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  • Author: Josaphat Kweka, Julian Boys, Amrita Saha
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: United Nations University
  • Abstract: The private sector and enterprises have a key role to play in the development of the Tanzanian economy. This Policy Brief provides insights and solutions that could offer business sectors the vital policy support that they need to develop and grow.
  • Topic: Development, Economy, Economic Growth, Trade
  • Political Geography: Africa, Tanzania
  • Author: Jeffrey J. Schott
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: China’s policies in Xinjiang, Hong Kong, and the South China Sea and its ongoing support for Iran, North Korea, and Venezuela pose major challenges for the United States, where bipartisan pressure is growing to ramp up punitive sanctions against leading Chinese firms and financial institutions. Financial sanctions freeze the US assets or bar US entry of the targeted individuals and firms and prohibit US financial firms from doing business with them. Schott explains why US officials should carefully weigh the risks to international financial markets and US economic interests before imposing punitive sanctions on major financial institutions engaged with China. The collateral costs of such sanctions would be sizable, damaging US producers, financial institutions, and US alliances. By restricting access of major banks to international payments in US dollars and barring use of messaging systems like SWIFT, tougher US financial sanctions would effectively “weaponize” the dollar; friends and foes alike would be pushed to seek alternatives to dollar transactions that, over time, would weaken the international role of the dollar. Instead of doubling down on current unilateral financial sanctions, US policy should deploy sanctions in collaboration with allies and calibrate trade and financial controls to match the expected policy achievements.
  • Topic: Human Rights, Sanctions, Finance, Economy
  • Political Geography: China, Asia, North America, United States of America
  • Author: Peter R. Orszag, Robert E. Rubin, Joseph E. Stiglitz
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Orszag, Rubin, and Stiglitz outline a new fiscal framework that they argue would better equip policymakers to face deep uncertainties about future interest rates (which, they say, may not remain low forever), hard-to-predict global shocks, and climate risks. They reject fiscal anchors—simple limits on deficits or debt as a share of GDP that governments adopt to check their spending and borrowing—that have historically guided fiscal policy and believe any attempts to modify such targets for the current period of low interest rates are likely to fail. Instead they propose making the budget respond more automatically to economic distress (through stronger automatic stabilizers) and to long-term fiscal pressures (e.g., embedding adjustment mechanisms in health care and pension programs), as well as creating an infrastructure program and extending debt maturities to insure against interest rate changes. Such a "streamlined dashboard" would then allow policymakers to use discretion as necessary to take any additional actions—either to provide more stimulus during short-term difficulties or to adjust the automatic features themselves—rather than adhering to fiscal targets that may no longer be appropriate when economic conditions change.
  • Topic: Financial Crisis, Economy, Fiscal Policy, Fiscal Deficit
  • Political Geography: Global Focus
  • Author: Robert Satloff, Sarah Feuer
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Modest invest­ments of U.S. diplomatic capital, economic aid, and security assistance can help these three countries and advance American interests. In the third in a series of TRANSITION 2021 memos examining the Middle East and North Africa, Robert Satloff and Sarah Feuer look at the U.S. relationship with Morocco, Algeria, and Tunisia. All three countries are facing sharp challenges, from economic strains exacerbated by the pandemic to potential instability arising from the conflicts in Western Sahara and Libya. But this far corner of the region also offers strategic opportunities for the Biden administration to help these countries and, in turn, advance a range of key U.S. interests. “In contrast to many other areas of the Middle East, northwest Africa offers a realm in which relatively modest invest­ments of American diplomatic capital, economic aid, and security assistance can yield substantial returns, and the point of departure for the incoming administration’s bilateral engagement will, for the most part, be not one of tension but rather of opportunity,” write the authors. In the coming weeks, TRANSITION 2021 memos by Washington Institute experts will address the broad array of issues facing the Biden-Harris administration in the Middle East. These range from thematic issues, such as the region’s strategic position in the context of Great Power competition and how to most effectively elevate human rights and democracy in Middle East policy, to more discrete topics, from Arab-Israel peace diplomacy to Red Sea security to challenges and opportunities in northwest Africa. Taken as a whole, this series of memos will present a comprehensive approach for advancing U.S. interests in security and peace in this vital but volatile region.
  • Topic: Security, Diplomacy, Foreign Aid, Economy, Joe Biden
  • Political Geography: Algeria, North Africa, Morocco, Tunisia, United States of America
  • Author: Kenneth R. Rosen
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Interviews reveal how Syrian officials are extorting their people. It is sometimes difficult to conceptualize what the dire situation of Syria’s economy means for those who live there. Some 100 tankers of fuel flow across Lebanon’s border into Syria, but the persistent lack of gas limits families' ability to heat their homes, which, in regime-held areas, already face large-scale electricity blackouts that last for hours. Likewise, hot water is a commodity afforded only to those with financial means and connections, and it is a luxury to take a hot shower in many parts of Syria. Meanwhile, on Facebook, a UNHCR tarp is for sale and women are selling their hair to feed their families—just two examples of the type of entrepreneurship needed to weather abounding hardships in a country that has known only war for the last decade. Over the summer, the Syrian pound collapsed as U.S. sanctions continue to deter international support for the government of Syrian President Bashar al-Assad. Meanwhile, the coronavirus pandemic has likewise furthered the collapse of the country’s economic infrastructure. As Syrians search for means of generating income, officials employed by the regime have gained access to funds through extortion. A common form of this extortion is the forced detention of individuals whose families must then bribe officials for either visitation rights or the release of their loved ones. A report from January underscores the scale of such extortion operations, which have remained a staple in regime tactics for years, though they are especially prevalent now given the country’s ongoing war and collapsed economy. The report—produced by the Association of Detainees and the Missing in Sednaya Prison—surveyed more than 1,200 prisoners and families. Respondents said that bribes rose as high as nearly $3 million at one jail, though the range varied. Visitation or release fees were usually a few thousand dollars or less, but bribes would be increased for families living outside of Syria, averaging about $30,000. The report underscored how these payments—far greater than the average public sector annual salary of roughly $150 per month, according to Qassioun, a Syrian newspaper —could feed the country’s security apparatus and the regime through guards, judges, military personnel, and middlemen who facilitate the negotiations. “The Syrian Arab Army is the primary party that is responsible for these types of arrests,” says to the report.
  • Topic: Crime, Economy, Syrian War, Abductions
  • Political Geography: Middle East, Syria
  • Author: Lilian Tauber
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: By committing to long-term investments in Jordan’s communities through support for social enterprises, the United States can contribute to the country’s stability and economic growth. In Jordan, one of the United States’ most reliable allies in the Middle East, economic volatility is a major threat to stability and has led to recurrent protests since 2011. High youth unemployment rates and a large refugee population contribute to its economic woes and political tensions, all of which are now exacerbated in the Covid-19 pandemic. The United States can support Jordan’s recovery from the pandemic through long-term investment in social entrepreneurship. The country’s entrepreneurship ecosystem is in a developing stage, with most resources focused on short-term funding and training, so a shift in U.S. aid to longer-term support can make a significant difference. Increasing funds and providing multi-year mentorship and operational support to select social enterprises (SEs) will allow them to become powerful forces for positive change and civic engagement in their communities.
  • Topic: Development, Foreign Aid, Economy, Investment
  • Political Geography: Middle East, Jordan, United States of America
  • Author: Chiraz Arbi, Maurizio Geri
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Gridlock and economic stagnation are testing the Arab world's only functioning democracy. On January 14, 2021, Tunisia celebrated the 10th anniversary of the end of Zine El Abidine Ben Ali’s authoritarian regime, the result of a revolution that led to a firm commitment to a process of democratization in the country. And while the revolution has meant significant change and positive development for Tunisian democracy, the Tunisian people are currently losing faith in the direction of their government as Tunisia’s democratic institutions are struggling to endure parliamentary gridlock and economic malaise—as evidenced by the recent street protests over the past few days. Consecutive Riots and demonstrations in the Capital and in several cities across the country came to defy the government’s nationwide lockdown and curfew due to Covid-19 and to symbolize the youth’s overall disenchantment. While the Prime Minister assured that this anger was “legitimate”, protests were faced by police violence and led to more than 600 arrests of protestors aged between 14 and 25.
  • Topic: Democracy, Economy, Arab Spring
  • Political Geography: Middle East, Tunisia
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Mitvim: The Israeli Institute for Regional Foreign Policies
  • Abstract: This paper presents insights and recommendations from a policy workshop of the “Israel in the Mediterranean” group led by the Mitvim Institute, the Hebrew University’s Leonard Davis Institute for International Relations and Haifa University’s National Security Studies Center. The workshop, convened on 19 November 2020, focused on key diplomatic, economic, energetic, environmental and identity issues that Israel faces in the Mediterranean. The document does not necessarily reflect agreement by all participants.
  • Topic: Foreign Policy, Diplomacy, Environment, Economy, Regional Integration, Identity
  • Political Geography: Israel, Palestine, Mediterranean
  • Author: Moe Thuzar
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: Building on the New Southern Policy (NSP) implementation experience, and in recognition of the uneven impact of the Covid-19 pandemic on different populations in ASEAN, the ROK may consider the following operational dimensions of implementing the NSP Plus’ strategic thrusts. First, consultation of ASEAN’s collective and individual needs on each of the core strategy areas, leveraging on the ROK’s willingness to share and adapt its successful practices to meet the needs of its ASEAN partners. Second, synchronizing or aligning the NSP Plus’ regional thrusts with the ROK’s bilateral programs in the ASEAN countries, to ensure a seamless continuity of matching regional-level support with in-country requirements. Third, instituting a periodic or mid-term review mechanism for the NSP Plus implementation may help early identification of areas or priorities to adjust or revise, taking into account emerging needs and concerns. Ultimately, the ROK’s NSP niche will be the quality of its impact, in areas where the ROK’s strengths speak most to its “new southern neighbors.”
  • Topic: Economy, ASEAN, Regional Economy
  • Political Geography: Asia, Korea
  • Author: Jai Chul Heo
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: China has been able to escape from the Covid-19 outbreak relatively quickly compared to other countries. Nevertheless, it still remains greatly influenced by the Covid-19 pandemic across its politics, economy, society, culture, and other areas, which has led to various changes throughout China. Therefore, this study comprehensively examined the impact of the Covid-19 outbreak on various aspects of Chinese politics, economy, society, and culture. And in response to these changes in Chinese society, the study explores new strategies toward China in the post-Covid-19 era.
  • Topic: Politics, Culture, Economy, COVID-19, Society
  • Political Geography: China, Asia, Korea
  • Author: Kyong Hyun Koo
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: FTAs have been known to have large positive effects on trade creation between member countries. However, it is relatively unexplored how much small/medium-sized enterprises (SMEs) accounted for in the trade creation due to FTAs compared to large-sized enterprises (LEs). We find that Korean FTA policies have significantly increased SMEs’ direct exports to FTA partner countries between 2005 and 2017, although the effects were as much as a half of those for LEs, which indicates a considerable LEs’ premium in the direct export effects of FTAs. We further find that the FTAs also significantly increased the indirect exports of Korean firms, i.e., the domestic input supplies through in-dustrial input-output linkage, and that SMEs have benefited more from the indirect export effects of FTAs than LEs. Considering the direct and indirect export effects together, the LEs’ premium in the total export effects of FTA is found to become smaller.
  • Topic: Treaties and Agreements, Economy, Free Trade, Exports, Trade, Industry
  • Political Geography: Asia, Korea
  • Author: Sungbae An, Minsoo Han, Subin Kim, Jinhee Lee
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The decline in labor share is recognized as a global phenomenon. Concerns have been raised that this trend will exacerbate the income inequality between business owners as capitalists and households as the labor suppliers, prompting a decline in household income and consumption, which are major driving forces for sustainable growth. Meanwhile, various policy measures have been introduced to raise the labor share, with the aim of correcting inequality and boosting growth. This study explores the determinants of labor share and analyzes the effects of these factors on the economy and social welfare, offering various interpretations and policy alternatives according to economic conditions.
  • Topic: Labor Issues, Inequality, Economy, Business , Welfare
  • Political Geography: Asia, Korea
  • 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: Sangbaek Hyun, Suyeob Na, Young Sun Kim, Koun Cho, Bongkyo Seo
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The opening of China's financial sector has progressed at a very slow pace, unlike the manufacturing and trade sectors that have pushed for an active opening to the outside world. The Chinese economy has been growing rapidly while serving as a global production base, but since 2012, it has become necessary to modify its approaches to achieve growth as it enters an era of medium-speed growth. Recently, new reform and opening measures have been taken in various fields to improve the quality of the Chinese economy, and the need for reform and opening in the financial sector has also increased. Internally, the financial system centered on China's state-owned commercial banks has focused on indirect financing, which has served as a major obstacle to upgrading China's economy and industry to the next level, further increasing the need for reform and opening of the financial sector. Moreover, externally, the U.S.-China conflict which began in earnest in 2018, is applying strong pressure toward reform and opening in China’s financial sector. The Chinese government began to show a proactive attitude toward financial opening amid such internal needs and external pressure, and an important development was seen in China’s financial opening when President Xi Jinping declared further opening measures at the Boao Forum in April 2018. The Chinese financial authorities have prepared follow-up measures related to financial opening, and the Chinese government’s efforts toward financial opening in the three years from 2018 to 2020 yielded more results than the ten-year opening period since its accession to the WTO. Against this backdrop, this study examines the main contents of China’s financial opening process, which has been accelerating recently, and derives evaluation and implications.
  • Topic: Finance, Economy, Economic Growth, Banks
  • Political Geography: China, Asia, Korea
  • Author: Young Ho Park, Minji Jeong, Soo Hyun Moon
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: There has been a growing consensus in the national and international aid architecture that sporadic or scattered aid modality should be avoided. This study conducted a comprehensive cluster evaluation on Korea’s agricultural ODA to Rwanda between 2013 and 2017, with two newly devised indexes: Cluster Performance Index (CPI) and Resource Allocation Index (RAI). Every Korean agricultural ODA project was categorized into five clusters and numerically evaluated against criteria widely used in the evaluation of development projects: relevance, efficiency, effectiveness and sustainability. Our cluster evaluation reveals that projects are mostly planned appropriately, but in some clusters, large amounts of the budget have been invested in poorly planned projects. Regarding efficiency, there was considerable room for improvement in all clusters. Particularly, in the Monitoring and Evaluation (M&E) category, all clusters scored below average. Concerning performance evaluation, all clusters scored relatively high in effectiveness, specifically in goal achievement. Lastly, in terms of sustainability, risk management was found to be relatively inadequate in all clusters. Based on the lessons from the aforementioned observations and analysis results, this study suggests ODA quality can be improved by optimizing budget allocation, improving monitoring efficiency, creating synergistic effects through cluster linkage, and developing agricultural value chain program.
  • Topic: Agriculture, Foreign Aid, Economy, Value Chains
  • Political Geography: Africa, Asia, Korea, Rwanda
  • Author: Gyupan Kim, Hyongkun Lee, Boram Lee, Jongeun Lee, Wonju Son
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: In Japan, the challenges posed by its low birthrate and aging population expanded rapidly with the collapse of the bubble economy in the early 1990s, and in March 2011, energy and environmental problems such as power supply shortages and nuclear radiation issues occurred in the wake of the Great East Japan Earthquake and Fukushima nuclear accident. Also, with the beginning of the coronavirus pandemic in January 2020, digital transformation has emerged as a social challenge. In particular, Japan's aging population combined with a decrease in the working age population, has caused the government to face fiscal crisis due to the burden of social insurance, and a sense of crisis of labor shortage in the medical, manufacturing and logistics sectors. This is also leading to a sense of crisis at local governments as well, seen with the collapse of the medical service supply system under “Tokyo centralization,” the rapid increase of the vulnerable in transportation due to the super-aging of rural areas, and the risk of extinction of local communities. The analysis on the healthcare and medical care sectors was conducted in chapter 2, and the manufacturing, mobility, and logistics sectors in Chapter 3, and the local revitalization in Chapter 4 respectively. And chapter 5 of conclusion remarks presents policy implications for the Korean government.
  • Topic: Demographics, Industrial Policy, Science and Technology, Nuclear Power, Economy
  • Political Geography: Japan, Asia
  • Author: Kwon Hyung Lee, Sung Hyun Son, Yun Hee Jang, Kwang Ho Ryou
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: Over the past several decades, the six member countries of the Gulf Cooperation Council (GCC) have implemented economic policies for industrial diversification to lessen severe dependence on the oil industry. Such policy efforts have been driven by their awareness of macro-economic and structural risks from heavy volatilities in international oil markets in terms of fiscal and trade sectors. For instance, the drop in international oil prices reduces export performance in the oil and natural gas sectors, which in turn results in a decline in the stability of fiscal revenue. The recent trends of low oil prices since 2014, as well as high unemployment rates, have strengthened the policy regime for industrial diversification and job creation supported by mid- to long-term economic plans of the GCC countries. This report reviews what has been emphasized in the areas of industrial, employment, trade and investment policies. We then derive implications for Korean companies and policymakers for sustainable cooperation between Korea and the Middle East.
  • Topic: Oil, Economy, Diversification, Trade
  • Political Geography: Asia, Korea, Gulf Nations
  • Author: Sungwoo Hong, Yeo Joon Yoon, Jino Kim, Jeewoon Rim, Jimin Nam
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The conflict between the United States and China may be the issue of most importance as well as interest to the world, prior to COVID-19. This conflict between the two countries is appearing not only in the economic sector, but also in various field such as politics, diplomacy, and military affairs. Such competition between the two countries is likely to escalate further as multilateral systems such as the WTO are threatened and protectionism intensifies in the post-COVID-19 world. Even within Latin America, the competition between the two countries frequently appears in a variety of forms. Conflicts between the United States and China in Latin America tend to occur mainly in the infrastructure sectors. Furthermore, the United States pressured Latin American countries to choose between the United States and China, with the results of this pressure depending on the political orientation of the ruling government. In order to investigate the impact of retaliatory tariffs between the two countries on Latin American countries’ exports and welfare, we employ an event analysis for exports and computational general equilibrium (CGE) model for welfare, with Argentina, Brazil, Mexico, and Chile as the subject of our analysis. Based on the outcome of the event study, Brazil’s exports to the United States moderately increased due to the tariff imposition, and such an effect persisted for short term. Its exports to China rose considerably immediately after the tariff imposition, and then the impact tended to decrease over time. By contrast, it is difficult to conclude that the tariff imposition had a statistically significant and lasting effect on the exports of the remaining three countries to the United States and China. As a result of the analysis using the CGE model, meanwhile, the tariffs imposed between the United States and China trivially increased the welfare of Latin American countries.
  • Topic: Foreign Policy, Economy, Tariffs, Exports, Trade, Rivalry
  • Political Geography: China, Asia, South America, Latin America, Korea, United States of America
  • Author: Ketian Zhang
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: China’s coercive behavior in the post–Cold War period suggests three patterns. First, China uses coercion when it wants to establish a reputation for resolve. Second, China has been a cautious bully, resorting to coercion only infrequently. Third, when China perceives the “geopolitical backlash cost” of military coercion to be high, it chooses instead to use sanctions and grayzone coercion. (“Geopolitical backlash cost” refers here to the possibility that the target state will seek to balance against China, with the potential for U.S. military involvement.) When China perceives the geopolitical backlash cost to be low, it is more likely to use military coercion.
  • Topic: Sovereignty, Power Politics, Geopolitics, Economy
  • Political Geography: China, Asia, South China Sea
  • 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