Die Europäische Union als Republik. (forthcoming). The Governance of European Public Goods. June 2011 (forthcoming). Fiscal Policy Rules and the Sustainability of Public Debt in Europe ; re-submitted to International Economic Review, oct. 2010. (Download in PDF) Policy challenges for Euroland over the next decade (english version in Pdf) Les enjeux pour la zone Euro dans les dix années à venir (version française en Pdf) In: L'Euro en 2019 (Collectif), Revue d'économie financière; ed. Association d'Economie Financière, Coll. Revue de l'Association d'Economie Financière janvier 2010 N°96.

• Why Europe is Not Becoming the World’s Most Competitive Economy. The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance without Governments ; in: International Journal of Public Policy, Vol. 3, Nos. 1/2, 2008. (Download in PDF).
  
  
• Three Sources of Legitimacy for European Fiscal Policy; in: International Political Science Review,28.2: 155-184,  2007. (Download in PDF).
  
  
• Adjusting the U.S. Current Account Deficit: What Role for the Dollar, Euro and Yen? In: Journal of Asia-Pacific Business, Vol. 7(2) 2006; earlier version published by Claves, Madrid  2005 (in Spanish). (Download in PDF).
  
  
• Democracy and Europe’s Crisis of Legitimacy, in: Intervention. Journal of Economics, vol. 3.1, 2006. (Download in PDF).
  

• The End of the Stability Pact? In: International Economics and Economic Policy (IEEP) 2004 Volume: 1, Pages: 15 - 19. (Download in PDF)
  
  
  
• Is Europe going far enough? Reflections on the EU's Economic Governance. In: Journal of European Public Policy, 2004 Vol. 11.5: 909-925. (Download in PDF)
  
  
• Unemployment, Wage Developments and the European Policy Mix in Europe; in: Empirica, 26:259-269, 1999 . (Summary and download)
  
  

Other academic papers

• The Political Economy of Euroscepticism in Switzerland (with O. Serrano), 2007.
  
  
• Long run effects of short-term non-neutrality of money; 2007. forthcoming: Discussion Paper series,  Institut für Makroökonomie und Konjunkturforschung (IMK), Berlin/Düsseldorf .
  
  
• A Theory of Stochastic Consensus; Center for European Studies (CES), Harvard University, Working Paper, Spring 2006 (with Majid Al-Sadoon) Working paper, Harvard CES.
  
  
  
  

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• The Preconditions of Social Europe and the Tasks of Social Democracy. In: "The Future of European Social Democracy", edited by Henning Meyer and Jonathan Rutherford, Palgrave Macmillan, 2011 (forthcoming)
  
  
• The Moral Economy of Money and the Future of European Capitalism, in: "The Global Crash: Towards a New Financial Regulatory Regime?" (edited by Leila Simona Talani), Palgrave Macmillan, July 2010.
  
  
• Tackling Europe’s Legitimacy Crisis – A Republican Approach to Euroland’s Governance (pp 74-90)
  In: Rolf Caesar / Wim Kösters / Hans-Helmut Kotz / Daniela Schwarzer (Eds.). Governing the Eurozone - Looking ahead after the First Decade.
  Stiftung Wissenschaft und Politik - German Institute for International and Security Affairs; Berlin, dec. 2009.
  
  
• Does Europe have an external economic strategy? (english version in pdf).
  L’Union européenne a-t-elle une stratégie économique extérieure ? (version française en pdf).
  
  In: Thierry Chopin et Michel Foucher (Dir.). L'état de l'Union 2010. Rapport Schuman sur l'Europe. février 2010, 304 p.
  
  
• - The failure of the macroeconomic dialogue on wages (and how to fix it) ( chapter 10 - pp. 427-469)
  - The European Republic: Utopia or Logical Necessity? (chapter 13 - pp. 531-577)
  
  In: The Sinews of European Peace - Reconstituting the Democratic Legitimacy of the Socio-Economic Constitution of the European Union
  Raúl Letelier and Agustín José Menéndez (eds); ARENA Report No 7/09 & RECON Report No 10. Oslo, December 2009.
  

• Here is my contribution to the Sutherland Report (Nov 2008): Sovereignty, Democracy and the Euro (download in PDF here).
  For the chinese version, download here in PDF

Here is a PDF Download of the full report : 10 years of the Euro : New Perspectives for Britain, G. Bishop, W. Buiter, B. Donnelly, W. Hutton (Eds.), Published by John Stevens
See also the pro-euro Campaign blog: e4u

• S.Collignon, The Lisbon strategy, macroeconomic stability and the dilemma of governance with governments (Or why Europe is not becoming the world’s most dynamic economy), pp.161-193, in: The Future of EMU, (edited by Leila Simona Talani), Palgrave Macmillan, january 2009.
  
  
• The EU and Global Competition: A Comparative View. in: K. Duffek, E. Fröschl, T. Mörschel, R. Cuperus (eds.) 2006. The European Union, a Global Player? Wien: LIT Verlag/Forum Scholars for European Social Democracy.
  
  
• Preface. In: Guy Verhofstadt. 2006. The United States of Europe. The Federal Trust, London. (Download preface in PDF)
  
  
• Globalisierung, Regionalismus und die politische Ökonomie von Ideologien. In: B. Fritz und K. Hujo, 2005. Ökonomie unter den Bedingungen Lateinamerikas; (Festschrift für Manfred Nitsch) Vervuert Verlagsgesellschaft . Download full text in PDF
  
  
• Unternehmen und Banken auf dem Weg zur Währungsunion: Die "Association for the Monetary Union of Europe" als Motor eines Transnationalen Konsenses; (mit Daniela Schwarzer) in: R. Eising/B. Kohler-Koch (Hrsg.). Interessenpolitik in Europa; Nomos Verlag, Baden-Baden, 2005.
  
  
• Europa am Ende? - Wirtschaftsverfassung und demokratisches Defizit;  in: Christa Randzio-Plath (Hrg): Wege aus der Krise - Plädoyer für eine europäische Wachstums- und Investitionsoffensive. Nomos Verlag, Baden-Baden, 2004.
  
  
• Le fédéralisme budgétaire dans la zone euro;  in: Maxime Lefebvre (ed.), Quel Budget Européen à l’Horizon 2013 ? Moyens et politiques d’une Union élargie.
  Ifri, Paris 2004. (Télécharger le chapitre ou le livre en PDF).
  
• Three Year into the Euro: the next step for Europe. In: Scharrer, H.-E. and R. Caesar (eds.), European Economic and Monetary Union: An Initial Assessment, Nomos Verlag, Baden-Baden, 2002.
  
  
• Human Rights and the Economy in Burma; in: Robert Taylor, Burma, Political Economy under Military Rule, C. Hurst & Co, London, 2001.
  
  
• Deficits, Debts and the Stability Pact; in: Paul J.J. Welfens (ed.): European Monetary Union. Transition, International Impact and Policy Options; Springer Verlag Berlin 1997.
  
  
• Monetary Integration between economies with different financial strucures; in: Which way ahead for Financial Markets: The German or the Anglo-American Model, American Institute for Contemporary German Studies, Elsevier Science, US, 1998.
  
  
• Die EWU und ihre internationale Bedeutung; in: Europäische Währungsunion und Kapitalmärkte, Friedrich Heinemann und Michael Schröder (Hrsg.), Nomos-Verlag Baden-Baden, Germany, 1997.
  
  
• Standort DM - Über den Zusammenhang von Wettbewerbsfähigkeit und Wechselkursen; in: Uwer Jens (Hrsg.)  "Langfristige Strukturprobleme der deutschen Wirschaft", Nomos-Verlag Baden-Baden, Germany, 1994.
  
  
• On widening the EMS to Central and Eastern Europe; in: The Monetary Economics of Europe - causes of the EMS crisis, edited by Ch. Johnson and S. Collignon, Pinter Publishers, London, England, 1994.
  
  
• Droits de l'homme, investissement et developpement africain; in: Ph. Hugon, S. Quiers Valette, G. Pourcet: Instabilités africains, Presse Universitaire de France, Paris, France, 1994.
  
  
• From Stabilization to Growth: Reconsidering Trade and Foreign Investment; in: Hansjörg Herr, Silke Tober and Andreas Westphal (ed.): Macroeconomic Problems of Transformation - Stabilization Policies and Economic Restructuring, Edward Elgar Publishing Ltd., Aldershot 1994.
  
  
• An Ecu Zone for Central and Eastern Europe: a supportive framework for convergence; in: Ray Barrell (ed): Economic Convergence and Monetary Union in Europe, London, England, 1992.
  
  
• Über das Auslösen von Wachstumsprozessen in Osteuropa; in: Jürgen Backhaus (Hg.): Systemwandel und Reform in östlichen Wirtschaften; Metropolis Verlag, Marburg, Germany, 1991.
  
  
• The future of the Ecu; With Bertrand de Maigret: in: Christopher Johnson: Ecu - The currency of Europe, London, England, 1991.
  
  
• Probleme des Übergangs von der Plan- zur Marktwirtschaft; in: M. Heine (et alt.): Die Zukunft der DDR-Wirtschaft, Reinbek, Germany, 1990.
  
  
• Economic transformation and the integration of Central and Eastern Europe in the European Community; in: W. Gebauer (Ed.): Foundations of European Central Bank policy. Physica Verlag, Heidelberg, Germany, 1993.
  
  
• Asymmetrie und Reversibilität im EWS: Bedroht die deutsche Einheit die Ankerfunktion der DM?; in: A. Westphal et alteri (Hg.), Wirtschaftpolitische Konsequenzen der deutschen Vereinigung, Campus Verlag Frankfurt/New York 1991.
  
  
• The Economic Consequences of a Single European Currency on Centre-Periphery Relations within the European Community. in: Ernst & Young, A strategy for the Ecu, Kogan Page, London, England, 1990.
  
  
  

• L’économie politique de l’empathie - Colloque du 2 juin 2011 à Cerisy-la-Salle
  

  Résumé: L’empathie est une forme de relation humaine qui est fondée sur la capacité imaginée de ressentir les émotions d’un autre. Pour être universelle, cette capacité doit être mutuelle, ce qui implique une certaine égalité entre les hommes. Mais comme cette égalité n’a pas toujours été reconnue. Dans la société traditionnelle, l’individu autonome n’existe pas ; l’homme appartient à la communauté. La sensibilité individuelle est soumise à la hiérarchie communautaire. Par contre, le « moi moderne » est celui d’un individu autonome qui a besoin de l’empathie comme passerelle d’un individu à l’autre. Je propose que cette compréhension de l’empathie soit une conséquence de l’émergence de l’économie monétaire moderne, car l’économie monétaire diffuse le système normatif des relations contractuelles à travers toute la société. Par conséquent, les normes de la modernité – liberté, égalité, et empathie – s’imposent dans un environnement qui est de plus en plus dominé par l’économie monétaire. C’est donc la croissance de l’économie monétaire qui universalise l’empathie.
  
  
  
• Stefan Collignon, Piero Esposito and Hanna Lierse: European Sovereign Bailouts, Political Risk and the Economic Consequences of Mrs. Merkel, in: RECON Working Paper (forthcoming December 2011).
  
  Abstract:The European economy was hit by a severe shock in late 2009 when the newly elected Greek government of Papandreou discovered the true amount of the effective public deficit. The subsequent loss of trust in the governance of Europe’s Stability Pact reduced financial markets’ willingness to lend to highly indebted governments. The European Union established various mechanisms such as the EFSF to bail out debt-ridden member states, yet they had little lasting success. The continuously rising spread suggests that the information transmitted from political leaders was not successful in reducing investors’ risk perceptions. Because of Germany’s dominant role, Mrs. Merkel’s communication is of particular interest. We develop a formal model, according to which the financial market participants do not know the real rate of return on Greek assets but infer it from the signals emitted by informed governments. Based on a unique news dataset, we investigate the impact of good and bad political news on the Greek interest spread. The results demonstrates that the noise and the uncertainty around the European decision making process has substantially raised the cost of the bailout.
  
  
• Europe’s Debt Crisis, Coordination Failure and International Effects, ADBI Annual Conference, Tokyo, 2/12/2011. (pdf format)
  
  Abstract: This paper gives an overview of the causes of the European debt crisis and the consequences for the external relations. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become weaker.
  
• Centro Europa Ricerche (CER) Report on Europe 2011.
  
  
• Democratic Requirements for a European Economic Government, International Policy Analysis (IPA), Friedrich Ebert Stiftung, dec. 2010 .
  
  
• Demokratische Anforderungen an eine europäische Wirtschaftsregierung, Internationale Politikanalyse (IPA), Friedrich Ebert Stiftung, dez. 2010.
  
  
• CER Report on Europe 2010 (PDF version)
  Click here to download the Powerpoint presentation
  
  
• Report on Europe: Mastering the crisis, Centro Europa Recerche. Sept. 2009. (download in PDF here).
  
  
• Europas Sozialdemokratie in der Sackgasse. In: Neue Gesellschaft / Frankfurter Hefte (07.08.2009).
  Italian version : La socialdemocrazia opportunista. In: Mondoperaio (05. 2009).
  (downloads in PDF here).
  
  
• Die Moral des Geldes und die Zukunft des europäischen Kapitalismus. In: Vorgänge Heft. 2/2009, S. 4-22 (download in PDF)
  English version : The Moral Economy of Money and the Future of European Capitalism. (Manuscript) - (download in PDF).
  
  
• Warum Europa nicht zusammenfindet. In: NG FH, dec 2008. (download in PDF here).
  
  
• The Dawn of a New Era: Social Democracy after the Financial Crisis. In: Social Europe Journal, Autumn 2008. (download in PDF)
  
  
• Forward with Europe: A democratic and progressive reform agenda after the Lisbon Strategy, Internationale Politik Analyse. Friedrich Ebert Stiftung, April, 2008.
  
  
• Progress for Europe: Which Way to Growth and Employment after the Lisbon Strategy? Friedrich Ebert Stiftung, April, 2008.
  (download in PDF here).
  
  
• Report on Europe – Which way forward after the Lisbon Strategy, Centro Europa Ricerche, Roma, Feb. 2008. (Download in PDF here).
  
  
• Governo cercasi. In: Dossier Europa, Ott. 2007, N. 39.
  
  
• Democratizing Europe. In: Social Europe, Vol 2. issue 3, Winter 2007: 126-132.
  
  
• Democratizzare l’Europa, in: Italianieuropei, 1/2007: 157-170.
  
  
• Europa demokratisch machen. In: Berliner Republik, 6/2006: 56-65. (Download in PDF)
  English translation, Democratising Europe, in pdf here.
  
  
• Europa reformieren - Demokratie wagen; Friedrich Ebert Stiftung, Internationale Politikanalyse, Reihe Europäische Politik, April 2006.
  
  
• Per una nuova strategia di Lisbona, in: Italianieuropei, Bimensuale del riformismo italiano, 02/2005. (Download PDF)
  English version: The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance With Governments. (Download PDF)
  
  
• "Nouvelle" Stratégie de Lisbonne, pacte de stabilité et de croissance et démocratie européenne. In : Le banquet No 22, 2005.
  (Téléchargement en PDF)
  

• Re-printed in : Economia Internazionale 1999 – Numero Speciale, Supplemento al Vol. LII, Num. 1, Febbraio

• Die internationale Bedeutung der Währungsunion; in: Integration 2/98, Institut für Europäische Politik, Bonn, Germany, April 1998.
  
  
• La régionalisation monétaire et l'impact des monnaies émergentes en Asie; in: La régionalisation de l'économie mondiale: quels enjeux pour les agents privés et les décideurs publics?, Commissariat Général du Plan, Paris, France,1998.
  
  
• Der Euro als Ausweg aus der Krise; in: WSI Mitteilungen 5/1997, Hans-Böckler-Stiftung (Hrsg.), Bund-Verlag, Köln, Germany, May 1997.
  
  
• The Burmese Economy and the Withdrawal of European Trade Preferences; in: EIAS Briefing Paper No. 97/02, Brussels, April 1997. (Download in PDF).
  
  
• Exchange Rate Stability in the Transition to a Single Currency: Problems and Tentative Solutions; Report requested by the European Commission, March 1995.
  
  
• Die Europäische Währungsunion als Chance; in: Wirtschaftsdienst - Zeitschrift für Wirtschaftspolitik, HWWA-Institut für Wirtschaftsforschung Nr. 11/98, Hamburg, Nomos Verlag, Baden-Baden, Germany, November 1995.
  
  
• La coopération monétaire et l'ajustement structurel en Afrique sub-saharienne: Le rôle des arrangements régionaux de paiements. En collaboration avec P. Cerruti et Ph. Hugon, (CERED/ LAREA), Paris, France, 1993.
  
  
• Krise im Europäischen Währungssystem oder: Wie gewinnt die Europäische Währungsunion ihr Vertrauen zurück?; in: P. Bofinger, S. Collignon, E.M. Lipp (Hrsg.): Währungsunion oder Währungschaos?, Gabler Verlag Wiesbaden 1993; english translation in: De Pecunia, Vol. V, No. II, 1993.
  
  
• Normes écnomiques, instabilité monétaire et développement africain; Research Paper, Larea/Cered: Université Nanterre, Paris, France, 1991.
  
  
• Chancen und Risiken einer europäischen Wirtschafts- und Währungsunion; in: Berliner Debatte INITIAL, Heft 3/1991.
  
  
• A proposal for the creation of an Ecu Zone for Eastern Europe; in: De Pecunia, Dec. 1991; Italian version: Una Zona Ecu per l'Europa dell'est; in: Revista di Politica Economica, Rom, 1992.
  
  
  
  
  

  
  

• Lezione inaugurale dell’anno accademico 2010-2011 - “La repubblica europea” - dec. 2010. (download in PDF here).
  
  
  
• Private Union Bonds as an Exit from the Greek Drama. (download in PDF here)
  The Greek Crisis risks undoing the achievements of the euro. This is a proposal on how to deal with it.
  

• Monetary Mercantilism and Economic Growth in East Asia (download in PDF here)

  Abstract : It is often recognised that competitive or undervalued exchange rate levels matter for economic development. However, in addition to the price and cost competitiveness, volatility affects investment because volatile exchange rates create uncertainty. Governments can use foreign exchange management to stabilize exchange rates at a competitive level in order to foster economic growth. However, this policy, which I call monetary mercantilism, prevents the development of domestic financial markets. As a consequence, monetary mercantilism renders emerging economies fragile and vulnerable to financial crisis. The paper shows that emerging economies in Asia have been following monetary mercantilist strategies, even after the financial crisis in the late 1990s.

  
  
• Wage developments in Euroland or: the Failure of the Macroeconomic Dialogue.  (Download in PDF here).
  

  Abstract :
  With the creation of the euro, wage bargaining has become Europeanized. Price stability is driven by unit labour costs. The experience of the last 10 years has shown that on aggregate wage bargaining has supported monetary policy. However, national wage settlements have diverged and there is only very weak evidence of convergence to the euro aggregate. This poses the problem of how to remedy the situation. The Macroeconomic Dialogue was instituted to facilitate macroeconomic stability. It has failed, because of its confidential nature, which prevents the emergence of European-wide policy deliberation. It is suggested that the MED should be transferred from the Council to the European Parliament.

  
  
• Deliberation and Stochastic Consensus. (Download in PDF here).
  
  
• Stefan Collignon and Omar Serrano. The Political Economy of Right-wing Populism and Euroscepticism in Switzerland, 2007
  (Download in PDF here).
  
  Abstrac: We provide an explanation for Euroscepticism in Switzerland – and for the rise of the political right throughout the decade of the nineties – by looking at the effects of fundamental changes in the economy in the context of globalization and Europeanization. These effects are measured by examining underlying voting patters through comparing two Federal referendums: the 1992 referendum on the European Economic Area (EEA) and the Schengen/Dublin referendum of the year 2005. Both referendums are used to measure attitudes in favour or against European integration. Taking into account such structural characteristics we examine the pressure arising from Europeanization and Globalisation. We use the cleavage of tradable/non-tradable goods as an indicator for globalization effects. This study reaches the conclusion that the changes induced by globalization are relevant throughout the decade of the nineties for explaining Swiss Euroscepticism and to a certain extent also in the rise of the political right.
  
  
• Long run effects of short-term non-neutrality of money - A paper prepared for Institut für Makroökonomie und Konjunkturforschung (IMK) in der Hans- Böckler-Stiftung, 2007. (Download in PDF)
  

  Abstract: The long run neutrality hypothesis of money (LRN) states that monetary policy can only affect real economic variables in the short run, but not in the long run. However, this hypothesis depends crucially on the role assigned to the labour market.
  This paper looks at long run effects resulting from capital accumulation that shift the labour demand curve and the Phillips curve. It is shown that an investment function based on Tobin’s q can explain long-term shifts in the capital stock, which respond to short-term interest rates set by monetary policy. Empirical evidence supports the theoretical model.