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....

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,...

[Highlights] Fully-fledged federations assign fiscal policy stabilisation largely to the federal level, based on a relatively large budget. In the euro area, a large federal budget is unrealistic at the current level of political and societal integration, and fiscal stabilisation will continue...

COVID-19 has underlined that in a context of recurring pandemics, public health is a basic global public good, the provision of which presupposes effective and timely collective action at global level. It has exposed the limitations of the prevailing framework. This Policy Contribution positions...

Uncertainty about the supply of Russian natural gas is causing extremely high and volatile European gas and electricity prices. European Union countries may struggle to import sufficient volumes of natural gas at reasonable prices. During the summer, the imperatives are to fill storage sites...

France's President Emmanuel Macron and Germany's Chancellor Olaf Scholz have stressed the geopolitical emergency of re-designing the European Union's relationship with its neighbourhood. Both acknowledge that EU enlargement is necessary, but also emphasise that profound EU institutional reform...

For Europe, the war in Ukraine is a first-order economic shock. While the direct fiscal implications of taking care of refugees, increasing military spending and strengthening energy autonomy remain limited, the impact of elevated energy and food prices on national income and its distribution is...

The European Union's banking union project started in mid-2012 in response to the euro-area crisis, with the goal of breaking the bank-sovereign vicious circle. The objective was also to restore private liability in banking and to move towards an integrated supranational market for banking...

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...