On the transformation of global governance


Financing the European Union: new context, new responses

Clemens Fuest and Jean Pisani-Ferry
September 2020


This Policy Contribution is a version of a paper prepared by the authors for the Informal Meeting of EU
Ministers for Economic and Financial Affairs (ECOFIN) in Berlin, 11-12 September 2020.


Global collective action: The case for minimalist strategies

Jean Pisani-Ferry
July/August 2020


The range of problems whose solutions require international collective action and the acuteness of these problems are unprecedented. Yet as dreadfully illustrated by the Coronavirus crisis, the willingness of nation-states to cooperate to address these problems is lower than it has been for three quarters of a century. This tension is here to stay. This calls for a minimalist but effective strategy that builds on existing institutional arrangements and draws on solutions at work in various sectors to develop adequate incentive schemes that help address collective action problems, while limiting constraints to independent decision-making at national level.


Trump’s International Economic Legacy

Jean Pisani-Ferry
August 2020


If US President Donald Trump loses November’s election, he will most likely leave an insignificant imprint on some parts of the global economic system. But in several others – especially US-China relations – his term in office may well come to be seen as a major turning point.


The Challenges of the Post-Pandemic Agenda

Jean Pisani-Ferry
July 2020


The pandemic has highlighted the vulnerability of human societies and fortified support for urgent climate action. But while the small government, free-market template of the last four decades suddenly looks terribly outdated, history suggests that transitions between phases of capitalist development can be harsh and uncertain.


When more delivers less: Comparing the US and French COVID-19 crisis responses

Jérémie Cohen-Setton and Jean Pisani-Ferry
June 2020


The authors dive beneath the unreliable headline numbers to assess the effectiveness of government support provided to households in March–May 2020 in the US and France. They conclude that the French approach delivered a bigger bang for the buck, but the fact that the US approach has fallen short should not diminish the significance of the policy shift signaled by the enactment of measures to maintain household income.


A new policy toolkit is needed as countries exit COVID-19 lockdowns

Olivier Blanchard, Thomas Philippon and Jean Pisani-Ferry
June 2020


As lockdowns are lifted, governments must shift policies toward supporting the recovery and design measures that will limit the pain of adjustment while preserving productive jobs and firms. This Policy Brief explores how such measures can be designed, with particular emphasis on Europe and the United States.


The Uncertain Pandemic Consensus

Jean Pisani-Ferry
May 2020


By putting the spotlight on the sector where markets perform the worst – health care – the coronavirus pandemic inevitably prompted a welcome reassessment of the relative roles of markets and the state.The question now is which parts of this emerging consensus will survive the acute phase of the crisis.


Monetisation: Do not panic

Olivier Blanchard and Jean Pisani-Ferry
April 2020


The extraordinary operations that are under way in most countries in response to the COVID-19 shock have raised fears that large-scale monetisation will result in a major inflation episode. This column argues that so far, there is no evidence that central banks have given up, or are preparing to give up, on their price stability mandate. While there are obviously some reasons to worry, central banks are doing the right thing and the authors see no reason to panic.


Repair and reconstruct: A Recovery Initiative

Agnès Bénassy-Quéré, Ramon Marimon, Philippe Martin, Jean Pisani-Ferry, Lucrezia Reichlin, Dirk Schoenmaker, Beatrice Weder di Mauro
April 2020


The objective of a Recovery Initiative should be to repair and reconstruct the EU economy: to repair corporate balance sheets and value chains; and to reconstruct the economy on a new, sustainable basis through investment in common public goods such as research, resilience, and the greening of the economy. This will involve targeted investment, coordinated restructuring in some sectors, and the introduction of an equity fund to help SMEs survive the crisis.


A Primer on Developing European Public Goods – A report to Ministers Bruno Le Maire and Olaf Scholz

Clemens Fuest and Jean Pisani-Ferry
November 2019


The purpose of this paper is to discuss the case for enhanced provision of European public goods and to make a number of proposals for concrete steps and initiatives into that direction. With this paper, the authors hope to achieve is to contribute to and bring forward a constructive debate on the different areas where European public goods need to be provided in much greater depth and detail.


Collective action in a fragmented world

Jean Pisani-Ferry
September 2019


International collective action is in search of a new paradigm. It cannot rely anymore on global binding rules supported by universal institutions. New forms of cooperation have emerged in a number of fields. Europe should equip itself to be an effective player in this new global game. This calls for internal governance reforms.


Global Governance: Demise or Transformation?

G. Papaconstantinou, J. Pisani-Ferry (eds.)
August 2019


Progress report on the Transformation of Global Governance Project 2018-2019. Available as an eBook.


The threats to the European Union’s economic sovereignty

Jean Pisani-Ferry, Guntram B. Wolff
July 2019


Memo to the High Representative of the Union for Foreign Affairs and Security Policy. The authors describe the current context and the increasing interlinkages between economics and power politics and the role to play in reinforcing and defending Europe’s economic sovereignty.


Can economic multilateralism survive?

Jean Pisani-Ferry
April 2019


This RSCAS Policy Paper explores new governance arrangements that depart from legally binding rules and universal treaty-based institutions, evaluating their effectiveness and drawing five policy implications.


A Big Leap Forward: Institutions and Policies for a Viable Euro Area

George Papaconstantinou and Jean Pisani-Ferry
March 2019


EMU reform is crucial for a viable Euro area, but is taking place against a backdrop of political constraints. What are the critical reforms and institutional issues still in place?


Jean Pisani-Ferry
December 2018


Setbacks in global governance have dashed the optimism of the 1990s. Can alternatives be devised to ensure effective collective action?








One size does not fit all: European integration by differentiation

Maria Demertzis, Jean Pisani-Ferry, André Sapir, Thomas Wieser, Guntram B. Wolff
September 2018


Facing the increasingly urgent need for EU reform, the authors suggest a new club-based governance model which would offer scope for broad membership without stalling the process of further integration for those willing.


What Agenda for Retooling Global Collective Action? Issues for discussion

George Papaconstantinou and Jean Pisani-Ferry
August 2018


The authors briefly set out the scope and some issues dealt with in the Transformation of Global Governance project.


Jean Pisani-Ferry
April 2018


Why does global governance matter? What is the current state of global governance? Where can we go from there?


Other resources