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2821. Can Italy and Spain survive rates of 6-7%?

Author:
Daniel Gros
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The sentiment that the euro is now in real danger is based in large part on the widespread conviction that interest rates of 6-7% are simply unsustainable for both Italy and Spain., After taking a closer look at the fundamentals, however, Daniel Gros concludes in this new Policy Brief that both countries should be able to live with this level of interest rates for quite some time, but only if they mobilize domestic savings, which remain strong in both countries. For Spain, some debt/equity swaps are also needed.
Topic:
Debt, Economics, Markets, and Financial Crisis
Political Geography:
Europe, Spain, and Italy

2822. Unholy compromise in the eurozone and how to right it

Author:
Stefano Micossi
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Two years after the first Greek rescue in May 2010, crisis management in the eurozone has still failed to restore confidence. A vivid picture of the situation can be found in Figure 1: the constellation of spreads on ten-year sovereign debts over the Bund in the eurozone is wider than it was before monetary union, as though financial markets had already discounted its breakdown. Temporary respites, notably in the early part of 2012, have not interrupted the trend of increasing divergence that risks undermining the credibility of adjustment efforts under way.
Topic:
Debt, Economics, Markets, Monetary Policy, and Financial Crisis
Political Geography:
Europe

2823. Pre-empting Technical Barriers in the Single Market

Author:
Jacques Pelkmans and Anabela Correia de Brito
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Effective enforcement and compliance with EU law is not just a legal necessity, it is also of economic interest since the potential of the Single Market will be fully exploited. Enforcement barriers generate unjustified costs and hindrances or uncertainty for cross-border business and might deprive consumers from receiving the full benefit of greater choice and/or cheaper offers.
Topic:
Economics, Markets, Monetary Policy, and Law
Political Geography:
Europe

2824. Central Banks in Times of Crisis: The FED vs. the ECB

Author:
Daniel Gros, Cinzia Alcidi, and Alessandro Giovannini
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Different economic and financial structures require different crisis responses. Different crises also require different tools and resources. The first 'stage' of the financial crisis (2007-09) was similar on both sides of the Atlantic, and the response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to intervene in the sovereign bond market of some stressed countries. The actions undertaken by the European Central Bank (ECB), however, have not always represented the best response, in terms of effectiveness, consistency and transparency. This is especially true for the Securities Markets Programme (SMP): by de facto imposing its absolute seniority during the Greek PSI (private sector involvement), the ECB has probably killed its future effectiveness.
Topic:
Debt, Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
Political Geography:
Europe

2825. Financial Development and Economic Growth in the Mediterranean Associated Countries

Author:
Adolfo Barajas and Seyed Reza Yousefi
Publication Date:
09-2012
Content Type:
Policy Brief
Institution:
IEMed/EuroMeSCo
Abstract:
Slow growth in the Mediterranean Associated Countries (MEDA) over the past three decades can be partly traced to underperformance by the financial sector. Several countries in the region lack financial depth, and the region as a whole has not fully benefited from the level of banking intermediation on offer, signaling a “quality gap.” Policy should therefore aim to enhance banking competition by removing entry barriers and improving credit information, reduce the role of state banks, further the process of financial reform, and provide a financial infrastructure conducive to bank and financial market development. Moreover, quality of intermediation appears to be related to access, and MEDA countries have also underachieved in terms of providing access to financial services to large segments of the population, in particular, to small and medium-sized enterprises. Efforts to widen access should also lead to improvements in quality and, ultimately, higher longrun growth.
Topic:
International Affairs
Political Geography:
Mediterranean

2826. Economic Agendas of Islamic Actors

Author:
Javier Albarracín and Paula Cusi
Publication Date:
09-2012
Content Type:
Policy Brief
Institution:
IEMed/EuroMeSCo
Abstract:
The IEMed held a conference on the 3rd and 4th July 2012 in Barcelona, under the title “Emerging New Economic Policy Makers in the Arab Mediterranean: Economic Agendas of Islamic Actors”. The aim of the conference was to engage Islamic economic actors, and get to know their economic proposals better. Members of the Islamic parties of Morocco, Tunisia and Egypt attended, as well as bankers, businessmen and representatives of Islamic economic associations from the region. Experts were also invited from institutions such as the European Bank of Reconstruction and Development (EBRD), the European Investment Bank (EIB), the European Commission, the Organization of Economic Co-operation and Development (OECD), the Central Bank of Spain, and so on. The seminar was split into three parts. The first part analyzed at a national level the economic challenges and necessary reforms in Morocco, Tunisia and Egypt. The other two sessions were dedicated to Islamic finance and banking, followed by an analysis of the economic cooperation in the Euro-Mediterranean region and among international Islamic actors.
Topic:
International Affairs
Political Geography:
Spain

2827. Euro-Mediterranean Higher Education Area: Enhancing Quality, Promoting Mobility and Employability

Author:
Nick Harris and Javier Albarracín
Publication Date:
09-2012
Content Type:
Policy Brief
Institution:
IEMed/EuroMeSCo
Abstract:
This paper results from a European Institute of the Mediterranean (IEMed)/National Agency for Quality Assessment and Accreditation of Spain (ANECA) Conference held in Barcelona 23rd May 2011 on enhancing quality, promoting mobility and employability across the Euro-Mediterranean Higher Education Area. At a time when there is considerable change and uncertainty in almost all parts of the Euro-Med region, the conference discussions ranged across the nature and purposes of higher education, particularly in relation to employability and employment, and the benefits of and barriers to mobility for both students and academic staff. It also sought to identify the most effective ways in which the Union for the Mediterranean (UfM) could contribute to further developments in higher education, bearing in mind the diversities and uncertainties that currently exist at social, political, and economic levels as well as in educations terms
Topic:
International Affairs
Political Geography:
Mediterranean

2828. Inflection Point: The Australian Defence Force after Afghanistan

Author:
Alan Dupont
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
In every era there are inflection points which require long-established institutions to re-evaluate their goals, strategy, structure and resource allocations to ensure their future health and relevance. The Australian Defence Force (ADF) is no exception.
Topic:
International Affairs
Political Geography:
Australia

2829. The 2012 National Elections in Papua New Guinea: Averting Violence

Author:
Scott Flower
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
The 2012 general elections in Papua New Guinea are likely to be marred by violence. The increased financial bounty at stake, the enhanced value of political office, the proliferation of weapons, and pressures on PNG’s Electoral Commission, Defence Force and police combine to highlight security concerns around the elections, particularly in the Highlands provinces.
Topic:
International Affairs
Political Geography:
Papua New Guinea

2830. Turkey’s New Horizon: Turks Abroad and Related Communities

Author:
Kemal Yurtnaç
Publication Date:
10-2012
Content Type:
Policy Brief
Abstract:
Across the world, there are many countries that have established institutions to serve and engage with their citizens and kin living abroad. Such institutions are called Diaspora Ministry/ Department in some cases, while in others they operate as independent units under the Ministry of Foreign Affairs. The dissolution of the Soviet Union in the late 1990s paved the way for the birth of a set of new countries that have their nationals or ethnic kin beyond their borders, and consequently increased the need to establish such institutions. The ensuing process of globalization facilitated countries in their efforts to establish closer ties with their citizens and kin communities. Today many countries work to strengthen their public diplomacy efforts, or “soft power,” and expand their sphere of influence through their diasporas.
Topic:
International Relations and International Affairs
Political Geography:
Turkey