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1262. Don't complicate it even further: Macroeconomic Conditionality as a Substitute for new Structural Reform Contracts
- Author:
- Stijn Verhelst
- Publication Date:
- 05-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- The idea of introducing contracts between Member States and the EU on structural reforms has its merits, it also has several disadvantages. Most notably, the contracts risk rendering European economic governance even more complex and cumbersome. It is therefore sensible to first try to integrate the structural reform contracts into one of the foreseen economic governance instruments.
- Topic:
- Economics, International Trade and Finance, Regional Cooperation, Governance, and Reform
- Political Geography:
- Europe
1263. A case for adjusting fiscal consolidation in the eurozone
- Author:
- Xavier Vanden Bosch
- Publication Date:
- 01-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- Fiscal consolidation is essential to ensure the sustainability of euro zone countries' public debt. However, as a principle, consolidation should not be pursued at a pace unnecessarily undermining growth in the short term. Repeated downward revisions of growth call for the use of the flexibility foreseen in the EU fiscal framework. The Commission should adapt the deadlines for fiscal correction to prevent excessive, pro-cyclical adjustment in 2013. In turn, adequate surveillance and coordination must ensure structural adjustments constitute the core of fiscal consolidation plans.
- Topic:
- Debt, International Trade and Finance, Monetary Policy, and Reform
- Political Geography:
- Europe
1264. Identifying Options for a New International Climate Regime Arising from the Durban Platform for Enhanced Action
- Author:
- Robert N. Stavins, Ottmar Edenhofer, and Christian Flachsland
- Publication Date:
- 10-2013
- Content Type:
- Policy Brief
- Institution:
- Belfer Center for Science and International Affairs, Harvard University
- Abstract:
- The goal of the Harvard Project on Climate Agreements is to help identify and advance scientifically sound, economically rational, and politically pragmatic public policy options for addressing global climate change. Drawing upon leading thinkers in Argentina, Australia, China, Europe, India, Japan, and the United States, the Project conducts research on policy architecture, key design elements, and institutional dimensions of domestic climate policy and a post-2015 international climate policy regime. The Project is directed by Robert N. Stavins, Albert Pratt Professor of Business and Government, Harvard Kennedy School.
- Topic:
- Climate Change, Economics, Energy Policy, Industrial Policy, International Cooperation, and Treaties and Agreements
- Political Geography:
- United States, Japan, China, Europe, and India
1265. The Post-2015 Agenda and the EU: Faltering in the Global Development Partnership?
- Author:
- Marikki Stocchetti
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- The era of the Millennium Development Goals and the Millennium Declaration expires in September 2015. As the largest donor of international development aid and trader with the developing countries, the EU has a key interest in the future outcome. It has also made binding commitments to support developing countries' own efforts to fulfil the present goals, as well as to act as a global partner. In the ongoing consultation process, the UN is pushing ahead with an enabling, universal development paradigm with an enhanced development partnership that goes well beyond traditional development assistance. Whereas the EU and the UN share common ground on human rights, governance and security issues, their preliminary proposals differ significantly on the question of a global partnership. The European Commission has tabled a proposal for the Union that is still based on a very conventional donor-recipient approach, which the UN seeks to reject. The European Commission proposal is problematic because it fails to present a comprehensive analysis of the current Millennium Development Goal on a global partnership, especially regarding trade and debt issues. Instead, it focuses on developing countries' domestic policies. The EU still has time to correct this as the process unfolds. Should it fail to do so, it is highly unlikely that other donors will take up the UN proposal and push it through in the inter-governmental negotiations.
- Topic:
- Development, Economics, Human Rights, Foreign Aid, and Governance
- Political Geography:
- Europe and United Nations
1266. European Defence Under Scrutiny: What can be expected from the European Council?
- Author:
- Tuomas Iso-Markku
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- The decision to place security and defence policy on the agenda of the December European Council and the intensive pre-summit preparations have given renewed impetus to this policy area and raised the level of expectations ahead of the meeting. While there is now widespread agreement among the member states on the main challenges facing the EU in the area of security and defence, conflicting political and economic interests still exist and continue to hamper the Union's efforts. The December summit is unlikely to engage in a major strategic debate, but it will discuss steps to improve the implementation of the Union's security and defence policy, to enhance cooperation in the area of capabilities, and to support the European defence industry. A major novelty is the European Commission's stronger involvement, which remains controversial, however. The most crucial task for the EU heads of state and government is to translate the momentum created by the pre-summit process into a lasting commitment on the part of all actors involved, by putting forward binding timelines, specific targets and concrete follow-up projects.
- Topic:
- Security, Foreign Policy, Defense Policy, and Arms Control and Proliferation
- Political Geography:
- Europe
1267. Updating The EMU: Differentiated economic integration in the European Union
- Author:
- Samu Kurri
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- The financial and economic crisis has reinforced the two-layer economic integration structure in the EU. Many of the new rules and structures created during the crisis have focused on a solution to the euro crisis and are thus euro area-specific. There is little evidence, however, that the situation would have dramatically changed compared to the Maastricht EMU. All of the changes are still in line with the basic idea that all EU countries will join the euro when they are ready to do so. One of the key questions in the near future is likely to centre on the contours of the euro area specific decision-making, its relationship to the EU as a whole, and its institutions and procedures. Even if the Euro group remains 'formally informal', it has managed to transform itself into a de facto institution within the EU, and its role and weight is likely to increase rather than decrease.
- Topic:
- Debt, Economics, Monetary Policy, Financial Crisis, and Reform
- Political Geography:
- Europe
1268. The WTO Under Pressure: Tackling the deadlock in multilateral trade
- Author:
- Marikki Stocchetti and Johanna Jacobsson
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- Multilateral trade liberalisation is in crisis. The WTO's ambitiously named Doha Development Round has been ongoing for more than a decade. Only a few limited issues remain on the negotiation agenda. While the round is being increasingly declared dead even by WTO members themselves, the same countries are concluding deeper trade agreements than ever before. Such progress, however, takes place at the bilateral and regional level. Another major development is the appearance of deep regulatory issues on the trade agenda. The shift from customs tariffs to countries' internal policies requires a certain like-mindedness from negotiation partners and poses challenges for national decision-making policies. Developing countries have gained less from multilateral trade liberalisation than what they had hoped for. The shift towards more fragmented trade regimes makes them even more prone to remain bystanders in global trade. At the WTO's next ministerial conference in Bali, progress on agriculture, trade facilitation and the treatment of the poorest countries would give a much-needed signal that the WTO can still benefit all of its members.
- Topic:
- Economics, International Cooperation, International Organization, International Trade and Finance, Treaties and Agreements, and World Trade Organization
- Political Geography:
- Europe
1269. The Asset Quality Review and Capital Needs: Why re-capitalise banks with public money?
- Author:
- Daniel Gros
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- There are three aggregate numbers that describe the problem the Single Supervisory Mechanism (SSM) is inheriting: the 130 banks under its direct supervision hold assets worth 250% of the euro area's GDP, their capital is equivalent to only 4% of their assets' value and they have made zero profits, in the aggregate, over the last four years.
- Topic:
- Debt, Economics, Markets, Financial Crisis, and Reform
- Political Geography:
- Europe
1270. Net Neutrality and Mandatory Network-Sharing: How to disconnect the continent
- Author:
- Andrea Renda
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- A lively debate emerged on the proposed "Connected Continent" legislative package presented by the European Commission in September 2013. The package contains a proposed rule on the 'open Internet', which was heavily discussed in European Parliament hearings in early December. This commentary argues that while the proposed rule is in principle balanced and appealing, it is utterly impractical due to the enormous uncertainty that its application would entail. At the same time, the rule is very far from what neutrality proponents have argued for almost a decade: rather than the place for internet freedom, it would transform the Web into a place requiring constant micro-management and tutoring of user behavior. Both arguments lead to the conclusion that the current proposal should be at once reformed and analysed under a more holistic lens. On the one hand, Europe should launch an ambitious project for the future, converged infrastructure by mobilising resources and reforming rules to encourage investment into ubiquitous, converged, 'always on' connectivity. On the other hand, enhanced legal certainty for broadband investment could justify a more neutrality-oriented approach to traffic management practices on the Internet. The author proposes a new approach to Internet regulation which, altogether, will lead to a more balanced and sustainable model for the future, without jeopardising user freedom.
- Topic:
- Debt, Economics, Monetary Policy, Infrastructure, and Financial Crisis
- Political Geography:
- Europe