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171. Updating The EMU: Differentiated economic integration in the European Union

Author:
Samu Kurri
Publication Date:
11-2013
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs (FIIA)
Abstract:
The financial and economic crisis has reinforced the two-layer economic integration structure in the EU. Many of the new rules and structures created during the crisis have focused on a solution to the euro crisis and are thus euro area-specific. There is little evidence, however, that the situation would have dramatically changed compared to the Maastricht EMU. All of the changes are still in line with the basic idea that all EU countries will join the euro when they are ready to do so. One of the key questions in the near future is likely to centre on the contours of the euro area specific decision-making, its relationship to the EU as a whole, and its institutions and procedures. Even if the Euro group remains 'formally informal', it has managed to transform itself into a de facto institution within the EU, and its role and weight is likely to increase rather than decrease.
Topic:
Debt, Economics, Monetary Policy, Financial Crisis, and Reform
Political Geography:
Europe

172. The Asset Quality Review and Capital Needs: Why re-capitalise banks with public money?

Author:
Daniel Gros
Publication Date:
12-2013
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
There are three aggregate numbers that describe the problem the Single Supervisory Mechanism (SSM) is inheriting: the 130 banks under its direct supervision hold assets worth 250% of the euro area's GDP, their capital is equivalent to only 4% of their assets' value and they have made zero profits, in the aggregate, over the last four years.
Topic:
Debt, Economics, Markets, Financial Crisis, and Reform
Political Geography:
Europe

173. The New European Framework for Managing Bank Crises

Author:
Stefano Micossi, Jacopo Carmassi, and Ginevra Bruzzone
Publication Date:
11-2013
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The European Commission proposal for a Regulation establishing a European Single Resolution Mechanism (SRM) for banks is now under consideration before the European Parliament and the Council. The main principles and tools applicable for resolving a failing bank are contained in the June 2012 Commission proposal for a Directive on bank recovery and resolution (BRR), aimed at harmonising crisis management and resolution tools in EU member states, which is also under consideration by the European legislators. Any discussion of the new system must therefore be based on both proposals.
Topic:
Debt, Economics, International Trade and Finance, Markets, Monetary Policy, and Reform
Political Geography:
Europe

174. Financial regulation and the G20

Author:
Hugh Jorgensen, Mike Callaghan, Stephen Pickford, Richard Gray, Steven Bardy, Graham Hodges, and Ross Buckley
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
Lowy Institute for International Policy
Abstract:
This issue of the Monitor canvases the role of the G20 in strengthening financial regulation. It contains articles by Hugh Jorgensen (Lowy Institute), Stephen Pickford (Chatham House), Richard Gray (Westpac), myself, Steven Bardy (Australian Securities and Investment Commission), Ross Buckley (University of New South Wales) and Graham Hodges (ANZ). It also includes a summary of the discussion at a regional 'Think 20' seminar recently held at the Lowy Institute.
Topic:
Economics, International Organization, International Trade and Finance, Financial Crisis, and Reform
Political Geography:
United States and Europe

175. Power and Change: Locating Institutional Change Theories in a Power Context

Author:
Lily Salloum Lindegaard
Publication Date:
12-2013
Content Type:
Working Paper
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
This working paper aims to better understand the drivers of institutional change. To do this, it locates diverse institutional change theories, specifically path dependency, gradu¬al institutional change and institutional bricolage, in a power context and reflects on the power-related aspects of each theory. It then develops a novel approach of a power analysis of institutional change, which allows for the combined use of institutional change theories despite their diverse theoretical underpinnings and thus offers a thorough, highly complex consideration of institutional change.
Topic:
International Affairs, Political Theory, Power Politics, and Reform
Political Geography:
Europe

176. Eurocriticism: The Eurozone Crisis and Anti-Establishment Groups in Southern Europe

Author:
Nathalie Tocci, Thanos Dokos, Eleonora Poli, Chiara Rosselli, and Eduard Soler i Lech
Publication Date:
12-2013
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The Eurozone crisis and the ensuing public disaffection towards what many view as deficient EU institutions and policies have resulted in a surge of euroscepticism across member states. Although euroscepticism is not a new phenomenon, the rise of mass anti- establishment movements notably in southern Europe is. Despite their different political and structural features, Five Star Movement in Italy, Syriza in Greece and several social movements sprung from the Indignados in Spain have recently become key actors in their national political arena by opposing, inter alia, EU-imposed austerity. Yet these movements are not anti-EU in toto; while they criticize what they view as the EU's lack of democracy and rigid economic policies, they are not opposed to the EU integration project as such. While a fine line distinguishes Euro-scepticism from Euro-criticism, provided such distinction is made, the critique of these movements could be galvanized into a constructive force for a more integrated EU political space.
Topic:
Debt, Economics, International Trade and Finance, Financial Crisis, and Reform
Political Geography:
Europe

177. German hard power: Is there a there there?

Author:
Patrick Keller
Publication Date:
10-2013
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
The "grand narrative" of German security policy since the end of the Cold War has oscillated between Germany's reluctance to use hard power and Germany's desire to be seen as supportive of its American and European allies. This is reflected in the varying decisions it has made during foreign military operations and in the manner in which Germany's military has conducted those operations. At the same time, the German military has undergone a series of reforms designed to modernize German forces and to make them more flexible and deployable. But a stagnant and low level of defense expenditures has made carrying out these reforms an ongoing challenge to the German military and German defense ministry. Germany has a vital interest in a stable and liberal international order and, hence, in having a military capable of helping maintain that order. As Europe's leading economic power and, increasingly, as Europe's central political actor, Germany could and should take the lead in reversing the precipitous decline in European hard power.
Topic:
Defense Policy, Economics, International Security, and Reform
Political Geography:
Africa, Europe, and Germany

178. The Common Agricultural Policy Health Check: time to check the health of the theory of the reform?

Author:
Marko Lovec and Emil Erjavec
Publication Date:
01-2013
Content Type:
Journal Article
Journal:
Journal of International Relations and Development
Institution:
Central and East European International Studies Association
Abstract:
In 2008, the ministers of agriculture of European Union member states made a political agreement on the Common Agricultural Policy reform, also known as the Health Check. The reform coincided with three things: the ongoing Doha round of the World Trade Organization negotiations; political pressures to limit the costs of the policy financed from the common budget; and various 'new' policy issues. Rational institutional and constructivist approaches, which are often viewed as theoretical alternatives with each explaining some aspects of the reform, have employed simplified and narrow abstractions in conceptualising the role of these policy contexts. In order to identify the mechanisms facilitating the Health Check, a critical realist approach is proposed here, arguing that the relationship among the trade negotiations, budget bargaining, new issues and the policy reform can be explained by theoretically endorsing the asymmetrical development of the agricultural production factors and of production relations. A qualitative analysis is used to determine which of these three approaches seems to be better able to explain the empirical evidence.
Topic:
Development and Reform
Political Geography:
Europe

179. Curbing Campaign Cash: Henry Ford, Truman Newberry, and the Politics of Progressive Reform

Author:
John Samples
Publication Date:
04-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
No one has yet written a detailed history of campaign finance regulation, even limited to the United States. In 1988, Robert E. Mutch published Campaigns, Congress, and Courts: The Making of Federal Campaign Finance Law. He then embarked on research seeking to fill out that story in the late 19th century. My own The Fallacy of Campaign Finance Reform combines public choice analysis with political theory in a way that historians might not recognize. Ray La Raja's excellent Small Change: Money, Political Parties, and Campaign Finance Reform Examines a larger historical tableau from a political science perspective. Paula Baker is apparently at work on a broader history of campaign finance and its regulation. This work began as a case study in that project and grew into a book. I look forward to the broader history, but I am happy to have this work.
Topic:
Reform
Political Geography:
Europe

180. The Review of the Europe 2020 Strategy: From austerity to prosperity?

Author:
Andrea Renda
Publication Date:
10-2013
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This Policy Brief looks at available options for the mid-term review of Europe 2020, which is currently being addressed both by the European Commission and by several Council formations under the aegis of the Italian presidency of the EU, and will be finalised by March 2015.
Topic:
Economics, Political Economy, Infrastructure, Governance, and Reform
Political Geography:
Europe and Italy