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541. Economic Policy Coordination in the Economic and Monetary Union: From Maastricht via the SGP to the Fiscal Pact

Author:
Jørgen Mortensen
Publication Date:
08-2013
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper first takes a step backwards with an attempt to situate the recent adoption of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union in the context of discussions on the Stability and Growth Pact (SGP) and the 'Maastricht criteria', as fixed in the Maastricht Treaty for membership in the Economic and Monetary Union (EMU) in a longer perspective of the sharing of competences for macroeconomic policy-making within the EU. It then presents the main features of the new so-called 'Fiscal Compact' and its relationship to the SGP and draws some conclusions as regards the importance and relevance of this new step in the process of economic policy coordination. It concludes that the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union does not seem to offer a definitive solution to the problem of finding the appropriate budgetary-monetary policy mix in EMU, which was already well identified in the Delors report in 1989 and regularly emphasised ever since and is now seriously aggravated due to the crisis in the eurozone. Furthermore, implementation of this Treaty may under certain circumstances contribute to an increase in the uncertainties as regards the distribution of the competences between the European Parliament and national parliaments and between the former and the Commission and the Council.
Topic:
Economics, Markets, Regional Cooperation, Treaties and Agreements, and Monetary Policy
Political Geography:
Europe

542. Avrupa'da Seçmen Davranışı: Bölgesel Farklılıkların Önemi

Author:
Nazlı Çağın Bilgili
Publication Date:
03-2013
Content Type:
Working Paper
Institution:
Global Political Trends Center
Abstract:
Elections are central elements of democratic systems as they provide the public with the opportunity – with some restrictions established by legal arrangements such as quotas – to make their voices heard. In other words, it is through election results that we learn a great deal about the social and political circumstances in a country. This paper follows the electoral trends in European countries since the beginning of the 1990s as far as the data makes it possible. In order to create a comprehensive analysis, turnout rates, voter preferences and other major determinants shaping preferences – whether influential economic or identity factors – are considered. Europe is defined, in this research, as all of the EU member states, making a highly complicated and heterogeneous collection. As the trends in these different countries can be expected to diverge, a regional comparison between Western, Northern, Southern and Eastern Europe is provided so that the similar and different electoral trends in these regions are presented clearly.
Topic:
Democratization, Economics, Political Economy, and Regional Cooperation
Political Geography:
Europe

543. Orta Asya'da İşbirliği ve Bütünleşme: Kolektif Güvenlik Antlaşması Örgütü Örneği

Author:
Çağla Gül Çağla Gül
Publication Date:
01-2013
Content Type:
Working Paper
Institution:
Global Political Trends Center
Abstract:
This study examines the Collective Security Treaty Organization and its effects on cooperation and unification processes among Central Asian states. It argues that cooperation and unification among Central Asian States are mainly affected by the international environment that has changed after 9/11 and the Afghanistan Operation. Regional Powers have cooperated with both the US and the Russian Federation in fighting against terrorism. Central Asian States have been considering their new path through independent foreign policy or inter-state cooperation and even unification.
Topic:
Islam, Regional Cooperation, Terrorism, and Treaties and Agreements
Political Geography:
United States and Central Asia

544. Cooperation from Crisis? Regional Responses to Humanitarian Emergencies

Author:
Walter Kemp, Jérémie Labbé, and Lilianne Fan
Publication Date:
09-2013
Content Type:
Working Paper
Institution:
International Peace Institute
Abstract:
As the situation in Syria continues to deteriorate, could the humanitarian crisis afflicting the country and its neighbors provide an entryway for regional cooperation? This policy paper examines how regional responses to humanitarian crises have succeeded or failed to meet humanitarian objectives in order to inform approaches to contemporary crises. It also assesses whether such regional responses contributed to strengthening regional integration and cooperation, paving the way for increased regional stability and an improved capacity to respond to emergencies. The report explores two different humanitarian crises: the war in the former Yugoslavia in the 1990s and Cyclone Nargis in Myanmar in 2008. Examining the ways in which countries in each region and regional organizations addressed humanitarian needs, it draws a number of lessons that could be applied in contemporary crises: Regional ownership over the response is crucial, but not necessarily spontaneous. External actors can usefully contribute through a balanced mix of pressure and technical support. Preexisting regional organizations can provide a valuable institutional framework on which to build the response. An approach that focuses on the specific needs of the most vulnerable individuals can help to depoliticize discussions while strengthening trust among regional stakeholders. Complementary policy-level and expert-level processes can equip the response with both political commitment and regular working relationships for addressing tangible needs.
Topic:
Conflict Resolution, Civil War, Humanitarian Aid, Islam, Regional Cooperation, and Peacekeeping
Political Geography:
Middle East, Arabia, Yugoslavia, Syria, and Myanmar

545. The European Citizens'Initiative: Next Big Thing or New False Good Idea ?

Author:
Franklin Dehousse
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
One innovative element of the Lisbon Treaty was the creation of a European Citizens' Initiative (ECI). At the time, this was sometimes hailed as a fundamental change in the European institutional system. A few years after the entry into force of the Treaty, however, much less is heard about this “first truly transnational instrument of modern direct democracy”, this “revolution in disguise”, this “very innovative and symbolic” provision5. This could seem surprising at first sight. Since the entry into force of the Treaty, the implementation of this provision has been remarkably rapid. Meanwhile, new arguments have risen concerning the lack of democratic legitimacy of the European Union, and the lack of connection between the European institutions and the citizens.
Topic:
Civil Society, Democratization, Regional Cooperation, Treaties and Agreements, and Governance
Political Geography:
Europe

546. Assessing the Single Supervisory Mechanism: Passing the point of no return for Europe's Banking Union

Author:
Stijn Verhelst
Publication Date:
06-2013
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Europe's financial and sovereign debt crises have become increasingly interconnected. In order to break the negative feedback loop between the two, the EU has decided to create a common supervisory framework for the banking sector: the Single Supervisory Mechanism (SSM). The SSM will involve a supervisory system including both the national supervisors and the European Central Bank (ECB). By endowing the ECB with supervisory authority over a major part of the European banking sector, the SSM's creation will result in a shake-up of the way in which the European financial sector is being supervised. Under the right circumstances, this could be a major step forward in addressing Europe's interconnected crises.
Topic:
Debt, Economics, Regional Cooperation, Monetary Policy, and Financial Crisis
Political Geography:
Europe

547. Money for Structural Reforms in the Eurozone:making sense of contractual Arrangements

Author:
Xavier Vanden Bosch
Publication Date:
05-2013
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Both the Commission's proposal for a 'Competitiveness and Convergence Instrument' and the 'contractual arrangement' presented by President Van Rompuy share a common concept: associating EU money with national structural reforms under a binding arrangement.
Topic:
Economics, Markets, Regional Cooperation, Labor Issues, Monetary Policy, and Reform
Political Geography:
Europe

548. Iceland and Europe: Drifting further apart?

Author:
Baldur Thorhallsso and Alyson J. K. Bailes
Publication Date:
09-2013
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
Iceland applied for EU membership in 2009 at the height of the economic crisis. Four years later, a new government has put the application on hold: the majority of Icelanders are opposed to entry, but want to continue the accession process and put the results to a vote. Iceland's longer-standing problems with European integration stem from the issue of sovereignty in general, and maintaining control over fisheries and agriculture in particular. Since 2009, anti-European feelings have been stoked by the 'Icesave' dispute, while the prospective benefits of entry (including use of the euro) have been tarnished by witnessing the fate of other small states during the euro crisis. The new government proposes remaining a member of the EEA and developing relations with other world powers. But the US commitment to Iceland has weakened over the years, and 'rising' powers like China are unable, as yet, to solve the country's core problems. In terms of both its security and its standing within the global economy, Iceland is becoming more rather than less dependent on Europe over time. The question raised by the latest political turn is whether it will have to maintain that relationship from a distance, with limited control and with no guaranteed goodwill.
Topic:
Economics, International Trade and Finance, Political Economy, Regional Cooperation, Treaties and Agreements, and Financial Crisis
Political Geography:
United States and Europe

549. Three Options for the EU: Assessing the EU's powers in a true economic and political union

Author:
Teija Tiilikainen
Publication Date:
09-2013
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
Safeguarding the EU's unity in the long-term development of the EMU is currently one of the major challenges for the Union. The de facto adjustments made to the EU's economic and fiscal powers due to the economic and financial crisis, including the completion of the Banking Union, create pressures to address the treaty-based division of powers and to strengthen the democratic control of the powers executed by the Union. The need to back the EU's macroeconomic goals with fiscal instruments has been made evident by the economic crisis; the position of these instruments outside the common budget might become increasingly controversial. A further increase in economic solidarity (jointly guaranteed debt, taxation power) might jeopardize the EU's stability and democratic legitimacy if carried out in the current political and institutional framework. A system of constitutional and fiscal federalism would produce a more stable outcome, but would require major changes in the EU's democratic system and system of policy implementation, in its external policies and the way its constitutional powers are arranged.
Topic:
Debt, Economics, Regional Cooperation, Monetary Policy, and Financial Crisis
Political Geography:
Europe

550. How to Form a More Perfect European Banking Union

Author:
Ángel Ubide
Publication Date:
10-2013
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The euro area has made significant strides in the last six months in designing a banking union. The goal has been to centralize supervisory decision making and improve the management of failing banks while protecting European taxpayers and imposing costs on creditors through so-called bail-ins to reduce moral hazard. Euro area leaders have reached some political agreements, and legislation is being prepared for eventual adoption by the European Parliament and then the various member states. This progress has been hailed as a step in the right direction, with particular praise for the euro area leaders' plan to endow the European Central Bank (ECB) with supervisory powers and create new rules for managing troubled banks.
Topic:
Economics, Markets, Regional Cooperation, and Monetary Policy
Political Geography:
Europe