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№217. The European Council Summit and the Political Economics of the EMU Crisis

Author(s): Cezary Wójcik,Christian Fahrholz / Language(s): English

Roger Ailes, a former advisor to Ronald Reagan ,recalls in his book an intriguing practice of the ancient Romans: when they finished building a bridge or an arch, they enforced accountability by placing the engineer in charge beneath the construction when the scaffolding was removed. If the edifice did not hold, he was the first to know. We do not follow such drastic practices these days in Europe, but with some European economies shaking and the Greek sovereign debt crisis still not over, the architecture of the euro area has been certainly come under severe stress. Unfortunately, the 28-29 October2010 European Council Summit has not made this architecture much safer.

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№230. A less punishing, more forgiving approach to the debt crisis in the eurozone

Author(s): Paul De Grauwe / Language(s): English

The debt crisis that hit the eurozone last year forced European leaders to develop new solutions to deal with the crisis. These solutions have been dominated by the idea that sanctions should be imposed everywhere in the system. Thus, European leaders are tightening up the Stability and Growth Pact (SGP) and are imposing stiffer sanctions on governments that do not obey the rules. Bond holders who have the temerity to buy government bonds will face sanctions in the form of haircuts when governments get into payment difficulties. The financial rescue mechanism aimed at providing liquidity to distressed governments carries punitive interest rates.

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№233. Debt reduction without default?

Author(s): Thomas Mayer,Daniel Gros / Language(s): English

This paper proposes a two-step, market-based approach to debt reduction: Step 1. The European Financial Stability Facility (EFSF) would offer holders of debt of the countries with an EFSF programme (probably Greece, Ireland and Portugal = GIP) an exchange into EFSF paper at the market price prior to their entry into an EFSF-funded programme. The offer would be valid for 90 days. Banks would be forced in the context of the ongoing stress tests to write down even their banking book and thus would have an incentive to accept the offer. Step 2. Once the EFSF had acquired most of the GIP debt, it would assess debt sustainability country by country. a) If the market price discount at which it acquired the bonds is enough to ensure sustainability, the EFSF will write down the nominal value of its claims to this amount, provided the country agrees to additional adjustment efforts (and, in some cases, asset sales).b) If under a central scenario this discount is not enough to ensure sustainability, the EFSF might agree on a lower interest rate, but with GDP warrants to participate in the upside.

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№234. The Case for ‘more Single Market’

Author(s): Jacques Pelkmans / Language(s): English

With the Commission’s consultation period on the Single Market Act (European Commission, 2010) nearing its end, it is high time for the EU to get its act together. Priority should immediately be restored to theissue of the Single Market, and EU powers to deepen and widen the internal market, where economically justifiable, ought to be utilized to the full. This CEPS Policy Brief explains why.

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№237. Restoring financial stability in the euro area

Author(s): Christian Kopf / Language(s): English

The pricing of sovereign credit risk is a necessary component of the financial architecture of the European Monetary Union. However, unnecessarily high and volatile risk premia on government bonds are currently preventing effective financial intermediation within the euro area, there by inhibiting its economic recovery. Several proposals have been made on how these risk premia should be brought down, namely i) permanent pooling of funding through joint bond issuance, ii) temporary liquidity assistance through multilateral funds, iii) debt buybacks using multilateral funds, and iv) debt restructuring.

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№239. Can the eurozone countries still live together happily ever after?

Author(s): Marcello Messori / Language(s): English

After the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.

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№247. An evaluation of the French proposal for a restructuring of Greek debt

Author(s): Christian Kopf / Language(s): English

French commercial banks are proposing a swap of €85.5 billion in Greek government bonds maturing between 2011 and 2014 into a combination of new long-term Greek bonds with principal guarantee and cash payments. If this initiative were implemented under the proposed parameters, private creditors would only suffer a minimal haircut and official lenders would be provided with cash-flow relief of around €20 billion over the next three years, but the solvency of the Hellenic Republic would worsen significantly.

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№249. Britain, Ireland and Schengen: Time for a smarter bargain on visas

Author(s): Michael Emerson / Language(s): English

For the present UK government, full accession to the Schengen area, a passport free travel area covering most of Europe, is a red line that it will not cross. Ireland shares a common travel area and land border with the UK and is also bound by this decision. However, it is becoming increasingly clear that the UK, along with Ireland, is suffering serious economic and reputational costs as a result of its separate visa and border management policies.

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№280. A Sovereign Wealth Fund to Lift Germany’s Curse of Excess Savings

Author(s): Thomas Mayer,Daniel Gros / Language(s): English

We suggest in this paper that the risk-adjusted rate of return on German savings could be improved by creating a sovereign wealth fund for Germany (designated DESWF), which couldinvest excess German savings globally. Creation of a DESWF should of course complement—and not substitute—for policies helping current account adjustment and funding through private sector capital flows.

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№287. The New Financial Regulatory Paradigm: A transatlantic perspective

Author(s): Karel Lannoo / Language(s): English

Five years after the start of the financial crisis, the EU is further behind in reengineering its regulatory regime than the US. Although it seemed two years ago that the two blocs were moving in tandem, it is now clear that the US is further advanced in re-regulation and implementation than the EU. The sovereign debt crisis in the eurozone is to some extent to blame, but there is more to the story than that. Bank supervisory issues do not appear to bemoving off the policy agenda in the EU.

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№289. Banking Union with a Sovereign Virus. The self-serving regulatory treatment of sovereign debt in the euro area

Author(s): Daniel Gros / Language(s): English

The purpose of the purposed banking union is to de-link banks from their sovereigns. The 'Single Supervisory Mechanism' (SSM) should correct the tendency of national supervisors to overlook problems at home.

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№301. The Macroeconomic Imbalance Procedure and Germany: When is a current account surplus an ‘imbalance’?

Author(s): Daniel Gros,Matthias Busse / Language(s): English

The Macroeconomic Imbalance Procedure (MIP) was designed to prevent the emergence of imbalances like the largeand persistent current account deficits that occurred in Spain and Ireland. But within this mechanism, a current account surplus is also viewed as a source of concern. Indeed, last year’s Alert Mechanism Report (AMR), issued by the European Commission signalled an excessive current account surplus for the Netherlands and Luxembourg, while Germany just barely scraped by with a 5.9% surplus, marginally evading the 6% threshold (over a 3-year average).

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The Fiasco of Political Banking: Deutsche Bank and Commerzbank Abandon their Merger Plans

Author(s): Sebastian Płóciennik / Language(s): English

The merger of Germany’s Deutsche Bank and Commerzbank was to lead to the creation of a market player large enough to support the foreign expansion of German industry. The politically-motivated plan failed due to investors’ reluctance and the fear of creating a financial institution that was “too big to fail”. However, the fiasco of the project creates space for European mergers that will favour the completion of the banking union in the EU.

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Fiasko bankowości politycznej: Deutsche Bank i Commerzbank porzucają plany fuzji

Author(s): Sebastian Płóciennik / Language(s): Polish

Fuzja dwóch wielkich banków niemieckich miała doprowadzić do powstania podmiotu na tyle dużego, by mógł wspierać ekspansję zagraniczną niemieckiego przemysłu. Polityczny pomysł przegrał z niechęcią inwestorów oraz obawą przed powstaniem instytucji „zbyt dużej, by upaść”. Fiasko przedsięwzięcia stwarza jednak przestrzeń dla europejskich fuzji, które będą sprzyjać finalizacji unii bankowej w UE.

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Strategia wyborcza SPD: wzrost poparcia dzięki ofercie socjalnej

Author(s): Sebastian Płóciennik / Language(s): Polish

Niemiecka socjaldemokracja rozpoczęła kampanię wyborczą od obietnic socjalnych. Jej celem jest zarówno odzyskanie poparcia lewicowych wyborców, jak i podjęcie walki z chadekami o dominację w politycznym centrum. Jeśli strategia SPD się powiedzie, niemiecka polityka gospodarcza przesunie się wyraźnie na lewo. Dla Polski może to oznaczać lepsze warunki eksportu, ale także wyzwanie w postaci szybkiego pogłębienia integracji w strefie euro.

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Національна безпека і оборона, № 124 (2011 - 06)

Author(s): Valeriy Bevzenko,Mykola Kolyuzhnyy,Volodymyr Rybak,Roman Tkach,Igor Yatsyuk,Serhiy Kubakh,Andriy Martin,Anton Tretyak,Malkolm D. ChIldress,Ales Trziska,Milan Kotsab,Alexandr Drbal / Language(s): Ukrainian

CADASTRAL AND REGISTRATION SYSTEM IN UKRAINE: CURRENT STATE AND PROSPECTS OF DEVELOPMENT // WHAT A CADASTRAL AND REGISTRATION SYSTEM SHOULD BE IN UKRAINE: POSITIONS OF EXPERTS // PUBLIC OPINION ON THE LAND MARKET AND CADASTRAL AND REGISTRATION SYSTEM AS ITS COMPONENT // STATE REGISTRATION SYSTEM OF UKRAINE: POSITIONS OF SPECIALISTS // THE MAIN ISSUE IS NOT SO MUCH IN THE NUMBER OF INFORMATION SYSTEMS, HOW MANY IN THE ORDER OF THEIR FILLING AND FUNCTIONING // STATE LAND CADASTRE IN UKRAINE: STATE AND PROSPECTS // STATE LAND CADASTRE AND REGISTRATION OF REAL ESTATE RIGHTSPROPERTY: TOGETHER OR SEPARATELY? // CDASTRAL AND REGISTRATION SYSTEMS OF UKRAINE: PROSPECTS OF COEXISTENCE // DETERMINE THE GOALS AND PRIORITIES OF THE STATE LANDPOLICIES AND RETURN THE PROFESSIONALISM OF CIVIL LAND SERVICES // CADASTRE OR REGISTER OF RIGHTS SYSTEM? WHAT ARE WE CREATING AND FOR WHOM? // PROSPECTS FOR THE DEVELOPMENT OF THE STATE LAND CADASTRE IN UKRAINE // UKRAINIAN PARADOXES AND PROBLEMS OF DEVELOPMENT STATE LAND CADASTRE // IDEALIZED EXAMPLE CADASTRE-REGISTRATION SYSTEM: IMAGINARY EXPERIMENT // RESULTS OF LAND RELATIONS REFORM AND PROSPECTS INTRODUCTION OF MARKET CIRCULATION OF LAND IN UKRAINE ... // LAND REFORM, REAL ESTATE CADASTRE AND CARTOGRAPHY-GEODESIC AND CADASTRE SERVICES IN UKRAINE AND IN THE CZECH REPUBLIC

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Національна безпека і оборона, № 127 (2011 - 09)

Author(s): Raisa Bogatyreva,Mihailo Gonchar,Lubomir Goncharuk,Vitaliy Demianyuk,Yuriy Korolchuk,Vladimir Makukha,Ernest Vytsishkevich,Boris Ilyenko,Gennady Ryabtsev,Dietmar Neuhaus,Roman Opimah / Language(s): Ukrainian

ALTERNATIVES FOR GAS SUPPLY OF UKRAINE: LIQUEFIED NATURAL GAS (LNG) AND NON-TRADITIONAL GAS // SECTION 1. WORLD LNG MARKETS AND OPPORTUNITIES FOR DIVERSIFICATION GAS SUPPLY OF UKRAINE // 1.1. WORLD LNG MARKETS: STATE, FEATURES, TRENDS // 1.2. LNG TRADE: FEATURES OF CONTRACTS AND PRICING // 1.3. MAIN FACTORS OF LNG COMPETITIVENESS // 1.4. PROSPECTS OF WORLD LNG TRADE // 1.5. PROSPECTS AND PROBLEMS OF LNG SUPPLY TO UKRAINE // SECTION 2. DEVELOPMENT OF NON-TRADITIONAL GAS MARKETS IN THE WORLD AND PROSPECTS OF UKRAINE // 2.1. WORLD NON-TRADITIONAL GAS MARKETS: OVERVIEW // 2.2. SALT GAS MARKET: STATE AND PROSPECTS OF DEVELOPMENT // 2.3. METHANE OF COAL DEPOSITS // 2.4. GAS OF DENSE COLLECTORS // 2.5. PROSPECTS FOR THE DEVELOPMENT OF THE HYDROGATE GAS MARKET // SECTION 3. CONCLUSIONS AND SUGGESTIONS // DIVERSIFICATION OF GAS SUPPLY OF UKRAINE: POSITIONS OF SPECIALISTS // POLAND IN SEARCH OF NEW SOURCES OF NATURAL GAS SUPPLY // SLATE PROSPECTS OF UKRAINE: THE REVOLUTION CANCELED // PROSPECTS OF NON-TRADITIONAL GAS IN UKRAINE AND IN THE WORLD // DETERMINATION OF PRIORITY LNG SUPPLIERS TO UKRAINE AND TERMS OF TRADE IN IT

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Національна безпека і оборона, № 130 (2012 - 01)

Author(s): Mykhailo Mishchenko,Lyudmila Shangina / Language(s): Ukrainian

UKRAINE - ON THE EVE OF THE COMPLETION OF LAND REFORM? // PUBLIC OPINION ON LAND POLICY AND LAND REFORM IN UKRAINE // Citizens' assessment of the state's land policy // The situation on the land market // Plans of landowners, tenants and citizensin general for the future // Attitude to the development of large joint-stock agricultural enterprises and farms // Citizens' assessment of the land rights registration system // Legislation governing land ownership: level of awareness and evaluation // Interest in the problem of the land market // Private ownership of agricultural land: attitude, understanding, vision of the optimal model for Ukraine // Attitude to the purchase and sale of land agricultural purpose // Citizens' attitudes towards adoption issues Law "On Land Market" // PROBLEMS OF INTRODUCTION OF THE FREE MARKET OF AGRICULTURAL EARTH: FOCUS GROUP RESULTS REPORT // I. Positions of owners of land plots (shares) // II. Positions of farmers // III. Common positions // IV. Conclusions // ABOUT THE LAND, OR NOTES IN THE FIELDS OF THE PRESIDENT'S INTERVIEW // Introductory retreat // The president - for explanatory work, citizens - for the referendum // How it started // Field Owners: Rights and Opportunities // The results of the first 20 years of reform // About agrarian policy, or What to do? // Conclusion, or For the information of the authorities and citizens // THE LAND OF OUR ANXIETY // Why is this reform needed? // About the price of land and its increase // I need a lot of money… // Land and personal life // Property in our way // So what do we lack to complete land reform? // ATTITUDES OF POLITICAL PARTIES AND THEIR LEADERS TO THE ISSUEOF LAND RELATIONS IN UKRAINE

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Національна безпека і оборона, № 135 (2012 - 06)

Author(s): Not Specified Author / Language(s): Ukrainian

ELECTRIC POWER ENGINEERING OF UKRAINE: STATE AND TRENDS OF DEVELOPMENT // SECTION 1. UNITED ENERGY SYSTEM OF UKRAINE: GENERAL CHARACTERISTICS // UES of Ukraine: TECHNICAL CHARACTERISTICS // IMPLEMENTATION OF EU DOCUMENTS BY UKRAINE // MAIN ELECTRIC NETWORKS OF UKRAINE // SECTION 2. ELECTRICITY MARKET IN UKRAINE: STATE AND PROBLEMS // DOMESTIC ELECTRICITY CONSUMPTION: POSITIONS OF CITIZENS // SECTION 3. PROSPECTS OF THE DEVELOPMENT OF THE ELECTRIC INDUSTRY: TRENDS AND PROBLEMS // IMPLEMENTATION AND IMPROVEMENT OF ENERGY STRATEGIES OF UKRAINE, ENERGY MARKET REFORM: PUBLIC VIEW // OWNERSHIP STRUCTURE OF MAIN SUPPLYIERS (DISTRIBUTORS) AND GENERATING COMPANIES TES // SECTION 4. CONCLUSIONS AND SUGGESTIONS // REFORM OF THE ELECTRIC POWER SECTOR OF UKRAINE: STATE AND PROSPECTS

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National Security & Defence, № 061 (2005 - 01)

Author(s): Not Specified Author / Language(s): English

SALARIES IN UKRAINE: STATE AND PROSPECTS FOR REFORMS // 1. SALARIES IN UKRAINE: FORMATION OF THE POLICY OF CHEAP LABOUR // 2. THE SOCIO-ECONOMIC EFFECTS OF CHEAP LABOUR POLICY // 3. ACTION PLAN // REFORMING THE SALARY PAYMENT SYSTEM IN UKRAINE: A JUMP ACROSS THE SOCIAL ABYSS? // SOCIAL INSURANCE CONTRIBUTIONS ARE NOT A FISCAL TAX BUT THE COST OF PROTECTING THE LABOUR FORCE AND ENSURING SOCIAL PEACE // THE MAIN TASK IS TO DO AWAY WITH DUAL MORALITY AND IMPLEMENT A NORMAL REGULATORY POLICY // RAISING WAGES WOULD BE THE MOST PROFITABLE INVESTMENT INTO THE UKRAINIAN ECONOMY // DECENT WORK MEANS FREELY CHOSEN, PRODUCTIVE, AND HIGHLY PAID EMPLOYMENT // THE PROBLEM OF LABOUR REMUNERATION REQUIRES A COMPREHENSIVE APPROACH // PRACTICAL SUPPORT FOR SMALL BUSINESS IS A WAY TO OVERCOME UNEMPLOYMENT AND POVERTY // LOW WAGES IN THE SOCIAL SPHERE IS A THREAT FOR THE FUTURE // BRING ORDER TO THE ADMINISTRATIVE MECHANISM CHARGED WITH PROVIDING SERVICES TO BUSINESS // BRIDGE THE GAP BETWEEN LABOUR REMUNERATION AND CONSUMPTION OF SOCIAL FUNDS AND THEN TALK ABOUT RAISING LABOUR PRODUCTIVITY

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