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You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Publishing Institution Centre for European Policy Studies Remove constraint Publishing Institution: Centre for European Policy Studies Topic Economics Remove constraint Topic: Economics
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  • Author: Hans-Joachim Dübel
  • Publication Date: 08-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: 'Blue' or Eurobonds guaranteed via joint and several liability by the eurozone member states have been proposed as an important tool to stabilise and structure the eurozone sovereign bond markets. But in this new Policy Brief, Hans-Joachim Dübel argues the case for a partial insurance of sovereign bonds by the European Stability Mechanism. Hans-Joachim Dübel is an independent financial sector consultant based in Berlin and founder of Finpolconsult.
  • Topic: Economics, International Trade and Finance, Markets, Regional Cooperation, Monetary Policy
  • Political Geography: Europe, Berlin
  • Author: Diego Valiante
  • Publication Date: 08-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The Eurozone debt crisis has now reached a turning point. This paper argues for a more organised intervention by the ECB to stop contagion through the creation of a quantitative easing programme, coupled with a political agreement among member states on a more federalist budget for the Eurozone.
  • Topic: Debt, Economics, Regional Cooperation, Financial Crisis
  • Political Geography: Europe
  • Author: José M. Abad, Javier Hernández Galante
  • Publication Date: 09-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: On September 7th, five weeks after the European Central Bank (ECB) started buying Spanish bonds as part of its Securities Market Programme, and four weeks since Merkel and Sarkozy announced their proposal of writing debt limits into national laws, the Spanish Parliament has approved a constitutional reform that, by constraining the general government's spending and borrowing capacity, aims to mitigate concerns over public finances. This reform, the second since the current Constitution was enacted by referendum in 1978, has been made possible by an agreement between the ruling socialists (PSOE) and the main opposition party (conservative PP).
  • Topic: Economics, Markets, Labor Issues
  • Political Geography: Europe, Spain
  • Author: Daniel Gros
  • Publication Date: 11-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Is a high level of public debt inherently more dangerous within a monetary union? During the 1990s it was often argued that only by entering the EMU could Italy (or Spain) protect itself from the high interest rates it had to pay on its large public debt. The argument was that by joining the single currency, Italy could convince financial markets that it would not inflate away the value of its debt and hence benefit from lower risk premia.
  • Topic: Debt, Economics, Financial Crisis
  • Political Geography: Europe, Spain, Italy
  • Author: Roderick Kefferpütz
  • Publication Date: 12-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: At long last commodity prices have declined from their pre-summer highs. Many raw materials are now trading at significantly lower prices, giving temporary respite to industry. Red-hot copper, the bellwether of the metals sector, for example, has pulled back from its peak of $10,000 a tonne. Even the astronomical rise of the previously little-known rare earth elements has reversed.
  • Topic: Economics, Markets, Natural Resources
  • Political Geography: Europe
  • Author: Stefano Micossi
  • Publication Date: 12-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: I met Tommaso Padoa-Schioppa in the early 1970s as a new young professional in the Research Department of Banca d'Italia, where he was head of the monetary policy unit. Many of us newcomers, fresh from American graduate studies, were appalled by the Bank's monetary approach, replete with quantitative controls and administrative measures to channel funds to an insatiable Treasury.
  • Topic: Economics, Regional Cooperation, Monetary Policy, Governance
  • Political Geography: America, Europe
  • Author: Karel Lannoo
  • Publication Date: 12-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: One positive effect of the euro crisis is that it has provoked Europe to engage in a profound debate on the form and degree of federalism it needs. Even if, until recently, many would have argued that Europe is not a federal state, the EU already has many elements of such a governance model in place, of which European citizens are hardly aware. Many competences are uniquely attributed to the EU. Legislation in several fields of EU competence can be adopted with a qualified majority of member states. Only in a few areas, such as taxation, is unanimity still required, even after the new Lisbon Treaty has come into effect. The same applies for changes to the EU Treaty itself.
  • Topic: Economics, Regional Cooperation, Monetary Policy, Financial Crisis, Governance
  • Political Geography: Europe
  • Author: Stefano Micossi
  • Publication Date: 11-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Some eighteen months after the first Greek rescue (May 2010), there is little doubt that the multiple attempts at crisis management in the eurozone have failed to restore confidence. Indeed, following each round of emergency measures agreed by the eurozone summits, matters have turned for the worse (see Figure 1 for the widening spreads, over the German Bund, for sovereign borrowing in the eurozone). At the time of writing, contagion has spread beyond Spain and Italy to the core sovereigns, with France close to losing its triple A rating and even Germany experiencing partial failure in a Bund auction on November 23rd. Spreads are also opening up for Austria, Belgium, Finland and even the virtuous Netherlands. Meanwhile, the banking system Europe- wide is under increasing strain, with term funding all but closed for any bank with significant exposure to distressed sovereign debtors and the interbank market close to seizing up. Deposit withdrawals have surfaced in a number of large banks from the periphery. The euro has started to weaken in foreign exchange markets, narrowing the room for a distinction between eurozone debt crisis and euro-currency crisis from which some observers were until recently drawing comfort.
  • Topic: Economics, Regional Cooperation, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Germany
  • Author: Christian Egenhofer, Noriko Fujiwara
  • Publication Date: 02-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: India has become an important partner for the EU in both multilateral and bilateral relations in a wide range of policy areas, including energy and climate change. Despite the strategic importance of this partnership, there may be insufficient awareness and understanding among EU stakeholders a bout India's development needs and challenges, its high degree of vulnerability to the impacts of climate change and the actions it has taken domestically and in international fora to address climate change. The country is among those rapidly and steadily growing economies with an increasing share of greenhouse gas (GHG) emissions, although it starts from a very low emissions base.
  • Topic: Climate Change, Development, Economics, Energy Policy, Industrial Policy
  • Political Geography: India
  • Author: Paul De Grauwe
  • Publication Date: 02-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The crisis that started in Greece culminated into a crisis of the Eurozone as a whole. How did we get into this mess? To answer this question it is useful to distinguish the three actors that have played a role in the development of the crisis: Greece, the financial markets (including the rating agencies) and the eurozone authorities. Let us analyse the role of these three actors in the drama.
  • Topic: Economics, Markets
  • Political Geography: Europe, Greece