitical...

This paper develops a new underlying inflation gauge (UIG) for China which differentiates between trend and noise, is available daily and uses a broad set of variables that potentially influence inflation. Its construction follows the works at other major central banks, adopts the methodology of...

The euro areaâ??s political contract requires member nations to rely principally on their own resources when confronted with severe economic distress. Since monetary policy is the same for all, national fiscal austerity is the default response to counter national fiscal stress. Moreover, the...

<em>This paper is co-authored by Luca Marcolin, KU Leuven.</em> The paper reviews the current debate on social innovation and proposes a new definition, which stresses the link between social innovation and changes in social capital. By referring to the economic analysis of social capital the authors...

<em>This Working Paper is co-authored by FPB and ICCS.</em> This Working Paper includes two separate parts: The first part describes the work that was achieved with the macro model NEMESIS (page 3) by FPB and SEURECO, and the second part the work that was achieved with the macro model GEM-E3 by the team...

The Working Paper “Innovation and Employment in Spanish Manufacturing Firmsâ€, written by Felipe Rojas Pizarro from the <em>Universidad Complutense de Madrid</em> is now available on-line. The paper is published under the micro-macro area, in the work package “Social dimension of...

This paper investigates the impact of the European Unionâ??s Emission Trading System (EU ETS) at a firm level. Using panel data on the emissions and performance of more than 2000 European firms from 2005 to 2008, we are able to analyse the effectiveness of the scheme. The results suggest that...