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  • Author: Ana-Maria Fuertes, Elena Kalotychou, Orkun Saka
  • Publication Date: 06-2014
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: Paul De Grauwe ' s fragility hypothesis states that member countries of a monetary union such as the eurozone are highly vulnerable to a self – fulfilling mechanism by which the efforts of investors to avoid losses from default can end up triggering the very default they fear. The authors test this hypothesis by applying an eclectic methodology to a time window around Mario Draghi ' s " whatever it takes " (to keep the eurozone on firm footing) pledge on 26 July 2012 . This pledge was soon followed by the announcement of the Outright Monetary Transactions (OMT) program me (the prospective and conditional purchase by the European Central Bank of sovereign bonds of eurozone countries having difficulty issuing debt) . The principal components of eurozone credit default swap spreads validate this choice of time frame . An event study reveals significant pre – announcement contagion emanating from Spain to Italy, Belgium, France and Austria. Furthermore, time – series regression confirms frequent clusters of large shocks affecting the credit default swap spreads of the four eurozone countries but solely during the pre – announcement period. The findings of this report support the fragility hypothesis for the eurozone and endorse the Outright Monetary Transactions programme.
  • Topic: Economics, Foreign Exchange, International Trade and Finance, Financial Crisis
  • Political Geography: Europe, France, Belgium, Italy
  • 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: 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: 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: John Temple Lang, Eamonn Gallagher
  • Publication Date: 08-2008
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: In the referendum on the Treaty of Lisbon in June 2008, Irish voters who voted against the Treaty gave several specific reasons as well as a variety of vague or general reasons that were unrelated to anything that was in the Treaty. These vague or general reasons are important because they probably were also significant influences in the “no” votes in France and the Netherlands. Moreover, they may be shared by a substantial but unknown number of people in other EU member states who did not get an opportunity to vote in a referendum on the Lisbon Treaty or the Treaty for a Constitution. There were positive referendum results in Luxembourg and Spain. Other countries promised referenda, but did not hold them.
  • Topic: International Organization, Regional Cooperation, Sovereignty
  • Political Geography: Europe, France, Netherlands, Ireland
  • Author: Nathalie Tocci
  • Publication Date: 12-2007
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This paper is the first in a series that will investigate “Who is a normative foreign policy actor?” It forms part of a new project intended to explore fundamental aspects of foreign policy at the global level, against the backdrop of a proliferation of global actors in the 21st century, following half a century with only one undisputed global hegemon: the US. The European Union is itself a new or emerging foreign policy actor, driven by self-declared normative principles. But Russia, China and India are also increasingly assertive actors on the global stage and similarly claim to be driven by a normative agenda. The question is how will these various global actors define their foreign policy priorities, and how they will interact, especially if their ideas of normative behaviour differ? This first paper sets out a conceptual framework for exploring these issues and defines 'normative' as being strongly based on international law and institutions, and thus the most 'universalisable' basis upon which to assess foreign policy. The foreign policy actor nevertheless has to be assessed not only on its declared goals, but also on the means it employs and the results it obtains. The truly normative foreign policy actor should score consistently on all three counts and in many different contexts, which will condition the extent to which normative policies are chosen, viable and effective. Subsequent papers in the series will apply this conceptual framework to five case studies on China, the EU, India, Russia and the US.
  • Topic: International Relations, Foreign Policy, Regional Cooperation
  • Political Geography: Europe, India, France, Berkeley
  • Author: Daniel Gros, Stefano Micossi
  • Publication Date: 12-2006
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The European Union is suffering a deep crisis: disdain, disillusionment and distrust top the list of prevailing sentiments towards the European institutions, as was brought home dramatically by the failed referenda on the Constitutional Treaty in France and the Netherlands.
  • Topic: International Relations
  • Political Geography: Russia, Europe, Moldova, Middle East, France, Georgia, Netherlands
  • 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: Sebastian Kurpas, Marco Incerti, Justus Schönlau, Julia De Clerck-Sachsse
  • Publication Date: 05-2005
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: The ratification process of the Constitutional Treaty has taken some unexpected turns, since the publication of our initial report. The situation has changed especially dramatically in France: within only 10 days the 'yes' camp slid from a previously stable figure of around 60% to below 50%. Our report had concluded that “if the reasons for a particular European compromise are not made transparent to the citizens, issues can be used in a divisive way at the national level”. It therefore called for a stronger European dimension in the national debates and expressed the hope that politicians and the media would play their role in stressing the common European significance of the European Constitution.
  • Topic: International Relations, Government, Treaties and Agreements
  • Political Geography: Europe, France
  • Author: Sebastian Kurpas
  • Publication Date: 06-2005
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: After the resounding Dutch no-vote of 62%, ratification of the Constitutional Treaty has become even less likely than it already was after the political earthquake caused by the French referendum three days before. While the German Chancellor and the French President encourage other countries to continue with the ratification process, the British message is clear: Any attempt to proceed at this point would be pointless. British Foreign Minister Jack Straw found rather subtle words in the House of Commons to describe the situation, but other sources suggest that instead of wasting their time on a lengthy and useless exercise that would cost the EU even more support, European leaders should bury the Constitution at the upcoming European Summit on 16-17 June (or soon afterwards) and then settle for something 'more modest'.
  • Topic: Government, Treaties and Agreements
  • Political Geography: Europe, France