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1101. EU-U.S. Relations beyond Iraq: Setting the Terms of Complementarity

Author:
Simon Serfaty
Publication Date:
04-2003
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
The North Atlantic Treaty Organization (NATO) and the European Union (EU) have been significant institutional casualties of the war in Iraq. European heads of state and government who joined the coalition of the willing organized by President George W. Bush (with a decisive assist from Prime Minister Tony Blair) often did so in spite of significant opposition from their general public. States that gathered, vocally or passively, in the coalition of the unwilling (and even resentful) organized by President Jacques Chirac (with a decisive assist from Chancellor Gerhard Schroeder) did so at the expense of a Euro-Atlantic structure within which the states of Europe have gained unprecedented security, stability, and prosperity. As the first phase of the coalition's military action in Iraq comes to an end, the prevailing view in the United States is that the EU is a troubled and troubling union: troubled in terms of its internal divisions, and troubling in terms of the motivation that seems to underline the actions of its older members. As for NATO, the prevailing view is that it is a fading organization with a blocking minority of members who are not only unwilling but also broadly incapable and frankly irrelevant.
Topic:
Economics and Politics
Political Geography:
United States, Europe, and Middle East

1102. The Future of the Transatlantic Defense Community

Author:
Felix G. Rohatyn and Jean-Paul Béchat
Publication Date:
02-2003
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
On January 24, 2003, the CSIS Commission on Transatlantic Security and Industrial Cooperation in the Twenty-First Century, under the leadership of CSIS president and CEO John J. Hamre, released its final report, The Future of the Transatlantic Defense Community. Cochaired by Jean-Paul Béchat, chairman and CEO of SNECMA and president (in 2001-2002) of the European Association of Aerospace Industries (AECMA), and former U. S. ambassador to France Felix G. Rohatyn, this Commission consisted of 22 senior business leaders and former policymakers from both sides of the Atlantic. An Experts Group, directed by CSIS Europe Program director Simon Serfaty and composed of several representatives from the private and public sectors and academia, assisted the Commission in its work.
Topic:
Economics and Politics
Political Geography:
United States, Europe, and Middle East

1103. Fundusz Mikro An Experiment In Partnership–Based Microfinance 1998 – 2002.

Author:
Witold Szwajkowski
Publication Date:
10-2003
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
Fundusz Mikro's evolution has to be understood in the context of Poland's emergence from communism during the 1990s. For businesses, the challenge of that time was not merely to learn new skills, but to unlearn old habits and attitudes while at the same time taking on new ones appropriate to a market economy. Because of this shift, Fundusz Mikro (FM) found that it had to do more than lend money; it had to learn to play a more pro-active role in changing the culture in which business took place. The financial crisis of1998 and the harder economic times since then were an added incentive for FM to adapt its approach, products, and finally its mission.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
Europe and Poland

1104. Does venture capital investment spur employment growth?

Author:
Ansgar Belke, Rainer Fehn, and Neil Foster
Publication Date:
12-2003
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
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 and International Trade and Finance
Political Geography:
Japan, Europe, and Germany

1105. Fiscal Policy in the New Open Economy Macroeconomics and Prospects for Fiscal Policy, Coordination

Author:
Leonor Coutinho
Publication Date:
06-2003
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This paper reviews the analysis of fiscal policy in the new open economy macro-economics literature, in view of increasing interest in the question of transmission and coordination of policies across countries, stirred by developments in this literature and by the formation of the euro area. The analysis focuses on two main points: (i) the identification of welfare spillover effects to third countries; and (ii) the assessments made so far of the potential gains from pursuing non-cooperative and cooperative fiscal stabilisation policies. Regarding welfare spillovers, some additional results are derived to examine whether the exchange rate regime (flexible or fixed) matters for the size of these spillovers, and whether the type of policy pursued (balanced-budget or debt-financed) matters. Fixed exchange rates only seem to postpone the costs from the short to the long run, but the type of policy is crucial in determining the welfare impact of fiscal expansions. With respect to policy coordination, attention is drawn to the need to reflect on a potential role for fiscal policy as a stabilisation tool, and on possible interactions between fiscal and monetary policy.
Topic:
Economics and International Political Economy
Political Geography:
Europe

1106. The Civil False Claims Act: Using Lincoln's Law to Protect the European Community Budget

Author:
Alan Riley
Publication Date:
11-2003
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This paper argues that the US Civil False Claims Act of 1986 (hereafter CFCA) could provide the European Community with a means to effectively protect the largely decentralised revenue collection and expenditure of the Community bud get. It also offers a solution to the difficulty of creating an effective means of investigation and penalisation of cross-border fraud without having to create a Community criminal law or a European Public Prosecutor.
Topic:
Economics and International Trade and Finance
Political Geography:
Europe

1107. EU Accession and the Euro: Close Together or Far Apart?

Author:
Peter B. Kenen and Ellen E. Meade
Publication Date:
10-2003
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In May 2004, ten countries are due to join the European Union. They are therefore obliged to join the European Monetary Union (EMU) and adopt the euro as their national currency. Most of them, moreover, have been eager to do that. None of them sought an opt-out of the sort that Britain and Denmark obtained in 1991, when the Maastricht Treaty was drafted. Membership in EMU is not automatic, however, because the accession countries must first satisfy the preconditions contained in the Maastricht Treaty. Although those preconditions are rigorous, and some of the accession countries are still far from meeting them, most of those countries have indicated that they want to enter EMU at the earliest possible date.
Topic:
Economics and International Trade and Finance
Political Geography:
Britain, Europe, and Denmark

1108. Innovation and Social Capital in Silicon Valley

Author:
Martin Kenney and Donald Patton
Publication Date:
07-2003
Content Type:
Working Paper
Institution:
Berkeley Roundtable on the International Economy
Abstract:
The high cost regions of Europe, North America, and Japan recognize that the key to their economic vitality is innovation. Increasingly, many also accept that the primary units of competition based on high quality, innovative products are not nations, but firms within regions, some of which occasionally bridge national boundaries. This has resulted in a significant increase in interest in the nature and functioning of such regional economies, variously known as clusters or industrial districts.
Topic:
Economics and International Trade and Finance
Political Geography:
United States, Europe, Israel, East Asia, and North America

1109. Hard and soft economic policy coordination under EMU: problems, paradoxes and prospects

Author:
Iain Begg
Publication Date:
07-2003
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
Although the launch of the euro went better than many expected, sluggish growth, persistent unemployment and growing disenchantment with key elements of the economic governance system have led to demands for change, especially in policy coordination. This paper examines the criticisms of economic policy in the EU and the mechanisms through which it is coordinated, and considers how the EMU policy system might be reformed. It points to problems and paradoxes in the way economic governance operates, notably those surrounding its ability to deliver a coherent policy mix that brings together monetary fiscal and supply-side policies. The paper concludes with a discussion of whether gouvernment économique might offer a way forward.
Topic:
Economics and International Political Economy
Political Geography:
Europe

1110. Labor Market Institutions and Unemployment: A Critical Assessment of the Cross-Country Evidence

Author:
Dean Baker, John Schmitt, and Andrew Glyn
Publication Date:
05-2003
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
In the last twenty five years, there has been a sharp divergence in trends in the unemployment rate among OECD countries, with some seeing much larger increases in unemployment than others. This divergence is usually explained by institutions that lead to labor market inflexibility – generous unemployment benefits, employment protections, and strong unions – in countries with high unemployment rates. This paper examines the evidence for this view. It shows that there is no simple bivariate relationship between standard measures of labor market institutions and unemployment rates across countries. It then critically examines several of the most often cited studies that support the labor market inflexibility view. It finds that these studies present relatively weak and to some extent contradictory support for the labor market inflexibility view. Finally, the paper presents the results of a set of tests designed to replicate some of the earlier multivariate analyses with more current data. These tests consistently fail to find robust evidence to support the labor market inflexibility view.
Topic:
Economics and International Organization
Political Geography:
Europe