The New Financial Regulatory Paradigm: A transatlantic perspective. CEPS Policy Brief No. 287, 21 March 2013

This CEPS Policy Brief reviews key aspects of the new financial paradigm in a transatlantic perspective, focusing on the general approach in EU and US legislation in response to the financial crisis and the G-20 commitments and specifically as regards the extraterritorial implications. Following discussion of the institutional setting, conclusions are offered on what these changes mean in the context of the recently proposed Transatlantic Trade and Investment Partnership. In comparing the EU and the US efforts in re-engineering their regulatory regimes in response to the financial crisis, the paper finds, with the notable exception of the banking union, serious grounds for concern that the outcome may be an even more fragmented European financial market, access to which for third-country institutions is highly problematic.

Chechnya: Between a Caucasian Jihad and ‘hidden’ separatism. OSW Point of View, January 2007

1. Even though Chechnya remains the most unstable republic in the Russian North Caucasus, the open armed conflict known as the Second Chechen War, which broke out in the autumn of 1999, is gradually dying down. 2. Several years ago, the conflict in Chechnya could have been characterised as a war between Chechen separatists and the government of the Russian Federation. However, the nature of the conflict has changed significantly over the last four or five years. 3. Even though the intensity of fighting in Chechnya has abated in recent years, the conflict has spilt over to the other Caucasus republics such as Ingushetia, Dagestan and Kabardino-Balkaria. As a result, this is presently not so much a Chechen conflict as a regional clash between the authorities and the Caucasian (including Chechen) Islamists. 4. The Chechen militants are weaker now, and the conflict has changed from a struggle for national liberation into a fight for the Islamic cause; but this does not mean that Russia has ultimately solved the problem of Chechen separatism.

The Great Game around Turkmenistan. OSW Point of View, August 2008

The rise of a new leader of the state of Turkmenistan – President Gurbanguly Berdymukhammedov, who became ruler of the central Asian state after the 21-year rule of Saparmurad Niyazov, the self-proclaimed Turkmenbashi, who died on December 21, 2006 – has initiated changes in Turkmenistan’s political life. The new president has broken with the previous policy of self-isolation, and has directed the country towards openness to the outside world. Opportunities have thereby arisen for competitors in the ‘Great Game’, to gain political influence in Turkmenistan and access to hitherto unexploited Turkmen deposits of gas and oil. A new stage in the Great Game, which has been played for influence in Central Asia and control of access to its energy resources for many years, can thus be said to have been launched, and Turkmenistan has become the main setting for it. The major actors involved are Russia, the United States, China and the European Union.

Ukrainian economy on the verge of recession. OSW Commentary No. 96, 2012-11-21

In the third quarter of 2012, Ukraine’s economy recorded negative growth (-1.3%) for the first time since its 2009 economic crisis. Q4 GDP is projected to suffer a further decline, bringing Ukraine into formal recession. In addition to the worsening macroeconomic indicators, Ukraine is also facing a series of concomitant economic problems: a growing trade deficit, industrial decline, shrinking foreign exchange reserves, and the weakening of the hryvnia. Poor economic growth is expected to result in lower than projected budget revenues, which in turn could lead to the sequestration of the budget in December. The decline evident across the key economic indicators in the second half of 2012 brings to a close a period of relative economic stability and two years of economic growth, which had been seen as a significant personal achievement of President Viktor Yanukovych and the ruling Party of Regions. The health of the Ukrainian economy largely depends on the state of the country’s export- -oriented industries. The current economic forecasts for foreign markets are not very optimistic. It is impossible to determine whether the current economic downturn is likely to be merely temporary or whether it heralds the onset of a prolonged economic crisis. The limited capacity to deal with the growing economic problems may mean that Kiev will need to seek financial support from abroad. This is particularly significant with regard to external debt servicing, since in 2013 Ukraine will need to pay back around 9 billion USD, including over 5.5 billion USD to the International Monetary Fund. In order to overcome the recession and stabilise public finances, the government may be forced to take a series of unpopular measures, including raising the price of natural gas and utilities. These measures have been stipulated by the IMF as a condition of further financial assistance and the disbursement of the 12 billion USD stabilisation loan granted to Ukraine in July 2010. The only alternative for Western loans and economic reforms appears to be financial support from Russia. The price for Moscow’s help might however turn out to be very high, and precipitate a turn in Kiev’s foreign policy towards a gradual re-integration of former Soviet republics under Moscow-led geopolitical projects.

A Crisis of Democratic Legitimacy? It’s about Legitimation, Stupid! European Policy Brief No. 21, March 2014

Are we witnessing a crisis of democratic legitimacy? While citizens may lose trust in political authorities, democratic principles and ideals continue to exercise considerable appeal. This Policy Brief argues that this paradox must be understood as a crisis of legitimation. Research suggests that legitimacy is inherently subjective and must be constantly re-earned. Low levels of political trust can be explained as the result of the complexity of globalised yet fragmented societies. The present feeling of malaise calls for a redefinition of the relationship between citizens and the authorities by which they are ruled. If popular sovereignty is to mean anything in today’s age, it requires a new legitimising narrative.

Nord Stream expansion: what does it mean for Europe? EPC Commentary, 2 July 2015

Two announcements in sequence have shaken the energy debate on 18 and 19 June. Gazprom announced the signature of a Memorandum of Understanding with Shell, Exon and OMV for the construction of strings 3 and 4 of Nord Stream, aiming at doubling the current 55 bcm capacity of the corridor running in the Baltic sea bed and connecting the Russian terminal of Vyborg to Germany. On the day after, a €2 bn deal between Russia and Greece was signed for extending the Turkish Stream project into Greek territory. ...

Ramzanistan. Russia's Chechen Problem. OSW POINT OF VIEW Number 54, 2015-08-25

The political activity and growing independence of Chechnya’s leader Ramzan Kadyrov raises questions about his loyalty and the possibility of his openly renouncing his servitude to Moscow. Such a scenario seems unlikely because of the dependence of Kadyrov’s regime on Russia. He is burdened by his republic’s financial dependence, the stain of collaboration and the crimes committed on his own people, and so his regime cannot exist without Moscow’s support. However, Kadyrov’s dependence on Moscow and the apparent stability of the situation in Chechnya do not mean that a lasting peace has been established there. The current plan for governing the republic and the relationship between Moscow and Grozny is a temporary solution, based not on durable solutions, but on the situational convergence of the Kremlin and Kadyrov’s interests. A change of government in the Kremlin, or to an even greater degree a domestic crisis in Russia which weakens its position in the Caucasus, would mean the fall of Kadyrov’s regime, and the reactivation of pro-independence rhetoric in Chechnya.

Women's political participation in Tunisia. Arab Citizenship Review No. 14, 21 January 2016

The collapse of the authoritarian regime in Tunisia in 2011 has given women new opportunities to participate in political life and in civil society activities, standing for elections (2011 and 2014) or becoming members of political parties and associations. Nevertheless, despite these advances and the already positive point of de- parture thanks to the legacy of Bourguiba, the “liberator of the country and the women”, participation of women remains unsatisfactory. While Tunisian women have enjoyed extended individual rights, especially compared to Arab women in general, since the country became independent in 1956, their political participation has remained controlled by the state.T he challenge of increasing the political participation of women, even in a democratic phase of the country’s political life, remains.The new electoral laws from 2011 and 2014 endorse parity and women rights, now guaranteed by the Constitution. However, the implementation of these rights is still at stake.

Georgian drift. The crisis of Georgia's way westwards. OSW POINT OF VIEW 57, 2016-02-22

For several years Georgia has been experiencing processes which may be interpreted as symptoms of a deepening, multidimensional social and political crisis. Reforms have lost momentum, stagnation has set in, and in some areas the situation has begun to revert to the pre-revolution status (including rising crime levels). The Georgian political system has found itself in a serious crisis, while society has become increasingly frustrated and apathetic, mainly because people’s standards of living have been stagnating. This political and social malaise has been breeding Euro-scepticism and disenchantment with the West. A country that had been firmly navigating westwards, Georgia has now started drifting and slipping into malaise. This risks reversing what the country has achieved so far in the internal dimension, increasing instability and triggering a crisis in the pro-Western vector of Tbilisi’s foreign policy. While that may not necessarily mean a turn towards Russia, in the present situation it has been easier for Moscow to pursue its own interests in the region. Should Tbilisi’s pro-Western course become reversed or permanently stagnant, that would entail grave consequences for the country itself and beyond. It would be a defeat for the West and would undermine the European aspirations of countries like Ukraine or Moldova.