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  • Author: Daniel Gros, Matthias Busse
  • Publication Date: 11-2013
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • 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, Financial Crisis
  • Political Geography: Europe, Germany
  • 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: Paul De Grauwe
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: One of the major problems of the eurozone is the divergence of the competitive positions that have built up since the early 2000s. This divergence has led to major imbalances in the eurozone where the countries that have seen their competitive positions deteriorate (mainly the so - called ' PIIGS ' – Portugal, Ireland, Italy, Greece and Spain ) have accumulated large current account deficits and thus external indebtedness, matched by current account surpluses of the countries that have improved their competitive positions (mainly Germany).
  • Topic: Economics, Markets, Regional Cooperation, Global Recession, Financial Crisis
  • Political Geography: Europe, Greece, Germany, Spain, Italy, Portugal, Ireland
  • Author: Stefano Micossi
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Once again the European Council will meet in an emergency session at the end of June, with the eurozone economy in recession and actually plummeting in its Southern periphery. Further doubts are also growing on the sustainability of sovereign debts due to the vicious spiral of deteriorating bank balance sheets, ballooning potential liabilities from banking rescues and widening spreads on government borrowings. The sovereign debt crisis in the periphery has now turned into a fully fledged banking crisis that threatens to spread from Greece to Spain and tomorrow, who knows, to Italy, France and even Germany itself.
  • Topic: Debt, Economics, Regional Cooperation, Financial Crisis, Governance
  • Political Geography: Europe, Greece, France, Germany, Spain, Italy
  • Author: Daniel Gros, Thomas Mayer
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: For most of the time since the early 1950s, national savings in Germany have tended to exceed national investment, resulting in a current account surplus. Most of these excess savings have been intermediated by the domestic banking system, which has had difficulties investing these German surpluses abroad given that it is prohibited by law from taking any exchange rate risk. This tended to keep the surplus within limits most of the time (less than 1- 2% of GDP). With the advent of the euro, however, German surpluses could become much larger and seem now to have become structurally engrained at 6% of GDP, or over one-quarter of savings. Since the start of the euro crisis, German private savers have repatriated their investments – effectively unloading their exposure onto the public sector as German banks have deposited hundreds of billions of euro at the Bundesbank. These funds are being lent by the ECB to banks in the euro area periphery (at 75 bps) – ensuring effectively a negative real return.
  • Topic: Economics, International Trade and Finance, Markets, Sovereign Wealth Funds
  • 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: Stefano Micossi, Fabrizia Peirce, Jacopo Carmassi
  • Publication Date: 03-2011
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: In recent weeks pressures on the euro and eurozone sovereign debtors have subsided. Buoyant growth in the global economy, increasingly benefiting also the European economy, has of course played an important role in calming financial markets. But even more important has been the perception that France and Germany are again working constructively for a strong economic Europe. More broadly, the acute turbulence in financial markets since the spring of 2010 may have finally convinced our political leaders, notably including the German political establishment, that the benefits of a stable currency far outweigh the costs that may have to be borne to make it work properly. The euro will only be trusted if the member states effectively coordinate their economic policies not only to ensure fiscal stability, but also to eliminate persistent divergences in productivity leading to unsustainable imbalances between national savings and investment (Schäuble, 2011).
  • Topic: Security, Economics, Regional Cooperation, Monetary Policy, Financial Crisis, Governance
  • Political Geography: Europe, France, Germany
  • 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: 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: Piotr Maciej Kaczyński, Peadar ó Broin
  • Publication Date: 10-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: It has only been one year since the Treaty of Lisbon entered into force and already there is a stack of pending issues requiring primary law change in the EU. The Franco-German Deauville Declaration of 18 October 2010 is probably the most politically prominent of them all, yet it is not the first, nor will it be the last in a long, incremental process of constant treaty revision similar to the national process of amending national constitutions. All of these proposals have one feature in common: none of them is an overarching treaty change and each one is designed in such a way that amends only one element of the system. This, in theory, should avoid the need to submit the change to public referenda in the EU as part of the ratification process.
  • Topic: Treaties and Agreements, Law
  • Political Geography: Europe, Germany, Lisbon
  • 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: Nargis Kassenova
  • Publication Date: 01-2008
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The German Presidency of the EU in the first half of 2007 inspired great hopes regarding the development of relations between the European Union and the states of Central Asia. In Brussels and other European capitals, it was expected that Germany, as an EU political and economic heavyweight and one of the key promoters of the Common Foreign and Security Policy, would be able to foster a coordinated Central Asian policy giving direction and coherence to European engagement in the region. It was widely hoped – within both the governments of Central Asia and the societies of the region – that Germany, which has traditionally been the most pro-active European country in the region, would elevate the relations between the EU and Central Asian states to a higher level.
  • Topic: Foreign Policy, International Cooperation, Bilateral Relations
  • Political Geography: Europe, Central Asia, Asia, Germany
  • Author: Keith C. Smith
  • Publication Date: 01-2006
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Russia's tough stance towards Ukraine on natural gas prices was viewed by many in Europe and the United States as raising new issues concerning Russia's foreign economic policies and growing European and US dependency on energy imports. For many new EU member states and for countries such as Ukraine, Georgia, and Moldova, however, this is an old problem. Central European attempts to flag the issue in Western capitals have until now been brushed aside. The rapid approval by the EU Commission of the Russian-German undersea gas pipeline project was a mistake. The concerns of the Central Europeans should have been examined in more detail. Western governments would also be wise to analyse more closely the political and security implications of Russia's energy policies.
  • Topic: Security, Foreign Policy, Energy Policy
  • Political Geography: Russia, United States, Europe, Ukraine, Asia, 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
  • Author: Gabriela Martin Thornton
  • Publication Date: 03-2002
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Since the fall of the Berlin Wall, quickly followed by German reunification, scholars of the European Union have emphasised that one of the most salient consequences of these events would be the enlargement of the European Union. Many have claimed that enlargement would mean galvanising the German power within the European Union, by placing Germany at the geographical heart of Europe. Enlargement was perceived either as undermining the Franco-German relationship, or even more, as replacing it by increased German connections with Eastern European countries (Braun, 1996, p. 158). The IGC in Nice struggled to reform the EU institutions in order to accommodate future members. The Treaty of Nice has generated fear within certain Western circles. Some political analysts already announced the end of Jean Monnet's “Europe”, the triumph of Germany, and with the future inclusion of Central and East European countries (CEECs), the birth of a “Europe” less “European”. Since Nice, a sea of metaphors has sparkled over the Western European newspapers with regard to “the return to Europe” of the CEECs. Nonetheless, many scholars seem to agree with Stanley Hoffman who points out that the expansion toward the east is seen as necessary in order “to provide stability in the more troublesome part of the continent and in order to protect fledgling democracy there.
  • Topic: Government, Human Rights, International Organization
  • Political Geography: Europe, Germany, Berlin