Search

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 Political Geography Europe Remove constraint Political Geography: Europe Publication Year within 5 Years Remove constraint Publication Year: within 5 Years Topic Economics Remove constraint Topic: Economics
Number of results to display per page

Search Results

  • Author: Ilaria Maselli, Miroslav Beblavý
  • Publication Date: 01-2014
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: There is a general consensus that to achieve employment growth, especially for vulnerable groups, it is not enough to kick-start economic growth. It is also essential to improve the s kills among both the high-and low-skilled population.
  • Topic: Economics, Migration, Science and Technology, Labor Issues
  • Political Geography: Europe, Somalia
  • Author: Viral V. Acharya, Sascha Steffen
  • Publication Date: 01-2014
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The eurozone is mired in a recession. In 2013, the GDP of all 17 eurozone countries fell by 0.5% and the outlook for 2014 shows considerable risks across the region. To stabilise the common currency area and its (partly insolvent) financial system, a eurozone banking union is being established. An important part of the banking union is the Single Supervisory Mechanism (SSM), which will transfer the oversight of Europe's largest banks to the European Central Bank (ECB). Before the ECB takes over this responsibility, it plans to conduct an Asset Quality Review (AQR) in 2014, which will identify the capital shortfalls of these banks.
  • Topic: Economics, International Trade and Finance, Regional Cooperation, Monetary Policy
  • Political Geography: Europe
  • Author: Stefano Micossi, Ginevra Bruzzone, Miriam Cassella
  • Publication Date: 05-2014
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: In July 2013, the European Commission adopted a new Banking Communication – the seventh since the start of the financial crisis – updating its criteria for the evaluation of state aid in the banking sector in response to the evolving economic and institutional environment. Under this Communication, any credit institution in need of recapitalisation or 'impaired asset' measures will be required, prior to any further action, to submit a plan for restructuring or the orderly winding down the bank. Moreover, whenever there is a capital shortfall, the Commission will require that, prior to any injection of public funds, not only shareholders – as has been the case so far – but also junior creditors write down or convert into equity their claims on the bank, regardless of whether the bank is under resolution, in order to minimise the need for state aid.
  • Topic: Economics, International Trade and Finance, Monetary Policy
  • Political Geography: Europe
  • Author: Stefano Micossi, Fabrizia Peirce
  • Publication Date: 07-2014
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The policy debate about how best to restore growth in the flagging eurozone economy has been plagued by demands from some highly indebted member countries that the Stability and Growth Pact (SGP) be loosened to leave greater room to support the economy with budgetary instruments. These demands have been met with an instant rebuff from the Commission and other financially solid members who argue that loosening the Pact would do little to restore sound growth. This question has also hindered the broader discussion on the need for and content of a renewed growth strategy for the eurozone and the European Union, no least by fuelling fresh mistrust among their member states.
  • Topic: Economics, International Trade and Finance, Reform
  • Political Geography: Europe
  • Author: Willem Pieter De Groen
  • Publication Date: 11-2014
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The Comprehensive Assessment conducted by the European Central Bank (ECB) representsa considerable step forward in enhancing transparency ineuro-area banks' balance sheets. The most notable progress since the previous European stress test has been the hamonisation of the definition of non-performing loans and other concepts as well as uncovering hidden losses, which resulted in a €34 billion aggregate capital-chargenet of tax. Despite this tightening,most banks were able to meet the 5.5% common equity tier 1 (CET1) threshold applied in the test, whichsuggests that the large majority of the euro-area banks have improvedtheir financial position sufficiently to no longer constrainthem in financing the economy.Our own estimation based on the detailed results, however,provide a more nuanced picture, with a large numberof the banks still highly leveraged and in many cases unable to meet the regulatory capital requirementsthat will be introduced in the coming years underthe adverse stress test scenario.
  • Topic: Debt, Economics, International Trade and Finance, Global Recession
  • Political Geography: Europe
  • Author: Michael Emerson, Denis Cenusa, Tamara Kovziridse, Veronika Movchan
  • Publication Date: 09-2014
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: While EU and US sanctions against Russia over its aggression in Ukraine, and Russia's counter-sanctions, are much discussed due to their evident political significance, less attention has been given to Russia's punitive sanctions against the three Eastern European states – Ukraine, Moldova and Georgia – that have signed with the EU Association Agreements (AA), which include Deep and Comprehensive Free Trade Area (DCFTA) provisions. This paper therefore documents these trade policy restrictions and embargoes imposed by Russia, and provides some first indications of their impact. The immediate impact on trade flows, especially for agri-food products, has been substantial, albeit with some leakage through Belarus. The main instrument for the Russian measures has been allegations of non-conformity with Russian technical standards, although the correlation of these allegations with movements in Russia's geopolitical postures makes it obvious that the Russian technical agencies are following political guidelines dressed up as scientific evidence. These measures also push the three states into diversifying their trade marketing efforts in favour of the EU and other world markets, with Georgia already having taken significant steps in this direction, since in its case the Russian sanctions date back to 2006. In the case of Ukraine, Russia's threat to cancel CIS free trade preferences infiltrated trilateral talks between the EU, Ukraine and Russia, leading on 12 September to their proposed postponement until the end of 2015 of the 'provisional' implementation of a large part of the AA/DCFTA. This was immediately followed on 16 September by ratification of the AA/DCFTA by both the Rada in Kyiv and the European Parliament, which will lead to its full and definitive entry into force when the 28 EU member states have also ratified it. However Putin followed the day after with a letter to Poroshenko making an abusive interpretation of the 12 September understanding.
  • Topic: Economics, International Trade and Finance, Power Politics, Sanctions
  • Political Geography: Russia, Europe, Ukraine, Moldova, Georgia