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Ημερομηνία

The Macroeconomic Imbalance Procedure – Overview

14-05-2019

The Macroeconomic Imbalance Procedure (MIP) is a policy tool introduced within the reinforced economic governance framework adopted in 2011. The MIP aims at preventing and correcting macroeconomic imbalances in Member States, with specific attention to imbalances with potential spillovers effects on other Member States.

The Macroeconomic Imbalance Procedure (MIP) is a policy tool introduced within the reinforced economic governance framework adopted in 2011. The MIP aims at preventing and correcting macroeconomic imbalances in Member States, with specific attention to imbalances with potential spillovers effects on other Member States.

A new era in EU-China relations: more wide-ranging strategic cooperation?

19-07-2018

China is an important strategic partner for the EU, despite fundamental divergences in some areas, mostly related to state intervention and fundamental human rights. The partnership offers mutually beneficial cooperation and dialogue in areas ranging from investment and transport to human rights and cybersecurity. China is navigating in new directions, guided by Xi Jinping's 'Thought on Socialism with Chinese Characteristics for a New Era’. Despite President Xi’s repeated avowals that 'the market ...

China is an important strategic partner for the EU, despite fundamental divergences in some areas, mostly related to state intervention and fundamental human rights. The partnership offers mutually beneficial cooperation and dialogue in areas ranging from investment and transport to human rights and cybersecurity. China is navigating in new directions, guided by Xi Jinping's 'Thought on Socialism with Chinese Characteristics for a New Era’. Despite President Xi’s repeated avowals that 'the market will have a decisive role', public ownership remains the mainstay of the Chinese economy, whereas profound reforms would be needed to tackle the root causes of overcapacity in various industrial sectors. Xi's ‘Belt and Road Initiative’, now also included in the Constitution, is the flagship international connectivity and infrastructure programme dominated by Chinese state-owned companies. Overall, China’s crucial, but complex transition towards more sustainable growth would eventually benefit both, China and the world as a whole. Global economic interdependence, however, makes certain spill-over effects of China’s rebalancing unavoidable. China plays a pivotal role in global governance and the rules-based international order, and this comes with responsibilities. Beijing has begun to shift away from the narrow pursuit of national aims towards a more assertive foreign and security policy, and increased financial, economic and security cooperation with a global outreach. China is also facing domestic concerns, such as lifting millions of people out of poverty and reducing ever-growing income inequalities, deterioration in the situation of human rights and freedoms as well as endemic corruption.

Protectionism and international diplomacy

25-06-2018

Just three decades after the fall of the Berlin Wall signifying the end of Cold War aggression and the ascendancy of international liberalism, the world faces even greater uncertainty. In every region of the world, geopolitical shifts are taking place that have brought offensive trade agendas to the fore. The US has withdrawn from underwriting the post-World War Two international economic and foreign policy architecture, instead proposing to build a wall between itself and neighbouring Mexico, imposing ...

Just three decades after the fall of the Berlin Wall signifying the end of Cold War aggression and the ascendancy of international liberalism, the world faces even greater uncertainty. In every region of the world, geopolitical shifts are taking place that have brought offensive trade agendas to the fore. The US has withdrawn from underwriting the post-World War Two international economic and foreign policy architecture, instead proposing to build a wall between itself and neighbouring Mexico, imposing unilateral tariff increases while refusing to negotiate new international agreements. In Europe, the project of ever greater integration has been attacked by Brexit, as well as other populist sentiment against the perceived power of EU institutions and the forces of globalisation. The breakdown of the western coalition advocating global governance has left a power vacuum that other key players such as China are forced to respond to. These current tectonic shifts in power and foreign policy positions impact on every country and every individual in the early 21st century. While many governments strive to maintain international cooperation and further integration, it is an unpredictable era. For trade policy has established itself firmly within the arena of high foreign diplomacy and as a result, traditional assumptions and adherence to international norms can no longer be assumed in such a state of political and economic flux. Yet when trade policy becomes a tool of diplomacy and foreign policy, sound economic reasoning can be lost to political decision making. This report shines a spotlight on the rise of protectionism in the 21st century. It examines the diplomatic dynamics behind economic nationalism and its attack on the established liberal international institutions that were created after the second World War to settle disputes without recourse to war. Before focusing on the US, UK, EU and China, the first chapter centers on the threat to economic integration and cooperation in promoting sustainable development through the multilateral rules-based system established under the World Trade Organization.

The ESM and the IMF: comparison of the main features

27-04-2018

This document provides a comparison of the main objectives, tools and governance structures of the European Stability Mechanism (ESM) and of the International Monetary Fund (IMF). It contributes to the debate on recent proposal regarding the possible evolution of the ESM into a “European Monetary Fund”, in the wider context of the discussions on how to strengthen the governance of Economic and Monetary Union. The note also presents summaries of three external papers prepared in spring 2017, upon ...

This document provides a comparison of the main objectives, tools and governance structures of the European Stability Mechanism (ESM) and of the International Monetary Fund (IMF). It contributes to the debate on recent proposal regarding the possible evolution of the ESM into a “European Monetary Fund”, in the wider context of the discussions on how to strengthen the governance of Economic and Monetary Union. The note also presents summaries of three external papers prepared in spring 2017, upon a request of the Economic and Monetary Committee on this subject.

Senegal: bastion of democracy, migration priority for the EU

06-02-2018

Senegal is one of the most politically stable countries in Africa. Free and fair presidential elections in March 2012, for which the EU deployed an Election Expert Mission (EEM), brought Macky Sall to the presidency. The regular organisation of legislative elections, political pluralism, a free press, and a vibrant civil society are all proof of Senegal's democratic culture. Senegal has a long tradition of migration to the EU and other African countries, and today 5 % of its population live abroad ...

Senegal is one of the most politically stable countries in Africa. Free and fair presidential elections in March 2012, for which the EU deployed an Election Expert Mission (EEM), brought Macky Sall to the presidency. The regular organisation of legislative elections, political pluralism, a free press, and a vibrant civil society are all proof of Senegal's democratic culture. Senegal has a long tradition of migration to the EU and other African countries, and today 5 % of its population live abroad. Remittances account for more than 10 % of GDP. As a priority partner in the Migration Partnership Framework, Senegal has been constructive in the political dialogue on migration, while maintaining its position that more should be done on legal migration into the EU. Senegal is one of the main benificiaries of the EU Trust Fund. Development cooperation, still at the core of relations with Senegal, has been structured to ensure increased coordination between the EU, Member States, and the Senegalese authorities. The challenge going forward will be to ensure that Senegal honours its commitments on the readmission of irregular migrants, and encourage progress on human rights.

A stable Egypt for a stable region: Socio-economic challenges and prospects

19-01-2018

Seven years after the 2011 uprising in Egypt, a combination of domestic challenges, together with instability in the Middle East and North Africa region has stalled the country’s ongoing transition. Stability in Egypt is key for the region, and the country’s international partners such as the EU have a clear interest in helping move the country towards stability and prosperity. To that end, this study investigates the main challenges facing Egypt, focusing on social, economic, political and environmental ...

Seven years after the 2011 uprising in Egypt, a combination of domestic challenges, together with instability in the Middle East and North Africa region has stalled the country’s ongoing transition. Stability in Egypt is key for the region, and the country’s international partners such as the EU have a clear interest in helping move the country towards stability and prosperity. To that end, this study investigates the main challenges facing Egypt, focusing on social, economic, political and environmental challenges. The study analyses the implications of these challenges for Egypt’s stability in the coming decades. The study then examines the key drivers of EU-Egypt relations and provides a number of policy recommendations on how the EU can support Egypt’s longer-term stability. The study argues that the EU’s economic and security engagement with Egypt should not come at the expense of supporting democracy, human rights and the rule of law. The study also argues that EU programmatic assistance to Egypt should focus on youth, women, education, and entrepreneurship. Finally, the study also argues that the EU’s engagement is likely to be more successful if EU member states are more unified in their approach towards Egypt.

Western Balkans in the spotlight in 2018

15-01-2018

With positive messages and increased attention coming from the EU, 2017 seems to have ended on a high note for the Western Balkans. 2018 starts with the region being high on the agenda of Bulgaria's EU Council Presidency, and promises a favourable context for advancing its EU bids. For this to happen, however, the six WB countries need to show results on the core EU-related reforms.

With positive messages and increased attention coming from the EU, 2017 seems to have ended on a high note for the Western Balkans. 2018 starts with the region being high on the agenda of Bulgaria's EU Council Presidency, and promises a favourable context for advancing its EU bids. For this to happen, however, the six WB countries need to show results on the core EU-related reforms.

The political crisis in Venezuela

07-12-2017

In December 2015, the results of elections to the Venezuelan National Assembly saw the Democratic Unity Roundtable coalition (MUD) prevail by a wide majority over the ruling Socialist Unified Party of Venezuela (PSUV) of President Nicolás Maduro. Since then, Venezuela has faced increasing political crisis. Initiatives by the duly elected Parliament have been systematically blocked, first by the Supreme Court of Justice (TSJ) and the National Electoral Council, and since August 2017 by the new National ...

In December 2015, the results of elections to the Venezuelan National Assembly saw the Democratic Unity Roundtable coalition (MUD) prevail by a wide majority over the ruling Socialist Unified Party of Venezuela (PSUV) of President Nicolás Maduro. Since then, Venezuela has faced increasing political crisis. Initiatives by the duly elected Parliament have been systematically blocked, first by the Supreme Court of Justice (TSJ) and the National Electoral Council, and since August 2017 by the new National Constituent Assembly, which has taken over most of the Parliament's legislative powers. Two attempts at dialogue between the Venezuelan government and the opposition, promoted by international mediators, have so far failed to break the deadlock. The economic and social situation in the country is far from improving, and the number of Venezuelan asylum-seekers abroad has risen exponentially. Nevertheless, regional elections were finally held on 15 October 2017 – with a PSUV victory in 17 of the 23 Venezuelan states, amid accusations of fraud from the opposition – and the government has promised to go ahead with the presidential elections due in 2018. This is an update of a briefing published in October 2017.

Trade and Economic relations between the EU and the GCC countries

06-12-2017

The EU and the six member countries of the GCC have started negotiations for an FTA long ago, in 1990, suspended since 2008. Meanwhile, GCC countries, suffering from the drop in oil price since mid-2014, have engaged in extremely ambitious economic programmes for the diversification of their economies too dependent on hydrocarbons. Within the institutional economic dialogue set between the EU and the GCC countries, the European parliament offered its diplomacy to organise this conference in order ...

The EU and the six member countries of the GCC have started negotiations for an FTA long ago, in 1990, suspended since 2008. Meanwhile, GCC countries, suffering from the drop in oil price since mid-2014, have engaged in extremely ambitious economic programmes for the diversification of their economies too dependent on hydrocarbons. Within the institutional economic dialogue set between the EU and the GCC countries, the European parliament offered its diplomacy to organise this conference in order to bring EU businesses closer to GCC institutional. Academic speakers, EU and GCC institutional as much as EU experienced companies praised for partnership instead of competition. This workshop opens the door to further initiatives of economic diplomacy by the European parliament.

Εξωτερικός συντάκτης

Oliver CORNOCK, Managing Editor for the Middle East at the Oxford Business Group, UK. Dr Jean-François SEZNEC, Professor for the Middle East and Gulf region at Georgetown and SAIS Universities in Washington, US.

How to further strengthen the European Semester?

01-12-2017

This note provides a summary of two external papers requested by the ECON Committee in advance of an Economic Dialogue with the President of the Eurogroup Jeroen Dijsselbloem of 7 December 2017. The main objective of these papers was to assess achievements under the European Semester and suggest possible way forward for its improvement.

This note provides a summary of two external papers requested by the ECON Committee in advance of an Economic Dialogue with the President of the Eurogroup Jeroen Dijsselbloem of 7 December 2017. The main objective of these papers was to assess achievements under the European Semester and suggest possible way forward for its improvement.

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