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3551. Future Impacts of Climate Change across Europe

Author:
Arno Behrens, Anton Georgiev, and Maelis Carraro
Publication Date:
02-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This CEPS Working Document reviews the potential impacts of climate change on 11 key indicator categories and 3 large regions covering the entire European Union. Although there remains a considerable degree of uncertainty about local and regional effects, the paper highlights strong distributional patterns. Northern Europe might even experience some positive effects, while the Mediterranean will mostly be negatively affected. Still, the cumulative impacts of climate change on poorer countries will also affect northern European countries, as growing water scarcity and other repercussions in Mediterranean countries could pose social and security challenges through increasing risks of conflicts and migration pressures.
Topic:
Climate Change, Energy Policy, and Industrial Policy
Political Geography:
Europe

3552. Information Sharing and Cross-Border Entry in European Banking

Author:
Caterina Giannetti, Nicola Jentzsch, and Giancarlo Spagnolo
Publication Date:
02-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Asymmetries can severely limit the cross-border border expansion of banks, if entering banks can only obtain incomplete information about potential new clients. Such asymmetries are reduced by credit registers, which distribute financial data on bank clients. Asymmetrically distributed information and adversely selected pools of borrowers constitute severe barriers for foreign banks when they enter new markets. In many instances, these problems force banks to either form 'alliances with incumbents' or simply enter through mergers and acquisitions (M). Yet such entry modes do not automatically lead to intensified competition as they may leave the number of competitors unchanged. Thus, institutions that reduce information asymmetries in credit markets (thereby encouraging entry through branches) may be very important if the objective is strengthening competition in addition to market integration. Recently, these institutions – credit registers – have received greater attention among academics and policy-makers in Europe, although there is still a remarkable lack of understanding of their empirical impact on banking.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Europe

3553. On Thin Ice? (Mis)interpreting Russian Policy in the High North

Author:
Roderick Kefferputz
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Climate change in the Arctic is expected to make the region a lot busier as new strategic resources become available. The Russian Federation is a key player in this context, having put forth a comprehensive Arctic strategy. Russian policy towards the so-called High North, however, is oftentimes not seen in its entirety and has received a plethora of criticism in the Western media and foreign policy community. This paper aims to contribute to a better understanding of Russian actions in the High North by providing a succinct overview of Russian policies in the region and identifying the fundamental rationale behind them. The paper concludes that Russia's Arctic policy is not only a lot more nuanced but also not very different from the policies conducted by other riparian states.
Topic:
Climate Change and Energy Policy
Political Geography:
Russia and Europe

3554. Crisis in the eurozone and how to deal with it

Author:
Paul De Grauwe
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The crisis that started in Greece culminated into a crisis of the Eurozone as a whole. How did we get into this mess? To answer this question it is useful to distinguish the three actors that have played a role in the development of the crisis: Greece, the financial markets (including the rating agencies) and the eurozone authorities. Let us analyse the role of these three actors in the drama.
Topic:
Economics and Markets
Political Geography:
Europe and Greece

3555. The EU-Central Asia Education Initiative

Author:
Peter Jones
Publication Date:
02-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
The European Education Initiative was launched as part of the EU-Central Asia Strategy in 2007. By 2009, the initiative had prioritised higher and vocational education and emphasised links with the Bologna Process. Attempts were made to establish the EU- Central Asia Education Platform – a re-branding of Tempus and Erasmus Mundus programmes within a set of specific activities – and outline the ways in which internal EU education policy development processes could be externalised to the Central Asia region. However, the slow and uncertain pace of development of the Education Initiative, with the exception of the CAREN programme, calls for an analysis of the logic, content and practice of what has been attempted. It is also necessary to examine the political and institutional context that explains the lack of traction gained with education policy actors in the EU and Central Asia, and the prospects for a more compelling vision and a concrete programme of implementation that could meet the real and urgent needs of Central Asian countries. Drawing on the evidence provided by participants in the development of the Education Initiative, this paper concludes by outlining an agenda for addressing its weaknesses.
Political Geography:
Europe and Central Asia

3556. Towards a Euro(pean) Monetary Fund

Author:
Daniel Gros and Thomas Mayer
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Despite cobbling together an impressive $1 trillion rescue package for countries with potential funding problems, the threat of a disorderly default still looms over the eurozone, creating systemic financial instability at the EU and possibly global level. Against this background, Daniel Gros and Thomas Mayer renew their call for the creation of a European Monetary Fund (EMF) in an update to their Policy Brief issued in February.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe and Greece

3557. The Taxation of Multinational Enterprises in the European Union

Author:
Stefano Micossi and Paola Parascandolo
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
As a rule, multinational enterprises (MNEs) are taxed separately by the countries in which they operate on the basis of the income produced in each jurisdiction ('source' taxation). To this end, they must keep separate accounts for business units in each country (“separate accounting”, SA) ascribing each item of expenditure and income to each business unit on the basis – by universally accepted convention – of 'arm's-length' pricing (ALP), that is, of comparable or estimated prices for similar market transactions between unrelated companies.
Topic:
Economics, Globalization, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe

3558. EU Assistance to Central Asia: Back to the Drawing Board?

Author:
Jos Boonstra and Jacqueline Hale
Publication Date:
01-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
European Union (EU) assistance in general and to Central Asia in particular is a complicated, many sided and fairly opaque business. In 2007, a few months prior to the Council's approval of an EU Strategy for Central Asia under the German Presidency, the Commission also presented two documents: an overarching Regional Strategy Paper for assistance to Central Asia over the period 2007–13 (RSP) and a more detailed and programme-orientated Central Asia Indicative Programme (IP), from 2007 until 2010.4 Over a seven-year period, 719 million Euros were to be set aside for assistance to the region through the new EU Development Cooperation Instrument (DCI). In addition, the EU has allocated more modest funds through global thematic instruments. Meanwhile, the European Bank for Reconstruction and Development (EBRD) and more recently the European Investment Bank (EIB) are stepping up activity in Central Asia and several member states have their own assistance programmes (foremost Germany) that are likely to match the DCI amount.
Topic:
Development and Foreign Aid
Political Geography:
Europe, Central Asia, and Germany

3559. The Impact of the Crisis on the Real Economy

Author:
Daniel Gros and Cinzia Alcidi
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
This crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. This is wellknown. What is less well-known is that on both accounts the euro area was affected by both 'bubble' symptoms as much as the US.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
United States and Europe

3560. Comparing EU and US Responses to the Financial Crisis

Author:
Karel Lannoo
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Since 2003, the EU and the US have conducted a vibrant regulatory dialogue on financial regulation, but domestic priorities seem to have taken precedence in response to the financial crisis. This paper compares the institutional and regulatory changes occurring on both sides of the Atlantic. On the institutional side, it compares macro- and micro-prudential reforms. On the regulatory side, it compares four key areas: bank capital requirements, reform of the OTC derivative markets, and the regulation of credit ratings agencies and hedge funds. It concludes by highlighting certain implications for the regulatory dialogue.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
United States and Europe