Greater Europe. Putin's vision of European (dis)integration. OSW Study 46/2013

On several occasions since 2001 Vladimir Putin has raised the concept of ‘Greater Europe’, a partly-integrated common space comprising mainly Russia and the European Union. This concept has never been recast into a detailed political programme. While it has been championed as‘a Europe without dividing lines’, the concept would in practice permanently split Europe into two geopolitical blocs – the Western bloc of the European Union, with Germany in the dominant role, and the Eastern bloc, consisting of the emerging Eurasian Union, with Russia in a hegemonic position. In recent years Russia has undertaken a number of initiatives aimed at implementing some elements of the concept. However, most of these have failed to become reality. In this context, we should expect Russia’s policy to focus on implementing its priority project of Eurasian integration, based on the structures of the Customs Union/the Eurasian Union. The Greater Europe project, on the other hand, will be postponed until the time when, as Moscow believes, a weakened EU will be ready to accept Russian proposals.

Capital Markets Union: a vision for the long term. Bruegel Policy Contribution ISSUE 2015/05 April 2015

Capital Markets Union (CMU) is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns for savers. This offers major potential for benefits in terms of jobs, growth and financial resilience. • CMU cannot be a short-term cyclical instrument to replace subdued bank lending, because financial ecosystems change slowly. Shifting financial intermediation towards capital markets and increasing cross-border integration will require action on multiple fronts, including increasing the transparency, reliability and comparability of information and addressing financial stability concerns. Some quick wins might be available but CMU’s real potential can only be achieved with a long-term structural policy agenda. • To sustain the current momentum, the EU should first commit to a limited number of key reforms, including more integrated accounting enforcement and supervision of audit firms. Second, it should set up autonomous taskforces to prepare proposals on the more complex issues: corporate credit information, financial infrastructure, insolvency, financial investment taxation and the retrospective review of recent capital markets regulation. The aim should be substantial legislative implementation by the end of the current EU parliamentary term.