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121. Agreement needed on liquidity provision to restore confidence in the eurozone

Author:
Stefano Micossi
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Some eighteen months after the first Greek rescue (May 2010), there is little doubt that the multiple attempts at crisis management in the eurozone have failed to restore confidence. Indeed, following each round of emergency measures agreed by the eurozone summits, matters have turned for the worse (see Figure 1 for the widening spreads, over the German Bund, for sovereign borrowing in the eurozone). At the time of writing, contagion has spread beyond Spain and Italy to the core sovereigns, with France close to losing its triple A rating and even Germany experiencing partial failure in a Bund auction on November 23rd. Spreads are also opening up for Austria, Belgium, Finland and even the virtuous Netherlands. Meanwhile, the banking system Europe- wide is under increasing strain, with term funding all but closed for any bank with significant exposure to distressed sovereign debtors and the interbank market close to seizing up. Deposit withdrawals have surfaced in a number of large banks from the periphery. The euro has started to weaken in foreign exchange markets, narrowing the room for a distinction between eurozone debt crisis and euro-currency crisis from which some observers were until recently drawing comfort.
Topic:
Economics, Regional Cooperation, Monetary Policy, and Financial Crisis
Political Geography:
Europe and Germany

122. The EU should not shy away from setting CO2-related targets for transport

Author:
Christian Egenhofer
Publication Date:
01-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Transport is the only sector in the EU in which greenhouse gas emissions continue to rise. Unless this trend can be reversed, the EU will have little chance of reaching its objectives in the context of global obligations on industrialised countries to reduce emissions between 80% and 95% by 2050 compared to 1990. Many different solutions exist, including, for example, new technology such as electrification of road transport, modal shift, optimising existing technologies and policy measures and more radical measures such as binding GHG emissions targets. While there is some merit to all of these approaches, this Policy Brief argues that current EU policy thinking is not (yet) bold enough to credibly tackle the GHG emissions challenge from transport.
Topic:
Climate Change, Regional Cooperation, and Treaties and Agreements
Political Geography:
Europe

123. How to Change the EU Treaties: An Overview of Revision Procedures under the Treaty of Lisbon

Author:
Peadar ó Broin
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Less than a year has passed since the Lisbon Treaty became part of EU law, thereby bringing to an end almost a decade of intergovernmental wrangling over EU institutional reform. Yet despite its protracted ratification process and pledges from national administrations and EU authorities that the Lisbon Treaty had closed the issue of treaty reform for the foreseeable future, a number of modifications to the EU treaties are currently in the pipeline. One such proposal, relating to the number of seats in the European Parliament, has already left the drawing board and is presently pending national ratification. But perhaps most significant are those proposals that could amount to major treaty reform in areas such as the Franco-German Declaration of Deauville, which proposes significant changes in the area of economic and monetary union and, possibly also institutional reform.
Topic:
Regional Cooperation and Treaties and Agreements
Political Geography:
Europe

124. From Lisbon to Deauville: Practicalities of the Lisbon Treaty Revision(s)

Author:
Piotr Maciej Kaczyński and Peadar ó Broin
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
It has only been one year since the Treaty of Lisbon entered into force and already there is a stack of pending issues requiring primary law change in the EU. The Franco-German Deauville Declaration of 18 October 2010 is probably the most politically prominent of them all, yet it is not the first, nor will it be the last in a long, incremental process of constant treaty revision similar to the national process of amending national constitutions. All of these proposals have one feature in common: none of them is an overarching treaty change and each one is designed in such a way that amends only one element of the system. This, in theory, should avoid the need to submit the change to public referenda in the EU as part of the ratification process.
Topic:
Treaties and Agreements and Law
Political Geography:
Europe, Germany, and Lisbon

125. The Key Role of Education in the Europe 2020 Strategy

Author:
Felix Roth and Anna-Elisabeth Thum
Publication Date:
10-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
The EU 2020 Agenda has taken an important step forward by setting the target for tertiary graduation rates at an ambitious 40%. This paper finds that many European countries, however, including the largest economy – Germany – will not be able to meet this target. Moreover, the crucial topic of educational quality is not even touched upon. Comparing the EU with China in total numbers, the authors find that China's education system already produces the same number of graduates with tertiary education as the whole EU15. Given the large output of graduates, which is the key to productive spending on R, this means that China is likely to soon become a growing power in innovation. Initially the country is expected to concentrate on incremental innovation, with radical innovation to come only later and it is here, the authors warn, that the quality of the university system might represent a major obstacle in the Chinese government's efforts to close the gap with the US and the EU15 in terms of innovation potential.
Topic:
Education
Political Geography:
China, Europe, and Germany

126. What reforms for the credit rating industry? A European perspective

Author:
Karel Lannoo
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Credit rating agencies (CRAs) continue to find themselves in the eye of the storm. Despite having singled out the industry early on in the financial crisis as needing more regulation, policy-makers seem not to be reassured by the measures that have been adopted in the meantime, and want to go further. Faced with a rapid downgrading in ratings in the context of the sovereign debt crisis, European Commissioner Michel Barnier raised the possibility last May of creating a new EU-level rating agency that would specialise in sovereign debt.
Topic:
Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
Europe

127. The Place of Religion in European Union Law and Policy: Competing Approaches and Actors inside the European Commission

Author:
Sergio Carrera and Joanna Parkin
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
While the EU has no explicit legal competence in the sphere of religion and the management of relations with faith communities, religious concerns have taken on increasing importance within the legal and institutional framework and policy discourses of the European Union in the last years. This paper provides an overview of how religion and issues of religious diversity are being framed and addressed in EU law and policy by undertaking a critical analysis of the ways in which EU law and policy deal with, engage and understand religion at the policy level of the European Commission. Through an examination of EU legislation and both formal and informal policy initiatives in the fields of citizenship and fundamental rights, non-discrimination, immigration and integration, social inclusion and education and culture, this paper demonstrates that there is a complex and highly heterogeneous patchwork of EU normative approaches delineating the relationship between religion and the EU. These competing framings, very much rooted in the institutional structures of the Commission services, have important implications for discretionary power and sovereignty of the EU member states and for the coherence of European Union policies.
Topic:
Regional Cooperation and Law
Political Geography:
Europe

128. The same old modernisation game? Russian interpretations of modernisation

Author:
Roderick Kefferpütz and Félix Krawatzek
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
The modernisation of Russia has been a topic of vigorous debate for centuries. It has also been an intensely divisive issue among Russia's elite, and since President Dmitry Medvedev came to power, modernisation has become the leitmotif of the presidency. The global economic crisis hit Russia hard, meaning that the status quo in political, economic and social terms is no longer acceptable. However, there are a number of competing visions on modernisation within the Russian political elite and society as a whole. This Working Document aims to illustrate the diversity of and competition for the dominance of views on Russia's future. In a second step, authors Félix Krawatzek, Visiting Researcher at CEPS and Roderick Kefferpütz, Associate Research Fellow, analyse the obstacles to a successful realisation of the ambitious modernisation agenda and outline the implications for the new EU-Russia modernisation partnership.
Topic:
Economics and Globalization
Political Geography:
Russia and Europe

129. What kind of governance for the eurozone?

Author:
Paul De Grauwe
Publication Date:
09-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The survival of the eurozone hinges on the capacity of its leaders to improve its governance. This has become very clear since the eruption of the government debt crisis in the eurozone in 2009, which can be said to result from a failure of economic governance. In order to answer the question of how the economic governance of the eurozone should be reformed, we should first make a diagnosis of the crisis in which the eurozone has been mired since 2009.
Topic:
Economics, Regional Cooperation, and Governance
Political Geography:
Europe

130. Has the financial crisis spurred demand for stronger state regulation?

Author:
Felix Roth
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper analyses whether the financial crisis has affected citizens' confidence in the free market economy and whether it has triggered citizens' demand for a free market economy with stronger state regulations. Using panel data, the paper confirms that citizens' confidence levels in the free market economy have decreased in most of the largest economies and demand for a free market economy with stronger state regulation has increased on both sides of the Atlantic. After analysing the determinants for citizens' confidence in the free market economy and demand for a free market economy with stronger state regulation before and after the financial crisis, the author concludes that citizens' net confidence loss in the free market economy seems to have been driven by rising unemployment rates, and citizens' demand for stronger state regulation seems to have been driven by the real economic downturn in GDP growth.
Topic:
Regional Cooperation, Monetary Policy, Financial Crisis, and Governance
Political Geography:
Europe