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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