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21. Accounting for climate policies in Europe’s sovereign debt market

Author:
Marta Dominguez-Jimenez and Alexander Lehmann
Publication Date:
05-2021
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
International debt investors increasingly demand assets that are aligned with environmental, social and governance objectives. Sovereign debt is being belatedly swept up in this change. This huge asset class represents a uniquely long-term claim and funds a wide range of public expenditure, both brown and green. Public capital expenditures will be a central part of the roughly €3 trillion investment budget needed to pay for the European Green Deal. European Union countries have so far met investor appetite for climate-aligned assets through sovereign green bonds, the issuance of which has rapidly grown since 2017. The EU itself will also issue green bonds in large volumes. However, because of some inherent flaws in such instruments and as their still-weak frameworks, these bonds are unlikely to meet the environmental criteria demanded by investors, and will complicate established principles in sovereign debt management. Much more comprehensive information is needed on the climate related aspects of the public budgets of EU countries. Greater transparency in this respect would support stability and improve the functioning of capital markets, given that sovereign debt plays a pivotal role in all investor portfolios and also in regulatory and monetary policy. Adoption by sovereign issuers of green budgeting principles, based on a common taxonomy of sustainable activities, would enhance transparency. It could also be driven by investors who, under new EU rules, must disclose the climate-related aspects of all financial instruments offered in the capital market.
Topic:
Climate Change, Debt, Markets, Sovereignty, European Union, Finance, and Sustainability
Political Geography:
Europe

22. Europe’s Quest for Digital Sovereignty: GAIA-X as a Case Study

Author:
Simona Autolitano and Agnieszka Pawlowska
Publication Date:
03-2021
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
There is currently much discussion about “digital sovereignty” in Europe. While the term encompasses very diverse connotations, it refers to a broad concept involving data, technological, regulatory and political elements. Cloud computing represents one example of the concrete materialisation of the European Union’s quest for “digital sovereignty” – especially through the development of its GAIA-X project. It is too early to assess whether or not GAIA-X will definitively help the Union to achieve this much-desired goal; however, some challenges have already emerged along the way. Looking to the future, if the EU wants to achieve “digital sovereignty”, a different strategy to the one currently under discussion will be needed.
Topic:
Politics, Science and Technology, Sovereignty, European Union, and Digital Policy
Political Geography:
Europe, France, and Germany

23. A European Civil Protection Union: Maturing out of necessity

Author:
Spyros Blavoukos and Panos Politis-Lamprou
Publication Date:
11-2021
Content Type:
Policy Brief
Institution:
Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:
Natural or human-made disasters ignore borders, enthusing a common European response to civil protection. The EU is incrementally assuming a more active role in the field of civil protection, especially with the recent establishment of the rescEU. Historically, European cooperation in the field of civil protection has been slow, because of national sovereignty concerns. Differentiated integration is a -suboptimal- way of extending EU competences in civil protection; it speeds up the process, but it limits the potential benefits of the envisaged economies of scale and does not address sufficiently the negative externalities of disasters. Operation-wise, the Permanent Structured Cooperation (PESCO) frame can provide opportunities for the development of common -interoperable- capabilities, like, for example, European fire-fighting planes and helicopters. Closer cooperation in the field of civil protection paves the way for closer security cooperation and allows the promotion of the EU’s soft power around the world.
Topic:
Sovereignty, European Union, Soft Power, and Civil Protection
Political Geography:
Europe

24. The rule of law in Poland or the false argument about the primacy of European law

Author:
Eric Maurice, Emilie Malivert, and Ana Pasturel
Publication Date:
11-2021
Content Type:
Policy Brief
Institution:
Robert Schuman Foundation (RSF)
Abstract:
On 24 November, the Polish Constitutional Tribunal ruled that the European Convention on Human Rights was partially incompatible with the country's constitution. In July and October, it had issued similar rulings on the Treaty on European Union (TEU). This double decision comes as the European Commission suspended the approval of Poland's €36 billion recovery plan, including €23.9 billion in EU grants, due to concerns about the rule of law. On 19 November, the Commission also sent a letter to the Polish government as a prelude to the launch of a procedure that could lead to the suspension of EU funds under the budgetary conditionality regulation. The confrontation between the Polish government and the European institutions, primarily the Commission and the European Court of Justice, has been presented by the Polish government as a struggle of principle between the primacy of European law, which was allegedly being imposed excessively on Member States, with "the national legal order and the supreme force of the Constitution” being under threat. The Polish Prime Minister, Mateusz Morawiecki, explained that the implementation of EU law, as requested by the CJEU, would lead to "a fundamental lowering of the constitutional standards of judicial protection of Polish citizens, and unimaginable legal chaos". Beyond the grandstanding and responses in support of an effort to defend the sovereignty of peoples, it appears that the weakening of these constitutional norms in recent years in Poland is precisely what has led the Constitutional Tribunal to partly denounce the TEU (European Union) and the European Convention on Human Rights (Council of Europe), and that the quarrel over the primacy of European law is essentially a smokescreen to hide this situation.
Topic:
Human Rights, Sovereignty, Constitution, Rule of Law, Institutions, and Norms
Political Geography:
Europe and Poland

25. Participating in European sovereignty through law

Author:
Hugo Pascal
Publication Date:
06-2021
Content Type:
Policy Brief
Institution:
Robert Schuman Foundation (RSF)
Abstract:
In the late 1980s, as the debate about the decline of American hegemony intensified[1], economist and political scientist Susan Strange emphasised the 'structural power' of the United States, understood as “the power to determine the frameworks of the global economy that has allowed it to choose and shape the structures within which other countries, their political institutions, businesses and professionals must operate”[2]. In Europe, the reputedly "extraterritorial" scope of certain US laws, illustrated by the heavy fines imposed by the American authorities on continental companies, could be considered as one of the most immediate manifestations of this power. It also appears to be a response to the new gap created by globalisation between a now deterritorialized market and regulatory States that are no longer homogeneous and superimposed[3], and this at a time when the institutions of international economic regulation often seem to be in deadlock. The growing interdependence between economies, enabled by globalisation and encouraged by free trade, has gradually eroded the markets established by borders to such an extent that the nation-State, conceived as the protector of a narrowly defined territory, could be considered a historically dated model[4], without a new body with a general scope having been able, to date, to replace it in its tasks, such as the fight against financial crime. In this new complex system, «new geopolitics of norms» has been created.[5] Europe must find its rightful place within it so that it can assert its sovereignty.
Topic:
Sovereignty, Law, Geopolitics, and Norms
Political Geography:
Europe

26. Europe as a power, European sovereignty and strategic autonomy: a debate that is moving towards an assertive Europe

Author:
Reni Lefebvre
Publication Date:
02-2021
Content Type:
Policy Brief
Institution:
Robert Schuman Foundation (RSF)
Abstract:
By defending a “geopolitical” Commission, The President of the European Commission, Ursula von der Leyen, said that the European Union had emerged from its economic and technocratic origins, that it was now ready to assume and strengthen its power, to measure itself against the new global balance of power. In this sense, she was responding to French President Emmanuel Macron who, since 2017, has been theorising about "European sovereignty" and advocating this call for power[1].
Topic:
Sovereignty, European Union, Geopolitics, and Strategic Autonomy
Political Geography:
Europe

27. Why Did Italian Democracy Become Vulnerable? Theorizing the Change from Neo- to Quasi-Militant Democracy

Author:
Joanna Rak
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
Polish Political Science Yearbook
Institution:
Polish Political Science Association (PPSA)
Abstract:
Embedded in scholarship on militant democracy, this research aims to explain how Italian legislation was positioned to militant democratic measures and how this changed over time. Drawing on the qualitative source analysis and the explanatory frameworks of democratic vulnerability tests two competing theory-grounded assumptions. While the first one assumes that Italian democracy became vulnerable when traditional militant democracy instruments were outmoded, the second considers the misuse or abandonment of those means with social consent as the source of vulnerability. The crisis-induced socioeconomic inequality and uncertainty weakened the Italian political nation. As a result, the latter supported populists in return for a promise of political change. The anti-democratic legal means employed to extend power competencies and prevent the exchange of ruling parties were the way to and the costs of the expected political change. At the same time, the political nation became unable to self-organize to strengthen democracy self-defense. As a result, Italians co-produced a quasi-militant democracy that turned vulnerable because militant democracy measures were misused or not used with the consent of Italians that relinquished their political subjectivity in favor of the Northern League and the Five Star Movement.
Topic:
Sovereignty, Democracy, Legislation, and Militant Democracy
Political Geography:
Europe and Italy

28. Defending Europe’s Economic Sovereignty: new ways to resist economic coercion

Author:
Jonathan Hackenbroich
Publication Date:
10-2020
Content Type:
Policy Brief
Institution:
European Council on Foreign Relations (ECFR)
Abstract:
European countries are increasingly coming under threat of economic coercion from great powers. The European Union and member states have few tools with which to combat the economic coercion waged against them. The EU’s vulnerability threatens its sovereignty and its openness. The EU should move quickly to consider and adopt a suite of tools to protect and enhance European sovereignty in the geo-economic sphere. The mere acquisition of such powers will have a deterrent effect. Such tools are thus necessary to preserve the EU’s economic openness as well as to defend and preserve the rules-based international order. This collection outlines ten such tools that the EU could adopt.
Topic:
International Relations, Sovereignty, European Union, Economy, and Soft Power
Political Geography:
Europe

29. Health sovereignty: How to build a resilient European response to pandemics

Author:
Jonathan Hackenbroich, Jeremy Shapiro, and Tara Varma
Publication Date:
06-2020
Content Type:
Policy Brief
Institution:
European Council on Foreign Relations (ECFR)
Abstract:
The coronavirus affected EU member states in different ways and to different extents, but almost all found that their public health relied, more than they understood, on goods or services from third countries. This reliance undermined Europe’s capacity to respond autonomously. The EU bodies coordinating the response and providing an early warning system were slow to act and requests for aid from EU member states went unheeded, creating feelings of abandonment among the worst-hit countries. Europe must improve its early warning systems, supply chain resilience, medical research and development, and cyber security and technology, to act decisively in future public health emergencies. Europe can build greater health security by creating common strategic stocks, diversifying and reshoring supply chains, strengthening investment protection in innovative companies, investing in R&D, and coordinating efforts in multilateral forums.
Topic:
Sovereignty, European Union, Crisis Management, Pandemic, Resilience, and COVID-19
Political Geography:
Europe

30. Europe’s digital sovereignty: From rulemaker to superpower in the age of US-China rivalry

Author:
Carla Hobbs
Publication Date:
07-2020
Content Type:
Special Report
Institution:
European Council on Foreign Relations (ECFR)
Abstract:
Covid-19 has revealed the critical importance of technology for economic and health resilience, making Europe’s digital transformation and sovereignty a question of existential importance. Rising US-China tensions are an additional incentive for Europe to develop its own digital capabilities; it risks becoming a battleground in their struggle for tech and industrial supremacy. Democratic governments – keen to preserve an open market in digital services while protecting the interests of citizens – find the European model an increasingly attractive alternative to the US and Chinese approaches. The EU cannot continue to rely on its regulatory power but must become a tech superpower in its own right. Referees do not win the game. Europe missed the first wave of technology but must take advantage of the next, in which it has competitive advantages such as in edge computing. EU member states lack a common position on tech issues or even a shared understanding of the strategic importance of digital technologies, such as on broadband rollout or application of AI.
Topic:
Science and Technology, Sovereignty, Power Politics, European Union, Artificial Intelligence, and COVID-19
Political Geography:
China, Europe, and United States of America