The Russian government sincerely believes that Assad's removal from power would trigger the expansion of jihadism and instability in the Caucasus and southern Russia. Moscow is deeply concerned about the rise of Islamists in the Middle East, including Qatar and Saudi Arabia's efforts to support the most radical factions in Syria. At the same time, the obvious absence of the ideological background behind current Russian-Syrian relations makes them a trade item. Thus, official guarantees that the jihadists will not export their revolution elsewhere accompanied by promises to preserve some Russian economic positions in post-Assad Syria will probably create the necessary ground for the emergence of a compromise stance on Syria (including the issue of foreign intervention).
Europeans enthusiastically embraced the Arab Spring. However, the EU and its member states have lacked significant influence in a neighbouring region in turmoil. The EU has not devised new and more appropriate approaches towards the region, but rather relied on its traditional tools and frameworks. The Eurozone's financial crisis and threat perceptions have quickly underminded the readiness of EU member states to contribute meaningfully to Arab transformations with money, market access and mobility. In addition, European support has not been equally welcomed across the region, and delays in terms of building empowered governments have prevented a quick impact. Moreover, the violent power struggles triggered by the Arab Spring have revealed the EU's weakness with regard to effective conflict prevention and timely crisis management - and thus created an environment averse to democratic transformation and regional stabilisation.
Israel's international position has declined in recent years. Even if its relationship with the EU - and even more with the US - is solid, there have been frictions that are not likely to disappear in the years to come. Its relations with other states, from Middle Eastern countries to India and China, are either highly problematic or have not improved despite the Israeli government's efforts. It is Israel's policy in the Occupied Territories that is being increasingly criticised and this is creating a sort of 'vicious circle' in Israel: the critiques reinforce Israeli's 'bunker mentality', strengthening the ethno-nationalist character of Israeli politics and society and causing de-democratisation, and this, in turn, brings on more international isolation.
Ongoing dialogues and forums on nations in transition reinforce the commonality of challenges related to women's rights and roles in society, especially leadership in government. Women leaders in Afghanistan, Iraq and the Arab Spring countries face major challenges, including heightened insecurity and the risk of women's rights being rolled back significantly. Steps to address these challenges are to build coalitions across internal divides, engage male religious leaders and other men to support women's rights, reach out to youth, develop gender-based budgeting, and underscore the importance of women's economic empowerment. Keys to progress in these areas include obtaining grassroots support and taking a long-term strategic focus in international programs.
Topic:
Development, Economics, Gender Issues, Government, Labor Issues, and Governance
The Federal Reserve's independence is essential to the conduct of monetary policy. But while the Fed is independent within government, it is not independent of government. The grant of authority to the Fed comes from Congress, to which the Fed is ultimately accountable. In my view, the Fed was granted significant powers by Congress, but those powers were not unlimited. The grant of authority was constrained. So by my measure, the Fed is a powerful institution, but a bounded one.
On September 1, 1948, Allan Sproul, president of the Federal Reserve Bank of New York, commented on Fed independence: I don't suppose that anyone would still argue that the central banking system should be independent of the Government of the country. The control which such a system exercises, over the volume and value of money is a right of Government and is exercised on behalf of Government, with powers delegated by the Government. But there is a distinction between independence from Government and independence from political influence in a narrower sense. The powers of the central banking system should not be a pawn of any group or faction or party, or even any particular administration, subject to political pressures and its own passing fiscal necessities [Letter to Robert R. Bowie, in Meltzer 2003: 738].
The Federal Reserve was founded in 1913 during the Wilson administration to end banking panics and depressions, and was part of the Progressive agenda for a more activist role of government (see Kolko 1963). By the 50th anniversary, the conventional wisdom was that the Fed's performance was overall satisfactory, especially after the Treasury-Federal Reserve Accord of 1951 that permitted independent monetary policy. While the decision to double reserve requirements in 1937 was judged a policy error, the Federal Reserve was not held responsible for the Great Depression.