Preventing another Euro Area Crisis: EU Economic Governance ‘Six Pack’ – a case of too little, too late? Paper from the Colloquium: The Politics and Economics of the Euro Crisis, Institute for European Studies, University of Malta, 2 December 2011

Summary: The ‘Six Pack’ forms part of the economic governance reforms which are being implemented in order to prevent a repeat of the current sovereign debt crisis in the Euro Area. This legislative package involves strengthening the Stability and Growth Pact, with stronger financial sanctions and more focus on debt; a new directive on national budgetary frameworks and a new framework to monitor and correct macroeconomic imbalances. Furthermore, the implementation of the ‘Six Pack’ also involves procedural reforms, in particular reverse majority voting, as well as more oversight by the European Parliament. Inter-institutional negotiations on the ‘Six Pack’ took over a year. In the meantime, the sovereign debt crisis had deepened and broadened, implying that the ‘Six Pack’ may have come ‘too late’. The ‘Six Pack’ has also proved to be ‘too little’ to address the crisis and by the time it entered into force, further measures and proposals to strengthen economic governance had to be made. Nevertheless, the ‘Six Pack’ comprises some positive developments. In particular, recognising that fiscal policy is a matter of national sovereignty, it sets a new approach which relies on institutional reforms at national level. As such, it constitutes a first, small step to improve economic governance in the Euro Area.

Growth for Europe – Is the Juncker Plan the answer? EPC Discussion Paper, 20 March 2015

Executive Summary. The euro area is still suffering from low growth and high unemployment. For the recovery to become a reality, there needs to be a balance between fiscal discipline, supply side improvements and actions aimed at stimulating demand and growth. Increasing investment, both private and public, are important components in overcoming the recession. This becomes especially clear when comparing investment dynamics during the crisis with pre-crisis levels. Total investment is still much lower than before the crisis and public investment is well below its pre-crisis peak as well. In late November 2014, European Commission President Jean-Claude Juncker submitted a long-awaited proposal for a European Investment Plan that aims to stimulate private investment. Apart from the creation of the new European Fund for Strategic Investment (EFSI), through which private investors will receive public guarantees, the investment plan also aims to provide project assistance and improve the Single Market by removing sector-specific or other financial barriers to investment. While generally perceived as a first positive step towards increasing private investment, some commentators have expressed reservations about the plan. These include, among others, the lack of fresh money for the initial contributions to EFSI. Since a substantial amount of these contributions is reshuffled from other places in the European budget, the question was raised whether EFSI can fund additional projects or just replicates investment projects that would have happened without the plan. Other criticism relates to the high estimate of the expected leverage ratio of 1:15, and to the risk that the plan will only have a limited impact on stressed economies. The Juncker Plan addresses private investment, but so far there really is no clear strategy to stimulate productive public investment on the European and national level. Countries with fiscal space are reluctant to engage in higher spending, while those willing and in need of it the most are restricted by the rules. Member States and the Commission should therefore discuss options for further improving the euro area's economic governance. In addition to urging countries with fiscal space to increase investing in national public goods, investment could be treated with budget flexibility. One could, for instance, upgrade the importance of public investment in the European Semester. Additional deficit granted for public investment purposes could be attached to certain Country-Specific Recommendations. Another solution would be to allow some form of budget flexibility, such as the formulation of a new Golden Rule for productive public investment becoming part of the Stability and Growth Pact's application. Besides relying on a larger amount of flexibility in the rules, the Financial Transaction Tax (FTT) could be another solution to fund investment in European public goods. It will also be necessary to overcome the mistrust among Member States that is preventing further action. The political bargain of stronger conditionality, such as through contractual arrangements, could improve the situation. Increased trust will also be an important condition for tackling long-reaching economic governance reforms such as the creation of a Fiscal Capacity, which could take the form of a macroeconomic shock insurance. Such a Fiscal Capacity could make a real difference in providing the necessary funding to maintain productive public investment, even in times of deep recessions. The proposals presented do not attempt to be conclusive, but shall rather be an input for a wider debate on how to increase growth and employment in Europe. The paper draws heavily on the discussion of a Workshop on Growth and Investment, which the European Policy Centre (EPC) hosted on 10 December 2014 under Chatham-House Rule, with a group of economists and representatives from the European institutions.

Entre el terror y la solidaridad : La influencia de la revolución haitiana en las independencias de Venezuela y Nueva Granada (1804-1825)

En este trabajo me propongo analizar la influencia de la revolución de Haití en las independencias de Venezuela y Colombia durante los años 1804-1825. Miintención es demostrar que las repercusiones del proceso haitiano fueron vastas, complejas y sufrieron importantes cambios durante el transcurso de los años. En líneas generales, la revolución generó pánico entre las elites criollas y peninsulares y esperanzas entre grupos de esclavos y pardos. Inicialmente los sectores criollos revolucionarios buscaron evitar todo contacto con la isla y eludir el modelo insurgente haitiano por considerar que produciría en la Tierra Firme una "guerra de razas" y una hecatombe similar a la que, en su opinión, allí había acontecido. Sin embargo, a partir de 1812-1813 debido a las dificultades de la guerra de independencia una fracción de la elite criolla comenzó a estrechar vínculos con la República del Sur de Haití a través de contactos diplomáticos y corsarios. Estas primeras relaciones, más bien tímidas, fueron la condición de posibilidad de un cambio importante que sobrevino en 1816. En dicho año, debido a la reconquista de la expedición realista, la mayoría de los líderes independentistas huyeron de Tierra Firme y tuvieron que exiliarse en Haití, uno de los pocos lugares donde encontraron refugio y apoyo. En aquel contexto, se dio el pacto entre Alexandre Petión y Simón Bolívar, por el cual el primero se comprometió a aportar armas, barcos y hombres a la causa patriota a cambio de la emancipación de los esclavos hispanoamericanos. Este acuerdo fue fundamental ya que no sólo posibilitó la exitosa contraofensiva independentista, sino que además le dio un cariz social al proceso revolucionario de Venezuela y Colombia. Así, a partir de 1816 y hasta 1821, se dieron numerosos contactos e incluso el gobierno de Jean Pierre Boyer (sucesor de Alexandre Petión) colaboró con otras dos expediciones a cargo de Gregor Mac Gregor para liberar Panamá y Río Hacha. Sin embargo, el cambio no fue total y aún durante estos años, los líderes criollos continuaron teniendo reparos frente al peligro de la explosión de un nuevo Haití en la Tierra Firme hispana. Por último, el fin de la guerra de independencia abrió un nuevo contexto en el cual aquellos miedos se intensificaron debido a la movilización social interna. Esto derivó en nuevo alejamiento y el gobierno de Colombia no sólo se negó a mantener relaciones con Haití, sino que incluso lo excluyó del Congreso de Panamá.

Perfiles vagos

Autobiographical.

Hojas caídas

"La cura Kneipp en Río Bueno; diario": p. [159]-288.

La escuela en el desierto; apuntes de un maestro.

Autobiographical.

Una vida.

Una vida (autobiographical) and other essays.

The life of the fly : with which are interspersed some chapters of autobiography /

"The present volume contains all the essays on flies, or Diptera, from the Souvenirs entomologiques, to which I have added, in order to make the dimensions uniform with those of the other volumes of the series, the purely autobiographical essays comprised in the Souvenirs."--Translator's note.

Panama Canal bride; a story of construction days.

Autobiographical.

Tales of a sugar tramp.

Autobiographical.

Home below Hell's Canyon /

Autobiographical.

Living in state.

Autobiographical.

Handschriftlicher nachlass des freiherrn von Pillersdorff.

Autobiographical in part, including a collection of papers on the revolution of 1848 and Austrian political problems of that period.

Souvenirs contemporains. Le comte de Chambord, la duchesse de Parme, Napoléon III, Versailles et la Commune.

Autobiographical.