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2161. Get "Smart": Paving the Way To A More Efficient Alliance

Author:
Young Atlanticists
Publication Date:
05-2012
Content Type:
Working Paper
Abstract:
NATO Secretary General Anders Fogh Rasmussen's concept of Smart Defense, defined as "ensuring greater security, for less money, by working together with more flexibility," will be a hot topic at the NATO Summit in Chicago. The Secretary General has stressed that to successfully maintain its strength amid shrinking defense budgets and economic austerity, NATO "must prioritize... must specialize... and must seek multinational solutions." The European Union, much of its membership overlapping with NATO, has endeavored to accomplish a similar task through pooling and sharing, but concerns over sovereignty have severely limited progress. This policy memo provides several recommendations on how NATO can overcome this roadblock to secure state participation in the Smart Defense initiative. As military cooperation remains a sensitive issue, the success of Smart Defense will depend on how well NATO packages and markets these projects. NATO leadership must prove Smart Defense’s utility and dynamism while demonstrating the financial and strategic benefits to be gained by swift and comprehensive implementation. In order to create attractive projects, NATO will have to focus on four policy areas: 1) rework its structure to facilitate a more cooperative environment, 2) provide mechanisms to ensure efficiency, 3) stimulate and secure connections between like-minded states, and 4) find creative ways to include non-NATO actors in Smart Defense projects. It is through these initiatives that Smart Defense’s prospects for success can be raised; a success which is vital if NATO is to become the more efficient and interoperable alliance that its members need.
Topic:
Defense Policy, NATO, International Cooperation, Military Strategy, and European Union
Political Geography:
Europe, North America, and United States of America

2162. Greek Entrepreneurs to the Rescue: How to Reinvent the Greek Economy after the Sovereign Debt Crisis

Author:
Nasos Mihalakas
Publication Date:
05-2012
Content Type:
Working Paper
Abstract:
The Greek dimension of the EU sovereign debt crisis is by now well known to all. Investor anxiety over excessive national debt throughout the EU led to demands for higher interest rates from several governments with higher debt levels and current account deficits. This in turn made it difficult for some governments to finance further budget deficits and service existing debt. Unable to pay for its public debt, the Greek government turned to the EU for financial assistance. The first bailout package was approved on May 2010, which provided the Greek government with a three-year, €110 billion loan. In February 2012, the lending troika (EU, IMF, and ECB) eventually agreed to provide a second bailout package worth €130 billion. This second package included an agreement with banks to "voluntarily" accept a 53.5 percent write-off of some Greek debt, the equivalent of €100 billion, to reduce the country's debt level from €340 billion to €240 billion – or 120.5 percent of GDP – by 2020. So far, all the reforms forced upon Greece centers on how to reduce the government budget. These reforms include reducing the minimum wage for public (and therefore, also private) sector employees by 22 percent, cutting benefits to pensioners and health-care recipients, reducing the government payroll by laying off 150,000 public sector employees by 2015, privatizing government companies, and opening up some industries that were closed to competition. For now, Greece has been brought back from the brink of bankruptcy. Though safe for now, the country could find itself struggling to meet the strict conditions outlined in the second bailout agreement if key structural reforms don’t take place. It is not too late for the crisis to serve as an opportunity.
Topic:
Debt, Financial Crisis, European Union, and IMF
Political Geography:
Europe and Greece

2163. Where did all the Spartans Go?

Author:
Felix Imonti
Publication Date:
07-2012
Content Type:
Working Paper
Abstract:
Well, the Greeks voted on June 17th, but I am confused. What did the voters say? Before the election, polls revealed that 80 percent of the people supported membership in the European Union and the continued use of the Euro. When they voted, those same people cast 52 percent of their votes for parties opposed to the adoption of the austerity program that Greeks feel is being imposed upon them by the more powerful members of the EU—which translates into Germany. Accepting the economic program is an essential agreement in order to remain in the Eurozone. The New Democracy Party garnered the largest vote with nearly 30 percent. The leader of the conservative party, Antonis Samaras, pledged to keep Greece in the Eurozone and to negotiate modifications to the austerity package that Greece must accept in order to receive an additional 240 billion Euros. Somehow, people find the promises of Antonis Samaras unreliable. When the New Democracy Party was in opposition against the socialist PASOK Party—which had accepted the program imposed upon Greece—he rejected it. His reversal leaves his position in doubt among Greeks and the politicians outside with whom he has to negotiate. In short, is he for the austerity package or against it?
Topic:
Elections, European Union, Domestic Politics, and Eurozone
Political Geography:
Europe and Greece

2164. Serbia's New President Eyes EU Membership

Author:
Alex Cooper
Publication Date:
07-2012
Content Type:
Working Paper
Abstract:
The new Serbian president, Tomislav Nikolic, has been making waves in the international community since winning the May 20th run-off election against incumbent Boris Tadic. Since Nikolic and his center-right Serbian Progressive party and its allies won 73 out of 250 seats in the National Assembly, Nikolic has been making some controvsial statements regarding some of Serbia’s neighbors. Nikolic won with 50.21 percent of the vote, while Tadic won 46.77 percent. The shocking statements from Nikolic began with an interview the president did before the second round of elections on May 6th with the German daily Frankfurter Allgemeine Zeitung. In the interview, Nickolic stated that a “greater Serbia was his unrealized dream” and “Vukovar was a Serbian town in which Croats should not return.” The Croatian President, Ivo Josipovic and other officials have spoken out against Nikolic’s comments. Josipovic and other leaders from the Balkans did not attend Nikolic’s inauguration due to the comments, and the Croatian president cancelled a trip to Belgrade that was supposed to take place at the end of June. During the war following Croatia’s claim to independence from Yugoslavia, Vukovar experienced severe damage from the Yugoslav army that was led by Serbs. After Vukovar fell to the Yugoslav army, over 200 Croats were killed. Many Croatians still view Vukovar's story as a difficult topic. This was the only controversial statement from Nikolic. He recently told Montenegrin state television, “There was no genocide in Srebrenica.” The International Court of Justice and the UN war crimes tribunal have both ruled the massacre of over 7,000 Muslim men and boys in 1995 as genocide. The massacre is the worst atrocity to occur in Europe since World War II. The international community has condemned the remarks by Nikolic. A spokesperson for the European Commission, Pia Ahrenkilde Hansen, said that the comments were “attempts to rewrite history.” Hansen also said, “The atrocities in Srebrenica in July 1995 were a crime against all humankind, and we should never forget it, and we should never allow it to happen again.” On June 14th, the Associated Press reported that EU officials would discuss Nikolic’s recent comments with the new president. While meeting in Brussels, Nikolic attempted to show that Serbia was prepared for EU membership. He claimed, “There is not better future for Serbia than membership in the Union.”
Topic:
International Cooperation, European Union, and Economic Cooperation
Political Geography:
Europe and Serbia

2165. Inaugural Suna Roundtable Discussion The Middle East on Rise: Turkey and The EU

Author:
Lenka Peťková
Publication Date:
10-2012
Content Type:
Special Report
Institution:
Global Political Trends Center (GPoT)
Abstract:
The Inaugural Suna Roundtable Discussion was jointly organized by Global Political Trends Center of Istanbul Kültür UniS versity and the Faculty of Social and Economic Sciences (FSES) of the Comenius University with the aim to commemorate H.E. Suna Çokgür Ilıcak, who passed away while serving as the Ambassador of the Republic of Turkey to the Slovak Republic in 2006. The event entitled! “The Middle East on Rise: Turkey and the EU” took place on the premises of the FSES in Bratislava on October 25, 2012, with the participation of representatives of diplomatic corps, academics, experts and students. The debate was followed by a ceremony, during which a birch tree in the memory of H.E. Suna Çokgür Ilıcak was planted in the garden of the FSES.
Topic:
Diplomacy, Politics, and European Union
Political Geography:
Europe, Turkey, and Middle East

2166. The Danish Presidency and Turkey's EU Accession: Turning the Page Towards New Positive Agenda

Author:
Sofia Hafdell
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
This paper will touch upon developments in bilateral relations between Denmark and Turkey and the conditions for Turkey's accession process to the EU in light of the 2012 Danish presidency. While Danish-Turkish relations have been hurt by recent events, such as the political disputes over freedom of speech and the press surrounding the Cartoon Controversy and the Roj TV Affair, at the same time Turkey's stalled negotiation talks with the EU amid freedom of expression issues, human rights concerns, and the unsolved Cyprus dispute have not effectively moved forward since 2010. As a result, the six-months Denmark presidency, preceding the Republic of Cyprus during the second half of 2012, has both demonstrated willingness for closer dialogue and continued EU integration of Turkey and given a genuine gesture towards improved bilateral ties.
Topic:
Foreign Policy, Diplomacy, Bilateral Relations, and European Union
Political Geography:
Europe, Turkey, Denmark, Cyprus, and Mediterranean

2167. Eu-Ukraine-Russia Relations: Problems and Prospects

Author:
Valeriya Klymenko
Publication Date:
01-2012
Content Type:
Journal Article
Journal:
National Security and Defence
Institution:
Razumkov Centre
Abstract:
T oday, relations between Kyiv, Brussels and Moscow are rather complex and contradictory. High degree of uncertainty, the credibility gap and conflict of interests are its main features. Contacts between the parties are burdened with ideological opposition, “frozen” conflicts, and competing integration projects in the post-Soviet area. The relations between the EU, Russia and Ukraine in political, economic, energy, security and humanitarian spheres are rather problematic. This situation creates additional risks for the European security, does not correspond to the parties’ interests and requires some joint measures and mutually accepted solutions to the issues on the agenda.
Topic:
International Relations, National Security, European Union, Economy, Regional Integration, and Strategic Interests
Political Geography:
Russia, Europe, and Ukraine

2168. Fiscal and Monetary Policy Determinants of the Eurozone Crisis and its Resolution

Author:
Marek Dabrowski
Publication Date:
08-2012
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more. The financial crisis caused a further deterioration of government accounts as a result of ill-tailored countercyclical fiscal response and, in some cases, a costly financial sector rescue. All excessively indebted countries must conduct fiscal adjustment, even if this involves economic and political costs in terms of lower output and higher unemployment. Central banks can reduce these costs through accommodative monetary policies but without compromising their anti-inflationary missions and institutional independence. The ECB is additionally constrained by its institutional status which is based on a delicate cross-country political consensus. Excessive ECB involvement in quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also strong arguments in favor of strengthening fiscal and banking integration within the EU, especially the fiscal discipline mechanism at national levels, and building the EU rescue capacity in respect to sovereigns and banks based on strong policy conditionality.
Topic:
Financial Crisis, European Union, and Sovereign Debt
Political Geography:
Europe

2169. Agglomeration in Europe in the Context of Socio-Ecological Transition

Author:
Constantin Zaman and Izabela Marcinkowska
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
This paper analyses the spatial distribution of economic activity in the European Union at NUTS2 level over the 2001-2010 period. The aim of the study is twofold: (i) to provide descriptive evidence of the agglomeration distribution in Europe and its evolution over time across countries; (ii) to identify the nature of agglomeration and the factors that determine its level, with particular attention paid to the socio-ecological transformation occurring in Europe. The study concludes that: a) the changes in agglomeration are sensitive to demographic transformations taking place; b) the ecological transformation has a mixed effect, depending on each country; c) significant differences are observed between new and old Member States; the crisis has had a significant influence on agglomeration but only in Western Europe.
Topic:
European Union, Inequality, Economy, and Agglomeration
Political Geography:
Europe

2170. Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis

Author:
Ricardo Correa, Horacio Sapriza, and Andrei Zlate
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper documents a new type of cross-border bank lending channel. The deepening of the European sovereign debt crisis in 2011 restrained the financial intermediation of European banks in the United States. In this period, some of the U.S. branches of European banks faced a dollar liquidity shock—due to their perceived risk reflecting the sovereign risk of their countries of origin—which in turn affected the branches’ lending to U.S. entities. We use a novel dataset to analyze the operations of branches of foreign banks in the United States. Our results show that: (1) The U.S. branches of European banks experienced a run on their deposits, mainly from U.S. money market funds. (2) The branches with curtailed access to large time deposits relied more on funding from their own parent institutions, thus shifting from being net suppliers to being net receivers of dollar funding from their related offices. (3) Since the additional funding received from parent institutions was not enough to offset the decreased access to U.S. funding, such branches reduced their lending to U.S. entities.
Topic:
Regional Cooperation, European Union, Finance, Banking, and Liquidity
Political Geography:
Europe