• Policy challenges for Euroland over the next decade (english version)
    Les enjeux pour la zone Euro dans les dix années à venir (version française)
    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.

  • The Sustainability of Public Finances and Europe’s Fiscal Rules; under revision for International Economic Review, 2008. Download in PDF

  • Why Europe is Not Becoming the World’s Most Competitive Economy. The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance without Governments; InternationalJournal 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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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

  • 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 (en PDF) ou Télécharger 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.
  • Natural Unemployment, the Role of Monetary Policy and Wage Bargaining.  A Theoretical Perspective. 2005.

  • France and Germany: Economic stagnation as a common destiny? Paris 2005. To be published in conference volume by Centre Saint-Gobain pour la Recherche en Economie.

  • Fiscal Policy and Democracy; paper presented at Monetary Workshop, Österreichische Nationalbank, Vienna, 2004 ; published as ÖNB Discussion paper No. 4, "A Constitutional Treaty for an Enlarged Europe: Institutional and Economic Implications for Economic and Monetary Union", November 2004.
    Download in Powerpoint     / Download in PDF

  • The Role of Monetary Policy in Setting the Natural Rate of Unemployment; Workshop Quantitative Prognosen realwirtschaftlicher Effekte der Geldpolitik, 24. Oktober 2003, Bundesministerium für Wirtschaft und Arbeit in Berlin.

  • French version published as : Les conditions politiques et institutionnelles d’une coordination des politiques économiques dans l’Euroland, in: Revue d’Economie Financière, Trois ans de Politique Monétaire Européenne, 2002, No. 65.

  • Germany: Which Way to Turn? The World Today. Vol. 58 Number 8/9, August/September 2002.

  • Nach der Euro-Einführung. Der europäische Bürger braucht eine Europäische Republik, in "Internationale Politik nr. 1-57, Jan 2002 . Download in PDF

  • "Post Euro: quo vadis Europa?" is a shorter English version in the transatlantic edition. Download here in PDF

  • Economic Policy Coordination in EMU: Institutional and Political Requirements, Center for European Studies (CES), Harvard University, May 2001.

  • Two years into the Euro: the next step for Europe; Financial Markets Group, LSE, 2001.

  • Policy Coordination in Euroland: the next step; in: Loukas Tsoukalis (ed.), Globalisation and Regionalism. A double challenge for Greece; Hellenic Foundation for European and Foreign Policy, Athens 2001.

  • Why Do Poor Countries Choose Low Human Rights? Some Lessons from Burma; Habilitationsvortrag, Freie Universität Berlin, 1999. Sumary and download

  • Währungsblöcke und Integration der Asiatischen Staaten ; in. Vierteljahreshefte zur Wirtschaftsforschung, DIW Heft 1, 69. Jg 1999.

  • Does the Central Bank Set the Natural Rate of Unemployment? AUME Working Paper, No 30, October 1998. Summary and download.

  • Ouyuan de Weilai (The future of the euro); in: Shijie Jingji Yu Zheng Zhi ( Journal of World Economy and Politics) Chinese Academy of Social Sciences, Beijing, February 1999.

  • Sustainable EMU; in: The International Spectator, Volume XXXIII, No. 2, Rome, Italy, April-June 1998.

  • The Sustainability Report, Association for the Monetary Union of Europe, Paris, France, February 1998  (5 papers):

  • 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.

  • 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.


  • Greece and Union Bonds
    The Greek Crisis risks undoing the achievements of the euro. Here is a proposal how to deal with it:
    Private Union Bonds as an Exit from the Greek Drama    .

 

  • 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.

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