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72. Don't complicate it even further: Macroeconomic Conditionality as a Substitute for new Structural Reform Contracts
- Author:
- Stijn Verhelst
- Publication Date:
- 05-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- The idea of introducing contracts between Member States and the EU on structural reforms has its merits, it also has several disadvantages. Most notably, the contracts risk rendering European economic governance even more complex and cumbersome. It is therefore sensible to first try to integrate the structural reform contracts into one of the foreseen economic governance instruments.
- Topic:
- Economics, International Trade and Finance, Regional Cooperation, Governance, and Reform
- Political Geography:
- Europe
73. A case for adjusting fiscal consolidation in the eurozone
- Author:
- Xavier Vanden Bosch
- Publication Date:
- 01-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- Fiscal consolidation is essential to ensure the sustainability of euro zone countries' public debt. However, as a principle, consolidation should not be pursued at a pace unnecessarily undermining growth in the short term. Repeated downward revisions of growth call for the use of the flexibility foreseen in the EU fiscal framework. The Commission should adapt the deadlines for fiscal correction to prevent excessive, pro-cyclical adjustment in 2013. In turn, adequate surveillance and coordination must ensure structural adjustments constitute the core of fiscal consolidation plans.
- Topic:
- Debt, International Trade and Finance, Monetary Policy, and Reform
- Political Geography:
- Europe
74. Updating The EMU: Differentiated economic integration in the European Union
- Author:
- Samu Kurri
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- The financial and economic crisis has reinforced the two-layer economic integration structure in the EU. Many of the new rules and structures created during the crisis have focused on a solution to the euro crisis and are thus euro area-specific. There is little evidence, however, that the situation would have dramatically changed compared to the Maastricht EMU. All of the changes are still in line with the basic idea that all EU countries will join the euro when they are ready to do so. One of the key questions in the near future is likely to centre on the contours of the euro area specific decision-making, its relationship to the EU as a whole, and its institutions and procedures. Even if the Euro group remains 'formally informal', it has managed to transform itself into a de facto institution within the EU, and its role and weight is likely to increase rather than decrease.
- Topic:
- Debt, Economics, Monetary Policy, Financial Crisis, and Reform
- Political Geography:
- Europe
75. The Asset Quality Review and Capital Needs: Why re-capitalise banks with public money?
- Author:
- Daniel Gros
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- There are three aggregate numbers that describe the problem the Single Supervisory Mechanism (SSM) is inheriting: the 130 banks under its direct supervision hold assets worth 250% of the euro area's GDP, their capital is equivalent to only 4% of their assets' value and they have made zero profits, in the aggregate, over the last four years.
- Topic:
- Debt, Economics, Markets, Financial Crisis, and Reform
- Political Geography:
- Europe
76. The New European Framework for Managing Bank Crises
- Author:
- Stefano Micossi, Jacopo Carmassi, and Ginevra Bruzzone
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- The European Commission proposal for a Regulation establishing a European Single Resolution Mechanism (SRM) for banks is now under consideration before the European Parliament and the Council. The main principles and tools applicable for resolving a failing bank are contained in the June 2012 Commission proposal for a Directive on bank recovery and resolution (BRR), aimed at harmonising crisis management and resolution tools in EU member states, which is also under consideration by the European legislators. Any discussion of the new system must therefore be based on both proposals.
- Topic:
- Debt, Economics, International Trade and Finance, Markets, Monetary Policy, and Reform
- Political Geography:
- Europe
77. Financial regulation and the G20
- Author:
- Hugh Jorgensen, Mike Callaghan, Stephen Pickford, Richard Gray, Steven Bardy, Graham Hodges, and Ross Buckley
- Publication Date:
- 07-2013
- Content Type:
- Working Paper
- Institution:
- Lowy Institute for International Policy
- Abstract:
- This issue of the Monitor canvases the role of the G20 in strengthening financial regulation. It contains articles by Hugh Jorgensen (Lowy Institute), Stephen Pickford (Chatham House), Richard Gray (Westpac), myself, Steven Bardy (Australian Securities and Investment Commission), Ross Buckley (University of New South Wales) and Graham Hodges (ANZ). It also includes a summary of the discussion at a regional 'Think 20' seminar recently held at the Lowy Institute.
- Topic:
- Economics, International Organization, International Trade and Finance, Financial Crisis, and Reform
- Political Geography:
- United States and Europe
78. DIIS WORKING PAPER 2013:20 1 Power and Change: Locating Institutional Change Theories in a Power Context
- Author:
- Lily Salloum Lindegaard
- Publication Date:
- 12-2013
- Content Type:
- Working Paper
- Institution:
- Danish Institute for International Studies
- Abstract:
- This working paper aims to better understand the drivers of institutional change. To do this, it locates diverse institutional change theories, specifically path dependency, gradu¬al institutional change and institutional bricolage, in a power context and reflects on the power-related aspects of each theory. It then develops a novel approach of a power analysis of institutional change, which allows for the combined use of institutional change theories despite their diverse theoretical underpinnings and thus offers a thorough, highly complex consideration of institutional change.
- Topic:
- International Affairs, Political Theory, Power Politics, and Reform
- Political Geography:
- Europe
79. German hard power: Is there a there there?
- Author:
- Patrick Keller
- Publication Date:
- 10-2013
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- The "grand narrative" of German security policy since the end of the Cold War has oscillated between Germany's reluctance to use hard power and Germany's desire to be seen as supportive of its American and European allies. This is reflected in the varying decisions it has made during foreign military operations and in the manner in which Germany's military has conducted those operations. At the same time, the German military has undergone a series of reforms designed to modernize German forces and to make them more flexible and deployable. But a stagnant and low level of defense expenditures has made carrying out these reforms an ongoing challenge to the German military and German defense ministry. Germany has a vital interest in a stable and liberal international order and, hence, in having a military capable of helping maintain that order. As Europe's leading economic power and, increasingly, as Europe's central political actor, Germany could and should take the lead in reversing the precipitous decline in European hard power.
- Topic:
- Defense Policy, Economics, International Security, and Reform
- Political Geography:
- Africa, Europe, and Germany
80. Eurocriticism: The Eurozone Crisis and Anti-Establishment Groups in Southern Europe
- Author:
- Nathalie Tocci, Thanos Dokos, Eleonora Poli, Chiara Rosselli, and Eduard Soler i Lech
- Publication Date:
- 12-2013
- Content Type:
- Working Paper
- Institution:
- Istituto Affari Internazionali
- Abstract:
- The Eurozone crisis and the ensuing public disaffection towards what many view as deficient EU institutions and policies have resulted in a surge of euroscepticism across member states. Although euroscepticism is not a new phenomenon, the rise of mass anti- establishment movements notably in southern Europe is. Despite their different political and structural features, Five Star Movement in Italy, Syriza in Greece and several social movements sprung from the Indignados in Spain have recently become key actors in their national political arena by opposing, inter alia, EU-imposed austerity. Yet these movements are not anti-EU in toto; while they criticize what they view as the EU's lack of democracy and rigid economic policies, they are not opposed to the EU integration project as such. While a fine line distinguishes Euro-scepticism from Euro-criticism, provided such distinction is made, the critique of these movements could be galvanized into a constructive force for a more integrated EU political space.
- Topic:
- Debt, Economics, International Trade and Finance, Financial Crisis, and Reform
- Political Geography:
- Europe