CEPS Commentaries

181 - 210 of 452
13 September 2012

Relations between the European Union and Argentina have been under severe strain for several years now owing to a diplomatic dispute between the Argentinean government and the United Kingdom over the status of the Falkland Islands. This dispute was exacerbated by Argentina’s expropriation in April of the 51% stake held by the Spanish company Repsol in YPF, a former state-owned oil company, which had been privatized in the early 1990s. This action provoked a public outcry in Madrid and beyond, especially in the European Commission.

06 September 2012

The misguided belief that “this time is different” led policy-makers to permit the credit boom of the early 2000s to continue for too long, thus preparing the ground for the biggest financial crisis in living memory. But when it comes to the recovery this around, CEPS Director Daniel Gros argues in this Commentary that the belief that this time should not be different might be equally dangerous.

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06 September 2012

Arguing that the planned move to put the ECB in charge of banking supervision would be incomplete without a European Deposit Insurance and Resolution Authority (EDIRA), Daniel Gros and Dirk Schoenmaker spell out in a new CEPS Commentary some underlying principles to guide a gradual transition under which only future risks would be shared while past losses would remain at the national level. They show that ultimately such a new institution would serve as a genuine source of confidence in the European banking system.

04 September 2012

 In the first year and a half of its existence, the EEAS and its head have become the target of extensive criticism for the shortcomings of EU foreign policy; shortcomings that in fact date back to the creation of the European Union. The EU’s diplomatic service has been blamed variously for ‘lacking clarity,’ ‘acting too slowly’ and ‘being unable to bridge the institutional divide’.

03 September 2012

A new and far-reaching round of sanctions imposed recently on Iran by the EU is starting to hurt the country, its economy and its citizens. Yet Iran’s leadership seems deaf to demands for international weapons inspectors to be allowed unhindered access to its nuclear enrichment facilities.

30 August 2012

The proposal to move to a full banking union in the eurozone means a radical regime shift for the EU, since the European Central Bank will supervise the eurozone banks and effectively end ‘home country rule’. But how this is implemented raises a number of questions and needs close monitoring, explains CEPS CEO Karel Lannoo in this new Commentary.

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02 August 2012

In this CEPS Commentary, Steven Blockmans notes that a prolonged period of instability lies ahead for Syria, with an on-going risk of spill-over effects affecting the entire region. The author argues that the EU’s plans for a post-Assad Syria should extend beyond the half-hearted responses to the monumental changes that have ripped through other parts of the Arab world.

27 July 2012

In response to the often-heard accusation that “austerity is killing growth in Europe”, Daniel Gros asks in this new Commentary: “What austerity?” Looking at the entire budget cycle, he finds that the picture of austerity killing growth simply does not hold up.

12 July 2012

By the end of the summer, the EU will launch new crisis management missions in the Horn of Africa, Niger and South Sudan. In this CEPS Commentary, Giovanni Faleg and Steven Blockmans question whether the new deployments will revive the EU’s persona as a global security actor. The authors point out that, without the backing of a comprehensive security strategy rationale, the EU’s re-engagement as a crisis manager that opts for small-scale operations will be seen as a continuation of its sleepwalking through a changing geostrategic landscape.

05 July 2012

In this Commentary, Daniel Gros applauds the decision taken by Europe’s leaders at the eurozone summit at the end of June to transfer responsibility for banking supervision in the eurozone to the European Central Bank. It represents explicit recognition of the important fact that problems might originate at the national level, but, owing to monetary union, they can quickly threaten the stability of the entire eurozone banking system.

05 July 2012

Eight years have passed since the EU launched its European Neighbourhood Policy, aimed at inducing its neighbours to the east to converge on modern European values and economic norms. In this Commentary, Michael Emerson reflects on the curious and circuitous turn of events in the region during this period. Michael Emerson is Senior Associate Research Fellow at CEPS.

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02 July 2012

The euro area summit has managed to surprise the markets once again. By moving banking supervision of the eurozone to the European Central Bank, a huge step towards a more federal banking model has been taken, explains CEPS CEO Karel Lannoo in this new Commentary. But will this move be enough to re-establish confidence, bolster the euro interbank market and further financial integration?

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27 June 2012

Spain, needing a bailout for its banks, was granted a vague promise by EZ leaders for up to €100 billion. The details remain obscure, yet they matter enormously. This column argues that the so-called ‘subordination effect’ of fresh official lending could put Spain on the slippery road to ruin. It argues that if sovereign bonds must be bought, this should be done in the secondary market which, would be on an equal footing with private investors and thus avoid the subordination trap.

Daniel Gros is Director of CEPS.

25 June 2012

October 2011 saw the latest draft of Solvency II, the European Union’s code for regulation of the insurance industry. This commentary, a collective effort by a group of academics specializing in financial, banking and insurance institutions, argues that the latest proposals need to be drafted again, urgently.

12 June 2012

In this new CEPS Commentary, Jacopo Carmassi, Carmine Di Noia and Stefano Micossi present a rationale and detailed outline for the creation of a banking union in Europe.

12 June 2012

As the banking crisis in the eurozone becomes even more acute, CEPS Chief Executive Karel Lannoo exhorts the EU to not lose further precious time in creating a fully functional bank union, which would entail three main steps: creating a single supervisory authority, a common deposit protection and a harmonised bank resolution and liquidation system.

07 June 2012

The diabolical loop between the solvency of the banking system and the sovereign fiscal position is now apparent. In Greece it is the insolvency of the government that has sunk the banks, whereas in Spain the banks are sinking the government. What is common in both countries is that when savers see the banks and the sovereign propping each other up, they run away.  Unless the banks in both Greece and Spain are soon recapitalised, the ongoing gradual deposit flight might turn quickly into a classic run with incalculable consequences.

07 June 2012

The Common Agricultural Policy (CAP) represents nearly 40% of the EU budget and remains a highly controversial policy. This sizeable slice of the budget remains largely untargeted and inequalities in payment distribution persist. The 2013 CAP reform therefore represents a valuable opportunity to orient the agricultural sector towards 21st century objectives.

04 June 2012

At this point in the crisis, Daniel Gros writes that the common currency can only be saved if the governments of the troubled economies take determined action, supported by their citizens, to show that they attach overriding priority to their membership in the eurozone, even under difficult circumstances, and that they thus merit unreserved support from the rest of the member countries.

Daniel Gros is Director of the Centre for European Policy Studies

01 June 2012

If Greece leaves the eurozone, many expect that it that will be forced to default. This commentary by CEPS Director Daniel Gros argues that need not be the case.

01 June 2012

Against the background of the continued crisis in the eurozone, CEPS Associate Senior Fellow Michael Emerson explores in this Commentary the costs and opportunities presented to the EU as a model of competent economic policy management and as a model of enlightened regional integration.

31 May 2012

This commentary observes that fear and panic are now the driving forces in the eurozone, splitting the area into two: pushing some into bad equilibria characterised by austerity and recession, and others into good equilibria allowing their governments to borrow at almost no cost. The responses adopted so far by the ECB and the European Commission reflect a fundamental misunderstanding of the crisis and fail to assuage the existential fears undermining confidence in the eurozone. The author outlines three essential steps to be taken to unify the eurozone.

19 May 2012

Published on the eve of the NATO Summit in Chicago (May 20-21), this CEPS Commentary analyses the impact of the summit and the Smart Defence agenda on the European Union’s defence policy. Will the EU follow NATO and go ‘smart’? The authors point out that the NATO agenda provides indeed a unique chance for the EU to make unprecedented progress on pooling and sharing. They outline a three-part road map to rationalise the EU defence market and put the Union back on track as a credible and capable security provider.

14 May 2012


Georgia’s Rose Revolution of 2003 signalled the beginning of a new era for the former Soviet Union Republic. The triumphant new political elite, headed by President Mikheil Saakashvili, vowed to establish a democratic state characterised by respect for human rights, a corruption-free government and a functioning market economy seeking integration with Europe and eventual EU membership.  

11 May 2012

A new CEPS Commentary finds that the European Commission's proposals for ensuring prudential supervision of the banking sector in the EU, currently under consideration in the ECFIN Council, leave much to be desired. The author, Karel Lannoo, is CEO of CEPS and head of the Financial Markets research unit.

07 May 2012

The urge to be seen to be ‘doing something’ is leading Europe’s policy-makers to rely on the few instruments with which the EU can claim to foster growth. But, as Daniel Gros points out in this Commentary, they should recognise that today’s growth crisis is quite different than it has been in the past.

30 April 2012

In this Commentary, CEPS Associate Senior Research Fellow Michael Emerson looks at whether the so-called BRICS (Brazil, Russia, India, China and South Africa) actually form a bloc, and concludes that they do not. Three of them form part of another group: IBSA (India, Brazil and the South Africa Dialogue Forum) and are more advanced as partners. However, what both BRICS and IBSA do is confront the European Union with discomforting questions about its role as global actor.

27 April 2012

With this new CEPS commentary, CEPS Associate Fellow Jorge Núñez Ferrer weighs in this week's debate on the 2013 EU budget, concluding that the discussion was unhelpful and mainly an exercise in political posturing and misinformation on the part of the member states.

12 April 2012

In this CEPS Commentary, Daniel Gros examines the different approaches taken by the Fed and the ECB to bring about economic recovery following the financial crisis and finds that there is a qualitative difference between the two with respect to the risk each is assuming that is more important than the mere size of their balance-sheet.

Daniel Gros is the Director of CEPS.

04 April 2012

Now that the EU and Ukraine have initialled the texts of an Association Agreement and a Deep and Comprehensive Free Trade Agreement, Michael Emerson urges the EU in this new CEPS Commentary to press ahead without delay or abstain from imposing any political conditionality in order to pre-empt Putin from realising his ambition to re-integrate the post-Soviet space.

Michael Emerson is Senior Associate Research Fellow at CEPS.