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.

What priorities for the new European agenda on migration? CEPS Commentary, 22 April 2015

In the wake of the latest tragic drownings in the Mediterranean, in which some 900 immigrants lost their lives, and with a view to the extraordinary EU Summit on April 23rd, this Commentary argues that any short, medium and long-term EU migration policy priorities should start by unequivocally setting out their founding and operational principles. This step would be closely followed by implementation of effective action on the ground aimed at meeting the realities and alleviating the hardship.

Keeping health high on the EU agenda: role for economic governance? EPC Policy Brief, 7 May 2015

In an attempt to get Europe out of the economic crisis and establish right conditions for growth, the EU coordinates and monitors member states’ economic and budgetary policies via a system called the European Semester. As member states’ spending on the health sector accounts for 10% of GDP and is expected to grow, it is no wonder that an increasing emphasis has been paid to sustainability of health systems – an area that is traditionally considered as a national competence. In this Policy Brief, Annika Hedberg and Martina Morosi reflect on the strengths and weaknesses of the European Semester and country-specific recommendations in promoting more sustainable and efficient health systems in Europe, and why the EU must continue to play a role in encouraging member states to value health and improve their spending on health.

Post-Summit Commentary – Greece on the brink. EPC Commentary, 29 June 2015

The developments of recent days have been dramatic – the saga of the Greek crisis has probably opened its decisive chapter. Negotiations between Athens and its creditors failed after the Greek government decided to leave the negotiating table and hold a referendum on 5 July. The future of the country in the common currency and the potential consequences for the EU and the euro are uncertain. There are clear signs of fatigue, everywhere. But there is still time to avert the worst, if there is the political will on all sides to work on a new perspective for Greece and for the future of the Economic and Monetary Union (EMU).

EU-Iran relations post-Vienna: the way forward. EPC Commentary, 16 July 2015

From the Introduction. After 18 days of marathon talks over Iran’s nuclear programme, the E3 plus 3 (US, Russia, China, Britain, France, Germany) and Iran agreed on the final text of the Joint Comprehensive Plan of Action (JCPOA), opening a new chapter in relations between Iran and the West after a 12-year standoff.

Discussing Citizenship in Egypt: A comparative study of the post-2011 political debate. EUSpring Working Paper No. 3 [also Arab Citizenship Review No. 8], 20 July 2015

From the Introduction. Having simultaneously evolved theoretically and in political practice over centuries, the concept of citizenship is one of the most complex in political and social sciences. It correlates and intersects with another set of concepts and values, especially the rule of the law and democracy. Its historical evolution, thanks to individuals and citizens’ movements’ struggle to gain equal rights in their political communities, needs to be captured by theory.

spotlight europe, August 2015: Sustainable Development Goals: Are the rich countries ready?

The Millennium Development Goals have led to tangible progress in many developing countries. Once adopted, the United Nations' new global Sustainable Development Goals will additionally require industrialized countries to implement such standards beginning in 2016. But the world's first comprehensive stocktaking shows that most industrialized nations are a long way from serving as role models for sustainable development.

Homo Jihadicus. Islam in the former USSR and the phenomenon of the post-Soviet militants in Syria and Iraq. OSW REPORT 2015-09-21

The post-Soviet area, along with the countries of the Middle East, North Africa and Western Europe, have become one of the main global exporters of Islamic militants. Currently on the territory of Syria, and to a lesser extent of Iraq, there are several thousands of foreign fighters from the post-Soviet states. The causes of the war migration from the former USSR states to the Middle East have their roots in the dynamic changes taking place inside Islam in the post-Soviet area: primarily the growth of Salafism and militant Islam, as well as the internationalisation and globalisation of the local Islam. The deep political, economic, social and ideological changes which Muslims underwent after the collapse of the USSR, led to the creation of a specific group within them, for which Islam in its radical form became the main element of their identity. Homo sovieticus, without fully eradicating his Soviet part, became Homo jihadicus who not only identifies himself with the global Ummah, but is also ready to leave his country and join jihad beyond its borders in the name of the professed ideas.

Discussing Citizenship in Egypt: A comparative study of the post-2011 political debate. Arab Citizenship Review No. 8, 20 July 2015

From the Introduction. Having simultaneously evolved theoretically and in political practice over centuries, the concept of citizenship is one of the most complex in political and social sciences. It correlates and intersects with another set of concepts and values, especially the rule of the law and democracy. Its historical evolution, thanks to individuals and citizens’ movements’ struggle to gain equal rights in their political communities, needs to be captured by theory.

Greece as an example of “post-politics” in the eurozone. EPIN Commentary No. 28/9 November 2015

The negotiations between Greece and the EU and IMF tested the unity, limits, stamina and financial interdependence of eurozone member states. Greece emerged wounded from the fray, but Prime Minister Alexis Tsipras has established beyond doubt his dominance in Greek politics, in defiance of partisan competitors at home and his counterparts’ wishes in the rest of Europe. In this EPIN Commentary the authors argue that – beyond the political significance of SYRIZA’s third electoral victory in seven months – this vote of confidence brings certain characteristics of both Greek and EU politics into sharper relief. The high-risk political activism undertaken by Syriza’s leadership in the first half of 2015 has (re)opened the debate about what kind of EU we live in, and contributed to the creation of another type of discourse in Europe – one that has so far been the preserve of established elites.

A Pan-European District for the European Elections? The Rise and Fall of the Duff Proposal for the Electoral Reform of the European Parliament. Bruges Political Research Papers 44/2015.

The aim of the present article is to understand the dynamics underlying the birth, the development and the eventual failure of the Duff proposal of 2009-2012, an ambitious attempt to change the provisions governing the elections for the European Parliament. In particular, the way agenda-setting on electoral reform is shaped in the European Union will be analysed, trying to understand if the current stalemate on the issue can be explained in light of factors specific to the EU. The report presented by liberal MEP Andrew Duff at the beginning of the seventh legislature called on Member States to gather a Convention, in order to introduce fundamental improvements in the way Members of the European Parliament are elected. Among the envisaged changes, the creation of a pan-European constituency to elect twenty-five Members on transnational lists represented the most controversial issue. After having analysed its main elements, the path of the Duff report from the committee of Constitutional Affairs (AFCO) to the plenary will be analysed. It will be concluded that a sharp contrast exists between the way electoral issues are raised in the AFCO committee and the way the Parliament as a whole deals with them. Moreover, diverging interests between national delegations inside groups seem to play a decisive role in hampering electoral reform. While further research is needed to corroborate the present findings, the analysis of the Duff proposal appears to shed light on the different barriers that ensure electoral reform is taken off the agenda of the Union, and on the relative weight each of them carries.

Modi's Reform Agenda: Change You Can Believe In? Asia Policy Brief 2015/04, November 2015

Indian Prime Minister Narendra Modi entered office with a historic political mandate. For the first time in thirty years, a single party won a majority of seats in the lower house of Parliament (Lok Sabha). However, Modi faces skyhigh expectations to fulfill his campaign promises of getting India’s economy back on track. Eighteen months into his government’s term and in the wake of electoral defeats in the states of Delhi and Bihar, questions are being raised about its economic performance. While the Modi government has stabilized India’s macroeconomy and announced a series of incremental economic reforms, more sweeping changes have fallen victim to India’s nettlesome domestic politics, including roadblocks within the ruling alliance.