TY - JOUR A1 - Leonard, Mark A1 - Pisani-Ferry, Jean A1 - Ribakova, Elina A1 - Shapiro, Jeremy A1 - Wolff, Guntram T1 - Securing Europe’s Economic Sovereignty JF - Survival - Global Politics and Strategy N2 - To protect European economic independence, the EU needs to better integrate economic policy and geopolitics. Europeans like to believe that the European Union has the collective economic size and capacity to determine Europe’s economic destiny. They think the EU can determine its own rules for economic life, negotiate on an equal footing with partner economies, and even set economic standards and regulations for the rest of the world. But perhaps the EU has been lucky so far. Perhaps its apparent economic independence was always the result of the fortuitous absence of geopolitical interference. Perhaps it could only flourish under the benevolent aegis of a real superpower. Perhaps, in other words, its independence only endured because no serious power was willing to challenge it, and because the United States was willing to protect it. Now the behaviour of other powers is increasingly calling Europe’s economic sovereignty into question. China and the US, in particular, do not separate economic interests from geopolitical interests in the same way that the EU does. They are increasingly using economic connections, from cyberspace to financial links, to serve geopolitical goals. Europe’s economic sovereignty is now at stake. Until recently, the EU took for granted that the global system provided a functional framework for international economic relations, which could be regarded as separate from the sphere of geopolitics. Of course, the economic rules of the road were determined by power relations that arose in the wake of the Second World War. But in the years that followed, even the US largely followed them. The economic and geopolitical spheres often overlapped, particularly during the Cold War. But the US regarded the economic integration of ‘Western’ countries as conducive to the strength of the free world, and it stood by this principle even after the Soviet Union ceased to exist. The EU’s very construction reflected this disposition: most international economic powers were given to EU-level bodies, and most security and foreign-policy instruments were left to individual member states. Accordingly, the EU was able to conduct an international economic policy that was reasonably insulated from geopolitical concerns. This separation of the economic was always fragile. It now looks hopelessly outdated. The US and China have fundamentally different relationships with Europe, but neither separates economics from geopolitics. In general, national-security issues are gaining prominence everywhere, as is the relationship between economics and national security. Economic connections, from cyberspace to financial links, are becoming the primary areas of great-power competition and are at risk of being weaponised.1 Increasingly, the US and China follow neither the letter nor the spirit of the rules in their relationships with the EU and its member states. In the US case, its decision to make full use of the centrality of its currency and its financial system to enforce secondary sanctions against Iran was a major shock to European partners. Washington’s abandonment of core principles of the global multilateral trading system and withdrawal from the Paris Agreement on climate change were also disruptive. As for China, the EU now accepts that Beijing is behaving as ‘an economic competitor in the pursuit of technological leadership, and a systemic rival promoting alternative models of governance’.2 It is essential that Europeans respond to this challenge. The collective capacity of EU countries working together to preserve their economic independence underpins the value of European integration to European citizens. That value is further bolstered by the EU’s ability to participate in defining the rules of the game for the global economy – what Germans call Handlungsfähigkeit and the French call Europe puissance. The challenge for Europe is substantial but manageable. The EU and its member states should adopt an economic-sovereignty agenda to protect European economic independence through a variety of tools ranging from competition policy to the international role of the euro. To do so, the EU needs to better integrate economic policy and geopolitics. Y1 - 2019 U6 - https://doi.org/10.1080/00396338.2019.1662148 VL - 61 IS - 5 SP - 75 EP - 98 ER - TY - RPRT A1 - Pisani-Ferry, Jean A1 - Wolff, Guntram T1 - The threats to the European Union’s Economic Sovereignty T2 - Bruegel Policy Brief N2 - Economics used to play a limited role in foreign policy, which was about wars, conflicts and human disasters – and how to avoid them. But neither China nor the United States now separates economics from geopolitics. The competition between them is simultaneously an economic competition and a security competition. This is a threat to the multilateral system the European Union has relied on for nearly seven decades and to the EU’s separation of external economic relationships from geopolitics. You and your Commission colleagues must redefine for the EU its concept of economic sovereignty and the instruments it needs to defend and promote it. Y1 - 2019 UR - http://bruegel.org/wp-content/uploads/2019/07/High-rep-memo.pdf ER - TY - JOUR A1 - Pisani-Ferry, Jean T1 - I nuovi imperialismi JF - Aspenia Y1 - 2019 UR - https://www.aspeninstitute.it/aspenia/numero/la-politica-dellalgoritmo VL - 85 SP - 126 EP - 131 ER - TY - RPRT A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean T1 - A big leap forward : Institutions and policies for a viable euro area T2 - EUI Policy Papers N2 - Economic and Monetary Union (EMU) reform is critical for a viableEuro area but is taking place against a backdrop of political constraints. As a contribution to this on-going discussion, this paper situates the reform debate in the context of the main lessons from the Euro crisis and the current economic and political cycle, and discusses the different elements of the reform agenda. The focus is on the main critical reform and institutional issues which remain as stumbling blocks. Y1 - 2019 UR - https://tgg.eui.eu/wp-content/uploads/sites/39/2019/03/A-Big-Leap-Forward-Institutions-and-Policies-for-a-Viable-Euro-Area.pdf ER - TY - EDBOOK A1 - Pisani-Ferry, Jean A1 - Zettelmeyer, Jeromin T1 - Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate N2 - The publication in 2017 of joint proposals for reforming the euro area by a group of seven French and seven German economists triggered a considerable debate on Vox. This volume offers a selection of the contributions to this debate together with a summary of the original proposal. Y1 - 2019 UR - https://voxeu.org/content/risk-sharing-plus-market-discipline-new-paradigm-euro-area-reform-debate PB - CEPR ER - TY - CHAP A1 - Pisani-Ferry, Jean A1 - Zettelmeyer, Jeromin T1 - Introduction T2 - Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate Y1 - 2019 UR - https://voxeu.org/content/risk-sharing-plus-market-discipline-new-paradigm-euro-area-reform-debate ER - TY - RPRT A1 - Pisani-Ferry, Jean A1 - Zettelmeyer, Jeromin T1 - Could the 7+7 reportís proposals destabilise the euro? A response to Guido Tabellini T2 - Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate Y1 - 2019 UR - https://voxeu.org/content/risk-sharing-plus-market-discipline-new-paradigm-euro-area-reform-debate PB - CEPR ER - TY - CHAP A1 - Pisani-Ferry, Jean T1 - 30 Euro area reform: An anatomy of the debate T2 - Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate Y1 - 2019 PB - CEPR ER - TY - CHAP A1 - Enderlein, Henrik A1 - Pisani-Ferry, Jean A1 - Zettelmeyer, Jeromin A1 - et al., T1 - Euro area architecture: What reforms are still needed, and why T2 - Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate N2 - The publication in 2017 of joint proposals for reforming the euro area by a group of seven French and seven German economists triggered a considerable debate on Vox. This volume offers a selection of the contributions to this debate together with a summary of the original proposal. Y1 - 2019 SN - 978-1-912179-21-3 SP - 236 EP - 242 PB - CEPR Policy Portal ER - TY - RPRT A1 - Fuest, Clemens A1 - Pisani-Ferry, Jean T1 - A Primer on developing European Public Goods: Report to Ministers Le Maire and Scholz T2 - EconPol Policy Report N2 - Executive Summary The EU has mostly been defined as a provider of economic integration. The single market and the euro were both integration-driven. In a context transformed by technology, global and re-gional challenges, and geopolitical change, time has come to give renewed priority to European public goods – policies and initiatives whose value to the citizens are higher when conducted at EU rather than at national level. These are: 1.Foreign economic relations. When security is at stake, the EU should have the power toblock a foreign investment by QMV; promote the internationalisation of the euro throughthe granting of swap lines to partner central banks and the introduction of a common safeasset; and move towards a consolidated euro-area representation at the IMF.2.Climate change mitigation. All sectors should be part of a European regime based on theETS or a carbon tax system. The EU should be able to set by qualified majority binding corri-dors for carbon prices and to sanction infringements to jointly determined decarbonisationplans. It should contribute to offsetting the social costs of the transition.3.Digital sovereignty. The EU needs to pool its resources to protect cybersecurity and digitalsovereignty. A high-level group should propose measures for the single market and avenuesfor closer cooperation amongst a subset of counties.4.Research and development in large and risky projects. A European DARPA should focusexclusively on pathbreaking projects – without consideration for distribution across coun-tries – and be able to terminate unsuccessful projects abruptly.5.Development cooperation and financial assistance to third countries. Chinese inroadshave made the case for a common development approach stronger. The EU should choose1 Clemens Fuest is President of the ifo Institute and Professor of Economics at the University of Munich. Jean Pisani-Ferry holds the Tommaso Padoa-Schioppa chair at the EUI and is a Senior Fellow with Bruegel. We are grateful for comments on a preliminary version to Laurence Boone, Christian Callies, Charles Grant, Daniel Gros, Michel Houdebine, George Papaconstantinou, Carsten Pillath, Pierre Sellal, Hubert Védrine, Jakob von Weizsäcker and Guntram Wolff. The usual disclaimer applies. Executive Summary 2 EconPol Policy Report 16/2019 Vol. 3 November 2019 between bolstering the out-of-area mandate of the EIB and leveraging its participation in the EBRD. 6.Migration policy and the protection of refugees. Refugees come to Europe, not to a partic-ular member state. A lasting solution should include a common border protection system, a common legal framework for asylum, common principles for allocating persons to whom asylum has been granted, and common policies for resettling persons to whom immigra-tion have been denied. This implies moving ahead with a subset of countries. Eventually, the Schengen area the common migration policy area will coincide. 7.Foreign policy and external representation. The case for a European approach is strong, but mechanisms alone are not sufficient to overcome deep policy divergences. We propose three practical steps: initiatives to strengthen the European soft power, savings-oriented back-office cooperation, and regular European Foreign Policy White Books. 8.Military procurement and defence. A way forward for European defence is variable geome-try. Progress should be made towards common procurement, shared infrastructures, com-mon arms export policies and joint defence initiatives. The enhanced provision of European public goods requires additional funding, but it should not increase the overall tax burden for EU citizens. The overall tax burden should decline if public goods are more efficiently provided at European than a national level. But more resources would need to be shifted to the European level. While there is an ongoing debate about the financing of the EU budget, we propose to disconnect the provision of new European public goods from longer-term issue of reforming EU finances. This implies funding European public goods through higher GNI-based resources in the EU budget. To bring momentum to the project of enhancing the provision of European public goods, we pro-pose that France and Germany undertake to start the following bilateral projects: A common agency and a common research institute for cybersecurity; A common fund for supporting breakthrough innovation; Joint armed forces and a uniform arms system; A joint strategy for African development; A Franco-German chair at the IMF. Y1 - 2019 UR - https://www.econpol.eu/sites/default/files/2019-11/EconPol_Policy_Report_16_2019_EuropeanPublicGoods-v2.pdf VL - 16 IS - 3 ER - TY - EDBOOK A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean T1 - Global Governance: Demise or Transformation ? Progress report on the Transformation of Global Governance project 2018-2019 Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 PB - EUI CY - Florence ER - TY - CHAP A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean T1 - Introduction T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 1 EP - 16 PB - EUI CY - Florence ER - TY - CHAP A1 - Hoekman, Bernard A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean T1 - The Governance of International Trade: Reshape or Demise? Seminar insights T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 EDITED Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 17 EP - 21 PB - EUI CY - Florence ER - TY - CHAP A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean A1 - Wolff, Guntram T1 - Extraterritoriality and Cooperation in Competition Policy. Seminar insights T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - 78-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 35 EP - 36 PB - EUI CY - Florence ER - TY - CHAP A1 - Berklof, Erik A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean A1 - Velasco, Andrés T1 - The governance of global financial safety nets: fit for purpose? Seminar insights. T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 49 EP - 52 PB - EUI CY - Florence ER - TY - CHAP A1 - Carnetti, Elena A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean T1 - The governance of international banking. Seminar insights. T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 71 EP - 74 PB - EUI CY - Florence ER - TY - CHAP A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean A1 - Saint-Amans, Pascal T1 - Taxation governance in global markets: challenges, risks and opportunities T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 101 EP - 105 PB - EUI CY - Florence ER - TY - CHAP A1 - Geddes, Andrew A1 - Papaconstantinou, George A1 - Pisani-Ferry, Jean T1 - Migration governance: a common approach? T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - 978-92-9084-788-5 U6 - https://doi.org/10.2870/310247 SP - 121 EP - 124 PB - EUI CY - Florence ER - TY - CHAP A1 - Pisani-Ferry, Jean A1 - Papaconstantinou, George A1 - Tubiana, Laurence T1 - The Governance of Climate Change: Making it Work T2 - Global Governance: Demise or Transformation? Progress report on the Transformation of Global Governance Project 2018-2019 Y1 - 2019 SN - The Governance of Climate Change: Making it Work U6 - https://doi.org/10.2870/310247 SP - 143 EP - 148 PB - EUI CY - Florence ER -