Stephen Broadberry has been appointed Director of the the Centre's Economic History Programme from 1 January 2014, taking over from Kevin O'Rourke, who has become CEPR Research Director. He is Professor of Economic History at the London School of Economics, and has taught at the Universities of Warwick, Oxford, Cardiff and British Columbia. His research interests include the development of the world economy from 1000 AD to the present; historical national accounts for Britain since 1086; the Great Divergence of productivity and living standards between Europe and Asia; sectoral aspects of comparative growth and productivity performance during the nineteenth and twentieth centuries; productivity in services; wars and economic performance.

The ‘shadow banking’ sector is a loose title given to the financial sector that exists outside the regulatory perimeter but mimics some structures and functions of banks. In Policy Insight 69, Enrico Perotti looks into what we have learned about shadow banking since the Global Crisis.

Kevin Hjortshøj O'Rourke has taken over from Lucrezia Reichlin as CEPR Research Director. O'Rourke is the Chichele Professor of Economic History at All Souls College, Oxford; and has served as Director of CEPR's Economic History Programme. He is Fellow of the British Academy and Member of the Royal Irish Academy, and a past President of the European Historical Economics Society. He has written extensively on the history of globalization, including Globalization and History (with Jeffrey G. Williamson), and Power and Plenty: Trade, War and the World Economy in the Second Millennium (with Ronald Findlay).

Richard Baldwin has been appointed as Director of CEPR from 1 January 2014. Baldwin is Professor of International Economics at the Graduate Institute Geneva, and a visiting research professor at the University of Oxford. As Director, Baldwin will assume overall responsibility for the Centre's research programme, policy outreach, funding and all appointments. Baldwin was Programme Director of CEPR's International Trade programme from 1991 to 2001, Co-managing Editor of Economic Policy from 2000 to 2005, Policy Director of CEPR from 2006 to 2013, and founding editor of Vox . He remains as Editor-in-Chief of

The Norwegian Government has appointed two CEPR Research Fellows, Karen Helene Ulltveit-Moe and Kjetil Storesletten, to the Executive Board of Norges Bank.

Private Enterprise Development in Low-Income Countries (PEDL) is a joint initiative of CEPR and DFID that supports research on the behaviour of firms and enterprises in low income countries. PEDL gives priority to approaches that promise to produce credible research results relevant for policy-making in these countries. The third call for Major Research Grant proposals is now open.The deadline for submissions is March 3rd, 2014.

In November the €-coin indicator was equal to 0.23, a slightly higher level than that of the previous month (0.20).

Marianne Bertrand, Olivier Compte, Francis Kramarz, Thomas Piketty, Andrea Prat, Hélène Rey. Kjetil Storesletten and Gerard van den Berg have been elected as Fellows of the Econometric Society this year.

The economic recovery is well underway in the US, while the Eurozone economy is still struggling. CEPR Policy Insight No. 67 argues that major structural and institutional differences go a long way in explaining this transatlantic divergence.

The €-coin indicator rose to 0.20 in October (from 0.12 in September), recording a positive value for the second consecutive month.