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171. Towards a Euro(pean) Monetary Fund

Author:
Daniel Gros and Thomas Mayer
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Despite cobbling together an impressive $1 trillion rescue package for countries with potential funding problems, the threat of a disorderly default still looms over the eurozone, creating systemic financial instability at the EU and possibly global level. Against this background, Daniel Gros and Thomas Mayer renew their call for the creation of a European Monetary Fund (EMF) in an update to their Policy Brief issued in February.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe and Greece

172. The Taxation of Multinational Enterprises in the European Union

Author:
Stefano Micossi and Paola Parascandolo
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
As a rule, multinational enterprises (MNEs) are taxed separately by the countries in which they operate on the basis of the income produced in each jurisdiction ('source' taxation). To this end, they must keep separate accounts for business units in each country (“separate accounting”, SA) ascribing each item of expenditure and income to each business unit on the basis – by universally accepted convention – of 'arm's-length' pricing (ALP), that is, of comparable or estimated prices for similar market transactions between unrelated companies.
Topic:
Economics, Globalization, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe

173. EU Assistance to Central Asia: Back to the Drawing Board?

Author:
Jos Boonstra and 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 and Foreign Aid
Political Geography:
Europe, Central Asia, and Germany

174. The Impact of the Crisis on the Real Economy

Author:
Daniel Gros and Cinzia Alcidi
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
This crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. This is wellknown. What is less well-known is that on both accounts the euro area was affected by both 'bubble' symptoms as much as the US.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
United States and Europe

175. Comparing EU and US Responses to the Financial Crisis

Author:
Karel Lannoo
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Since 2003, the EU and the US have conducted a vibrant regulatory dialogue on financial regulation, but domestic priorities seem to have taken precedence in response to the financial crisis. This paper compares the institutional and regulatory changes occurring on both sides of the Atlantic. On the institutional side, it compares macro- and micro-prudential reforms. On the regulatory side, it compares four key areas: bank capital requirements, reform of the OTC derivative markets, and the regulation of credit ratings agencies and hedge funds. It concludes by highlighting certain implications for the regulatory dialogue.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
United States and Europe

176. Remaking Europe's Borders through the European Neighbourhood Policy

Author:
Bohdana Dimitrovova
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This Working Document explores the implications of the European Neighbourhood Policy (ENP) as an ambitious EU foreign policy for the development of a European political community. It suggests that the ENP can be viewed as an attempt to reconcile two potentially contradictory processes. The first – 'border confirming' – is about confirming border areas of demarcation and division, in which borders are conceived as boundary lines, frontier zones or barriers that protect the European Union and its citizens. The second – 'border transcending' – consists of a challenge to open EU borders and involves the transformation of the EU's external boundaries into zones of interactions, opportunities and exchanges, with the emphasis on the transcendence of boundaries. To unravel some of the contradictions surrounding the highly contested phenomena of mobility in the neighbourhood, this paper analyses three bordering strategies: state borders, the imperial analogy and borders as networks. Each corresponds to different forms of territoriality and implies a different mode of control over the population.
Topic:
International Relations, Foreign Policy, International Organization, and International Affairs
Political Geography:
Europe

177. Lessons from the Asian Monetary Fund for the European Monetary Fund

Author:
Yonghyup Oh
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The euro area is facing a challenge with Greece in danger of falling into sovereign default and some of its other members, the so-called 'GIPSY' nations, finding themselves in serious financial distress. Creation of a European Monetary Fund to deal more effectively with this type of situation is gaining support. This paper draws lessons from the Asian experience that might be applied to the current European development.
Topic:
Debt, Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Europe

178. Single voice, single chair? How to re-organise the EU in international negotiations under the Lisbon rules

Author:
Piotr Maciej Kaczyński
Publication Date:
03-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The United Nations Climate Change Conference in Copenhagen last December taught many lessons to the participating stakeholders. The European Union learned that a choir of European leaders could not sing convincingly even with a single voice. These lessons are still being processed in many national capitals and in Brussels, especially in the context of the new legal framework provided for by the Treaty of Lisbon, which entered into force on 1 December 2009. It is important to recognise, however, that the new rules came into effect only after nine long years of negotiations and its application is being tested in a wholly different international environment than prevailed in the early 2000s.
Topic:
International Relations, Climate Change, and International Affairs
Political Geography:
Europe, United Nations, and Lisbon

179. Looking afresh at the external representation of the EU in the international arena

Author:
Michael Emerson and Piotr Maciej Kaczyński
Publication Date:
07-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
In the wake of the Lisbon Treaty, it is important to review the present arrangements for the institutional representation of the European Union in international organisations, and more broadly, in the processes of international negotiations and the way the EU acts as contracting party to conventions of international law.
Topic:
Diplomacy, Globalization, Regional Cooperation, and Governance
Political Geography:
Europe

180. Product Market Reforms in EU Countries: Are the methodology and evidence sufficiently robust?

Author:
Jacques Pelkmans
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
In the EU of today, economic policies, competition policy and regulation are expected to be 'evidence-based'. The purpose of the present paper is to discuss critically the most prominent empirical approach to the measurement of regulation: the OECD product market regulation (PMR) indicators. The paper sets out what exactly product market reforms are and the empirical regulatory indicators that have been developed by the OECD, the World Bank and others.
Topic:
Markets and Financial Crisis
Political Geography:
Europe