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18121. The EU's Response to the Financial Crisis: A mid-term review

Author:
Karel Lannoo
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Two years after the London G-20, CEPS Chief Executive Karel Lannoo finds that the EU is well advanced in delivering on the commitments made for the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, in fact, such as remuneration, the EU has made even greater headway than the US. But certain key sensitive matters remain, such as bank resolution or structural changes.
Topic:
Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States, Europe, and London

18122. Can the eurozone countries still live together happily ever after?

Author:
Marcello Messori
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
After the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.
Topic:
Debt, Economics, and Monetary Policy
Political Geography:
Europe and Greece

18123. Restoring financial stability in the euro area

Author:
Christian Kopf
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The pricing of sovereign credit risk is a necessary component of the financial architecture of the European Monetary Union. However, unnecessarily high and volatile risk premia on government bonds are currently preventing effective financial intermediation within the euro area, thereby inhibiting its economic recovery. Several proposals have been made on how these risk premia should be brought down, namely i) permanent pooling of funding through joint bond issuance, ii) temporary liquidity assistance through multilateral funds, iii) debt buybacks using multilateral funds, and iv) debt restructuring.
Topic:
Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
Europe

18124. Spillovers from the Arab Revolts: Is Armenia next in line?

Author:
Hrant Kostanyan
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
The recent cycle of revolutions in Arab countries has caught policy-makers and experts off guard. The decades-long kleptocracy, systemic corruption, economic stagnation and censorship are merely some of named causes accounting for the shake-up of the old order in Europe's Southern Neighbourhood. The choices that citizens were deprived of making through the ballot box have been accomplished by taking to the streets. Policymakers and analysts are contemplating the possible scenarios for the countries that have finally brought down their dictators. EU leaders are debating support they can provide to help in the establishment of 'good governance.' Meanwhile questions are being asked about the possible implications of the successful revolutions beyond the Arab world and especially for the EU's Eastern neighbours. In his recent speech, the President of the European Council, Herman Van Rompuy, stated: “Although recent developments concentrated our political attention to the South, we certainly cannot afford to forget about the Union's Eastern neighbourhood.”
Topic:
Insurgency
Political Geography:
Europe, Caucasus, Arab Countries, and Armenia

18125. 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

18126. The Case for 'More Single Market'

Author:
Jacques Pelkmans
Publication Date:
02-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
With the Commission's consultation period on the Single Market Act (European Commission, 2010) nearing its end, it is high time for the EU to get its act together. Priority should immediately be restored to the issue of the Single Market, and EU powers to deepen and widen the internal market, where economically justifiable, ought to be utilized to the full. This CEPS Policy Brief explains why.
Topic:
Economics and Regional Cooperation
Political Geography:
Europe

18127. How to assess a rotating presidency of the Council under the Lisbon rules

Author:
Piotr Maciej Kaczyński
Publication Date:
02-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
On 1 January 2011, Hungary, the third member of the European Union to join the club in 2004, took over the presidency of the Council of the European Union. This represents the first presidency of a newer member state under Lisbon Treaty rules. After the new treaty entered into force on 1 December 2009, all rotating presidencies are, in a sense, first time presidencies. Their relative success now depends more on administrative ability than political leadership.
Topic:
Politics, Regional Cooperation, and Governance
Political Geography:
Europe

18128. Debt reduction without default?

Author:
Daniel Gros and Thomas Mayer
Publication Date:
02-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
This paper proposes a two-step, market-based approach to debt reduction: · Step 1.The European Financial Stability Facility (EFSF) would offer holders of debt of the countries with an EFSF programme (probably Greece, Ireland and Portugal = GIP) an exchange into EFSF paper at the market price prior to their entry into an EFSF-funded programme. The offer would be valid for 90 days. Banks would be forced in the context of the ongoing stress tests to write down even their banking book and thus would have an incentive to accept the offer. · Step 2. Once the EFSF had acquired most of the GIP debt, it would assess debt sustainability country by country. a) If the market price discount at which it acquired the bonds is enough to ensure sustainability, the EFSF will write down the nominal value of its claims to this amount, provided the country agrees to additional adjustment efforts (and, in some cases, asset sales). b) If under a central scenario this discount is not enough to ensure sustainability, the EFSF might agree on a lower interest rate, but with GDP warrants to participate in the upside.
Topic:
Debt, Monetary Policy, and Financial Crisis
Political Geography:
Europe

18129. The Many Faces of Al Qaeda in the Islamic Maghreb

Author:
Mohammad-Mahmoud Ould Mohamedou
Publication Date:
05-2011
Content Type:
Policy Brief
Institution:
The Geneva Centre for Security Policy
Abstract:
Al Qaeda in the Islamic Maghreb (“Tandhim Al Qaeda fi Bilad Al Maghrib Al Islami”, commonly referred to by its French acronym AQMI) is a reformed version of an Algerian terrorist group formed in September 1998, Al Jama'a Al Salafiya lil Da'wa wal Qital (Salafist Group for Predication and Combat, GSPC). Born in the context of the waning Algerian civil war that had raged in that country between 1992 and 1998, with an estimated 150,000 dead, the GSPC carried with it three consequential elements: the violent legacy of the civil war and its heavy toll on Algerian society; an entrenched radical Islamist identity prone to armed violence; and a design on the part of this group to not disarm and perpetuate its armed insurrection.
Topic:
Islam, Terrorism, Armed Struggle, and Counterinsurgency
Political Geography:
Arabia, Algeria, and North Africa

18130. Strategic Pretence or Strategic Defence? Britain, France and the Common Security and Defence Policy after Libya

Author:
Julian Lindley-French
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
The Geneva Centre for Security Policy
Abstract:
With British and French aircraft undertaking most of the air operations over Libya and some fiftyfive years on from the Suez debacle, historical irony abounds. On November 2 2010, London and Paris agreed the Defence and Security Cooperation Treaty1 (see box below). On the face of it the accord is by and large military-technical: to develop co-operation between British and French Armed Forces, to promote the sharing and pooling of materials and equipment including through mutual interdependence, and leading to the building of joint facilities. This it is hoped will promote mutual access to each other's defence markets, through the promotion of industrial and technological co-operation. But what has the treaty to do with the European Union (EU) and the Common Security and Defence Policy (CSDP)? Does the treaty mark the first step on the road to regalvanising Europe's strategic defence or is it simply the strategic pretence of two aging, failing powers unable to accept a world that has moved on?
Topic:
NATO, Democratization, Regime Change, and Insurgency
Political Geography:
Britain, France, Libya, Arabia, and North Africa