The EU and ASEAN – In Search of a New Regional Paradigm? EU Centre Singapore Working Paper No. 15, August 2013

The European Union (EU) has been hailed as the most successful model of regional integration thus far, while the Association of Southeast Asian Nations (ASEAN), despite its fair share of critics and doomsayers, has been seen as a relatively successful regional organisation in the developing world. However, both seemed to have arrived at a critical juncture in their respective regional projects. Challenged by recent events, internal and external, and faced with increasing uncertainties and complexities, the EU and ASEAN are forced to re-examine the journey they have taken so far and ponder the road ahead. This paper seeks first to provide an overview of the two parallel processes of regionalism in Europe and Southeast Asia by focusing on the developments of the EU and ASEAN, and dissecting both the external forces and internal dynamics that shape the respective regional processes. It then sketches out some of the global trends likely to impact regional developments in Europe and Asia, and questions if the EU and ASEAN would need a new regional approach or paradigm if they are to maintain their salience and relevance as regional actors.

The 2005 Reform of the Stability and Growth Pact: Too Little, Too Late? Bruges European Economic Research (BEER) Papers 6/November 2006

This paper analyses the main critiques addressed by the literature and the policymakers to the 1997 Stability and Growth Pact. It further indicates to what extent the 2005 reform of the Pact meets those critics. It finally argues that the 2005 reform may be too little and arrive too late to restore the Pact credibility, ensure its enforceability and correctly set the derogations to the excessive deficit procedure on the nature of the shocks which cause the output gap rather than its size: a 3% of GDP limit on deficit spending may be a too binding constraint in front of a strongly negative demand shock, while it is irrationally large in front of a supply shock. Some empirical evidence is provided to identify in the last years strongly negative demand shocks from other shocks in the 25 EU Member States. Had this identifying method been adopted in November 2003, the European Commission and the Council would have both agreed to stop the excessive deficit procedure against Germany, but they would have both proceeded against France which apparently was not at the time hit by a strongly negative demand shock.

spotlight europe #2015/03 — August 2015: Money or Democracy? Greece and the Euro Dilemma

The negotiations on the third bailout package for Greece are still going on, but the euro area has already paid a high price for it. The compromise on which it is based is clearly very controversial. Some of its critics believe that it does not make sense in economic terms, whereas others point out that it may have an adverse political effect. But what in fact is Greece actually supposed to be doing, and what does all this mean with regard to sovereignty and democracy?