CEPS Paperbacks


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02 April 2014

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11 March 2014

Two of the four macroeconomic adjustment programmes – in Portugal and Ireland – can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a full recovery will take years. In Greece the initial plans were insufficient. While the strong impact of the fiscal adjustment on demand could have been partially anticipated at the time, the resistance to structural reforms was more surprising and remains difficult to cure.

28 January 2014

Flexibility might be convenient when it comes to accommodating member states’ differing socio-economic and political interests in an expanding EU. Yet, opt-outs, enhanced cooperation and cooperation between member states outside the EU’s legal framework are calling into question the boundaries of this constitutional, institutional and legal differentiation in an EU that is founded on common principles, with a specific legal order and common institutions.

14 January 2014

The Arab Spring, which took root in Tunisia and Egypt in the beginning of 2011 and gradually spread to other countries in the southern Mediterranean, highlighted the importance of private-sector development, job creation, improved governance and a fairer distribution of economic opportunities. The developments led to domestic and international calls for the region’s governments to implement the needed reforms to enhance business and investment conditions, modernise their economies and support the development of enterprises.

13 December 2013

The global financial crisis, which started in the summer of 2007 and deepened in the aftermath of the Lehman failure in September 2008, has led to a virtual collapse in economic activity and increased financial volatility worldwide. For the developing countries, the main channel of transmission has been a drop in external transactions, such as trade, financial and capital flows, and remittances. The emerging economies in the southern and eastern Mediterranean have also faced declining economic activity, although there seems to be considerable variation in the relative magnitude and timing.

05 December 2013

The premise of this study is simple: before discussing what defence strategy the EU should adopt at Brussels-level, member states should clarify what they expect individually from the EU Common Security and Defence Policy (CSDP).

20 November 2013

This study examines the protection of fundamental rights, democracy and rule of law in the European Union, and the challenges that arise in reflecting on ways to strengthen EU competences in these contested terrains. It provides a ‘state of play’ and critical account of EU-level policy and legal mechanisms assessing the relationship between rule of law, democracy and fundamental rights in the member states of the Union. The cross-cutting challenges affecting their uses, effective implementation and practical operability constitute a central point of the analysis.

28 October 2013

Well-functioning factor markets are an essential condition for the competitiveness and sustainable development of agriculture and rural areas. At the same time, the functioning of the factor markets themselves is influenced by changes in agriculture and the rural economy. Such changes can be the result of progress in technology, globalisation and European market integration, changing consumer preferences and shifts in policy. Changes in the Common Agricultural Policy (CAP) over the last decade have particularly affected the rural factor markets.

24 October 2013

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19 September 2013

Following the financial crisis that commenced in 2008, the relationship between migration and social benefits has become increasingly contested in a number of large EU member states. The Eastern expansion of the EU in 2004 and 2007 has added a new dimension to the relationship.

18 September 2013

This book provides an update to the major 2012 study by the same authors on the dual role of the public sector as the provider of the ultimate riskless asset and, at the same time, the source of a potential major systemic risk. In this second edition, Brender and his colleagues concentrate again on the tension between the need for the public sector to sustain demand in the face of a deleveraging private sector and the longer-term challenges of sustainability for fiscal policy in the major developed economies of the US, Japan and the euro area.

10 July 2013

The crisis in the eurozone has had a dramatic impact on the economic and social fabric of European countries. However important it may be, the economic dimension is only the symptom of a broader problem. The crisis is primarily political in nature. Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to solve problems that have been building for over two decades. He finds that democratically elected officials are loathe to take unpopular decisions that could jeopardise their re-election.

13 March 2013

This study focuses on the European Economic Area (EEA), which is a very ‘deep’ instance of market integration between the European Union, Iceland, Liechtenstein and Norway.  The EEA in fact is just the ‘internal-market-minus’, i.e. minus agriculture and fisheries, for its three non-EU members. As an extension to the single market of a mere 1% in GDP, the EEA has attracted little attention, not least because it functions quite well. Even less known, however, is the role of Liechtenstein within the EEA, which this book also attempts to clarify.

10 February 2013

This CEPS book examines two interrelated questions: 1) How has the European External Action Service (EEAS) functioned in the EU institutional architecture in the first two years of its existence? 2) What improvements can be made through the 2013 review and the 2014 revision of the EEAS’ mandate? The study contributes to the current debate through an in-depth examination of the EEAS’ relations with the EU member states, the European Commission, the European Parliament and its Delegations.

07 February 2013

The High Representative of the Union for Foreign affairs and Security Policy is held to provide a review of the organisation and functioning of the European External Action Service (EEAS) in 2013. 

11 December 2012

Takeovers are one-off events, altering control and strategy within an organisation. But the chances of becoming the target of a bid, even where remote, daily influence corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers, shareholders and stakeholders alike. This study analyses the corporate governance drivers underpinning takeover bid regulations and assesses the implementation of the EU Directive on takeover bids and compares it with the legal framework of nine other major jurisdictions, including the US.

09 October 2012

Enforcement of and compliance with laws and regulations in the single market of the European Union are not only legally necessary, but also of crucial economic importance for business, consumers and the EU economy at large. This book provides a comprehensive overview of the current EU enforcement landscape and its functioning. The classical infringement route via the Court of Justice of the European Union remains critical as a last resort, but it is increasingly seen as very slow and costly.

04 September 2012

Launched in March 2010 by the European Commission, the Europe 2020 strategy aims at achieving “smart, sustainable and inclusive” growth. This growth is intended to be driven by three sets of engines: knowledge and innovation, a greener and more efficient use of resources and higher employment combined with social and territorial cohesion.

26 June 2012

Amidst talks of establishing an EU-wide banking union, the recent changes in the regulatory framework and the rethinking of the future of European banking structure, the future of EU bank regulation is inextricably linked to banks’ business models.

15 May 2012

To ward off the threat of a worldwide depression that loomed at the end of the 2000s, governments opted to run up substantial fiscal deficits. In doing so, they sowed the seeds of the sovereign debt crisis. Saddled with often high debt burdens and modest growth prospects, developed countries’ governments must now rebalance their budgets. Doing so too rapidly, however, will choke growth. Faced with this dilemma, Japan and the United States have pursued growth policies while the euro area members are quickly trying to rebalance their budgets.

15 March 2012

Excessive leverage and risk-taking by large international banks were the main causes of the 2008-09 financial crisis and the ensuing sharp drop in economic activity and employment. World leaders and central bankers promised that it would not happen again and, to this end, undertook to overhaul banking regulation, first and foremost by rectifying Basel prudential rules.

31 January 2012

The EU has not been perceived as reacting very rapidly or effectively to the so-called Arab Spring. Events do appear to validate the idea underpinning the European Security Strategy (ESS) and the European Neighbourhood Policy (ENP): only where governments guarantee to their citizens security, prosperity, freedom and equality, can peace and stability last – otherwise, people will revolt. But in practice, in its southern neighbourhood the EU has acted in precisely the opposite manner, so the Arab Spring is occurring in spite of rather than thanks to EU policy.

15 September 2011

International standards and norms in banking regulations have, once again, leapt to the forefront of policy discussions in developed nations due to the recent crisis in the world’s financial markets. These discussions are not new, nor do they apply exclusively to the world’s most advanced economies. A sound and well-enforced regulatory regime can help developing nations to channel financial resources more efficiently into investments. For open economies, it can also act as a buffer and an important stability factor in today’s shaky market situation.

01 July 2011

This report examines the nature, the limits and potential of the principle of integration as a two-way process of mutual accommodation between migrants and the receiving societies. It assesses the extent to which this key principle, which lays at the foundation of the EU framework on integration, is implemented in practice by investigating how it informs national programmes supported by the European integration fund.

08 June 2011

The simmering debate in Europe about multiculturalism versus assimilation has now come to a boil. The German Chancellor, Angela Merkel, famously stated in October 2010 that “multiculturalism in Germany (Multikulti) had failed, completely failed”. In February 2011, both Prime Minister David Cameron and President Nicholas Sarkozy could also be heard declaring that multiculturalism was a failure, although only the French President endorsed assimilation as the alternative. Others argue that both assimilation and multiculturalism have failed.

18 April 2011

This fully revised, second edition of the Ever-Changing Union provides a concise overview of the EU’s history, institutional structures and decision-making processes. It looks at the fundamental principles of European integration and describes the progress of this integration from its beginning. It also covers the EU’s main institutions and how they interact in the decision-making process as a whole. This new edition focuses on the changes introduced by the Lisbon Treaty and explains how the EU’s external action is conducted by the post-Lisbon EU.

06 April 2011

The system for financing the EU today is on its last legs. Indeed, with the EU budget being predominantly financed by national contributions, member states attach great importance to what they get in return, which in the end affects the European principle of solidarity and makes every budgetary negotiation a potential arena for political blockage. The economic and financial crisis, with its corresponding increase in the public deficit of member states, has unfortunately worsened the situation.

10 March 2011

The financial crisis has damaged consumer confidence in the financial services market. Trillions of euro in losses and government bail-outs have partially been borne by taxpayers, small investors and retail customers in several member states. Against this background, this new book by CEPS Senior Fellow Rym Ayadi argues that European policy-makers ought to rethink their approach to financial market integration in order to continue the construction of the internal market for retail financial services.

01 March 2011

This study, conducted by researchers at Sciences Po in Paris, CEPS and the New Economic School of Georgia, assesses the present state of the EU-Georgia discussions on a free trade agreement and finds there is an urgent need for the European Commission to reshape its approach. To this end, the authors put forward concrete proposals that should be set in motion well before the autumn 2011 Eastern Partnership Summit.

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