Number of results to display per page
Search Results
62. What if the Next Financial Crisis Hits the Banking Union? A Call for an "If All Else Fails" Clause
- Author:
- Stijn Verhelst
- Publication Date:
- 09-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- This Policy Brief argues that the envisaged design of the Banking Union risks not being sufficient to deal with the next large-scale financial crisis. Therefore, an "if all else fails" clause should be approved, stating that the Banking Union members can provide joint last resort financing to deal with a future crisis. An agreement on the clause should be feasible because it is beneficial to all Member States.
- Topic:
- Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
63. Don't complicate it even further: Macroeconomic Conditionality as a Substitute for new Structural Reform Contracts
- Author:
- Stijn Verhelst
- Publication Date:
- 05-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- The idea of introducing contracts between Member States and the EU on structural reforms has its merits, it also has several disadvantages. Most notably, the contracts risk rendering European economic governance even more complex and cumbersome. It is therefore sensible to first try to integrate the structural reform contracts into one of the foreseen economic governance instruments.
- Topic:
- Economics, International Trade and Finance, Regional Cooperation, Governance, and Reform
- Political Geography:
- Europe
64. A case for adjusting fiscal consolidation in the eurozone
- Author:
- Xavier Vanden Bosch
- Publication Date:
- 01-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- Fiscal consolidation is essential to ensure the sustainability of euro zone countries' public debt. However, as a principle, consolidation should not be pursued at a pace unnecessarily undermining growth in the short term. Repeated downward revisions of growth call for the use of the flexibility foreseen in the EU fiscal framework. The Commission should adapt the deadlines for fiscal correction to prevent excessive, pro-cyclical adjustment in 2013. In turn, adequate surveillance and coordination must ensure structural adjustments constitute the core of fiscal consolidation plans.
- Topic:
- Debt, International Trade and Finance, Monetary Policy, and Reform
- Political Geography:
- Europe
65. The WTO Under Pressure: Tackling the deadlock in multilateral trade
- Author:
- Marikki Stocchetti and Johanna Jacobsson
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- Multilateral trade liberalisation is in crisis. The WTO's ambitiously named Doha Development Round has been ongoing for more than a decade. Only a few limited issues remain on the negotiation agenda. While the round is being increasingly declared dead even by WTO members themselves, the same countries are concluding deeper trade agreements than ever before. Such progress, however, takes place at the bilateral and regional level. Another major development is the appearance of deep regulatory issues on the trade agenda. The shift from customs tariffs to countries' internal policies requires a certain like-mindedness from negotiation partners and poses challenges for national decision-making policies. Developing countries have gained less from multilateral trade liberalisation than what they had hoped for. The shift towards more fragmented trade regimes makes them even more prone to remain bystanders in global trade. At the WTO's next ministerial conference in Bali, progress on agriculture, trade facilitation and the treatment of the poorest countries would give a much-needed signal that the WTO can still benefit all of its members.
- Topic:
- Economics, International Cooperation, International Organization, International Trade and Finance, Treaties and Agreements, and World Trade Organization
- Political Geography:
- Europe
66. REACH: A killer whale for SMEs?
- Author:
- Jacques Pelkmans, Ineke Gubbels-van Hal, and Lorna Schrefler
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- Right from the start of the REACH debate, following the Commission proposal of October 2003, one of the more serious concerns was whether and how SMEs could cope with REACH. Indeed, there were doubts whether one of the main objectives of REACH – competitiveness of chemical and downstream companies – is consistent with the design and detailed implementation of REACH. Already in 2005, the European Parliament adopted a resolution on this aspect, insisting e.g. on lower fees for SMEs as one remedy to reduce the expected regulatory burden for smaller companies. The fear of REACH being unduly heavy and costly for SMEs has never gone away (see e.g. Gubbels Pelkmans, 2009) but merely receded in the background when the Commission and the European Chemical Agency (ECHA) were in the process of building and elaborating the REACH machinery in operational terms. This year, the problem is rearing its head again in a magnified fashion and it will not go away so easily this time.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- Europe
67. The New European Framework for Managing Bank Crises
- Author:
- Stefano Micossi, Jacopo Carmassi, and Ginevra Bruzzone
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- The European Commission proposal for a Regulation establishing a European Single Resolution Mechanism (SRM) for banks is now under consideration before the European Parliament and the Council. The main principles and tools applicable for resolving a failing bank are contained in the June 2012 Commission proposal for a Directive on bank recovery and resolution (BRR), aimed at harmonising crisis management and resolution tools in EU member states, which is also under consideration by the European legislators. Any discussion of the new system must therefore be based on both proposals.
- Topic:
- Debt, Economics, International Trade and Finance, Markets, Monetary Policy, and Reform
- Political Geography:
- Europe
68. Financial Services and the Transatlantic Trade and Investment Partnership
- Author:
- Karel Lannoo
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- 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, and Markets
- Political Geography:
- United States and Europe
69. The Macroeconomic Imbalance Procedure and Germany: When is a current account surplus an 'imbalance'?
- Author:
- Daniel Gros and Matthias Busse
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- The Macroeconomic Imbalance Procedure (MIP) was designed to prevent the emergence of imbalances like the large and persistent current account deficits that occurred in Spain and Ireland. But within this mechanism, a current account surplus is also viewed as a source of concern. Indeed, last year's Alert Mechanism Report (AMR), issued by the European Commission signalled an excessive current account surplus for the Netherlands and Luxembourg, while Germany just barely scraped by with a 5.9% surplus, marginally evading the 6% threshold (over a 3-year average). With the most recent report, however, Germany's status has changed. Along with the Netherlands and Luxembourg, it too has now been singled out as a euro-area country with a surplus above the upper threshold.
- Topic:
- Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe and Germany
70. New markets and partners for Saudi oil exports
- Author:
- Giacomo Luciani
- Publication Date:
- 09-2013
- Content Type:
- Policy Brief
- Institution:
- Norwegian Centre for Conflict Resolution
- Abstract:
- Flows of crude oil sales are determined by refining demand. In recent years Saudi Arabia has invested massively in captive refining capacity at home and abroad and will be able to refine two-thirds or more of its oil in controlled refineries by the end of the current decade. Because refineries in Europe are likely to be put on sale as distressed assets, Saudi Aramco would have no difficulty in further expanding its controlled capacity. A continuation of this trend may even lead to the Kingdom not exporting crude oil to third parties at all. This is in line with the country's ambition to diversify its economy and its limited interest in further expanding oil production for the sake of selling oil as crude.
- Topic:
- Diplomacy, International Trade and Finance, Markets, and Oil
- Political Geography:
- Europe, Middle East, and Saudi Arabia
71. Pushing the Turbo Button: What Next for the Polishâ?"Romanian Strategic Partnership?
- Author:
- Stanislav Secrieru, Lukasz Kulesa, Agnes Nicolescu, and Anita Sobják
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- With the global economic downturn and its implications for the broader political and security architecture of the EU, the Polish—Romanian Strategic Partnership signed in 2009 is now ripe to take the positive relationship to a new level and to be further fleshed out. To this end, political coordination needs to be upgraded for promoting common interests, such as economic stability and solidarity within the Union, continued support to agriculture and cohesion policy as an important priority for EU funding, increasing the energy security of the region, engaging the neighbourhood, particularly Moldova and Ukraine, and maintaining the relevance of CSDP and of article 5 of the Washington Treaty high on the European agenda. The management of instability and protracted conflicts in their neighbourhood are also among their shared concerns. Translating these common priorities into concrete actions should aim at pushing the "turbo button" on the partnership, and help both countries achieve their goals.
- Topic:
- Security, Debt, Diplomacy, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
72. Is Moldova Tired of Being the Success Story of the Eastern Partnership?
- Author:
- Anita Sobják
- Publication Date:
- 07-2013
- Content Type:
- Policy Brief
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- Despite months of internal political wrangling, Moldova seems to be making steady progress in its Association Agreement with the EU. But the domestic political crisis has revealed many truths about both Moldova's European policy and the EU's transformative power. As such, the road to the EU remains murky as long as several variables remain in place: the ongoing tensions in the governing alliance, lower public support for European integration in Moldova, and Russia's re-emerging leverage via Transnistria. That is why Poland, together with its partners, should look for new ways to keep Moldova as the pacesetter of the Eastern Partnership.
- Topic:
- Economics, International Trade and Finance, Regional Cooperation, and Treaties and Agreements
- Political Geography:
- Russia and Europe
73. Financial Services in the Transatlantic Trade and Investment Partnership
- Author:
- Simon Johnson and Jeffrey J. Schott
- Publication Date:
- 10-2013
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In July 2013, the United States and the European Union launched negotiations on a Transatlantic Trade and Investment Partnership (TTIP). The talks aim to craft a comprehensive accord matching or exceeding the reforms achieved in their previous trade pacts. Since both sides have included financial services in prior free trade agreements (FTAs), they implicitly recognized that the TTIP accord would also cover this sector. But what will be included in the financial services chapter is still subject to debate.
- Topic:
- Economics, International Trade and Finance, Treaties and Agreements, and Bilateral Relations
- Political Geography:
- United States and Europe
74. EU investment agreements and the search for a new balance: A paradigm shift from laissez-faireliberalism toward embedded liberalism?
- Author:
- Catharine Titi
- Publication Date:
- 01-2013
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- In July 2012, in an internal document, the European Commission's Directorate-General for Trade suggested that future EU investment agreement s (EUIAs) should incorporate regulatory flexibility in the same way in which EU free trade agreements (FTAs) safeguard parties' policy space. Since it is expected that a number of treaties on the EU's negotiating agenda will be concluded in the near future, and given the policy shift that has already taken place in Canada and the US, it is time to start thinking about a new balance in a move away from investment treaties' traditional laissez-faire liberalism toward WTO law's embedded liberalism, a model whereby liberalization is embedded within a wider framework that enables public regulation in the interest of domestic stability.
- Topic:
- Economics, Globalization, International Trade and Finance, World Trade Organization, and Foreign Direct Investment
- Political Geography:
- Europe and Canada
75. An Economic NATO: A New Alliance for a New Global Order
- Author:
- C. Boyden Gray
- Publication Date:
- 02-2013
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- In the aftermath of World War II, the greatest concern facing the United States and its European allies was restraining the Soviet Union and preventing the spread of communism. Cooperation on military security was paramount, and the United States and Europe rose to the challenge by creating NATO, a new type of multilateral defense agreement. Once again, the transatlantic relationship is at a new and perilous crossroads. But now it is economic, rather than military security that is at risk. Crisis grips the economies of Europe, just as the United States, mired in historic levels of unemployment in the wake of the 2008 recession, is rethinking its strategic priorities and place in the world. As before, fears mount concerning the future of liberal democracy and Western capitalism. The question is whether transatlantic cooperation will again rise to the challenge.
- Topic:
- NATO, Economics, International Trade and Finance, Treaties and Agreements, Financial Crisis, and Reform
- Political Geography:
- United States, Europe, and North America
76. Lowering the Price of Russian Gas: A Challenge for European Energy Security
- Author:
- Adnan Vatansever and David Koranyi
- Publication Date:
- 03-2013
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- Europe's energy discourse has been unjustifiably preoccupied with concerns about potential physical disruptions of Russian gas. Yet, the real challenge for European-Russian energy relations, and in fact, for European energy security, lies in settling on a price that leaves both sides content. While Europe will come under increasing pressure to acquire affordable energy resources to enhance its competitiveness, Gazprom may find it increasingly difficult to deliver gas at lower prices in the coming years.
- Topic:
- Economics, Energy Policy, International Trade and Finance, Oil, and Bilateral Relations
- Political Geography:
- Russia and Europe
77. Poland: Industry Forecast
- Publication Date:
- 08-2012
- Content Type:
- Policy Brief
- Institution:
- Oxford Economics
- Abstract:
- GDP is expected to rise by 2.6% in 2012 and expand by 2.7% in 2013. Over the next 10 years to 2021, GDP is predicted to grow on average by 3.2% a year. Manufacturing output growth is forecast to be higher than GDP growth over the next decade. Manufacturing output is expected to increase by 2.1% in 2012 and expand by 5.3% in 2013. Over the next 10 years to 2021, manufacturing output is expected to grow on average by 4.3% a year. As a result, the share of manufacturing output in GDP is projected to rise from 25.4% in 2011 to 27.2% by 2016 and increase to 28.7% by 2021. Over the same period, the share of service sector output in GDP is expected to decline from 58.5% in 2011 to 57.2% in 2016 and fall to 56.2% in 2021.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Europe and Poland
78. Updated Estimates of Fundamental Equilibrium Exchange Rates
- Author:
- William R. Cline and John Williamson
- Publication Date:
- 11-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In 2008 we introduced a semiannual series providing estimates of fundamental equilibrium exchange rates, or FEERs (Cline and Williamson 2008a). The economic concept of FEERs was first set forth by Williamson (1983). An operational method for arriving at multilaterally consistent estimates of FEERs was developed by Cline (2008) and has been applied over the past five years in this series of estimates. This issue marks the valedictory round of the series for Williamson, who is retiring.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- Europe and Lisbon
79. Hyperinflations Are Rare, but a Breakup of the Euro Area Could Prompt One
- Author:
- Anders Åslund
- Publication Date:
- 11-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Hyperinflation is one of the most misused words in the English language. Two years ago, I heard a prominent American investor say that we were about to get hyperinflation, “not 15 percent a year as under Jimmy Carter but perhaps 5 percent a year.” Hyperinflation is usually 1,000 percent or more a year. The standard definition by Philip Cagan (1956) is that hyperinflation starts when inflation reaches 50 percent a month, and then the economy is in hyperinflation for one year until monthly inflation falls and stays below 50 percent.
- Topic:
- Economics, International Trade and Finance, Markets, Regional Cooperation, and Monetary Policy
- Political Geography:
- Europe
80. Why a Breakup of the Euro Area Must Be Avoided: Lessons from Previous Breakups
- Author:
- Anders Åslund
- Publication Date:
- 08-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- One of the big questions of our time is whether the Economic and Monetary Union (EMU) will survive. Too often, analysts discuss a possible departure of one or several countries from the euro area as little more than a devaluation, but I argue that any country's exit from the euro area would be a far greater event with potentially odious consequences. Exit from the EMU cannot be selective: It is either none or all.
- Topic:
- Economics, International Trade and Finance, and Monetary Policy
- Political Geography:
- Europe