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  • Author: Giuseppe Martinico
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: Asymmetry has frequently been experimented within federalising processes, especially in those federal or quasi-federal contexts characterised by the coexistence of different legal and cultural backgrounds (Canada, for instance). By adopting a comparative approach, this paper offers a reflection on asymmetry as an instrument of differentiated integration in the current phase of the EU integration process. It aims to show the potential of the concept and some of the risks connected to its use.
  • Topic: Markets, Regional Cooperation, Culture, European Union
  • Political Geography: Europe
  • Publication Identifier: 978-88-98650-73-6
  • Publication Identifier Type: DOI
  • Author: Daniele Ciani, Paolo Finaldi Russo, Valerio Vacca
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: This paper describes the main features of European SMEs’ financial behaviour and the policies recently put in place to support their funding. European SMEs are structurally more leveraged and charged with higher interest rates than large firms. Moreover, the crisis has deeply affected their fund-raising capacity, as banks reduced credit supply while non-bank funding was unavailable to most SMEs. Against this background, EU has focussed its policies on long-term investment and on a more favourable environment for SMEs financing, including through the launch of the Capital Markets Union. At the national level, most governments have provided guarantees and enhanced the role of national development banks. Nevertheless, key issues are still outstanding, such as the funding of innovative firms and the improvement of transparency and of the legal and regulatory frameworks.
  • Topic: Economics, International Trade and Finance, Markets, European Union
  • Political Geography: Europe
  • Publication Identifier: 978-88-98650-71-2
  • Publication Identifier Type: DOI
  • Author: Riccardo Alcaro
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: British Prime Minister David Cameron has pledged to campaign for the UK to stay in the EU in the incoming in-or-out referendum on the UK’s EU membership, but only if London succeeds in recalibrating its relationship with the Union. As the EU’s fourth largest country, Italy will play a crucial role in the negotiation. The challenge for Rome is to balance its long-standing commitment to strengthening European integration with the interest in keeping a country the size and influence of the UK in the EU. Matteo Renzi’s government should be supportive of British proposals about competitiveness, pragmatic as far as sovereignty issues are concerned, constructive but cautious regarding economic governance, and understanding of British concerns but also firm about immigration.
  • Topic: Markets, Regional Cooperation, Immigration, European Union
  • Political Geography: United Kingdom, Europe
  • Publication Identifier: 978-88-98650-70-5
  • Publication Identifier Type: DOI
  • Author: Zhao Minghao
  • Publication Date: 10-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: The European Council has mandated the High Representative of the Union for Foreign Affairs and Security Policy, Federica Mogherini, to draft a Global Strategy by June 2016. Given Europe’s status as a global power, such a strategy must respond to Europe’s own challenges as well as to the new grand strategies of other major players in world politics, like China. To better understand the central tenets of the Chinese leadership’s strategic thinking, two keywords are most important – the “Four Comprehensives” and the “One Belt and One Road” (OBOR). As an initiative mainly focusing on promoting Eurasian integration and reshaping Chinese geo-economic advantages, the OBOR is highly consequential to China’s interactions with Europe and the rest of the world at large in the decades to come. How to take advantage of the OBOR, create new EU-China synergies, and tackle relevant challenges are questions the EU leaders should be attentive to.
  • Topic: Economics, International Cooperation, International Trade and Finance, Markets, Bilateral Relations
  • Political Geography: Europe, Asia
  • Publication Identifier: 978-88-98650-61-3
  • Publication Identifier Type: DOI
  • Author: Elif Burcu Günaydin
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: South-Eastern Mediterranean gas findings have raised much interest in recent years. Even though the estimated quantity of reserves is not globally significant, it is enough to be a regional game changer, promising a considerable amount of gas surplus to be exported. The main export route and potential customers are still being debated. Turkey, with its growing gas consumption, geographical location and existing pipeline system, is considered to be the most feasible option both as a customer and a transport route. Nevertheless, the fact that Israel and Cyprus, with whom Turkey had difficult relations, are the first two explorers of significant resources complicates considerably the situation. Optimistically, the reserves may lead to a solution to the Cyprus conflict and restore diplomatic ties between Israel and Turkey. However, energy resources are known to be a double-edged sword that can lead to collaboration but also to conflict. Either way, gas production will find its way to the markets. It will be up to regional actors to decide whether this way will be paved via interim agreements or via a permanent settlement that could initiate regional energy cooperation in the Eastern Mediterranean.
  • Topic: Energy Policy, Markets, Oil, Natural Resources, Infrastructure
  • Political Geography: Europe, Turkey, Asia
  • Author: Ariel Cohen
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: Russia's occupation of the Crimea and possible incorporation of Eastern Ukrainian regions demonstrated Europe's vulnerability to Gazprom's energy power. Whatever the EU's reactions, diversification of energy supply to diminish Russia's market share is likely to be one of them. TAP is one step towards the strategic goal of diminishing Gazprom's huge presence in Europe. But in view of the proposed construction of the Russian South Stream, how could Central Europe, and especially Bulgaria, Romania, Austria and Lithuania, ensure energy diversification? What next for the Southern Corridor? Is Russia going to accept and tolerate infrastructure growth of the Caspian and other competitors south of its borders?
  • Topic: Economics, Energy Policy, Markets
  • Political Geography: Russia, Europe, Lithuania, Bulgaria, Romania, Austria
  • Author: Giulia Rosa Maria Cavallo
  • Publication Date: 10-2014
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: After the adoption of a single monetary policy which commits the European Central Bank to maintaining the euro's purchasing power and price stability in the Eurozone, the European Union is facing a new, but equally fundamental challenge: the implementation in a relatively short time of the so-called "Banking Union". Its purpose is twofold: (1) breaking the link between banking and sovereign risk, with the ultimate goal of achieving full protection of EU savers in the event of a crisis; and (2) ensuring uniformity of credit conditions - which are still too fragmented - within the European banking market, to ensure greater EU integration of the financial system. Starting from the Communication in which the European Commission stressed the need for a banking union, this paper intends to explore the complex process towards its establishment by looking at the EU institutional mechanisms and the legal aspects. In particular, the analysis will be based on two building blocks: (1) the Single Supervisory Mechanism, with a single supervisor at the heart of the banking union; and (2) the Single Resolution Mechanism as a new integrated resolution framework and a resolution fund to address the failure of banking institutions. The paper then assesses the next steps for a fully fledged banking union, necessary in order for this new instrument to lay the foundations for a genuine Economic and Monetary Union, thereby fostering financial and economic stability in the euro area and in the EU as a whole.
  • Topic: Economics, Markets, Monetary Policy, Financial Crisis
  • Political Geography: Europe