The Commissioners’ Group on External Action – Key political facilitator. CEPS Special Report No. 125/December 2015

The reactivation of the Commissioners’ Group on External Action (CGEA) is one of the most important institutional initiatives in EU foreign policy-making since the merger of the position of the High Representative for CFSP with that of Vice-President of the Commission and the creation of the European External Action Service. In this report the authors examine the mandate and organisation of the CGEA and note that, in its first year of activity, the Group has injected much-needed political pragmatism into the way the Commission contributes to EU external action, thereby facilitating inter-service cooperation both within the Commission and with the EEAS. They argue that the CGEA has in fact become the logical counterpart to the Foreign Affairs Council, which allows the HRVP to deliver on her duty to assist the Council and the Commission in ensuring a comprehensive approach to EU external action, as indeed consistency in its implementation.

Central Banks in Times of Crisis: The FED vs. the ECB. CEPS Policy Brief No. 276, 11 July 2012,

Different economic and financial structures require different crisis responses. Different crises also require different tools and resources. The first ‘stage’ of the financial crisis (2007-09) was similar on both sides of the Atlantic, and the response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to intervene in the sovereign bond market of some stressed countries. The actions undertaken by the European Central Bank (ECB), however, have not always represented the best response, in terms of effectiveness, consistency and transparency. This is especially true for the Securities Markets Programme (SMP): by de facto imposing its absolute seniority during the Greek PSI (private sector involvement), the ECB has probably killed its future effectiveness.

The roadmap to banking union: a call for consistency. CEPS Commentary, 30 August 2012

The proposal to move to a full banking union in the eurozone means a radical regime shift for the EU, since the European Central Bank will supervise the eurozone banks and effectively end ‘home country rule’. But how this is implemented raises a number of questions and needs close monitoring, explains CEPS CEO Karel Lannoo in this new Commentary.