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51. Institutions for Fiscal Stability

Author:
Barry Eichengreen, George C. Pardee, and Helen N. Pardee
Publication Date:
10-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
This paper reviews the controversy over Europe's Stability and Growth Pact and offers a proposal for its reform. It argues that Europe would be best served by focusing on the fundamental causes of unsustainable debts — public enterprises that are too big to fail, unfunded public pension schemes that are too big to ignore, inefficient and costly labor market and social welfare problems, and budget making institutions that create common pool and free-rider problems — rather than on arbitrary numerical indicators like whether the budget deficit is above or below 3 per cent of GDP. It proposes defining an index of institutional reform with, say, a point each for reform of budget making arrangements, reform of public pension schemes, and reform of labor markets and unemployment insurance. Countries receiving three points would be exempt from the Pact's numerical guidelines, since there is no reason to think that they will be prone to chronic deficits. The others, whose weak institutions render them susceptible to chronic deficits, would in contrast still be subject to its warnings, sanctions and fines.
Topic:
Conflict Resolution, Debt, and Economics
Political Geography:
Europe

52. The Accession Economies' Rocky Road to the Euro

Author:
Barry Eichengreen, George C. Pardee, and Helen N. Pardee
Publication Date:
11-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
Now that the decision has been taken to admit to the European Union eight of what were once called the transition economies, attention has naturally turned to whether these countries should also join Europe's monetary union. But where is a consensus that joining the EU, while posing certain difficulties, will be a source of net benefits, there is no such consensus about the adoption of the euro. In part this uncertainty reflects the unusual difficulty that monetary economists have in translating theory into policy. We specialists, in other words, cannot even agree amongst ourselves.
Topic:
Economics, International Trade and Finance, and Regional Cooperation
Political Geography:
Europe

53. From Alliances to Ambivalence: The Search for a Transatlantic Agenda In the 21st Century

Author:
Jackson Janes
Publication Date:
11-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
During the Cold War, European-American relations were often marked by differences over tactics, but we did share for the most part a strategic goal that was to be achieved on the basis of the twin principles of deterrence and détente. Yet there are some that would argue that this past year has been different; that the transatlantic rift goes deeper and will last longer. If the Americans and Europeans cannot find common ground in certain regulatory areas, it may be that we will agree to disagree on the use of GMO's, technological standards, or Anti-trust legislation. This could lead to more competition but also to duplication in an increasingly interwoven global market. Yet, because we face a vastly more complicated environment today than during previous years — full of threats and opportunities — it will remain a challenge for the coming decade to strategize as to how transatlantic political policy problems can best be dealt with.
Topic:
Conflict Prevention, Cold War, and Weapons of Mass Destruction
Political Geography:
America and Europe

54. The Politics of Restitution for Nazi Victims in Germany West and East (1945 - 2000)

Author:
Constantin Goschler
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
On first sight, a comparison between restitution for Nazi victims in Germany West and East does not seem to leave ample space for interpretation: While the Federal Republic at least in principle accepted their obligation to compensate former Nazi victims and paid huge amounts for that purpose over the last 50 years, the GDR only offered elaborated social security for the tiny faction of Nazi victims who decided to live in the GDR after 1949. As a consequence, while restitution in the West has been a predominantly Jewish affair, restitution in the East was chiefly a communist matter. However, in my talk I will not focus on a comparison of material payments. Rather, I am interested in the different structure of the answers of two German societies to the same problem: the persecution and killing of millions of people by the Nazi regime. This implies three sets of questions. First: On which perception of the events between 1933 and 1945 were the respective attempts at rehabilitation and compensation for Nazi victims in the two German societies based? Second: What relation between former Nazi victims and German post war societies underpinned the respective attempts at restitution? And third: What consequences did German reunification have for this process?
Topic:
Genocide, Human Welfare, and Religion
Political Geography:
Europe and Germany

55. The Euro Through a Glass Darkly

Author:
Barry Eichengreen
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
On January 1st, Europe's monetary union will celebrate its fifth anniversary. Congratulations are not exactly pouring in. For going on two years, growth in the countries of the Euro Area has been significantly slower than in the United States. Unemployment over much of the continent remains disturbingly high. The single currency has not been a tonic for Europe's stagnant economy. To the contrary, numerous critics complain, the advent of the euro has only compounded Europe's economic problems. This paper provides a review and analysis of the debate.
Topic:
Economics and Political Economy
Political Geography:
United States and Europe

56. European Integration and National Social Citizenship: Changing Boundaries, New Structuring?

Author:
Maurizio Ferrera
Publication Date:
06-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
With the creation of EMU, European Welfare States have entered a new phase of development. The margins for manoeuvring public budgets have substantially decreased, while the unfolding of the four freedoms of movement within the EU have seriously weakened the traditional coercive monopoly of the state on actors and resources that are crucial for the stability of redistributive institutions. The article explores these issues adopting a Rokkanian perspective, i.e. building on Rokkan's pioneering insights on the nexus between oundary building and internal structuring.
Topic:
Government and Human Welfare
Political Geography:
Europe

57. Institutions for Fiscal Stability (Europe's Stability and Growth Pact)

Author:
Barry Eichengreen
Publication Date:
05-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
This paper reviews the controversy over Europe's Stability and Growth Pact and offers a proposal for its reform. It argues that Europe would be best served by focusing on the fundamental problems for fiscal policy — public enterprises that are too big to fail, unfunded public pension schemes that are too big to ignore, inefficient and costly labor market and social welfare problems, and budget making institutions that create common pool and free-rider problems — rather than on arbitrary numerical indicators like whether the budget deficit is above or below 3 per cent of GDP. It proposes defining an index of institutional reform with, say, a point for pension reform, a point for labor market reform, and a point for revenue sharing reform. Countries receiving three points would be exempt from the Pact's numerical guidelines, since there is no reason to think that they will be prone to chronic deficits. The others, whose weak institutions render them susceptible to chronic deficits, would in contrast still be subject to its warnings, sanctions and fines.
Topic:
Economics and Political Economy
Political Geography:
Europe

58. Whither Europe?

Author:
Barry Eichengreen
Publication Date:
05-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
Where I live, on the West Coast of the United States, and teach, at the University of California, Europe seems far away. Geographically we are closer to Latin America and Asia. Ethnically, Californians of Hispanic and Asian-American descent are increasingly numerous. Within 20 years, residents of European origin will be a minority; already they are a minority of the undergraduates enrolling at Berkeley. Economically as well, we look to Asia. It is in California where the largest number of container ships arriving from Asia are unloaded, and it is across the Pacific, and in China in particular, that most of those containers originate.
Topic:
Economics and Political Economy
Political Geography:
United States, China, Europe, Asia, California, and Latin America

59. Fundamentalist terrorism - the assault on the symbols of secular power

Author:
Jost Halfmann
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
Jost Halfmann argues that fundamentalist terrorism is an extreme expression of protest against the separation of state and religion; this form of protest is motivated by a utopian vision of society as a community of the faithful. The protest against secular states arises in states with forced modernization politics (such as Iran or Egypt), but also in states which base national identity on religion (such as Israel) and in states with high popular religiosity (such as the US). The terrorist form of protest exhibits an extreme form of self-ascribed marginality. Terrorism seems to be the only expression of protest when the enemy is considered overwhelmingly powerful, the struggle must, however, not be lost. Fundamentalist terrorists view themselves as being engaged in a cosmic war enforced on them by the enemy. Terrorist assaults are, therefore, symbolic acts of violence against symbols of the enemy's power to demonstrate emporarily the enemy's weakness.
Topic:
Security, Defense Policy, Religion, and Terrorism
Political Geography:
Iran, Israel, and Egypt

60. Institutions for Fiscal Stability (Financial Integration in Europe and Asia)

Author:
Barry Eichengreen and Yung Chul Park
Publication Date:
01-2003
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
One of the most striking aspects of Europe's recent development has been the growth and integration of financial markets. Bond markets have grown explosively since the advent of the euro. Cross border transactions in government bonds have risen sharply with the emergence of the German bund as a benchmark asset, while the volume of corporate bond issues has grown even more dramatically. Securities markets are consolidating around London and Frankfurt, which are competing for the mantle of Europe's dominant financial center. This rapid market integration has raised questions about the viability of Europe's traditional model of bank-based financial intermediation, causing commercial and investment banks to respond with a wave of mergers and acquisitions.
Topic:
Economics and Political Economy
Political Geography:
Europe, Asia, London, and Germany