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The Centre for European Policy Studies (CEPS) is an independent policy research institute based in Brussels. Its mission is to produce sound analytical research leading to constructive solutions to the challenges facing Europe today. CEPS Paperbacks present analysis and views by leading experts on important questions in the arena of European public policy, written in a style geared to an informed but generalist readership. The author, Kristian Uppenberg, is a Senior Economist in the Economic and Financial Studies division of the European Investment Bank. The views expressed in this report are those of the author writing in a personal capacity and do not necessarily reflect those of CEPS or the European Investment Bank. Cover photo depicts a simulation of the decay of a Higgs particle following a collision of two protons at the Large Hadron Collider (LGC) of the European particle physics institute (CERN), based outside Geneva