Search

Begin New Search Topic Global Recession Political Geography Europe

11. In Search of Symmetry in the Eurozone

Author:
Paul De Grauwe
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
One of the major problems of the eurozone is the divergence of the competitive positions that have built up since the early 2000s. This divergence has led to major imbalances in the eurozone where the countries that have seen their competitive positions deteriorate (mainly the so - called ' PIIGS ' – Portugal, Ireland, Italy, Greece and Spain ) have accumulated large current account deficits and thus external indebtedness, matched by current account surpluses of the countries that have improved their competitive positions (mainly Germany).
Topic:
Economics, Markets, Regional Cooperation, Global Recession, and Financial Crisis
Political Geography:
Europe, Greece, Germany, Spain, Italy, Portugal, and Ireland

12. The Euro Area Crisis and Turkey in the First Half of 2012

Author:
Evrydiki Fotopoulou and Erdal Tanas Karagöl
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
It has been almost four years since the global financial crisis started in 2008 and it has become an inherently European affair. One after another, weaker European economies seeing their growth plummeting have become unable to recover on their own and are resorting to loans from the International Monetary Fund (IMF), European Central Bank (ECB) and the European Union (EU). Already, Ireland, Greece and Portugal have requested full bailouts with Southern Cyprus as the newcomer, still under negotiation, while Spain has requested only partial assistance not acknowledging it may soon need full support. Many experts predict that Italy will follow suit as it is quite possible that it will be the next which without any access to credit markets to finance its needs. This policy analysis sheds some light on the current status of these countries: how the crisis was brought about, what measures they took, how have they performed thus far and what are the prospects for them. The role of the European Union is also being discussed in reference to the hesitant way it has addressed the problem and the cracks that appeared in the European establishment due to lack of mutual understanding and cooperation. In contrast to the weaker European economies, neighboring Turkey has managed to recover fast and exhibit positive signs that the economy is moving towards more sustainable growth rates while dealing with domestic vulnerabilities. This comparison serves as a reminder to reconsider both the usefulness of the single currency as well as whether Turkey's economy would benefit from closer ties with it, given that Europe faces a continued slowdown at least until 2014.
Topic:
Markets, Global Recession, and Financial Crisis
Political Geography:
Europe and Turkey

13. The EU's Response to the Financial Crisis: A mid-term review

Author:
Karel Lannoo
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Two years after the London G-20, CEPS Chief Executive Karel Lannoo finds that the EU is well advanced in delivering on the commitments made for the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, in fact, such as remuneration, the EU has made even greater headway than the US. But certain key sensitive matters remain, such as bank resolution or structural changes.
Topic:
Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States, Europe, and London

14. Restoring financial stability in the euro area

Author:
Christian Kopf
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The pricing of sovereign credit risk is a necessary component of the financial architecture of the European Monetary Union. However, unnecessarily high and volatile risk premia on government bonds are currently preventing effective financial intermediation within the euro area, thereby inhibiting its economic recovery. Several proposals have been made on how these risk premia should be brought down, namely i) permanent pooling of funding through joint bond issuance, ii) temporary liquidity assistance through multilateral funds, iii) debt buybacks using multilateral funds, and iv) debt restructuring.
Topic:
Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
Europe

15. Lessons from the East European Financial Crisis, 2008-10

Author:
Anders Åslund
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In the fall of 2008, Central and Eastern Europe became a flashpoint in the global financial crisis. The ten new eastern members of the European Union were in a state of severe overheating in all regards. Inflation surged everywhere and to double digits in Bulgaria, Estonia, Latvia, and Lithuania. Wages and real estate prices skyrocketed, rendering these countries ever less competitive, which further undermined their current account balance. Output plunged and unemployment soared.
Topic:
Economics, Global Recession, and Financial Crisis
Political Geography:
Europe, Lithuania, Estonia, Bulgaria, and Latvia

16. Another Slowdown

Author:
John H. Makin
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Market conditions in the United States, Japan, China, and Europe portend a weakening global economy. While not dramatic in any one region save an earthquake-burdened Japan, these conditions could accumulate to create a problematic loss of momentum for global growth, especially compared to current upbeat consensus views for the second half of 2011.
Topic:
Economics, International Trade and Finance, and Global Recession
Political Geography:
United States, Japan, China, and Europe

17. Industries in 2012: A report from the Economist Intelligence Unit

Author:
Steven Leslie
Publication Date:
12-2011
Content Type:
Working Paper
Abstract:
Business executives are sour about 2012. However, they are much more negative about the prospects for the global economy than for their own industries, and especially for their own companies. These are the headline findings from a global survey of more than 900 corporate decisionmakers about their expectations for 2012.
Topic:
Economics, Emerging Markets, Industrial Policy, International Trade and Finance, Global Recession, and Financial Crisis
Political Geography:
Europe

18. Greek FDI in the Balkans: How is it affected by the crisis in Greece?

Author:
Persephone Economou and Margo Thomas
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The current Greek crisis raises the question of its impact on foreign direct investment (FDI) by Greece on its neighbors in the Balkans. Greek multinational enterprises (MNEs) first began to establish a presence there in the 1990s, following the breakup of the former Yugoslavia. This trend accelerated during the past decade. As of 2009, Greece's outward FDI stock in the Balkans stood at US$ 10.5 billion or 26.5% of Greece's outward FDI stock worldwide.
Topic:
Foreign Policy, Global Recession, Foreign Direct Investment, and Financial Crisis
Political Geography:
Europe, Greece, Yugoslavia, and Balkans

19. What reforms for the credit rating industry? A European perspective

Author:
Karel Lannoo
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Credit rating agencies (CRAs) continue to find themselves in the eye of the storm. Despite having singled out the industry early on in the financial crisis as needing more regulation, policy-makers seem not to be reassured by the measures that have been adopted in the meantime, and want to go further. Faced with a rapid downgrading in ratings in the context of the sovereign debt crisis, European Commissioner Michel Barnier raised the possibility last May of creating a new EU-level rating agency that would specialise in sovereign debt.
Topic:
Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
Europe

20. An Update on EU Financial Reforms

Author:
Nicolas Véron
Publication Date:
12-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In the context of a transatlantic comparison, the first thing to be mentioned is the difference between the time sequence of financial reforms in the European Union and its equivalent in the United States. The financial crisis started simultaneously on both sides of the Atlantic, with the initial disruption of some financial market segments in August 2007 and the major panic episode of September through October 2008. But they are not at the same stage of policy reaction and especially regulatory reform now. At least four reasons can be identified for this difference.
Topic:
Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States and Europe