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6391. Shale Fever: Replicating the US gas revolution in the EU?

Author:
Roderick Kefferpütz
Publication Date:
06-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The US natural gas industry is abuzz. Until recently the United States seemed poised to become one of the world's largest importers of liquefied natural gas (LNG). However, the development of two innovative drilling techniques – hydraulic fracturing and horizontal drilling – has led to the emergence of new unconventional gas supplies, the majority coming from gas trapped in shale formations, transforming the American energy scene. Today, shale gas is responsible for roughly 20% of total US production with expectations that it could reach 50% by 2035 – an astounding feat given that it represented only 1% back in 2000. The increase in US shale gas production also contributed to the US displacing the Russian Federation as the largest producer of gas, with its production of 624 billion cubic meters (bcm) trumping Russia's 582 bcm. In addition, it has caused LNG demand to sink and sent prices tumbling, turning the market upside-down.
Topic:
Energy Policy and Natural Resources
Political Geography:
United States and Europe

6392. From National to European Regulation: Towards European Financial Supervisory Authorities

Author:
H. Onno Ruding
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
Financial reform is needed now in the EU not only to reduce the likelihood of another financial crisis in the coming years but also to reinforce the internal market. A primary financial as well as political goal should be to create a truly single market in Europe for financial services and institutions. The current state of affairs is, however, still too far removed from this goal.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
Europe

6393. Towards a Euro(pean) Monetary Fund

Author:
Daniel Gros and Thomas Mayer
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The case of Greece has ushered in the second phase of the financial crisis, namely that of sovereign default. Members of the euro area were supposed to be shielded from a financial market meltdown. But, after excess spending during the period of easy credit, several euro area members are now grappling with the implosion of credit-financed construction and consumption booms. Greece is the weakest of the weak links, given its high public debt (around 120% of GDP), compounded by a government budget deficit of almost 13% of GDP, a huge external deficit of 11% of GDP and the loss of credibility from its repeated cheating on budget reports.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe

6394. The MiFID Metamorphosis

Author:
Karel Lannoo and Diego Valiante
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The Markets in Financial Instruments Directive (MiFID), adopted by the EU in April 2004 and implemented at Member State level by the end of 2007, has begun to achieve real success in transforming the EU's securities markets landscape. Judging from market data and sector publications, the Directive contributed to a revolution in trading methods and huge investments in technology, which have brought the EU and US markets closer together. Technology-driven systems, such as algorithmic trading and smart-order routing, have become the mainstream in trading process, with speed of trading and reduction of 'latency' being the key objectives. Large investments in market infrastructures are trying to strike the right balance between high capacity and speed, and low operational and technological risks that represent a future threat for these platforms, even in the post-trading space.
Political Geography:
Europe

6395. Regulatory Challenges for the EU Asset Management Industry

Author:
Karel Lannoo
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The European asset management industry is feeling squeezed from all sides, as a result of growing prudential, product and conduct regulation. A new Directive, UCITS IV, has only just been enacted, and already new challenges are emerging in the regulation of hedge and venture capital funds, the review of the regulatory regime for depositaries (or financial custodians) and amendments to the MiFID Directive.2 In addition, a new European supervisory framework is in the making, which implies much stricter controls on enforcement. These changes are taking place in the context of one of the largest declines suffered by the industry in the last two decades, from which many fund managers have not yet recovered. The era of light regulation is thus definitely over.
Topic:
Markets, Monetary Policy, and Financial Crisis
Political Geography:
Europe

6396. Central Asian Security: Two Recommendations for International Action

Author:
Jacqueline McLaren Miller
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
EastWest Institute
Abstract:
An Experts' Group on Euro-Atlantic Security, convened by the East West Institute as part of a larger Euro-Atlantic Security Initiative, is pleased to offer its first series of policy recommendations—an international Central Asian security initiative. Given the Kazakh chair-in-office of the OSCE, this is an opportune time to engage in concrete issues in the region.
Topic:
Security, Political Violence, Ethnic Conflict, and Terrorism
Political Geography:
Europe and Central Asia

6397. Aligning the maritime industry towards realizing the New Economic Model aspirations

Author:
Nazery Khalid
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
Malaysia is at a crossroad. It has done well to boost economic growth, thanks to sound economic strategies and management. From being a developing nation dependent upon commodities and agriculture to power its economic growth, Malaysia is now one of the top 20 trading nations. However, it has found itself 'stuck' in so-called 'middle income trap'. The economy, while more diversified today compared to three decades ago, is still reliant upon labor intensive activities and, inevitably, cheap labor. Malaysia's vulnerability to external shocks, as seen during the recession and credit crunch, underscores the urgent need for the nation's economic planners and policymakers to take drastic actions to make the economy more robust and move it up the value chain.
Topic:
Economics, International Trade and Finance, and Maritime Commerce
Political Geography:
Malaysia and Southeast Asia

6398. The case for a National Merchant Shipping Policy for Malaysia

Author:
Nazery Khalid
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
For a country with Malaysia's size and population, it certainly does not punch within its weight class in merchant shipping. As of 1 January 2009, Malaysia ranked 25th in the list of the most important maritime nations by way of its 0.79% contribution (9.39 mil. DWT) to the global merchant shipping tonnage (UNCTAD, 2009). MISC is the world's largest owner / operator of LNG tankers and a key player in international seaborne energy transportation. A growing number of Malaysian owners/operators of offshore service vessels (OSV) provide their services abroad, and Malaysian captains and officers are coveted for their skills and experience are sought by shipping lines worldwide.
Topic:
International Trade and Finance and Maritime Commerce
Political Geography:
Malaysia and Southeast Asia

6399. Preparing for a low carbon future in the maritime sector

Author:
Nazery Khalid
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The need to address the issue of climate change has become a matter of priority, and players in the shipping industry must stand up and be counted to play their part to reduce carbon emissions. Being a crucial facilitator of trade and at the forefront of activities such as offshore oil and gas exploration and production, expectation is high for the shipping industry to take urgent, meaningful action to adopt green practices.
Topic:
Climate Change, Energy Policy, Environment, and Maritime Commerce
Political Geography:
Southeast Asia

6400. Seas under siege

Author:
Nazery Khalid
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The oceans provide sustenance, resources and employment to many people. They also act as a conduit to migration of people and movement of goods that have shaped human civilization and facilitate global trade and economic growth. In addition to these pivotal roles, the seas also act as a regulator of the world's weather pattern. The importance of oceans that give the earth the moniker 'the Blue Planet' to civilization cannot be overemphasized.
Topic:
Climate Change, Environment, International Trade and Finance, and Maritime Commerce
Political Geography:
Malaysia