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41. Interest Rate Shock and Sustainability of Italy's Sovereign Debt

Author:
William R. Cline
Publication Date:
02-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Contagion from Greece, together with domestic political uncertainty in Italy, caused interest rates on Italian sovereign debt to spike in the second half of 2011. As shown in figure 1, the risk spread above German bunds for 10-year Italian government bonds rose from 200 basis points in early July 2011, to a range of 300 to 400 basis points after the July 21 Greek package with its new emphasis on private sector involvement. There was a second surge to the 400 to 500 basis point range in November through January, following the October 27 Greek package that insisted on a 50 percent reduction in private sector claims.
Topic:
Debt, Economics, and Financial Crisis
Political Geography:
Europe, Germany, and Italy

42. How Safe Is the U.S. Safe Haven?

Author:
Irwin M. Stelzer
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Hudson Institute
Abstract:
This version of the glorious sonnet composed by Emma Lazarus in 1883, and later engraved on a bronze plaque installed on the Statue of Liberty, calling the world's huddled masses to our shores, captures what it means these days to be a safe haven. Just as America proved to be such a safe haven for immigrants in the latter 19th and early 20th centuries, it is now seen as a safe haven for wealth attempting to escape Europe's tax collectors and financial chaos and recession in Europe, and for foreign central banks newly enamored of the dollar.
Topic:
Economics, International Trade and Finance, Immigration, and Monetary Policy
Political Geography:
United States, Europe, and Germany

43. In Search of Symmetry in the Eurozone

Author:
Paul De Grauwe
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
One of the major problems of the eurozone is the divergence of the competitive positions that have built up since the early 2000s. This divergence has led to major imbalances in the eurozone where the countries that have seen their competitive positions deteriorate (mainly the so - called ' PIIGS ' – Portugal, Ireland, Italy, Greece and Spain ) have accumulated large current account deficits and thus external indebtedness, matched by current account surpluses of the countries that have improved their competitive positions (mainly Germany).
Topic:
Economics, Markets, Regional Cooperation, Global Recession, and Financial Crisis
Political Geography:
Europe, Greece, Germany, Spain, Italy, Portugal, and Ireland

44. Human Rights and International Investment Law: Investment Protection as Human Right?

Author:
Nicolas Klein
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
Legal research conceptualized the relationship between International Investment Law (IIL) and International Human Rights Law (IHRL) until recently rather as opposing fields of law with colliding policy interests as well as contradictory rules and regulations. However, lately a new approach is gaining increasing support in the academic community: Investment protection could be understood as being part of human rights law. Such a conclusion may be perceived as highly controversial, however, from a conceptual perspective IIL and IHRL share more common ground than differences. This article will argue, first, that certain material standards of IIL can be conceptualized to be human rights-like guarantees of a minimum standard of protection and second, that such an understanding does not lead to a neoliberal proliferation of economic rights but, to the contrary, may serve as an important conceptual tool to prevent overly extensive interpretations of investment treaties and to balance economic rights with other human rights in case of norm conflict. After all, IIL could prove to be not more, but also not less, than “One Out of a Crowd” of all other fundamental human rights.
Topic:
Economics, Human Rights, and International Law
Political Geography:
Pakistan, Germany, and Guinea

45. An alienated partnership: German-Russian relations after Putin's return

Author:
Stefan Meister
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
The return of Vladimir Putin as Russia's president and the probable end of Dmitri Medvedev's modernization project will increase the alienation within German-Russian relations. Germany's modernization partnership with Russia has produced limited results because the two sides have different views on the cooperation. While the German side wants to develop common projects of good practice which will modernize the Russian economy and politics, the Russian side is interested in technology transfer. The interest in and knowledge of Russia among German decision-makers is decreasing. Germany lacks vision and concepts on how to influence developments in Russia. This is also due to the resistance of the current Russian elite towards implementing political reforms. As a result, Russia is losing its most important advocate in the EU (also regarding energy policy). This will have a negative impact on EU-Russia relations because the EU lacks leadership on Russia. Ongoing changes in Russian society, which challenge the Putin system, will present an opportunity to find new allies in Russia for cooperation and modernization, which may increase Germany's interest in its large neighbour. But this will call for a more balanced approach between the Russian elites and society in Germany's Russia policy.
Topic:
Democratization, Economics, Social Stratification, and Bilateral Relations
Political Geography:
Russia, Europe, and Germany

46. An Agenda for the European Council: Feasible steps to bring the eurozone back from the precipice

Author:
Stefano Micossi
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Once again the European Council will meet in an emergency session at the end of June, with the eurozone economy in recession and actually plummeting in its Southern periphery. Further doubts are also growing on the sustainability of sovereign debts due to the vicious spiral of deteriorating bank balance sheets, ballooning potential liabilities from banking rescues and widening spreads on government borrowings. The sovereign debt crisis in the periphery has now turned into a fully fledged banking crisis that threatens to spread from Greece to Spain and tomorrow, who knows, to Italy, France and even Germany itself.
Topic:
Debt, Economics, Regional Cooperation, Financial Crisis, and Governance
Political Geography:
Europe, Greece, France, Germany, Spain, and Italy

47. A Sovereign Wealth Fund to Lift Germany's Curse of Excess Savings

Author:
Daniel Gros and Thomas Mayer
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
For most of the time since the early 1950s, national savings in Germany have tended to exceed national investment, resulting in a current account surplus. Most of these excess savings have been intermediated by the domestic banking system, which has had difficulties investing these German surpluses abroad given that it is prohibited by law from taking any exchange rate risk. This tended to keep the surplus within limits most of the time (less than 1- 2% of GDP). With the advent of the euro, however, German surpluses could become much larger and seem now to have become structurally engrained at 6% of GDP, or over one-quarter of savings. Since the start of the euro crisis, German private savers have repatriated their investments – effectively unloading their exposure onto the public sector as German banks have deposited hundreds of billions of euro at the Bundesbank. These funds are being lent by the ECB to banks in the euro area periphery (at 75 bps) – ensuring effectively a negative real return.
Topic:
Economics, International Trade and Finance, Markets, and Sovereign Wealth Funds
Political Geography:
Europe and Germany

48. Toward a Sovereign Afghanistan

Publication Date:
10-2011
Content Type:
Working Paper
Institution:
Liechtenstein Institute on Self-Determination, Princeton University
Abstract:
The Liechtenstein Institute on Self-Determination at Princeton University (LISD) convened the conference, “Toward a Sovereign Afghanistan,” October 20-22, 2011, in the Cecilienhof Castle of Potsdam near Berlin, Germany. More than 40 leading experts from Afghanistan and 14 other states participated in the private, off-the-record conference. The colloquium was opened by Ambassador Staffan de Mistura, Special Envoy for Afghanistan of the UN Secretary-General; Dr. Rangin Spanta, Afghanistan National Security Advisor; Ambassador Michael Steiner, Special Representative of the Germany for Afghanistan and Pakistan; and Ambassador Vygaudas Ušackas, Special Representative and Head of Mission of the EU's Mission for Afghanistan. Wolfgang Danspeckgruber, LISD Director, chaired the colloquium.
Topic:
Conflict Resolution, Security, Civil Society, Economics, Islam, Peace Studies, and Self Determination
Political Geography:
Pakistan, Afghanistan, and Germany

49. Daniel Heller-Roazen, The Enemy of All: Piracy and The Law of Nations (New York: Zone Books, 2009).

Author:
Zoltán Glück
Publication Date:
05-2011
Content Type:
Journal Article
Journal:
Central European University Political Science Journal
Institution:
Central European University
Abstract:
Perhaps the most misleading platitude that one hears all too often in discussions of the contemporary rise of piracy off the Horn of Africa is that piracy has been around since the beginning of recorded history. On the surface, the statement is of course true. But this truth comes at the tremendous price of conceptually flattening differences between diverse social and historical situations into a one dimensional legal category, thereby obfuscating the genealogy of a concept and a figure that has been formative to the history of nations. It is precisely this complex genealogy that Professor Heller-Roazen assails and reconstructs with tremendous acumen and subtlety in his latest work The Enemy of All: Piracy and the Law of Nations.
Topic:
Economics
Political Geography:
Germany and North Africa

50. On the Tasks of the European Stability Mechanism

Author:
Stefano Micossi, Fabrizia Peirce, and Jacopo Carmassi
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
In recent weeks pressures on the euro and eurozone sovereign debtors have subsided. Buoyant growth in the global economy, increasingly benefiting also the European economy, has of course played an important role in calming financial markets. But even more important has been the perception that France and Germany are again working constructively for a strong economic Europe. More broadly, the acute turbulence in financial markets since the spring of 2010 may have finally convinced our political leaders, notably including the German political establishment, that the benefits of a stable currency far outweigh the costs that may have to be borne to make it work properly. The euro will only be trusted if the member states effectively coordinate their economic policies not only to ensure fiscal stability, but also to eliminate persistent divergences in productivity leading to unsustainable imbalances between national savings and investment (Schäuble, 2011).
Topic:
Security, Economics, Regional Cooperation, Monetary Policy, Financial Crisis, and Governance
Political Geography:
Europe, France, and Germany