83

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Yes, We Are Probably All Japanese Now

16-09-2019

This paper argues that the euro area has in recent years shared the same unfortunate concurrent systemic economic/financial crisis and demographic turnaround to an outright declining working age population that Japan suffered in the early 1990s. This combination will continue to depress euro area inflation dynamics for the foreseeable future, making it imperative that new fiscal policy initiatives, including public climate related investments, complement the ECB’s ongoing monetary policy stimulus ...

This paper argues that the euro area has in recent years shared the same unfortunate concurrent systemic economic/financial crisis and demographic turnaround to an outright declining working age population that Japan suffered in the early 1990s. This combination will continue to depress euro area inflation dynamics for the foreseeable future, making it imperative that new fiscal policy initiatives, including public climate related investments, complement the ECB’s ongoing monetary policy stimulus.

External author

Jacob Funk Kirkegaard

International Agreements in Progress: Bilateral trade deal with Japan – largest to date for EU

01-02-2019

Following the signature of the EU-Japan Economic Partnership Agreement (EPA) in July 2018, and the conclusion of the ratification procedures by both partners at the end of 2018, the agreement entered into force on 1 February 2019. The agreement is the EU's largest bilateral trade agreement to date. It establishes a free trade area with a combined market of around 640 million consumers, accounting for roughly a third of the world's gross domestic product (GDP). The European Commission's analysis of ...

Following the signature of the EU-Japan Economic Partnership Agreement (EPA) in July 2018, and the conclusion of the ratification procedures by both partners at the end of 2018, the agreement entered into force on 1 February 2019. The agreement is the EU's largest bilateral trade agreement to date. It establishes a free trade area with a combined market of around 640 million consumers, accounting for roughly a third of the world's gross domestic product (GDP). The European Commission's analysis of the economic impact of the agreement, published in June 2018, indicated that the EU's GDP could rise by approximately 0.14 %, and EU exports to Japan by around €13 billion by the time the EPA is fully implemented in 2035. The agreement will provide for significant economic opportunities for sectors such as agri-food and textiles, and it is predicted that no EU sector will be impacted by noticeable losses. In addition to exploiting the untapped potential of bilateral trade and strengthening the EU's economic presence in the Asia-Pacific region, the EPA, together with the Strategic Partnership Agreement (SPA), will provide a platform for stronger relations between the EU and Japan. The agreement also conveys a strong message on the parties' commitment to promoting a free and fair trading system and to rejecting trade protectionism.

International Agreements in Progress: The EU-Japan Strategic Partnership Agreement (SPA) - A framework to promote shared values

22-01-2019

The EU and Japan share the same basic values, including on democracy, market economy, human rights, human dignity, freedom, equality, and the rule of law. Against a background of increasingly assertive neighbours, they are also putting emphasis on security issues. The EU has adopted a Global Strategy placing security and defence as a key strategic priority, and conclusions on 'enhanced EU security cooperation in and with Asia'. Japan has reformed its security policy, aiming at becoming a 'proactive ...

The EU and Japan share the same basic values, including on democracy, market economy, human rights, human dignity, freedom, equality, and the rule of law. Against a background of increasingly assertive neighbours, they are also putting emphasis on security issues. The EU has adopted a Global Strategy placing security and defence as a key strategic priority, and conclusions on 'enhanced EU security cooperation in and with Asia'. Japan has reformed its security policy, aiming at becoming a 'proactive contributor for peace'. In order to enhance their relations, in July 2018 the EU and Japan signed a binding Strategic Partnership Agreement (SPA) – to come into force following ratfication by all Member States – along with an Economic Partnership Agreement (EPA), negotiated in parallel. The SPA represents a framework strengthening the overall partnership, by promoting political and sectoral cooperation and joint actions in more than 40 areas of common interest. Once in force, the EU-Japan strategic partnership will become more operational. The agreement will facilitate joint EU-Japan efforts to promote shared values such as human rights and rule of law, a rules-based international system, and peace and stability across the world. It will allow EU-Japan security cooperation to reach its full potential. Second edition. The 'International Agreements in Progress' briefings are updated at key stages throughout the process, from initial discussions through to ratification.

Plenary round-up – Strasbourg, December 2018

14-12-2018

The December plenary session was marked by the terrorist attack that took place in Strasbourg on 11 December. Members had that very day debated the report of Parliament's Special Committee on Terrorism, concluding its year's work. The December plenary session also featured debates on the preparations for the same week's European Council and Euro Summit meetings, as well as on the future of Europe, with Nicos Anastasiades, President of Cyprus. Parliament awarded the 2018 Sakharov Prize for freedom ...

The December plenary session was marked by the terrorist attack that took place in Strasbourg on 11 December. Members had that very day debated the report of Parliament's Special Committee on Terrorism, concluding its year's work. The December plenary session also featured debates on the preparations for the same week's European Council and Euro Summit meetings, as well as on the future of Europe, with Nicos Anastasiades, President of Cyprus. Parliament awarded the 2018 Sakharov Prize for freedom of thought to the imprisoned Ukrainian filmmaker, Oleg Sentsov, and adopted a report on the implementation of the EU-Ukraine Association Agreement. Parliament adopted the EU's 2019 budget, and held debates and voted on proposals on a digital services tax; risk assessment in the food chain; risks related to exposure to carcinogens or mutagens at work; revision of the statutes of three EU agencies; as well as an own initiative legislative report on expedited settlement of commercial disputes. Finally, Parliament adopted positions on seven of the three dozen proposed funding programmes for the 2021-2027 period, enabling negotiations with the Council to be launched.

EU and Japan seek to boost their relations

05-12-2018

The EU and Japan have given a strong signal in favour of free trade and their shared commitment to fundamental values and principles. In July 2018, they signed the EU-Japan Economic Partnership Agreement and the Strategic Partnership Agreement. The two agreements now need the European Parliament's consent for their conclusion.

The EU and Japan have given a strong signal in favour of free trade and their shared commitment to fundamental values and principles. In July 2018, they signed the EU-Japan Economic Partnership Agreement and the Strategic Partnership Agreement. The two agreements now need the European Parliament's consent for their conclusion.

Policy Departments' Monthly Highlights - November 2018

12-11-2018

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Finding the right balance across EU FTAs: benefits and risks for EU economic sectors

17-10-2018

Globally, anti-trade sentiment is on the rise, meaning it is incumbent upon policymakers to explore and explain the benefits of free and open trade. This study examines the costs and benefits of various free trade agreements (FTAs) that the EU has completed, will complete, or is contemplating. With regard to completed FTAs, the EU has seen benefits in terms of consumer choice but has a much larger and positive impact on its partners (although not as much as ex-ante modelling would suggest). For forthcoming ...

Globally, anti-trade sentiment is on the rise, meaning it is incumbent upon policymakers to explore and explain the benefits of free and open trade. This study examines the costs and benefits of various free trade agreements (FTAs) that the EU has completed, will complete, or is contemplating. With regard to completed FTAs, the EU has seen benefits in terms of consumer choice but has a much larger and positive impact on its partners (although not as much as ex-ante modelling would suggest). For forthcoming or contemplated FTAs, the issue of non-tariff barriers must be considered for FTAs with developed economies to be a success, while comprehensive liberalisation with emerging markets improves trade and other outcomes for both the EU and its partner. Across all FTAs, trade and economic metrics are improved by an agreement while indirect effects (human rights, environment) are less likely to change. We conclude that the EU must continue its focus on comprehensive liberalisation, incorporating NTBs effectively into new agreements, while tempering expectations of influence on human rights.

External author

Christopher HARTWELL, Veronika MOVCHAN

The EU - Japan Economic Partnership Agreement

28-09-2018

This report independently assesses the EU-Japan Economic Partnership Agreement. We find that the EPA establishes an ambitious framework to further liberalise and better organise trade, covering goods, services, intellectual property and investment, tariff- and non-tariff measures, and regulatory cooperation. Given its depth and breadth, and that it is unprecedented in including provisions on corporate governance, SMEs, and climate change, the EPA is set to become a benchmark for future trade agreements ...

This report independently assesses the EU-Japan Economic Partnership Agreement. We find that the EPA establishes an ambitious framework to further liberalise and better organise trade, covering goods, services, intellectual property and investment, tariff- and non-tariff measures, and regulatory cooperation. Given its depth and breadth, and that it is unprecedented in including provisions on corporate governance, SMEs, and climate change, the EPA is set to become a benchmark for future trade agreements. Joining two open economies with high income levels and regulatory standards, the agreement is expected to generate benefits by boosting trade within sectors, minimising sectoral relocation and negative employment effects. Agri-food, textiles and leather products are where the EU can expect to make the greatest gains. Furthermore, the EPA will boost the EU’s economic presence and political relevance in the Asia-Pacific area. Going beyond its economic benefits, the agreement also has significant non-economic implications. Reinforced cooperation will enhance the ability of both parties to shape the course of global developments in a manner that better reflects their shared interests and values, such as their commitment to a rule-based global trade system and the fight against global warming.

External author

Sonali CHOWDHRY, Marie Curie Visiting Fellow; André SAPIR, Senior Fellow; Alessio TERZI, Affiliate Fellow

Russia [What Think Tanks are thinking]

21-09-2018

In September, Russia held its largest military exercise since 1981, the height of the Cold War, deploying 300 000 troops and also inviting Chinese forces to participate. The event highlighted Russia’s growing assertiveness in security and foreign policy, following its annexation of Crimea and military intervention in Syria. The policies of President Vladimir Putin, who was re-elected earlier this year, pose a dilemma for the European Union and the United States, with some observers accusing him of ...

In September, Russia held its largest military exercise since 1981, the height of the Cold War, deploying 300 000 troops and also inviting Chinese forces to participate. The event highlighted Russia’s growing assertiveness in security and foreign policy, following its annexation of Crimea and military intervention in Syria. The policies of President Vladimir Putin, who was re-elected earlier this year, pose a dilemma for the European Union and the United States, with some observers accusing him of trying to sabotage Western liberal democracy and others saying that he wants to regain the position of global player that the Soviet Union once occupied. This note offers links to commentaries and studies by major international think tanks, which discuss Russia's policies and how to respond to them. More reports on the topic can be found in a previous edition of 'What Think Tanks are Thinking', published in March 2018. Some more papers on US-Russian relations are available in another edition from the series published in August 2018.

International Agreements in Progress - EU-Japan trade agreement: a driver for closer cooperation beyond trade

09-07-2018

Negotiations on an EU-Japan trade agreement were officially launched in March 2013. Following the political agreement in principle reached in July 2017, a final accord on the EU-Japan Economic Partnership Agreement (EPA) was announced in December 2017. On 18 April 2018, the European Commission proposed to the Council of the European Union to sign and conclude the agreement. The Commission expects that the EU-Japan EPA can be signed in July 2018, and aims to have the agreement come into effect before ...

Negotiations on an EU-Japan trade agreement were officially launched in March 2013. Following the political agreement in principle reached in July 2017, a final accord on the EU-Japan Economic Partnership Agreement (EPA) was announced in December 2017. On 18 April 2018, the European Commission proposed to the Council of the European Union to sign and conclude the agreement. The Commission expects that the EU-Japan EPA can be signed in July 2018, and aims to have the agreement come into effect before the end of its mandate in 2019, following approval by the Council and the European Parliament. The EU-Japan EPA will establish a free trade area with a combined market of around 640 million consumers that accounts for roughly a third of the world's gross domestic product (GDP). The 2016 Trade Sustainability Impact Assessment (Trade SIA) of the agreement indicated that EU exports to Japan could rise by up to 34 %, and according to a more recent Commission estimate, European companies would save up to €1 billion in customs duties per year as a result of the EU-Japan EPA. In addition to exploiting the untapped potential of bilateral trade, the agreement is also of strategic importance, conveying a strong message of the parties' commitment to promoting a free and fair trading system based on rules, and to reject trade protectionism. [Second] edition. The 'International Agreements in Progress' briefings are updated at key stages throughout the process, from initial discussions through to ratification. To view earlier editions of this briefing, please see: PE 589.828, 7 october 2016.

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