Search

Begin New Search Topic Risk Political Geography Europe

1. Creating a Euro Area Safe Asset without Mutualizing Risk (Much)

Author:
Alvaro Leandro and Jeromin Zettelmeyer
Publication Date:
08-2019
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper explains and evaluates three proposals to create “safe assets” for the euro area based on sovereign bonds, in which sovereign risk is limited through diversification and some form of seniority. These assets would be held by banks and other financial institutions, replacing concentrated exposures to their own sovereigns. The paper focuses on three ideas: (1) to create multitranche “sovereign bond-backed securities” (SBBS), of which the senior tranche would constitute a safe asset; (2) to create a senior, publicly owned financial intermediary that would issue a bond backed by a diversified portfolio of sovereign loans (“E-bonds”); and (3) to issue sovereign bonds in several tranches and induce banks to hold a diversified pool of senior sovereign bonds (“multitranche national bond issuance”). Public attention (including public criticism) has so far focused on the first idea; the other two have not yet been seriously debated. The authors find that none of the competing proposals entirely dominates the others. SBBS do not deserve most of the criticism to which they have been subjected. At the same time, E-bonds and multitranche national bond issuance have several interesting features—including inducing fiscal discipline—and warrant further exploration.
Topic:
Economics, Sovereign Wealth Funds, Banks, and Risk
Political Geography:
Europe and Global Focus

2. Creating a Euro Area Safe Asset without Mutualizing Risk (Much)

Author:
Alvaro Leandro and Jeromin Zettelmeyer
Publication Date:
08-2019
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper explains and evaluates three proposals to create “safe assets” for the euro area based on sovereign bonds, in which sovereign risk is limited through diversification and some form of seniority. These assets would be held by banks and other financial institutions, replacing concentrated exposures to their own sovereigns. The paper focuses on three ideas: (1) to create multitranche “sovereign bond-backed securities” (SBBS), of which the senior tranche would constitute a safe asset; (2) to create a senior, publicly owned financial intermediary that would issue a bond backed by a diversified portfolio of sovereign loans (“E-bonds”); and (3) to issue sovereign bonds in several tranches and induce banks to hold a diversified pool of senior sovereign bonds (“multitranche national bond issuance”). Public attention (including public criticism) has so far focused on the first idea; the other two have not yet been seriously debated. The authors find that none of the competing proposals entirely dominates the others. SBBS do not deserve most of the criticism to which they have been subjected. At the same time, E-bonds and multitranche national bond issuance have several interesting features—including inducing fiscal discipline—and warrant further exploration.
Topic:
Economics, Regional Integration, Risk, and Fiscal Policy
Political Geography:
Europe

3. The gendered and racialized politics of risk analysis. The case of Frontex

Author:
Saskia Stachowitsch and Julia Sachseder
Publication Date:
07-2019
Content Type:
Special Report
Institution:
Austrian Institute for International Affairs (OIIP)
Abstract:
This article develops a feminist postcolonial approach to risk analysis as an increasingly central security practice in the EU’s emerging border management and security regime. For this purpose, we theorize risk analysis as a sense-making practice embedded within colonial power relations. As such, risk analysis problematizes migrants and migration in gendered and racializedwaysthatmakethemamenabletobordermanagementandother, potentiallyviolentsecuritypractices,suchasdetentions,returns,surveillance, and Search and Rescue. In an exemplary frame analysis of the European Border and Coast Guard Agency’s (Frontex) risk analysis report 2016, we show how conceptualizations of risks and solutions by this key actor are informed by gendered and racialized framings of 1) chaos and violence, 2) exploitationoftheEUeconomicandwelfaresystem,and3)humanitarianism towards 'vulnerable'? migrants. With this study, we seek to strengthen feminist and postcolonial interventions into critical security studies on knowledge, power, and expertise. By conceptualizing risk analysis as political, this article pushes critical security theory beyond understandings of security as socially constructed and towards systematically unpacking the meanings of (in)security as implicated in the reproduction of gendered and racialized power relations.
Topic:
Security, Migration, Post Colonialism, European Union, Feminism, Borders, and Risk
Political Geography:
Europe

4. Global Energy in Transition: How the EU Should Navigate New Realities and Risks

Author:
Andreas Goldthau
Publication Date:
11-2019
Content Type:
Policy Brief
Institution:
German Council on Foreign Relations (DGAP)
Abstract:
Global energy demand is shifting to Southeast Asia. This new trade flow is altering market power because it not only follows natural economic development, but also results from strategic trade and investment policies that promote national interests. In this context, the EU needs to account for the geo-economic side effects of the new European Green Deal.
Topic:
Climate Change, Economics, Energy Policy, European Union, Risk, and Trade
Political Geography:
Europe, Asia, and Southeast Asia

5. The Impact of Artificial Intelligence on Strategic Stability and Nuclear Risk, Volume I, Euro-Atlantic perspectives

Author:
Dr Vincent Boulanin, S. M. Amadae, Jean-Marc Rickli, Shahar Avin, Frank Sauer, John Borrie, Dimitri Scheftelowitsch, Justin Bronk, Page O. Stoutland, Magnus Hagström, Petr Topychkanov, Michael Horowitz, Anja Kaspersen, and Chris King
Publication Date:
05-2019
Content Type:
Book
Institution:
Stockholm International Peace Research Institute
Abstract:
This edited volume focuses on the impact on artificial intelligence (AI) on nuclear strategy. It is the first instalment of a trilogy that explores regional perspectives and trends related to the impact that recent advances in AI could have nuclear weapons and doctrines, strategic stability and nuclear risk. It assembles the views of 14 experts from the Euro-Atlantic community on why and how machine learning and autonomy might become the focus of an armed race among nuclear-armed states; and how the adoption of these technologies might impact their calculation of strategic stability and nuclear risk at the regional level and trans-regional level.
Topic:
Nuclear Weapons, Cybersecurity, Risk, Artificial Intelligence, and Strategic Stability
Political Geography:
Europe and United States of America