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622. Much ado about nothing: The EU's transport dialogue with Russia
- Author:
- Katri Pynnöniemi
- Publication Date:
- 06-2011
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- Transport is one of those few topics where the EU and Russia seem to have come to an agreement. The common understanding is that further integration of the transport systems and the removal of bottle necks serves the interests of both parties in the face of the expected increase in traffic volumes.
- Topic:
- Democratization, Diplomacy, Regional Cooperation, and Foreign Direct Investment
- Political Geography:
- Russia and Europe
623. EU's Rejection of Turkey: The Real Underlying Reason
- Author:
- Yalım Eralp
- Publication Date:
- 04-2011
- Content Type:
- Policy Brief
- Institution:
- Global Political Trends Center
- Abstract:
- There are many negative elements in EU-Turkey relations. Some consider the difference in religion as the primary factor. The issue is deeper than that. It is cultural contradiction. When Europe says cultural diversity is richness, it tends to mean cultural integration.
- Topic:
- Conflict Resolution, Regional Cooperation, Religion, and Culture
- Political Geography:
- Europe and Turkey
624. Is the EU internal market suffering from an integration deficit? Estimating the 'home-bias effect'
- Author:
- Consuelo Pacchioli
- Publication Date:
- 05-2011
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- As an alternative to measuring the extent of market integration, 'home-bias' indicates the degree to which economic agents 'over-prefer' to transact with domestic agents rather than agents from other EU countries. Such an exclusive preference is measured against a benchmark of (ideal) market integration and is called 'home-bias'.
- Topic:
- International Trade and Finance, Markets, and Regional Cooperation
- Political Geography:
- Europe
625. Governance of a Fragile Eurozone
- Author:
- Paul De Grauwe
- Publication Date:
- 05-2011
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- When entering a monetary union, member countries change the nature of their sovereign debt in a fundamental way, i.e. they cease to have control over the currency in which their debt is issued. As a result, financial markets can force these countries' sovereigns into default. In this sense, the status of member countries of a monetary union is downgraded to that of an emerging economy. This makes the monetary union fragile and vulnerable to changing market sentiments. It also makes it possible that self-fulfilling multiple equilibria arise.
- Topic:
- Debt, Markets, Regional Cooperation, and Financial Crisis
- Political Geography:
- Europe
626. Britain, Ireland and Schengen: Time for a smarter bargain on visas
- Author:
- Michael Emerson
- Publication Date:
- 08-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- For the present UK government, full accession to the Schengen area, a passport- free travel area covering most of Europe, is a red line that it will not cross. Ireland shares a common travel area and land border with the UK and is also bound by this decision. However, it is becoming increasingly clear that the UK, along with Ireland, is suffering serious economic and reputational costs as a result of its separate visa and border management policies.
- Topic:
- Economics, International Trade and Finance, Markets, and Regional Cooperation
- Political Geography:
- Britain, United Kingdom, Europe, and Ireland
627. The General Affairs Council: The Key to Political Influence of Rotating Presidencies
- Author:
- Piotr Maciej Kaczyński and Andrew Byrne
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- In spite of the formal role laid out for the General Affairs Council (GAC) in the Treaties, it has been weakened since it was extracted from the General Affairs and External Relations Council (GAERC) and set up to function on its own. Its current uneven composition is leading to further marginalisation. Reforming the GAC can bring it to the centre of gravity of the Council proceedings and address a number of problems in the current institutional structure. For that to happen, however, countries holding the rotating Council presidency need to consider placing their head of state or government in the chair of the GAC meetings. Upgrading GAC in this way would streamline the diverse work of the Council, it would help in alleviatin g the heavy political burden that now falls on the understaffed President of the European Council and it would allow the institution of the rotating presidency to regain a higher political profile by creating out of national leaders a de facto Vice President of the European Council.
- Topic:
- Regional Cooperation, Treaties and Agreements, and Governance
- Political Geography:
- Europe
628. Indonesia and the 2011 ASEAN Chairmanship: Priorities and Prospects
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
- Abstract:
- As of 1 January 2011, Indonesia assumed the chairmanship of the Association of South East Asian Nations (ASEAN). With the growing importance of Southeast Asia in the global arena, hopes are high that Indonesia will seize the opportunity to push for concrete improvements toward the establishment of the ASEAN Community in 2015, as well as to promote democratic values and respect for human rights in the region. At the start of its chairmanship, Indonesia has proposed three main agendas, namely: to ensure progress in the implementation of ASEAN Community Blueprints; to enhance ASEAN's roles in regional architecture; and to develop an ASEAN community vision in a global community of nations.
- Topic:
- Democratization, Human Rights, and Regional Cooperation
- Political Geography:
- Indonesia and Southeast Asia
629. Coordinating Regional and Multilateral Financial Institutions
- Author:
- C. Randall Henning
- Publication Date:
- 03-2011
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Recent crises and the expansion of international financial arrangements have dramatically elevated the importance of cooperation between regional institutions and the International Monetary Fund (IMF). While the case for coordination between regional and multilateral institutions is generally accepted, however, the need to organize it on an ex ante basis is not fully appreciated. The relatively successful cooperation among the European Commission, European Central Bank, and IMF on the European debt crisis is not likely to be easily replicated in joint programs for countries in other regions, moreover, and the costs of coordination failure could be very large. Recent innovations at the IMF, on the other hand, present opportunities for cooperation with regional facilities. Henning reviews (1) the case for organizing cooperation on an ex ante basis, (2) the policy and institutional matters that should be coordinated, (3) how East Asian arrangements in particular and the IMF might cooperate, and (4) an Interinstitutional Agenda of general principles, modalities, and institutional recommendations. The G-20, member states, and institutions themselves should address this agenda proactively.
- Topic:
- Debt, Economics, Regional Cooperation, International Monetary Fund, and Financial Crisis
- Political Geography:
- Europe and East Asia
630. Europe on the Brink
- Author:
- Simon Johnson and Peter Boone
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Attempts to resolve the problems in Europe are failing, and the crisis is spreading from Greece, Ireland, and Portugal to larger nations. Europe's financial system relies on moral hazard, i.e., a “no defaults” policy, to attract the funding needed to roll over large amounts of short–term bank and sovereign debt. Now that politicians in creditor nations are calling for private sector burden sharing, investors are demanding higher interest rates to hold these debts. But higher rates may tip banks and nations toward bankruptcy. Europe's banks and financial system are highly integrated across countries. Rising expectations of default in some countries could lead to large-scale capital flight into “safe” countries. This shift will raise concerns regarding solvency and liquidity of many financial institutions. The payments system of the euro area is serving as an opaque bailout mechanism that is currently preventing the euro area from falling apart at this time. If the number of nations in trouble spreads beyond Greece, Ireland, and Portugal, this bailout system will be stressed because of the potential size of accumulated funding. The European Central Bank (ECB) could soon see a vocal debate between inflationist and hawkish (anti–inflation) members. Inflationists will call for large–scale interventions, including bond buybacks and emergency loans, while the hawks will attempt to close loopholes in the payments system that effectively permit each troubled nation to create money needed to finance capital flight and budget deficits. At this stage in the debate, we see little chance that Europe can avoid ending the “moral hazard” regime, in which case it needs to plan for widespread sovereign and bank debt restructurings.
- Topic:
- Debt, Economics, Regional Cooperation, and Financial Crisis
- Political Geography:
- Europe, Greece, and Ireland