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91. Geopolitical Shifts in the Eastern Mediterranean

Author:
Patrick Nopens
Publication Date:
02-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Three major geopolitical events are putting the stability of the Eastern Mediterranean at risk. Most of the region is in a deep monetary and economic crisis. The Arab Spring is causing turmoil in the Levant and the Maghreb. Gas and oil discoveries, if not well managed, could further destabilise the region. At the same time, Russia and Turkey are staging a comeback. In the face of these challenges, the EU approaches the Greek sovereign debt crisis nearly exclusively from a financial and economic viewpoint. This brief argues that the EU has to develop a comprehensive strategy for the region, complementing its existing multilateral regional framework with bilateral agreements in order to secure its interests in the Eastern Mediterranean.
Topic:
Security, Debt, Oil, Regime Change, and Financial Crisis
Political Geography:
Russia, Europe, Turkey, and Arabia

92. Mali: Another European Intervention without the EU?

Author:
Sven Biscop, Jo Coelmont, and Rik Coolsaet
Publication Date:
01-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
As French forces are engaged in combat operations in Mali, even belated EU involvement remains crucial, to ensure that the intervention fits in with the political end-state that the EU rightly pursues.
Topic:
Foreign Policy, Islam, Insurgency, and Counterinsurgency
Political Geography:
Africa, Europe, and Mali

93. Banks at the Service of the Economy?

Author:
Eric De Keuleneer
Publication Date:
11-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
This Policy Brief discusses a few simple measures to improve both the commercial and investment banking landscapes, with or without formal separation. Covering deposits with quality collateral would make them safer and would help create an easier guarantee and resolution mechanism at the larger eurozone level. Strong central counterparties and transparency requirements would improve market mechanisms and market discipline in capital markets and investment banking. Specific governance measures would also help improve the financial sector. Finally, a better control of bank solvency, together with improved capital market transparency and accessibility, should encourage the progressive deleveraging of commercial banks, and enhance the long term funding of the economy by capital markets.
Topic:
Economics, International Trade and Finance, Markets, Monetary Policy, and Governance

94. What if the Next Financial Crisis Hits the Banking Union? A Call for an "If All Else Fails" Clause

Author:
Stijn Verhelst
Publication Date:
09-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
This Policy Brief argues that the envisaged design of the Banking Union risks not being sufficient to deal with the next large-scale financial crisis. Therefore, an "if all else fails" clause should be approved, stating that the Banking Union members can provide joint last resort financing to deal with a future crisis. An agreement on the clause should be feasible because it is beneficial to all Member States.
Topic:
Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
Political Geography:
Europe

95. Don't complicate it even further: Macroeconomic Conditionality as a Substitute for new Structural Reform Contracts

Author:
Stijn Verhelst
Publication Date:
05-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
The idea of introducing contracts between Member States and the EU on structural reforms has its merits, it also has several disadvantages. Most notably, the contracts risk rendering European economic governance even more complex and cumbersome. It is therefore sensible to first try to integrate the structural reform contracts into one of the foreseen economic governance instruments.
Topic:
Economics, International Trade and Finance, Regional Cooperation, Governance, and Reform
Political Geography:
Europe

96. A case for adjusting fiscal consolidation in the eurozone

Author:
Xavier Vanden Bosch
Publication Date:
01-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Fiscal consolidation is essential to ensure the sustainability of euro zone countries' public debt. However, as a principle, consolidation should not be pursued at a pace unnecessarily undermining growth in the short term. Repeated downward revisions of growth call for the use of the flexibility foreseen in the EU fiscal framework. The Commission should adapt the deadlines for fiscal correction to prevent excessive, pro-cyclical adjustment in 2013. In turn, adequate surveillance and coordination must ensure structural adjustments constitute the core of fiscal consolidation plans.
Topic:
Debt, International Trade and Finance, Monetary Policy, and Reform
Political Geography:
Europe

97. The state of defence in europe: state of emergency?

Author:
Sven Biscop (ed.)
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
When a doctor calls for a thorough examination of the state of a patient's health, he hopes that everything will turn out to be alright, but it really means that he fears there is a serious problem. Likewise, when Herman Van Rompuy called for the European Council of which he is the President to examine “the state of defence in Europe”, he was asking for more than a routine check-up. In this joint Egmont Paper, the Institute for European Studies of the Vrije Universiteit Brussel and the Egmont Institute offer their diagnosis. In the opening essay, Claudia Major and Christian Mölling cannot but conclude that “the state of defence in Europe” is nearing the state of emergency. The “bonsai armies” that they fear we will end up with are nice to look at – on the national day parade for example – but not of much use.
Topic:
Security, Defense Policy, and Arms Control and Proliferation
Political Geography:
Europe

98. Europe and the World or Snow White and the Seven Fallacies

Author:
Sven Biscop
Publication Date:
10-2013
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
European foreign policy: the words do not conjure up any grand images. In the absence of any real ambition, there are neither triumphs to celebrate nor disasters to mourn. There is only gentle irrelevance to contemplate. Such is the image of Europe as an international player today in the minds of those who make and study foreign policy and strategy, in our own as well as in foreign capitals. Gentle irrelevance, for Europe proclaims to wish the world well and is generous enough with its money to prove it. And it presents no cause for fear, only for irritation, in some corners, with its inconvenient insistence on universal values. But irrelevance nonetheless, for Europe lacks the unity and sense of purpose for resolute and sustained action to uphold these values, and continues to liberally spend its money quite regardless of values or effect. Increasingly irrelevant even, for in the wake of the financial crisis Europe struggles to maintain its own social model, which undermines the legitimacy of its value-based narrative and erodes the will as well as the me ans for external action.
Topic:
International Relations, Foreign Policy, Democratization, Power Politics, and Financial Crisis
Political Geography:
Europe

99. 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

100. 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