Why an ESM programme could be a kiss of death: Recovery values and subordination. CEPS Commentary, 27 June 2012

Spain, needing a bailout for its banks, was granted a vague promise by EZ leaders for up to €100 billion. The details remain obscure, yet they matter enormously. This column argues that the so-called ‘subordination effect’ of fresh official lending could put Spain on the slippery road to ruin. It argues that if sovereign bonds must be bought, this should be done in the secondary market which, would be on an equal footing with private investors and thus avoid the subordination trap.

Good governance of gender balance. CEPS Commentary, 16 November 2012

CEPS Chief Executive Karel Lannoo observes in this CEPS Commentary that there is a compelling need to attract more women to positions of high responsibility in Europe in light of their demonstrated capacity to contribute significantly to the improvement of governance.