European Union-Latin American relations in a turbulant era. Jean Monnet/Robert Schuman Paper Series Vol. 12, Special December 2012

From the Introduction. The mere mentioning of “the Trans-Atlantic Relationship” generates a standard interpretation. Customary understanding claims that it is supposed to deal with the links between Europe and the United States (moderately expanded to include Canada, a country taken for granted). This is a view shared both in Brussels and Washington. This geographical concept very rarely refers to include the role of Mexico, for example. This “relationship” is never understood as triangular, formed by three partners (United States/Canada, Europe and Latin America/Caribbean). A quadrangular format, including Africa, is contemplated only in a bilateral sense (usually when one of the important partners (the United States or Europe) is considered as a protagonist. In sum, “Atlantis” (as an entity shared by all) is as mysterious and difficult to grasp as the myth of antiquity, as a problem that this volume surely tries to grasp and analysis.

Framing Banking Union in the Euro Area: Some empirical evidence. CEPS Working Document No. 389, 3 February 2014

Evidence shows that financial integration in the euro area is retrenching at a quicker pace than outside the union. Home bias persists: Governments compete on funding costs by supporting ‘their’ banks with massive state aids, which distorts the playing field and feeds the risk-aversion loop. This situation intensifies friction in credit markets, thus hampering the transmission of monetary policies and, potentially, economic growth. This paper discusses the theoretical foundations of a banking union in a common currency area and the legal and economic aspects of EU responses. As a result, two remedies are proposed to deal with moral hazard in a common currency area: a common (unlimited) financial backstop to a privately funded recapitalisation/resolution fund and a blanket prohibition on state aids.

A Strong Europe in a Globalized World: From the Hungarian to the Polish presidency of the Council of the European Union. ACES Working Papers, 2011

On June 17, 2011, the Center for Transatlantic Relations – together with the Center for European Policy Analysis, the Polish Institute of International Affairs in Warsaw, and the Embassies of Hungary and Poland – hosted authors writing on the theme “A Strong Europe in a Globalized World,” and who offered in-depth, substantive reflections about how the United States and Europe can work together more closely in meeting global challenges. Drawing on the agendas of the outgoing and incoming EU Presidencies of the Council of the European Union – Hungary and Poland respectively – authors focused on the importance of a strong US-EU partnership in the face of mounting global challenges, from the current financial and economic crisis through the insecurities of energy markets and the promise of the Arab Spring. Authors explored in depth four key areas of shared interests: A Global Perspective (Transatlantic Partnership in a Globalized World); Achievements and Deliverables of Eastern Partnership; Euro-Atlantic Perspectives for the Balkans; and Common Challenges of Energy Security. Senior Hungarian and Polish government officials, subject matter experts, private sector actors, and think tank scholars participated.

Answering the Call of the European Court of Justice in Eurofoods a Proposed Package of Due Process Rights with a View Toward the 2012 Revision of the European Insolvency Regulation. IES WORKING PAPER 3/2011

This paper anticipates the 2012 revision of the European Insolvency Regulation, which is the sole Union legislation on the subject of cross border insolvency proceedings. The paper first describes the historical background of the Regulation. The salient point of the historical discussion is that the Regulation is the product of forty years of negotiation and arises from a historical context that is no longer applicable to current economic realities, i.e. it provides for liquidation, not reorganization, it doesn’t deal with cross border groups of companies, and it lacks an effective mechanism for transparency and creditor participation. The paper then reviews the unique hybrid jurisdictional system of concurrent universal and territorial proceedings that the Regulation imposes. It looks at this scheme from a practical viewpoint, i.e. what issues arise with concurrent proceedings in two states, involving the same assets, the same creditors, and the same company. The paper then focuses on a significant issue raised by the European Court of Justice in the Eurofoods case, i.e. the need to comply with fundamental due process principles that, while not articulated in the Regulation, lie at the core of Union law. Specifically, the paper considers the ramifications of the Court’s holding that “a Member State may refuse to recognize insolvency proceedings opened in another Member State where the decision to open the proceedings was taken in flagrant breach of the fundamental right to be heard.” In response to the Court’s direction, this paper proposes a package of due process rights, consisting principally of an accessible, efficient and useful insolvency database, the infrastructure of which already exists, but the content and use of which has not yet been developed. As part of a cohesive three part due process package, the paper also proposes the formation of cross border creditors' committees and the establishment of a European Insolvency Administrator. Finally, on the institutional level, this paper proposes that the revision of the Regulation and the development of the insolvency database not only need to be coordinated, but need to be conceptualized, managed and undertaken, not as the separate efforts of diverse institutions, but as a single, unified endeavor.

Neighbors and other realities: The Atlantic civilization and its enemies. ZEI Discussion Paper C228, 2015

2014 was a watershed year for the geopolitical positioning of the European Union. For the first time since the end of the Cold War, Europe is no longer exporting stability but has begun to import instability in an unprecedented way. The neighborhood policy needs a fundamental review as non-European actors pursue policy concepts and strategies that run counter to EU norms and interests. ZEI Director Prof. Dr. Ludger Kühnhardt argues that the values of the Atlantic civilization have come under pressure in a world which tends to be influenced by new conflicts or a secular nature.

Contractual arrangements: the overlooked step towards a fiscal union. European Policy Brief No. 18, December 2013

‘Contractual arrangements’ were proposed as an initial step towards a fiscal union that would consolidate the EMU. At this stage, the debate should be centred on the cornerstone of these contracts: the solidarity mechanism. The form of the financial support should not be limited to loans, and include the possibility for grants. Only the countries with the greatest adjustment needs should benefit from the financial support of other countries. This solidarity could be justified in principle by the intensity of the ‘shocks’ they experienced. In this way, contractual arrangement would facilitate the completion of the necessary adjustment in the current crisis – thanks both to more structural reforms and more mutual support within the eurozone.

The nuclear safety framework in the European Union after Fukushima. Egmont Paper No. 73, December 2014

Summary. On 11 March 2011, a devastating earthquake struck Japan and caused a major nuclear accident at the Fukushima Daiichi nuclear plant. The disaster confirmed that nuclear reactors must be protected even against accidents that have been assessed as highly unlikely. It also revealed a well-known catalogue of problems: faulty design, insufficient back-up systems, human error, inadequate contingency plans, and poor communications. The catastrophe triggered the rapid launch of a major re-examination of nuclear reactor security in Europe. It also stopped in its tracks what had appeared to be a ‘nuclear renaissance’, both in Europe and globally, especially in the emerging countries. Under the accumulated pressure of rising demand and climate warming, many new nuclear projects had been proposed. Since 2011 there has been more ambivalence, especially in Europe. Some Member States have even decided to abandon the nuclear sector altogether. This Egmont Paper aims to examine the reactions of the EU regarding nuclear safety since 2011. Firstly, a general description of the nuclear sector in Europe is provided. The nuclear production of electricity currently employs around 500,000 people, including those working in the supply chain. It generates approximately €70 billion per year. It provides roughly 30% of the electricity consumed in the EU. At the end of 2013, there were 131 nuclear power reactors active in the EU, located in 14 countries. Four new reactors are under construction in France, Slovakia and Finland. Secondly, this paper will present the Euratom legal framework regarding nuclear safety. The European Atomic Energy Community (EAEC or Euratom) Treaty was signed in 1957, and somewhat obscured by the European Economic Community (EEC) Treaty. It was a more classical treaty, establishing institutions with limited powers. Its development remained relatively modest until the Chernobyl catastrophe, which provoked many initiatives. The most important was the final adoption of the Nuclear Safety Directive 2009/71. Thirdly, the general symbiosis between Euratom and the International Atomic Energy Agency (IAEA) will be explained. Fourthly, the paper analyses the initiatives taken by the EU in the wake of the Fukushima catastrophe. These initiatives are centred around the famous ‘stress tests’. Fifthly, the most important legal change brought about by this event was the revision of Directive 2009/71. Directive 2014/87 has been adopted quite rapidly, and has deepened in various ways the role of the EU in nuclear safety. It has reinforced the role and effective independence of the national regulatory authorities. It has enhanced transparency on nuclear safety matters. It has strengthened principles, and introduced new general nuclear safety objectives and requirements, addressing specific technical issues across the entire life cycle of nuclear installations, and in particular, nuclear power plants. It has extended monitoring and the exchange of experiences by establishing a European system of peer reviews. Finally, it has established a mechanism for developing EU-wide harmonized nuclear safety guidelines. In spite of these various improvements, Directive 2014/87 Euratom still reflects the ambiguity of the Euratom system in general, and especially in the field of nuclear safety. The use of nuclear energy remains controversial among Member States. Some of them remain adamantly in favour, others against or ambivalent. The intervention of the EAEC institutions remains sensitive. The use of the traditional Community method remains limited. The peer review method remains a very peculiar mechanism that deserves more attention.

The Business Cycle on Both Sides of the Atlantic. Jean Monnet/Robert Schuman Paper Series Vol. 14 No. 16, August 2014

The recent economic recession, that began in the US in late 2007 and lasted eighteen months with a heavy toll on society’s wellbeing, has demonstrated the need and urgency of properly understanding the business cycle. This is important because this paper shows that the US business cycle is a leading indicator for the European Union and the Eurozone. Therefore, it can advise governments in the European continent that a change of economic tendency is taking place, which due to globalization will sooner or later affect economies and societies. Thus, understanding the business cycle will give European governments an opportunity to adjust economic and monetary policies to help soften the negative effects on European society.

Maastricht 2.0 - Proposed reform of EU sovereign debt rules. Policy Brief #2012/05

The European Union’s regulations governing sovereign debt are based on the principle of equal treatment of all member states. The recommendations we make here concerning changes in European Union sovereign-debt reduction rules take account of national particularities, but are by no means arbitrary in nature. According to the calculations we present here, such reformed regulations would do far more to promote economic growth than would be the case under the Fiscal Compact’s European debt brake. By 2030, real gains in growth will amount to more than 450 billion euros more than the outcome that would presumably be obtained under the European debt brake.

Composition of basalts from the north part of the Bougault anomaly, Mid-Atlantic Ridge 15°N

A quantitative model of development of magmatic and ore-magmatic systems under crests of mid-ocean ridges is constructed. Correct physical models of melting zone formation in approximation to active spreading, non-stationary dynamics of magma intrusion from a center of generation, filling of magma chambers of various shapes, feeding of fissure-type volcanoes, and retrograde boiling of melts during solidification of intrusive bodies beneath axial zones of spreading in crests of ridges are proposed. Physicochemical and mathematical theories of disintegration of multi-component solutions, growth of liquational drops of ore melts, and sublimation of components from magmatic gases are elaborated. Methods for constructing physically correct models of heat and mass transfer in heterophase media are devised. Modeling of development of magmatic and ore-magmatic systems on the basis of the Usov-Kuznetsov facies method and the Pospelov system approach are advanced. For quantitative models numerical circuits are developed and numerical experiments are carried out.

Foraminiferal oxygen and carbon isotopic measurements from 5 sites of southern Atlantic and Pacific

The stratigraphy and paleoceanography of the late Miocene and early Pliocene have been examined at six sites in the South Atlantic and southwest Pacific oceans: Deep Sea Drilling Project (DSDP) sites 284, 516A, 519, 588, and 590 and two piston cores from Chain cruise 115. A consistent stratigraphy was developed among sites using graphic correlation, which resulted in age models for all sites that are tied to the revised paleomagnetic time scale of Berggren et al. (1985). Applying these chronologies, we assessed latitudinal and interocean contrasts in the stratigraphic ranges of late Miocene-early Pliocene planktonic foraminiferal and nanno - fossil datums. Salient stratigraphic results include (1) The last appearance datum (LAD) of Globoquadrina dehiscens is a late Miocene (approx. 6.4 Ma) event in the subtropics and is not useful for the placement of the Miocene/Pliocene (M/P) boundary in this biogeographic province. (2) The first appearance datum (FAD) of Globorotalia crassaformis occurred at 5.1 Ma in the South Atlantic near the M/P boundary, suggesting that Gr. crassaformis may have first evolved in the South Atlantic and later migrated to other regions. (3) In the southwest Pacific, the FADs of Gr. margaritae (5.97 Ma), Gr. puncticulata (5.09 Ma), and Gr. crassaformis (4.87 Ma) are significantly time transgressive between temperate and warm subtropical regions. Time lags of 1.0 m.y. were required for these species to adapt to physical and/or biotic conditions peripheral to their endemic biogeographic provinces. (4) Between the subtropics of the South Atlantic and southwest Pacific, many planktonic foraminiferal datums (FAD of Dentogloboquadrina altispira, Gr. cibaoensis, Gr. conomiozea, Gr. margaritae, and Gq. dehiscens and LAD of Gr. cibaoensis) markedly depart from the correlation suggested by magnetostratigraphy, indicating that these datum levels are unreliable for correlation between these ocean basins. (5) In contrast, available calcareous nannofossil datum levels fall on or near the paleomagnetic correlation line, indicating synchroneity of events within the subtropics. (6) Biostratigraphic, magnetic, and 87Sr/86Sr correlation between sites 588 and 519 and the M/P neostratotype at Capo Rossello, Sicily, suggests that the base of the Zanclean stratotype occurs at 5.1-5.0 Ma in the lower reversed subchron of the Gilbert, about 2-3 * 10**5 years above the Gilbert/Chron 5 boundary. Oxygen isotopic results from DSDP sites 284, 519, and CH115 piston cores confirm a prolonged benthic d18O increase in the latest Miocene between 5.6 and 5.0 Ma, as originally proposed by Shackleton and Kennett (1975). At DSDP site 588, the benthic d18O record in the latest Miocene is marked by high-frequency fluctuations with amplitude variations of 0.5per mill, and a long-period wavelength component of 400,000 years. Maximum d18O values, however, occurred during the late Miocene (Kapitean Stage) between 5.5 and 5.1 Ma. The late Miocene d18O changes resulted from mid- and high-latitude cooling and pulses of ice sheet expansion and contraction. Glacial events were most intense during the latest Miocene (Kapitean Stage), and occurred at 5.50-5.35 Ma and at 5.10 Ma. Glacial events are estimated to have lowered sea level by 40 to 60 m and contributed to the isolation and desiccation of the Mediterranean Basin during the late Messinian. Interglacial conditions prevailed at 5.2 Ma and between 5.0 and 4.1 Ma in the early Pliocene. The beginning of the Pliocene was marked by changes in many proxy climatic indicators at all sites, suggesting a prolonged interval of warm, interglacial conditions between 5.0 and 4.1 Ma during the earliest Pliocene.

Observation of manganese deposits made during the 1936 transect of C/S Lord Kelvin through the Northern Atlantic Ocean

In May and June 1936 Dr. C. S. Piggot of the Geophysical Laboratory, Carnegie Institution of Washington, took a series of 11 deep-sea cores in the North Atlantic Ocean between the Newfoundland banks and the banks off the Irish coast. These cores were taken from the Western Union Telegraph Co.'s cable ship Lord Kelvin with the explosive type of sounding device which Dr. Piggot designed. All but two of these cores (Nos. 8 and 11) are more than 2.43 meters (8 feet) long, and all contain ample material for study. Of the two short cores, No. 8 was taken from the top of the Faraday Hills, as that part of the mid-Atlantic ridge is known, where the material is closely packed and more sandy and consequently more resistant; No. 11 came from a locality where the apparatus apparently landed on volcanic rock that may be part of a submarine lava flow.

Geochemistry of surface sediment samples from the South Atlantic Ocean

The aim of the present study is an evaluation of the applicability of biogenic barium as a proxy for productivity. For this purpose, 190 surface sediment samples from the South Atlantic Ocean were analysed for their barium and aluminium concentrations. Biogenic barium is estimated by subtracting the calculated terrigenous barium (obtained from the terrigenous Ba/Al ratio and the amount of Al in the sample) from the total Ba content in the sample. Based on the accumulation rates of biogenic barium, export production is estimated using three different algorithms proposed by [Paleoceanography 7 (1992) 163, doi:10.1029/92PA00181; Global Biogeochem. Cycles 9 (1995) 289, doi:10.1029/95GB00021; Geomar. Report 38 (1995) 105]. Primary productivity was calculated from these different export productions and compared with measurements of recent primary productivity in the overlying surface waters. Only the primary productions calculated on the basis of the algorithm of [Paleoceanography 7 (1992) 163, doi:10.1029/92PA00181] yield productivity values comparable to those existing in ocean surface waters. This study further reveals that it is not sufficient to use a constant, generally applicable organic carbon/biogenic barium ratio, as is postulated by [Global Biogeochem. Cycles 9 (1995) 289, doi:10.1029/95GB00021]. This ratio has to be assessed regionally. For the sediments of the Cape Basin in the eastern South Atlantic Ocean, a new algorithm is developed which gives plausible primary productivities for the overlying surface waters.