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252. A Digital Euro in Search of an Identity
- Author:
- Franco Passacantando
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- The recent proliferation of crypto assets and other digital currencies is rapidly transforming the financial industry and the very concept of money. In response to these developments, many central banks are considering the possibility of introducing a central bank digital currency (CBDC), to be used as an alternative to cash. These trends have led to a lively debate on the role that a new sovereign digital currency could play in the monetary system. Some claim that the creation of a CBDC looks like a solution in search of problem because the private sector is already responding to the needs of faster and cheaper payment services.[1] The opposite view is that, if nothing is done, central banks could eventually lose the capacity to conduct monetary policy, to preserve financial stability and to ensure the proper functioning of the payment system. While the European Central Bank (ECB) has yet to make a final decision, in July 2021 it announced the start of a two-year “investigation phase” on the possible introduction of a euro CBDC, in which the views of prospective users and of those who will distribute the new currency will be sought.
- Topic:
- European Union, Finance, Currency, and Digital Policy
- Political Geography:
- Europe
253. Inequalities and Local Infrastructure: The Challenges of Post-Covid Recovery Investments
- Author:
- Filippo Barbera
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- Rather than being mere “productive environments”, localities embedded in infrastructure are distinctive living places in which communities of people live and establish a greater part of their daily social relationships. As a result, infrastructure represents the backbone of citizenship rights and strongly affect territorial inequalities. Infrastructure is chiefly understood in physical terms as reticulated systems of highways, pipes, wires or cables. This physical reductionism is by no means sufficient to encompass the multiple facets of the concept or to make sense of the many ways infrastructure affects socio-political inequalities. Knowledge infrastructure, for instance, may indicate robust networks of people, equipment and institutions that generate, share and maintain specific knowledge about the human and natural worlds. Infrastructure furthermore refers to the interplay between information technologies, transportation and other intermodal transport devices. All of these kinds of infrastructure affect inequalities in different ways.
- Topic:
- Political Economy, Politics, Infrastructure, Governance, European Union, Sustainable Development Goals, and Institutions
- Political Geography:
- Europe
254. Israeli Apartheid and the West’s Dwindling Moral Credibility
- Author:
- Andrea Dessì
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- Amidst spiralling tensions on the European continent, East-West animosities have returned to dominate daily news cycles. Predictably, this has revived rhetoric on competing political systems and norms, giving rise to a flurry of reporting contrasting Western democracy’s support for the “rules-based international order” vs an informal “alliance of autocracies” led by Russia and China which embrace military might or economic and political blackmail in “a bid to make the world safe for dictatorship”, as recently opinionated the Washington Post.
- Topic:
- Foreign Policy, Apartheid, Human Rights, International Law, and European Union
- Political Geography:
- Europe, Middle East, Israel, Palestine, United States of America, and Mediterranean
255. Europe’s Post-Cold War Order Is No More
- Author:
- Riccardo Alcaro
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- Russian President Vladimir Putin’s decision to recognise the independence of the self-styled separatist republics of Donetsk and Luhansk in the Donbas may very well be the beginning of the end of Ukraine as an independent nation. For Ukraine, a nation of almost 44 million people, catastrophe looms large on the horizon. For Europe, these events are the harbinger of the end of an era. Europe’s post-Cold War order is no more.
- Topic:
- Foreign Policy, NATO, Diplomacy, and Transatlantic Relations
- Political Geography:
- Russia, Europe, Turkey, Ukraine, Caucasus, Balkans, and United States of America
256. A G7/G20 Pact for Sustainable Urbanisation? Building on the Positive Legacy of Italy’s G20 Presidency
- Author:
- Nicholas J. A. Buchoud, Michael Keith, Susan Parnell, and Martin van der Pütten
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- The G20 as we know it emerged from the 2008 global financial crisis. What is rarely acknowledged, however, is that this grouping of the world’s twenty largest economies emerged at a time when the world was fast becoming more “urban” than “rural”. The impact of urbanisation on the world economy has received scant attention in global decision-making arenas because the post-2008 stabilisation of the global financial system came with significant costs. In particular, the financial crisis had important recentralising effects. The OECD, for instance, has regularly underlined the lasting impact of the financial crisis on sub-national investment capabilities.
- Topic:
- International Political Economy, Infrastructure, Governance, Urbanization, G20, and Sustainable Development Goals
- Political Geography:
- Europe and Italy
257. Putin’s Use and Abuse of History: Back to the 19th Century?
- Author:
- Leo Goretti
- Publication Date:
- 03-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- “Ukraine is not just a neighbouring country for us. It is an inalienable part of our own history, culture and spiritual space.” This is how Putin introduced the “decisions being made” in his 55-minute address to the nation on 21 February 2022, which paved the way for Russia’s invasion of Ukraine. Several commentators noted how Putin’s speech was replete with historical references: as historian Benjamin Nathans pointed out, Vladimir Putin seems to be “quite obsessed with history. So part of our attention […] should be looking at how Putin is using history”. Indeed, almost one-quarter of Putin’s speech was devoted to a rather erratic and convoluted discussion of pre-1991 Russian and Soviet history, departing from the assumption that this was necessary “to explain the motives behind Russia’s actions and what we aim to achieve”.
- Topic:
- Nationalism, History, and Conflict
- Political Geography:
- Russia, Ukraine, Caucasus, and Balkans
258. A New and Better Security Order for Europe
- Author:
- Rajan Menon
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Defense Priorities
- Abstract:
- Far-reaching changes in the global balance of power and Europe’s security environment call for a new U.S. strategy toward Europe—for the benefit of Americans and Europeans alike. European states should take deliberate steps toward autonomy in defense, which the U.S. should foster by reducing its military presence in, and security commitments to, Europe, gradually and in coordination with its NATO allies. The eventual goal should be to eliminate permanent U.S. military deployments in Europe. Europe, particularly France and Germany, possesses the material wherewithal to balance Russia’s military power. What Europe lacks is the motivation, something it will not acquire so long as it can count on a blanket, open-ended American commitment. Europe’s stability and security demand a regional order into which Russia—the continent’s strongest single military power—is eventually integrated, rather than one from which it has become progressively alienated. The post-Cold War crises over Ukraine arose from complex circumstances; but one of them has been the absence of a pan-European security order that extends from the Atlantic to the Urals and contains provisions for engagement with Russia, including arms control and crisis management, as well as confidence-building measures designed to reduce the risk of war. Restructuring Europe’s security order to promote European strategic autonomy will improve, not harm, trans-Atlantic relations and cooperation. The U.S. and Canada are bound to Europe by centuries-old ties—historical, cultural, and economic. While the extent and nature of these ties will necessarily change over time, their existence does not depend on an American willingness to serve indefinitely as Europe’s prime defender.
- Topic:
- Security, Defense Policy, NATO, and Strategic Stability
- Political Geography:
- Europe, France, Germany, North America, and United States of America
259. NATO Should Defend Europe, Not Pivot to Asia
- Author:
- Jan Gerber
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Defense Priorities
- Abstract:
- In 2021, the U.K., France, and Germany deployed 21 naval ships to the Indo-Pacific with a stated aim of helping the U.S. shoulder the burden of collective security and sustaining the “rules-based international order.” Naval deployments by the U.K., France, and Germany are symbolic and unlikely to affect the balance of power in Asia. A European pivot to the Indo-Pacific draws scarce attention and resources away from defense issues in Europe. Instead of encouraging Asian forays, the U.S. should encourage its European allies to assume primary responsibility for European security, freeing the United States to focus on the Pacific, if needed.
- Topic:
- Security, Foreign Policy, Defense Policy, and NATO
- Political Geography:
- United Kingdom, Europe, Asia, France, Germany, and Indo-Pacific
260. To Prevent War and Secure Ukraine, Make Ukraine Neutral
- Author:
- Stephen W. Van Evera
- Publication Date:
- 02-2022
- Content Type:
- Commentary and Analysis
- Institution:
- Defense Priorities
- Abstract:
- The U.S.-NATO-Russia-Ukraine crisis could be resolved by a grand bargain among the parties that defines Ukraine as a neutral state. Neutrality deals worked well in the past to forestall Franco-British conflict over Belgium in the 1830s and East-West conflict over Finland and Austria in the Cold War. The Belgian, Finnish, and Austrian neutrality deals enhanced the security of the states they made neutral. Neutrality was an asset for Belgium, Finland, and Austria, not a handicap. Major powers never calmly accept the close approach to their borders of unfriendly powers or alliances. Russia is no exception. It will not accept a settlement that leaves open the possibility of Ukraine in NATO or NATO in Ukraine. Hence, a neutrality solution is both sufficient and necessary to resolve the current crisis. Ukraine is not worth a costly confrontation for the U.S. Hence, U.S. leaders should be open to compromise. If compromise proves elusive, the U.S. should not pay high costs or run large risks to impose a deal on its terms, as it has higher priorities at home and elsewhere.
- Topic:
- Foreign Policy, NATO, Alliance, Conflict, and Crisis Management
- Political Geography:
- Europe and Ukraine