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What to Expect From ECB Rate Decision

Thursday, 16 July 2015
Jonathan Ferro
Bloomberg's Jonathan Ferro previews the ECB rate decision. University of California Berkeley Professor Barry Eichengreen also speaks on "Bloomberg Surveillance."

La historia inacabada del euro

Monday, 13 July 2015
Juan Manuel Moreno-Luque
Paul Jenkins, taking the example of the Canadian provinces, in a book published in 1997 by the IMF, comments that markets would penalize the weakest imposing prohibitive interest or refuse to lend.

Behind the scenes at the IMF on a fateful day in the Greek crisis

Tuesday, 7 July 2015
Ever since Greece received its first giant package of emergency loans in May 2010, the International Monetary Fund has come under criticism for joining a rescue effort that flopped at saving the Greek economy from disaster. Most controversially, the IMF changed one of its own rules designed to keep it from piling more loans atop countries with potentially unpayable debts.

Speaking the Same Language: Climate Change and Finance Policy

Monday, 6 July 2015
On July 2, 2015 at the South African Institute for International Affairs (SAIIA) in Johannesburg, CIGI co-hosted a workshop on ‘Global Sustainability, Climate Change and Finance Policy’ from a South African perspective.

Prioritizing International Monetary and Financial Cooperation for the G20: Views from the T20

Friday, 12 June 2015
This policy brief is a stock-taking of the proceedings of the Think 20 conference held in Ottawa on May 3–5, 2015, and co-hosted by the Centre for International Governance Innovation and The Economic Policy Research Foundation of Turkey. The meeting involved representatives of think tanks from G20 countries, leading international experts and a number of senior officials.

European Banking Union, Three Years On

Thursday, 11 June 2015
Banking union involves the transfer of authority over banking policy from the national to the European level. This paper describes the rationale for banking union, four key pieces of legislation that constitute its legal foundation and two mechanism that form its key pillars.

Industrial policy revisited

Tuesday, 9 June 2015
Policy fads can be as fickle as fashion trends. Many years ago, industrial policy was all the rage. Proponents argued that "strategic" interventions in key industries could foster development and spur growth. Japan, with its mighty Ministry of International Trade and Industry (MITI) was held up as a model. And books with titles such as "Japan as Number One" warned ominously that countries failing to identify and support strategic sectors would risk falling progressively behind.

The American Idea that is Guiding China’s Governance Model for the AIIB

Monday, 8 June 2015
In the first year he was treasury secretary, Henry Paulson went to China at least four times. His was on a mission to take relations to another level. (His mission changed abruptly in the autumn of 2008.)

Mexican Perspectives on Sovereign Debt Management and Restructuring

Wednesday, 27 May 2015
On April 22, 2015, CIGI’s Global Economy Program co-hosted a workshop with the Mexican Council on Foreign Relations to discuss Mexican perspectives on sovereign debt restructuring. Taking place in Mexico City, the workshop featured expert participants from the public and private sectors, as well as think tanks and academia. This policy brief reviews and elaborates on key themes from the discussions.

Infrastructure, Secular Stagnation, and the Waiting for Godot Economy

Monday, 25 May 2015
A previous post, here, highlighted the very low interest rates that prevail in the “waiting for Godot” global economy. These rates may reflect a post-crisis, paradox of thrift economy, with uncertainty about the future raising savings, driving interest rates down, and retarding investment. Historically low interest rates are indicative of savings in excess of investment. If the global economy was at or above full employment, we could be reasonably confident in saying that the problem was too much investment; with the global continuing to labour under a chronic insufficient global aggregate demand, the problem may be too little investment.
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