This paper argues that transparency-boosting measures specifically tailored to commodity and commodity derivatives markets are much needed. In particular, encouraging the creation of a clearing infrastructure for OTC commodity and commodity derivatives markets would be desirable. Moreover, EU...

In the last two years, the major jurisdictions for equity trading, the U.S. and the E.U., introduced significant reforms in their market structure regulation, following diametrically opposite approaches. While the E.U. effort is deregulatory and decentralized, aiming to facilitate competition...

This paper argues that transparency-boosting measures specifically tailored to commodity and commodity derivatives markets are much needed. In particular, encouraging the creation of a clearing infrastructure for OTC commodity and commodity derivatives markets would be desirable. Moreover, EU...

The new European economy, complete with monetary union, gave rise to the emergence of a New European Economic Policy (NEEP). This paper takes as its task the analysis of: i) forms of the European Union elaborating on some of the specifics of the NEEP; ii) the problems the new European economy...

Europe’s growth outlook has weakened notably in the wake of the global financial crisis, and policy-makers are understandably preoccupied with achieving a near-term rebound. But sustained growth can only be achieved by also addressing the structural causes of low growth. One such element is...

Theories of international cooperation (TIC) predict that deeper economic integration raises the costs of policy conflicts and promotes coordination. As the US-EU economy makes up 60 per cent of the world GDP, policymakers on the two sides of the Atlantic are expected to assign highest priority...

[Introduction]. Until the 19th and mid-20th centuries, economic theory explained that the economic status of a country was represented by the strength of its currency.2 This strength is measured by the exchange rate of one currency vis-á-vis another currency, a “zero-sum” game in which one...

Over the last decade the global economy has been on a dynamic path with ever-increasing US current account deficits financed by emerging market surpluses. This report argues that the forces driving this development are now abating and might even reverse soon, forcing an adjustment in asset...