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From the perspective of international economic governance, other than casting aspersions on the judgement of those that negotiated previous multilateral trade accords and the accession of China to the World Trade Organization, the deglobalisation narrative is silent on how to reform that...
While it is too early to confirm the depth and the sustainability of this new trend towards slower globalisation, it may be happening in more domains than we are fully aware of, at least for the near term given the renewed backdrop of the Russia-Ukraine war and the wider use of sanctions globally.
Overall, decoupling from certain countries may be both politically necessary and economically feasible, at least in the long run. However, a general shift of production back to Europe would be accompanied by significant losses in real income.
A world of risks and uncertainties can also be a world of opportunities. How and how quickly the EU adapts to the socio-political, economic, energy and climate transitions at hand, and how it responds to geopolitical shifts and shocks, will determine whether it can sustain its role and standing...
Going forward, international elites should instead strive for the application of one of the most liberal-minded principles of this current world order: self-determination.
From the standpoint of the focus of this article, we need to find a better way to compensate the losers from globalisation so that voters re-engage through the democratic process with openness and benefit from the potential for increased prosperity that this holds.
The COVID-19 pandemic and the pressure it has created on member states’ public finances have led European authorities to suspend the EU’s fiscal rules. In fact, these rules had long been criticised by academics and had only been abided by exceptionally. Beyond the rules themselves, the lessons...
This paper studies the recent trends in inflation in the euro area and estimates to what extent the current inflationary pressures are driven by demand expansion and by supply side disruptions. First of all, consumer price inflation is particularly pronounced in goods and less so in the case of...
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