A Gas Hub for Ukraine. CEPS Commentary, 11 June 2014

For many years, when natural gas was mentioned in conjunction with Ukraine, it meant nothing but trouble. But at the very moment when Ukraine's territorial integrity is at stake, natural gas could become part of the solution. Due to its massive storage potential, namely one-third that of the EU (or seven-times that of the UK), Ukraine is a natural candidate for an eastern European gas hub. Becoming an integrated part of the European gas market has economic and political merits – both for Ukraine and the EU.

Europe is still standing. CEPS Commentary, 6 June 2014

Despite the fact that anti-establishment, mostly euro-sceptic parties won about one-fifth of the vote in the European Parliament elections last month, Daniel Gros insists that it is not quite accurate (or fair) to characterise the result as a rejection of Europe. He argues that the deeper roots of the surge of euro-sceptic and other protest parties originate with the general dissatisfaction with the state of the economy and dysfunctional national political systems. Tinkering with austerity or the fundamental right of free movement within the EU will not make much of a difference and, in his view, only reform at home, in national capitals, will stem the tide of euro-scepticism.

Never mind the Spitzenkandidaten: It's all about politics. CEPS Commentary, 6 June 2014

In this new commentary, CEPS Fellow Marco Incerti argues that the so-called technical and legal arguments that are being advanced against the lead candidates’ (Spitzenkandidaten) selection process actually boil down to political choices − choices that are set against the increasingly confrontational climate between the European Council and European Parliament that has characterised their dealings in recent years.

Towards a fresh deal for Ukraine, the EU and Russia and their neighbourhood policies: 15 steps. CEPS Commentary, 29 May 2014

Following the convincing election of Petro Poroshenko as Ukraine’s new President, Michael Emerson puts forward 15 steps with a view to creating a fresh start for Ukraine, the EU and Russia and their neighbourhood policies.

The OTC derivatives markets after financial reforms. CEPS ECMI Commentary No. 36, May 2014

Over the past five years, over-the-counter (OTC) derivatives markets have received heightened regulatory attention, due to their opaqueness, size and interconnectedness, with a view to improving the robustness, safety and resilience of this market segment. There has been continued progress in the follow-up to the G-20 commitments, with the EU (EMIR, MIFID II, CRD/CRR IV, MAD) and the US (Swap Execution Facility or SEF, Title VII of Dodd-Frank Act, Basel III) leading in the implementation timelines and capturing approximately 80-90% of the overall market. Based on the data compiled for the yearly ECMI Statistical Package, this commentary provides a snapshot of the current status of the global OTC derivatives markets by: i) identifying general trends over the past decade, ii) looking at the changes in the market structure (instruments and participants), iii) estimating the uncollateralised derivatives exposure and iv) examining the relationship between OTC derivatives and exchange-traded derivatives (ETD).

Common Misconceptions about Elections to the European Parliament. CEPS Commentary, 23 May 2014

Much commentary on the EP elections has followed the line that the European Parliament somehow has less democratic legitimacy because the participation rate is low, and that these elections are taken less seriously because people’s trust in the EU institutions in general and the European Parliament in particular is low. However, both arguments lose much of their validity if the numbers are judged in a wider context.

Euro-enthusiasm, Euro-rejection, and various shades of grey: The 2014 European Parliament election campaign in the Netherlands. EPIN Commentary No. 18, 29 April 2014

With less than a month to go to the European Parliament (EP) election in the Netherlands on May 22nd, the campaign has barely kicked off. It remains to be seen whether the campaign will address concrete EU policies in a palatable way and whether all parties are able to present clear visions about the future of the European Union. The traditional mainstream parties (the Christian Democratic CDA, Liberal VVD and Social Democratic PvdA) all agree that EU membership is essentially beneficial to the Netherlands, but are careful to stress the shortcomings of the EU in its present form. The parties outside the traditional three that can be expected to do well adopt a more outspoken position on European integration. These include the pro-European Democrats 66 (D66), the Eurosceptic Socialist Party (SP), and the Euroreject Freedom Party (PVV). Yet, reasons for their success should probably not be sought mainlyin their positions on European integration, but rather more in the unpopularity of the incumbent parties and the „second order‟ character of EP elections.

Ukraine and Security Disorder in Europe - A Defining Moment for the OSCE? CEPS Commentary, 24 April 2014

The Organization for Security and Cooperation in Europe (OSCE) is the first and currently the only international body to have a monitoring mission deployed in Ukraine. This is as it should be, argues Erwan Fouéré. Today, with EU members making up half the membership of the OSCE, the EU needs to show greater responsibility and far-sightedness in its dealings with the OSCE. In the run-up to the 40th anniversary of the Helsinki Final Act, and faced with its most serious security crisis since the fall of the Berlin Wall, the EU should take the lead once again in fostering collective responsibility on the part of all Participating States to ensure a meaningful and effective role for the OSCE.

Juncker raises high expectations with ambitious agenda. CEPS Commentary, 16 July 2014

Based on his speech to the European Parliament on July 15th, following his election as President of the European Commission, Jean-Claude Juncker has clearly opted for ‘more Union’ during his five-year term, offering up an ambitious agenda that raises a host of expectations. In this CEPS Commentary, Karel Lannoo outlines the most salient items on Juncker’s agenda, focusing on the most laudable and those that will pose the greatest challenges.

Europe, wake up! CEPS Commentary, 21 July 2014

Following the wanton downing of a civilian aircraft by Russian-backed separatists in Ukraine and Israel’s ground offensive in Gaza, Karel Lannoo takes the EU to task for reverting to its usual ostrich-like behaviour in the face of threats to the security and stability of the entire continent. With the entry into force of the Treaty of Lisbon, he argues that the European Union, as representative of its 28 member states, should be capable of acting far more forcefully in both of these conflicts than its individual member states, but regrettably the EU has so far remained on the sidelines.

Political crossroads ahead in Sweden: The signs are red-green. EPIN Commentary No. 20, 31 July 2014

The political balance in Sweden was upset in this year’s elections to the European Parliament (EP). The far-right ‘Sweden Democrats’ almost tripled their vote-share and the Greens gained enough votes to become the second-largest Swedish party in the EP after the Social Democrats. Support for the current government incumbents, the Moderates, fell beyond expectation. The party will not recover in time for the national elections in September, whereas both the Greens and the Sweden Democrats are likely to repeat their EP election success. Since the Sweden Democrats are unlikely to form part of the coalition government – the election-winners will be the Greens and Social Democrats – Sweden’s political landscape is set to undergo a shift to the left.

Is the ‘American lake’ drying up in the China Sea? CEPS Commentary, 31 July 2014

Following an upsurge in tensions over islands and territories in the South China Sea, Wolfgang Pape considers both the history both the history of the 'American lake' and the possible outcome of the recent claims made on this long-disputed area by the countries of South-East Asia. This Commentary complements a recent piece written by the same author, entitled: “Care for the old rather than sleepwalk into war in East Asia” at: (http://www.ceps.eu/book/care-old-rather-sleepwalk-war-east-asia).

Overthrowing Secrecy: The Spitzenkandidaten experiment and a new chance for a European party system. CEPS Commentary, 4 August 2014

The Spitzenkandidaten experiment has been at the centre of a heated debate for several months now, prompting much speculation as to the changes it will bring to the balance of power between the EU institutions. But the real coup d’état has been directed against the old process of appointing the European Commission President behind closed doors. Although the new procedure entails “a number of political, institutional and ‘thus’ constitutional ambiguities”, according to the authors of this commentary, it has rendered that process more transparent, if not more democratic – and will almost certainly endure to the next European elections in 2019 and beyond. As a result, they conclude that the new procedure is likely to trigger important changes in Europe’s political parties and elections.

The transatlantic growth gap. CEPS Commentary, 5 August 2014

Daniel Gros argues in this commentary that the cause of the transatlantic growth gap following the recovery starting in 2010 from the global financial crisis should not be sought in excessive eurozone austerity or the excessive prudence of the European Central Bank. Rather, compared to the US, he argues that the excess debt created in the EU during the boom years has been much more difficult to work off. He acknowledges that European officials are right to promote structural reforms of EU countries’ labour and product markets, but advises that they should also focus on overhauling and accelerating bankruptcy procedures, so that losses can be recognised more quickly and over-indebted households can start afresh, rather than being shackled for years.

A European sanctions compensation fund? CEPS Commentary, 12 August 2014

Daniel Gros explores in a new CEPS Commentary the feasibility of creating a common fund to provide compensation for the economic costs of sanctions as an integral part of the EU’s foreign-policy stance that is now emerging towards Russia, albeit slowly and painfully.