Forward to a new normal : an overview of the ECFIN fellowship papers

While the great recession appears to be behind us with the effect of structural policy responses gradually kicking-in and long-term solutions coming into sight, the fall-out continues to weigh heavily on growth and jobs, bringing severe hardship to many. Moreover, advanced economies, emerging market and developing economies are, and will be, facing a combination of old and new risks over the medium term. Thus, we are far from "mission accomplished" and a return back to the 'pre-crisis normal' is neither possible nor desirable. Against that backdrop, DG ECFIN has asked eminent scholars to map out the 'new economic normal' in the context of reshaped economic policy frameworks and governance designs, focussing in particular on (i) medium-term growth perspectives, (ii) newly emerging architectures in areas such as finance and (iii) European convergence and integration mechanisms. In the provision of their services, the Fellows have of course retained complete academic independence and freedom of expression of opinions. Grouping the contributions into the three broad categories set out above, this Economic Brief sketches the main issues addressed and provides a succinct overview of the main findings in the final papers of the Fellows.