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You searched for: Political Geography Europe Remove constraint Political Geography: Europe Publication Year within 5 Years Remove constraint Publication Year: within 5 Years Topic International Political Economy Remove constraint Topic: International Political Economy
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  • 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: Yakov Ben-Haim, Maria Demertzis, Jan Willem Van Den End
  • Publication Date: 02-2017
  • Content Type: Working Paper
  • Institution: Bruegel
  • Abstract: This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails less robustness against uncertainty, particularly if financial variables are taken into account. Augmenting the Taylor rule with a financial variable leads to a smaller loss of robustness than taking into account the effect of financial imbalances on the economy. However, in some situations, the augmented model is more robust than the baseline model. A conclusion from our framework is that including financial imbalances in the monetary policy objective does not necessarily increase policy robustness, and may even decrease it
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: 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
  • Publication Date: 06-2017
  • Content Type: Special Report
  • Institution: Fundación Alternativas
  • Abstract: The year since the publication of our previous report in April 2016 has been nothing short of an annus horribilis for the European Union. The victory for Leave in the UK referendum was followed by the triumph of Donald Trump in the US elections and his stated support for the further weakening of the EU, an attitude that the President of the European Council, Donald Tusk, has described as a threat. At the same time, there have been a number of significant events, both in Europe and elsewhere in the world, which we analyse in this 6th Report on the State of the EU, produced in partnership between Fundación Alternativas and the Friedrich Ebert Foundation
  • Topic: International Political Economy, Brexit
  • Political Geography: Europe
  • Publication Date: 05-2017
  • Content Type: Special Report
  • Institution: Fundación Alternativas
  • Abstract: El periodo comprendido entre la publicación del anterior Informe –abril 2016– y el actual se podría calificar, sin exagerar, como el annus horribilis de la Unión Europea (UE). Al referendo británico que se inclinó por la ruptura con la Unión, el brexit, se ha sumado el triunfo de Donald Trump en las elecciones norteamericanas y su manifestado deseo de que se produzcan nuevos brexits. Una amenaza en palabras del presidente del Consejo Europeo Tusk. Entre medias se han sucedido muchos acontecimientos en la vida europea y global que se analizan en este VI Informe sobre el estado de la UE, producto de la colaboración de la Fundación Alternativas y de la Fundación Friedrich Ebert.
  • Topic: International Political Economy, Brexit
  • Political Geography: Europe
  • Author: Antonio Fernández Tomás
  • Publication Date: 04-2017
  • Content Type: Special Report
  • Institution: Fundación Alternativas
  • Abstract: La Fundación Alternativas presenta un nuevo estudio: ¨The impact and consequences of Brexit on acquired rights of EU citizens living in the UK and British citizens living in the EU-27¨. Informe encargado y financiado por el Parlamento Europeo, ha sido elaborado por Antonio Fernández Tomás y Diego López Garrido.
  • Topic: International Political Economy, Brexit
  • Political Geography: Europe
  • Publication Date: 07-2017
  • Content Type: Special Report
  • Institution: European Policy Centre
  • Abstract: This is the fifth in a series of National Reports to be published as part of the new phase of the New Pact for Europe project.* According to the NPE Italian Reflection Group, the EU is stuck, with member countries prioritising national interests over the European ones, while problems in the economic, security and migration policy areas are far from overcome. Drawing on the discussions held amongst the members of the group, the report presents a set of conclusions on how to address the key challenges the Union and member states are facing at the moment, and calls on them to take action to boost the legitimacy of the European integration project:
  • Topic: International Political Economy, International Affairs
  • Political Geography: Europe
  • Author: Andrew Duff
  • Publication Date: 07-2017
  • Content Type: Commentary and Analysis
  • Institution: European Policy Centre
  • Abstract: Following the start of the Brexit negotiations on 19 June, Andrew Duff reviews the state of play, namely the discussions on EU citizens’ rights, the Irish border, the financial commitments and the future role of the ECJ. He welcomes the Commission’s proposal to create a Joint Committee to manage the actual exiting process. Duff regrets the irresolution on the British side, which hampers the possibility to define the future relationship with the European Union and consequently the transitional arrangements that UK business so badly needs. Given the UK’s state of confusion after the electoral results of 2016 and 2017, he suggests that the EU must make an offer to London on the basis of a wider reflection on the future not just of the smaller European Union but of the wider Europe.
  • Topic: International Political Economy, Brexit
  • Political Geography: Europe