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111. Virtual currencies and their potential impact on financial markets and monetary policy

Author:
Lukasz Janikowski and Marek Dabrowski
Publication Date:
09-2018
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their anonymity and trans-border character.
Topic:
Science and Technology, Monetary Policy, Economic Growth, Currency, and Trade
Political Geography:
Europe, Poland, and European Union

112. Economic recovery and inflation

Author:
Marek Dabrowski
Publication Date:
04-2018
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed—in particular, the new financial regulations (which led to a deep decline in the money multiplier). However, there are numerous signs in both the real and financial spheres that these pressures are disappearing. The largest advanced economies are growing up to their potential, unemployment is systematically decreasing, the financial sector is more eager to lend, and its clients—to borrow. Rapidly growing asset prices signal the possibility of similar developments in other segments of the economy. In this new macroeconomic environment, central banks should cease unconventional monetary policies and prepare themselves to head off potential inflationary pressures.
Topic:
Economics, Monetary Policy, Economic Growth, Inflation, Macroeconomics, and Unemployment
Political Geography:
Europe, Global Focus, and European Union

113. Enhancing Credibility and Commitment to Fiscal Rules

Author:
Grzegorz Poniatowski
Publication Date:
03-2018
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The objective of this paper is to derive the characteristics of an effective fiscal governance framework, focusing on the incentives that ensure a commitment to the fiscal rules. We study this problem with the use of econometric tools, complementing this analysis with formal modelling through the lens of a dynamic principal-agent framework. Our study shows that both economic and institutional factors play an important role in incentivising countries’ fiscal efforts. Fiscal balances are affected not only by the economic cycle, but, among others, by the level of public debt and the world economic situation. We find that the existence of numerical fiscal rules, their strong legal entrenchment, surveillance mechanisms, and credible sanctions binding the hands of governments have a significant impact on curbing deficits. The relationship between the Commission and European Union (EU) Member States (MS), where the EU authorities act as a collective principal that designs contracts for MS, has elements in common with the assumptions of the principal-agent framework. These are: asymmetry of information, moral hazard, different objectives, and the ability to reward or punish the principal. We use a dynamic principal-agent model and show that to ensure good fiscal performance, indirect benefits should be envisaged for higher levels of fiscal effort. In order to account for the structural differences of exerting effort by different MS, it is efficient to adjust fiscal effort to the level of indebtedness. To ensure a commitment to the rules, MS with difficulties conducting prudent fiscal policies should be required to exert less effort than the MS with more modest levels of debt. The FIRSTRUN project is a European Union funded multinational research project that investigates the need for fiscal policy coordination in the EU.
Topic:
Debt, Economics, Regional Cooperation, European Union, and Fiscal Policy
Political Geography:
Europe and European Union

114. Is a Fiscal Policy Council needed in Poland?

Author:
Balazs Romhanyi and Lukasz Janikowski
Publication Date:
11-2018
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
Unsustainability and procyclicality of fiscal policy are problems that many developed countries face. The public debt crisis revealed that fiscal rules are a useful but insufficient instrument for mitigating them. A large and growing group of economists are calling for the creation of ‘fiscal policy councils’ – independent collegial bodies made up of experts whose role is to act as independent reviewers of government policy and advise the government and parliament on fiscal policy. Such councils currently exist in at least 40 countries. Poland is the only EU country that does not have a fiscal policy council. The aim of this paper is to address the issue of whether a fiscal policy council is needed in Poland and what kind of additional contribution such a council might make to the public debate on fiscal policy.
Topic:
Debt, Government, Governance, Economy, and Fiscal Policy
Political Geography:
Europe, Poland, and European Union

115. Thinking about pension systems for the 21st century: A few remarks based on the Polish example

Author:
Marek Gora
Publication Date:
07-2018
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
The end of 2018 will mark the 20th anniversary of the introduction of Poland’s current pension system. It has been subjected to constant modifications, in general dictated by either ideological or ad hoc goals, but it has resisted destruction, and in essence is working as it was designed. The need for its introduction, misleadingly called a reform, was dictated by a long-term shift in the age structure of the population. In essence, the earlier system was replaced by the current one. The essence of this switch is a shift from the quasi-tax financing suited to the population structure by age of the past, to quasi-savings financing suited to the structure in the 21st century. This text is not an overview of the 20-year history of the current system; it is a critical examination of the functioning of Poland’s pension system against the backdrop of the universal challenges that pension systems are facing in the 21st century. The text barely touches on many fundamental questions. A full discussion of them would require a longer discourse, for which there is no space here. The purpose of introducing the current system was to balance the interests of the working generation and the generation of retirees. The previous system worked only for the interests of retirees, while those of the working generation, expressed in the level of its net income, was treated as an afterthought. This kind of system could operate in the 20th century. But in the 21st, it turned out to be not so much immediately impossible, as socially harmful. A change of system was thus essential. The current system is now quite well suited to the current population structure. The biggest problem in its functioning is citizens’ negligible awareness of how it is actually structured and what that implies – both on the macro level and on the level of individual behaviors. Pension issues are counterintuitive. This results both from their combination of macro- and microeconomic issues and from the fact that their time horizon exceeds any other undertaking. For a pension system to work well, it has to be understood by its participants; meanwhile, pension education practically does not exist. What’s worse, the public debate concerning pensions tends to frighten people rather than helping them. Instead of knowledge, there are chaotic assumptions, often far removed from reality. They are adopted as axiomatic, or as a result of inertia in thinking, or unrealistic expectations. In the first case, the current system is perceived as if it were the previous one. Meanwhile, in reality they are fundamental opposites. In the second case, people expect that the system will miraculously multiply the funds available for pensions. But in reality each system can only divide up what has been created. Discussions partly concern side issues, partly consist of misunderstandings and partly are derivations of general views. Much harm was done by the discussion on changing the proportions of the division of contributions in the universal system (the so-called OFE discussion). Debate on pension questions requires that the issues be laid out in an orderly fashion; we need a critical view of basic concepts and how they are understood. Without that there is no chance to solve the problems of pensions systems, or even to understand what they’re about.
Topic:
Demographics, Labor Issues, Finance, and Social Policy
Political Geography:
Europe, Poland, and European Union

116. From Energy to Climate Security: The EU’s Evolving Views

Author:
Ellen Scholl
Publication Date:
07-2018
Content Type:
Journal Article
Journal:
Fletcher Security Review
Institution:
The Fletcher School, Tufts University
Abstract:
The European Union (EU) has increasingly interconnected energy and climate policy, with the formulation of the Energy Union as one notable — if yet incomplete — step in this direction. In addition to the linkages between energy policy and efforts to reduce greenhouse gas emissions to meet climate goals under the Paris Agreement, the EU has been increasingly vocal about the link between climate and security, and under- taken (at least rhetorical) efforts to incorporate climate security concerns into broader externally focused policy areas. ​ This shift toward a focus on climate security, however, raises questions of how energy security and climate security relate, the impact of the former on the latter, and how the Energy Union fits into this shift, as well as how the EU characterizes climate risk and how this relates to geopolitical risks in its broader neighborhood. It also begs the question of how to go beyond identifying and conceptualizing the security risks posed by climate change to addressing them. ​ This paper charts changes in the EU’s energy and climate security discourse, focusing on their intersection in the Energy Union and the EU’s promotion of the energy transition to lower carbon forms of energy, and the relevant risks in the European neighborhood. The paper concludes that while the EU has evolved to include climate priorities and climate risks into foreign and security policy thinking, the complicated relation- ship between climate change and security complicates efforts to operationalize this in the EU, in relations with the broader European neighborhood, and beyond...
Topic:
Security, Climate Change, Energy Policy, and Regional Cooperation
Political Geography:
Europe, Global Focus, and European Union

117. Building Trust and Confidence in International Security: A Conversation with OSCE Secretary General Thomas Greminger

Author:
Thomas Greminger and Ryan Rogers
Publication Date:
07-2018
Content Type:
Journal Article
Journal:
Fletcher Security Review
Institution:
The Fletcher School, Tufts University
Abstract:
Ambassador Thomas Greminger was appointed Secretary General of the OSCE on 18 July 2017 for a three- year term. Ambassador Greminger joined the diplomatic service of the Federal Department of Foreign Affairs (FDFA) in 1990 and has held numerous senior management positions during his career. Prior to his appoint- ment as OSCE Secretary General, he was Deputy Director General of the Swiss Agency for Development and Cooperation, overseeing an annual budget of USD 730 million and 900 staff in Bern and abroad. From 2010 to 2015, Greminger was the Permanent Representative of Switzerland to the OSCE, serving as Chair of the Permanent Council during Switzerland’s 2014 OSCE Chairmanship. Prior to his assignment at the Per- manent Delegation of Switzerland to the OSCE, Greminger was Head of the Federal Department of Foreign Affair’s Human Security Division, Switzerland’s competence centre for peace, human rights, and humanitarian and migration policy. Thomas Greminger holds a PhD in history from the University of Zurich and the rank of Lieutenant Colonel (General Staff) in the Swiss Armed Forces. He has authored a number of publications on military history, conflict management, peacekeeping, development and human rights. His mother tongue is German; he speaks fluent English and French, and has a working knowledge of Portuguese. In 2012, he was awarded the OSCE white ribbon for his long-standing support for gender equality.
Topic:
International Relations, Security, Regional Cooperation, and Territorial Disputes
Political Geography:
Europe, Ukraine, and European Union

118. Macron, Diplomat: A New French Foreign Policy?

Author:
Thomas Gomart and Marc Hecker
Publication Date:
04-2018
Content Type:
Special Report
Institution:
Institut français des relations internationales (IFRI)
Abstract:
How can we define Emmanuel Macron’s foreign policy since he took office? After Nicolas Sarkozy’s brazen style of “gutsy diplomacy” and François Hollande’s “normal diplomacy”, the eighth president of the Fifth Republic seems to have opted for an agile classicism. In substance, he makes no claim to any radical break with the past, but sees his approach as being in line with historical tradition. In relation to his predecessors, he has adjusted the balance between alliances, values, and interests in favor of the latter, while giving his policies an unambiguous European orientation. Formally, his approach is characterized by recourse to symbolism, strict control of communications, and an agile personal style. A term used within the business world to encourage organizations and individuals to adapt and innovate, “agility” also connotes a will to utilize and master new technologies. [...] Comprising 14 brief analyses, this collective study contributes to the initiative launched by Ifri in 2016 to analyze French foreign policy, and follows on directly from the earlier study published on the eve of the presidential election. It aims to give an update on the action Emmanuel Macron has taken on the principal international issues since his arrival in office. It should therefore be read not as an overall assessment, which would be impossible at this early stage of the presidential term, but more as an impressionist tableau giving a sense of an overall movement containing many different hues. Emmanuel Macron has four years left to perfect it.
Topic:
Foreign Policy, Defense Policy, Diplomacy, Trade Policy, and Emmanuel Macron
Political Geography:
Africa, Russia, Middle East, Asia, France, United States of America, and European Union

119. Five theses on the "refugee crisis" in Germany

Author:
Nele Katharina Wissmann
Publication Date:
05-2018
Content Type:
Policy Brief
Institution:
Institut français des relations internationales (IFRI)
Abstract:
The term "refugee crisis" is not uncontroversial in Germany; it is indeed accused of presenting the refugees as being responsible for the crisis. The events that have occurred since the summer of 2015 should rather be called "crisis of the authorities", given that Germany could have anticipated the massive increase in the number of refugees. The use of the term "refugee crisis" in this article is axiologically neutral and reflects its present common use in politics, the media and specialised literature. The term "refugee", which does not reflect the heterogeneity of immigrant situations in Germany, is less common in France than in Germany. When used in France, it is to facilitate the understanding of the reader. The definition used here is that of the Geneva Convention: "the term "refugee" will apply to any person who is outside their country of nationality and who is unable or unwilling to avail himself of the protection of that country". There will be a distinction between "tolerated" refugees and persons enjoying subsidiary protection and asylum seekers, in accordance with Article 16a of the German Constitution. The refugee crisis in Germany was first mentioned in the light of the events in the summer of 2015; at the time, the chroniclers established a direct link between the refugee crisis and the "open door policy". Admittedly, this characterisation is not entirely false, given the prolonged absence of reliable statistics on immigration, which can be explained by, among other things, double registration and the fact that some people have continued their journey to other EU countries without declaring it. Nevertheless, this phenomenon reflects more the shortcomings of the authorities concerning refugee registration than a real political orientation of the government in response to the increase in the number of refugees. Germany has, on the contrary, reacted by progressively toughening its asylum rights, and seems to be permanently closing its doors to many groups of migrants.
Topic:
Immigration, Governance, Refugee Crisis, and Asylum
Political Geography:
Germany and European Union

120. The Future of the Balkans Will Depend on Itself

Author:
Mehmet Ugur Ekinci
Publication Date:
12-2018
Content Type:
Commentary and Analysis
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
The decline in the speed of the EU enlargement and in the EU’s transforming power has led to the rise of alarmism among international commentators regarding the future of the Balkans. The argument is usually twofold: if the EU integration of the Balkans is delayed further, not only will ominous third actors jump in and bring instability, but also the Balkan people will start grabbing each other’s throats. This is obviously a hegemonic discourse based on the immutable assumption that the EU is and will be the only legitimate international actor to be present in the region and ensure peace and prosperity there. It also assumes, by disregarding the historical contexts of the earlier conflicts in the region, that the Balkan societies are inherently violent and immature.
Topic:
International Organization
Political Geography:
European Union