CEPS Research Areas

1 - 11 of 11
01 August 2012

At the end of the 1980s, a tri-polar world comprising the US, EU and Japan emerged. However, the economic turbulence of the early 21st century has destabilized this order, and the rise of other Asian powers has implications for the formation of a new economic configuration.

This book discusses the probability of the different tentative global economic power balances to emerge, as well as the different contestants: the EU, China and Japan, among others.

01 February 2012

This paper analyses labour demand and supply with respect to skills and tasks. The literature on this topic is abundant, especially in light of education expansion and the impact of technology on labour demand. The goal of this work is not to add evidence to the causes and effects of labour demand and supply but rather to sketch the broader picture of their equilibrium and then to try to anticipate what type of skills mismatch EU countries will encounter during the next decade.

01 November 2011

Thirteen years after the Barcelona Process was launched, in 2008, Euro-Mediterranean relations were provided with a new framework for regional cooperation: the Union for the Mediterranean (UfM). Since then, the institution has attracted wide attention less because of its achievements than because of its stalemate. The much publicized cancellation of Heads of State Summits and Foreign Affairs Meetings, the delays in setting up the Secretariat and the empty chair policies pur- sued by its members were a blow to the institution’s credibility.

29 July 2011

The uprisings in the Arab Mediterranean have urged the international community and chiefly the EU to revise its policies towards the region. While the EU has proven to be a committed and reliable donor, its cooperation policies have done little in enhancing socioeconomic development prospects in the Southern Mediterranean. The new policies put forward by the European Commission in May 2011 as part of the European Neighbourhood Policy review aim at addressing the changing situation in the Arab Mediterranean.

04 April 2011

This Liberty and Security working paper seeks to understand the reasons behind the considerable complications facing the project to develop a new, second generation version of the Schengen Information System (SIS II). Despite the centrality of this large-scale EU database for immigration and border control purposes and the increasing prioritisation of security technologies within the EU’s internal security strategy, the project has encountered substantial delays, an escalating budget, political crises and criticisms of the new system’s potential impact on fundamental rights.

21 March 2011

After the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.

01 November 2010

This article explores the limitations of the provision of deposit insurance in the European Union and assesses the revisions to the Directive on deposit guarantee schemes, as well as the need for further reform in the light of the financial crisis. The authors endorse a move towards a more effective European-wide institutional arrangement in line with a move towards a greater degree of pan-European supervision.

01 October 2009

This paper reviews prevailing credit derivatives markets regulation and comments on the need to regulate these markets in light of the recent financial crisis. Although credit derivatives may have beneficial effects such as enhancing the resilience of the financial system, these benefits can only be reaped if credit derivatives are used prudently and responsibly by all market participants. We argue that the current regulatory regime is not sufficient to induce market participants to use credit derivatives in a desirable way.

01 September 2009

This study on the economic integration of the Euro-Med region was conducted from December 2008 to September 2009 under contract with the European Commission (TRADE08/C2/C16). We benefited greatly from the consultations with the European Commission during the kick off meeting and from the subsequent exchange of comments and suggestions. We are very grateful for their support.

01 October 2008

In this paper, we investigate whether changes in executive compensation related to the agency problems is a significant explanatory factor of the changes in banking performance before and after a merger or an acquisition. To assess banking performance, first we measure profitability and efficiency (cost and profit) for the acquirers and the targets before and after the operation using financial ratios and Data Envelopment Analysis (DEA). Financial ratios and balance sheet indicators are taken from Bankscope.