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  • Author: Mikkel Barslund, Matthias Busse
  • Publication Date: 06-2017
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: The British economy has always been able to rely on a continuous inflow of high-skilled workers from the rest of the EU and the UK is currently home to over three million EU citizens and. As a result of the UK’s decision to leave the European Union, however, the image of the UK in the eyes of foreign workers may have become tarnished. By using LinkedIn data, the authors of this study analyse the movements of IT professionals between the EU and the UK and thereby illustrate what is at stake for the UK, as exemplified by this particular ‘shortage sector’. LinkedIn data show that on an annual basis the UK gains over 6,000 IT experts more than it loses to the EU. Moreover, these mobile IT professionals tend to be much more qualified than domestic IT experts are. This reliance on the EU for IT recruitment – one in ten new hires comes from the EU – suggests that even if the UK is not aiming to restrict high-skilled immigration, curbing overall immigration could have unintended negative consequences for its capability to attract talented EU nationals in the future. The UK government should perhaps bear this in mind during negotiations with the EU27.
  • Topic: Science and Technology, Brexit
  • Political Geography: Europe
  • Author: Daniel Gros
  • Publication Date: 06-2017
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: Exiting from unconventional monetary policies is now a key issue for central banks, and especially for the US Federal Reserve. This paper argues that the Fed already began this exit some time ago, and that the relevant part of its balance sheet has already shrunk by about one-quarter of GDP. Pursuing the current policy of reinvesting would lead to a full exit within ten years.
  • Topic: International Affairs, Global Political Economy
  • Political Geography: America
  • Author: Michael Emerson
  • Publication Date: 06-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: This was meant to be a Brexit election to strengthen the Prime Minister’s hand. The result was precisely the opposite. Her management of the Brexit process has become a long sequence of own goals: quit the customs union and single market; watch EU agencies relocate to the continent, including importantly for medicines and banking; banking jobs begin to relocate; science, research and academia see their interests harmed; the budget settlement prospect becomes a big new negative; the Irish border question threatens; immigration from the EU is already declining and various sectors from fruit-picking to the national health service are at risk. Moreover, the UK’s economic growth has slowed down and is now forecast to drop to 1% in 2018; the pound has lost 13% since the referendum; inflation is up; and consumer spending is down. The only solace available to Mrs May is that the Scots seem to be having second thoughts about independence. But this election was her biggest own goal yet. The credibility of her Brexit negotiation method is shattered. She thought the British people could be satisfied with slogans about “Brexit means Brexit”, or “getting the best deal for Britain”, and the now notorious “no deal is better than a bad deal”. Above all there was the failure to define and communicate a credible negotiation strategy. The Brexit White Paper of February 2017 contained serious contradictions, insisting that the UK should get ‘seamless’ market access while still leaving the customs union and the single market.
  • Topic: International Affairs, Political stability, Europe Union, Brexit
  • Political Geography: Britain
  • Author: Elspeth Guild
  • Publication Date: 05-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: The task of finding a solution to the legal status of non-British EU citizens living in the UK after Brexit is exercising the best minds in the European Union at the moment. As the European Council (Art. 50) guidelines for Brexit negotiations rightly underline, “The United Kingdom's decision to leave the Union creates significant uncertainties that have the potential to cause disruption,…Citizens who have built their lives on the basis of rights flowing from the British membership of the EU face the prospect of losing those rights”. These guidelines also place special emphasis on the priority to ensure reciprocal guarantees in safeguarding the rights derived from EU law of EU and UK citizens and their families affected by Brexit, effective from the date of withdrawal. The latest idea floating in the media is that the UK should naturalise the non-British EU nationals living there (possibly numbering 3 million) as British citizens. This solution has been commonly called “giving them all passports”, but for an individual to qualify for a passport, s/he must hold the nationality of the state of issuance. Is this a serious policy option? It is certainly original and has the benefit of shifting the burden of dealing with this question back onto the UK – enlarge your population and keep good relations with your neighbours. But there are at least four challenging questions that deserve careful consideration.
  • Topic: Citizenship, Brexit
  • Political Geography: Europe
  • Author: John Bruton
  • Publication Date: 05-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: This paper presents the testimony delivered by John Bruton, former Prime Minister of Ireland, on 27 April 2017, before the Seanad Special Committee on the Withdrawal of the United Kingdom from the European Union. The Special Committee was established by the Seanad on February 27th to consider the implications of Brexit for Ireland. Mr Bruton began his testimony by commending the committee for its work and also the government for ensuring, through effective diplomacy, that the particular problems of Ireland have been publicly recognised in the negotiating positions of both the EU 27 and the UK.
  • Topic: Brexit
  • Political Geography: Ireland
  • Author: Michael Emerson
  • Publication Date: 03-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: A team of economists at CEPS was commissioned by the Policy Department on Economic and Scientific Policies for the Committee on Internal Market and Consumer Protection to assess the likely economic impact of Brexit on EU27, together with some scenarios for the terms of the UK’s secession. For the EU 27, the losses were found to be virtually insignificant, and hardly noticeable in the aggregate. For the UK, however, the losses could be highly significant, with various estimates running up to ten times greater as a share of GDP. Impacts on some member states – in particular Ireland – and some sectors in the EU27 could be more pronounced than the average for the EU27. Michael Emerson is Associate Senior Research Fellow, Matthias Busse is Researcher, Mattia Di Salvo is Research Assistant, Daniel Gros is Director and Jacques Pelkmans is Senior Research Fellow – all at CEPS.
  • Topic: Economics, Brexit, Global Political Economy
  • Political Geography: Europe
  • Author: Milan Elkerbout
  • Publication Date: 06-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: The withdrawal of the United States from the Paris Agreement represents a setback for global climate action. But the damage will be felt more in political and diplomatic terms than in terms of climate policy or reductions in greenhouse gas (GHG) emissions, which depend at least in the near term on domestic climate policies. The election of Donald Trump and the strong Republican majorities in both Houses of Congress that accompanied his election immediately dispelled any hope that the US would implement or maintain ambitious climate policies. Indeed, in the first months of his Presidency, Trump signed an executive order to review (and thus likely roll back) President Obama’s landmark climate policy – the Clean Power Plan. The latter initiative aimed to reduce power-sector emissions by 32% by 2030 through federal legislation. Other US climate policies, such as vehicle standards and methane regulations, are also destined for the axe. Taken collectively, these measures will make it very difficult for the country to meet its Paris pledge of reducing GHG emissions by 26-28% by 2025 compared to 2005, even if another personality occupies the White House by 2021. 1 Improving fundamentals for renewable energy may still allow the US to reach its 2020 target of a 17% reduction in emissions compared to 2005. But the difference between this target and the formal pledge made by the US in Paris is roughly equal to the annual emissions of the entire transport sector in the EU.
  • Topic: Climate Change, International Affairs, Climate Finance
  • Political Geography: Global Focus
  • Author: Daniel Gros
  • Publication Date: 06-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: For years, the eurozone has been perceived as a disaster area, with discussions of the monetary union’s future often centred on a possible breakup. When the British voted to leave the European Union last year, they were driven partly by the perception of the eurozone as a dysfunctional and possibly unsalvageable project. Yet, lately, the eurozone has become the darling of financial markets – and for good reason. The discovery of the eurozone’s latent strength was long overdue. Indeed, the eurozone has been recovering from the crisis of 2011-12 for several years. On a per capita basis, its economic growth now outpaces that of the United States. The unemployment rate is also declining – more slowly than in the US, to be sure, but that partly reflects a divergence in labour-force participation trends.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Europe
  • Author: Mikkel Barslund
  • Publication Date: 06-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: CEPS researchers Mikkel Barslund, Mehtap Akgüç, Nadzeya Laurentsyeva and Lars Ludolph are among the contributors to the 2017 MEDAM Assessment Report on Asylum and Migration Policies in Europe, produced by the Mercator Dialogue on Asylum and Migration (MEDAM). The report explores ways in which responsibility for refugees can be fairly distributed – globally and within the EU – and how we can curb irregular migration while expanding legal immigration to the benefit of all concerned. CEPS is one of three research institutes working on this multi-year project, alongside the Kiel Institute for the World Economy and the Migration Policy Centre at the European University Institute. For more information on the MEDAM project, which is funded by Stiftung Mercator
  • Topic: Migration, Refugee Issues
  • Political Geography: Global Focus
  • Author: Mikkel Barslund, Lars Ludolph
  • Publication Date: 06-2017
  • Content Type: Commentary and Analysis
  • Institution: Centre for European Policy Studies
  • Abstract: This paper argues that none of the secular trends that have driven down real interest rates over the past two decades is likely to reverse in the near future. Thus, real rates can be expected to remain low and government debt-servicing costs to decrease further over the coming years. Based on these findings, the authors calculate direct gains accruing to the Belgian government from lower net debt interest payments. The savings on interest payments are then contrasted with the projected future increases in age-related expenditures on pensions, education and long-term care. The findings indicate that, if savings on interest payments are channelled to cover the increases in age-related expenditures, they will fully offset financing needs in these areas until 2030. The calculations are robust to a moderate increase in interest rates.
  • Topic: International Political Economy
  • Political Geography: Belgium