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Economy

European Economic Governance in an International Context

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Publication date: 
Tuesday, January 1, 2013
Abstract in English: 
The book presents compendium of speeches from the Global Jean Monnet Conference on European economic governance in 2011. It discusses the future of the European Union and on the future of European economic and monetary integration. Speakers address following issues: safeguarding the stability of the euro area and the enhanced instruments for crisis intervention, reinforced fiscal and macroeconomic coordination and surveillance: economic aspects, strengthening the governance of the euro area: political and institutional aspects and the EU and global macroeconomic governance (G8, G20, IMF).
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Europe’s Societal Challenges. An Analysis of Global Societal Trends to 2030 and their Impact on the EU

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Sunday, December 1, 2013
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This report presents the findings of a study of global societal trends and their impact on the EU in the next two decades. The work is part of the European Strategy and Policy Analysis System (ESPAS) set up to develop a lasting framework to assess global trends and to develop policy responses across EU institutions over the next institutional cycle (2014-2019). The first phase of the project culminated in a report on the long-term, international, domestic, economic and political trends facing the European Union; the second phase of the project split trends into three streams, focusing on the economy, governance and power, and society. This Trend Report aims to explore the evidence base, uncertainties and potential trajectories underpinning global societal trends and their impact on the EU. The work is based on a review of the available data and literature on societal trends in a number of thematic areas. It also builds on inputs harnessed through an online Delphi exercise involving more than 200 international experts, as well as a series of 29 semi-structured interviews, involving experts from academia and think tanks, policymakers, and leading thinkers from the private or third sector.
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Strategic Options for Europe’s Future

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Publication date: 
Monday, December 9, 2013
Abstract in English: 
This report, which reflects the work and discussions of a Reflection Group including EU experts from different Member States, analyses the 'state of the Union', describes the key challenges Europe faces and presents the following five potential strategic options for the future of European integration:

Option 1 - Going back to the basics: Supporters of the option argue that the events of recent years have shown that European integration has gone too far and that the EU should abandon moves towards an "ever closer union". For them performing a U-turn and undoing mistakes of the past is the most promising way forward to rescue the most worthwhile result of European integration: the Single Market. Dismantling the euro in its current form would according to advocates of this option – not lead to a collapse of the Union, but rather herald the start of a more pragmatic, effective approach to European integration.

Option 2 – Consolidating past achievements: Proponents of this option argue that the EU has already introduced most of the reforms needed to overcome the euro crisis and these should be given time to work. There is a need to be realistic and accept that Member States are not willing to go further and pool sovereignty in key areas. The EU should, at this difficult moment, steer clear of overambitious attempts to deepen integration, which could backfire given the negative political and public attitudes in many countries towards the EU and euro.

Option 3 – Moving ahead ambitiously: Those supporting this option argue that simply consolidating past achievements will not be enough: further integration, including measures to further deepen integration in the Economic and Monetary Union and boost the Union's democratic legitimacy in the public's eyes, and an honest public debate about the EU's future are vital not only to overcome the crisis but also to prepare for future challenges. All this will require significant changes to the EU Treaties. But reforms will have to be done jointly and cautiously, step by step, to avoid creating new dividing lines between EU countries.

Option 4 – Leaping forward: Advocates of this option say that recent experience has provided ample proof that the EU is insufficiently equipped to face current and future challenges, and that there is a need to take a major qualitative leap towards a fully-fledged economic, fiscal, financial, social and political union, with a strong European executive ('European government') and legislature (parliament) able to take autonomous decisions reflecting genuine European interests. Potential opposition from some countries should not prevent the 'willing and able' from making a major leap forward, even if this leads to a 'core Europe' including only those countries ready to deepen integration significantly.

Option 5 – Changing the 'more/less Europe' logic: Supporters of this option believe that the traditional debate about European integration along the lines of more or less Europe has been exhausted. The experience of the last six decades has shown that a further transfer of national political and democratic concepts to the European level would not work. They say that the EU and its members should concentrate on efforts aiming to make the Union more accountable to the public for its actions, find new ways to involve the public in policy-making, and boost the EU's capacity to safeguard the fundamental rights of its citizens and guarantee their basic social rights by strengthening the Union's caring dimension.
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After the Fall: The Future of Global Cooperation

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Publication date: 
Sunday, July 1, 2012
Abstract in English: 
International cooperation has been a recurrent theme in each of the thirteen Geneva Reports on the World Economy published by CEPR and ICMB since 1999. The 2004 report, International Economic and Financial Cooperation: New Issues, New Actors, New Responses, analysed this issue in some depth. This report, the fourteenth in the series, picks up this issue once again, but this time the approach is different, the recommendations more cautious and incremental, and the prognosis bleaker. This is not surprising: the authors demonstrate very clearly why international cooperation is difficult at the best of times, and very difficult indeed in the midst of a severe financial crisis.
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Megachange: The World in 2050

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Publication date: 
Thursday, March 1, 2012
Abstract in English: 
"Megatrends" are great forces in societal development that have profound impacts on states, markets, and civil society in the now and for the years to come. They can effectively be employed as a starting point for analyzing our world. Megachange: The World in 2050 looks at these sweeping, fundamental trends that are changing the world faster than at any time in human history. Including chapters on approximately twenty of these "megatrends," each elegantly outlined by contributors from The Economist, and rich in supporting facts and graphics, the book is a compelling read as well as a valuable research and reference tool. Groups the "megatrends" that are shaping our world into several categories: People, Life and Death, Economy and Business, and Knowledge. Each trend is covered in a concise but detailed chapter written by an expert from The Economist. Packed with important information about the forces that shape our world, Megachange is a fascinating new look to the future from the experts at The Economist.
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Global Trends 2030: Citizens in an Interconnected and Polycentric World

Date of Editorial Board meeting: 
Publication date: 
Saturday, October 1, 2011
Abstract in English: 
This report, edited by Álvaro de Vasconcelos, contains the findings of the European Strategy and Policy Analysis System (ESPAS) research project. The EUISS was commissioned to produce the ESPAS Report on Global Trends 2030 by an EU inter-institutional task force. An interim version of this report was presented to the European Union in October 2011. The report identifies several global trends that will shape the world in 2030. They include: The empowerment of the individual, which may contribute to a growing sense of belonging to a single human community; Greater stress on sustainable development against a backdrop of greater resource scarcity and persistent poverty, compounded by the consequences of climate change; The emergence of a more polycentric world characterised by a shift of power away from states, and growing governance gaps as the mechanisms for inter-state relations fail to respond adequately to global public demands.
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Looking to 2060: Long-term Growth Prospects for the World

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Publication date: 
Friday, November 9, 2012
Abstract in English: 
This report presents the results from a new model for projecting growth of OECD and major non-OECD economies over the next 50 years as well as imbalances that arise. A baseline scenario assuming gradual structural reform and fiscal consolidation to stabilise government-debt-to GDP ratios is compared with variant scenarios assuming deeper policy reforms. One main finding is that growth of the non-OECD G20 countries will continue to outpace OECD countries, but the difference will narrow substantially over coming decades. In parallel, the next 50 years will see major changes in the composition of the world economy. In the absence of ambitious policy changes, global imbalances will emerge which could undermine growth. However, ambitious fiscal consolidation efforts and deep structural reforms can both raise long-run living standards and reduce the risks of major disruptions to growth by mitigating global imbalances.
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Capital for the Future: Saving and Investment in an Interdependent World

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Tuesday, January 1, 2013
Abstract in English: 
Capital for the Future, the second edition of the series "Global Development Horizons", explores saving, investment, and capital flows through 2030. It finds that developing economies are fast becoming major investors in the world economy, and by 2030 will account for more than 60 cents of every dollar invested. This represents a fundamental shift with respect to historical performance: for 4 decades (through the 1990s), developing countries had been accounting for just about 20 cents for every dollar of global saving and investment. Before 2020, total investment in the developing world is expected to overtake that in high income countries. Developing countries will—for the first time in history—become major sources, destinations, and potentially also intermediaries of global gross capital flows.
Future trends in investment, saving, and capital flows will affect economic conditions from the household level to the global macroeconomic level, with implications not only for national governments but also for international institutions and policy coordination. Without timely efforts, some countries will be left behind. And, more importantly, even within otherwise successful countries, some people will be left behind. Policy makers preparing for this change will thus benefit from a better understanding of the unfolding dynamics of global capital and wealth in the future.
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World in 2050. The BRICs and Beyond: Prospects, Challenges and Opportunities

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Publication date: 
Tuesday, January 1, 2013
Abstract in English: 
The world economy is projected to grow at an average rate of just over 3% per annum from 2011 to 2050, doubling in size by 2032 and nearly doubling again by 2050. China is projected to overtake the US as the largest economy by 2017 in purchasing power parity (PPP) terms and by 2027 in market exchange rate terms. India should become the third ‘global economic giant’ by 2050, a long way ahead of Brazil, which we expect to move up to 4th place ahead of Japan. Russia could overtake Germany to become the largest European economy before 2020 in PPP terms and by around 2035 at market exchange rates. Emerging economies such as Mexico and Indonesia could be larger than the UK and France by 2050, and Turkey larger than Italy. Outside the G20, Vietnam, Malaysia and Nigeria all have strong long-term growth potential, while Poland should comfortably outpace the large Western European economies for the next couple of decades. This report updates our long-term global economic growth projections, which were last published in January 2011. These are based on a PwC model that takes account of projected trends in demographics, capital investment, education levels and technological progress.
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The Global Economy in 2030: Trends and Strategies for Europe

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Date of Editorial Board meeting: 
Publication date: 
Friday, November 1, 2013
Abstract in English: 
The main body of this report consists of four parts.
Part I sets out the main global trends and concentrates on a number of areas where our analysis deviates from received wisdom, namely population growth, globalisation and resource scarcity. This part is relatively technical and is meant to provide the analytical background to the remainder of the report. For the convenience of the busy reader, the other parts have been organised in such a way that they can be read independently.
Part II provides a snapshot of the global economy in 2030, documenting the likely evolution of the main trends combined with the outcome of a multi-country modelling exercise in terms of income and growth, but also in terms of affluence and poverty. This part also stresses some of the less conventional aspects that result from our analysis. The detailed description of the central scenario and an alternative scenario is available in Annex A.
Part III describes the trajectory of Europe’s transition from today’s depressed economy to 2030. The part also contains a summary of the main findings generated by an econometric modelling exercise focused on Europe. Greater details are presented in a separate Working Document presented in Annex D.
Finally, Part IV discusses the policy challenges that arise for Europe from this view of the world in 2030 and the possible emergence of game changers.
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