The EU’s re-engagement as a security actor: Fresh start or still sleepwalking. CEPS Commentary, 12 July 2012

By the end of the summer, the EU will launch new crisis management missions in the Horn of Africa, Niger and South Sudan. In this CEPS Commentary, Giovanni Faleg and Steven Blockmans question whether the new deployments will revive the EU’s persona as a global security actor. The authors point out that, without the backing of a comprehensive security strategy rationale, the EU’s re-engagement as a crisis manager that opts for small-scale operations will be seen as a continuation of its sleepwalking through a changing geostrategic landscape.

The start-up fund - an elegant treaty mechanism for sustaining defence capabilities. Security Policy Brief No. 48, June 2013

When the European Council meets in December, it will face a range of decisions which will lay the foundations for Europe's defence posture and role in the wider world for decades to come, perhaps even beyond the remainder of this century. The Lisbon Treaty has, for the first time, equipped the EU with the range of means to meet that role in practice. The question that remains to be answered is whether Europe's leaders have the political will to implement those means in full.

Ireland gets the new Trio Presidency off to a propitious start. CEPS Commentary, 30 August 2013

The Irish Presidency of the Council of the EU (January-June 2013) faced numerous challenges, not least of which was to negotiate the financial framework for the period 2014-2020 and the reform of the Common Agricultural Policy with the European Parliament, as well as the pressure to advance the banking agenda. Moreover, the fact that it was the start of a new Trio Presidency, the small size of the Irish administration and its fragile financial situation gave rise to some doubts as to how much it could achieve. Nevertheless, this post mortem on the Irish presidency finds that the Irish government approached the task with realism and optimism, a firm focus on results and the strong conviction that a good performance would enhance its reputation at home and in the EU. It is now for Lithuania and subsequently Greece, in the first half of 2014, to continue to tackle the remaining formidable challenges.

Now We Are One...A Rough Start for the EEAS

The first year of the European External Action Service (EEAS) has already elicited much comment, both internally and externally. This contribution briefly reviews the nature of this commentary and then suggests some possible short-term ‘wins’ for the Service, as well as some challenges that will require a longer-term perspective. The main shorter-term issue considers the need to create stronger linkages and priorities between existing strategies and to start the difficult process of melding a common mindset within the Service. The longer-term challenges revolve around recruitment, balance and resources. The latter is particularly important in order to enable the delegations to assume their full roles. The barrage of criticism that greeted the EEAS’s first birthday is also a commentary on how critical the role of the Service is to achieving the core goals of the Lisbon Treaty in external relations; namely, to aim towards more coherence, effectiveness and visibility.

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.

A New Start for the EU’s Area of Freedom, Security and Justice? Setting of Priorities for the New European Commission. CEPS Commentary, 23 September 2014

The nomination of a First Vice-President (Frans Timmermans) in charge of rule of law and the EU Charter of Fundamental is one of the more far-reaching innovations contained in the new institutional shape of the Juncker Commission. This CEPS Commentary by Sergio Carrera and Elspeth Guild welcomes the fact that a new fundamental rights and rule of law First Vice-President will exercise a coordination and advisory role over the other two JHA Commissioners – Věra Jourová, responsible for Justice, Consumers and Gender Equality (DG Justice); and Dimitris Avramopoulos, responsible for Migration and Home Affairs (DG Home Affairs), but expresses a note caution whether this new role and triangular relationship can be made to work effectively in practice.

Turkey after the start of negotiations with the European Union - foreign relations and the domestic situation, Part II. OSW Report, July 2008

The Centre for Eastern Studies has decided to embark on the project entitled 'Turkey after the start of negotiations with the European Union - foreign relations and the domestic situation' for two major reasons: the start of the accession negotiations between Ankara and the European Union in October 2005, and the significant part which Turkey plays in western Eurasia (the Caucasus, the countries in the basins of the Black and Caspian Seas, the Middle East and the Balkans) which We wish to present our readers our second report discussing Turkey's relations with Central Asia, the Caucasus and Russia, the aspect of Turkish foreign policy regarding the Black Sea, and the role of Turkey as a transit country for oil and gas from the Middle East and the Caspian regions. The evaluation of Turkey's standpoint and potential regarding the aforementioned issues is especially important, considering the tensions existing in Turkey's relations with the EU and the USA, as well as the West's increasing engagement in the Caucasus, Central Asia and Black Sea regions. In this process, Ankara may play the role of a significant ally for the West. However, it may just as readily play the role of its rival, who could co-operate with other countries and may seriously frustrate the implementation of the EU and US' goals. The Report was developed between autumn 2006 and autumn 2007, over which time the project participants searched for publicly available documents in Poland, Turkey, EU countries and the USA, and went on five research trips to Central Asia, Russia, Turkey and Caucasus, where they met local analysts, officials and researchers.