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  • Author: Pyoung Seob Yang, Cheol-Won Lee, Suyeob Na, Taehyn Oh, Young Sun Kim, Hyung Jun Yoon, Yoo-Duk Ga
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: China’s investment in the European Union (EU) increased significantly during the European financial crisis, but has been on the decline in recent years. The surge of Chinese investment has raised concerns and demands for analysis on the negative effects it could have on the EU companies and industries. In this context, the present study aims to analyze the main characteristics of Chinese investment and M&A in Europe, major policy issues between the two sides, the EU’s policy responses, and prospects of Chinese future investment in Eu-rope, going on to draw important lessons for Korea. To summarize the main characteristics of China's investment in Europe, the study found that the EU's share of China's overseas direct investment has continued to increase until recently. Second, investment in the Central and Eastern European Countries (CEECs) is gradually increasing, although it is still insignificant compared to the top five destinations in the EU: Netherlands, Sweden, Germany, Luxembourg and France. Third, China's investment in the EU is being made in pursuit of innovation in manufacturing and to acquire high-tech technologies. When it comes to China's M&A in Europe, the study found that the proportion of indirect China's M&As (via third countries (e.g. Hong Kong) or Chinese subsidiaries already established in Europe) was relatively higher than direct ones. Empirical factor analysis of investment also shows that China's investment in the EU is strongly motivated by the pursuit of strategic assets. Other factors such as institutional-level and regulatory variables are found to have no significant impact, or have an effect contrary to expectations. This suggests that China's investment in the EU is based on the Chinese government's growth strategy, and accompanies an element of national capitalism Today, It is highly expected that the COVID-19 pandemic will have a reorganizing effect on the global value chain (GVC) and Foreign investment regulation in the high-tech sector motivated by national security is emerging as a global issue as the US and the EU are tightening their control. As Korean companies are not free from the risk of falling under such regulations, a thorough and careful response is required. And for the Korean government, it is necessary to prepare legal and institutional measures regulating foreign investment in reference to the US and the EU.
  • Topic: Foreign Direct Investment, Financial Crisis, European Union, Economy, Economic Growth, Global Value Chains, COVID-19
  • Political Geography: China, Europe, Asia, Korea, United States of America
  • Author: Dominik P. Jankowski
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: NATO Defense College
  • Abstract: Over the last decade, energy security has become a permanent element of NATO's strategic thinking, integrated into numerous NATO policies and activities. In fact, restoring the prominence of energy security within the Alliance was not easy, especially as this policy was considered primarily a question of national security in the post-Cold War era. It was only at the 2008 Bucharest Summit that NATO was given a dedicated, yet limited, mandate to work in this field. The mandate--based on a set of principles and guidelines--included information and intelligence sharing, cooperation on consequence management, and support for the protection of critical energy infrastructure.
  • Topic: Defense Policy, NATO, Energy Policy, European Union, Economy
  • Political Geography: Europe
  • Author: Frances Burwell, Jörn Fleck
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Atlantic Council
  • Abstract: The countries of Central and Eastern Europe (CEE) possess fundamental strengths that uniquely position the region to capitalize on the next wave of digitalization – solid education systems, a large talent pool of “STEM” graduates, widely adopted digitally enabled services, and fewer technology legacies. But, these advantages alone do not mean that Central and Eastern Europe will automatically succeed in this digital transition. One key factor of success will be the ability of these countries— all of them in the European Union—to cooperate in this effort across the region, for both their future economic development and their political influence within Europe and in the transatlantic relationship. In this think piece, Atlantic Council Distinguished Fellow Frances Burwell and Future Europe Initiative Associate Director Jörn Fleck explore how to take forward digitalization in Central and Eastern Europe, especially within the framework of the Three Seas Initiative (3SI).
  • Topic: Diplomacy, European Union, Economy, Business , Digital Policy
  • Political Geography: Europe, Eastern Europe, Central Europe
  • Author: David Walzer
  • Publication Date: 11-2020
  • Content Type: Policy Brief
  • Institution: Mitvim: The Israeli Institute for Regional Foreign Policies
  • Abstract: Israel and the European Union (EU) have built a special, strategic relationship over decades, since the 1960s. Following centuries of war, two world wars, tens of millions dead and destruction across the continent, the EU can be declared as the most successful expression of Europeans’ aspiration for peace and prosperity. With a population of 450 million, the EU is not only Israel’s biggest trade partner, it is also the biggest and most generous aid donor to the Palestinian Authority (PA), without which Israel would be forced to allocate extensive budgetary resources for the PA’s preservation and its commitments. Moreover, a large part of the Jewish people in Israel and the Diaspora has its roots in Europe. Many Israelis aspire to the continent’s standards of moral and cultural values and to its political systems. At the same time, many in Europe see Israel and the Israelis as members of the European family. Agreements on economic, trade, science, and other matters of vital value to Israel have been signed over the years within the framework of the special relationship that has developed with the EU.
  • Topic: International Relations, Foreign Policy, Diplomacy, European Union, Economy, Trade
  • Political Geography: Europe, Middle East, Israel, Palestine
  • Author: Dirk Schoenmaker, Svend E. Hougaard Jensen
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: Though outside the euro area, Denmark and Sweden could benefit from joining the European Union’s banking union. It would provide protection in case of any need to resolve at national level a large bank with a Scandinavian footprint, and would mark a choice in favour of more cross-border banking. But joining the banking union would also involve some loss of decision-making power.
  • Topic: Markets, European Union, Economy, Banks
  • Political Geography: Europe, Denmark, Sweden
  • Author: Ben McWilliams, Simone Tagliapietra, Georg Zachmann
  • Publication Date: 07-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: In the wake of COVID-19, some economic recovery policies will help green the economy – for example, energy renovation of buildings. But there are limits to the share of stimulus that can be explicitly green. The European Union should therefore also green the fiscal consolidation by setting out the path to much higher carbon prices than today. This would guide investment and provide revenues to help the fiscal consolidation.
  • Topic: Climate Change, Energy Policy, European Union, Economy, Renewable Energy, COVID-19
  • Political Geography: Europe
  • Author: Maria Demertzis, André Sapir, Simone Tagliapietra, Guntram B. Wolff
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: 'Whatever it takes' needs to be the motto to preserve lives and reduce the impact on the economy of the epidemic.
  • Topic: Governance, Economy, Central Bank, Macroeconomics, COVID-19
  • Political Geography: Europe
  • Author: Alicia Garcia-Herrero, Elina Ribakova
  • Publication Date: 05-2020
  • Content Type: Policy Brief
  • Institution: Bruegel
  • Abstract: COVID-19 is by far the biggest challenge policymakers in emerging economies have had to deal with in recent history. Beyond the potentially large negative impact on these countries’ fiscal accounts, and the related solvency issues, worsening conditions for these countries’ external funding are a major challenge.
  • Topic: Monetary Policy, Regulation, Finance, Economy, Central Bank, COVID-19
  • Political Geography: Europe, Asia, Latin America
  • Author: Janka Oertel
  • Publication Date: 09-2020
  • Content Type: Policy Brief
  • Institution: European Council On Foreign Relations
  • Abstract: Since the onset of the covid-19 crisis, there has been a new convergence of EU member states’ assessment of the challenges China poses to Europe. The Sino-European economic relationship lacks reciprocity, and there are mounting concerns within the EU about China’s assertive approach abroad, as well as its breaches of international legal commitments and massive violations of human rights in Hong Kong and Xinjiang. Overall, there is growing scepticism about the future trajectory of the relationship, which provides an opportunity for a more robust and coherent EU policy on China. In its remaining months, the German Council presidency could use this momentum to create institutional structures to improve the EU’s capacity to act. In doing so, it will be crucial to ease concerns about Franco-German dominance of the China agenda – especially those of eastern and southern European countries – while enabling all member states to become more engaged in shaping the EU’s future approach to China.
  • Topic: International Relations, Human Rights, European Union, Economy, COVID-19
  • Political Geography: China, Europe, Asia
  • Author: Jonathan Hackenbroich
  • Publication Date: 10-2020
  • Content Type: Policy Brief
  • Institution: European Council On Foreign Relations
  • Abstract: European countries are increasingly coming under threat of economic coercion from great powers. The European Union and member states have few tools with which to combat the economic coercion waged against them. The EU’s vulnerability threatens its sovereignty and its openness. The EU should move quickly to consider and adopt a suite of tools to protect and enhance European sovereignty in the geo-economic sphere. The mere acquisition of such powers will have a deterrent effect. Such tools are thus necessary to preserve the EU’s economic openness as well as to defend and preserve the rules-based international order. This collection outlines ten such tools that the EU could adopt.
  • Topic: International Relations, Sovereignty, European Union, Economy, Soft Power
  • Political Geography: Europe
  • Author: Susi Dennison, Pawel Zerka
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: European Council On Foreign Relations
  • Abstract: A new pan-European survey conducted by ECFR shows that, after the onset of the covid-19 crisis, there has been a rise in public support for unified EU action to tackle global threats. This is grounded in Europeans’ realisation that they are alone in the world – with their perceptions of the United States, China, and Russia worsening overall. The pandemic has made European voters keenly aware of the need to prepare for the next crisis. There is growing support for the fulfilment of climate change commitments in every surveyed country. Respondents still believe in the value of European cooperation, but generally feel that EU institutions have not helped them enough during the crisis. Policymakers need to elicit voters’ support for a strong European voice on the global stage by building coalitions and identifying areas in which there is either a consensus or a bridgeable divide.
  • Topic: International Relations, European Union, Economy, Alliance, COVID-19
  • Political Geography: Russia, China, Europe, United States of America
  • Author: Jiří Lacina
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Europeum Institute for European Policy
  • Abstract: In his brief, Jiří Lacina explores the impact of COVID-19 on the future development of European integration and the role of Czechia in this development. The EU, its institutions and the Member States are working together to withstand the current pandemic and prepare for the economic crisis to follow. Simultaneously, ideas on the future arrangement of the EU are appearing. Two emerged on 9 April: one of monetary and the other of environmental nature – and both dealing with region’s economic recovery. For now, the Czech Republic is not engaging in any of them, and once again risks being left behind.
  • Topic: European Union, Economy, Crisis Management, Coronavirus, COVID-19
  • Political Geography: Europe, Czech Republic
  • Author: Daniela Schwarzer, Shahin Vallée
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: German Council on Foreign Relations (DGAP)
  • Abstract: The coronavirus pandemic, and the resulting severe economic disruptions, can only be effectively tackled with a European and global response. The degree of integration and interdependence between member states – economically, politically and socially – means that in dealing with the virus and its economic effects, the EU is only as strong as its weakest part. Governments have to devise a more forward-looking, collective response. Hesitation and the failure to tackle the problem collectively will increase the losses – in terms of lives, economic wellbeing, political stability and EU unity.
  • Topic: European Union, Economy, Political stability, Coronavirus, COVID-19, Health Crisis
  • Political Geography: Europe
  • Author: Shahin Vallée
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: German Council on Foreign Relations (DGAP)
  • Abstract: While the ECB has already taken bold steps, the EU member states need to support its efforts by committing to underwrite together some of the fiscal costs of the COVID-19 Pandemic. The best option would be to launch a Corona Fund with the power to mobilize 1 trillion EUR—support for such a fund need not be unanimous.
  • Topic: Regional Cooperation, European Union, Economy, Recovery, Pandemic, COVID-19
  • Political Geography: Europe
  • Author: Shahin Vallée
  • Publication Date: 09-2020
  • Content Type: Policy Brief
  • Institution: German Council on Foreign Relations (DGAP)
  • Abstract: The Beirut Port blast (BPB) has revealed the fundamental failure of the Lebanese political system, but deep democratic reforms will take time and are fraught with risks. Given the US withdrawal and the extreme tensions in the region, the EU has a critical role to play in addressing the short-term humanitarian crisis, responding to the economic and financial situation, and providing a forum for civil society empowerment. If it fails to do so, the price is further geopolitical destabilization.
  • Topic: Civil Society, European Union, Geopolitics, Finance, Economy, Political stability, Crisis Management, Humanitarian Crisis
  • Political Geography: Europe, Middle East, Lebanon
  • Author: Constantine Michalopoulos
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Hellenic Foundation for European and Foreign Policy (ELIAMEP)
  • Abstract: The prospects of the Greek economy are mostly good with growth continuing for the fourth straight year. But there is a sense of disappointment, as the recovery has not been very strong and pre-crisis income levels will not be regained for another decade. There are two main reasons for the sluggish recovery: The European creditors have imposed on Greece the requirement to run a primary budget surplus of 3.5% of GDP for five years to ensure that they get repaid—a requirement that constricts growth of the Greek private sector—through heavy taxation of consumers and business. And domestic investment is sluggish, although there are plenty of unutilized resources, such as those provided by the European Structural Funds. There is a need for a new deal with the European Institutions: the Europeans should be more relaxed about getting repaid because of Greece’s much improved access to the European capital markets and be willing to accept a Greek government commitment to a significantly lower primary budget surplus for the next several years. In exchange the Greek government should commit to a commensurate increase in domestic investment through reforms of the banking sector as well as greater public sector investment spending.
  • Topic: Government, Financial Crisis, Economy, Economic Growth, Public Spending
  • Political Geography: Europe, Greece
  • Author: Kate Hooper, Camille Le Coz
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Migration Policy Institute (MPI)
  • Abstract: Seasonal worker programs represent one of the few ways in which low-skilled workers can migrate legally to the European Union, enabling them to work in sectors such as agriculture, hospitality, and tourism. Countries have taken different approaches to selecting seasonal workers, with some recruiting from within the European Union and others soliciting workers from third countries. But while some of these programs are long-established, they can struggle to meet labor demands swiftly while ensuring that workers are treated fairly and will return home when their permits expire. The European Commission has aimed to create common standards for seasonal workers’ admission, residence, and rights across Europe and to address longstanding issues such as worker exploitation, visa overstays, and hiring through the informal economy. As European policymakers take stock of these Commission-driven harmonization efforts to date, this brief by MPI Europe and the Research Unit of the Expert Council of German Foundations on Integration and Migration (SVR) explores some of the challenges common to these programs, drawing on examples in Europe, Australia, and New Zealand. It also highlights practices that can help maximize the benefits for migrants, employers, and countries of destination and origin alike. The authors sketch a number of principles to guide future reforms. Among them: prioritizing more transparent and standardized recruitment procedures, greater monitoring and outreach to protect seasonal workers, and strategies to help deliver on the thus far limited investments to support economic and social development in sending countries.
  • Topic: Labor Issues, Employment, Economy, Recruitment , Migrant Workers
  • Political Geography: Europe
  • Author: Aliyyah Ahad, Monica Andriescu
  • Publication Date: 09-2020
  • Content Type: Policy Brief
  • Institution: Migration Policy Institute (MPI)
  • Abstract: Just weeks after the United Kingdom’s formal departure from the European Union on January 31, 2020, the COVID-19 pandemic hit Europe with full force. The outbreak drew public and political attention away from the implementation of the withdrawal agreement, while also straining many public administrations, including agencies responsible for residency applications. With the clock ticking down on the transition period, set to end on December 31, 2020, many EU countries have yet to announce the details of the systems that will govern the future status and rights of their UK-national residents. The United Kingdom is further along, having rolled out its pilot EU Settlement Scheme to resident EU nationals in 2019. But of the 26 EU countries with responsibilities for citizens’ rights, only Italy, Malta, and the Netherlands had launched registration schemes before the pandemic began. And even where implementation had begun, many systems faced setbacks as in-person government services were suspended by lockdown measures. This has created considerable uncertainty for UK nationals in EU countries, and EU nationals in the United Kingdom—as well as their families—who will have six months after the transition period ends to acquire a new post-Brexit status. As this policy brief details, the pandemic has put some in an even more precarious position, including families with third-country-national members that have been separated by travel restrictions, and the newly unemployed, who may no longer meet the conditions of the EU Free Movement Directive (the foundation of the withdrawal agreement). This brief sets out steps governments on both sides of the Channel can take in the coming months to “pandemic-proof” their implementation plans. These include: investing in smart outreach to would-be applicants, streamlining status-adjustment processes, and supporting civil-society groups that can help applicants through the process.
  • Topic: Treaties and Agreements, European Union, Economy, Brexit, Pandemic, COVID-19
  • Political Geography: United Kingdom, Europe