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  • Author: Jacob Funk Kirkegaard
  • Publication Date: 02-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Few challenges facing the European Union—immigration pressures, the need to decrease security dependence on an increasingly erratic United States, and the United Kingdom's exit from the European Union (Brexit)—are compelling EU leaders to consider overhauling the revenue side of the European Union’s existing budget. To deal with these challenges in the future, the European Union will need resources—at a time when Europeans are increasingly skeptical about the effectiveness of budget-making in Brussels. Longstanding US budgetary procedures of trust fund accounting and earmarking government revenue towards specific priorities can provide a template for European policymakers. Shifting the EU budget towards more earmarked resources would reduce distrust among taxpayers by limiting Brussels’ spending discretion while focusing expenditures on specific challenges facing the European project.
  • Topic: International Political Economy, International Affairs
  • Political Geography: Europe
  • Author: Marco Siddi
  • Publication Date: 09-2018
  • Content Type: Policy Brief
  • Institution: Finnish Institute of International Affairs
  • Abstract: Gas trade between the European Union and Russia increased considerably in both 2016 and 2017, despite the ongoing political crisis. Simultaneously, two long-standing disputes in the EU-Russia gas relationship – regarding Gazprom’s monopolistic practices and the EU’s third energy package – were settled. Russian companies have invested in new infrastructural projects for the export of gas to Europe, including the launch of the Yamal LNG terminal in December 2017 and the construction of the TurkStream and Nord Stream 2 pipelines. However, significant challenges remain for the relationship, most notably the intra-EU controversy on Nord Stream 2 and uncertainty about future gas transit in Ukraine.
  • Topic: Energy Policy, International Political Economy, International Affairs, Geopolitics
  • Political Geography: Russia, Europe
  • Author: Uuriintuya Batsaikhan, Robert Kalcik, Dirk Schoenmaker
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: London is an international financial centre, serving European and global clients. A hard Brexit would lead to a partial migration of financial firms from London to the EU27 (EU minus UK) to ensure they can continue to serve their EU27 clients. Four major cities will host most of the new EU27 wholesale markets: Frankfurt, Paris, Dublin and Amsterdam. These cities have far fewer people employed in finance than London. Moreover, they host the European headquarters of fewer large companies. The partial migra- tion of financial firms will thus have a major impact on these cities and their infrastructures. Banks are the key players in wholesale markets. United States and Swiss investment banks, together with one large German and three large French banks, will make up the core of the new EU27 wholesale markets. Some Dutch, Italian and Spanish banks are in the second tier. The forex, securities and derivatives trading markets are now in London. We map the current, limited market share of the four major cities that might host the EU27 client business. The expected migration of financial trading will lead to a large increase in trading capacity (eg bank trading floors). Clearing is the backbone of modern financial markets. A comparative overview of clearing facilities in the EU27 shows that Germany and France have some clearing capacity, but this will need to be expanded. The ownership of clearing is often intertwined with stock exchanges. Were the planned LSE-Deutsche Börse merger to go ahead, LSE would sell the Paris subsidiary of its clearinghouse. In terms of legal systems, there is an expectation that trading activities will be able to continue under English contract law, also in the EU27. A particular challenge is to develop FinTech (financial technology) in the EU27, as this innovative part of the market is currently based in London. We estimate that some 30,000 jobs might move from London to the EU27. This will put pressure on the facilities (infrastructure, offices, residential housing) in the recipient cities. The more the European Union market for financial services is integrated, the less need there will be for financial firms to move to one location, reducing the pressure for all facilities to be in one city (see Sapir et al, 2017, which is a companion piece to this paper).
  • Topic: International Political Economy, International Trade and Finance, Brexit
  • Political Geography: Britain, Europe
  • Author: Maria Demertzis, André Sapir, Guntram Wolff
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The United States is the European Union’s most important trade and bilateral investment partner, which has, until now, supported a multilateral trade system and European integration and has provided a security guarantee to the countries of the EU. But like other advanced economies, the US’s relative weight in the global economy has declined. The new US administration seems intent on replacing multilateralism with bilateral deals. In trade, it aims to secure new trade deals in order to reduce bilateral trade deficits and to protect, in particular, the US manufacturing sector. In climate policy, the US commitment to the Paris Agreement is being questioned. In defence, the security umbrella appears less certain than previously. The overall promise behind this change of direction is to put ‘America first’ and deliver better results for US citizens.
  • Topic: International Political Economy, International Trade and Finance, Bilateral Relations, Multilateral Relatons, Political stability
  • Political Geography: Europe, United States of America
  • Author: Andre Sapir, Dirk Schoenmaker, Nicolas Veron
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The United Kingdom’s exit from the European Union creates an opportunity for the remaining EU27 to accelerate the development of its financial markets and to increase its resilience against shocks. Equally, Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets. Without the UK, the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability. Furthermore, losing even partial access to the efficient London financial centre could entail a loss of efficiency for the EU27 economy, especially if financial developments inside the EU27 remain limited and uneven.
  • Topic: Economics, International Political Economy, International Trade and Finance, Political stability, Brexit
  • Political Geography: Britain, Europe
  • Author: Zsolt Darvus
  • Publication Date: 01-2017
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: The ‘poverty’ target set by the European Commission aims to lift “over 20 million people out of poverty” between 2008 and 2020 in the EU27. Progress to date against this target has been disappointing. Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure?
  • Topic: Economics, International Political Economy, International Trade and Finance, Poverty
  • Political Geography: Europe
  • Author: Michal Šimečka
  • Publication Date: 02-2017
  • Content Type: Policy Brief
  • Institution: Institute of International Relations Prague
  • Abstract: Under pressure from overlapping crises, writes Michal Šimečka in his newest policy paper, the European Union is embracing a more assertive role in security. The election of Donald Trump has added a further sense of urgency and purpose to EU defence cooperation. The pursuit of European strategic autonomy is not just a matter of upgrading capabilities, building institutions, or re-calibrating EU–NATO cooperation. It is also a struggle to re-invent the EU’s identity. The Czech Republic emerged as a supporter of the new dynamic, but Prague should do more to back its rhetorical support with tangible commitments and policy leadership.
  • Topic: International Political Economy, International Affairs
  • Political Geography: Europe
  • Author: Teija Tiilikainen
  • Publication Date: 10-2016
  • Content Type: Policy Brief
  • Institution: The Finnish Institute for International Affairs
  • Abstract: The direct implications of Brexit for the EU’s political system will be less significant than the indirect consequences, opening up possibilities for reform. The treaty rules on a qualified majority in the Council might need to be reconsidered due to Brexit, which will also lead to a major reshuffle of the EU’s critical political groups in the European parliament after the 2019 EP elections. The political pressure to consolidate the EMU in terms of strengthening its governance and its own fiscal capacity may grow as a part of the general reform process following on from Brexit. If the treaties are reopened, principled amendments to the institutions and decision-making of the common foreign and security policy as well as further steps within the common security and defence policy are very likely to occur. Any internal reform project shouldn’t compromise the unity and coherence of the EU any further, however, as it is currently highly exposed to both internal and external pressures.
  • Topic: International Relations, International Political Economy, European Union, Brexit
  • Political Geography: Europe
  • Author: Dick Zandee
  • Publication Date: 12-2016
  • Content Type: Policy Brief
  • Institution: Clingendael Netherlands Institute for International Relations
  • Abstract: The newly launched European Defence Action Plan (EDAP) opens the door to EU spending on defence. This Policy Brief analyses why the EDAP has been launched, what it is and how it will work in practice. It argues that the plan is a step change in the European Commission’s growing involvement in defence and a potential game changer in solving the problem of European military shortfalls. European capitals should therefore embrace the new kid on the block and make full use of the potential offered by the EDAP.
  • Topic: Defense Policy, International Political Economy, Military Affairs
  • Political Geography: Europe, Global Focus