The single market is often perceived as the panacea for Europe's economic troubles. It is believed that completing the single market would boost welfare, stimulate growth and increase European competitiveness. However, identifying and quantifying the channels through which market integration is...

All European Union countries are undergoing severe output losses as a consequence of the COVID-19 crisis, but some have been hurt more than others. In response to the crisis, EU leaders have agreed on a Recovery and Resilience Fund (RFF), which will help all EU countries, but those hit hardest...

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already...

The financial crisis exposed Europe's inadequacy in developing an effective banking resolution framework that could bring together national authorities and set guidelines for their coordination. The European Commission, through its assessment of state aid cases, managed to avoid single market...

André Sapir produced this short paper at the request of Commissioner Mandelson for the Expert Seminar on Trade Defence Instruments at the European Commission.