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42. 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 (CEPS)
- 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
43. Beyond Turf Wars in Coup-Hit Guinea-Bissau
- Publication Date:
- 08-2012
- Content Type:
- Working Paper
- Institution:
- International Crisis Group
- Abstract:
- Guinea-Bissau took another dangerous turn on 12 April 2012, when the army arrested Prime Minister Carlos Gomes Júnior, who was about to be elected president. A military junta accused him of conspiring with Angola to curtail the military's power and quickly installed transitional authorities, before officially stepping aside on 22 May. International condemnation was swift, but differences developed between the Economic Community of West African States (ECOWAS) and the Community of Portuguese Speaking Countries (CPLP). The former, pushed by Nigeria, Senegal, Côte d'Ivoire and Burkina Faso, supports a year's transition, the latter, especially Portugal and Angola, immediate resumption of the presidential vote. Coup and transition may have opened a way for vital reforms, which must go beyond changes in the army and combating the drugs trade. But for that to happen, ECOWAS and CPLP must reach a consensus on working with international partners to mobilise resources for security, judicial and electoral reforms and refusing to validate Gomes Júnior's illegal exclusion from political life.
- Topic:
- Conflict Resolution, Security, Post Colonialism, Power Politics, and Regime Change
- Political Geography:
- Africa, Senegal, Nigeria, Portugal, and Angola
44. Inward FDI in Portugal and its policy context, 2011
- Author:
- Vitor Corado Simões and Rui Manuel Cartaxo
- Publication Date:
- 06-2011
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Portugal's performance in attracting inward foreign direct investment (IFDI) during the economic and financial crisis in 2009 was poor, below the low figures that it had already recorded in the previous couple of years, although Portugal did not record negative FDI inflows like competing countries such as Ireland (in 2008) and Hungary (in 2009). The country's difficulties in attracting IFDI are, however, structural. The “golden” years of the early 1990s, when Portugal emerged as an attractive and fashionable location, are past. The country's IFDI performance throughout the first decade of the 21st century was, in general, weak. In 2009, Spain, France and Brazil were the main sources of I FDI in Portugal. In spite of the Government's commitment to attracting IFDI, policy design and implementation have fallen short in the increasingly fierce competition for international investment.
- Topic:
- Economics and Financial Crisis
- Political Geography:
- Hungary, Portugal, and Ireland
45. Can Europe's Divided House Stand?
- Author:
- Hugo Nixon
- Publication Date:
- 11-2011
- Content Type:
- Journal Article
- Journal:
- Foreign Affairs
- Institution:
- Council on Foreign Relations
- Abstract:
- Conventional wisdom has it that the eurozone cannot have a monetary union without also having a fiscal union. Euro-enthusiasts see the single currency as the first steppingstone toward a broader economic union, which is their dream. Euroskeptics do, too, but they see that endgame as hell -- and would prefer the single currency to be dismantled. The euro crisis has, for many observers, validated these notions. Both camps argue that the eurozone countries' lopsided efforts to construct a monetary union without a fiscal counterpart explain why the union has become such a mess. Many of the enthusiasts say that the way forward is for the 17 eurozone countries to issue euro bonds, which they would all guarantee (one of several variations on the fiscal-union theme). Even the German government, which is reluctant to bail out economies weaker than its own, thinks that some sort of pooling of budgets may be needed once the current debt problems have been solved. A fiscal union would not come anytime soon, and certainly not soon enough to solve the current crisis. It would require a new treaty, and that would require unanimous approval. It is difficult to imagine how such an agreement could be reached quickly given the fierce opposition from politicians and the public in the eurozone's relatively healthy economies (led by Finland, Germany, and the Netherlands) to repeated bailouts of their weaker brethren (Greece, Ireland, Italy, Portugal, and Spain). Moreover, once the crisis is solved, the enthusiasm for a fiscal union may wane. Even if Germany is still prepared to pool some budgetary functions, it will insist on imposing strict discipline on what other countries can spend and borrow. The weaker countries, meanwhile, may not wish to submit to a Teutonic straitjacket once the immediate fear of going bust has passed.
- Topic:
- Economics and Government
- Political Geography:
- Europe, Finland, Greece, Germany, Spain, Italy, Netherlands, Portugal, and Ireland
46. Adjustment Difficulties in the GIPSY Club
- Author:
- Daniel Gros
- Publication Date:
- 03-2010
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- This paper describes the key economic variables and mechanisms that will determine the adjustment process in those euro area countries now under financial market pressure. (Greece, Ireland, Portugal, Spain and Italy = GIPSY) The key finding is that the adjustment will be particularly difficult for Greece (and Portugal) because these are two relatively closed economies with low savings rates. Both of these countries are facing a solvency problem because they combine high debt levels with low growth and high interest rates. Fiscal and external adjustment is thus required for sustainability, not just to satisfy the Stability Pact. By contrast, Ireland and Spain face more of a liquidity than a solvency problem. Italy seems to have a much better starting position on all accounts. Fiscal adjustment alone will not be sufficient to ensure sustainability. Without significant reductions in labour costs, these economies will face years of stagnation at best. Especially in the case of Greece, it is imperative that the cuts in public sector wages are transmitted to the entire economy in order to restore competitiveness, and thus ensure that export growth can become a vital safety valve. Without an adjustment of wages in the private sector, the adjustment will become so difficult that failure cannot be excluded.
- Topic:
- Debt, Economics, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe, Greece, Spain, Italy, Portugal, and Ireland
47. Broken Promises, Postponed Commitments
- Author:
- Rui Graça Feijó
- Publication Date:
- 05-2010
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies (IES), UC Berkeley
- Abstract:
- The First Republic was a short period in Portuguese History which, nevertheless, left deep marks on the social and political tissue of the country. It was marred by instability. The political elite of the time recanted on their defense of "universal suffrage" and thus deprived the regime of a much needed popular base of support. The Second Republic that emerged from the Carnation Revolution instituted a democratic regime based on universal suffrage, and enshrined in its Constitution provisions for popular participation in a much wider scale than it has effectively offered up to the present. This manifests itself in the absence of an effective Regional level of power as well as in poorly endowed municipalities, and is reflected in the lowering of popular confidence in Portuguese Democracy shown in consecutive surveys. The capacity of the Second Republic to develop the principles of democratic participation granted in the Constitution is a test to the present decade, failing what a Third Republic may be looming in the horizon.
- Topic:
- Economics, Political Economy, and Politics
- Political Geography:
- Europe, Dominican Republic, and Portugal
48. 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
49. Justice in Times of Transition: Lessons from the Iberian Experience
- Author:
- Omar G. Encarnación
- Publication Date:
- 10-2009
- Content Type:
- Working Paper
- Institution:
- Minda de Gunzburg Center for European Studies, Harvard University
- Abstract:
- A key contention of the transitional justice movement is that the more comprehensive and vigorous the effort to bring justice to a departed authoritarian regime the better the democratizing outcome will be. This essay challenges this view with empirical evidence from the Iberian Peninsula. In Portugal, a sweeping policy of purges intended to cleanse the state and society of the authoritarian past nearly derailed the transition to democracy by descending into a veritable witch-hunt. In Spain, by contrast, letting bygones be bygones, became a foundation for democratic consolidation. These counter-intuitive examples suggest that there is no pre-ordained outcome to transitional justice, and that confronting an evil past is neither a requirement nor a pre-condition for democratization. This is primarily because the principal factors driving the impulse toward justice against the old regime are political rather than ethical or moral. In Portugal, the rise of transitional justice mirrored the anarchic politics of the revolution that lunched the transition to democracy. In Spain, the absence of transitional justice reflected the pragmatism of a democratic transition anchored on compromise and consensus.
- Topic:
- Human Rights, Politics, International Affairs, and Law
- Political Geography:
- Europe, Spain, Portugal, and Iberia Peninsula
50. Crown, Empire and Nation (1807-1834)
- Author:
- Miriam H. Pereira
- Publication Date:
- 03-2008
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies (IES), UC Berkeley
- Abstract:
- Before 1807, in Portugal the new liberal ideals had mainly an indirect influence, reflected in the enlightened elite. The wave of a more profound political change came about only in the beginning of the nineteenth century, when the whole Iberian area was involved in the European wide struggle between old regime and the new liberal society and state, that was enhanced by the Napoleonic wars. Between 1807 and 1820, Portugal went through one of the most complex period of its whole History, when the British informal occupation of twelve years, followed the French invasion, short but very destructive. The Crown survived in the hands of the House of Bragança and kept Brazil and the rest of the its colonial territories for over a decade. This makes the Portuguese and Brazilian history of this period somewhat different from that of both Spain and its American colonies. It provides an interesting case for the study of the evolution of three main institutions and political concepts involved in the end of the Old Regime: the Crown, the Empire and the Nation, whose changes during this period are analysed in this paper..
- Topic:
- Civil Society and History
- Political Geography:
- United Kingdom, America, Europe, Brazil, South America, and Portugal