Search

Begin New Search Publishing Institution Istituto Affari Internazionali Publication Year within 25 Years

231. Defence Spending in Europe in Light of the Economic Crisis

Author:
Alessandro Marrone
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The economic crisis has impacted deeply on defence spending in Europe. It has led to uncoordinated cuts to defence budgets at national level, but has also revived interest in bilateral and multilateral cooperation. Both the EU and NATO have made an effort to involve European countries in cooperative projects, under the banner s of “Pooling and Sharing” and “Smart Defence” respectively, with limited results. At the same time, the European Commission has adopted two directives regarding defence spending, and the European Defence Agency has been strengthened. While defence spending remains predominantly a national prerogative, European countries will soon face the choice of pooling certain capabilities at international level or losing them because of insufficient spending. In this light, Italy is rationalizing its defence budget, while preserving its commitments to international cooperation.
Topic:
Defense Policy, NATO, Economics, and Financial Crisis
Political Geography:
Europe

232. When Domestic Factors Prevail Upon Foreign Ambitions: Russia\'s Strategic Game in Syria

Author:
Camilla Committeri
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The Syrian crisis is dividing the international community like no other Arab uprising has done so far. While the United States and the European Union stand squarely against the Syrian regime, Russia remains a staunch defender of state sovereignty and the Al-Assad regime. There are three main factors that explain this position: Moscow's historical relations with Damascus; Russia's traditional opposition to US presence in the Middle East; and the surge in domestic opposition in Russia itself. This last factor, and the recent evolution of Russian domestic politics, is crucial to grasp Moscow's foreign policy towards Syria and the Middle East, a s well as towards the United States and Europe.
Topic:
Foreign Policy, Civil War, Bilateral Relations, and Foreign Aid
Political Geography:
Russia, United States, Middle East, Arabia, Moscow, and Syria

233. "The Political Future of the Union" Paper

Author:
Francesco Prota and Gianfranco Viesti
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The main onus of responsibility for the current global economic predicament is on the financial system, not on a lack of fiscal discipline. Nonetheless, the crisis is having an extremely severe impact on the real economy, which is felt most acutely in the southern Eurozone member states. Since the end of the deepest phase of the crisis in 2009, European governments have committed themselves to fiscal consolidation. The results of these policies have been perverse: the impact of fiscal tightening during a depression may result in depressed output and high unemployment, without lowering the debt-Gross Domestic Product ratio. In light of this, we make a case for restoring growth in Europe without further delay, and discuss the role of the EU budget as an instrument for setting and implementing a real EU growth strategy.
Topic:
Economics, Globalization, International Trade and Finance, Monetary Policy, and Financial Crisis

234. The G20 after Los Cabos: Illusions of Global Economic Governance

Author:
Gabriel Goodliffe and Stéphan Sberro
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The failure of the Los Cabos summit to satisfactorily address the European sovereign debt crisis and ominous world economic outlook, let alone agree on concrete measures to improve the oversight and functioning of the global economy, appears to confirm the diminishing effectiveness and relevance of the G20 as an organ of international governance since its inception in December 2008. While few accomplishments were achieved in the area of global governance during the Mexican presidency, acute collective action problems, made worse by the present economic crisis, paralysed the G20 in the lead-up to and during the Los Cabos summit. These collective action problems and the ensuing failure of global governance are attributable to the absence of leadership evident at both the global and European levels, which in turn testifies to the excessive dispersion of state economic and political power within the international system.
Political Geography:
Europe

235. Policy Lessons from the Eurozone Crisis

Author:
Chiara Angeloni, Silvia Merler, and Guntram B. Wolff
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area. The manifestation of Europe's fragility was preceded by a large build-up of debt in the private sector, associated with national current account divergences and the deterioration of competitiveness particularly of the euro periphery countries. With the economic situation deteriorating, private sector debt became less credible, contaminating banks' balance sheets and placing a heavy burden on governments. A sovereign-bank vicious circle emerged: on the one hand, with banking risk translating into higher sovereign risk because of the governments' guarantor role and, on the other hand, with the deterioration of government's creditworthiness affecting the banking systems through banks' sovereign bond holdings. In principle, this negative feedback can be stopped by breaking one of the channels of transmission. A banking union at the European level is proposed as one solution.
Topic:
Disaster Relief
Political Geography:
Europe

236. A Slow Fuse: Italy and the EU Debt Crisis

Author:
Jonathan Hopkin
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Italy is firmly in the grip of an austerity programme mandated by the European Union institutions, and executed by an unelected technocrat. This state of affairs is at once the result of the acute and unexpected crisis of the financial and economic integration of the eurozone, and an expression of the failures of the Italian political class. Although the euro crisis has been mishandled by European elites, Italy's long-term economic decline, and the inability of Italian party politicians to generate a sustainable coalition to address Italy's economic problems, hinders an exit from the crisis.
Topic:
Financial Crisis
Political Geography:
Europe and Italy

237. The Greek Crisis and the Search for Political Leadership

Author:
Dimitrios Katsikas
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Despite two bailout agreements of unprecedented size and the implementation of a harsh austerity programme, no solution to the Greek crisis is in sight. As a result, Greece continues to be a hotspot, sending sporadic tremors to a fragile eurozone. The outcome so far leaves no doubts about the grave mishandling of the crisis. The most important cause of this failure is the lack of political leadership at both the national and European levels. Accordingly, a solution to the Greek crisis will remain elusive unless Greek and Europeans politicians overcome the constraints of national political calculations and exercise leadership commensurate to the challenge of rescuing Greece and indeed the eurozone itself.
Political Geography:
Europe and Greece

238. The Pain in Spain: Light at the End of the Tunnel?

Author:
Charles Powell and Federico Steinberg
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Much recent international press coverage of Spain's difficulties portrays a country rapidly approaching political, economic and social meltdown. Its economy is contracting, its unemployment rate is at unprecedented levels and its sovereign risk premium hovers at apparently unsustainable levels. Spain will undoubtedly require external financial help from its European partners, as well as more time and flexibility to achieve its fiscal targets. But it also has a number of strengths that are too often overlooked. Spending cuts and structural reforms are proceeding at a lively pace, unit labour costs are falling significantly, and exports and productivity are on the rise. In short, there is light at the end of the tunnel.
Political Geography:
Spain

239. Portugal and the Straitjacket of the European Financial Crisis

Author:
Paulo Gorja
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The austerity program negotiated with the Troika (IMF-ECB-EC) and adopted by Portugal in 2011 is having a devastating impact on the Portuguese economy. Although the Portuguese government is clearly fulfilling the measures agreed with the Troika, the final outcome of the adjustment program is not entirely in its hands, but rather awaiting further EU decisions involving measures to stimulate economic growth, mutualisation of public debt and additional steps towards a federal Europe. As time goes by, the negative repercussions – in particular social and political instability, as well as the erosion of the Portuguese democratic regime – are inevitable if there is no light at the end of the tunnel.
Political Geography:
Europe and Portugal

240. Chavez Stays, Again

Author:
Michael Shifter and Cameron Combs
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Venezuelan President Hugo Chávez fended off a spirited challenge by Governor Henrique Capriles this fall. But continuing questions about Chavez's health and the country's dismal governance suggest that change may be coming soon. Looking ahead, the opposition will need to address concerns by the very poor that social spending will dry up if Chavez is no longer in office. Meanwhile, political differences and power struggles, and a sense of demoralization, risk undermining Capriles' diverse coalition. The regional scenario would look very different without Chávez. External players should restrain from meddling during this period of uncertainty. Instead, support should focus on trying to ensure that Venezuelans continue to rely on the ballot box in determining the course of a country facing so many daunting problems.