Publications

Postponing the WTO Ministerial Conference – Making the Unexpected Breathing Space a Turning Point

 and | 6 December 2021
Trade, Blog | Tags: Agricultural Trade, Health, Services Trade, Trade Governance, WTO
The WTO 12th Ministerial Conference (MC12), which was due to take place in Geneva from 30 November – 3 December, was postponed indefinitely last minute due to new COVID-19 travel restrictions. Despite hectic activity on a rather modest agenda during the run-up to the event, ... continue reading

Is the OECD/G20 International Corporate Tax Reform Fair?

 | 26 November 2021
Fiscal, Blog | Tags: Corporate Tax, Developing Countries, Minimum Tax Rate, Tax Competition
On October 8th, the Organisation for Economic Co-operation and Development (OECD) announced that 136 countries have adopted its two-pillar proposal to reform the taxation of multinational enterprises (MNEs). Pillar One applies to MNEs with sales in excess of $20bn and profits over 10%. It shifts the ... continue reading

The Moratorium on Tariffs on E-commerce Should Stay

 | 25 November 2021
Trade, Blog | Tags: Digitalization, Tariffs, WTO
The rise of the digital economy will be hitting the agenda at next week’s Ministerial Conference (MC12) of the World Trade Organization (WTO) in many ways. The continuation of the provisional e-commerce moratorium is one of them – and one that is critical. The e-commerce ... continue reading

Carbon Prices and Carbon Leakage

 and | 15 November 2021
Trade, Blog | Tags: Carbon Pricing, Carbon Tax
Over the past weeks, the conversation over a global carbon price has considerably moved up policy debates worldwide. Just half a year ago, hardly anyone would have seen such a global floor as a viable option. Now, it still comes with a big question mark, ... continue reading

Bridging the Disconnects – From Diagnosis to Action in Addressing Climate-Related Financial Risks

 | 29 October 2021
Monetary, Blog | Tags: Central Banks, Climate Risks, Financial Regulation, Macroprudential Policy
When the Financial Stability Oversight Council (FSOC) published its Report on Climate-Related Financial Risk last week, it triggered a wide range of reactions. Some praised it as a critical step in moving climate risks up the agenda amongst FSOC members such as the US Treasury, ... continue reading

Tax Expenditures in the Balkans: Time to Open the Black Box

 | 28 October 2021
Fiscal, Blog | Tags: Tax Expenditures, Tax Reform
The traditional way of thinking about government expenditure goes as follows: first, governments collect revenue (through taxes, borrowing, or other means such as fines and penalties) and then they spend that revenue through the budget process. However, governments can also choose to support different economic ... continue reading

Aligning Central Bank Refinancing Operations with the G20 Agenda

 and | 6 October 2021
Monetary, Policy Briefs | Tags: Central Banks, Climate Risk, G20, Targeted Refinancing Lines
Since the Pittsburgh Summit in 2009, G20 leaders have repeatedly highlighted inclusive growth and environmental protection as core objectives in their joint declarations. With the widening of economic inequalities and the acceleration of climate change and biodiversity loss, their calls for action have gained further ... continue reading

Social Tax Expenditures: The Case of Quebec

 , , and | 5 October 2021
Fiscal, Blog | Tags: Social Protection, Tax Expenditures
While the world is weathering the COVID-19 storm, the role of sound social protection systems has become even more crucial. Designing social protection expenditures that are fit for purpose and that contribute to coming back stronger while leaving no one behind is imperative. Public intervention ... continue reading

Digital Trade: Top Trade Negotiation Priorities for Cross-Border Data Flows and Online Trade in Services

 , , , , and | 16 September 2021
Trade, Policy Briefs | Tags: Digitalization, Services Trade, WTO
This policy brief sets out recommendations to achieve a new multilateral framework of trade rules in the digital arena, thereby facilitating continued digital transformation of services and growth in cross-border flows of data. The present moment is critical. Successful conclusion of World Trade Organization (WTO) ... continue reading

Tax Expenditures—The $1.5 Trillion Elephant in the (Budget) Room

 and | 16 September 2021
Fiscal, Blog | Tags: Income Tax, Inequality, Tax Expenditures
The Biden administration FY 2022 Budget proposal includes $2.4 trillion of additional revenue over the next 10 years. Higher tax rates on high-income individuals and corporations account for $990 billion. At the same time, the budget proposes $1.35 trillion of new tax expenditures from exemptions, ... continue reading

Is Artificial Intelligence Coming for Your Job?

 and | 13 July 2021
Trade, Blog | Tags: Artificial Intelligence, Employment, Innovation
Artificial intelligence (AI) potentially generates big changes to the way we live and work. In a recent study we simulate the uptake of AI-enabled automation software in engineering and manufacturing. It shows an S-shaped adoption path – slow at the beginning and accelerating as a ... continue reading

Get My Tax Base if You Can

 | 25 June 2021
Fiscal, Blog | Tags: Developing Countries, Minimum Tax Rate, Tax Competition
The headlines from the G7 summit in Cornwall might suggest that the groundwork has just been laid for the most fundamental overhaul of the international tax regime in decades. The twin proposal accords additional taxing rights to states with large consumer markets and introduces a ... continue reading

Press Release: New Global Tax Expenditures Database by CEP and DIE: Shedding Light on Hidden Government Spending

 | 16 June 2021
Press Releases | Tags: Tax Expenditures, Tax Incentives, Tax Reform
The Council on Economic Policies (CEP) and the German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) today launch the Global Tax Expenditures Database (GTED). The database went live today at www.GTED.net and will be officially launched at 15.00 CEST with an online conference featuring ... continue reading

ECB and Climate Change: The Direction is Clear – But Ambition and Speed are Lacking

 | 7 June 2021
Monetary, Blog | Tags: Central Banks, Monetary Policy Operations, Sustainability
All public institutions urgently need to address the colossal challenges posed by climate change. Central banks are no exception, and their representatives are well aware of this. Jens Weidmann, President of the Deutsche Bundesbank, for example, is convinced "that we can all do more to mitigate ... continue reading

Systemic Risk Buffers – The Missing Piece in the Prudential Response to Climate Risks

 | 1 June 2021
Monetary, Policy Briefs | Tags: Climate Risk, European Systemic Risk Board, Macroprudential Regulation, Systemic Risks
Climate-related financial risks can potentially destabilize the financial sector. This fact is acknowledged by the major international financial bodies – the Financial Stability Board (FSB), the Bank for International Settlements (BIS), the International Monetary Fund (IMF) – as well as by the Central Banks and ... continue reading
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