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  • Author: Paul De Grauwe, Yuemei Ji
  • Publication Date: 09-2012
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This paper analyzes two claims that have been made about the Target2 payment system. The first one is that this system has been used to support unsustainable current account deficits of Southern European countries. The second one is that the large accumulation of Target2 claims by the Bundesbank represents an unacceptable risk for Germany if the eurozone were to break up. We argue that these claims are unfounded. They also lead to unnecessary fears in Germany that make a solution of the eurozone crisis more difficult. Ultimately, this fear increases the risk of a break-up of the eurozone. Or to paraphrase Franklin Roosevelt, what Germany should fear most is simply its own fear.
  • Topic: Economics, Regional Cooperation, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Germany
  • Author: Daniel Gros, Felix Roth
  • Publication Date: 12-2011
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This paper analyses public support for the euro in Germany. Drawing from the results of regular Eurobarometer surveys, it finds that the ongoing financial and sovereign debt crisis has reduced support for the euro among German citizens, but not dramatically so – at least not yet. In the 1990s, the German public was sceptical towards the euro. But since the introduction of euro banknotes and coins, a clear majority of citizens supports the euro – despite the financial and sovereign debt crisis. Moreover, on average, support for the euro is at a similar level in Germany as it is elsewhere in the euro area.
  • Topic: Economics, Regional Cooperation, Monetary Policy, Financial Crisis
  • Political Geography: Europe, Germany
  • Author: Jos Boonstra, Jacqueline Hale
  • Publication Date: 01-2010
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: European Union (EU) assistance in general and to Central Asia in particular is a complicated, many sided and fairly opaque business. In 2007, a few months prior to the Council's approval of an EU Strategy for Central Asia under the German Presidency, the Commission also presented two documents: an overarching Regional Strategy Paper for assistance to Central Asia over the period 2007–13 (RSP) and a more detailed and programme-orientated Central Asia Indicative Programme (IP), from 2007 until 2010.4 Over a seven-year period, 719 million Euros were to be set aside for assistance to the region through the new EU Development Cooperation Instrument (DCI). In addition, the EU has allocated more modest funds through global thematic instruments. Meanwhile, the European Bank for Reconstruction and Development (EBRD) and more recently the European Investment Bank (EIB) are stepping up activity in Central Asia and several member states have their own assistance programmes (foremost Germany) that are likely to match the DCI amount.
  • Topic: Development, Foreign Aid
  • Political Geography: Europe, Central Asia, Germany
  • Author: Felix Roth, Anna-Elisabeth Thum
  • Publication Date: 10-2010
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: The EU 2020 Agenda has taken an important step forward by setting the target for tertiary graduation rates at an ambitious 40%. This paper finds that many European countries, however, including the largest economy – Germany – will not be able to meet this target. Moreover, the crucial topic of educational quality is not even touched upon. Comparing the EU with China in total numbers, the authors find that China's education system already produces the same number of graduates with tertiary education as the whole EU15. Given the large output of graduates, which is the key to productive spending on R, this means that China is likely to soon become a growing power in innovation. Initially the country is expected to concentrate on incremental innovation, with radical innovation to come only later and it is here, the authors warn, that the quality of the university system might represent a major obstacle in the Chinese government's efforts to close the gap with the US and the EU15 in terms of innovation potential.
  • Topic: Education
  • Political Geography: China, Europe, Germany
  • Author: Felix Roth
  • Publication Date: 07-2009
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: The financial crisis had a significant impact on the levels of trust that citizens place in the system and its institutions. Recent data from Eurobarometer show a significant fall in confidence on the part of European citizens in the EU's institutions. For the first time since its creation, a majority of European citizens no longer trust the European Central Bank. However, confidence levels in national governments have actually risen, supporting a contrasting trend between confidence levels in European and national institutions. This decrease in confidence towards the ECB is flanked in the case of Germany by strong anti-capitalist sentiments and a sharp decline in support for the social market economy.
  • Topic: Economics, Markets, Financial Crisis
  • Political Geography: Europe, Germany
  • Author: Maria Gerhardt
  • Publication Date: 07-2009
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This CEPS Working Document explains the consumer bankruptcy procedures in the US and the five largest European countries: the UK, Germany, France and Spain, plus Italy (which has no special legal provisions for consumer insolvency). All these countries have quite different approaches; the paper therefore presents a short overview of the insolvency procedures and trends in bankruptcy numbers for each country.
  • Political Geography: United States, United Kingdom, Europe, France, Germany, Spain, Italy
  • Author: Christian Egenhofer, Arno Behrens, Jorge Núñez Ferrer
  • Publication Date: 08-2008
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This study focuses on the financial resources needed to fight global climate change and the implications for the EU budget. The authors apply four different methodologies to estimate global financing requirements and attempt to determine the resources that will be needed at the EU level to meet the EU's climate change objectives. The study analyses current climate change spending of the EU budget, identifies shortcomings and indicates possibilities for correcting them. It also assesses the potential of the EU emissions trading scheme (EU ETS) to raise additional resources to finance coordinated actions at the EU level aimed at fighting climate change. Finally, it provides three case studies of national public expenditure related to climate change in Germany, the United Kingdom and the United States.
  • Topic: Climate Change
  • Political Geography: United States, United Kingdom, Europe, Germany
  • Author: Patrick Clawson, François Heisbourg, Vladimir Sazhin
  • Publication Date: 06-2005
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: The definition of European policy objectives and strategies vis-à-vis Iran's nuclear ambitions must take into account the specificities of the case, setting, as it were, its problématique. First, we have the unusual situation of a basically three-way game: the EU (and notably the EU-3, comprising the UK, France and Germany), Iran and the 'significant other', the United States, which is outside of the negotiation but a key player. Any student in strategy knows that a triangle is the most unstable and tricky combination to deal with, and the presence of yet another set of outsiders (notably Russia and China) adds another element of complexity.
  • Topic: Development, Peace Studies
  • Political Geography: Russia, United States, United Kingdom, Europe, Iran, Middle East, France, Germany
  • Author: Jørgen Mortensen
  • Publication Date: 06-2004
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: The present paper discusses the implications of the recent institutional crisis in the EU provoked by the failure of the Economic and Financial Affairs Council (ECOFIN) to impose the sanction on Germany and France provided for in the Stability and Growth Pact, along with Article 104 and the associated protocol of the Maastricht Treaty. The paper situates the debate concerning the application of the Stability and Growth Pact (SGP) in a broader evolution of the struggle between two schools of thought concerning macroeconomic policy–making in the European Union: the school calling for a strengthening of competences at the EU level (federal economic government) and the school arguing for preserving national competences for budgetary policy even in the face of the transfer of competence for monetary policy to the European Central Bank (ECB). The paper argues that the SGP represents an acceptable comprise between the two views of the schools in so far as it establishes rules to be respected without actually transferring competence to the Council in the field of budgetary policy. Consequently, the SGP has not and does not add to the 'democratic deficit' within the EU institutional framework. The paper argues, nevertheless, that the excessive deficit procedure (EDP) puts too strong an emphasis on the government budget deficit and suggests that emphasis on the sustainable level of public debt would ensure a stronger basis for assessing whether a given budget deficit may be considered excessive or not.
  • Topic: Defense Policy, Economics, Treaties and Agreements
  • Political Geography: Europe, France, Germany
  • Author: Ansgar Belke, Rainer Fehn, Neil Foster
  • Publication Date: 12-2003
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: Anglo-Saxon countries have been successful in the 1990s concerning labour market performance compared to the former role models of Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets, with bank-based financial markets as in Germany and Japan being possibly inferior to stock-market based financial markets in turbulent times and when approaching the economic frontier. A cleavage is related to venture capital markets which are flourishing in Anglo-Saxon but not in German-type financial markets. Venture capital is crucial for financing structural change, new firms and innovations and therefore possibly also nowadays for employment growth.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Japan, Europe, Germany