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The new Geneva Report on the World Economy examines the main threats to international financial stability, focusing on the implications of major changes that have occurred in the global financial system in the past two decades. The report first examines financial stability from a macro perspective, considering macroeconomic imbalances, the decline (and recent spike) in financial market volatility and its causes, and international financial int...

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The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. I...

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Enlargement poses a number of institutional challenges to the European Union: institutions originally established for six member states need to be adapted to cope with an EU of between 20 and 30 members. This poses questions both about their size, and about the procedures for taking decisions. The eleventh Monitoring European Integration report will evaluate the reforms adopted at the Nice summit and highlight a number of structural and instit...

Launched in 1998, Monitoring the European Central Bank (MECB) brings together a group of economists internationally known for their work on macroeconomics and monetary policy. MECB aims to monitor the European economy and the work of the ECB, and presents its analyses to the broader public including the European Parliament and the media.

This report calls on the WTO to create an action plan for steering the world back toward the multilateralist ideal that has guided the world trade system since 1947. It makes the case that the WTO and its 151 member countries can find a way to restrain the malign elements of regional deals-while using their benign elements as a springboard toward a new multilateral arrangement. The report shows that regional deals inject both inefficiency and ...

Launched in 1999 by CEPR and the International Center for Monetary and Banking Studies, the Geneva Reports on the World Economy series consists of an annual report, written by a team of internationally-known macroeconomists, and occasional Special Reports. The tenth volume in the series looks at the effects of low inflation on the global economy.

Monitoring European Integration" combines intellectual rigour with attention to key policy issues and is the only analysis of European integration that is specifically aimed at both European and non-European audiences.

Much has changed in the world of central banking. Central bankers have delivered a high degree of price stability, but now communication is high on their list of concerns, as private bankers and the media try to guess the monetary authorities' next move. Such issues are covered in this report.

Addressing the questions related to accumulation of reserves in East Asia, this book provides some conclusions. It says that: the reserve build up is not driven by deliberately undervalued exchange rates, and the autonomous exchange rate adjustment is not an efficient method, to deal with account imbalances between the United States and East Asia.

Pension funds operate in an environment characterised by a number of serious market imperfections (poor financial education of investors and managers, imperfect labour markets, and potential supply versus demand imbalances in financial markets). This report takes a stance on a number of controversial issues concerning the future of pension funds.

Consists of an annual report, written by a team of internationally-known macroeconomists, and occasional Special Reports.

In this sequel to the first Geneva Report on the World Economy, published twenty years ago, the same group of authors review changes in the global economy and the IMF over this two-decade interval. While they find that that the IMF has responded actively to the ongoing globalisation trend, they flag concerns about formidable new challenges. For example, there is a danger that the IMF's resources could be significantly reduced at the very time ...

The 21st Geneva Report on the World Economy first provides a summary review of the basics of blockchain technology and its challenges, costs, and benefits. It then gives an overview of blockchain technology and the potential direct impact on the financial sector, including a discussion of tokens, initial coin offerings (ICOs), and crypto-exchanges-all salient regulatory and market issues today. Building on this, it assesses possible use cases ...

Most countries lack an effective framework for dealing with failing systemically important financial institutions (SIFIs). This report argues that any serious attempt to stabilize the global financial system must include carefully crafted policies for restructuring these "too big to fail" cross-border institutions.

Each title in the Geneva Reports on the World Economy series focuses on an aspect of the reform of international financial and economic systems and each is written by a team of internationally known macroeconomists.

Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and fairly stable. A rule of thumb that inflation is always near 2%, though more often than not just a bit below, has been quite reliable. The young, or those with short memories, could be forgiven for looking condescendingly at their older friends who spea...

The regulation of "network industries" has emerged as a key issue on the European policy agenda, yet there is little high-quality research capable of informing the European policy debate. The Monitoring European Deregulation (MED) series was launched by CEPR and SNS in 1997 and features new, policy-oriented research on the liberalization of the European markets of the major network industries (previous reports have focused on telecommunication...

As the European Monetary Union begins to add member nations, central bank governors of each new member will become entitled to a vote on the European Central Bank's key decision making body, the Governing Council. This report argues that the substantial increase of voters in the Governing Council will adversely affect the efficiency of the Bank's decisionmaking structure.