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  • Author: Myroslava Lendel
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: Since 2009, the main mechanism of Eurointegration in Ukraine, in addition to the bilateral diplomatic efforts and internally driven pro-European reforms, has been the Eastern Partnership (EaP), a multilateral project has that brought Kyiv both new opportunities and additional challenges and uncertainty. Although the positives outcomes have generally been welcomed, these have not detracted from the commonly held view among experts that despite good outcomes in stimulating economic reform, support for the new government and citizen institutions, and a tangible contribution to stability on the EU borders, the current strategy alone will not secure the stable development of the democracy and market economy in Eastern Europe generally, and Ukraine in particular. The commitment of these countries to general European principles has to be supported by the prospect of EU membership and that means revisiting the current format and especially the philosophy behind the Eastern Partnership. One possible scenario could be the formation of EaP+3 within the European Partnership, which would bring together Ukraine, Georgia and Moldova – the countries with Association Agreements with the EU – and a commitment to EU membership.
  • Topic: Diplomacy, International Cooperation, International Trade and Finance, Regional Cooperation, Treaties and Agreements, Public Policy
  • Political Geography: Europe, Ukraine, Moldova, Georgia
  • Author: Petra Kuchyňková
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: According to Petra Kuchyňková, assistant professor at Masaryk University in Brno, the Eastern Partnership has been relatively successful, despite the frequent political instability in EaP countries. However, the EU has not always been consistent in its neighborhood policy. This is easily understood if we look at the heterogeneity of the EaP countries and the differences in the extent of Russian influence in the region. According to Kuchyňková, the EU should not abolish the sanctions on Russia unless there is visible progress in the Minsk process, so as to avoid damaging its reputation as normative actor. Cooperation between the EU and the EEU seems unlikely due the atmosphere of mistrust and suspicion. EU neighborhood policy could receive new impetus as a result of it being given more attention in the new multiannual financial framework.
  • Topic: International Cooperation, International Trade and Finance, Regional Cooperation, Treaties and Agreements, Public Policy, Trade Liberalization
  • Political Geography: Europe, Ukraine, Moldova, Armenia, Azerbaijan, Georgia, Belarus
  • Author: Slawomir Matuszak
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: The paper analyzes the first years of the Association Agreement between Ukraine and the European Union, focusing on the economic part: the Deep and Comprehensive Free Trade Area agreement (DCFTA). It describes the causes and results of changes in the flow of goods, and the implications of these for Ukraine’s policy. The DCFTA was one of the key tools that allowed Ukraine to survive the difficult period of economic crisis. The aim of this article is to show to what extent, starting from 2015, Ukraine has begun to integrate with the EU market and at the same time become increasingly independent of the Russian market and more broadly the countries of the Eurasian Economic Union. It can be assumed that this process will only accelerate. It is just the first stage on the pathway followed by the countries of Central and Eastern Europe in the 1990s. To achieve full integration requires an increase in investment cooperation, currently at a fairly low level.
  • Topic: Diplomacy, International Cooperation, International Trade and Finance, Regional Cooperation, Free Trade
  • Political Geography: Europe, Ukraine, Moldova, Armenia, Azerbaijan, Georgia, Belarus
  • Author: Dario Cristiani
  • Publication Date: 04-2019
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: In March 2019, Italy and the People’s Republic of China (PRC) signed a broad and comprehensive, albeit not legally binding, Memorandum of Understanding (MoU) for Italy to join the Chinese-led Belt and Road Initiative (BRI). This has triggered a significant debate—in Brussels as well as in Washington—about whether this decision signalled an Italian shift away from its historical pro-European and pro-Atlantic position, to a more nuanced position open to deepening strategic ties with China. The MoU is not definite proof of such a shift, and the Italian government has denied any strategic change. However, Italy is the first major European country, and the first Group of Seven (G7) member, to formalize its participation with the BRI project. As such, this development is particularly remarkable.
  • Topic: Diplomacy, International Trade and Finance, Bilateral Relations, European Union, Economy
  • Political Geography: China, Europe, Asia, Italy
  • Author: Antonio Tajani
  • Publication Date: 02-2019
  • Content Type: Video
  • Institution: Columbia University World Leaders Forum
  • Abstract: This World Leaders Forum program features an address by European Parliament President Antonio Tajani, titled "United States and Europe Must Stand Together to Better Defend our Shared Values", followed by a question and answer session with the audience.
  • Topic: Conflict Resolution, International Cooperation, International Trade and Finance, Migration, European Union, Economic growth
  • Political Geography: New York, Europe, United States of America, European Union
  • Author: Daniel Kinderman, Mark Lutter
  • Publication Date: 04-2018
  • Content Type: Commentary and Analysis
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: Two strands of literature have emerged to explain the rise of a new form of private governance, Corporate Social Responsibility (CSR). One camp argues that CSR expansion is likely during periods of economic liberalization because CSR tends to substitute for growing institutional voids and a lack of social regulation. The other camp argues that CSR is likely to diffuse within coordinated economies because it mirrors these institutional settings. While both camps find empirical support for their arguments, no one has yet managed to combine both perspectives. In our study, we develop three hypotheses based on two (rationalist and constructivist/sociological) strands of institutional theory. Based on a new dataset comprising the corporate membership in business-led CSR organizations in over thirty countries from 1981 to 2008, we show that economic liberalization has a strong effect on CSR expansion when the legitimacy of CSR is low. However, when the practice has achieved substantial cultural acceptance, economic liberalization no longer drives CSR expansion. In this setting, CSR expansion is most likely to occur within socially regulated economic contexts.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Europe
  • Author: Daniel S. Hamilton
  • Publication Date: 01-2018
  • Content Type: Special Report
  • Institution: Center for Transatlantic Relations
  • Abstract: For decades the partnership between North America and Europe has been a steady anchor in a world of rapid change. Today, however, the transatlantic partnership itself has become unsettled and uncertain. Nowhere is this clearer than in the economic sphere. Voters across the United States and many parts of Europe have grown skeptical of open markets. Concerns about stagnant wages, widening income inequality, and pockets of stubbornly high unemployment have combined with fears of automation, digitization and immigration to swell economic insecurities on each side of the Atlantic. The election of Donald Trump as U.S. president and the decision by British citizens to leave the European Union have only added to transatlantic uncertainties. This state of division and mutual inwardness threatens the prosperity and ultimately the position of North America and Europe in the global economy and the broader global security system. This study charts possible paths by which Americans and Europeans can navigate this strange new world. It describes how the transatlantic economy is being transformed by domestic political uncertainties, the digital revolution, the changing nature of production, and the diffusion of global power and intensified global competition. It takes account of shifting trade relations among the United States, Canada and Mexico through NAFTA, and what Brexit and the rise of non-EU Europe may mean for the European Union and for transatlantic partnership.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements, Partnerships, Brexit, Economic growth, Trump, NAFTA
  • Political Geography: United Kingdom, Europe, Canada, North America, Mexico, United States of America, European Union
  • Author: Vandana Gyanchandani
  • Publication Date: 08-2018
  • Content Type: Working Paper
  • Institution: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
  • Abstract: Three methodologies are used to enforce labour and environmental commitments in the US and EU trade agreements: cooperative, sanctions and composite. In-depth analysis of the scope of commitments, level of protection, institutional framework as well as types of informal and formal dispute processes elucidates the pros and cons of such methodologies. Sanctions approach weakens cooperation by misjudging the complexity of domestic policy adjustments through transnational governance. Cooperative mechanism within the NAAEC's composite design emerges as the best approach: Submission on Enforcement Matters (SEM). As it provides for an independent secretariat supported by civil society group and factual records as a sunshine remedy to review citizen submissions. However, the process is constrained by political clout, lack of managerial capacity and legal dilemmas around informal lawmaking (IN-LAW) procedures.
  • Topic: Economics, Environment, International Cooperation, International Trade and Finance, Labor Issues, Sustainable Development Goals, Global Political Economy
  • Political Geography: United States, Europe, Global Focus, European Union
  • Author: Douglas Ajram, Charlie Harris, Christopher McKenna
  • Publication Date: 09-2018
  • Content Type: Case Study
  • Institution: Oxford Centre for Global History
  • Abstract: There is no better testament to the longevity of Berry Bros. & Rudd than its rich history of, and great capacity for, reinvention. The family firm began life as a grocery store in 1698, founded by a woman now known only as the Widow Bourne. It is now Britain’s oldest wine and spirits merchant, and one of the nation’s ten oldest family-run businesses, boasting six Masters of Wine – the most of any company in the world – as well as two Royal Warrants, a mark of recognition for tradespeople that provide goods or services to the British royal family.
  • Topic: Economics, International Trade and Finance, Political Economy, Food, Capitalism
  • Political Geography: Europe
  • Author: Ben Skarratt, Scarlett Mansfield, Christopher McKenna
  • Publication Date: 08-2018
  • Content Type: Case Study
  • Institution: Oxford Centre for Global History
  • Abstract: In the second half of the eighteenth century, a new garment entered European fashion. Noted for being exceptionally soft, warm, and light, it bore intricate patterns unlike anything Europeans had encountered before or had produced domestically. This product, a woollen shawl, originated in a region that would become so famous for its textiles that its name would pass into Western lexicons as a toponym for its woollen produce: Kashmir. The principal motif found on these shawls, known in India as the Buta, or kairi, would come to be called, in its altered form, Paisley in the West. Not only was the garment practical and aesthetically pleasing, its oriental origins, clear status as a luxury item, texture, and patterning enabled it to permeate European high fashion. Patronage by Empress Josephine of France, and later Queen Victoria, solidified this popularity. By the turn of the nineteenth century, Kashmir and the West regularly traded these textiles. A European industry, aimed at copying Indian originals, also thrived. The next six decades witnessed fervent European consumption of the shawl. This rapid consumption resulted in a host of changes to the production and designs of the garments. While the history of the shawl and its relationship to the West has been subject to distortion, hyperbole, and fiction, recent scholarship has made considerable headway in demystifying information about these products. It is now possible to relate how the Kashmir shawl first came into production, its emergence onto the world stage as a luxury textile, and its status as the principal medium by which the Buta/ Paisley motif entered into the pantheon of historic fashion designs.
  • Topic: Economics, Globalization, International Trade and Finance, Capitalism, Commodities
  • Political Geography: Europe, India
  • 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: John Bruton
  • Publication Date: 05-2017
  • Content Type: Special Report
  • Institution: Center for Transatlantic Relations
  • Abstract: Testimony by CTR Distinguished Fellow and former Irish Prime Minister John Bruton at the Seanad Special Select Committee on the UK’s Withdrawal from the European Union on Thursday, April 27 2017.
  • Topic: International Trade and Finance, Treaties and Agreements, Border Control, European Union, Brexit
  • Political Geography: United Kingdom, Europe, Ireland, European Union
  • Author: Dzianis Melyantsou
  • Publication Date: 03-2017
  • Content Type: Working Paper
  • Institution: Center for Transatlantic Relations
  • Abstract: This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." The new geopolitical environment formed after the annexation of Crimea and the war in the Donbas, together with emerging threats and challenges, are pressing both Belarus and the West to revise their policies in the region as well as their relations with each other. In this new context, Belarus is seeking a more balanced foreign policy and, at least towards the Ukrainian crisis, a more neutral stance.
  • Topic: International Relations, Diplomacy, International Trade and Finance, War, Territorial Disputes, Foreign Aid, Sanctions, Geopolitics
  • Political Geography: Russia, Europe, Ukraine, Belarus, Crimea, United States of America, European Union
  • Author: Natalie A. Jaresko
  • Publication Date: 03-2017
  • Content Type: Working Paper
  • Institution: Center for Transatlantic Relations
  • Abstract: This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." Once again, the world is grappling with historic challenges, as it did when the Soviet Union fell in 1991, and once more, Ukraine is at the forefront of these challenges. The Kremlin’s attempts to destroy Ukraine’s European aspirations is simply one of Russia's many challenges to the post-World War II international liberal order. The actions of the Kremlin -- be they in Ukraine, Georgia, Moldova, and Syria; in the U.S. electoral process; or in the funding of far-right and far-left political parties throughout Europe -- have but one purpose: to destroy the transatlantic partnership and the principles of the post-World War II order and peace. Ukraine is simply one of the battlegrounds, but it is a key because it is in Europe. Unity of the transatlantic partnership and of the democratic nations is critical. Unity of support for the Ukrainian transition process is a serious part of this battle, because Ukraine’s successful democratic, rule-of-law based transformation is key to ensuring a Europe whole, free and at peace.
  • Topic: International Trade and Finance, Territorial Disputes, Economy, Protests
  • Political Geography: Russia, Europe, Ukraine, Crimea
  • Author: Zsolt Darvas, Dirk Schoenmaker
  • Publication Date: 03-2017
  • Content Type: Working Paper
  • Institution: Bruegel
  • Abstract: Integrated capital markets facilitate risk sharing across countries. Lower home bias in financial investments is an indicator of risk sharing. We highlight that existing indicators of equity home bias in the literature suffer from incomplete coverage because they consider only listed equities. We also consider unlisted equites and show that equity home bias is much higher than previous studies perceived. We also analyse home bias in debt securities holdings, and euro-area bias. We conclude that European Union membership may foster financial integration and reduce information barriers, which sometimes limit cross-country diversification. We calculate home bias indicators for the aggregate of the euro area as if the euro area was a single country and report remarkable similarity between the euro area and the United States in terms of equity home bias, while there is a higher level of debt home bias in the United States than in the euro area as a whole. We develop a new pension fund foreign investment restrictions index to control for the impact of prudential regulations on the ability of institutional investors to diversify geographically across borders. Our panel regression estimates for 25 advanced and emerging countries in 2001-14 provide strong support for the hypothesis that the larger the assets managed by institutional investors (defined as pension funds, insurance companies and investment funds), the smaller the home bias and thereby the greater the scope for risk sharing.
  • Topic: International Political Economy, International Trade and Finance, Economic structure, Europe Union
  • Political Geography: Europe
  • Author: Uuriintuya Batsaikhan, Robert Kalcik, Dirk Schoenmaker
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: London is an international financial centre, serving European and global clients. A hard Brexit would lead to a partial migration of financial firms from London to the EU27 (EU minus UK) to ensure they can continue to serve their EU27 clients. Four major cities will host most of the new EU27 wholesale markets: Frankfurt, Paris, Dublin and Amsterdam. These cities have far fewer people employed in finance than London. Moreover, they host the European headquarters of fewer large companies. The partial migra- tion of financial firms will thus have a major impact on these cities and their infrastructures. Banks are the key players in wholesale markets. United States and Swiss investment banks, together with one large German and three large French banks, will make up the core of the new EU27 wholesale markets. Some Dutch, Italian and Spanish banks are in the second tier. The forex, securities and derivatives trading markets are now in London. We map the current, limited market share of the four major cities that might host the EU27 client business. The expected migration of financial trading will lead to a large increase in trading capacity (eg bank trading floors). Clearing is the backbone of modern financial markets. A comparative overview of clearing facilities in the EU27 shows that Germany and France have some clearing capacity, but this will need to be expanded. The ownership of clearing is often intertwined with stock exchanges. Were the planned LSE-Deutsche Börse merger to go ahead, LSE would sell the Paris subsidiary of its clearinghouse. In terms of legal systems, there is an expectation that trading activities will be able to continue under English contract law, also in the EU27. A particular challenge is to develop FinTech (financial technology) in the EU27, as this innovative part of the market is currently based in London. We estimate that some 30,000 jobs might move from London to the EU27. This will put pressure on the facilities (infrastructure, offices, residential housing) in the recipient cities. The more the European Union market for financial services is integrated, the less need there will be for financial firms to move to one location, reducing the pressure for all facilities to be in one city (see Sapir et al, 2017, which is a companion piece to this paper).
  • Topic: International Political Economy, International Trade and Finance, Brexit
  • Political Geography: Britain, Europe
  • Author: Yakov Ben-Haim, Maria Demertzis, Jan Willem Van Den End
  • Publication Date: 02-2017
  • Content Type: Working Paper
  • Institution: Bruegel
  • Abstract: This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails less robustness against uncertainty, particularly if financial variables are taken into account. Augmenting the Taylor rule with a financial variable leads to a smaller loss of robustness than taking into account the effect of financial imbalances on the economy. However, in some situations, the augmented model is more robust than the baseline model. A conclusion from our framework is that including financial imbalances in the monetary policy objective does not necessarily increase policy robustness, and may even decrease it
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: Europe
  • Author: Maria Demertzis, André Sapir, Guntram Wolff
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The United States is the European Union’s most important trade and bilateral investment partner, which has, until now, supported a multilateral trade system and European integration and has provided a security guarantee to the countries of the EU. But like other advanced economies, the US’s relative weight in the global economy has declined. The new US administration seems intent on replacing multilateralism with bilateral deals. In trade, it aims to secure new trade deals in order to reduce bilateral trade deficits and to protect, in particular, the US manufacturing sector. In climate policy, the US commitment to the Paris Agreement is being questioned. In defence, the security umbrella appears less certain than previously. The overall promise behind this change of direction is to put ‘America first’ and deliver better results for US citizens.
  • Topic: International Political Economy, International Trade and Finance, Bilateral Relations, Multilateral Relatons, Political stability
  • Political Geography: Europe, United States of America
  • Author: Andre Sapir, Dirk Schoenmaker, Nicolas Veron
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The United Kingdom’s exit from the European Union creates an opportunity for the remaining EU27 to accelerate the development of its financial markets and to increase its resilience against shocks. Equally, Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets. Without the UK, the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability. Furthermore, losing even partial access to the efficient London financial centre could entail a loss of efficiency for the EU27 economy, especially if financial developments inside the EU27 remain limited and uneven.
  • Topic: Economics, International Political Economy, International Trade and Finance, Political stability, Brexit
  • Political Geography: Britain, Europe
  • Author: Zsolt Darvus
  • Publication Date: 01-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The ‘poverty’ target set by the European Commission aims to lift “over 20 million people out of poverty” between 2008 and 2020 in the EU27. Progress to date against this target has been disappointing. Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure?
  • Topic: Economics, International Political Economy, International Trade and Finance, Poverty
  • Political Geography: Europe