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2731. Bringing Stability to Europe: Why Europe needs a banking union

Author:
Erik Jones
Publication Date:
11-2012
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
The European sovereign debt crisis is the result of capital flows across the single market. The danger that such capital flows could unleash market speculation was known from the start; indeed, the single currency was created to remove the threat of exchange rate instability. The problem is that the architects of the single currency did not consider the impact of capital market integration on the banking sector or on the relationship between banks and national governments. Once markets lost confidence in the security of their cross-border investments, investors began to pull back their capital and the internal market for financial services started to disintegrate. The creation of a banking union is part of the solution. However, the euro area also needs a common 'risk-free' asset to use as a safe haven in times of crisis.
Topic:
Debt, Economics, Markets, and Financial Crisis
Political Geography:
Europe

2732. EU's Readmission Agreement and Visa Liberalization Talks with Turkey: Backing up Turkey's Protracted Way to the EU

Author:
Lenka Peťková
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
Global Political Trends Center
Abstract:
European Union (EU) has been reluctant to start visa liberalization talks with Turkey until mid–2012 despite the fact that citizens of all other candidate countries have enjoyed visa-free travel to Schengen area since 2009. The Turkish diplomats had mastered to negotiate roadmap to visa-free travel in an exchange for the initial of the readmission agreement, implementation of which is considered key in securing EU's eastern borders. The issues of migration and visa policy are covered in the negotiating chapter Justice, Freedom and Security, which has been blocked by the Republic of Cyprus. Demonstrating that the said topics represent joint interest of Turkey and the EU, the chapter was added to the positive agenda launched this May with the aim to keep Turkey's accession process alive. Despite the fact that visa liberalization and readmission agreement will both be negotiated outside of Turkey's accession framework, reforms adopted in these areas are likely to ease Turkey's alignment with the provisions of the relevant chapter of the acquis communautaire. Visa liberalization and readmission agreement are thus important factors influencing Turkey's protracted journey to the EU.
Topic:
Islam, Migration, Regional Cooperation, Treaties and Agreements, and Famine
Political Geography:
Europe and Turkey

2733. The EU as a Multilateral Rule Exporter. The Global Transfer of European Rules via International Organizations

Author:
Mathieu Rousselin
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
This working paper investigates the conditions which prompt a variety of non-EU states grouped within an international organization to adopt European rules or standards rather than any alternative rule or standard available for selection. The paper reviews the main conceptual frameworks from research on the bilateral transfer of European rules and highlights similarities between these and alternative explanatory models of rule transfer, diffusion or convergence found in the broader IR literature. After identifying the main differences between bilateral and multilateral rule transfer processes, the paper proposes theoretical amendments to capture the original forms and new channels via which the EU can either impose constraint or seek consent at the multilateral level. On this basis, two hypotheses are formulated whose plausibility is subsequently probed by means of four comparative case studies dedicated to the worldwide transfer or non-transfer of European rules via international organizations.
Topic:
International Relations, Foreign Policy, Diplomacy, Regional Cooperation, and Bilateral Relations
Political Geography:
Europe

2734. The moment of truth: how the EU can build the ground for lasting environmental policy change in Morocco

Author:
Eva-Maria Maggi
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
The stage of implementation is the moment of truth for every attempt to change a policy. Accordingly, the European Union (EU) can only promote lasting policy change within its Neighborhood Policy (ENP) if reforms are reaching the ground. In Morocco, the EU promoted environmental reform agenda is often successfully adapted into national law, but its application is lacking. The cases of Morocco's water and renewable energy show that administrative capacity and the interests of domestic actors are crucial in supporting a comprehensive change in environmental policy.
Topic:
Climate Change, Energy Policy, Environment, and International Law
Political Geography:
Europe, North Africa, and Morocco

2735. What the EU can do to support further minority protection in Turkey

Author:
Gözde Yilmaz
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
Considering the recent developments in the EU member states, such as French dismantling of Roma camps, minority protection within the EU has increasingly become questionable. Although the EU often neglects the track record of member states' records in minority rights, minority protection has increasingly received EU's attention in the accession process of Central and Eastern European Countries (CEECs). Minority discontent as a potential threat to the stability of Europe in the aftermath of the Cold War has triggered the EU to focus on minority rights. However, the improvement of minority rights in candidate countries remains limited, especially considering the implementation of minority rules adopted in the pre-accession process.
Topic:
Ethnic Conflict, Human Rights, Islam, and Minorities
Political Geography:
Europe and Turkey

2736. No membership without stability in Northern Kosovo: Seven recommendations on how to achieve it

Author:
Imke Pente
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
With a three-month postponement, the European Council agreed to grant Candidate Status to Serbia in early March. This right and groundbreaking decision may yet not release Serbia from settling its relationship with Kosovo and from advancing in settling Kosovo's status. Serbia implemented the agreements of the Pristina-Belgrade dialogue held under the auspices of the European External Action Service only sluggishly. The dialogue has been subject to recurrent adjournments due to growing tensions between the conflicting parties. The fatal escalation of the customs conflict between Serbia and Kosovo in July 2011 illustrated the limbo in northern Kosovo threatening to overturn. The clear results of the referendum about the recognition of the government in Pristina held in Northern Kosovo in February 2012 constitute yet another indicator for the deadlock between the Albanian and Northern Serb communities. For the sake of stability, the EU member states must not be lenient with the status settlement question before allowing Serbia membership in the European Union.
Topic:
Conflict Resolution, Regional Cooperation, and Fragile/Failed State
Political Geography:
Europe, Kosovo, Serbia, and Balkans

2737. A wake-up call from enlargement fatigue: The cases of Bosnia-Herzegovina and Serbia

Author:
Anne Bercio and Katrin Böttger
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
Given the current criticism of EU foreign policy after the Lisbon Treaty, the EU urgently needs success in the Western Balkan’s approximation to the EU in order to reassert its own foreign policy standing. After the 2004 enlargement, the EU has been widely advocating its accession policy as its most successful foreign policy instrument. With the Western Balkan countries’ ambitions for and great expectations in a future EU membership, the confirmation of the “European perspective” at Thessaloniki 2003, should have put them on a stable and progressive path towards European Union membership.
Topic:
Conflict Resolution, Regional Cooperation, and Fragile/Failed State
Political Geography:
Europe, Bosnia, Herzegovina, and Serbia

2738. Updated Estimates of Fundamental Equilibrium Exchange Rates

Author:
William R. Cline and John Williamson
Publication Date:
11-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In 2008 we introduced a semiannual series providing estimates of fundamental equilibrium exchange rates, or FEERs (Cline and Williamson 2008a). The economic concept of FEERs was first set forth by Williamson (1983). An operational method for arriving at multilaterally consistent estimates of FEERs was developed by Cline (2008) and has been applied over the past five years in this series of estimates. This issue marks the valedictory round of the series for Williamson, who is retiring.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Europe and Lisbon

2739. Hyperinflations Are Rare, but a Breakup of the Euro Area Could Prompt One

Author:
Anders Åslund
Publication Date:
11-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Hyperinflation is one of the most misused words in the English language. Two years ago, I heard a prominent American investor say that we were about to get hyperinflation, “not 15 percent a year as under Jimmy Carter but perhaps 5 percent a year.” Hyperinflation is usually 1,000 percent or more a year. The standard definition by Philip Cagan (1956) is that hyperinflation starts when inflation reaches 50 percent a month, and then the economy is in hyperinflation for one year until monthly inflation falls and stays below 50 percent.
Topic:
Economics, International Trade and Finance, Markets, Regional Cooperation, and Monetary Policy
Political Geography:
Europe

2740. Why a Breakup of the Euro Area Must Be Avoided: Lessons from Previous Breakups

Author:
Anders Åslund
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
One of the big questions of our time is whether the Economic and Monetary Union (EMU) will survive. Too often, analysts discuss a possible departure of one or several countries from the euro area as little more than a devaluation, but I argue that any country's exit from the euro area would be a far greater event with potentially odious consequences. Exit from the EMU cannot be selective: It is either none or all.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Europe