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2201. Trade policy issues in the Wider Europe – that led to war and not yet to peace

Author:
Michael Emerson
Publication Date:
07-2014
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014.The huge expansion of intercontinental free trade area negotiations currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union.The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless, this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
Topic:
Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:
Russia, Europe, Ukraine, Kazakhstan, and Asia

2202. ECB Policy and Eurozone Fragility: Was De Grauwe Right?

Author:
Ana-Maria Fuertes, Elena Kalotychou, and Orkun Saka
Publication Date:
06-2014
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Paul De Grauwe ' s fragility hypothesis states that member countries of a monetary union such as the eurozone are highly vulnerable to a self – fulfilling mechanism by which the efforts of investors to avoid losses from default can end up triggering the very default they fear. The authors test this hypothesis by applying an eclectic methodology to a time window around Mario Draghi ' s " whatever it takes " (to keep the eurozone on firm footing) pledge on 26 July 2012 . This pledge was soon followed by the announcement of the Outright Monetary Transactions (OMT) program me (the prospective and conditional purchase by the European Central Bank of sovereign bonds of eurozone countries having difficulty issuing debt) . The principal components of eurozone credit default swap spreads validate this choice of time frame . An event study reveals significant pre – announcement contagion emanating from Spain to Italy, Belgium, France and Austria. Furthermore, time – series regression confirms frequent clusters of large shocks affecting the credit default swap spreads of the four eurozone countries but solely during the pre – announcement period. The findings of this report support the fragility hypothesis for the eurozone and endorse the Outright Monetary Transactions programme.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Financial Crisis
Political Geography:
Europe, France, Belgium, and Italy

2203. Trade Hallucination: Risks of Trade Facilitation and Suggestions for Implementation

Author:
Jeronim Capaldo
Publication Date:
06-2014
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Official estimates tend to overstate the benefits of trade facilitation and ignore its costs. When all underlying assumptions are brought to light, expecting large gains appears unreasonable. At the same time, estimated employment benefits may easily turn into net losses.
Topic:
Economics, International Trade and Finance, and Labor Issues
Political Geography:
Europe

2204. The Southern Gas Corridor: Europe's Lifeline?

Author:
David Koranyi
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The Ukraine crisis brought European energy security and with it the Southern Gas Corridor back into the spotlight. The crisis is far from over, but it is already clear that both the scope and nature of Russia's relations with the European Union (EU) and the United States cannot remain unchanged. As the strategic context changes and Europe becomes more and more concerned about Russia's behaviour and reliability as an energy supplier, particularly for natural gas, the relative importance of alternative sources will grow further. Europe is in the midst of rethinking its entire energy and gas supply security strategy. The Southern Gas Corridor can and should be a critical component in this context, while its prospects should be assessed realistically. It is by no means a short-term solution, yet in the medium-term, the Corridor has the potential to become a major source of gas for Europe. The EU should deploy robust energy diplomacy as well as resources to speed up its development.
Political Geography:
Russia, United States, Europe, and Ukraine

2205. Labor Market Slack in the United Kingdom

Author:
David G. Blanchflower and David N. F. Bell
Publication Date:
07-2014
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper examines the amount of slack in the UK labor market and finds the downward adjustments made by the Monetary Policy Committee (MPC) to both unemployment and underemployment invalid. Without evidence to support its assessment of the output gap, the MPC reduces the level of unemployment based on its claim that long-term unemployment does not affect wages. The authors produce evidence to the contrary and present arguments on why the MPC's halving of the level of underemployment in the United Kingdom is inappropriate. Bell and Blanchflower set out arguments on why they believe the level of slack is greater than the MPC calibrates. Consistent with that is the fact that real wages in the United Kingdom continue to fall.
Topic:
Economics, Markets, and Labor Issues
Political Geography:
United Kingdom and Europe

2206. An EU-South Mediterranean Energy Community: The Right Policy for the Right Region?

Author:
Simone Tholens
Publication Date:
06-2014
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
The European Commission has spelled out its policy ambition for EU energy cooperation with the southern neighbourhood with plans for the establishment of an 'Energy Community'. Its communications make clear that an Energy Community should be based on regulatory convergence with the EU acquis communautaire, much in the same vein as the existing institution carrying the same name; the Energy Community with Southeast Europe. It is puzzling that the Commission insists on repackaging this enlargement concept in a region with very different types of relationships vis-à-vis the EU, especially when considering the lukewarm position of key stakeholders in the field. According to them, any attempt to introduce a political integration model in this highly sensitive issue area in the politically fragmented MENA region might run the risk of hurting the incremental technical integration process that has slowly emerged over the past few years.
Political Geography:
Europe

2207. Governance Barriers to Renewable Energy in North Africa

Author:
Anthony Patt, Nadejda Komendantova, and Stefan Pfenninger
Publication Date:
06-2014
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Solar power in the North African region has the potential to provide electricity for local energy needs and export to Europe. Nevertheless, despite the technical feasibility of solar energy projects, stakeholders still perceive projects in the region as risky because of existing governance issues. Certain areas of solar projects, such as construction, operation and management, are the most prone to governance risks, including lack of transparency and accountability, perceived as barriers for deployment of the projects. It is likely that large-scale foreign direct investment into solar energy will not eliminate existing risks, but might even increase them. Furthermore, the recent political changes in the region have addressed some governance risks but not all of them, especially bureaucratic corruption. Stakeholders recommend a broad set of measures to facilitate development of solar projects in the region, ranging from auditing of individual projects to simplification and unification of bureaucratic procedures.
Topic:
Development and Governance
Political Geography:
Europe and North Africa

2208. Europe's Defence Dilemma

Author:
Mette Eilstrup-Sangiovanni
Publication Date:
06-2014
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Fifteen years ago, the European Union (EU) launched a Common European Security and Defence Policy (CSDP). Since then, the CSDP has been the focus of a growing body of political and scholarly evaluations. While most commentators have acknowledged shortfalls in European military capabilities, many remain cautiously optimistic about the CSDP's future. This article uses economic alliance theory to explain why EU member states have failed, so far, to create a potent common defence policy and to evaluate the policy's future prospects. It demonstrates, through theoretical, case study-based and statistical analysis, that CSDP is more prone to collective action problems than relevant institutional alternatives, and concludes that the best option for Europeans is to refocus attention fully on cooperation within a NATO framework.
Topic:
Security, NATO, and Economics
Political Geography:
Europe

2209. Füze Tehdidi ve NATO Füze Kalkani: Türkiye Açisindan Bir Degerlendirme

Author:
Sitki Egeli
Publication Date:
01-2014
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
Uluslararasi Iliskiler
Abstract:
ABD ve NATO'nun son yillarda üzerine önem ve öncelikle egildigi füze savunma kalkaninin teme - linde, Iran'in nükleer silah edinme emellerinin dogrudan bir uzantisi olarak degerlendirilen Iran'in balistik füze envanterinden duyulan kaygilar ve tehdit algilamalari yatmaktadir. ABD'nin 2010 yilinda gündeme getirdigi ve NATO ülkeleri nezdinde kabul gören EPAA (European Phased Adaptive Approach) adli füze savunma yaklasimi, Türkiye'nin füze tehdidi karsisindaki geleneksel yak - lasimlariyla uyumlu oldugundan Ankara tarafindan da benimsenmis ve Türkiye EPAA için kritik önemde bir ülke konumuna yükselmistir. Diger taraftan, aslinda ABD'nin tahsis ettigi askeri ve tek - nolojik kaynaklar üzerine insa edilen EPAA yapilanmasinda, NATO'nun Avrupali müttefiklerinin katkilari ve olasi bir çatismanin seyri üzerindeki kontrolleri sinirli düzeyde kaldigi gibi, EPAA'ya yönelik olarak önemli bazi teknolojik, operasyonel, takvimsel ve siyasi/stratejik belirsizlikler mevcuttur. Diger taraftan, EPAA'nin ilerleyen safhalarinda Türkiye'nin yeni bazi talep ve oldu-bittilerle karsi karsiya kalabilecegi ihtimali göz ardi edilmemeli, bu olasiliklarin Rusya ile iliskiler ve Bati ile iliskilerde ABD-Avrupa dengesinin gözetilmesi gibi farkli açilardan hesaba katilmasi gerekmektedir.
Political Geography:
Russia, Europe, India, and East Asia

2210. NATO-AB İlişkilerinde İşbirliği ve Çatışma Dinamikleri

Author:
Sinem Akgül Açikmese and Cihan Dizdaroglu
Publication Date:
01-2014
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
Uluslararasi Iliskiler
Abstract:
NATO's supremacy in the security and defence structures of the Euro-Atlantic region during the Cold War era has prevented the development of a self-sustained European security mechanism. With the end of the Cold War, specifically with the St. Malo Summit in 1998 which was a breakthrough in the advancement of the Common Security and Defence Policy, the NATO-EU relationship became pronounced. Since then, opportunities for and difficulties of collaboration have both defined this inter-institutional relationship between NATO and the EU. Despite a series of arrangements for strengthening the institutional framework of NATO-EU relations as well as the Berlin-plus agreements, the argument of an effective cooperation between two organizations would be misguided. Particularly, discrimination against the non-EU NATO allies as well as the existence of challenges such as decoupling and duplication are hampering progress in NATO-EU relations. This article aims at shedding a light on the limited cooperation between these two organizations by focusing on the current challenges.
Topic:
NATO and Cold War
Political Geography:
Europe and Berlin