Centre for Economic Policy Research

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CEPR, established in 1983, is an independent, non‐partisan, pan‐European non‐profit organization. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in economic theory.

Silvana Tenreyro attends the CEPR Paris Symposium and speaks from the audience holding a microphone.
To honour the memory of Ghazala, the Department of Economics of Sciences Po is launching a call for the Ghazala Azmat Award. Ghazala made important contributions in a large number of fields, spanning economics of discrimination, gender, education and organizational economics. The award will promote work in those fields by young scholars. The second edition of this award will consist of a 2,000 euros prize. The prize will be awarded to a paper with authors consisting only of scholars with less than 8 years post-PhD. Papers written jointly with more senior researchers will not be considered. The paper will be presented at Sciences Po during the CEPR Paris Symposium 2026 (3-8 December 2026). The selection of the laureate will be carried out by a scientific committee led by the Department of Economics at Sciences Po. Deadline: 31 August 2026
We are pleased to announce the third edition of the workshop Macroeconomic Policies with Heterogeneous Agents. The organisers invite submissions of papers and extended abstracts on any topic relevant to the workshop topic. Keynote Speaker: Ben Moll (LSE and CEPR) Policy Panel: “The use of models in macroeconomic policy: What role for heterogeneous agents?” sponsored by i-MIP, with Olivier Blanchard (PSE, i-MIP, CEPR), Xavier Jaravel (LSE, CAE, CEPR), and Dorothée Rouzet (Chief Economist at the French Treasury). Moderator: Edouard Challe (Paris School of Economics, i-MIP, CEPR). The conference will take place on the Paris School of Economics’ campus in Paris on 15-16 December 2026. Deadline: 20 September 2026 Organisers: Adrien Auclert, Tobias Broer, Edouard Challe, Lise Patureau, Fabien Tripier
As Europe faces an era of rapidly multiplying crises, from Russian military aggression to pandemics, refugee flows, and the unpredictability of the Trump administration, the EU's capacity to respond swiftly has become a matter of existential importance. In the latest paper in CEPR's Europe 2050 series, Gérard Roland (UC Berkeley and CEPR) argues that the Union urgently needs a formal system of emergency powers, and sets out seven principles for what such a system should look like. Drawing on historical precedents from the Roman Republic to Renaissance Venice and Florence, and grounded in recent game-theoretic research on the relationship between separation of powers and crisis management, he proposes a standing "shadow emergency committee" of senior politicians, a supermajority voting procedure requiring both the European Parliament and the European Council to grant and renew emergency powers, and robust safeguards, including ex post legal accountability and a bar on future office, to prevent their abuse. The greatest danger, he concludes, lies not in creating such a system but in failing to do so: an EU caught unprepared by an acute crisis may be forced to improvise, and improvised emergency powers without proper separation of powers are the classic route to autocratic drift.
The newly elected Fellows include CEPR Research Fellows Maitreesh Ghatak, Ravi Kanbur, Christopher Pissarides, Mark Peter Taylor, Frederic Vermeulen, and Tomasz Wieladek, as well as CEPR Research Affiliates William Walker Hanlon and Abdoulaye Ndiaye.
23 June 2026 Online What if Europe flexed its financial muscle? A new report breaks with the prevailing view that the US is an invincible financial superpower, and shows that Europe has more financial leverage over the US than commonly thought – within existing regulatory architecture. If exercised, the consequences for long-run US dollar dominance and transatlantic power relations – and the gains for EU strategic autonomy – could be significant. We invite you to the online launch of the forthcoming Kiel Report “Shorting America: Europe’s Financial Leverage over the United States” by Filippos Petroulakis (Bank of Greece) and Farzad Saidi (University of Bonn, Kiel Institute & CEPR): Introduction: Christoph Trebesch (University of Kiel, Kiel Institute & CEPR) Presentation of the paper: Farzad Saidi (University of Bonn, Kiel Institute & CEPR) Discussion: Kristy Jansen (USC Marshall, Dutch Central Bank & CEPR) & Nicolas Veron (Bruegel & PIIE) Followed by open Q&A and moderated discussion
Review of the 20-year old EC Merger Guidelines (Draft issued by DG Comp end-of-April, out for consultation till end June) was long overdue, but an update was also very much triggered by the broader mission the Commission set itself post-“Draghi report” to pursue “competitiveness” with all its policy tools. “Scaling” European companies currently “too small to compete in global markets”, creating “European champions” capable of investing and innovating big have been a major motivation for an urgent review of merger policy at the political level across European capitals. The Draft has already been much discussed from the technical level (lots of events on “what do merger advisors need to know”) to the policy level (what do agency officials think?). But not to put too fine a point on it, there is an obvious tension between the political level’s aspirations for more consolidation and building champions, and the technical level which is offering updates to reflect current practice but no major reform. Are the changes material? Are they meaningful or cosmetic? How do they measure up to the broader “mission”? Can merger control contribute to it? Should it? Should merger control be much more conversant with the broader economic policy toolbox? How? The Competition Policy RPN usually hosts external speakers to discuss topical issues. This time we’ll give the floor to our own Steering Committee, all well-known economists with a long background in competition and economic policy (and no commercial advisory role): Tommaso Valletti, former DG Comp Chief Economist and Professor at Imperial College London and CEPR Tomaso Duso, Chair of the Monopolkommission and Professor, DIW Berlin and CEPR Florian Ederer, Professor Boston University Questrom and CEPR Sander Tordoir, Chief Economist at the Centre for European Reform Cristina Caffarra, Honorary Professor at UCL
Balance Sheet Dimensions, Drivers and Implications of Capital Flow The conference will bring together academic and policy perspectives on capital flows, balance-sheet exposures, liquidity, and currency risk, while introducing a new Danish dataset on capital flows and balance sheets to support future research. The conference will take place on 6 October 2026, at the Danmarks Nationalbank Copenhagen, Denmark, featuring invited academic and policy panels with Giancarlo Corsetti, Linda Goldberg, Harald Hau, Signe Krogstrup, Anna Seim, and Ida Wolden Bache. The range of research topics includes (but is not limited to) balance-sheet exposures and capital-flow dynamics, geopolitical shocks, financial intermediaries, FX hedging, policy announcements, global portfolio allocation, asset prices, and funding risk. Deadline: 31 July 2026 Organisers: Renato Faccini (Danmarks Nationalbank) and Giancarlo Corsetti (European University Institute and CEPR)
With public debt levels rising across Europe and the world and defense spending mounting, fiscal policy has been front and centre in the European economic policy debate. The conference seeks to encourage collaboration on all aspects of the macroeconomics of fiscal policy. We invite cutting-edge academic research on fiscal policy, including theoretical and empirical contributions. Contributions using novel data, advanced empirical methods, or new theoretical frameworks are particularly encouraged. Topics include, but are not limited to: The macro implications of public debt Empirical effects of public spending, taxes and debt Fiscal policy in general equilibrium macro models Fiscal-monetary interactions Optimal fiscal policy Fiscal policy and economic growth Fiscal uncertainty and tail risks The workshop will take place in person on 15-16 October 2026, at the European University Institute in Florence. The deadline for paper submission is 23:59 (BST) 10 July 2026. We welcome full papers, advanced drafts, and substantial work in progress that is close to completion.
The 5th Kiel-CEPR Conference on Geoeconomics (review of previous years here) will once again bring together the world's leading academics to present and discuss the latest cutting-edge research at the intersection of economics and geopolitics. This year the conference will take place at the German Federal Foreign Office in Berlin on 3-4 November 2026 with the participation of Johann Wadephul, German Federal Minister for Foreign Affairs. Keynotes: Arvind Krishnamurthy (Stanford) Carmen Reinhart (Harvard and CEPR) Further confirmed speakers include: Doireann Fitzgerald (Minneapolis Fed) Pierre-Olivier Gourinchas (IMF, Berkeley and CEPR) Philip Lane (ECB and CEPR) Stephen Redding (Stanford and CEPR) The range of research topics includes (but is not limited to): Geoeconomic strategies (US, China, EU) The economics of rearmament and war The cost of decoupling and fragmentation Sanctions, export controls, and disruptions in global value chains Industrial policy, including security and defense Geopolitics of international currencies Energy security and scarce resources The economics of technological sovereignty (technology, data, and AI) Organisers: Moritz Schularick (Kiel Institute, Sciences Po, and CEPR) Christoph Trebesch (Kiel Institute, Kiel University, and CEPR) The event is further supported by the CEPR RPN Geoeconomics & Security, the ReCIPE initiative, Sciences Po and the Institute for European Policymaking at Bocconi University.
We invite submissions of high-quality papers addressing these themes, including (but not limited to): geoeconomic fragmentation and trade, energy price shocks, economic security, global imbalances, heterogeneous-agent macro models, European integration, sectoral reallocation, and policy design in an open economy context. Due to limited presentation slots, only a small number of papers will be selected. Please submit full papers or extended abstracts by 30 June 2026. Authors of accepted papers will be notified by 21 July 2026. The workshop will take place in Brussels at the European Commission over two half days (3-4 December 2026). Travel and accommodation costs will be covered for presenters from academic institutions; funding for other participants can be considered on a case-by-case basis.
The eighth report in The Future of Banking series, part of the Banking Initiative at IESE Business School, examines the challenges digital technology poses to the framework governing money creation. Cash is disappearing from daily payments, private digital liabilities are expanding domestically and internationally, and public authorities are reevaluating the role of sovereign money. The report shifts attention from technological novelty to the institutional arrangements that make money reliable. Its central argument is that the most important questions raised by digital money concern the architecture of the monetary system: who creates money and under what safeguards, how liquidity is preserved during periods of stress, and how the rents and risks associated with money creation are distributed between public and private entities. It examines the social value of private money creation and the need for a central bank digital currency; the implications of cryptocurrencies and stablecoins for the international monetary system and their macroeconomic effects; and the regulatory approach to digital currencies and tokenisation.
Join us online for the launch of the fifth LTI Report, which explores how blockchain is reshaping money, contracts and markets, and where its promise of decentralisation is being tested. Bitcoin set out to decentralise money by replacing trusted intermediaries with a ledger maintained by independent network nodes and governed by automatic protocols. Ethereum took this idea further, enabling contracts to be written as code and executed automatically on the blockchain. But as blockchain technologies have grown, so too have the economic, technical and governance challenges surrounding them. This webinar will unpack the report’s key findings, from the cryptographic foundations and incentive structures that underpin blockchain protocols to the broader economic significance of decentralised finance. We will discuss why cryptocurrencies and blockchain-based financial services have attracted value, what coordination problems can arise in decentralised systems, and how the “cryptosphere” might better connect with the physical world. The discussion will also examine the tensions at the heart of decentralisation. While blockchain aims to reduce reliance on opportunistic intermediaries, decentralised finance has given rise to new forms of intermediation and familiar market problems in unfamiliar forms, from impermanent loss to sandwich attacks. With some blockchain intermediaries now commanding large market shares, the webinar will ask whether decentralisation risks giving way to a new form of centralisation. Join us for an expert discussion on the opportunities, limits and future of blockchain decentralisation.
In the third paper in CEPR's Europe 2050 series, Enrico Letta, author of the 2024 report on the Single Market that helped set the EU's current competitiveness agenda, turns from diagnosis to delivery. Writing as one of the architects of the One Europe, One Market Roadmap adopted by the European Parliament, Council and Commission in April 2026, he traces how a shared analysis of Europe's fragmentation was translated into a concrete institutional commitment: more than forty legislative deliverables, grouped around five strategic priorities, with a quarterly review mechanism to hold institutions to account. Letta argues that the Roadmap's significance lies not in creating a new agenda but in imposing discipline on an existing one — bringing together capital markets, energy, digital infrastructure and industrial policy under a single political framework with binding deadlines. Completing the Single Market, he concludes, is no longer just an economic objective; it is the strategic foundation on which Europe's capacity to act in the world by 2050 will depend.
Barcelona Report 8: Digital Money Online Launch Monday 15 June 2026 9:00 - 10:30 EDT (Washington, D.C.) 14:00 - 15:30 BST (London) 15:00 - 16:30 CEST (Brussels, Paris) The eighth report in The Future of Banking series, part of the Banking Initiative at IESE Business School, examines the challenges digital technology poses to the framework governing money creation. Cash is disappearing from daily payments, private digital liabilities are expanding domestically and internationally, and public authorities are reevaluating the role of sovereign money. The report shifts attention from technological novelty to the institutional arrangements that make money reliable. Its central argument is that the most important questions raised by digital money concern the architecture of the monetary system: who creates money and under what safeguards, how liquidity is preserved during periods of stress, and how the rents and risks associated with money creation are distributed between public and private entities. It examines the social value of private money creation and the need for a central bank digital currency; the implications of cryptocurrencies and stablecoins for the international monetary system and their macroeconomic effects; and the regulatory approach to digital currencies and tokenisation. Join the authors Stephen Cecchetti (Brandeis and CEPR), Dirk Niepelt (University of Bern and CEPR), Hélène Rey (London Business School and CEPR) and Xavier Vives (IESE and CEPR) for an online presentation and discussion featuring comments by Lucrezia Reichlin (London Business School and CEPR).
Micro and Macro Implications of Household Behaviour and Financial Decision-Making is a cross-disciplinary seminar series covering research at the intersection of household finance, macro and labour economics. It represents a collaboration between universities and research networks and centres. Our nineteenth meeting will be on Friday 12 June 2026 from 3:30pm - 5:00pm (BST) featuring Tarun Ramadorai (London School of Economics and CEPR) - "Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone" with discussion by Kim Peijnenburg (Tilburg University and CEPR). Seminars are held on Zoom and run for 90 minutes including a discussion panel. Organisers: Richard Blundell, Adrien Couturier, Michael Haliassos, Christopher Hansman, Yigitcan Karabulut, Camille Landais, Peter Levell, Sam Ray-Chaudhuri, Benjamin Moll and Tarun Ramadorai
We are pleased to announce a workshop on the Economics of Demographic Shocks in the Long Run, taking place on 29–30 October 2026 at Wageningen University, the Netherlands, organised by Daniel Gallardo Albarrán (Wageningen University and CEPR), with keynote speaker Prof. Guido Alfani (Bocconi University and CEPR). The workshop aims to bring together researchers working at the intersection of demographic change and long-run economic development, drawing from fields such as economic history, economics, historical demography, political economy, and population studies. Papers are welcomed on any time period and geographic region. Papers are being sought on topics including, but not necessarily limited to: The economic consequences of demographic shocks such as epidemics, famines, wars, and migration waves The mechanisms through which population shocks shape factor markets and labor supply Institutional development and political economy responses to demographic change Deadline: 26 June 2026 Scientific Committee: Daniel Gallardo Albarrán (Wageningen University and CEPR) and Kalle Kappner (Humboldt University)
The CEPR Research and Policy Network on Household Finance and the Study Center Gerzensee are organising the 2026 CEPR European Conference on Household Finance. The two-day conference will take place on 8-9 October 2026 at the Study Center Gerzensee. In addition, a CEPR Research-Policy-Practice event will take place on Wednesday 7 October 2026 at the Swiss National Bank in Bern. The event will focus on “Economic Policy and Household Finance: Insights from Financial Transaction Data”, with a keynote address by Alvaro Ortiz (BBVA Research and CEPR) and a panel discussion featuring distinguished speakers from central banks, financial institutions and service providers as well as academia. Deadline: 18 June 2026 Local Organisers: Martin Brown, Andreas Fuster, Winfried Koeniger, Lorenz Kueng, Rachel Nam