Intereconomics

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Forum · Issue 5 · 2023
Up to the Task? Post-Pandemic European Social Policy

Having had little time to absorb the economic and social shock of the COVID-19 pandemic, the European Union is confronted with staggering increases in the cost of living. Are current social policies up to this task? What can we learn from European countries that supposedly get it right? Can governments avoid shifting to a welfare state that is focused on here-and-now redistribution rather than social investment? This Forum examines current examples and offers concrete lessons to shape future policy decisions.

The value added of central bank digital currencies

Central bank digital currencies (CBDCs) are reshaping the financial landscape globally. This Forum features articles by the speakers at our recent event, organised jointly with Bruegel and the Atlantic Council. The authors define CBDCs, debate their pros and cons, examine the issues and prospects they represent, and share country-specific experiences with the development and roll-out of digital currencies.

Forum · Issue 3 · 2023
Inflation Strikes Back: How to Restore Control

After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Despite monetary policy tightening, inflation upside risks are large. How can central banks restore control – and with it their own credibility? Featuring contributions from participants in the CEPS 2023 Ideas Lab session on inflation, this Forum examines the options for central banks, the obstacles in their paths and the best course of action.

Forum · Issue 2 · 2023
Rethinking Resource Efficiency: Europe’s Transition to a Circular Economy

The war in Ukraine has brought the challenges stemming from Europe’s dependency on natural gas and oil imports into sharp focus. This has also highlighted another dependency – that on raw materials that are critical for the EU’s transition to a low-carbon economy. A strategic approach to raw material management can help negate the risks posed by a dependency on imports of critical raw materials. Improving resource efficiency is also necessary to sustain socio-economic progress in the face of finite natural resources.

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Editorial
The Art of Policy Advising

Policy advice from academics should always be a central component in the policymaking process, writes Intereconomics Editor-in-Chief Nicole Waidlein. But the appropriate framework conditions are necessary: data availability and access, independent and competent advisors as well as open dialogue between policymakers and advisors.

CBDC
The value added of central bank digital currencies

Central bank digital currencies are reshaping the financial landscape globally. The authors of this Forum define CBDCs, debate their pros and cons, examine the issues and prospects they represent, and share country-specific experiences with the development and roll-out of digital currencies.

CBDC
China’s Digital Currency

While the development of e-CNY does not in itself lead to the erosion of the dollar’s dominance, Chinese payments infrastructure can be weaponized, writes Ananya Kumar. Punitive economic measures have and will continue to enhance the usability of Chinese financial architecture by other countries.

USA
Bidenomics

Bidenomics means different things to different people. It also seems to mean different things to President Biden. This lack of clear definition is part of why Biden receives little credit for his handling of the economy, writes Barry Eichengreen.

Forum
Reversing the Great Monetary Expansion

After much complacency about the prospect that the expansionary era may last forever, the abrupt and strong change of direction raises controversies which may put the reputation and the popular support of central banks at risk. Ignazio Angeloni discusses how to deal with the balance sheet of the ECB.

Trade Policy
What Endgame for the Deglobalisation Narrative?

A narrative has taken hold on both sides of the Atlantic that contends that deglobalisation is happening or that it needs to happen. But, writes Simon J. Evenett, this narrative has the flimsiest foundation.

Quote of the Month

"If there ever was merit in having a 'golden rule' in EU fiscal governance, early childhood investment is a no-brainer: it is cheap, it immediately creates jobs, it directly reaches out to young families, and it is where the social investment multiplier is highest."

Anton C. Hemerijck

Towards a European Union of Social Investment Welfare States

Current Issue

Volume 58
2023
Issue 5

Read online

Figure of the Month

Potential price cap violations in Q1 2023

While measures targeting Russian energy exports, in particular crude oil and oil products, have had a noticeable impact, evidence for potentially widespread violations of the price cap regime is emerging.

Read the full article

Forum · Issue 5 · 2023 Up to the Task? Post-Pandemic European Social Policy

The value added of central bank digital currencies

Forum · Issue 3 · 2023 Inflation Strikes Back: How to Restore Control

Forum · Issue 2 · 2023 Rethinking Resource Efficiency: Europe’s Transition to a Circular Economy

Editorial The Art of Policy Advising

CBDC The value added of central bank digital currencies

CBDC China’s Digital Currency

USA Bidenomics

Forum Reversing the Great Monetary Expansion

Trade Policy What Endgame for the Deglobalisation Narrative?