EU citizenship: Citizenship and identity beyond national borders. EU Centre Singapore Background Brief No. 10, October 2013

The 1992 Maastricht Treaty introduced the concept of European Union citizenship. All citizens of the 28 EU member states are also EU citizens through the very fact that their countries are members of the EU. Acquired EU citizenship gives them the right to free movement, settlement and employment across the EU, the right to vote in European elections, and also on paper the right to consular protection from other EU states' embassies when abroad. The concept of citizenship in Europe – and indeed anywhere in the world – has been evolving over the years, and continues to evolve. Against this time scale, the concept of modern citizenship as attached to the nation-state would seem ephemeral. The idea of EU citizenship therefore does not need to be regarded as a revolutionary phenomenon that is bound to mitigate against the natural inclination of European citizens towards national identities, especially in times of economic and financial crises. In fact, the idea of EU citizenship has even been criticised by some scholars as being of little substantive value in addition to whatever rights and freedoms European citizens already have. Nonetheless the ‘constitutional moment’ that the Maastricht Treaty achieved for the idea of EU citizenship has served more than just symbolic value – the EU’s Charter of Fundamental Rights is now legally binding, for instance. The idea of EU citizenship also put pressure on the Union and its leaders to address the perceived democratic deficit that the EU is often accused of. In attempts to cement the political rights of EU citizens, the citizens’ initiative was included in Lisbon Treaty allowing citizens to directly lobby the European Commission for new policy initiatives or changes.

EU citizenship, Citizenship and identity beyond national borders. EU Centre Singapore Background Brief No. 10, October 2013

The 1992 Maastricht Treaty introduced the concept of European Union citizenship. All citizens of the 28 EU member states are also EU citizens through the very fact that their countries are members of the EU. Acquired EU citizenship gives them the right to free movement, settlement and employment across the EU, the right to vote in European elections, and also on paper the right to consular protection from other EU states' embassies when abroad. The concept of citizenship in Europe – and indeed anywhere in the world – has been evolving over the years, and continues to evolve. Against this time scale, the concept of modern citizenship as attached to the nation-state would seem ephemeral. The idea of EU citizenship therefore does not need to be regarded as a revolutionary phenomenon that is bound to mitigate against the natural inclination of European citizens towards national identities, especially in times of economic and financial crises. In fact, the idea of EU citizenship has even been criticised by some scholars as being of little substantive value in addition to whatever rights and freedoms European citizens already have. Nonetheless the ‘constitutional moment’ that the Maastricht Treaty achieved for the idea of EU citizenship has served more than just symbolic value – the EU’s Charter of Fundamental Rights is now legally binding, for instance. The idea of EU citizenship also put pressure on the Union and its leaders to address the perceived democratic deficit that the EU is often accused of. In attempts to cement the political rights of EU citizens, the citizens’ initiative was included in Lisbon Treaty allowing citizens to directly lobby the European Commission for new policy initiatives or changes.

Self-Fulfilling Crises in the Eurozone: An Empirical Test. CEPS Working Document No. 366, 22 June 2012

This paper tests the hypothesis that government bond markets in the eurozone are more fragile and more susceptible to self-fulfilling liquidity crises than in stand-alone countries. We find evidence that a significant part of the surge in the spreads of the PIGS countries (Portugal, Ireland, Greece and Spain) in the eurozone during 2010-11 was disconnected from underlying increases in the debt-to-GDP ratios and fiscal space variables, and was the result of negative self-fulfilling market sentiments that became very strong since the end of 2010. We argue that this can drive member countries of the eurozone into bad equilibria. We also find evidence that after years of neglecting high government debt, investors became increasingly worried about this in the eurozone, and reacted by raising the spreads. No such worries developed in stand-alone countries despite the fact that debt-to-GDP ratios and fiscal space variables were equally high and increasing in these countries.