A Proper Yield Curve for Greece to Kick-Start Financial Intermediation. ECMI Policy Brief No. 21, 10 December 2013

At present, the market is severely mispricing Greece’s sovereign risk relative to the country’s fundamentals. As a result of the mispricing, financial intermediation in Greece has become dysfunctional and the privatisation of state-owned assets has stalled. This mispricing is partially due to an illiquid and fragmented government yield curve. A well-designed public liability management exercise can lead to a more efficient pricing of Greece’s government bonds and thereby help restore stable and affordable financing for the country’s private sector, which is imperative in order to overcome Greece’s deep recession. This paper proposes three measures to enhance the functioning of the Greek government debt market: i) Greece should issue a new five-year bond, ii) it should consolidate the 20 individual series of government bonds into four liquid securities and iii) it should offer investors a swap of these newly created bonds into dollar-denominated securities. Each of these measures would be beneficial to the Hellenic Republic, since the government would be able to reduce the face value and the net present value of its debt stock. Furthermore, this exercise would facilitate the resumption of market access, which is a necessary condition for continuous multilateral disbursements to Greece.

How to keep a competitive edge in the talent game: Lessons for the EU from China and the US. CEPS Task Force Report, 13 June 2014

This report is based on discussions within the CEPS Task Force on “The Quantity and Quality of Human Capital in Higher Education: Comparing the EU, the US and China", chaired by Jan-Eric Sundgren, Senior Adviser to the CEO of Volvo, and former President of Chalmers University of Technology in Gothenburg. It aims to draw salient lessons from the successes and failures in higher education practices in the EU, the US and China by comparing key education indicators and policy trends. Against the background of the profound tectonic shifts affecting the talent distribution around the world, which is fundamentally changing the global ‘brain game’, the authors argue that it is important that the EU as a whole creates ‘virtuous circles’ of talent and innovation to sustain prosperity and growth, as well as to secure the long-term well-being and quality of life in Europe.

Ukraine on the edge. EPC Commentary, 24 April 2014

During the past six months Ukraine has been through a revolution, its Crimean peninsula has been annexed by Russia and its territorial integrity continues to be challenged. With ongoing unrest in three Eastern regions, a peace deal recently agreed in Geneva hangs by a thread as pro-Russian separatists continue to occupy numerous public buildings and international actors remain divided over how long to wait for Russia to implement the accord before placing new sanctions. While the West accuses Russia of provoking and influencing the unrest, Russia points the finger at Ukraine’s interim leadership which it claims is illegal and “fascist”.

The European Union as a Mediator in Israel-Palestine: Operations Cast Lead and Protective Edge. EU Diplomacy Paper 01/2016

The European Union (EU) has played an important, yet inconsistent role in the Israel-Palestine conflict since the1980 Venice Declaration. This paper analyses how the EU’s role as a mediator has changed more recently in the Israel-Gaza conflict. Specifically, it examines how the ‘Concept on Strengthening EU Mediation and Dialogue Capacities’ adopted in 2009 and the creation of the European External Action Service and the High Representative by the Lisbon Treaty have changed the EU’s resources and strategies as a mediator as well as how these developments improved cooperation and coordination with other mediators. This analysis is done through a comparison of the EU’s role in the Israeli Operation Cast Lead in 2008/2009 and Operation Protective Edge in 2014. It is argued that the aforementioned changes made the EU a more capable mediator and facilitated internal coordination. However, these changes did not create more resources for the EU as a mediator, rather they changed how the EU used its resources.