The ECB’s Latest Gimmick. Cash for loans, CEPS Policy Brief No. 341, March 2016

Among several important monetary policy initiatives decided by the European Central Bank on 10 March 2016 was the launch of a new set of targeted longer-term refinancing operations (TLTRO II), expanding on the previous TLTRO. In assessing this scheme, which might cost up to €24 billion, this Policy Brief finds that while it could become important, it is questionable whether it will achieve its goal of encouraging the extension of credit for new investment, as banks can easily window dress their loan book.

The EU-China Bilateral Investment Agreement: Between High Hopes and Real Challenges. Security Policy Brief No. 68, February 2016

In 2012, negotiations over an EU–China bilateral investment agreement were launched to fully tap into the potential of bilateral investments. This policy brief gives an overview of the current negotiation process and argues that the high hopes advanced politically and economically in the agreement must be weighed against the many challenges and obstacles the negotiations face, regarding current events in EU–China relations, in global trade and investment regimes, and the limits of EU competencies. Strategically, the agreement could be important, as it offers the potential to strengthen the EU’s global economic relevance. This brief concludes that there is much to gain if the EU follows a coordinated approach and remains mindful of these (potential) obstacles.