Contractual arrangements: the overlooked step towards a fiscal union. European Policy Brief No. 18, December 2013

‘Contractual arrangements’ were proposed as an initial step towards a fiscal union that would consolidate the EMU. At this stage, the debate should be centred on the cornerstone of these contracts: the solidarity mechanism. The form of the financial support should not be limited to loans, and include the possibility for grants. Only the countries with the greatest adjustment needs should benefit from the financial support of other countries. This solidarity could be justified in principle by the intensity of the ‘shocks’ they experienced. In this way, contractual arrangement would facilitate the completion of the necessary adjustment in the current crisis – thanks both to more structural reforms and more mutual support within the eurozone.

The Eastern Partnership Riga Summit should not be a non-event. EPC Commentary, 20 May 2015

The upcoming 21-22 May Eastern Partnership (EaP) Riga Summit will take place against the backdrop of the new geopolitical reality in the EU’s Eastern neighbourhood, in the aftermath of Russia’s annexation of Crimea and ongoing war in Eastern Ukraine. Given the extremely complex geopolitical context, the importance of the Summit and the message it delivers to the partner countries – particularly to Ukraine, Georgia and Moldova, which have made European integration their foreign policy goal – cannot be underestimated. The Summit needs to send a strong, unambiguous signal reconfirming the EU’s commitment to the EaP, and offer a clear roadmap for the future. If the Summit turns out to be a non-event, with an empty declaration, it risks being perceived as rewarding the bullying policies of Russia.

The Eastern Partnership after Riga: Review and Reconfirm. CEPS Commentary, 29 May 2015

The Riga Summit of 21-22 May reaffirmed the EU’s commitment to the Eastern Partnership, underlined further differentiation between the neighbours and reiterated the importance of people-to-people contacts, finds Hrant Kostanyan in this CEPS Commentary. All in all, however, the Summit was more of a stocktaking exercise than a momentous redefinition of relations with the EU at a time of precarious geopolitics in the east. Politically, it is important now for the EU to defend what it already offered to the eastern neighbours and reconfirm the Eastern Partnership as a defining feature of its foreign policy and fundamental to the EU’s larger Security Strategy review.

Designing a New EU-Turkey Strategic Gas Partnership. Bruegel Policy Contribution Issue 2015/10 July 2015

Highlights. • The European Commission’s February 2015 Energy Union Communication calls for intensified work on the Southern Gas Corridor (SGC) and the establishment of a new strategic energy partnership with Turkey. The presence of the European Union and Turkey in the region is complementary in a number of ways. Building on this could unlock the region’s gas export potential and make gas supplies to the EU and Turkey more secure. • The EU should establish dedicated energy diplomacy taskforces with Turkey and each potential supplier in the region (Azerbaijan, Turkmenistan, Iran, Kurdistan Region of Iraq). This would allow the EU and Turkey to make use of their complementary diplomatic leverages to overcome barriers to regional gas trade. • In parallel, the EU should establish with Turkey a dedicated financing mechanism to facilitate gas infrastructure investments, with a primary focus on the upgrade of the Turkish gas grid. The European Investment Bank might play a role in attracting private and institutional investors through its financing tools. • The four ‘EU-Turkey Energy Diplomacy Taskforces’ and the ‘EU-Turkey Gas Infrastructure Financing Initiative’ would be initiatives of the recently started EU-Turkey Strategic High Level Energy Dialogue. Simone Tagliapietra (simone.tagliapietra@bruegel.org) is Visiting Fellow at Bruegel. Georg Zachmann (georg.zachmann@bruegel.org) is Research Fellow at Bruegel. The authors thank Agata Łoskot-Strachota for comments that helped to improve the paper significantly,

Enhancing the Prospects of the EU’s Deep and Comprehensive Free Trade Areas in the Mediterranean: Lessons from the Eastern Partnership. CEPS Commentary, 24 June 2015

In their March 2015 Consultation paper on the review of the European Neighbourhood Policy (ENP), the European Commission and the High Representative raised the question whether the Deep and Comprehensive Free Trade Areas (DCFTAs) “are the right objective for all or should more tailor-made alternatives be developed, to reflect differing interests and ambitions of some partners?” Such ambitious but complex trade agreements have now finally been signed with Ukraine, Moldova and Georgia, but they are still on the table for several Mediterranean ENP countries. Although these Mediterranean partners have a completely different political, economic and legal relationship with the EU, some important lessons can be drawn from the ‘Eastern DCFTA experience’. In particular, the DCFTA negotiators should avoid overly ambitious and ill-defined legislative approximation commitments and develop a comprehensive implementation strategy.

The Transatlantic Trade and Investment Partnership: Challenges and Opportunities for Consumer Protection. Paper No. 11 in the CEPS-CTR project ‘TTIP in the Balance’ and CEPS Special Report No. 115/July 2015

This paper examines options for regulatory cooperation in the Transatlantic Trade and Investment Partnership (TTIP) and assesses the challenges and opportunities posed by regulatory cooperation for consumer protection. It looks at existing approaches to regulatory cooperation by referencing a range of case studies. Based on established practice and on the European Commission’s recently published proposal on regulatory cooperation, we discuss a possible approach that could be adopted in the TTIP. Against the significant potential gains from improved regulatory cooperation, one must set the significant challenges of reconciling the different regulatory philosophies of the US and the EU as well as some differences in their respective approaches to cooperation. In broad terms, this analysis finds that regulatory powers on both sides of the Atlantic will not be significantly affected by the TTIP, but suggests that European and American legislators will need to ensure that their priorities shape the TTIP regulatory cooperation agenda and not the other way around.

Rule-Makers or Rule-Takers? Exploring the Transatlantic Trade and Investment Partnership

The Transatlantic Trade and Investment Partnership (TTIP) is an effort by the United States and the European Union to reposition themselves for a world of diffuse economic power and intensified global competition. It is a next-generation economic negotiation that breaks the mould of traditional trade agreements. At the heart of the ongoing talks is the question whether and in which areas the two major democratic actors in the global economy can address costly frictions generated by their deep commercial integration by aligning rules and other instruments. The aim is to reduce duplication in various ways in areas where levels of regulatory protection are equivalent as well as to foster wide-ranging regulatory cooperation and set a benchmark for high-quality global norms. In this volume, European and American experts explain the economic context of TTIP and its geopolitical implications, and then explore the challenges and consequences of US-EU negotiations across numerous sensitive areas, ranging from food safety and public procurement to economic and regulatory assessments of technical barriers to trade, automotive, chemicals, energy, services, investor-state dispute settlement mechanisms and regulatory cooperation. Their insights cut through the confusion and tremendous public controversies now swirling around TTIP, and help decision-makers understand how the United States and the European Union can remain rule-makers rather than rule-takers in a globalising world in which their relative influence is waning.