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341. Supervising the European Financial System

Author:
Karel Lannoo
Publication Date:
05-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The EU's financial sector has been undergoing an almost continuous wave of de- or reregulation since the late 1980s. The Single Market programme with minimal harmonisation and home country control was implemented in successive periods for banking, insurance and the securities markets. By the end of the 1990s, however, under the impact of EMU, it was clear that this was not sufficient, and a Financial Services Action Programme set a schedule for the adoption of 42 directives to create a truly integrated financial market by 2005. Moreover, a Committee of Wise Men under the chairmanship of Alexandre Lamfalussy made proposals to ease the adaptation of EU financial regulations to market developments.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe

342. Europe as a Global Economic Actor

Author:
Daniel Gros
Publication Date:
04-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The three years since the start of EMU have been characterised by an extraordinary degree of volatility in global financial and other markets (oil, etc.). Most official comments have so far focused on the fact that Europe has remained an 'island of stability'. But this self congratulatory tone cannot mask the fact that EU institutions have generally not been in the forefront of the efforts to stabilise the global economy. This is partly understandable as most of the volatility originated outside the EU. But just 'putting one's own house in order' does not seem to be sufficient when global economic (or political) stability is at stake, as recent events amply demonstrate.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe

343. The European Union: Teleology and some Challenges of the Eastern Enlargement

Author:
Gabriela Martin Thornton
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
Since the fall of the Berlin Wall, quickly followed by German reunification, scholars of the European Union have emphasised that one of the most salient consequences of these events would be the enlargement of the European Union. Many have claimed that enlargement would mean galvanising the German power within the European Union, by placing Germany at the geographical heart of Europe. Enlargement was perceived either as undermining the Franco-German relationship, or even more, as replacing it by increased German connections with Eastern European countries (Braun, 1996, p. 158). The IGC in Nice struggled to reform the EU institutions in order to accommodate future members. The Treaty of Nice has generated fear within certain Western circles. Some political analysts already announced the end of Jean Monnet's “Europe”, the triumph of Germany, and with the future inclusion of Central and East European countries (CEECs), the birth of a “Europe” less “European”. Since Nice, a sea of metaphors has sparkled over the Western European newspapers with regard to “the return to Europe” of the CEECs. Nonetheless, many scholars seem to agree with Stanley Hoffman who points out that the expansion toward the east is seen as necessary in order “to provide stability in the more troublesome part of the continent and in order to protect fledgling democracy there.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe, Germany, and Berlin

344. The Application of Justice and Home Affairs and the position of Minorities: The case of Hungary

Author:
Judit Tóth
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
When one considers the substance of European Union (EU) official documents in a simplified way, national and ethnical minorities may appear in three contexts. The first belongs to external relations (common foreign and security policy), which cover minorities as a matter of human rights in third countries. These documents call upon the (third) countries concerned to respect human rights and international and European standards on minorities' rights that are also endorsed by the EU. In this regard, the legislation being developed in view of a common European migration policy contains provisions about the respect of minority rights in order to prevent further migration waves.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe and Hungary

345. The Schengen Challenge and its Balkan Dimensions

Author:
Péter Kovács
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The subject of this paper is undoubtedly of paramount importance for a number of Central and East European countries. The image of a “Schengen Fortress” in statu nascendi is disappointing even for those who are enthusiastic about the accession of their countries to a unified Europe. There is a widespread fear – rational or not – that cross-border human contacts and travel possibilities from East to West will become more difficult than they were in the years following the fall of the Berlin Wall. The same feeling can be detected even in the Balkans, where certain countries also show symptoms of the “Schengen Fortress”.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe and Balkans

346. Russia's engagement with Justice and Home Affairs: A Question of Mutual Trust

Author:
Olga Potemkina
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
Does Russia need international cooperation? This question may seem rhetorical, to which one would give a positive response, but the findings of a public opinion survey conducted by the independent Russian research organisation ROMIR clearly suggest otherwise. In April 2001, a total of 1,500 Russians were polled in 160 locations in 94 villages, towns and cities, in 40 regions, territories and republics of the Russian Federation. The questions asked concerned several key aspects of EU-Russian relations and the need for increased cooperation with international organisations.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Russia and Europe

347. Russia and the EU: The Kaliningrad Dilemma

Author:
Yuri Borko
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
Strictly speaking, there are two groups of problems related to this topic. Firstly, there are some particular issues arising from the enlargement process; namely the movement of goods and people between Kaliningrad and the rest of Russia, including visa regime, energy supply of the region, trans-border cooperation and fisheries. To solve these problems or not to solve them is like Hamlet's dilemma “to be or not to be”. These problems have to be solved by the Union and Russia, with the participation, at least jointly, of Poland and Lithuania.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Russia, Europe, Poland, and Lithuania

348. Border Countries in an Enlarging Union: Some Reflections based on the Italian Experience

Author:
Ferruccio Pastore
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
In order to understand the Italian perspective – or rather the Italian perspectives – on the shift eastward of EU external borders, it is useful, if not necessary, to anticipate briefly a few schematic concepts about the meaning of borders in Italian history. This will enable us to achieve a better understanding of current Italian attitudes in the European debate on border management issues in the framework of the enlargement process. But a rapid overview on the recent transformation of the nature and function of borders in the Italian case will also allow us to draw some tentative lessons for the ongoing enlargement process in the field of Justice and Home Affairs.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe and Italy

349. Basel II: The Remaining Issues

Author:
Moritz Meier-Ewert
Publication Date:
03-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
In January 2001, the Basel Committee for Banking Supervision (BCBS) presented its latest proposals for a revised Capital Adequacy Accord. The aim of this revision is to address some of the perceived shortcomings of the 1988 Accord, which is currently being applied. These new proposals include a number of important improvements, but unfortunately there is a serious risk that in some areas they are overshooting their target. As a result they could have adverse consequences not only for the structure of the banking industry, but also for developing countries and for systemic stability. Indeed, if implemented in its current form, the Accord could lead to a serious round of consolidation in the banking sector resulting in the domination of the market by a handful of internationally active banks, widen the amplitudes of business cycles as well as increase the frequency of financial crisis through enhanced procyclicality, and effectively cut off a number of developing country borrowers from bank-finance.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe

350. The Convention on the Future of the EU

Author:
Eric Philippart
Publication Date:
02-2002
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
In December 2000, the Heads of State or Government reckoned that once the institutional changes proposed in the Treaty of Nice were ratified, the Union would be ready for the accession of new member states. Acknowledging that the post-Nice design was certainly not optimal, they also agreed in a Declaration annexed to the Treaty to convene an Intergovernmental Conference (IGC) in 2004. It stipulated that Treaty changes would only be decided after two intermediary phases aimed at deepening and widening the debate on the future of the European Union: an 'open reflection' phase encouraging wide-ranging exchanges of views in multiple national and European fora, to be followed by a phase of 'structured reflection' scheduled for 2002-3. The format of the second phase was to be defined during the European Council bringing the Belgian Presidency to a close. On 15 December 2001, the Laeken 'Declaration on the Future of the European Union' was indeed adopted. No less than 56 substantive questions were proposed as a starting point for the debate to be conducted by an ad hoc structure made of a Convention flanked by a Forum. The Declaration not only defined the mandate and the institutional contours of the new structure, it also provided a number of indications on how it should proceed in terms of deliberation, drafting and decision-making.
Topic:
Government, Human Rights, and International Organization
Political Geography:
Europe