Garben, Sacha; Kilpatrick, Claire; Muir, Elise
> The European Commission has recently
launched a ‘European Pillar of Social Rights’. The
Pillar consists of a broad range of social principles.
> The European Union’s social acquis, comprised
of the EU Charter of Fundamental Rights, Treaty
provisions, legislation and case law, already
provides a floor of social rights, protecting
workers’ health and safety, equal treatment and
> However, several lacunae in, and challenges to,
the EU social acquis currently exist, relating to its
scope of protection, its effective enforcement
and its possible conflict with other EU rights, such
as the Charter’s freedom to conduct a business.
> As a contribution to the consultation on the
Pillar initiative, we have reflected...
Ukraine has come a long way since the Revolution of Dignity (Maidan) in 2013-14. The country is going through a long-term transformation under difficult circumstances, fighting a war on two fronts. First, the conflict in Eastern Ukraine, and second the fight against those both inside and outside government that strongly resist change, not least the deeply embedded oligarchic interests in the country. Significant pressure needs to come from both Ukrainian society and Ukraine’s international partners to sustain the reform momentum.
Alcidi, Cinzia.; Núñez Ferrer, Jorge; Di Salvo, Mattia; Pilati, Marta; Musmeci, Roberto
With this contribution, CEPS is launching a new series of short pieces that aim to examine and shed light on the implications and features of economic and social convergence in the EU.
Baas, Timo; Belke, Ansgar
For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency union may also add to these risks. Oil price fluctuations and a contracting monetary policy that reacts on oil prices, previously discussed to affect the current account may also be a threat to the currency union by changing internal imbalances. Therefore, in this paper, we analyze the impact of oil price shocks on current account...
After years of taking the Western Balkan region for granted, the EU has woken up to the dramatic deterioration of democratic standards in its nearest neighbourhood. This year will see a number of events that should sharpen the EU’s focus and offer the opportunity for renewed commitment to the region, starting with the European Commission’s forthcoming Enlargement Strategy Paper.
Kilhoffer, Zachary; Beblavý, Miroslav; Lenaerts, Karolien
Youth unemployment has ranked high on the agenda of European policymakers since the onset
of the crisis. Ten years later, youth unemployment remains stubbornly high in a number of
member states. This paper offers policy recommendations for rethinking and reducing youth
unemployment in Europe. To this end, it filters and summarises the results of the STYLE
research project on youth unemployment in Europe, and supplements these with additional
literature. The paper explores three sets of questions: i) How to define and measure youth
employment? ii) What are its causes and effects? and iii) What can be done about the
phenomenon? The findings indicate that youth unemployment is...
While acknowledging that no financial cycle lasts forever, Daniel Gros asserts that the one driving recovery in the eurozone today, including in hard-hit peripheral countries, may persist for a while yet.
Many experts argue that focusing on how automated cars will solve the dilemma known as the ‘trolley problem’ isn’t going to get us very far in the debate about the ethics of artificial intelligence (AI). But it’s hard to resist if you are a philosopher, an ethicist, a futurist, or simply a geek – and it’s fun. Still, this dilemma can reveal a number of outstanding policy issues that are often neglected in the public debate.
This paper performs a ‘crime scene investigation’ to find some of the missing parts in the ethics/AI quandary. These include the need to preserve human...
Critical functions and public interest. What role do they play in Member States’ decision to grant liquidation aid? The author of this paper looks at how resolution and liquidation differ substantially when it comes to the scope of legislation applicable to the use of public funds and how the diversity in national insolvency regimes is a source of uncertainty about the outcome of liquidation procedures.
Executive Summary. The market for distressed debt will need to play a more prominent role in Europe’s emerging strategy to tackle the legacy of non-performing loans (NPLs). This market could speed up NPL resolution and allow greater flexibility in bank balance sheet management. Investors could contribute crucial skills and possibly capital to the process of workout and restructuring.
The loan sale process potentially suffers from a number of market imperfections which manifest themselves in high valuation gaps, and in the market failing to cover certain asset types.
In Europe, turnover from distressed debt sales remains limited relative to the total stock of...
Cioriciu, Anca; Willermain, Fabian
Luxembourg will hold the Presidency of the Council of the European Union for the twelfth time in the second semester of 2015. This commentary outlines its main priorities and particularly the upcoming negotiations on the Better Regulation package as well as on the interinstitutional Agreement.
We are living through by far the most extraordinary presidential campaign in the history of the Fifth Republic. It began with a shock with President Hollande’s decision to abandon re-election, due to his incredibly low popularity. Then came the downfall of the two most experienced candidates for Les Républicains (LR): Sarkozy and Juppé. Then came the collapse of the next most experienced candidate, –Valls, for the Parti Socialiste (PS). Then came the general disintegration of the Left, between Mélenchon and Hamon.
Nord Stream 2 is criticised on grounds that it undermines the functioning of the European gas market and makes European gas consumers worse off. Its critics also claim that the project has no economic rationale, would reduce security of supply, weaken European solidarity and the Energy Union, and also destabilise Ukraine. This CEPS Policy Insight, contributed by a Nord Stream 2 AG market expert, attempts to counter these criticisms by presenting recent economic analysis bearing on these matters. It explains how Nord Stream 2 cannot undermine the European gas market because of the rules already in place. It concludes that...
de Groen, Willem Pieter
The introduction of a bank resolution framework for EU banks has created the need for clear legal definitions of the main elements in resolution. This paper assesses one of these elements, namely “critical functions”, which encompasses the activities of a bank that are of significant importance for the real economy. The assessment of the regulation and implementation shows that there is room for sharpening the definition and equal application across all banks. It is questionable, however, whether regulatory intervention is necessary given the on-going work of authorities at different levels. In turn, legislative intervention will be required to align the...
The theatricals surrounding the decision to move to phase II of the Brexit negotiations obscure another momentous European development: the launch of ‘permanent structured cooperation’ in the defence field.
Spain’s withdrawal of the EAWs for Puigdemont and his ministers is narrowly linked to the uncertain outcome that would have followed their examination by the Belgian authorities.
Barslund, Mikkel; Laurentsyeva, Nadzeya; Ludolph, Lars
Migration is the main course on the menu for tonight’s EU Summit dinner. We respectfully offer the Heads of State three starters to stimulate their appetite and thoughts before the serious discussions begin.
Nodia, Ghia; Cenușă, Denis; Minakov, Mikhail
Georgia, Moldova and Ukraine are three participating states of the European Partnership that have chosen to conclude Association Agreements with the European Union, often at the expense of relations with their most powerful neighbour, Russia. They are also rather similar in their levels of democratic development. Within a post-Soviet space, they stand out for their relatively high level of democratic freedoms and political pluralism; none of them, however, can be considered a consolidated democracy, and most analysts describe them as uncertain or hybrid political regimes that combine features of autocracy and democracy.
This paper offers a comparative analysis of the three...
Hassel, Arndt; Egenhofer, Christian
On December 12th, an explosion in the Baumgarten gas hub in Austria, a key distribution knot for the European gas market, led to a disruption in gas transmission that affected a large part of Europe. The incident caused Italy to declare a state of emergency and disrupted supply to the UK from Belgium and the Netherlands. Simultaneously, an outage in Norway caused flow reductions from Europe’s largest gas production site “Troll”, which compounded the supply problems. Amplified by a demand peak in the UK due to unusually cold weather, prices were directly affected, with short-term prices in the UK reaching...
Overguaard, Heidi; Luscia-Roddick, Jennifer Elizabeth Anne; McPheeMcFieMcFee//, Ana; MousemouRel, Jennifer E; Vladimir's, Czarine; Ve-Artruet, Satire (Satirlve); Luscia, Winnifred Diane; Luscial/n, Elizabeth; Denmark's, Aurora
THE Ruling TZAR POLICY
Both a sovereign and a ruler of many countries a total of which is comparable to that of the EU and span over the entirety of one or more continents.
We are both interactive with and separate from the old and new organizations such as the European Union, the United Nations, the League of Nations, and the American Bar Association all of which handle the daily affairs, Meetings, Summits, and Courts for the Tzar as well as assist in the servicing and education of the countries to the Tzar. The Tzar monetary spending is handled themselves and the...