Post crisis policy challenges

Sciences Po European Meetings

By Pier Carlo PADOAN, OECD Deputy Secretary-General and Chief Economist.

The global economy is exiting the recession but imbalances and challenges remain. Such challenges are different for advanced economies, emerging economies and the global economy. Advanced economies will have to face the still high unemployment rates while pushing ahead fiscal consolidation.  Problems in the euro area are likely to persist. Emerging economies will have to deal with rising inflation and excessive capital inflows. Both may weaken the very high growth rates they need to support their development process. The global economy in its entirety will still have to cope with large payment imbalances and with very fast rising commodity prices. 
A new policy paradigm is needed to cope with this new economic situation. Traditional policy tools will have to be complemented with additional tools such a macroprudential measures. Structural reforms will have to play a significant role in boosting growth but also facilitating fiscal consolidation and the adjustment of global imbalances.

Pier Carlo PADOAN, OECD Deputy Secretary-General and Chief Economist. Prior to joining the OECD on 2007 he was Professor of Economics at the University La Sapienza of Rome, and Director of the Fondazione Italianieuropei. From 2001 to 2005, he was the Italian Executive Director at the International Monetary Fund. From 1998 to 2001, Mr. Padoan served as Economic Adviser to the Italian Prime Ministers, Massimo D’Alema and Giuliano Amato. He has been a consultant to the World Bank, European Commission, European Central Bank.
Mr. Padoan and held various academic positions in Italian and foreign universities, including at the University of Rome, College of Europe (Bruges and Warsaw), Université Libre de Bruxelles, University of Urbino, Universidad de la Plata, and University of Tokyo.

 

The Master of European Affairs and the European Centre of the Department of International Relations and Exchanges in association with the Master of Public Affairs, the Centre for European Studies, the CERI, and the MADP Chair, have launched the “European Lecture Series at Sciences Po”. This series of conferences will take place on Wednesday afternoons and will address different topics pertinent to European current affairs.