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211. The New Stability and Growth Pact: Primum non nocere

Author:
Claudio Vicarelli and Marco Fioramanti
Publication Date:
03-2011
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
The recent economic and financial crises have shown the weakness of EU economic governance. A process of strengthening macroeconomic and fiscal surveillance started in the course of 2010; among other proposals, the European Commission suggested a new binding criterion of debt reduction: debt-to-GDP ratio is to be considered sufficiently diminishing if its distance with respect to the 60% of GDP reference value has reduced over the previous three years at a rate of the order of one-twentieth per year.
Topic:
Debt, Economics, International Trade and Finance, Financial Crisis, and Governance
Political Geography:
Europe

212. Britain, Ireland and Schengen: Time for a smarter bargain on visas

Author:
Michael Emerson
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
For the present UK government, full accession to the Schengen area, a passport- free travel area covering most of Europe, is a red line that it will not cross. Ireland shares a common travel area and land border with the UK and is also bound by this decision. However, it is becoming increasingly clear that the UK, along with Ireland, is suffering serious economic and reputational costs as a result of its separate visa and border management policies.
Topic:
Economics, International Trade and Finance, Markets, and Regional Cooperation
Political Geography:
Britain, United Kingdom, Europe, and Ireland

213. The EU and China's engagement in Africa: the dilemma of socialisation

Author:
Liu Lirong
Publication Date:
07-2011
Content Type:
Working Paper
Institution:
European Union Institute for Security Studies
Abstract:
China's engagement in Africa has obliged the EU to re-evaluate its own relationship with Africa. Since 2008, in an attempt to resolve the conflicts of norms and interests, the EU has proposed establishing a trilateral dialogue and cooperation mechanism between the EU, China and Africa, which so far has not yielded any substantial results. The differences between China's and the EU's Africa policies are mainly visible in two areas: aid and security. The contradiction between their respective aid policies lies in China's 'no-strings-attached aid' versus European 'conditionality' or emphasis on 'fundamental principles'. The contradiction between their security approaches in Africa lies in China's non-interference policy and the European concept of human security. Promoting common normative values and principles is at the core of the Common Foreign and Security Policy (CFSP), which is important for the EU's self-construction at present. China's non-interference policy is related to its domestic security and stability and in this context it engages in its own rhetoric. In matters of principle it is difficult for both sides to make compromises or accept limitations imposed by the other.
Topic:
Security, Foreign Policy, International Trade and Finance, and Foreign Direct Investment
Political Geography:
Africa, China, and Europe

214. State of the union Can the euro zone survive its debt crisis?

Publication Date:
04-2011
Content Type:
Working Paper
Abstract:
In the run-up to the global financial crisis, the euro area looked very much like a microcosm of the world economy. The region as a whole grew in line with its long-term trend, and its trade position with the outside world was broadly in balance. However, the euro area's aggregate position masked large variations across the member states. In some parts of the region (notably countries on the geographical periphery), demand grew consistently faster than output; in others (like Germany), the reverse was the case. Profligacy in the periphery was funded by thrift in the "core". This arrangement suited both sides.for a time at least. While countries in the periphery enjoyed debt-fuelled booms, countries such as Germany, where domestic demand was weak, could rely on exports to keep growing.
Topic:
Debt, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
Europe and Germany

215. From the FDI Triad to multiple FDI poles?

Author:
Karl P. Sauvant and Persephone Economou
Publication Date:
07-2011
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Twenty years ago, in the inaugural issue of the World Investment Report, the United Nations highlighted a shift in the global pattern of foreign direct investment (FDI) from bipolar, dominated by the United States and the European Community, to tri-polar (the FDI Triad), dominated by the European Community, the United States and Japan.
Topic:
Economics, International Trade and Finance, United Nations, and Foreign Direct Investment
Political Geography:
United States, Japan, and Europe

216. Partial sovereign bond insurance by the eurozone: A more efficient alternative to blue (Euro-)bonds

Author:
Hans-Joachim Dübel
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
'Blue' or Eurobonds guaranteed via joint and several liability by the eurozone member states have been proposed as an important tool to stabilise and structure the eurozone sovereign bond markets. But in this new Policy Brief, Hans-Joachim Dübel argues the case for a partial insurance of sovereign bonds by the European Stability Mechanism. Hans-Joachim Dübel is an independent financial sector consultant based in Berlin and founder of Finpolconsult.
Topic:
Economics, International Trade and Finance, Markets, Regional Cooperation, and Monetary Policy
Political Geography:
Europe and Berlin

217. Decoupling Trade from Politics: The EU and Region-Building in the Andes

Author:
Miguel Haubrich Seco
Publication Date:
07-2011
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
In its external relations, the EU advances regional cooperation as a successful means of achieving peace and prosperity. In doing so, the EU promotes its own model as the most successful case of regional integration. A wide-reaching set of instruments, spanning from trade to political dialogue and aid, is used to promote regional cooperation and integration. Noneheless, regional organisations supported by the EU are far from accomplishing their set objectives. Using as a test case the Andean Community, the oldest Latin American regional organisation and a prominent case of EU support for regional integration, this paper examines the reasons behind the EU's lack of impact in promoting regional integration. Stemming from this analysis, the paper proposes a recalibration of EU policy by decoupling trade relations from political engagement and by increasing support for physical and visible integration as opposed to formal institutions detached from the perceived needs of the public.
Topic:
Economics, International Trade and Finance, and Regional Cooperation
Political Geography:
Europe and Latin America

218. Italy's Love Affair with the EU: Between Continuity and Change

Author:
Michele Comelli
Publication Date:
04-2011
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Once a renowned Euro-enthusiastic country, Italy has experienced a decrease in public support for European integration. Many are the reasons, including the emergence of a less idealistic vision of the EU, a general disaffection vis-à-vis politics, particularly at the domestic level, and the increasingly more vocal Euroscepticism of some political forces within the centre-right ruling coalition. The current Berlusconi government does not show the same degree of interest for European integration as previous centrist and centre-left governments. This is not to say that Italy's love affair with Europe has come to a bitter end. Italians continue to trust European institutions significantly more than national ones and would like the EU to acquire more competences. In addition, the vocal anti-EU rhetoric of some political forces within the governing coalition, and especially the Northern League, is often not matched by deeds, largely because EU policy-making is generally used as a source of leverage to obtain concessions in other policy domains. Tellingly, the Treaty of Lisbon was speedily ratified by the Italian parliament by unanimous vote - something unthinkable in most EU countries.
Topic:
International Trade and Finance and Regional Cooperation
Political Geography:
Europe, Italy, and Lisbon

219. Partners in Preventive Action: The United States and International Institutions

Author:
Paul B. Stares and Micah Zenko
Publication Date:
09-2011
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
With the U.S. military overstretched after a decade of continuous combat operations and Washington facing acute fiscal pressures, the strategic logic of preventive action to reduce the number of foreign crises and conflicts that could embroil the United States in burdensome new commitments has never been more compelling.
Topic:
Globalization, International Organization, International Trade and Finance, Peace Studies, and United Nations
Political Geography:
United States, Europe, Washington, and Southeast Asia

220. Outward FDI from Germany and its policy context: update 2011

Author:
Thomas Jost
Publication Date:
09-2011
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
In 2010, German companies strongly increased their investments in foreign affiliates, with outward foreign direct investment (OFDI) flows having reached their third highest value on record (US$ 105 billion). Flows were driven by rising exports and growing profits of the German corporate sector. In 2010, the German economy made a robust recovery from the worldwide economic and financial crisis and became a growth engine among European Union (EU) countries. A further increase of OFDI is expected in 2011, as German companies are seeking to strengthen their strategic position in their main markets, although the pre-crisis level of OFDI flows of US$ 171 billion in 2007 will be hard to achieve. The German Government has continued to support the internationalization process of the German corporate sector by expanding its network of bilateral investment treaties and providing financial support and information services.
Topic:
International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:
Europe, Germany, and Ethiopia