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6011. The Enlargement Challenge: Can Monetary Union be Made to Work in an EU of 25 Members?

Author:
Barry Eichengreen
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
This lecture considers how Europe's monetary union will evolve in the next five to ten years. It concentrates on what is likely to be the most important change in that period, namely, the increasing number and heterogeneity of participating states. By 2006, less than four years from now, it is virtually certain that EMU will be enlarged to include a number of Eastern European countries that have not yet been admitted to the EU itself. These new members will differ sharply from the incumbents in terms of their economic structures, their per capita incomes, and their growth rates. The analysis focuses on the implications of this momentous change for the structure, organization and operation of EMU.
Topic:
Economics and Political Economy
Political Geography:
Europe

6012. The Meanings of Palestinian Reform

Publication Date:
11-2002
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Since U.S. President George W. Bush's 24 June 2002 statement on the Israeli-Palestinian conflict, Palestinian reform has emerged as a key ingredient in Middle East diplomacy. In his statement, the president publicly identified “a new and different Palestinian leadership” and “entirely new political and economic institutions” as preconditions for the establishment of a Palestinian state. In early July, the Quartet of Middle East mediators (the European Union, Russian Federation, United Nations, and United States) established an International Task Force for Palestinian Reform “to develop and implement a comprehensive reform action plan” for the Palestinian Authority (PA). The September 2002 statement by the Quartet underscored reform of Palestinian political, civil, and security institutions as an integral component of peacemaking. The three phase-implementation roadmap, a U.S. draft of which was presented to Israel and the Palestinians by U.S. Assistant Secretary of State William Burns in October, provided details on this reform component.
Topic:
Civil Society, Government, and Politics
Political Geography:
Russia, United States, Europe, Middle East, Israel, Palestine, Arabia, and United Nations

6013. Moving Macedonia Towards Self-Sufficiency: A New Security Approach for NATO and the EU

Publication Date:
11-2002
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Macedonia's 15 September 2002 election suggests the country may have turned a corner on the road to stability. Widely anticipated fraud and violence mostly did not materialise. Unlike in neighbouring Kosovo a few weeks later, a cross section of voters from all ethnicities streamed to the polls. They elected a government that has embraced the Framework Agreement brokered by the European Union (EU), the U.S. and NATO at Ohrid in August 2001 to end the incipient civil war and that has pledged to manage inter-ethnic issues through consensus, not simply division of spoils, to overhaul the scandal-plagued “Lions” security unit, and fight massive, endemic corruption.
Topic:
Security and NATO
Political Geography:
United States, Europe, Eastern Europe, Kosovo, and Macedonia

6014. The OSCE in Central Asia: A New Strategy

Publication Date:
09-2002
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
The Organisation for Security and Cooperation in Europe (OSCE) emerged in a wave of euphoria surrounding the events of the late 1980s in the former Soviet bloc. Building on the achievements of its predecessor, the Conference on Security and Cooperation in Europe (CSCE), it has played a key role in state-building and democratisation in many areas of Central and Eastern Europe and the former Soviet Union.
Topic:
Development, Politics, and Regional Cooperation
Political Geography:
Europe, Central Asia, and Soviet Union

6015. Fighting to Control Yugoslavia's Military

Publication Date:
07-2002
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Yugoslav President Vojislav Kostunica's 24 June 2002 sacking of Yugoslav Army (VJ) Chief of the General Staff Nebojsa Pavkovic was necessary, welcome, and long overdue. The EU, U.S., and NATO acclaimed the move as an effort to assert civilian control over the military, and Kostunica indeed deserves credit for removing a significant obstacle to the country's reintegration with Europe. Nonetheless, the action was probably more the result of the ongoing power struggle between Kostunica and Serbian Premier Zoran Djindjic than a genuine effort to bring the military under civilian control or dismantle the extra-constitutional parallel command structures that the post-Milosevic leadership of the country has created within the VJ.
Topic:
Ethnic Conflict, Government, and Politics
Political Geography:
United States, Europe, Eastern Europe, Yugoslavia, United Nations, and Serbia

6016. EU Crisis Response Capabilities: An Update

Publication Date:
04-2002
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
In June 2001, ICG published a first report on EU crisis response capabilities, which presented a snapshot of the institutions, policies and processes for conflict prevention and crisis management as they stood at mid 2001. It described the respective roles in external relations matters of the three key EU institutions, Council, Commission and Parliament, and the evolving machinery for implementing more coordinated strategies in the formulation of general policy positions, conflict prevention and conflict management.
Topic:
Conflict Prevention, International Relations, Security, and Human Welfare
Political Geography:
Europe

6017. Global Economic Prospects

Author:
Michael Mussa
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The global economic recovery is continuing but at a somewhat slower pace than was anticipated six months ago. Specifically, using the country weights from the IMF's World Economic Outlook, the forecast for real GDP growth in the world economy during 2002 (i.e., on a fourth-quarter-to-fourth-quarter basis) is cut by about half a percentage point to 3 percent—a pace that is slightly below my estimate of the potential growth rate for world GDP. This downward revision reflects primarily slower growth than earlier expected during the first half of 2002 in most industrial countries and the expectation that growth will remain somewhat more sluggish than earlier expected at least through year-end. For 2003, the forecast for global economic growth is also cut by about half a percentage point—to 4 percent—reflecting both general factors suggesting slightly weaker performance in many industrial and developing countries and the particular economic risks arising from possible military action against Iraq and from potential credit events affecting key developing countries. Despite these downward revisions, however, there is little doubt that the world economy will see significant improvement this year from the 1 percent growth recorded in 2001, and it is still reasonable to expect further improvement to a growth rate modestly above global potential during 2003.
Topic:
Economics
Political Geography:
United States, Iraq, Europe, Israel, Asia, South America, Latin America, and North America

6018. The Foreign Sales Corporation: Reaching the Last Act?

Author:
Gary Hufbauer
Publication Date:
11-2002
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Some trade disputes—like long Russian novels—never seem to end. The United States, Europe, and other trading nations have disputed the taxation of export earnings since the 1970s. To understand why the Foreign Sales Corporation (FSC) dispute is so hard to resolve, we must start with a historical tour.
Topic:
Economics and Political Economy
Political Geography:
Russia, United States, and Europe

6019. Home Bias, Transactions Costs, And Prospects For The Euro: A More Detailed Analysis

Author:
Catherine L. Mann and Ellen E. Meade
Publication Date:
07-2002
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper brings together the literature on determination of home bias in equity holdings and the portfolio balance model of exchange rates to consider whether the dollar might be affected by a change in transactions costs that alters international portfolio allocations. Our empirical findings lend support to the view that transactions costs have a significant influence on US portfolio holdings, even after accounting for float market share. In addition, new survey evidence on the equity holdings of European firms indicates home bias for European investors, and points to a reduction in the magnitude of this home bias since 1997.
Topic:
Economics and International Trade and Finance
Political Geography:
United States and Europe

6020. Special Policy Forum Report: Battling for the 'Hearts and Minds' of Middle Easterners, Post-September 11: A Year-End Assessment

Author:
Martin Kramer and Mouafac Harb
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Public diplomacy in the Middle Eastern context is not a new problem. Every non-Muslim state that has projected its power into the Middle East has had to win over the "hearts and minds" of the Muslim population under its control. Muslim Middle Easterners have always viewed the projection of non-Muslim power into the region with suspicion. Nevertheless, America does not have to reinvent the public diplomacy wheel. The United States should learn from the history of the European experience in the Middle East and from its own successful public diplomacy efforts in the Cold War era.
Topic:
Security, Cold War, and Religion
Political Geography:
United States, America, Europe, Middle East, and Arab Countries