dunnettreader + eu   77

Europe's Political Economy: Reading Reviews of Varoufakis's Adults in the Room – ADAM TOOZE
Since it appeared in 2017 Yannis Varoufakis’s Adults in the Room has attracted a number of thoughtful reviews. Broadly, these fall into three camps. The camp to…
EU  EU_governance  Eurozone  financial_crisis  Greece-Troika  political_economy  books  reviews  from instapaper
february 2018 by dunnettreader
Duncan Bell - The Anglosphere: new enthusiasm for an old dream | Prospect Magazine
The Anglosphere: new enthusiasm for an old dream
Having cut Britain adrift of Europe, Brexiters are indulging in an old fantasy about a new national role in the world—as the hub of a far-flung Anglosphere

by Duncan Bell / January 19, 2017 / Leave a comment
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Published in February 2017 issue of Prospect Magazine
great_powers  British_foreign_policy  diplomacy  trade-agreements  Anglo-sphere  EU  global_system  trade-policy  British_Empire  global_governance  Europe  Brexit 
january 2017 by dunnettreader
There are liars and then there’s Boris Johnson and Michael Gove | Nick Cohen
‘Prospered by treating public life as a game’: Boris Johnson leaves his home in Oxfordshire on Saturday.Photograph: Peter Nicholls/Reuters W here was the…
Instapaper  UK_politics  Brexit  Tories  EU  EU_governance  UK_Government  UK_economy  political_press  from instapaper
june 2016 by dunnettreader
Cameron’s letter: European views on the UK’s renegotiation | LSE Blog - Nov 2015
On 10 November, David Cameron formally sent a letter to the President of the European Council, Donald Tusk, outlining his aims for the planned renegotiation of…
21stC  2010s  EU  EU_governance  Brexit  British_foreign_policy  UK_Government  UK_politics  from instapaper
november 2015 by dunnettreader
Miriam Sapiro - Transatlantic trade and investment negotiations: Reaching a consensus on ISDS | Brookings Institution - October 2015
Two steps can accelerate this process. First, US and EU negotiating teams should reach agreement on a number of key principles ** There should be a neutral forum for adjudication, independent of the potential for bias inherent in a host state’s legal system.** An arbitration tribunal should operate under established principles of international law with consistency and predictability. ** The arbitrators should be beyond reproach in terms of independence, impartiality, and integrity. ** The tribunal should have the authority to dismiss frivolous and other non-meritorious claims early in the process. ** The proceedings should be transparent and open to the public. ** An option for annulment, and possibly appeal, should be considered. Second, (..) the US and the EU should appoint a senior group of experts to review in detail several of the more provocative proposals that have been put forward by the EU—such as creating an appellate mechanism for TTIP or, more broadly, an international ISDS court. This should be a broad group of experts representing a range of academic, legal, business, public interest, and other expertise, and reflecting deep knowledge of international investment law, arbitration rules, and judicial and regulatory decision-making. To build greater public support, the group should include voices that support modifications as well as oppose them, in an effort to analyze the strengths and weaknesses of the various options, and to identify consensus where possible. -- downloaded pdf to Note
paper  trade-agreements  ISDS  EU  EU_governance  Transatlantic_Trade_and_InvestmentPartnership  transparency  public_goods  investment-bilateral_treaties  investment  FDI  regulation  regulation-enforcement  regulation-costs  regulation-harmonization  environment  public_health  legal_remedies  legal_system  arbitration  international_law  international_political_economy  appellate_review  downloaded 
october 2015 by dunnettreader
Sven Langedijk,et al - The corporate debt bias and the cost of banking crises | VOX, CEPR’s Policy Portal - 04 July 2015
Sven Langedijk, Gaëtan Nicodème, Andrea Pagano, Alessandro Rossi --Strengthening the banking sector through higher equity capital is one of the key elements of policies aiming to reduce the probability of crises. However, the ‘corporate debt bias’ – the tendency of corporate tax systems to favour debt over equity – is at odds with this objective. This column estimates the benefits for financial stability of eliminating the corporate debt bias. Fully removing the debt bias is estimated to reduce potential public finance losses by between 25 and 55% for the six large EU countries sampled.
paper  financial_system  financial_regulation  financial_crisis  banking  capital_adequacy  debt  corporate_finance  leverage  tax_policy  interest_rates  equity-corporate  EU 
july 2015 by dunnettreader
Nicolas Delalande , review - Wolfgang Streeck, Du temps acheté - La Vie des idées - May 2015
Wolfgang Streeck, Du temps acheté. La crise sans cesse ajournée du capitalisme démocratique, Paris, Gallimard, traduit de l’allemand par Frédéric Joly, 2014 [2013], 400 p., 29 €. -- Ce que la crise a révélé, dit W. Streeck, c’est le divorce consommé de longue main entre la démocratie et le capitalisme. Ce dernier s’est tourné depuis les années 1980 vers les marchés financiers et l’endettement n’a fait que masquer le plus longtemps possible la rupture. Seule issue, selon l’auteur de ce noir diagnostic : la sortie de l’euro. -- downloaded pdf to Note
political_economy  Europe  Eurozone  EU  EU_governance  European_integration  financial_crisis  international_political_economy  international_finance  capitalism-systemic_crisis  sovereign_debt  democracy_deficit  monetary_union  austerity  downloaded 
july 2015 by dunnettreader
Ariadne Lewanska - interview with Pierre Manent - Migration, patriotism and the European agendum - Eurozine - Sept 2011
Original in Polish -- Translation by Irena Maryniak -- First published in Res Publica Nowa 13 (2011) (Polish version); Eurozine (English version) --;A European patriotism can be generated only through political acts that create a sense of solidarity, says historian Pierre Manent. If invocations of Europe are to be anything but vacuous, Europe needs to be decisive in defining its interests and demarcating its boundaries. -- the interview was stimulated by the large waves of intra-EU migration, e.g. the Poles -- downloaded pdf to Note
interview  EU  Europe  EU_governance  European_integration  national_ID  patriotism  migration  assimilation  nation-state  identity-multiple  identity_politics  EU-foreign_policy  downloaded 
july 2015 by dunnettreader
Eurozine - Europe's narrative bias - Erik Hammar - January 2012
Original in Swedish -- Translation by Anna Paterson -- First published in Arena 5/2011 (Swedish version); Eurozine (English version) -- Democracy, humanism and diversity have little to do with a "European inheritance". Yet EU cultural policy instrumentalizes cultural heritage to promote common identity. This narrative bias needs to be challenged, says Erik Hammar. -- EU cultural budgets and priorities being set by right wing pro-EU with focus on "the big 3" of England, France and Germany in languages and efforts to project "soft power" globally -- the purportedly universally shared European heritage and collective identity is "humanism, tolerance and enlightenment"
Europe  EU  culture  cultural_history  cultural_capital  cultural_authority  cultural_transmission  grand_narrative  collective_memory  identity  identity_politics  identity-multiple  national_ID  memory-cultural  Europe-exceptionalism  European_integration  EU_governance  political_culture  nation-state  national_tale  national_origins 
july 2015 by dunnettreader
Krzysztof Pomian - European identity: Historical fact and political problem - Eurozine - August 2009 (original 2007)
An historian can define European identity descriptively, as Krzysztof Pomian demonstrates in a tour of European culture since the first millennium before Christ. But the real controversy lies elsewhere, in the political question: what of the European past is worth preserving? (..) What are we ready to abandon, and what are we attached to so strongly that under no circumstances will we allow ourselves be deprived of? To what extent must the future be patterned according to our expectations, rooted in the past, and to what extent are we ready to leave the shaping of it to forces we do not control, and which seem to be causing a growing estrangement from our familiar ideas about how that future should look? These questions, in many different forms, (..) must be addressed not to historians but to politicians, and in the last instance to the European citizenry, which as ultimate decision-maker must provide an answer. European identity is a historical fact. More and more, it is also becoming a political problem. -- Original in Dutch -- First published in L. Ornstein and L. Breemer (eds.), Paleis Europa. Grote denkers over Europa, as "De Europese identiteit : een historisch feit en een politiek problem", De Bezige Bij: Amsterdam 2007, 29-54 (Dutch version); Transit 37 (2009) (German version). -- downloaded pdf to Note
Europe  grand_narrative  collective_memory  identity  identity_politics  identity-multiple  national_ID  memory-cultural  cultural_history  Europe-exceptionalism  European_integration  EU  EU_governance  political_culture  nation-state  national_tale  national_origins  Roman_Empire  church_history  Christendom  Judeo-Christian  medieval_history  Europe-Medieval  Europe-Early_Modern  Enlightenment  downloaded 
july 2015 by dunnettreader
Eurozine - Where is the power? - Wojciech Przybylski, Bartlomiej Sienkiewicz A conversation with Bartlomiej Sienkiewicz - July 2015
Original in Polish -- Translation by Aleksandra Malecka
First published in Res Publica, Nowa 30 (2015) -- In Europe all political thought is imperialist, says Bartlomiej Sienkiewicz. This means that politics as we know it today incorporates the experience of imperial politics from the sixteenth to the nineteenth century, when the foundations of what we call "the political" were forged. -- downloaded pdf to Note
geopolitics  Europe  Europe-Early_Modern  empires  state-building  nation-state  national_interest  EU  EU_governance  imperial-soft  Germany  Germany-Eurozone  Russia  Russian_foreign_policy  Poland  16thC  17thC  18thC  19thC  20thC  21stC  post-WWII  post-Cold_War  empire-and_business  globalization  sovereignty  hierarchy  authority  public_policy  policymaking  public_opinion  political_culture  downloaded 
july 2015 by dunnettreader
Luca Corchia - Europe: Streeck replies to Habermas, and the debate goes on | Reset Dialogues on Civilizations - April 2014
The task of this brief presentation is to “establish a dialogue” with Streeck’s text, attempting to fill the hiatus between the answer and the original question that Habermas’ interpretation intended to pose to those wishing to simply dispose of economic and monetary union, ending up by dismantling the political and cultural integration project that inspired the founding fathers. -- downloaded pdf to Note
political_economy  international_finance  EU  EU_governance  ECB  Greece-Troika  monetary_union  Eurozone  Habermas  Europe-federalism  European_integration  nationalism  nation-state  national_interest  political_press  political_culture  economic_culture  financial_crisis  finance_capital  Great_Recession  democracy_deficit  public_opinion  downloaded 
july 2015 by dunnettreader
Luca Corchia - Europe: The debate between Habermas and Streeck about the Left and Europe’s future | Reset Dialogues on Civilizations - 25 March 2014
Over the next few months the press and television networks will one again focus on European events, returning the interest of Italian public opinion to these matters, and this will take place on the basis of the pressing timeframe dictated by political issues. In a few weeks’ time the election campaign for a European Union’s parliament, scheduled for May 22-25, will be fully under way in all 28 member states. -- check out footnotes -- downloaded pdf to Note
EU  EU_governance  Eurozone  ECB  Great_Recession  financial_crisis  Greece-Troika  democracy  democracy_deficit  legitimacy  elections  capitalism-systemic_crisis  capitalism-varieties  capital_as_power  Eurosceptic  European_integration  elites  elites-self-destructive  parties  social_democracy  right-wing  nationalism  nation-state  national_interest  political_press  political_culture  economic_culture  Habermas 
july 2015 by dunnettreader
Jürgen Habermas - Re Wolfgang Streeck - Freedom and Democracy: Democracy or Capitalism? | Reset Dialogues on Civilizations - 1 July 2013
1st of a back-and-forth with Streeck and others -- Freedom and Democracy: Democracy or Capitalism? On the Abject Spectacle of a Capitalistic World Society fragmented along National Lines -- In his book on the deferred crisis of democratic capitalism Wolfgang Streeck develops an unsparing analysis of the origins of the present banking and debt crisis that is spilling over into the real economy. This bold, empirically based study developed out of Adorno Lectures at the Institute of Social Research in Frankfurt. At its best—that is, whenever it combines political passion with the eye-opening force of critical factual analysis and telling arguments—it is reminiscent of The Eighteenth Brumaire of Louis Napoleon. It takes as its starting point a justified critique of the crisis theory developed by Claus Offe and me in the early 1970s. The Keynesian optimism concerning governance prevalent at the time had inspired our assumption that the economic crisis potential mastered at the political level would be diverted into conflicting demands on an overstrained governmental apparatus and into “cultural contradictions of capitalism” (as Daniel Bell put it a couple of years later) and would find expression in a legitimation crisis. Today we are not (yet?) experiencing a legitimation crisis but we are witnessing a palpable economic crisis.
political_economy  political_philosophy  international_political_economy  capitalism-systemic_crisis  capital_as_power  finance_capital  financialization  Great_Recession  democracy  democracy_deficit  legitimacy  nationalism  financial_crisis  sovereign_debt  social_theory  globalization  global_governance  political_culture  economic_culture  stagnation  economic_sociology  Habermas  post-secular  Eurozone  European_integration  monetary_union  EU_governance  EU  Europe-federalism  downloaded 
july 2015 by dunnettreader
Emile Chabal & Stephan Malinowski - Can Britain be European? Beyond the "Historians for Britain" Manifesto - Books & ideas - 22 June 2015 (French June 19)
an article by (..) David Abulafia, boldly entitled ‘Britain: apart from or a part of Europe?’, published online in early May 2015 in the popular history journal History Today. (..) plainly restated the Eurosceptic ideology that lies at the heart of the Historians for Britain campaign, (..) If the piece had been limited to this rather unremarkable argument, it would probably have sunk without trace. But...it was intended as a historical narrative of British exceptionalism. (..) Unlike in 2013, the reaction this time was instantaneous. An open letter to History Today – signed by over 250 historians – denounced the historical inaccuracies and elisions in Abulafia’s piece. Another group of historians announced the creation of an online counter-group called Historians for History. Even the national press picked up on the controversy in a series of articles and editorials. But, while many of these attacks on the Historians for Britain manifesto have (rightly) focused their attention on correcting the numerous errors and simplifications in the text, there is a strong case to be made for unpacking, not simply the details of the manifesto, but also its underlying assumptions – none of which can be understood in isolation from the British experience of the nineteenth and twentieth centuries. In particular, we would like to draw attention to two assumptions that reveal a good deal about the way British history is taught and disseminated: first, a myth of continuity and stability; and, second, the celebration of British exceptionality. -- downloaded English version pdf to Note (both at U of Edinburgh)
British_history  UK_politics  EU  EU_governance  Europe-19thC  19thC  20thC  British_Empire  Eurosceptic  Tories  historians-and-politics  bad_history  downloaded 
july 2015 by dunnettreader
Arthur Goldhammer - The Old Continent Creaks | Democracy Journal: Summer 2015
not so long ago (the EU) was praised by some as a model of ingenious institutional innovation and cooperative transnational governance, while simultaneously denounced by others as an insidious instrument for subjecting ostensibly democratic states to the imperious dictates of capitalism in its latest “neoliberal” form? For 2 generations after World War II, memories of the devastating consequences of nationalism trumped economic rivalries, giving technocrats maneuvering room to devise continental strategies for economic growth that nevertheless enabled member states to maintain sufficient control over social policy to satisfy voter demands. For decades, this arrangement held.By the mid-1980s, however, enormous changes in the global economy forced the European Community to reinvent itself in order to remain competitive. The original balance between national sovereignty and technocratic government at the European level was altered, limiting the ability of member states to set their own economic policy. But today’s convergent crises raise the question of whether the European Union that replaced the European Community needs to reinvent itself yet again. And if so, is reinvention possible at a time when many Europeans, and especially those for whom World War II is a distant memory, feel that the EU is exacerbating nationalist enmities rather than calming them? -- downloaded pdf to Note
article  Europe  20thC  21stC  EU  EU_governance  technocracy  nation-state  nationalism  regional_blocs  sovereignty  democracy_deficit  political_participation  opposition  globalization  competition-interstate  Eurozone  economic_policy  fiscal_policy  monetary_policy  sovereign_debt  downloaded 
july 2015 by dunnettreader
interfluidity » Greece - July 2015
Steve Randy Waldmann -- his 1st take on what's been going on, and how the Eurozone gives all the power to creditors, which produces a bunch of terribly misaligned incentives -- and what business bankruptcy law guards against
Instapaper  EU  EU_governance  Eurozone  ECB  Great_Recession  financial_crisis  Greece-Troika  IMF  bailouts  political_economy  democracy_deficit  austerity  bank_runs  central_banks  lender-of-last-resort  international_organizations  international_finance  creditors  bankruptcy  incentives-distortions  sovereign_debt  default  from instapaper
july 2015 by dunnettreader
Karl Whelan - The Grexit Mechanism: What It Means For The Future Of the Euro | Medium - June 26 2015
Greek crisis exposes cracks in the euro’s design that won’t be fixed by Greece leaving. Despite the euro’s legal status as an irrevocable currency union, the… Nice review of the tangle of economic, political and legal issues -- Default isn't by itself enough to force Grexit, so it's really what political stance the ECB takes, and even with Grexit there are the other members of the Eurozone suffering from similar problems as Greece -- Whelan: In recent years, the single most important factor that has papered over the cracks in the euro has been Mario Draghi’s “whatever it takes” commitment to preserve the euro. But if whatever-it-takes doesn’t prevent a Greek exit, there would be serious questions about what kind of euro the ECB was actually willing to bother preserving. Worth remembering is that what Draghi actually said was: "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough." The “within our mandate” bit has provided Draghi with plenty of wiggle room to decide what kind of euro he wants to preserve. It clearly doesn’t have to be one that includes Greece. And there may be others that get jettisoned. Whether this kind of a la carte euro will survive the test of time is highly questionable.
Instapaper  Eurozone  EU  ECB  EU_governance  Europe-federalism  monetary_policy  FX  lender-of-last-resort  Greece  Greece-Troika  IMF  sovereign_debt  banking  bank_runs  austerity  FX-misalignment  Spain  Portugal  Italy  political_economy  international_finance  international_monetary_system  from instapaper
june 2015 by dunnettreader
Macroprudentialism – A new Vox eBook | VOX, CEPR’s Policy Portal 15 December 2014
Dirk Schoenmaker -- overview and TOC -- Macroprudentialism is now part of the standard macroeconomic toolkit but it involves a set of relatively untested policies. This column introduces a new VoX eBook that collects the thinking of a broad range of leading US and European economists on the matter. A consensus emerges on broad objectives of macroprudential supervision, but important disagreements remain among the authors. -- downloaded pdf to Note
financial_system  financial_regulation  financial_crisis  central_banks  macroprudential_regulation  leverage  business_cycles  banking  NBFI  shadow_banking  monetary_policy  EU  Eurozone  OECD_economies  credit  mortgages  downloaded 
june 2015 by dunnettreader
Niel Jay et al - Financial markets imperfections and the SME investment dearth | VOX, CEPR’s Policy Portal - 29 June 2014
Do all firms have equal access to external financing? -- Neil Kay, Gavin Murphy, Conor O'Toole, Iulia Siedschlag, Brian O'Connell -- Small and medium-size enterprises (SMEs) often report difficulties in obtaining external finance. Based on new research, this column argues that these difficulties are not due to greater financial risks associated with SMEs. Instead, they are the result of imperfections in the market for external finance that negatively affect smaller and younger enterprises. The same research has shown that these types of firms are also the most reliant on external finance to support their investment and growth. -- they had srats on firm-level performance that allowed them, after pulling out country-level differences in economic conditions, to compare access to finance by similarly successful enterprises, differentiated by size -- as expected, the SMEs had a harder time accessing credit (as well as equity, which is a harder problem to fix given information, transaction and liquidity costs that aren't size-invariant are worse for equity) .
SMEs  Europe  EU  financial_system  banking  credit  access_to_finance  investment 
may 2015 by dunnettreader
Martens, Rusconi and Leuze, eds. - New Arenas of Education Governance: The Impact of International Organizations and Markets on Educational Policy Making | Palgrave Macmillan - November 2007
Edited by Kerstin Martens, Alessandra Rusconi, Kathrin Leuze -- How and to what extent is education becoming a field of international and market governance? Traditionally, education policy making has been viewed as the responsibility of the nation state, falling within the realm of domestic politics. But recent years have witnessed the transformation of the state. Globalization has introduced new actors and led to the internationalization and marketization of education. This volume provides the most comprehensive and up-to-date account of these new arenas of education governance, examining the impact of international organizations and the role of the market in policymaking. It demonstrates how education policy is formulated at international levels and what the consequences for national policy making will be. -- excerpt = TOC, Introduction and index -- downloaded pdf to Note
books  public_policy  education  education-higher  education-training  education-privatization  education-finance  international_organizations  globalization  markets_in_everything  market_fundamentalism  privatization  public_goods  governance  global_governance  business-and-politics  business_influence  education-civic  values  accountability  Labor_markets  human_capital  competition  competition-interstate  development  distance_learning  IT  communication  nation-state  national_ID  knowledge_economy  OECD  World_Bank  WTO  trade-policy  trade-agreements  student_debt  democracy_deficit  political_participation  EU  EU_governance  standards-setting  testing  downloaded 
may 2015 by dunnettreader
Edward Hugh - Are The IMF and the EU at Loggerheads Over Greece? - May 2015
Everything has a cost, or so the story goes, especially time. In the Greek case we now know an additional item on the mounting bill: the country is back in…
Eurozone  EU  ECB  Greece-Troika  austerity  sovereign_debt  Instapaper  from instapaper
may 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Interview with Otmar Issing — Money, Banking and Financial Markets - April 2015
President, Center for Financial Studies, Goethe University; former member of the Executive Board of the European Central Bank; former member of the Executive Board of the Deutsche Bundesbank. -- remarkably smug about how well the ECB was able to handle the immediate crisis and the steps they've taken re monetary_policy and strengthening financial supervision within the constraints of EU and ECB treaty and authority limits -- unsurprisingly he wants to raise interest rates and normalize policy since he thinks we're already seeing build up of asset prices, risk etc that he thinks were responsible for the global financial crisis.
economic_policy  monetary_policy  central_banks  ECB  interest_rates  ZLB  yield  asset_prices  spreads  EU  Eurozone  Germany-Eurozone  financial_crisis  bubbles  financial_regulation  macroprudential_regulation  macroprudential_policies 
april 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - The euro area's debt hangover — Money, Banking and Financial Markets - April 2015
You wouldn’t know it from the record low level of government bond yields, but much of Europe lives under a severe debt burden. Nonfinancial corporate debt exceeds 100 percent of GDP in Belgium, Finland, France, Ireland, Luxembourg, Netherlands, Portugal, and Spain. And, gross government debt (as measured by Eurostat) is close to or exceeds this threshold in Belgium, France, Greece, Ireland, Italy, Portugal and Spain. Debt levels this high have important long-run consequences. (...) they are a drag on growth. High debt means that households have more difficulty maintaining consumption when income falls; firms may be unable to keep up production and investment when revenue dips; and governments are in no position to smooth expenditure when revenue falls. More economic volatility means lower growth. Beyond that, high levels of debt reduce the effectiveness of central bank stimulus. (...) So, what is the euro area to do? We see three paths out of this predicament: (1) breathtaking supply reforms that trigger an investment boom; (2) inflation; or (3) a mix of asset sales and debt relief.The first option is the best. The alternatives would threaten the survival of the euro, undermine the fiscal credibility of major governments, or both. [After pointing out the problems with 1 and 2, they look at how much would sovereign_debt have to be reduced to reach debt sustainability targets embodied in Maastricht] For Greece, the write-down is 71% of face value; for Spain, 63%; and for France 50%. Taken as a whole, meeting the 60% Maastricht criterion (while maintaining bank system capital) would require that (..the) combined debt of [Greece, Spain and France of] €9.36 trillion be written down by a total of €5.07 trillion. As extreme as this sounds, it is, in fact, insufficient. Many euro-area governments also face significant unfunded pension liabilities. (...) The sooner they own up to this, the better for their long-term growth prospects. -- copied to Pocket
EU  Eurozone  debt  debt-overhang  debt-restructuring  sovereign_debt  leverage  deleverage  economic_growth  economic_reform  creditors  default  monetary_policy  ECB  central_banks  interest_rates  investment  deficit_finance  debt_crisis  corporate_finance  demand-side  supply-side  capital_markets  Great_Recession  financial_crisis  financial_system  banking  capital_adequacy  Pocket 
april 2015 by dunnettreader
Giovanni Dosi, et al -Fiscal and Monetary Policies in Complex Evolving Economies -- 2013 :: SSRN
Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano, Andrea Roventini, Tania Treibich -- In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated by heterogeneous capital- and consumption-good firms, heterogeneous banks, workers/consumers, a Central Bank and a Government. We show that the model is able to reproduce a wide array of macro and micro empirical regularities, including stylised facts concerning financial dynamics and banking crises. Simulation results suggest that the most appropriate policy mix to stabilize the economy requires unconstrained counter-cyclical fiscal policies, where automatic stabilizers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always depress the economy, without improving public finances, even when escape clauses in case of recessions are considered. Consequently, austerity policies appear to be in general self-defeating. Furthermore, we show that the negative effects of austere fiscal rules are magnified by conservative monetary policies focused on inflation stabilization only. Finally, the effects of monetary and fiscal policies become sharper as the level of income inequality increases. -- Pages in PDF File: 38 -- Keywords: agent-based model, fiscal policy, monetary policy, banking crises, income inequality, austerity policies, disequilibrium dynamics -- downloaded pdf to Note
paper  SSRN  macroeconomics  fiscal_policy  fiscal_drag  austerity  Eurozone  EU_governance  EU  equilibrium  financial_crisis  bank_runs  inequality  countercyclical_policy  agent-based_models  complexity  recessions  dynamic_attractors  complex_adaptive_systems  downloaded 
april 2015 by dunnettreader
Merkel attacks wave of rightwing populism - FT.com Jan 2015
In a hard-hitting new year broadcast, Europe’s most powerful leader led the charge against Europe’s far-right parties, slamming the organisers of recent anti-Islam protests in Germany as having hearts “often full of prejudice, and even hate”. - also tough words for Putin, calling for EU cohesion against Russian aggression - bragging re her government's accomplishments & upbeat re Getmany's domestic situation, she's cashing in that credibility to go after the real threat, which is tight-wing extremism, leading up to ehat will be fifficult negotiations with the Greek left
EU  Eurozone  Germany  Merkel  right-wing  immigration  refugees  Russia  Ukraine  Greece  austerity  sovereign_debt 
january 2015 by dunnettreader
No More Aleppos by Javier Solana - Project Syndicate
increasing multipolarity is changing the EU's position and it needs to overhaul how it deals with its neighbors from Syria to FSU - The European Neighborhood Policy must be made more flexible. Conditionality has plainly failed to deliver the intended results, because, ultimately, its success depends on countries’ willingness to accept the European agenda. Countries that are considered strategically important will require more attention and more commitment. International politics is witnessing exceptional and far-reaching change. Unless multipolarity is met with an efficient multilateral approach, problems like Syria’s civil war will become much more frequent – and more difficult to resolve. Syria, and its largest city, is the perfect place to start seeking a better way.
geopolitics  EU  Syria  MENA  diplomacy 
january 2015 by dunnettreader
A Primer on Bank Capital
nice overview - they note that since different national regulators in the EU measure assets differently kots of banks that passed the recent ECB tests would fail badly on capital adequacy under the new EU wide standards that will soon be going into effect
financial_regulation  banking  capital_adequacy  equity  debt  EU 
december 2014 by dunnettreader
Thorsten Beck, W Wagner, PR Lane, D Schoenmaker, E Carletti, F Allen - CEPR Report summary: Cross-border banking in Europe | VOX, CEPR’s Policy Portal - 20 June 2011
...a new CEPR report analysing key aspects of cross-border European banking. (..) policy reforms in micro- and macro-prudential regulation and macroeconomic policies are urgently needed for Europe to improve its efficiency and reduce its risk. -- compared to previous experiences, cross-border banking itself played a relatively positive role during the crisis – especially for countries in C & E Europe that rely heavily on foreign banks. Rather, the crisis has been exacerbated by an inadequate response of regulators (..)a misalignment of regulatory incentives and a lack of an appropriate resolution framework on both national and supra-national level. -- we study whether cross-border banking flows in the EU create risk concentrations that may amplify financial vulnerabilities. ... it is key to evaluate this issue not only at the level of the individual countries, but also at the EU-level. (..) we find that the structure of the large banking centres in the EU tends to be well balanced. C & E European countries are highly dependent on a few W European banks, and the Nordic and Baltic (is) interwoven without much diversification. At the system-level, the EU – in contrast to other regions – is poorly diversified (plus) overexposure to the US. (..) [given need to manage systemic risks in setting macro policy] requires a partial reversal from strict inflation targeting (..) even though financial stability is an important prerequisite for effective monetary policy. (..) One such risk [that cross-border banks are prone to is] that in times of crisis, the prices of assets may no longer reflect fundamental values (especially under) mark-to-market accounting. (..) (our recommendations focus) on solutions at the European – rather than the national – level. (..)the only real alternative to this is to require cross-border banks to organise themselves as a string of national stand-alone subsidiaries, which foregoes the significant benefits of having a single market in the EU. -- downloaded pdf to Note
report  EU  Eurozone  financial_system  financial_regulation  financial_crisis  risk-systemic  banking  cross-border  regulation-harmonization  macroprudential_policies  macroprudential_regulation  macroeconomics  fiscal_policy  taxes  corporate_tax  shadow_banking  downloaded  EF-add 
november 2014 by dunnettreader
Thorsten Beck, W Wagner, PR Lane, D Schoenmaker, E Carletti, F Allen - CEPR Report: Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies (June 2011) | VOX, CEPR’s Policy Portal
This CEPR report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks. Among the wishlist is removing tax preferences for debt over equity. -- see related VoxEU bookmark to executive summary as a VoxEU article -- downloaded pdf to Note
report  EU  Eurozone  financial_system  financial_regulation  financial_crisis  risk-systemic  banking  cross-border  regulation-harmonization  macroprudential_policies  macroprudential_regulation  macroeconomics  fiscal_policy  taxes  corporate_tax  shadow_banking  downloaded  EF-add 
november 2014 by dunnettreader
Ruben Andersson - TIME TO UNFENCE OUR VIEW OF MIGRATION | Pandaemonium
Ruben Andersson is an anthropologist at LSE’s Civil Society and Human Security Research Unit, and the author of Illegality, Inc: Clandestine migration and the business of bordering Europe. He recently published a post on the LSE politics blog which described how immigration border fences feed the very problem they supposedly address. I am delighted to be able to republish it on Pandaemonium.
Ruben Andersson -- Migration panic is upon Calais yet again. Amid desperate and determined attempts by refugees and migrants to clamber over fences or scramble to reach UK-bound ferries, the media have over the past month painted a picture of yet another impending invasion. Police have launched crackdowns; far-right extremists have massed on the city; and French politicians have lobbied hard for a stronger British involvement in controls. In response to the chaos, the UK first offered to send France the ‘ring of steel’ fences recently used at the NATO summit; now it has pledged £12m over three years, earmarked – among other things – for the building of robust security barriers around Calais port. Fencing, the UK immigration minister has made clear, is one key element in efforts to ‘send out a very clear message… [that] Britain is no soft touch when it comes to illegal immigration’. -- Ruben Andersson’s book Illegality, Inc will be launched at the LSE on 14 October with a public discussion, Secure the borders: The cost and consequences of Europe’s ‘fight against irregular migration’. He tweets at @Ruben_Andersson. -- lots of links including absurd US SBI
21stC  nation-state  geography  migration  Labor_markets  EU  EU_governance  right-wing  EU-foreign_policy  US_government  US_politics  links 
october 2014 by dunnettreader
John Groenewegen - European Integration and Changing Corporate Governance Structures: The Case of France | JSTOR: Journal of Economic Issues, Vol. 34, No. 2 (Jun., 2000), pp. 471-479
Speculates that the economic and business cultures of major countries are distinctive enough that the expectation of global convergence on Anglo-Saxon corporate governance norms is too simplistic. It's based implicitly or explicitly on the assumption that liberalization of European capital markets will produce a European-wide market in corporate control that will impose its Anglo-Saxon norms and values via access to and pricing of international capital. He looks at ways that European Integration might reinforce local norms or converge toward a more European set of values and governance practices. Short article, didn't download
article  jstor  France  Eurozone  EU  market_integration  capital_markets  corporate_governance  shareholder_value  corporate_control_markets  busisness-ethics  business-norms  corporate_finance  corporate_citizenship 
september 2014 by dunnettreader
Eyes on Trade: A Deal Only Wall Street Could Love | Public Citizen - December 2013
Last week, US financial regulators took a step toward reining in some of the Wall Street risk-taking that led to the financial crisis by finalizing the Volcker Rule, designed to stop banks from engaging in risky, hedge-fund-like bets for their own profit. But this week, EU and US trade negotiators could move in the opposite direction, pursuing an agenda that could thwart such efforts to re-regulate Wall Street. Negotiators from both sides of the Atlantic are converging in Washington, D.C. this week for a third round of talks on the Trans-Atlantic Free Trade Agreement (TAFTA). What is TAFTA? A “trade” deal only in name, TAFTA would require the United States and EU to conform domestic financial laws and regulations, climate policies, food and product safety standards, data privacy protections and other non-trade policies to TAFTA rules. We profiled recently the top ten threats this deal poses to U.S. consumers. One area of particular concern is how TAFTA's expansive agenda implicates regulations to promote financial stability. Here's a synopsis. -- professionally done eviseration with lots of links
US_politics  US_economy  US_foreign_policy  Obama_administration  Congress  trade-policy  trade-agreements  EU  EU-foreign_policy  international_political_economy  global_governance  international_finance  financial_regulation  Transatlantic_Trade_and_InvestmentPartnership  FDI  banking  capital_markets  NBFI  shadow_banking  asset_management  derivatives  leverage  risk-systemic  financial_crisis  central_banks  macroprudential_regulation  too-big-to-fail  regulation-harmonization  cross-border  MNCs  tax_havens  investor-State_disputes  law-and-finance  administrative_law  race-to-the-bottom  lobbying  big_business  EF-add 
september 2014 by dunnettreader
Leaked document shows EU is going for a trade deal that will weaken financial regulation | Corporate Europe Observatory
According to a leaked document, the EU is bent on using the TTIP negotiations with the US to get an agreement on financial regulation that, according to this analysis by Kenneth Haar of Corporate Europe Observatory (CEO) and Myriam Vander Stichele of The Centre for Research on Multinational Corporations (SOMO) will weaken reform and control of the financial sector. If the EU has its way, a final agreement between the EU and the US to establish a free trade and investment agreement the Transatlantic Trade and Investment Partnership (TTIP) will weaken regulation and raise obstacles to much needed reform of the financial sector. That is the conclusion after the leak of an EU proposal for so-called “regulatory cooperation” on financial regulation.1 tabled by the EU in March 2014. Regulatory cooperation is a continuous process of ironing out disagreements and differences between the two Parties to ensure agreement on what constitutes legitimate regulation – which in this case, would serve the interests of the financial industry. In the document, the EU suggests a number of mechanisms that will both scale back existing regulation, and prevent future regulation that might contradict the interests of financial corporations from both sides of the Atlantic. The leak follows news that EU negotiators have increased political pressure on the US to accept negotiations on “financial regulatory cooperation", which the US negotiators have so far refused. -- lengthy analysis with tons of links to coverage of the issues in financial press -- downloaded pdf to Note
US_politics  US_economy  US_foreign_policy  Obama_administration  EU  EU_governance  Transatlantic_Trade_and_InvestmentPartnership  financial_system  financial_regulation  international_finance  banking  capital_markets  NBFI  leverage  too-big-to-fail  bailouts  derivatives  lobbying  regulation-harmonization  cross-border  trade-agreements  trade-policy  MNCs  transparency  accountability  civil_society  central_banks  downloaded  EF-add 
september 2014 by dunnettreader
Getting Action Strategy Check: Confronting ‘corporate super-rights’ in the TTIP | The Democracy Center - April 2014
The European Commission’s public consultation on the inclusion of the investor-state dispute settlement (ISDS) mechanism in the investment chapter of the Trans-Atlantic Trade and Investment Partnership (TTIP) is clearly a result of growing citizen concern and civil society pressure. Even though the scope of the Commission’s consultation has come in for severe criticism from civil society groups, the high profile that this issue has garnered in Europe in recent months represents a unique opportunity for campaigners. In order to facilitate a strategy conversation among activists and civil society groups on ISDS in the TTIP campaign, the Network for Justice in Global Investment – a core Democracy Center project – recently interviewed two people at the center of campaigns on both sides of the Atlantic: Pia Eberhardt from the Corporate Europe Observatory and Arthur Stamoulis from the Citizen’s Trade Campaign in the United States. (The complete interview transcripts can be found here and here.) We began by asking them what strategic opportunities and challenges they see for campaigners given the current high profile of investment rules and ISDS in Europe.
investment-bilateral_treaties  investor-State_disputes  power-asymmetric  democracy  FDI  MNCs  international_political_economy  global_governance  trade-agreements  trade-policy  US_economy  US_foreign_policy  EU  EU_governance  Transatlantic_Trade_and_InvestmentPartnership  grassroots  unions  civil_society 
september 2014 by dunnettreader
ESMA Technical Advice on the feasibility of a network of small and medium-sized CRAs (November 2013) | ESMA
Technical Advice to the European Commission on the feasibility of a network of small and medium sized credit rating agencies in order to increase competition in the market -- The report provides quantitative and qualitative information on small and medium-sized CRAs in the EU, based on the analysis of the periodic reporting obligations of CRAs to ESMA via the central repository CEREP. It also covers possible barriers to entry for companies that wish to conduct rating activity in the EU. The main findings are: • The 22 registered CRAs are established in 11 EU Member States; • None of the small and medium-sized CRAs cover the whole range of the 5 rating classes considered (corporates non-financial, financials, insurance, sovereign and public finance, and structured finance). Whilst 2 CRAs cover 4 and 3 classes respectively, all the remaining small and medium-sized CRAs cover 1 or 2 rating classes only. Fitch, Moody’s and S&P issue ratings for all 5 rating classes; • Small and medium-sized CRAs are mainly active in corporate ratings. Within this rating type, 4 CRAs issue a relatively high number of corporate ratings or financial and insurance ratings; • Only 6 of the small and medium-sized CRAs provide sovereign ratings, whilst only one (DBRS) issues structured finance ratings; • As of end 2012 the majority of small and medium-sized CRAs issued solicited ratings only. 8 issued unsolicited ratings only. 3 small and medium-sized CRAs issued both solicited and unsolicited ratings, as was the case also for Fitch, Moody’s and S&P; <snip> ESMA is not aware of any private networks of small and medium-sized CRAs currently in place -- didn't download
report  EU  ESMA  financial_system  financial_regulation  capital_markets  debt  debtors  corporate_finance  sovereign_debt  competition-financial_sector  rating_agencies 
september 2014 by dunnettreader
Sovereign ratings investigation - ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls (February 2013) | Esma
This report summarises the findings of the ESMA general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious possibilities of facts likely to constitute infringements of the CRA Regulation. -- didn't download
report  EU  ESMA  financial_system  financial_regulation  international_finance  sovereign_debt  rating_agencies  conflict_of_interest  internal_controls  risk-systemic 
september 2014 by dunnettreader
ESMA website section - Market Infrastructure - Central Counterparties | ESMA
EMIR introduces a harmonised set of organisational, business conduct and prudential requirements for clearing service providers. CCPs interpose themselves between counterparties to a derivative contract, becoming the buyer to every seller and the seller to every buyer. In doing so, CCPs become the focal point for derivative transactions thus increasing market transparency and reducing the risks inherent in derivatives markets. National securities regulators are responsible for the authorisation of EU-based CCPs. For each EU-based CCP a college of supervisors will be established made up of relevant national regulators and ESMA. A non-EU CCP needs to be recognised by ESMA to offer clearing services to EU customers. Prior to recognition the EC must adopt an implementing act determining, amongst other issues, that the legal and supervisory arrangements of the relevant non-EU country imposes legally binding requirements which are equivalent to those contained in Title IV of EMIR. For some jurisdictions ESMA has assessed whether non-EU country legislation meets the EMIR standard through ESMA technical advice to the EC on which to base its decision. ESMA does not actively supervise non-EU CCPs, but following recognition defers to the non-EU CCP’s home supervisor to undertake the day-to-day supervision. ESMA’s role in this respect is that of a standard-setter who further clarifies the CCP provisions under EMIR.
website  EU  EU-law  ESMA  financial_system  financial_regulation  international_finance  market_integration  risk-systemic  derivatives  infrastructure-markets  markets-structure  clearing_&_settlement  liability  regulation-harmonization  regulation-enforcement  cross-border  law-and-finance 
september 2014 by dunnettreader
ESMA website section - Trade repositories | Esma
Trade repositories (TRs) centrally collect and maintain the records of derivatives. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability. Under EMIR, ESMA has direct responsibilities regarding the registration, supervision and recognition of TRs based outside the EU. EU-based TRs need to be authorised, and third country (non-EU) based TRs which are doing business in the EU need to be recognised by ESMA, in order for counterparties to use them for their EMIR reporting requirements. Once registered, the TR will be supervised by ESMA in order to ensure that it complies on an on-going basis with all EMIR requirements, thereby enabling regulators to access to data and details of derivative contracts in order for them to fulfil their respective missions. Besides supervising TRs, ESMA also acts as a standard-setter by further detailing the EMIR provisions regarding TRs.
website  EU  ESMA  financial_system  financial_regulation  derivatives  markets-structure  market_integration  risk-systemic  infrastructure-markets  cross-border 
september 2014 by dunnettreader
ESMA website section - Markets/ Post-trading and Settlement (SFD, CSDR, T2S) | ESMA
ESMA’s main roles in the post-trading area are implementing regulations on the EU’s markets infrastructure (EMIR) and central securities depositories (CSDR), co-ordinating issues such as settlement discipline and Target2-Securities (T2S), and providing information on the Settlement Finality Directive (SFD). **--** Section 1 - Clearing and reporting (EMIR), which covers ** Trade reporting ** Trade repositories (TRs) ** OTC derivatives and clearing obligation. ** Central Counterparties (CCPs) ** Non-financial counterparties (NFCs) ** Third (non-EU) countries **--** Section 2 - Settlement (SFD, CSDR, T2S), which covers ** Central securities depositories regulation (CSDR) ** Settlement Finality Directive (SFD) ** Target2-Securities (T2S)
website  EU  ESMA  financial_system  financial_regulation  risk-systemic  capital_markets  money_market  OTC_markets  clearing_&_settlement  markets-structure  infrastructure-markets  payments_systems  cross-border  NBFI  derivatives  equity-corporate  debt  macroprudential_regulation 
september 2014 by dunnettreader
Steven Maijoor, ESMA Chair, Keynote Speech - IBA Conference on the Globalisation of Investment Funds (Paris June 2014) | ESMA
A keynote address to the International Bar Association's 25th Annual Conference on the Globalisation of Investment Funds. The speech focused on concentrated on potential financial stability risks linked to the phenomenon of "too big to fail" and the fund management industry and also on policy developments affecting the fund management industry. **--* Excerpt -- "Addressing potential systemic risks in asset management will be an important part of our work going forward. As we develop our insights into the risks in the industry, it is clear that asset management has a specific profile that sets it apart from banking and other financial activities. This implies that the lens through which we see stability risks in banking and insurance, might not be the right one for asset management. Our proposal in this debate, therefore, is that in addition to looking at individual institutions, we must include in our analysis the very different types of activities of the asset management sector and their interdependence with systemic risks in the wider financial market." -- downloaded pdf to Note
speech  EU  ESMA  financial_system  financial_regulation  risk-systemic  capital_markets  money_market  financial_crisis  liquidity  intermediation  NBFI  shadow_banking  asset_management  banking  insurance  investors  concentration-industry  too-big-to-fail  bailouts  cross-border  regulation-harmonization  contagion  downloaded  EF-add 
september 2014 by dunnettreader
ESMA Working Paper 2 - The systemic dimension of hedge fund illiquidity and prime brokerage (June 2014) | ESMA
We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients. -- downloaded pdf to Note
paper  EU  ESMA  financial_system  financial_regulation  risk-systemic  capital_markets  money_market  financial_crisis  liquidity  intermediation  hedge_funds  markets-structure  NBFI  shadow_banking  OTC_markets  downloaded  EF-add 
september 2014 by dunnettreader
ESMA Working Paper 1 - Monitoring the European CDS market through networks: Implications for contagion risks (June 2014) | Esma
Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system. The potential “super spreaders” of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system. -- downloaded pdf to Note
paper  EU  ESMA  financial_system  financial_regulation  derivatives  markets-structure  risk-systemic  networks  networks-financial  capital_markets  NBFI  shadow_banking  OTC_markets  banking 
september 2014 by dunnettreader
ESMA Economic Report No. 1 - Retailisation in the EU - 2013
They look at higher yield, opaque retail products - "alternative" UCITS and structured products. Surprise, on a risk-weighted basis your plain vanilla bond index outperforms. And not just because of ...
report  EU  ESMA  financial_regulation  consumers  consumer_protection  NBFI  regulation-harmonization  regulation-enforcement  downloaded  from notes
september 2014 by dunnettreader
Trends, risks and vulnerabilities in financial markets - Annual Reports and Working Papers | ESMA
In order to safeguard financial stability it is necessary to identify, at an early stage, trends, potential risks and vulnerabilities stemming from the micro-prudential level, across borders and across sectors. Thereby particular attention is paid to any systemic risk posed by financial market participants, failure of which may impair the operation of the financial system or the real economy. ESMA monitors and assesses such developments in the area of its competence and, where necessary, informs the European Parliament, the Council, the Commission, the other European Supervisory Authorities and the ESRB on a regular and, as necessary, on an ad hoc basis. In cooperation with the ESRB, ESMA also initiates and coordinates Union-wide stress tests to assess the resilience of financial market participants to adverse market developments, and ensures that an as consistent as possible methodology is applied at the national level to such tests. In order to perform its functions properly, ESMA conducts economic analyses of the markets and the impact of potential market developments. On this basis, ESMA produces annually two reports on risk, trends and vulnerabilities.
report  paper  EU  ESMA  financial_system  financial_regulation  banking  NBFI  capital_markets  money_market  risk-systemic  markets-structure  market_integration  cross-border 
september 2014 by dunnettreader
Peer Review Report–Money Market Fund Guidelines - Divergence among national supervisory authorities | ESMA
The European Securities and Markets Authority (ESMA) has published a peer review report examining whether EU securities supervisors correctly apply ESMA’s guidelines on money market funds (MMFs). The review compared supervisory and enforcement practices for MMFs of 30 supervisory authorities across the European Economic Area (EEA). ESMA reviewed those 20 jurisdictions that had transposed the guidelines into their national rules. -- didn't download
report  financial_system  financial_regulation  NBFI  money_market  regulation-harmonization  EU  ESMA  cross-border  shadow_banking 
september 2014 by dunnettreader
Summary Report on the mapping of contingency measures | ESMA - Nov 2011
The main conclusion is that it is unlikely that CESR [now ESMA] Members can address a crisis situation on a common or comparable legal basis and accordingly act in a coordinated way in a crisis. The availability of powers for members in a crisis with respect to the different areas of securities regulation is diverse; the nature and scope of Members’ contingency powers as well as the legal conditions governing their exercise are differing. Members are more prepared to address those crisis situations that have a connecting point with the existing EU Directives. Many Members reported that they can apply powers contained in provisions implementing EU Directives in a crisis situation by assuming that the crisis might meet the conditions required for a "regular" application of such provisions implementing EU Directive. In cases that do not meet the conditions for the regular use of such provisions based on EU-law the basis for supervisory action according to certain powers remains sometimes unclear. In order to enable ESMA and its members to effectively fulfil their functions and roles in a crisis, steps seem to be necessary in order to vest Competent Authorities with a suitable tool to address future situations that constitute or might lead to a crisis.
report  financial_system  financial_crisis  financial_regulation  market_integration  EU  ESMA  regulation-harmonization  regulation-enforcement  cross-border  administrative_law  EU-law  downloaded 
september 2014 by dunnettreader
Home -- European Securities and Markets Authority - ESMA [formerly CESR]
ESMA’s mission is to enhance the protection of investors and reinforce stable and well functioning financial markets in the European Union. ESMA, as an independent EU Authority, achieves this mission by building a single rule book for EU financial markets and ensuring its consistent application and supervision across the EU. ESMA contributes to the supervision of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. -- successor agency as of January 2011 to the Committee of European Securities Regulators
website  government_agencies  administrative_agencies  administrative_law  EU  Europe  capital_markets  financial_regulation  regulation-harmonization  rating_agencies  equity-corporate  derivatives  markets-structure  market_integration  clearing_&_settlement  cross-border  corporate_finance  NBFI  disclosure  accounting  corporate_governance 
september 2014 by dunnettreader
EU to DO 2015-2019: Memos to the new EU leadership | André Sapir, Guntram B. Wolff, Zsolt Darvas, Silvia Merler, Nicolas Véron, Mario Mariniello, Carlo Altomonte, Reinhilde Veugelers, Rainer Münz, Suparna Karmakar, Georg Zachmann and Jim O‘Neill at B
‘THERE IS NOW A DISTINCT POSSIBILITY that this crisis will be remembered as the occasion when Europe irretrievably lost ground, both economically and politically’. This was the starting sentence of our memos to the new EU leadership five years ago. Five years later, it is fair to say that this possibility has become a reality. Unemployment has reached record levels and growth has disappointed. Meanwhile, the world outside the EU has continued to change rapidly. Emerging markets in particular have increased their weight in the global economy and in decision making. The new EU leadership – the president of the European Commission and his team of commissioners, and the presidents of the European Council and of the European Parliament – will have to address pressing challenges. Despite the significant steps taken by Europe – among them the creation of a European Stability Mechanism, the start of a banking union, the strengthening of fiscal rules and substantial structural reforms in crisis countries – results for citizens are still unsatisfactory. It is impossible to summarise all the memos in this volume but a common theme is the need to focus on pro-growth policies, on a deepening of the single market, on better and more global trade integration. Reverting to national protectionism, more state aid for national or European champions – as frequently argued for by national politicians – will not be the right way out of the crisis. On the contrary, more Europe and deeper economic integration in some crucial areas, such as energy, capital markets and the digital economy, would greatly support the feeble recovery. But in other areas, less Europe would also be a highly welcome signal that the new European leadership is serious about subsidiarity. Internal re-organisation of the European Commission to ensure that it better delivers would also be welcome. -- downloaded pdf to Note
report  EU  Eurozone  Great_Recession  economic_growth  unemployment  capital_markets  energy  financial_regulation  banking  sovereign_debt  downloaded  EF-add 
september 2014 by dunnettreader
Thorstensen, Fernandes Marçal, Ferraz - WTO x PTAs -- Where to Negotiate Trade and Currency :: SSRN June 16, 2014
Vera Thorstensen - São Paulo School of Economics (EESP) at Fundação Getulio Vargas (FGV) -- Emerson Fernandes Marçal - Sao Paulo School of Economics - FGV; Mackenzie Presbyterian University -- Lucas Ferraz - Sao Paulo School of Economics-FGV. -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/09. *--* The negotiations of mega agreements between the US and the Pacific countries (TPP) and between the US and the EU (TTIP) are raising the attention of experts on international trade law and economics. TPP and TTIP are proclaimed to be the designers of the rules for the XXI Century. Old trade instruments such as tariffs are said to be no more important for TTIP because tariffs are negligible among those partners but significant to for TPP. Another relevant agreement in negotiation is between the EU and Mercosul, where tariffs are the most important issue in discussion. The main purpose of this paper is to shows that tariff are important for all these agreements, not because of its nominal value, but because the impacts of exchange rate misalignments on tariffs are so significant that all concessions can be distorted by overvalued and by devaluated currencies. The article is divided into six sections: the first gives an introduction to the issue; the second explains the methodologies used to determine exchange rate misalignments and also presents some results for Brazil, US and China; the third summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication” and examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth creates a methodology to estimate exchange rates against a basket of currencies (a virtual currency of the World) and a proposal to deal with persistent and significant misalignments related to trade rules. The fifth presents some estimates for the main PTAs. The conclusions are present in the last section. -- downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  trade-agreements  tariffs  FX  global_imbalance  US_foreign_policy  China  Brazil  EU  Latin_America  South-South_economics  emerging_markets  capital_flows  international_monetary_system  FX-misalignment  prices  costs  downloaded  EF-add 
september 2014 by dunnettreader
Fola Adeleke - Investor-State Arbitration and the Public Interest Regulation Theory :: SSRN June 16, 2014
University of the Witwatersrand - School of Law -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/12. *--* When South Africa decided late last year to terminate a number of bilateral investment agreements with European Union countries, it did so at a time when global regulatory governance has come under scrutiny for their disposition to the domestic economic policies of states and the idea of state sovereignty in the regulation of its own economic affairs is fast declining. The prevailing global regulatory governance regime institutionalizes neo-liberalism which has given birth to various economic institutions and rules including bilateral investment treaties (BITs). The policy interest behind BITs is to some extent the suspension of domestic regulation in the governance of foreign investment. With this suspension in place, the regulatory sphere is filled by a supra-national regime that is rigid and restrains state conduct. In this paper, I intend to apply the emerging legal framework of global administrative law (GAL) to investor state arbitration in order to dispel the resistance towards this dispute settlement mechanism found in BITs for its perceived inability to adequately handle disputes that deal with public interest issues that fall outside standard investment protection but are relevant to the resolution of the investment dispute. I propose the application of domestic law concepts in an international sphere and make the argument that a statutory interpretation based on administrative law principles anchors the BIT regime to the domestic policy space of states and builds up the much needed legitimacy for investor state arbitration. The focus of GAL on the procedural elements of administrative law enables the implementation of substantive norms of liberalized trade which also promotes the rule of law, encourage a broader range of social and economic actors to scrutinize decision making and promote a democratic element in global regulatory governance. This democratic element includes public participation, greater transparency as well as an interpretive approach founded on GAL principles. - Pages in PDF File: 52 -- Keywords: Bilateral Investment Treaties (BITs), Global Administrative Law (GAL), Deference, Public Interest, Investment Arbitration - downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  South_Africa  EU  global_governance  global_economy  international_political_economy  international_finance  administrative_law  dispute_resolution  arbitration  neoliberalism  treaties  FDI  common_good  investment-bilateral_treaties  democracy  nation-state  national_interest  political_participation  business-and-politics  emerging_markets  investor-State_disputes  downloaded  EF-add 
september 2014 by dunnettreader
Tracy Alloway - RBS slashes US mortgage business - FT.com - May 2014
RBS is shrinking in the US under regulatory pressure from the Fed, with the loss of hundreds of jobs, mainly in mortgage trading, executives told staff on Tuesday. The moves solidify a sharp reversal in strategy from RBS, which built one of the biggest trading floors in the world in Stamford, Connecticut outside New York, but has now dramatically scaled back its ambitions. [New Fed rules] impose tough stress tests on foreign broker-dealers with more than $50bn in assets. -- In spite of the entreaties from Barclays and some officials such as Michel Barnier, the European commissioner, the Fed pushed ahead in March with the rules, including a stricter “leverage ratio”. Barclays argued the application of such a blunt measure of capital was unfair. In one concession that cheered foreign banks, the Fed did grant more time to comply. Typically, banks have been able to measure their capital on a global basis, with equity in one country counting against assets in another. But the Fed is concerned that US subsidiaries of banks with a large trading operation – particularly Barclays and Deutsche – could come unstuck and might come looking for US government support.
international_finance  US_economy  US_government  Fed  financial_regulation  capital_flows  leverage  banking  EU  securitization 
september 2014 by dunnettreader
Has Germany sidelined Poland in Ukraine crisis negotiations? | European Council on Foreign Relations - August 2014
The outcome of this effort, unfortunately, has been frustrating: Moscow is not prepared to compromise but instead still wants its demands met. It is holding out for preserving its grip on Ukraine, whether by “freezing” the conflict in East Ukraine or by enforcing concessions from Kyiv in the form of the federalisation of Ukraine. Federalisation would enable Moscow, through its proxies in East Ukraine, to exercise influence over the internal affairs of the Ukrainian state. Up until recently, fears that Germany would push for federalisation on Russian terms seemed justified. -- However, it now looks less likely that Germany wants to engineer such a compromise. The message of Merkel’s late August visit to Kyiv was that any resolution to the conflict would have to respect Ukraine’s sovereignty and territorial integrity. Berlin is signalling that there will be no return to “business as usual” with Moscow before a sustainable solution to the crisis has been found. Most importantly, Polish diplomatic sources confirm that there is no indication that Berlin is twisting Ukrainian arms to convince them to accept Russia’s condition of federalisation in exchange for a ceasefire. It seems that even Berlin has given up the idea that federalisation on Russian terms would be a viable or desirable option.
Ukraine  Russia  Russia-near_abroad  EU  EU-foreign_policy  Poland  Germany  diplomacy 
august 2014 by dunnettreader
Protecting the European Choice -EU's Eastern Partnership and Russian challenges - 4 case studies | European Council on Foreign Relations
Europe’s Eastern Partnership has developed into crisis management and the EU must develop a new strategy towards Russia and the periphery, according to this new series of essays. As tensions around Russia continue to grow following the shooting down of a Malaysian civilian airliner, Ukraine and its fellow Eastern Partnership (EaP) countries are increasingly exposed in areas from energy to security. The editor of the series of case studies on Ukraine, Armenia, Georgia and Moldova, ECFR senior policy fellow Andrew Wilson, argues that European Union policy towards the Eastern Partnership is “proceeding on auto pilot” and that it needs to do “more than simply protect the status quo if it is serious about maintaining the Eastern Partnership”. Wilson warns that the EU will “have to be committed to spending a lot of blood and treasure to protect countries at the sharp end of Russian pressure.” All four case studies show that Russian pressure, for all its strength and breadth, is often self-defeating and they recommend three elements which the EU should adopt in its new strategy towards Russia and the periphery: ** The EU needs to prioritise “state building” in EaP countries which lack democracy and human rights. Security must come before strengthening their economies. ** Because of the serious weaknesses of the states involved, the EU needs to develop an instrument to help the Eastern Partnership countries deal with the new types of pressure that Russia will continue to apply. ** The EU needs a vision of how to engage with Russia in a new security framework.
etexts  Europe  EU  Eastern_Europe  Russia  NATO  state-building  Russia-near_abroad 
august 2014 by dunnettreader
Simon Wren-Lewis - mainly macro: Taylor rules: the ZLB and Euro Diversity - July 2014
Where is the ECB’s policy too tight? There are the obvious countries: Spain, Portugal, Italy and especially Greece. But there is another, which is the Netherlands. There is no mystery here: CPI inflation is currently (May) 0.8%, the harmonised rate is 0.1%, and unemployment has been over 7% this year, compared to an average of below 4% from 2000 to 2007. As the Netherlands does not have an independent monetary policy, it desperately needs a countercyclical fiscal policy, yet instead it is locked into the austerity trap imposed by the Eurozone’s fiscal rules. All of this was horribly predictable, which is why I wrote these posts: May12, Sept12, June13, Dec13. These fiscal rules are not going to be abolished anytime soon, even though their intellectual rationale has disappeared. The best that we can hope for is that their impact can be softened or partially circumvented by allowing additional public investment spending: see Reza Moghadam from the IMF here, or Wolfgang Münchau here and here, Guntram Wolff here, or Mariana Mazzucato here. But if in the future anyone wants to see the clearest example of where these rules led to large and completely unnecessary social costs, just look at the Netherlands. -- lots of links
macroeconomics  monetary_policy  fiscal_policy  EU  EU_governance  ECB  Eurozone  Great_Recession  austerity  links 
july 2014 by dunnettreader
JW Mason - The Slack Wire: Wealth Distribution and the Puzzle of Germany - April 2014
In other words, one reason household wealth is low in Germany is because German households exercise their claims on the business sector not via financial assets, but as workers. -- It’s not a coincidence that Europe’s dominant economy has the least market wealth. The truth is, success in the world market has depended for a long time now on limiting dependence on asset markets, just as the most successful competitors within national economies are the giant corporations that suppress the market mechanism internally. Germany, as with late industrializers like Japan, Korea, and now China, has succeeded largely by ensuring that investment is not guided by market signals, but through active planning by banks and/or the state. There’s nothing new in the fact that greater real wealth in the sense of productive capacity goes hand hand with less wealth in the sense of claims on the social product capitalized into assets. Only in the poorest and most backward countries does a significant fraction of the claims of working people on the product take the form of asset ownership. The world of small farmers and self-employed artisans isn’t one we can, or should, return to. Perhaps the world of homeowners managing their own retirement savings isn’t one we can, or should, preserve.
economic_history  economic_growth  political_economy  20thC  21stC  development  wealth  inequality  investment  capital_markets  labor  wages  profit  SMEs  Germany  EU  corporate_governance  corporate_finance  working_class  EF-add 
may 2014 by dunnettreader
Stephan Lehne - Time to Reset the European Neighborhood Policy | Carnegie Europe Feb 2014
Through its European Neighborhood Policy (ENP), the European Union (EU) aims to support the structural transformation of its Eastern and Southern neighbors, promoting democracy, the rule of law, and successful market economies. Ten years after the ENP’s launch, it is clear that the policy is not working. Adjusting the ENP to the changing reality on the ground, sharpening its tools, and rebuilding its credibility should be a top priority for the EU’s foreign policy leadership.
Europe  EU  EU_governance  balance_of_power  geopolitics  Russia  MENA  Eastern_Europe  IR 
march 2014 by dunnettreader
Nikolas Gdosev - Commentary: Ukraine and the Failure of Strategic Ambiguity | The National Interest
Strategic ambiguity was designed to square three very different circles. The first was how to reassure countries newly freed from the Soviet yoke that, as Russian power resurged, they would not find themselves under threat from Moscow. The unhappy experience of the three Baltic States--which enjoyed twenty years of independence between the two World Wars only to be incorporated into the Soviet Union--drove efforts to seek binding security guarantees from the Western powers. The second was how to avoid complicating U.S. (and European) relations with a Russia that might, under the right circumstances, become a true partner to and even member of the Euro-Atlantic world. The final and perhaps most decisive consideration was to avoid taking on burdensome new obligations or political costs.
US_foreign_policy  Europe  EU  Russia  NATO  geopolitics 
march 2014 by dunnettreader
Kenan Malik - THE ENLIGHTENMENT – AND WHY IT STILL MATTERS | Pandaemonium May 2013
The contemporary debate about the EU pits a liberal Europeanism, through which is expressed, all too often, contempt for the electorate and an ambiguous view of the democratic process, against rightwing Euroscepticism, in which hostility to the European project is fuelled by nationalism and xenophobia. Were Spinoza or Diderot, or another thinker from the Radical Enlightenment tradition, present today, he would probably see himself as a democratic Europhile, as someone who wants to break down national barriers but to do it through popular support and the extension of democratic institutions. A contemporary debate between what are in effect aristocratic cosmopolitans, democratic cosmopolitans and xenophobic anti-cosmopolitans, a debate that in many ways echoes the eighteenth century conflict between the moderate Enlightenment, the Radical Enlightenment and the counter-Enlightenment, reveals the continuing relevance of not simply of the Enlightenment but also of the debates within it. The Enlightenment matters because, as both Pagden and Israel observe, it helped shape much of the political and moral foundations of the modern world. It matters also because the political and moral issues over which eighteenth century thinkers fought remain so often the political and moral issues over which we continue to tussle.
books  kindle  bookshelf  reviews  Enlightenment  Radical_Enlightenment  cosmopolitanism  elites  aristocracy  enlightened_absolutism  EU  democracy  populism  Hobbes  Spinoza  EF-add 
december 2013 by dunnettreader
Why the French are Fighting Over Work Hours : The New Yorker Oct 2013
Bricolage on Sunday - comparisons of working hours trends, US vs European practices post WWII and post Reagan
20thC  21stC  economic_history  Labor_markets  France  EU  US_economy  US_society 
october 2013 by dunnettreader
Simon Glendinning - J.S. Mill on the differences between European nations | EUROPP @ LSE Sept 2013
Simon Glendinning writes on the English philosopher John Stuart Mill’s views on Europe. He notes that Mill saw Britain as being very much a part of Europe, but that he also recognised important differences between European nations. Far from seeing these differences as a weakness, however, Mill viewed them as part of Europe’s strength. While some academics have called for greater integration and the creation of a federal European state, Mill’s work suggests that Europe would be stronger as an ‘enduring multiplicity’ of sovereign nations. -- contra Habermas proposal for greater integration and strengthening EU institutions with more democracy
19thC  21stC  political_philosophy  political_culture  moral_philosophy  Europe-19thC  EU  British-French_attitudes  British_history  IR_theory  sovereignty  Habermas  democracy  EF-add 
october 2013 by dunnettreader
Hillel Fradkin , Lewis Libby: Erdogan's War on Ataturk's Legacy | Hudson Institute
Erdogan's bulldozers seek to remake not just Gezi Park, but the face of Ataturk's Turkey. Erdogan has just broken ground on a massive new bridge across the Bosporus to be named for Ottoman Sultan Selim I, often known as Selim the Grim. As all Turkish school children know, Selim's conquests in 1517 first won Ottoman sultans the title of Caliph. Ottoman rulers bore this title for the next 400 years, until Ataturk abolished it. On an elevated headland on the Asian side of Istanbul, facing Europe, Erdogan now undertakes to build the largest mosque in the world. Highly visible almost everywhere in Istanbul, it will resemble and surpass the great, celebratory mosques built over centuries by the Ottoman sultans. No such mosque has been built since Ataturk ended the caliphate. Thus, the square, the bridge, the mosque, the marching song are each a repudiation of Ataturk's legacy. They herald the caliphate over the republic, Erdogan's vision over Ataturk's.

By insisting on rebuilding these barracks, Erdogan honors those who resisted the secularization and the pro-Western movement that created modern Turkey. Indeed, it was Ataturk who razed the barracks and built the park seventy years ago as a sign of Turkey's modernization and secularism. Quite literally, what Ataturk built, Erdogan tears down. What Ataturk reviled, Erdogan prizes.

Erdogan has shown no sign of shifting course, as he continues to polarize. If, as expected, he responds to these challenges, as other politicians before him, by solidifying his base, he will lean even more toward Islamist and neo-Ottoman interests.
MENA  democracy  Turkey  Islamic_civilization  Ottomans  secularism  authoritarian  EU 
august 2013 by dunnettreader
A New Climate-Policy Paradigm by Oliver Geden - Project Syndicate August 2013
EU needs Plan B since top down UN global treaty approach has failed and won't be revived in upcoming talks.
international_political_economy  EU  climate 
august 2013 by dunnettreader
Thomas I. Palley: Europe's Crisis without End: The Consequences of Neoliberalism | July 2013
Contrib Pol Economy (2013) 32 (1): 29-50. doi: 10.1093/cpe/bzt004
Downloaded pdf to Note

Palley with AFL-CIO
Abstract

This paper argues that the eurozone crisis is the product of a toxic neoliberal economic policy cocktail. The mixing of that cocktail traces all the way back to the early 1980s when Europe embraced the neoliberal economic model that undermined the income- and demand-generation process via wage stagnation and widened income inequality. Stagnation was serially postponed by a number of developments, including the stimulus from German re-unification and the low interest rate convergence produced by creation of the euro. The latter prompted a 10-year credit and asset price bubble that created fictitious prosperity. Postponing stagnation in this fashion has had costs because it worsened the ultimate stagnation by creating large build-ups of debt. Additionally, the creation of the euro ensconced a flawed monetary system that fosters public debt crisis and the political economy of fiscal austerity. Lastly, during this period of postponement, Germany sought to avoid stagnation via export-led growth based on wage repression. That has created an internal balance of payments problem within the eurozone, which is a further impediment to resolving the crisis. There is a way out of the crisis. It requires replacing the neoliberal economic model with a structural Keynesian model; remaking the European Central Bank so that it acts as a government banker; having Germany replace its export-led growth wage suppression model with a domestic demand-led growth model; and creating a pan-European model of wage and fiscal policy coordination that blocks race to the bottom tendencies within Europe. Countries, particularly Germany, can implement some of this agenda on their own. However, much of the agenda must be implemented collectively, which makes change enormously difficult. Moreover, the war of ideas in favor of such reforms has yet to be won. Consequently, both politics and the ruling intellectual climate make success unlikely and augur a troubled future.
economic_history  post-Cold_War  Germany  neoliberalism  EU  Eurozone  Great_Recession  Labor_markets  political_economy  central_banks  fiscal_policy  austerity  downloaded  EF-add 
july 2013 by dunnettreader
Massimo Pivetti: On the Gloomy European Project: An Introduction | July 2013
Intro to special issue on Eurozone Crisis
Contrib Pol Economy (2013) 32 (1): 1-10. doi: 10.1093/cpe/bzt002

TOC Articles [7]

On the Gloomy European Project: An Introduction -- Massimo Pivetti (downloaded)
Alternative Economic Policies for the Economic and Monetary Union -- Malcolm Sawyer
Europe's Crisis without End: The Consequences of Neoliberalism -- Thomas I. Palley (downloaded)
From Contagion to Incoherence: towards a Model of the Unfolding Eurozone Crisis -- Yanis Varoufakis (downloaded)
Origins and Ways Out of the Euro Crisis: Supranational Institution Building in the Era of Global Finance -- Robert Boyer (downloaded)
On the Franco-German Euro Contradiction and Ultimate Euro Battleground -- Jörg Bibow
India and the Eurozone: A Commentary on the Political Economy of Adjustment and Correction -- Shailaja Fennell ... Ajit Singh
economic_history  economic_models  political_economy  international_political_economy  international_finance  fiscal_policy  monetary_policy  central_banks  Eurozone  EU  Great_Recession  austerity  neoliberalism  downloaded  EF-add 
july 2013 by dunnettreader
Yanis Varoufakis: From Contagion to Incoherence towards a Model of the Unfolding Eurozone Crisis | July 2013
Contrib Pol Economy (2013) 32 (1): 51-71. doi: 10.1093/cpe/bzt006
Downloaded pdf to Note

Abstract

Based on an account of the macroeconomic foundations and political economy underpinning European Monetary Union, this paper presents a simple dynamic model of the mutual reinforcement feedback between (i) the Eurozone's contagion dynamic and (ii) the policy responses of the European Union, including the creation of new institutions (e.g. the European Financial Stability Facility, EFSF, and European Stability Mechanism, ESM), the signing of new treaties (e.g. the Fiscal Past) and, of course, the novel' policies of existing institutions (e.g. the ECB).
article  economic_history  economic_models  political_economy  international_political_economy  international_finance  Eurozone  Great_Recession  central_banks  fiscal_policy  monetary_policy  EU  downloaded  EF-add 
july 2013 by dunnettreader
Jolyon Howorth: Let Europea Learn to Ride the NATO Bicycle | Stephen M. Walt
NATO is like a bicycle that has only ever been ridden by the United States, with the Europeans bundled behind in the baby seat. Now the United States is urging the Europeans to learn to ride the bicycle themselves. The European response has been that they prefer to design their own, rather different, bicycle. It is smaller, slower, and fitted with large training wheels. It is useful for the sorts of missions CSDP has undertaken, but simply inadequate for serious crisis-management tasks. The Europeans need, sooner or later, to master the adult bike.
US_foreign_policy  EU  NATO  international_system  military 
june 2013 by dunnettreader
China is giving Europe a harsh lesson - Philip Stephens
Redefining Great Powers and Trans-Pacific vs Trans-Atlantic trade talks
trade  US_foreign_policy  IR  China  US-China  EU 
june 2013 by dunnettreader
DeLong: The Properly-Formulated Bagehot Rule Has Four Parts -Jun 2013
Links to B Eichengreen article re how disastrous the Greece bailout was mismanaged, violating Bagheot rules on staving off a financial crisis
financial_crisis  Great_Recession  central_banks  IMF  austerity  Eurozone  EU 
june 2013 by dunnettreader

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