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1. A New Policy Toolkit Is Needed as Countries Exit COVID-19 Lockdowns

Author:
Olivier Blanchard, Thomas Philippon, and Jean Pisani-Ferry
Publication Date:
06-2020
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The measures that most governments took in response to the sudden collapse in economic activity during the COVID-19 lockdowns nearly exclusively focused on protecting vulnerable workers and firms. These measures included unemployment benefits, grants, transfers, loans at low rates, and tax deferrals. As lockdowns are lifted, governments must shift policies toward supporting the recovery and design measures that will limit the pain of adjustment while preserving productive jobs and firms. This Policy Brief explores how such measures can be designed, with particular emphasis on Europe and the United States. The authors propose a combination of unemployment benefits to help workers, wage subsidies and partially guaranteed loans to help firms, and debt restructuring procedures for small and medium-sized companies handicapped by excessive legacy debt from the crisis.
Topic:
Debt, Economics, Government, Labor Issues, Unemployment, and Coronavirus
Political Geography:
Europe, North America, and United States of America

2. European Defence Fund: Between Economy and Politics

Author:
Marcin Terlikowski
Publication Date:
03-2020
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
The European Defence Fund (EDF) is the EU’s newly established defence-industrial policy tool. It will enable co-financing from the Union’s budget collaborative research on defence technologies and joint-capability development programmes. Its goal is to strengthen the EU’s defence industry and, thereby, its military capacity. Implemented since 2017 only in a limited form, the EDF is planned to go full-fledged in 2021–2027. Yet, it will not bring the expected results if its budget remains limited and no consensus is found on the issue of the access of non-EU NATO states to the fund.
Topic:
Defense Policy, Economics, Politics, and Military Strategy
Political Geography:
Europe

3. New Productivity Drivers: Revisiting the Role of Digital Capital, FDI and Integration at Aggregate and Sectoral Levels

Author:
Amat Adarov and Robert Stehrer
Publication Date:
04-2020
Content Type:
Working Paper
Institution:
The Vienna Institute for International Economic Studies (WIIW)
Abstract:
The paper studies the drivers of productivity at country and sectoral levels over the period 2000-2017 with the focus on the impact of capital accumulation and structure. The analysis confirms an especially important role of ICT and intangible digital capital for productivity growth, particularly in the manufacturing sectors. While backward global value chain participation and EU integration are also found to be instrumental for accelerating productivity growth, the impact of inward foreign direct investment is not robustly detected when the data is purged from the effects of special purpose entities and outlier countries.
Topic:
Economics, Foreign Direct Investment, European Union, Digital Economy, Capital Flows, and Trade
Political Geography:
Europe and Global Focus

4. Japan and the Visegrad 4: The Unsensational Strategic Partners

Author:
Rudolf Furst
Publication Date:
05-2020
Content Type:
Working Paper
Institution:
Institute of International Relations Prague
Abstract:
The Euro-Japanese rapprochement stimulates the Japanese interest in the new EU member states, which are then matched with Japanese investments and Japan’s global trade strategy. The V4 countries benefit from their geographical position, existing infrastructure and political stability, industrial tradition, and low labour costs, emphasizes Rudolf Fürst.
Topic:
Economics, Bilateral Relations, Labor Issues, European Union, Political stability, and Industry
Political Geography:
Japan, Europe, and Asia

5. FDI another day: Russian reliance on European investment

Author:
Marta Dominguez-Jimenez and Niclas Poitiers
Publication Date:
02-2020
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
Most foreign direct investment into Russia originates in the European Union: European investors own between 55 percent and 75 percent of Russian FDI stock. This points to a Russian dependence on European investment, making the EU paramount for Russian medium-term growth. Even if we consider ‘phantom’ FDI that transits through Europe, the EU remains the primary investor in Russia. Most phantom FDI into Russia is believed to originate from Russia itself and thus is by construction not foreign.
Topic:
Economics, Energy Policy, Foreign Direct Investment, Governance, Sanctions, European Union, and Global Political Economy
Political Geography:
Russia and Europe

6. The global transition to a circular economy: Finland needs a stronger focus on the foreign policy dimension to remain a frontrunner

Author:
Okko-Pekka Salmimies
Publication Date:
09-2020
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
Finland is preparing a Strategic Programme for the Circular Economy this autumn. It offers an opportunity to strengthen policy coherence between domestic policies and different aspects of foreign policy relevant when promoting a circular economy.
Topic:
Foreign Policy, Economics, and Domestic politics
Political Geography:
Europe, Finland, and Scandinavia

7. Europe under US Monetary Hegemony: How the COVID-19 Pandemic Will Undermine a 100-Year-Old Relationship

Author:
Brendan Brown
Publication Date:
10-2020
Content Type:
Policy Brief
Institution:
Hudson Institute
Abstract:
This policy study is based on the newly released book, Europe’s Century of Crises under Dollar Hegemony: A Dialogue on the Global Tyranny of Unsound Money, by Brendan Brown and Philippe Simonnot, published by Palgrave Macmillan. One hundred years ago, the United States emerged from the First World War and its immediate aftermath, including the Spanish flu pandemic, as the global monetary hegemon, exercising immense power over the Old Continent. This new power quickly became the source of huge instability in Europe, culminating in the collapse of the Weimar Republic. After World War II, the Bretton Woods system set new contours for US monetary hegemony, ultimately resulting in the great economic crisis of 1973–75. This woeful history continues to the present day: Dollar hegemony has not been a force for good. It could have been different. The United States and Europe would both have gained from a US hegemony based on sound money principle. Instead, the guiding characteristic of US monetary power has been inflation, especially around election time. According to the doctrine made notorious by Treasury Secretary John Connally, who served under President Nixon, “the dollar is our currency but your problem.” The US monetary regime’s further lurch toward fundamental unsoundness during the COVID-19 pandemic is not getting the new century of US monetary hegemony off to a new start. The “known unknown” is whether forces will emerge in Europe that will again challenge US inflationary dominance, as occurred under Germany’s leadership in the 1970s. Could high inflation in the post-pandemic US economy cause US monetary hegemony over Europe to crumble?
Topic:
Economics, International Trade and Finance, History, Monetary Policy, Hegemony, Transatlantic Relations, and COVID-19
Political Geography:
Europe and United States of America

8. Covid 19 and post Brexit migration policy

Author:
Alberto Costa, Jonathan Portes, Lauren McLaren, Marina Fernandez Reino, and Tim Bale
Publication Date:
06-2020
Content Type:
Video
Institution:
UK in a Changing Europe, King's College London
Abstract:
Our recent #IsolationInsight virtual event looked at what the UK’s post Brexit immigration regime could and should look like, considering also public opinion on immigration and the impact of the Covid-19 pandemic. Speakers: Alberto Costa, Conservative MP for South Leicestershire Professor Jonathan Portes, senior fellow at the UK in a Changing Europe Professor Lauren McLaren, @University of Leicester Marina Fernandez Reino, Migration Observatory Chair: Professor Tim Bale, deputy director at the UK in a Changing Europe
Topic:
Economics, Migration, Politics, Immigration, Economy, Brexit, and COVID-19
Political Geography:
United Kingdom and Europe

9. The economics of Brexit and Covid-19

Author:
Ben Chu, Jonathan Portes, Meredith Crowley, Gemma Tetlow, and Anand Menon
Publication Date:
06-2020
Content Type:
Video
Institution:
UK in a Changing Europe, King's College London
Abstract:
Our recent #IsolationInsight event discussed the economics of the coronavirus pandemic and the UK’s departure from the EU. Speakers : Ben Chu, economics editor, @The Independent ; Professor Jonathan Portes, senior fellow, The UK in a Changing Europe ; Dr Meredith Crowley, senior fellow, The UK in a Changing Europe ; Dr Gemma Tetlow, chief economist, @Institute for Government ; Chair: Professor Anand Menon, director, The UK in a Changing Europe
Topic:
Economics, European Union, Brexit, Pandemic, and COVID-19
Political Geography:
United Kingdom and Europe

10. Economics of Covid-19 and Brexit, revisited

Author:
Ben Chu, Meredith Crowley, Gemma Tetlow, Thomas Sampson, and Anand Menon
Publication Date:
10-2020
Content Type:
Video
Institution:
UK in a Changing Europe, King's College London
Abstract:
At this Isolation Insight webinar, panelists discussed the economics of the Covid-19 pandemic and the UK's exit from the EU, six months after lockdown began and with less than three months left of the transition period. Speakers: Ben Chu, economics editor, The Independent; Meredith Crowley, senior fellow, UK in a Changing Europe; Gemma Tetlow, chief economist, Institute for Government; Thomas Sampson, associate professor, London School of Economics; Chair: Anand Menon, director, UK in a Changing Europe
Topic:
Economics, European Union, Brexit, Transition, and COVID-19
Political Geography:
United Kingdom and Europe