Europe must wake up to the urgent need to enable pan-European public offerings and to recognise the economic imperative of fostering vibrant capital markets for financing enterprises.
Tagliapietra, Simone; Zachmann, Georg.
Under the Paris Agreement, the European Union has committed to cut its greenhouse gas emissions to 40 percent below 1990 levels by 2030. Between 1990 and 2015, emissions decreased significantly in all sectors with the exception of transport, which has seen a 20 percent increase. Transport is thus becoming a key obstacle to EU decarbonisation and more aggressive policies are needed to decarbonise this sector. A particular focus should be decarbonisation of road transport because it is responsible for more than 70 percent of overall transport emissions. Decarbonising road transport would also improve air quality i.
During the six months of tedious negotiations to put a German coalition in place, governments across Europe, and France in
particular, have been waiting impatiently for a push for European reform from Berlin. The new coalition agreement between the
Social Democratic Party (SPD), the conservative Christian Democratic Party (CDU) and her Bavarian sister party CSU puts
Europe high on the agenda, at least rhetorically. However, both domestic constraints and unbridgeable differences between
France and Germany could derail the reform agenda. If Chancellor Merkel wants to go beyond a muddling-through approach she
will have to invest a sizeable share of her political capital – domestically and...
Claeys, Grégory; Sapir, André
With the European Globalisation Adjustment Fund (EGF), the EU now has an instrument to help workers negatively affected by trade find new jobs. However, only a small proportion of EU workers affected by globalisation receive EGF financing. How to improve the EGF? Revising the eligibility criteria to qualify for EGF assistance, enlarging the scope of the programme beyond globalisation and collecting more and better data to enable a proper evaluation of the programme.
The European Commission continues to pursue its goal of building a stronger social Europe with the recent publication of the Social Fairness Package. Released on 13 March, it is a follow-up to the European Pillar of Social Rights (EPSR) adopted in November 2017.
Huguenot-Noël, Robin; Andor, László
In May 2018, the European Commission is expected to publish its proposal on the EU’s post-2020 funding strategy, a seven-year budget known as the Multiannual Financial Framework (MFF). This proposal comes at a time when, despite strong signs of economic recovery, European citizens’ attitudes towards the EU’s global trade and investment agenda remain mixed. In this commentary, the authors argue that the EU and its member states should use the context of the MFF review to better address European citizens’ concerns about the downsides of globalisation.
De Groen, Willem Pieter; Zielińska, Klaudia
The limited resources available to the ESAs, compared to national regulators, remain a barrier to their ability to carry out their responsibilities and act as independent authorities at EU level.
In its proposed model to supervise the clearing of euro derivatives following Brexit, the Commission fails to appreciate the huge volume of business that will be disrupted.
Bouyon, Sylvain; Krause, Simon
Several policy options are under discussion for better regulation of the dynamic currency conversion (DCC) payment service, each of which offers specific advantages but also poses distinct challenges. Enhancing transparency, for example, will require creative solutions. The imposition of fixed price caps would call for the design of robust criteria to determine the level of the caps. And the adjustment of the payment card chip would necessitate the adoption of common standards between card providers. From a consumer protection perspective, a ban on DCC makes sense only if all other options have been exhausted and if consumers can find satisfactory...
Darvas, Zsolt; Wolff, Guntram B.
There will be a €94 billion Brexit-related hole in the EU budget for 2021-27 if business continues as before and the United Kingdom does not contribute. The authors show that freezing agriculture and cohesion spending in real terms would fill the hole, but new priorities would then need to be funded by an increase in the percent of GNI contribution.
The creation of Permanent Structured Cooperation (PESCO) in December 2017 crowned the series of recent debates and actions aimed at strengthening the common security and defence policy of the EU. However, the compromise around PESCO has revealed strategic divergences among France, Germany and the countries on the eastern flank related to the perceptions of threats and challenges, the development of the EU’s security and defence policy, and the future of trans-Atlantic relations. The debates on PESCO in Western Europe have also highlighted a growing gap between the political narratives and military reality.
Kardaś, Szymon; Iwański, Tadeusz
The awards by the Arbitration Institute of the Stockholm Chamber of Commerce (further: the Arbitral Tribunal) concerning the contract on gas supplies to Naftohaz and the volume of Russian gas transit via Ukraine have radically changed the model of gas relations between the two countries as they have existed until now. Kyiv’s victory is its crowning achievement in the process of emancipation from Russian dominance in the energy sector which began after the Revolution of Dignity. This has also significantly strengthened Ukraine’s position with regard to Russia and the EU because Gazprom was found to have been in breach of...
In this contribution, Jaap Jensen finds that the practice of automatically issuing guarantees of origin (GOs) to all producers of renewable energy undermines EU energy and climate objectives.
Jacques Pelkmans reminds the EU and its WTO partners that trust and the global public good of a rules-based WTO are fragile accomplishments that deserve to be protected, even if the means seem to come from a former imperial age.
Now that the contours of the future trade relationship between the UK and the EU are gradually emerging, Daniel Gros reflects on what it would take for that relationship to minimise the friction that Brexit will inevitably generate.
Carrera, Sergio; Stefan, Marco
This study takes stock of the main developments that have occurred in the Schengen Governance Framework since 2016. It analyses the legitimacy of a number of States’ decisions to maintain internal border controls and assesses the most recent policy proposals in the field of internal police checks in light of relevant EU legal standards. The paper also questions the legality of the border walls and fences, which have recently been erected at the EU external borders and within the Schengen area.
The study was commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of...
Barslund, Mikkel; Laurentsyeva, Nadzeya
To mark International Women’s Day, two CEPS economists, Mikkel Barslund and Nadzeya Laurentsyeva, tackle the challenge facing policy-makers of how best to integrate women migrants into the labour market.
In examining May’s first attempt to operationally define the UK’s future trade relations with the EU, Michael Emerson finds that she draws heavily on the Deep and Comprehensive Free Trade Area model.
With his reckless imposition of import tariffs, President Trump has set in motion a nightmare scenario of tit-for-tat trade wars that the world has not seen for generations.
Using data from 2006 to 2015, we study the impacts of the Global Financial Crisis, the Arab
Spring, and the conflict in Ukraine on European Investment Bank (EIB) investments in the
European Neighbourhood Policy (ENP) countries and in Turkey. Our dataset offers insights
on how the EIB adjusts its investments in the aftermath of the three events at the global,
regional and country level. The impacts of the events vary at the global ENP level. They also
vary between and within the two ENP dimensions and between the ENP countries. We find
mixed impacts for Turkey. Our results indicate that political motivation rather than economic