Europe's World

BANKING & FINANCE: Europe’s bumpy road to a single financial marketplace

by Europe's World

The emergence of the US sub-prime mortgage crisis is a vivid demonstration of just how globalised finance and banking has become. Just a few years ago it seemed inconceivable that problems in such an apparently obscure US market could lead to huge losses at some of the world’s largest international banks and generate a global credit crunch that looks set to continue afflicting the world’s interbank markets.

The economic dangers from this liquidity crisis are clear. While banks remain fearful of lending to each other, lending to consumers and businesses could eventually be reigned-in and that could constrain economic growth. Indeed, in November the European Commission said that it expected eurozone economic growth to slip from 2007’s 2.6% to 2.2% in 2008.

But the scale of European financial integration since the euro’s introduction may have lessened the impact of this crisis. The European Central Bank’s (ECB) bold response is perhaps the most dramatic example of this. As interbank lending rates began to soar in August, the Federal Reserve Bank injected a mere $24bn of liquidity while the ECB committed a huge €95bn of funds in its attempts to head-off the credit crunch. The crisis may still be with us, but things could have been worse.

Indeed, Europe’s growing financial muscle is making a strong impression in the US where corporate America increasingly calls for a shift towards European-style flexible “principle-based” regulation. And with the creation of the Transatlantic Economic Council, following April’s US-EU summit, Washington now appears to accept that financial rule-making must be performed in equal partnership with Europe.

How the EU underpinned peace in IRELAND

by Etain Tannam - Etain Tannam

Cyprus looks forward to major economic benefits through the adoption of the euro

by Government of the Republic of Cyprus

Why the EU may never get its accounts straight

by François Colling - François Colling

The EU’s auditors constantly face demands for a Statement of Assurance, a kind of all-clear signal for its accounts, and they constantly decline. François Colling, a former member of the European Court of Auditors, explains why and suggests a way out

on Laurens Jan Brinkhorst's "Why tensions are high between the Low Countries"

by Hans van Baalen - Hans van Baalen

Unrealistic yet unneeded

by Pierre Noël - Pierre Noël

Tirana hopes NATO will offer Albania membership this year

BANKING & FINANCE: What Europe’s future financial marketplace will look like

by Manfred Weber - Manfred Weber

The mosaic of a Single EU financial market is visible but unfinished, reports Manfred Weber, Chief Executive of the Association of German Banks

on Jerzy Baczynski's "The flaws in Europe's democracy"

by Arjen Berkvens - Arjen Berkvens

BANKING & FINANCE: Taming the private equity fund “locusts”

by Poul Nyrup Rasmussen

The pensions, savings and jobs of ordinary people are being threatened by hedge and private equity funds, warns Poul Nyrup Rasmussen, President of the Party of European Socialists and former Danish Prime Minister

Regulating Brussels’ legion of lobbyists

by Alexander Stubb - Alexander Stubb

With some 15,000 lobbyists in Brussels, it's not surprising that debate over the rules that should govern them is growing heated. Alexander Stubb, who at the time of writing this article was the European Parliament's rapporteur on lobbying and now is Finland's Foreign Minister, explains the difficulties

Finding a new EU budget won't be easy

by Marc Laffineur - Marc Laffineur

The EU is looking hard at ways to overhaul its finances. Marc Laffineur, Vice-President of France’s National Assembly, wants an end to such “special cases” as Britain’s rebate while offering a strong defence of the Common Agricultural Policy (CAP)

It’s not the locusts that need taming, but the knee-jerk legislators

by Sebastian F.A. Vos

That's right! If the NGOs don’t embrace reform, outsiders will force it on them

by Michael Hammer - Michael Hammer

Europe’s chance to become a global climate champion

by Anders Fogh Rasmussen - Anders Fogh Rasmussen

With less than two years to go until the crucially important UN climate change talks in Copenhagen in late 2009, Denmark’s Prime Minister Anders Fogh Rasmussen assesses Europe’s chances of making a real difference on global warming

Forget politics; What Russia and the EU need is a shared economic space

by Igor Yurgens - Igor Yurgens

Politics is threatening investment and the growth of trade between Russia and the EU, says Igor Yurgens of the Russian Union of Industrialists and Entrepeneurs. He explains how Russia's policymakers are trying to tackle the barriers that stand in the way of a better business relationship with Europe

BANKING & FINANCE: Credit crunch pushes cross-border watchdogs high on EU agenda

by Nicolas Véron - Nicolas Véron

Europe lacks credible means to manage a cross-border banking crisis, warns Nicolas Véron

Developing a new Euro-Africa partnership

by Nathalie Delapalme - Nathalie Delapalme

The continents of Europe and Africa are outgrowing old prejudices that in many cases stem from the colonial era. Nathalie Delapalme argues that both are moving toward a more equal partnership capable of dealing with their shared problems and ambitions

A five-point strategy for EU-Russia relations

by Mark Leonard - Mark Leonard - Nicu Popescu - Nicu Popescu

The EU badly needs a new approach in its dealings with resurgent Russia, write Mark Leonard and Nicu Popescu. They set out the five broad elements of a fresh European strategy

European foreign policy begins with the neighbours

by Loukas Tsoukalis

The new narrative in Brussels is that the EU should be more assertive internationally and must help shape globalisation. Loukas Tsoukalis looks at Europe’s track record so far, particularly in the Mediterranean region, and draws some lessons for the future

Pluralism and Integration - A European Approach

by European Savings Banks Group - European Savings Banks Group

One year after EU accession, ROMANIANS still resist anti-corruption efforts

by Sabina Fati - Sabina Fati

And that means that we need a proper roadmap for the region

by Marie-Janine Calic - Marie-Janine Calic

on Simeon Saxe-Coburg-Gotha's "If we get it right, we'll all be saying 'I'm a European'''

by Helga Trüpel - Helga Trüpel

Sadly, “Europe of the Regions” is a receding prospect

by Michael Keating - Michael Keating

The case for urgently re-starting talks on Cyprus

by David Hannay - David Hannay

There has been worsening antagonism between Cyprus’ Greek and Turkish communities since the 2004 collapse of the UN’s reunification plan. But David Hannay, who was Britain’s Special Representative for Cyprus from 1996-2003, says that with so much at stake talks should be re-started soon

On Simon Anholt “Can Europe conquer its dull “brand image” with a 21st century crusade?”

by Bo Stråth - Bo Stråth

What the EU needs to do is reform the CAP and reap the business rewards

by Federico Steinberg - Federico Steinberg

“In light of recent market turbulence, we need to lay the foundations for a more stable and secure EU financial market”

by Socialist Group in the European Parliament

Re-open talks, yes. But not as a sideshow to Turkish accession

by Yiorgos Lillikas - Yiorgos Lillikas

on Thierry Chopin's "What France must do to regain centre-stage in Europe"

by Angelika Beer - Angelika Beer

Macedonia wins more international high-tech investment

by Invest Macedonia - Invest Macedonia

Catalonia’s Structural Funds for 2007-13

by Generalitat de Catalunya

“It is unacceptable that one-fifth of the world lives in extreme poverty. Combatting poverty is our No. 1 priority”

The reasons Europe has so disappointed Putin’s Russia

by Jacques Andréani - Jacques Andréani

Relations between Europe and Russia, once so promising, have deteriorated badly. From Paris, veteran diplomat Jacques Andréani charts the rise of mutual distrust, much of it a reflection of European disunity over broader foreign policy issues

BANKING & FINANCE: Pitfalls that Europe’s booming insurance industry must sidestep

by Gérard de la Martinière - Gérard de la Martinière

The EU’s insurance industry is doing brilliantly, both in the Union and globally, outstripping American efforts. But Gérard de la Martinière warns that its competitive advantages could be eroded if the spirit of the industry is not safeguarded

BANKING & FINANCE: We’ve got to do something about Europe’s crazy patchwork of bank supervisors

by Markku Pohjola - Markku Pohjola

Markku Pohjola calls for a single EU supervisor to take over key national powers

on Jean-Dominique Giuliani's "There’s a brave new Europe to be glimpsed in the Reform Treaty"

by Anneli Jäätteenmäki - Anneli Jäätteenmäki

Why Turkey may turn its back on Europe

by Mark Almond - Mark Almond

For 40 years secular Turkey has sought to become part of Europe, but of late it has re-discovered its eastern options. Mark Almond analyses the change in Turkish attitudes and the pressures counteracting the EU’s gravitational pull

How the EU could resolve the US-Iran crisis

by Bernd Kaussler - Bernd Kaussler

If the EU were to act with unaccustomed boldness, it could bring the United States and Iran together to strike a “grand bargain”, says Bernd Kaussler, who ponts out that Europe’s Economic muscle gives it considerable leverage with the leadership in Tehran.

on Daniel Cohn-Bendit's "Breaking out of the vicious circle of EU politics"

by Lena Ek - Lena Ek

It’s time Europe stopped crying “foul” to justify its protectionism

by Henrik Isakson - Henrik Isakson

The EU system shoots itself in the foot when it levels trade defence measures against low-cost competitors, warns Henrik Isakson of the Swedish National Board of Trade. He argues that European companies lose more than they gain from protectionism

Power to the regions, but not yet farewell the nation state

by Luk Van Langenhove - Luk Van Langenhove

European integration has been accompanied by the emergence of sub-national regional governance, says Luk Van Langenhove. He considers whether the governments of regions may start to replace those of nation states

Iron law of EU politics makes BRITAIN a poor European

by John Peterson - John Peterson

on Prince El Hassan bin Talal's "How Europe could be a force for good in the Middle East"

by Jamila Madeira - Jamila Madeira

Fickle SWEDES are turning on their government – again

by Anders Mellbourn - Anders Mellbourn

Reciprocal respect could calm the troubled waters of EU-RUSSIA relations

by Fyodor Lukyanov - Fyodor Lukyanov

The enlargement mess

by Armand Clesse - Armand Clesse

The EU has fallen victim to an enlargement fallacy, says Armand Clesse of the Luxembourg Institute for European and International Studies, and wrongheadedly believes it can remodel its new members in its own image. The price may be Europe’s long-term economic decline

The dangers to the EU of condemning Ukraine and Belarus to political limbo

by Krzysztof Bobinski - Krzysztof Bobinski

When it comes to a new enlargement round in eastern Europe, the EU can’t go forward and can’t go back. Krzysztof Bobinski looks at the unpalatable choices that now confront Brussels

on Bela Kádár's "How Europe should address the challenges of the 'Asian century'"

by Marko Mihkelson - Marko Mihkelson

On François Colling “Why the EU may never get its accounts straight”

by Terence Wynn - Terence Wynn

Despite EU reverses, TURKEY’s AK Party walks tall

by Beril Dedeoglu - Beril Dedeoglu

An interesting proposal, but unrealistic

by Herbert Bösch - Herbert Bösch

THIS SECTION WILL BE AVAILABLE AS OF 25 FEBRUARY AND WILL INCLUDE CONTRIBUTIONS BY: Robert Glasser, Nathalie Delapalme, Jean-Paul Marthoz and Alexander Stubb

BANKING & FINANCE: How the EU is banking on decentralisation

by Christian Noyer - Christian Noyer

The EU wants its banks to be decentralised while remaining under close supervision. Christian Noyer, Governor of the Banque de France, says banking is on the right track even though much still needs to be done

How Europe could win back Afghanistan

by Christa Meindersma - Christa Meindersma

Whatever ISAF’s tactical successes, the security situation in Afghanistan is deteriorating. Christa Meindersma of The Hague Centre for Strategic Studies sets out a four-point plan for Europe to win the peace there

Russia’s energy weapon is a fiction

by Andreas Goldthau - Andreas Goldthau

Anxieties that Vladimir Putin’s resurgent Russia could cut supplies of gas to Europe have provoked talk of another cold war. But Andreas Goldthau explains why energy is useless to Moscow as a foreign policy instrument

on Lykke Friis' "Reviving Europe’s universities"

by Ruth Thompson - Ruth Thompson

Volvo and safety: A crash course

by Volvo

Swim together or sink together: A new Atlantic pact

by Alexandros Petersen - Alexandros Petersen - James Rogers - James Rogers

European countries must genuinely beef-up their defence and security commitments if they are to safeguard their global interests, say James Rogers and Alexandros Petersen. Calling for an EU Security Council that would develop these efforts, they also urge a renewed EU-US alliance

Fixing Europe’s image problem

by Simon Anholt - Simon Anholt

The European Union needs to be re-branded says Simon Anholt, Independent Government Advisor and Editor of the journal Place Branding and Public Diplomacy. He argues that a grand project addressing intolerance, global poverty and climate change holds the key

“We are a more diverse society than we were”

by Alliance of Liberals and Democrats for Europe in the European Parliament

In response to the Sponsored Section by the Kashmir Centre.EU in EW Autumn 2007

by Emma Nicholson - Emma Nicholson

on Mick Foster's "How to stop development aid from doing harm"

by Romana Jordan Cizelj - Romana Jordan Cizelj

Disgruntled AUSTRIANS ignore EU’s economic benefits

by Sonja Puntscher Riekmann - Sonja Puntscher Riekmann

Slovenia takes to the world stage as EU president for the first time

How Europe is starting to set global rules

by Adam Daniel Rotfeld - Adam Daniel Rotfeld

With its Reform Treaty, the European Union becomes a new animal, more than an organisation but less than a state, says Adam Daniel Rotfeld, a former foreign minister of Poland. He argues that its soft power strategy has helped to make Europe secure and prosperous, but asks how it should develop

In response to the Sponsored Section by the Eastern Mediterranean University in EW Autumn 2007

by Constantinos Eliades - Constantinos Eliades

on Michel Godet's "Reform the CAP yes, but dismantle it at our peril"

by Adam Ficsor - Adam Ficsor

Nostalgia appeal could brighten LITHUANIA's dismal political landscape

by Mantas Adomenas - Mantas Adomenas

Yes, and while we’re at it let’s not forget the EU’s institutions and member governments

by Rinus van Schendelen - Rinus van Schendelen

Yes, but that doesn’t mean Europe will be warm and secure

by Andreas Heinrich - Andreas Heinrich

BANKING & FINANCE: Verdict on the ECB – good, but not yet perfect

by Manfred Jäger - Manfred Jäger

There’s no evidence, says Manfred Jäger, that the European Central Bank has ever been over-cautious in its use of monetary policy to contain inflation

on Simeon Saxe-Coburg-Gotha's "If we get it right, we'll all be saying 'I'm a European''

by Marija Pejcinovic Buric - Marija Pejcinovic Buric

on Giuliano Amato's "How and why Europe must embrace ethnic diversity"

by Cem Özdemir - Cem Özdemir

Why we need to look hard at the NGOs’ flaws

by Robert Glasser - Robert Glasser

No one could deny that the mushrooming NGO sector does good work in providing on-the-ground humanitarian relief. But Robert Glasser, Secretary General of CARE International, says that evaluations of their effectiveness “have been patchy at best”

Europe badly needs a Nordic-style “knowledge policy

by Per Unckel - Per Unckel

As the practical use of knowledge becomes vital to Europe’s economic progress, Per Unckel, a former
Swedish Minister of Education and Science, describes how his country revitalised its education system to give students a competitive edge for the future

While America electioneers, Europe has a Middle East role to play

by Michael Brenner - Michael Brenner

What should Europe’s next move be now that US military action against Iran seems less of a threat? Michael Brenner warns the EU against the temptation of doing nothing when instead it should be playing a much greater role in the Middle East

On Carlo Secchi’s “Why Latin America is Europe’s next big missed business opportunity”

by Inmaculada Martinez-Zarzoso - Inmaculada Martinez-Zarzoso

Why does the European Court of Auditors not deliver?

by Nico Groenendijk - Nico Groenendijk

THIS SECTION WILL BE AVAILABLE AS OF 3 MARCH AND WILL INCLUDE CONTRIBUTIONS BY: Gérard de la Martinière, Manfred Jäger, Christian Noyer, Markku Pohjola, Poul Nyrop Rasmussen, Nicolas Véron and Manfred Weber

on Jerzy Baczynski's "The flaws in Europe's democracy"

by Alan Dukes

Latin America is Europe’s next big missed business opportunity

by Carlo Secchi

The economies of Central and South America offer huge opportunities for European business. But Bocconi University’s Carlo Secchi doubts whether the EU is doing enough to develop its relationship with the region

PORTUGAL's EU presidency success masks worsening domestic unease

by António Figueiredo Lopes - António Figueiredo Lopes

THIS SECTION WILL BE AVAILABLE AS OF 25 FEBRUARY AND WILL AMONG OTHERS INCLUDE CONTRIBUTIONS BY: Mark Leonard, Anders Fogh Rasmussen, Adam Daniel Rotfeld and Igor Yurgens

How article 296 is stopping competition

by Derek Marshall - Derek Marshall - Tim Williams

Europe’s defence equipment industry is in no shape to compete successfully in the global market, or even within the EU. One of the problems, say British defence experts Derek Marshall and Tim Williams, is that a loophole in EU rules allows countries to protect their defence industries from competition

Why 2012 is well on for the Euro

by Maria Dunin-Wasowicz - Maria Dunin-Wasowicz

On David Hannay's "The case for urgently re-starting talks on Cyprus"

by Tozun Bahcheli - Tozun Bahcheli

Why energy must be the core of EU security thinking

by Jozias van Aartsen - Jozias van Aartsen

Europe must respond to the growing assertiveness of energy-producing countries with a much more coherent strategy of its own, says Jozias Van Aartsen, a former Dutch foreign minister. Failing to do so, he warns, would be a threat to Europe’s democratic integrity

The EU must speed-up its Western Balkans enlargement

by Wolfgang Petritsch - Wolfgang Petritsch

The EU is dragging its feet over the Western Balkans, warns Wolfgang Petritsch, the EU’s former Special Envoy to Kosovo. He urges the Union to draw on its experience with Bulgaria and Romania to accommodate the special needs of the Balkan states

Bush's legacy will be NGOs with a truly global vision

by Jean-Paul Marthoz - Jean-Paul Marthoz

This has been a dispiriting decade for NGOs on both sides of the Atlantic, says veteran activist Jean-Paul Marthoz. He foresees a new global era for civil society organisations, even though he warns that the Bush administration's eight years "will not easily be unravelled"