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  • Author: Karel Lannoo
  • Publication Date: 11-2013
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: It is still an unresolved question whether a process for financial services regulatory cooperation and convergence will be included in the Transatlantic Trade and Investment Partnership (TTIP).From a n end-user's perspective, it could be argued that its inclusion could be an opportunity not only as regards product choice, but also to improve the consumer or investor protection regulatory environment on both sides of the Atlantic. The inclusion would also be in line with the assessments made by both the EU and the US that the G-20 agenda has been incorporated in local legislation and that both regimes are thus 'equivalent'.
  • Topic: Economics, International Trade and Finance, Markets
  • Political Geography: United States, Europe
  • Author: Henk L.M. Kox
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: In most EU member states, the business services industry has booked no productivity growth during the last two decades. The industry's performance in the other member states was weaker than that of its US counterparts. Exploring what may be causing this productivity stagnation, this policy brief reports that weak competition has contributed to the continuing malaise in European business services. The study analyzed the persistence (over time) of firm-level inefficiencies. The evidence further suggests that competition between small firms and large firms in business services is weak. Markets for business services work best in countries with flexible regulation on employment change and with low regulatory costs for firms that start up or close down a business. Countries that are more open to foreign competition perform better in terms of competitive selection and productivity.
  • Topic: Economics, International Trade and Finance, Markets, Regional Cooperation
  • Political Geography: United States, Europe
  • Author: Karel Lannoo
  • Publication Date: 04-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Two years after the London G-20, CEPS Chief Executive Karel Lannoo finds that the EU is well advanced in delivering on the commitments made for the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, in fact, such as remuneration, the EU has made even greater headway than the US. But certain key sensitive matters remain, such as bank resolution or structural changes.
  • Topic: Debt, Economics, Global Recession, Monetary Policy, Financial Crisis
  • Political Geography: United States, Europe, London
  • Author: Dallas Burtraw
  • Publication Date: 09-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Until recently, most of the attention in US climate policy was focused on legislative efforts to introduce a price on carbon through cap and trade. Since that policy has stalled, at least at the national level, the Clean Air Act has assumed the central role in the development of regulations that will reduce greenhouse gas (GHG) emissions in the US. The modern Clean Air Act (CAA) was passed in 1970 and conveys broad authority to the Environmental Protection Agency (EPA) to develop regulations to mitigate harm from air pollution. In 2007 the Supreme Court confirmed that this authority applied to the regulation of GHGs ( Massachusetts v. EPA). Subsequently, the agency made a formal, science-based determination that GHGs were dangerous to human health and the environment, which compels the agency to mitigate the harm and forms the basis for the agency's regulation of GHG emissions.
  • Topic: Climate Change, Energy Policy, Environment
  • Political Geography: United States
  • Author: Daniel Gros, Cinzia Alcidi
  • Publication Date: 01-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: This crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. This is wellknown. What is less well-known is that on both accounts the euro area was affected by both 'bubble' symptoms as much as the US.
  • Topic: Economics, Markets, Financial Crisis
  • Political Geography: United States, Europe
  • Author: Karel Lannoo
  • Publication Date: 01-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Since 2003, the EU and the US have conducted a vibrant regulatory dialogue on financial regulation, but domestic priorities seem to have taken precedence in response to the financial crisis. This paper compares the institutional and regulatory changes occurring on both sides of the Atlantic. On the institutional side, it compares macro- and micro-prudential reforms. On the regulatory side, it compares four key areas: bank capital requirements, reform of the OTC derivative markets, and the regulation of credit ratings agencies and hedge funds. It concludes by highlighting certain implications for the regulatory dialogue.
  • Topic: Economics, Monetary Policy, Financial Crisis
  • Political Geography: United States, Europe
  • Author: Roderick Kefferpütz
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The US natural gas industry is abuzz. Until recently the United States seemed poised to become one of the world's largest importers of liquefied natural gas (LNG). However, the development of two innovative drilling techniques – hydraulic fracturing and horizontal drilling – has led to the emergence of new unconventional gas supplies, the majority coming from gas trapped in shale formations, transforming the American energy scene. Today, shale gas is responsible for roughly 20% of total US production with expectations that it could reach 50% by 2035 – an astounding feat given that it represented only 1% back in 2000. The increase in US shale gas production also contributed to the US displacing the Russian Federation as the largest producer of gas, with its production of 624 billion cubic meters (bcm) trumping Russia's 582 bcm. In addition, it has caused LNG demand to sink and sent prices tumbling, turning the market upside-down.
  • Topic: Energy Policy, Natural Resources
  • Political Geography: United States, Europe
  • Author: Michael Emerson
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The recent past has been a miserable time for political relations between Russia and both the EU and the US. While business has been booming on the back of Russia's huge gains from the skyrocketing price of oil and gas, the foreign policy scene has been desolate.
  • Topic: Foreign Policy, Diplomacy
  • Political Geography: Russia, United States, Europe
  • Author: Richard Youngs, Michael Emerson
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The idea of an official organisation of democratic states wishing to promote democracy worldwide has surfaced periodically in recent years. In 2000 the Community of Democracies was inaugurated and survives as a body committed to supporting democratic change (and we comment on this little-noticed initiative further below). Now the notion is gaining further currency. US Presidential candidate John McCain has advocated a League of Democracies. And analyst Robert Kagan, an advisor to McCain, has recently made a contribution on the subject in the Financial Times. It is quite possible that the European Union will need to adopt a position on this proposal.
  • Topic: International Relations, Democratization, International Organization
  • Political Geography: United States, Europe
  • Author: Michael Emerson
  • Publication Date: 08-2008
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The small war between Georgia and Russia from 8 to 22 August 2008 has shattered any remaining illusions over the frontiers of the normative map of Europe. All the primary parties have to be criticised: Russia for setting a trap for Saakashvili to fall into, the Georgian leadership for its astounding military and political blunder in falling into it, and the United States for having failed to restrain its protégé. The first consequence is that Georgia has paid the price of Saakashvili's folly, with the definitive loss of Abkhazia and South Ossetia. The second consequence is triggered by Russia's continued occupation of strategic points in Georgia-proper, which means not peacekeeping but threatened strangulation of the Georgian economy and its role in the transit of oil and gas from the Caspian to the West. It also means that business as usual has become impossible, as already announced between NATO and Russia, and with more important decisions pending in both the EU and US. The third consequence is that the EU should immediately step up its policies to integrate Ukraine, with real perspectives of membership subject to the standard criteria. The fourth unknown consequence is how far this deteriorating process between Russia and the West will go. Russia may pretend, with its petro-power and wealth, to be immune from any actions by the West, but beyond the short-term it is vulnerable. Whatever these unknowns, already Russia has crossed a red line with its strategic occupation of Georgia-proper, rather than the option just to push Georgia out of South Ossetia. This latter option would have met with widespread understanding internationally. But with its chosen option Russia has placed itself in another category, which is a throwback to earlier times, and totally incompatible with the political and moral principles of modern Europe.
  • Topic: Conflict Resolution, NATO, War, Bilateral Relations
  • Political Geography: Russia, United States, Eastern Europe, Georgia