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261. EU-India strategic partnership: Taking the stock

Author:
Alok Rashmi Mukhopadhyay
Publication Date:
08-2010
Content Type:
Working Paper
Institution:
Institute of Foreign Policy Studies, University of Calcutta
Abstract:
The prevalent perception of the European Union (EU) in India is predominantly constructed by the British and American media. At the time of a global economic downturn, its ripple effects on the continent especially on the 'PIIGS' (Portugal, Ireland, Italy, Greece and Spain) and an imminent crack in the Eurozone have been the debate of the day. In a recent article in The National Interest, James Joyner, has however examined this genre of 'Europe's obituary'. Making a comparison with EU's transatlantic sibling, he identifies three errors in this type of analyses, 'treating the EU as if it were a nation-state, regarding anything less than utopia as a failure, and projecting short-term trends long into the future'. However Joyner is also right when he describes the EU as 'a confusing array of overlapping treaty commitments'.
Topic:
Foreign Policy, Diplomacy, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United Kingdom, America, Europe, India, Greece, Spain, Italy, Portugal, and Ireland

262. The Non-Americanization of European Regulatory Styles: Data Privacy Regulation in France, Germany, Italy, and Britain

Author:
Francesca Bignami
Publication Date:
01-2010
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
European countries have experienced massive structural transformation over the past twenty-five years with the privatization of state-owned industries, the liberalization of markets, and the rise of the European Union. According to one prominent line of analysis, these changes have led to the Americanization of European regulatory styles: previously informal and cooperative modes of regulation are becoming adversarial and litigation-driven, similar to the American system. This article explores the Americanization hypothesis with a structured comparison of data privacy regulation in four countries (France, Britain, Germany, and Italy) and a review of three other policy areas. It finds that European regulatory systems are converging, but not on American-style litigation, rather on an administrative model of deterrence-oriented regulatory enforcement and industry self-regulation. The explanation for this emerging regulatory strategy is to be found in government responses to market liberalization, as well as the pressure created by the governance process of the European Union.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Britain, Europe, France, Germany, and Italy

263. The Danger of Divergence: Transatlantic Cooperation on Financial Reform

Publication Date:
10-2010
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
Two years after the collapse of Lehman Brothers sparked a meltdown of the global financial system, we are at a crucial point that calls for us to step back and examine our progress in the effort to redesign the rules governing global financial markets. The immediacy of the crisis has passed, allowing for clearer analysis of the manifold causes and an evaluation of how the reforms that have been put in place match up with those causes. At the same time, the urgency of the process has not yet entirely dissipated and it is not too late to fill in any holes or to resolve conflicts created by differing approaches around the world.
Topic:
Economics, International Cooperation, International Trade and Finance, and Markets
Political Geography:
United States and Europe

264. Not All Financial Regulation Is Global

Author:
Nicolas Véron and Stéphane Rottier
Publication Date:
09-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
“All politics is local,” as the saying goes, but all economics is global, and regulation is one area where these two realities meet and conflict. This has been particularly true for financial regulation in the wake of the unprecedented financial crisis.
Topic:
Economics, Genocide, International Cooperation, International Trade and Finance, and Monetary Policy
Political Geography:
Europe

265. Piracy - threat or nuisance?

Author:
Alessandro Schieffler
Publication Date:
02-2010
Content Type:
Working Paper
Institution:
NATO Defense College
Abstract:
Aspate of high-profile hijackings over the New Year and the publication of the 2009 Annual Piracy Report issued by the International Maritime Bureau's Piracy Reporting Centre in mid-January have brought the piracy problem back on stage. Despite the employment of naval forces from the European Union, NATO and various nations in counter-piracy and counter-terrorism missions, the figures for 2009 are alarming: according to reports, from 2008 to 2009 piracy grew by almost 40%. It is not only since pirates captured the Sirius Star, a tanker carrying about 25% of Saudi Arabia's daily oil production, that we have also started to worry about the possible economic damage caused by these piratical activities: about 95% of all world trade is handled by maritime transport, with the shipping business itself accounting for 5% of global GDP. About 50,000 vessels are employed, most of them passing through bottlenecks such as the Gulf of Aden or the Malacca Straits, and therefore are exposed to attacks from ashore. Fears about the high economic cost of piracy seem therefore all too justified.
Topic:
Economics, International Trade and Finance, Oil, Terrorism, Maritime Commerce, and Piracy
Political Geography:
Europe

266. The Transatlantic Economy 2009

Author:
Daniel S. Hamilton and Joseph P. Quinlan
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
After a five-year boom in prosperity, the transatlantic economy has fallen into what could be perhaps its deepest recession since World War II. Although the U.S. was the epicenter of the financial crisis, many European banks have exposure to U.S. subprime loans and embraced the risky lending practices of their American counterparts. The financial crisis and attendant recession underscore the deep integration of the transatlantic economy. Notions of “decoupling” are mistaken and are likely to lead to serious policy errors. Never before have Europeans and Americans had a greater stake in each other's economic success. Each has a substantial interest in the other's ability to weather current difficulties and to emerge in sound shape from the crisis.
Topic:
International Relations, Economics, Globalization, International Political Economy, and International Trade and Finance
Political Geography:
United States and Europe

267. The Outlook for Tokyo: New Opportunities or Long-term Decline for Japan's Financial Sector?

Author:
Vanessa Rossi
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Japan's economy has suffered exceptional damage because of its high level of exposure to the massive downturn in world trade and investment, notably impacting on demand for cars, consumer electronics and investment equipment. The depth of Japan's recession looks set to be far worse than that of the US and the EU. However, the recession has also radically reshaped the global financial environment in ways that suggest unexpected opportunities for Japanese financial institutions and markets. This report reviews the outlook for Tokyo as a financial centre and the role of Japan's financial sector in the light of domestic targets as well as international trends and competition.
Topic:
Globalization, International Trade and Finance, and Markets
Political Geography:
United States, Japan, Europe, Israel, Asia, and Tokyo

268. New Ideas for the London Summit: Recommendations to the G20 Leaders

Author:
Paola Subacchi, Robin Niblett, and Alexei Monsarrat
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
What started last year as a growing international credit crunch and, by September, a global banking crisis has now spread into the real economy. International trade, investment and economic growth are all contracting. A drastic curtailment of credit, collapsing global demand and a loss of trade finance is having a devastating economic effect on both the developed and developing worlds, especially those economies that are heavily dependent on exports.
Topic:
International Relations, International Cooperation, International Organization, International Trade and Finance, and Treaties and Agreements
Political Geography:
Europe and London

269. The G20 Meetings: No Common Framework, No Consensus

Author:
Michael Pettis
Publication Date:
05-2009
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and some merely symbolic, but they sidestepped the real issues dividing the major economic powers and, in so doing, failed to address the root causes of the global trade and investment imbalances. This was almost inevitable. China, Europe, and the United States have incompatible conceptual frameworks for understanding the causes of the global financial crisis; furthermore, their conflicting domestic political constraints make agreement on solutions hard to reach. Europeans believe that the root cause of the crisis was excessively deregulated financial systems, and they are skeptical about U.S. and Chinese calls for fiscal expansion, worrying that excessive spending would prolong the imbalances and make the ultimate adjustment more difficult. China also believes that the roots of the crisis lie within the structure of the global financial system, although Beijing insists that it was mainly the reserve status of the U.S. dollar that permitted imbalances to develop to unsustainable levels. China is particularly vulnerable to trade protection and seeks to maintain open markets for its continued export of domestic overcapacity. Like the United States, it is pushing for more aggressive, globally coordinated fiscal expansion. However, because of rigidities in its financial system and development model, its fiscal response to the crisis may exacerbate the difficult global adjustment and may, ironically, increase the chances of trade friction. In a time of contracting demand, the United States controls two-thirds of the most valuable resource in the world: net demand. Consequently, it is U.S. policies that will determine the pace and direction of the global recovery, along with the institutional framework that will govern trade and investment relationships for decades to come. The crisis puts the United States more firmly at the center of the emerging world order than ever. So far, the United States has not understood the need to consider the global outcomes of its recovery policies. Until the major powers can reach consensus about the roots of the imbalance and cooperate on policies to promote recovery, it is likely that the world economy will get worse before it gets better. The United States will drive the recovery process, but in order to do so effectively it will need to recognize its position of strength and negotiate the appropriate agreements with other major powers, especially China, on the pace and nature of the adjustment.
Topic:
Economics, Globalization, International Trade and Finance, and Monetary Policy
Political Geography:
United States, China, Europe, and London

270. European Food Safety Regulation and the Developing Countries: Regulatory problems and possibilities

Author:
Morten Broberg
Publication Date:
06-2009
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
This paper examines the European Community's food safety regime in order to identify those legal measures that cause the most problems for developing countries' exporters of food products and to point to possible solutions. It is shown that barriers ma y arise due to an array of requirements, some of which may appear to be rather minor legal amendments, such as changing a sampling plan. There is no easy solution to this problem, but three specific measures are proposed: Firstly, improved harmonisation of food safety measures in the industrialised countries. Secondly, when proposing new food safety measures the European Commission should identify the proposal's likely consequences on developing countries – and should explain how alternative measures will affect both food safety and the developing countries. And lastly, the European Community should strengthen its provision of development assistance to enable the developing countries to comply with the food safety standards.
Topic:
Agriculture, Development, International Trade and Finance, Third World, and Food
Political Geography:
Europe