We review the competing explanations of the 2007-2008 global crisis, recall how governments around the world had to depart from established policy stances, and reflect on the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The G-20 has addressed important...

[Introduction ...] The goal of this contribution is to take stock of the academic and policy discussions on the fiscal institutions of EMU, to confront the framework in place with what is known of the desirable properties of fiscal policy in a monetary union, and to discuss possible...

Contents: 1. Forum Economique Franco-Allemand - Deutsch-Französisches Wirtschaftspolitisches Forum...1 -- 2. Opening Address, Klaus Bünger...2 -- 3. EMU and Transatlantic Exchange-Rate Stability - Agnès Bénassy-Quéré and Benoît Mojon...5 -- 4. What Exchange Rate Policy in EMU? - Manfred...

Contents: 1. Jürgen von Hagen, Jean Pisani-Ferry - Forum Economique Franco-Allemand /Deutsch-Französisches Wirtschaftspolitisches Forum ...1 -- 2. Karel Lannoo - Financial Supervision in EMU ...3 -- 3. Charles Wyplosz - Economic Policy Coordination in EMU: Strategies and Institutions...36 --...

We examine the effect of exchange-rate misalignments on competition in the market for large commercial aircraft. This market is a duopoly where players compete in dollar-denominated prices while one of them, Airbus, incurs costs mostly in euros. We construct and calibrate a simulation model to...

The G20 is not just a G7 with Extra Chairs is a joint paper written by Agnes Benassy-Quere, Rajiv Kumar and Jean Pisani-Ferry (Director of Bruegel) following the International Cooperation in Times of Global Crisis: Views from G20 Countries conference in Delhi on 14th and 15th of September,...

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....

Europe's failure to manage a bold, common response would further increase divergence, strengthen anti-European forces and fuel populism.

The euro area crisis was less a crisis of the euro than a crisis of the Maastricht doctrine. The latter was based on a triple ban: no monetization of fiscal deficits, no bail-out, no sovereign default. The euro architecture was also based on a strict division of tasks: the European Central Bank...