PALESTINIAN REFUGEES-HOW CAN A DURABLE SOLUTION BE ACHIEVED? CEPS Middle East Working Paper No. 6, July 2003

From the Introduction. The refugee question is at the core of the conflict between Israel and the Palestinians. Palestinians were first displaced as a direct consequence of the 1948 war and its aftermath. Twenty years later, another wave of Palestinian refugees was created as a consequence of the war during which Israel occupied the West Bank and the Gaza Strip. The purpose of the present paper is to: • deliver a critical analysis of past approaches to deal with the refugee issue in the various attempts to resolve the conflict between Israel and the Palestinians; • discuss lessons to be learned from the settlement and its implementation mechanisms in Bosnia and Herzegovina; and • propose a direction for a long-term strategy for the international community that avoids past pitfalls and could ultimately lead both parties to an agreement.

Le role des politiques monétaires et la convergence macroeconomique sur le développement des systèmes financiers dans les pays du sud de la Méditerranée. = The role of monetary policies and macroeconomic convergence in the development of financial systems in south Mediterranean countries. MEDPRO Technical Report No. 12/April 2012

This MEDPRO Technical Report shows that the monetary and exchange rate policies conducted by central banks in the South Mediterranean region display apparent homogeneity in their operational frameworks, albeit with some specificities and differing degrees of advancement. While central banks state that price stability is their ultimate objective, failures to control interest rates as operational objectives of monetary policy result in monetary authorities resorting to quantitative approaches to monetary policy, meaning that monetary aggregates and credit targets are being used as intermediate targets of monetary policy. An econometric exercise limited to Maghreb countries (Algeria, Morocco, and Tunisia) has been conducted to analyse the potential scenarios of convergence and monetary policy coordination. Given the high structural heterogeneity and the slow pace of real convergence due to weak commercial integration in the Maghreb, results nevertheless show alternative dynamics in the integration of effective nominal exchange rates, as well as a complete convergence dynamic in exchange rate policies. Partial convergence of monetary policies regarding the stabilisation of inflation rates remains an open option for a transitional phase where financial integration is low.