Security prices and market transparency: the role of prior information

This paper analyzes the role of traders' priors (proper versus improper) on the implications of market transparency by comparing a pre-trade transparent market with an opaque market in a set-up based on Madhavan (1996). We show that prices may be more informative in the opaque market, regardless of how priors are modelled. In contrast, the comparison of market liquidity and volatility in the two market structures are affected by prior specification. Key words: Market microstructure, Transparency, Prior information

The EU as a security provider in its neighbourhood: the case of non-proliferation of WMD in the Mediterranean area

As a consequence of the terrorist attacks of 9/11 and the US-led war against Iraq, WMD and their proliferation have become a central element of the EU security agenda. In December 2003, the European Council adopted even a EU Strategy against Proliferation of WMD. The approach adopted in this Strategy can be largely described as a ‘cooperative security provider’ approach and is based on effective multilateralism, the promotion of a stable international and regional environment and the cooperation with key partners. The principal objective of this paper is to examine in how far the EU has actually implemented the ‘cooperative security provider’ approach in the area which the Non-proliferation Strategy identifies as one of its priorities – the Mediterranean. Focusing on the concept of security interdependence, the paper analyses first the various WMD dangers with which the EU is confronted in the Mediterranean area. Afterwards, it examines how the EU has responded to these hazards in the framework of the Barcelona process and, in particular, the new European Neighbourhood Policy. It is argued that despite its relatively powerful rhetoric, the EU has largely failed, for a wide range of reasons, to apply effectively its non-proliferation approach in the Mediterranean area and, thus, to become a successful security provider.

When ESDP confronts ENP: security sector reform as a bridge in the EU’s foreign policy

The European Neighbourhood Policy’s birth has taken place in parallel with the renewed momentum of the European Security and Defence Policy, which has launched 14 operations since 2003. Both policies’ instruments have converged in the neighbouring area covered by ENP: Georgia, in the East and the Palestinian Territories in the South. In both cases, the Security Sector Reform strategies have been the main focus for ESDP and an important objective for ENP. In this paper, two objectives are pursued: first, to assess the EU’s involvement in both cases in SSR terms; and second, to analyse whether the convergence of ESDP operations with a broader EU neighbourhood policy implies that the former has become an instrument for the a EU external action.

Creating the Gorizia-Goriska euroregion: an European cross-border administrative model for integrated socio-economic development in the upper adriatic. Crossborder co-operation as a tool for trans-national integration and conflict resolution

Contribució al Seminari: "Les Euroregions: Experiències i aprenatges per a l’Euroregió Pirineus-Mediterrània", 15-16 de desembre de 2005

Cross-border co-operation in Europe

Contribució al Seminari: "Les Euroregions: Experiències i aprenatges per a l’Euroregió Pirineus-Mediterrània", 15-16 de desembre de 2005

Juridical double taxation by cross border transactions: the Block Case (C-67/08)

Treaty Establishing the European Community, operative until December 1st 2009, had already established in its article 2 the mission of the up until then European Community and actual European Union is to promote an harmonious, equilibrated and sustainable development of the economic activities of the whole Community. This Mission must be achieved by establishing a Common Market, an Economic and Monetary Union and the realization of Common Policies. One of the instruments to obtain these objectives is the use of free circulation of people, services and capitals inside the Common and Interior Market of the European Union. The European Union is characterized by the confirmation of the total movement of capitals, services and individuals and legal peoples’ freedom; freedom that was already predicated by the Maastricht Treaty, through the suppression of whatever obstacles which are in the way of the objectives before exposed. The old TEC in its Title III, now Title IV of the Treaty on the Functioning of the European Union, covered the free circulation of people, services and capitals. Consequently, the inclusion of this mechanism inside one of the regulating texts of the European Union indicates the importance this freedom supposes for the European Union objectives’ development. Once stood up the relevance of the free movement of people, services and capitals, we must mention that in this paper we are going to centre our study in one of these freedoms of movement: the free movement of capital. In order to analyze in detail the free movement of capital within the European framework, we are going to depart from the analysis of the existent case law of the Court of Justice of the European Union. The use of jurisprudence is basic to know how Community legislation is interpreted. For this reason, we are going to develop this work through judgements dictated by the European Union Court. This way we can observe how Member States’ regulating laws and the European Common Law affect the free movement of capital. The starting point of this paper will be the Judgement C-67/08 European Court of Justice of February 12th 2009, known as Block case. So, following the argumentation the Luxemburg Court did about the mentioned case, we are going to develop how free movement of capital could be affected by the current disparity of Member States’ legislation. This disparity can produce double taxation cases due to the lack of tax harmonized legislation within the interior market and the lack of treaties to avoid double taxation within the European Union. Developing this idea we are going to see how double taxation, at least indirectly, can infringe free movement of capital.

A critical application of securitization theory: overcoming the normative dilemma of writing security

This article addresses the normative dilemma located within the application of `securitization,’ as a method of understanding the social construction of threats and security policies. Securitization as a theoretical and practical undertaking is being increasingly used by scholars and practitioners. This scholarly endeavour wishes to provide those wishing to engage with securitization with an alternative application of this theory; one which is sensitive to and self-reflective of the possible normative consequences of its employment. This article argues that discussing and analyzing securitization processes have normative implications, which is understood here to be the negative securitization of a referent. The negative securitization of a referent is asserted to be carried out through the unchallenged analysis of securitization processes which have emerged through relations of exclusion and power. It then offers a critical understanding and application of securitization studies as a way of overcoming the identified normative dilemma. First, it examines how the Copenhagen School’s formation of securitization theory gives rise to a normative dilemma, which is situated in the performative and symbolic power of security as a political invocation and theoretical concept. Second, it evaluates previous attempts to overcome the normative dilemma of securitization studies, outlining the obstacles that each individual proposal faces. Third, this article argues that the normative dilemma of applying securitization can be avoided by firstly, deconstructing the institutional power of security actors and dominant security subjectivities and secondly, by addressing countering or alternative approaches to security and incorporating different security subjectivities. Examples of the securitization of international terrorism and immigration are prominent throughout.

Conflict, Peace and Security in Africa: an Assessment and New Questions After 50 Years of African Independence

Since the independence processes in the African continent, armed conflicts, peace and security have raised concern and attention both at the domestic level and at the international scale. In recent years, all aspects have undergone significant changes which have given rise to intense debate. The end of some historical conflicts has taken place in a context of slight decrease in the number of armed conflicts and the consolidation of post-conflict reconstruction processes. Moreover, African regional organizations have staged an increasingly more active internal shift in matters related to peace and security, encouraged by the idea of promoting “African solutions to African problems”. This new scenario, has been accompanied by new uncertainties at the security level and major challenges at the operational level, especially for the African Union. This article aims to ascertain the state of affairs on all these issues and raise some key questions to consider.

The Security Council and the Legitimacy of the Use of Force: Legal, Normative, and Social Aspects.

Tal i com estableix la Carta de les Nacions Unides, el Consell de Seguretat determina l’existència d’una amenaça a la pau, un trencament de la pau o un acte d’agressió i decideix les mesures que han de fer-se servir per restaurar la pau i seguretat internacionals, també l’ús de la força. L’objectiu d’aquest article és explorar la legitimitat d’aquest ús de la força. Amb aquest objectiu, el text parteix d’una definició centrada en les seves dimensions legal, normativa i social. En segon lloc, s’analitzarà com aquestes dimensions estan representades als debats del Consell de Seguretat de la guerra d’Irak de 2003, un dels usos de la força més controvertits i que més debat ha generat als darrers anys. Finalment, l’anàlisi proposat permet treure algunes conclusions sobre les bases canviants de la legitimitat de l’ús de la força.

Bosnia and Herzegovina’s cross border cooperation: applying typologies and revising histories

Aquest document amplia el treball realitzat per Oliveras, durada i Perkmann en l'estudi de la cooperació transfronterera (CBC) a Europa. S'argumenta que el catàleg de les transferències regions (CBR), desenvolupat per Oliveras, durada i Perkmann el 2010, ha d'incloure la CBR que han sorgit com a resultat de l'ampliació actual de la UE en l'Oest Balcans. També serveix per donar suport a la opinió que una quarta etapa en la història desenvolupament de CBC a Europa encara no ha començat. El document porta el CBC de Bòsnia i Hercegovina en el marc de l'Instrument d'Ajuda Preadhesió (component II) com un estudi de casos i classifica cada CBC d'acord amb la tipologia que estableix Oliveras, durada i Perkmann. L'anàlisi revela que una forma de multi-nivell govern (MLG) també està sorgint en aquestes noves CBR. El tipus de MLG és també classificats. La conclusió de l'article és que el procés actual de la UE l'ampliació ha creat dos CBR i MLG promogut en els Balcans Occidentals

New developments of peace research: The impact of recent campaigns on disarmament and human security

The present text, based on previous work done by the authors on peace research (Grasa 1990 and 2010) and the disarmament campaigns linked to Human Security (Alcalde 2009 and 2010), has two objectives. First, to present a new agenda for peace research, based on the resolution/transformation of conflicts and the promotion of collective action in furtherance of human security and human development. Second, to focus specifically on collective action and on a positive reading of some of the campaigns that have taken place during the last decades in order to see how the experiences of such will affect the future agenda for peace research and action for peace.

Cohesion, competition and contradiction: INTERREG and Franco-British Cross border co-operation

Aquest article resumeix el desenvolupament del programa INTERREG i la cooperació a la frontera franc-britànica en els últims vint anys. Això és seguit per una anàlisi de la forma transfronterera cooperació pot entendre recorrent a les discussions conceptuals de canviar la governança europea i les relacions de poder entre els diferents nivells de govern. Aquestes idees conceptuals proporcionen un context per a un examen en profunditat de la iniciativa INTERREG IIIA, a la frontera franc-britànica que es destaquen alguns dels principals problemes i les contradiccions de la cooperació transfronterera.

Cross-Border Cooperation Between Spain and Portugal: A case Study of the Southern Regions

After centuries of lack of contacts between Spain and Portugal, the democratization of both countries allowed for a rapprochement which today is becoming more intensive. The crucial factor of the growing integration of Spanish and Portuguese border regions into a cross-border region is naturally the INTERREG programme. Both regions are disadvantaged within the European Union and their respective countries as poor regions. They have the status of a ‘double periphery’. In the 1980s and particularly 1990s actors on both sides of the border intensified their contacts in order to overcome their double peripherality. The growing number of projects, the improvement of infrastructures and the revival of associationism will certainly change the quality of life of these regions, which are still among the lowest in both countries. The continuation of the INTERREG programme after 2007-2013 will be an important consolidating tool for the further development of cross-border cooperation.

The Emergence and Governance of Euroregions: The Case of the Euregio on the Dutch-German Border

Amb una història que data de la dècada de 1950, la EUREGIO és un de les més antigues euroregions a Europa. Es pot considerar com un cas exitós d'una regió transfronterera (CBR) en el sentit que s'ha establert fermament com una agència de fronteres dins del seu tram de la frontera holandesa-alemanya. L'EUREGIO també ha estat una de les protagonistes principals darrere de l'Associació de Regions Frontereres Europees (ARFE), que en les últimes dècades va actuar per difondre el model d'euroregió a tot el territori europeu. Aquest capítol té diversos objectius. En primer lloc, es presenta el cas de la EUREGIO i presenta evidència sobre la seva història, estructura orgànica i polítiques. En segon lloc, s'analitzen les condicions del context en què la EUREGIO ha sorgit i les estructures de govern que es van crear com a resultat. Es fa especial èmfasi en la posició i el paper de l'Euroregió en el context més ampli del marc de governança europea multinivell generat per la política de cohesió de la UE. El capítol conclou amb un intent d'avaluar l'èxit i l'impacte de la EUREGIO i una discussió dels reptes relacionats amb la doble funció de l'EUREGIO com a representant dels interessos de les autoritats locals i les agències de cohesió de la UE posada en pràctica de les polítiques.

How can Brazil’s leading role in South America contribute to boosting security cooperation between the EU and Mercosur?

The primary goal of this paper is to discuss how the leading position of Brazil in South America could contribute to boost security cooperation between the European Union and Mercosur. Both parties share common foreign and security policy concerns, including immigration, terrorism and drug trafficking. Through its great influence on the regional security agenda, Brazil could seek closer bilateral cooperation with Europe in tackling these global challenges, acting at the same time as a representative of regional interests.