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1st Editorial Board Meeting

  • 10
  • Feb
  • 14

1st Editorial Board Meeting

Sanctioning China in a Taiwan crisis: Scenarios and risks

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Date of Editorial Board meeting: 
Publication date: 
Wednesday, June 21, 2023
Abstract in English: 
In recent months, growing tensions in the Taiwan Strait as well as the rapid and coordinated Group of Seven (G7) economic response to Russia’s invasion of Ukraine have raised questions—in G7 capitals and in Beijing alike—over whether similar measures could be imposed on China in a Taiwan crisis. This report examines the range of plausible economic countermeasures on the table for G7 leaders in the event of a major escalation in the Taiwan Strait short of war. The study explores potential economic impacts of such measures on China, the G7, and other countries around the world, as well as coordination challenges in a crisis.
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40
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Generative AI and Jobs: A global analysis of potential effects on job quantity and quality

Date of Editorial Board meeting: 
Publication date: 
Monday, August 21, 2023
Abstract in English: 
The study, Generative AI and Jobs: A global analysis of potential effects on job quantity and quality, suggests that most jobs and industries are only partly exposed to automation and are more likely to be complemented rather than substituted by the latest wave of Generative AI, such as chatGPT. Therefore, the greatest impact of this technology is likely to not be job destruction but rather the potential changes to the quality of jobs, notably work intensity and autonomy.
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55
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OECD-FAO Agricultural Outlook 2023-2032

Date of Editorial Board meeting: 
Publication date: 
Thursday, July 6, 2023
Abstract in English: 
The OECD-FAO Agricultural Outlook 2023-2032 provides a consensus assessment of the ten-year prospects for agricultural commodity and fish markets at national, regional, and global levels, and serves as a reference for forward-looking policy analysis and planning. Recent surges in agricultural input prices experienced over the last two years have raised concerns about global food security. This year’s Outlook demonstrates that rising fertiliser costs can lead to higher food prices. A new feature of the OECD-FAO Aglink-Cosimo model allows the impact of changing costs of the main mineral fertilisers to be analysed separately from costs of other production inputs. Based on this new feature, a scenario analysis estimates that for each 1% increase in fertiliser prices, agricultural commodity prices would increase by 0.2%. Global food consumption – the main use of agricultural commodities – is projected to increase by 1.3% per year over the next decade, a slower pace than the previous decade due to the foreseen slowdown in population and per capita income growth. This year’s Outlook also provides improved estimates for food consumption by incorporating for the first time calculation methods to estimate food loss and waste.
This report is a collaborative effort between the Organisation for Economic Co-operation and Development (OECD) and the Food and Agricultural Organization (FAO) of the United Nations, prepared with inputs from Member countries and international commodity organisations. It highlights fundamental economic and social trends that drive the global agri-food sector, assuming there are no major changes to weather conditions or policies.
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359
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Forward Look 2023

Date of Editorial Board meeting: 
Publication date: 
Monday, January 9, 2023
Abstract in English: 
Events over the past year – first and foremost the Russian invasion of Ukraine, with its immediate and long-term consequences – have both confirmed and accelerated the long-term global trends which were highlighted in last year’s Forward Look. These trends included global fragmentation, the polarisation of society, evolving economic models, and pressing environmental challenges. Their development during 2022 suggests that we are witnessing the beginning of a new era of both challenges and opportunities which may call for a far-reaching reassessment of the European model.
Russia’s war against Ukraine is the most visible and far-reaching of these developments, but it is not the only one.
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Number of pages: 
19
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Future Shocks 2023: Anticipating and weathering the next storms

Date of Editorial Board meeting: 
Publication date: 
Thursday, July 20, 2023
Abstract in English: 
The European Parliament started monitoring future shocks during the coronavirus crisis, and has continued to do so during Russia's unprecedented war on Ukraine. The annual 'Future Shocks' series reviews global risks, with a focus on specific risks and the capabilities and resilience of the EU system in the face of multiple challenges. It seeks to provide up-to-date, objective and authoritative information on these risks, based on risk literature from a broad range of sources. 'Future Shocks' includes, but is not limited to, areas where the EU has primary competence, and identifies the benefits of concerted action by the EU as well as the ability of its institutions and Member States to find new and effective solutions to deal with major shocks. The 2023 edition, the second in this annual series, highlights 15 risks related to geopolitics, climate change, health, economics and democracy that could occur in the coming decade, and 10 policy responses to address existing governance capacity and possible ways to enhance capabilities within the EU. Among the options set out are those previously included in European Parliament resolutions, positions from other EU institutions, and policy papers from think tanks and stakeholders.
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Number of pages: 
235
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Digital-in-Health: Unlocking the Value for Everyone

Date of Editorial Board meeting: 
Publication date: 
Friday, August 18, 2023
Abstract in English: 
Technology and data are integral to daily life. As health systems face increasing demands to deliver new, more, better, and seamless services affordable to all people, data and technology are essential. With the potential and perils of innovations like artificial intelligence the future of health care is expected to be technology-embedded and data-linked. This shift involves expanding the focus from digitization of health data to integrating digital and health as one: Digital-in-Health. The World Bank’s report, Digital-in-Health: Unlocking the Value for Everyone, calls for a new digital-in-health approach where digital technology and data are infused into every aspect of health systems management and health service delivery for better health outcomes. The report proposes ten recommendations across three priority areas for governments to invest in: prioritize, connect and scale.
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244
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Global Economic Prospects - JUNE 2023

Date of Editorial Board meeting: 
Publication date: 
Tuesday, June 6, 2023
Abstract in English: 
Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.
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Number of pages: 
133
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Transforming European Militaries in Times of War

Date of Editorial Board meeting: 
Publication date: 
Monday, July 3, 2023
Abstract in English: 
Russia’s war against Ukraine exposed the dire state of European defense once and for all. European capability gaps are vast; defense industries have been scaled down; and Europeans hardly cooperate. But the war could unleash new dynamics. Carried by public support for greater defense spending and cooperation, European policymakers have committed themselves to transforming European defense. The EU is trying to seize the moment by launching several initiatives that, if properly supported and funded, could help overcome the pathological fragmentation of Europe’s defense industrial base and establish the Union as a strategic enabler for NATO. But more needs to be done.
The report highlights that Europeans need to up and keep their spending pledges both to close some of the key legacy and new capability gaps and assuage criticism that they do not pull their weight in the transatlantic relationship. But not all capability gaps can be closed. Europeans therefore need to prioritize and plan better together, both within and between the EU and NATO, including by learning the lessons from the battlefields in Ukraine. Setting joint priorities should lay the foundation for deeper cooperation on joint arms projects. However, Europeans hardly cooperate on development and procurement, which causes costly duplications, weakens Europe’s defense industrial base, and undermines the interoperability between armed forces. Europe’s responses to the war risk even exacerbating this fragmentation. Aimed at mitigating fragmentation, the EU initiatives need to be better funded and supported by the member states.
The report concludes with five policy recommendations on how Europeans can come off the fence on European defense.
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Number of pages: 
94
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The cost of non-rurality

Date of Editorial Board meeting: 
Publication date: 
Monday, June 5, 2023
Abstract in English: 
Rapid urbanisation in several EU Member States and the ensuing population shift from rural areas towards urban centres are generally treated in economic literature as a necessity for generating growth and wellbeing. In the last two decades, however, the overly positive assessment of this trend has shifted.

Globalisation has put increasing pressure on agriculture, food processing industries and other local cottage and SME enterprises. This has led to accelerating changes in the balance between rural and urban areas and has deeply impacted the overall socio-economic fabric of regions.
At the same time, declining rural populations make many rural communities unsustainable. Once inhabitants decide to leave areas due to falling living standards, the remaining population suffers from the further deprivation of goods and services, driving even more people to leave. Several studies have been assessing the costs associated with these changes, in particular their impact on the viability of rural communities. However, they generally fall short of the holistic assessment required, as the decline and shift of populations also create further negative spillovers on the rest of the economy, for example on urban areas that are usually at the receiving end of the influx of rural populations.
This report aims to contribute to the debate on EU rural development policy by presenting a methodology to understand the net costs and benefits of investing in rural areas to society as a whole. By doing so, it asks whether rural depopulation is just a rural problem or whether the consequences have a bearing on the whole of society, and in particular urban areas.
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Number of pages: 
53
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Towards monetary policies that do not subsidise banks

Date of Editorial Board meeting: 
Publication date: 
Thursday, July 13, 2023
Abstract in English: 
The massive programmes of government bond buying have led to a fundamental change in the operating procedure of the major central banks. The latter now operate in a regime of abundance of bank reserves. This makes it impossible to raise the money market rate except by increasing the rate of remuneration of bank reserves. This, in turn, leads to a massive transfer of the central banks’ profits to commercial banks that will become unsustainable. We argue that the remuneration of bank reserves is not inevitable and that there is an alternative to the current central banks’ operating procedure that avoids making profit transfers to private agents. We propose to use minimum reserve requirements as a policy tool to achieve this objective. Our favoured proposal is a two-tier system of reserve requirements that would only remunerate the reserves in excess of the minimum required. This would drastically reduce the giveaways to banks and allow the central banks to maintain their current operating procedures.
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Number of pages: 
20
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