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.

The Western Borderlands: The place of eastern Galicia and Volhynia in the Ukrainian State. OSW Study 43/2013

The regions of Ukraine are strongly diversified. These differences are subject to historical conditions and attempts at unification which have been made over the past seventy years have proven that these differences will be impossible to reduce in the foreseeable future and will continue to bear an impact on Ukraine’s domestic policy. Western Ukraine (Eastern Galicia and Volhynia) is a peripheral region in economic, political and cultural terms. Although it accounts for approximately 14% of Ukraine’s territory and 15% of the country’s population live there, the region generates only around 10% of the country’s GDP. Its metropolis, Lviv, Ukraine’s seventh largest city, was traditionally among the key centres in the nation’s history. However, its role in an independent Ukraine has been marginalised partly due to the fact that a significant part of its elite moved to Kyiv. This is also the most ethnically homogeneous region, where Russian speakers make up rather a small part of the population.

La place des emotions dans les campagnes du Front national et du Mouvement democrate pour les elections europeennes der 2014 = The place of emotions in the campaigns of the National Front and democrat movement for the 2014 European elections. Bruges Political Research Papers 43/2015.

No abstract.