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Mr. Jiaqian Chen, Maksym Chepeliev, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Mr. James Roaf, Ms. Anna Shabunina, Dominique van der Mensbrugghe, and Mr. Philippe Wingender
This paper aims to contribute to the debate on the choice of policies to reach the more ambitious 2030 emission reduction goals currently under consideration. It provides an analysis of the macroeconomic and distributional impacts of different options to scale up the mitigation effort, and proposes enhancements to the existing EU policies. A key finding is that a well-designed package, consisting of more extensive carbon pricing across EU countries and sectors, combined with cuts in distortionary taxes and targeted green investment support, would allow the EU to reach the emission goals with practically no effects on aggregate income. To enhance the social and political acceptance of climate policies, part of the revenue from carbon pricing should be used to compensate the most vulnerable households and to support the transition of workers to greener jobs. A carbon border adjustment mechanism could complement the package to avoid an increase in emissions outside the EU due to higher carbon prices in the EU (“carbon leakage”). From a risk-reward perspective, the benefits of reducing the risk of extreme life-threatening climate events and the health benefits from lower air pollution clearly outweigh the costs of mitigation policies.
Jacques de Larosière

This paper examines adjustment, growth, and the IMF’s role. Under the Baker plan, the IMF would continue to play a central role in dealing with the economic imbalances and the debt problems that countries face, a role that would continue to include the analysis and policy advice that the IMF brings to discussions with member countries. The IMF’s role will also be to continue to help countries obtain new external financing from commercial banks as well as from official sources.

International Monetary Fund. External Relations Dept.
Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.