The harsh reality of Ukraine's fiscal arithmetic. Bruegel Policy Contribution ISSUE 2015/07, June 2015

Ukraine is struggling with both external aggression and the dramatically poor shape of its economy. The pace of political and institutional change has so far been too slow to prevent the deepening of the fiscal and balance-of-payments crises, while business confidence continues to be undermined. • Unfortunately, the 2015 International Monetary Fund Extended Fund Facility programme repeats many weaknesses of the 2014 IMF Stand-by Arrangement: slow pace of fiscal adjustment especially in the two key areas of energy prices and pension entitlements, lack of a comprehensive structural and institutional reform vision, and insufficient external financing to close the expected balance-of-payments gap and allow Ukraine to return to debt sustainability in the long term. • The reform process in Ukraine must be accelerated and better managed. A frontloaded fiscal adjustment is necessary to stabilise public finances and the balance-of-payments, and to bring inflation down. The international community, especially the European Union, should offer sufficient financial aid backed by strong conditionality, technical assistance and support to Ukraine’s independence and territorial integrity.

The next step after Japan? (Virtual reality, training and crisis management). Transatlantic Security Paper No. 2, June 2012

The recent crisis in Japan, which combined tsunami and technological events, shows that any crisis, especially those in developed and developing countries, is from here out a hybrid crisis, mixing natural factors and human/technological (NATECH). Faced with such dramatic events, which exceed any means available for emergency rescue service, it is necessary a) to remain prudent and b) to prepare. One of the means for preparing is unquestionably training. However, here, undoubtedly there are important constraints: How to train, for example, while reproducing vividly and realistically, an event? How to exceed the admittedly useful, although very limited, level of the table-top exercise? How also to avoid the unnecessary mobilization of dozens, even hundreds, of field and operation staffers to take part in an exercise which could lead to a disappointing outcome? A major crisis, a major exercise, in effect. The solution of virtual reality has emerged, in Europe and in the United States. It is also sometimes called “serious game”.

The EU ETS: Caught between an ideal and reality. CEPS Commentary, 8 march 2016

The EU ETS (emissions trading system) has passed its first decade of operation and has proven to be an inspiration for those who promote carbon pricing through carbon markets as a means to tackle climate change. During this period, Europe has learned important lessons from operating its own ETS and from observing the experiences of other jurisdictions with carbon markets.