The EMS Crisis of the 1990s: Parallels with the present crisis? CEPS Working Document No. 393, 28 March 2014

The EMS crisis of the 1990s illustrated the importance of a lack of confidence in price or exchange rate stability, whereas the present crisis illustrates the importance of a lack of confidence in fiscal sustainability. Theoretically the difference between the two should be minor since, in terms of the real return to an investor, the loss of purchasing power can be the same when inflation is unexpectedly high, or when the nominal value of government debt is cut in a formal default. Experience has shown, however, that expropriation via a formal default is much more disruptive than via inflation. The paper starts by providing a brief review of the EMS crisis, emphasising that the most interesting period might be the ‘post-EMS’ crisis of 1993-95. It then reviews in section 2 the crisis factors, comparing the EMS crisis to today’s euro crisis. Section 3 outlines the main analytical issue, namely the potential instability of high public debt within and outside a monetary union. Section 4 then compares the pressure on public finance coming from the crises for the case of Italy. Section 5 uses data on ‘foreign currency’ debt to disentangle expectations of devaluation/inflation from expectations of default. Section 6 concludes.

Kyiv's gas strategy: closer cooperation with Gazprom or a genuine diversification. OSW Commentary No. 110, 2013-07-16

In recent months Kyiv has been intensifying its efforts to diversify Ukraine’s gas supply routes with a view to reducing the country’s dependence on imports from Russia. One of the steps which Kyiv has taken has been to make the unprecedented decision to start importing gas from its Western neighbours. In November 2012, Ukraine’s state-owned Naftogaz began importing gas through Poland under a two-month contract with RWE (the imports continued into 2013 under a separate deal), while in the spring of 2013 Ukraine started importing gas from Hungary. Kyiv is also currently looking into the possibility of purchasing gas from Slovakia. Furthermore, since 2010 the Ukrainian government has been working on the construction of an LNG terminal near Odesa. The authorities have declared that this will allow Ukraine to import up to 5 billion m3 of LNG a year by 2015. The government has also taken measures to increase domestic production, including from non-traditional sources, and it plans to replace gas-based with coal-based technologies in local power stations. Finally, in January 2013, the government signed a 50-year production sharing agreement with Shell. This paves the way for the development of Ukraine’s shale gas deposits.

Public Procurement in the Transatlantic Trade and Investment Partnership Negotiations. Paper No. 2 in the CEPS-CTR project "TTIP in the Balance" and CEPS Special Report No. 100/February 2015

For more than 20 years, the United States and the European Union have engaged in often-contentious negotiations over access to government procurement. The EU is dissatisfied with the level of procurement that the US has opened under the WTO Government Procurement Agreement and, as a consequence, it does not give the US its most comprehensive coverage. The US has been constrained in responding to the EU’s requests for greater access, especially to state procurement, by both its federal structure of government and by domestic purchasing requirements. At the current time, neither party has proposed a way to break the impasse. This paper reviews the current state of affairs between the US and the EU on government procurement, examining the procurement that they open to one another and the procurement that they withhold. It then proposes a strategy for the two sides to use the TTIP negotiations to move forward. This strategy includes both steps to expand their current commitments in the TTIP, as well as to develop a longer-term approach by making the TTIP a ‘living agreement’. This strategy suggests that the EU and the US could find a way to expand their access to government procurement contracts and at least partially defuse the issue.

Digital workers by design? An example from the on-demand economy. CEPS Working Document No. 414/October 2015 Monday, 19 October 2015

Recent organisational and technological changes à la Uber have generated a new labour market fringe: a digital class of workers and contractors. In this paper we study the case of CoContest, a crowdsourcing platform for interior design. Our objective is to investigate how profitable this type of work can be, also from a cross-country perspective, and why professionals choose to supply work on such a platform. Given the low returns, one might expect to see a pattern of northern employer/southern contractor. Yet analysis reveals a more nuanced pattern, in which designers supply their work even if they live in Italy, which is a high-income country. For these designers work on CoContest can make sense if they are new to the labour market and face high entry barriers, although crowdsourcing does not offer them profitable employment full time. The case of Serbia, the second-largest supplier of designers, is different, however. As a result of differences in purchasing power, if the market grows experienced Serbian designers can expect to make a living from crowdsourced contracts.

China’s foreign direct investments within the ‘16+1’ cooperation formula: strategy, institutions, results. OSW Commentary Number 191|27.11.2015

The ‘16+1’ formula of cooperation between the countries of Central and Eastern Europe (CEE) and China was launched in 2012. One of its priorities involved increasing the inflow of China’s foreign direct investments (FDI) to the region. China has been interested in carrying out investments which are likely to help Chinese companies gain competitive advantage in areas such as advanced technologies, recognizable brands and distribution channels. The following sectors were identified as areas of priority importance in CEE: construction and modernisation of transport infrastructure, including motorways; development of the network of railways, airports and sea ports; energy, in particular renewable sources of energy and nuclear energy; companies trading in commodities; the food production sector. China’s strategy mainly involves purchasing existing companies, preceded by cherry picking the most favourable candidates for investment, rather than making large greenfield investments.

Preferences and consumer habits related to bread in the centre of Portugal

Purpose – Bread is one of the most consumed foods in the world, and its main function is to provide nutrients and energy for the body. Thus, the purpose of this paper was to raise awareness about the consumption habits of bread and consumer preferences in the region of Viseu (centre of Portugal), assessing the extent to which the preferences and consumption habits differ based on individual variables. Design/methodology/approach – The study was conducted by means of a questionnaire by direct interviewing. The questionnaire included sections aimed at gathering information about demographics, consumption habits and preferences related to bread. The sample consisted of 500 consented respondents. Findings – The results showed significant differences between genders regarding the type of bread eaten: women consumed less wheat bread (52 per cent against 62 per cent; p 0.029) and less unsalted bread (0.3 per cent against 3 per cent; p 0.023), but more whole bread (25 per cent against 11 per cent; p 0.001) and more bread with cereal grains (23 per cent against 11 per cent; p 0.001), thus revealing a trend for a nutritionally more adequate choice. Accordingly, women valued more the composition of the bread when purchasing it (p 0.001). It was also observed a trend for a lower consumption of wheat bread among classes with more advanced studies (47 per cent on university graduates against 60 per cent on nongraduates; p 0.004). Originality/value – This work is innovative because it was the first time the preferences and consuming habits of a sample of Portuguese population regarding bread were accessed, altogether. The results hereby obtained may be of importance both to understand the nutritional importance of bread in the diet of the Portuguese and also for the industry and manufacturers to better correspond to the buying preferences.

Acquisition reform : DOD's efforts to streamline its acquisition system and reduce personnel : report to the Honorable William Roth, Jr., U.S. Senate /

"B-221205"--p. 1.

Regulations for the preparation of title evidence in land acquisitions by the United States.

Mode of access: Internet.

Report of the Attorney General of the United States prepared pursuant to section 708(e) of the Defense Production Act of 1950, as amended. Identical bidding as of August 9, 1961.

Includes bibliographical references.

Bibliography on government procurement and contractual procedure and related material /

Mode of access: Internet.

Reauthorization of GSA and multiple award program : hearing before the Committee on Governmental Affairs, United States Senate, One Hundred Second Congress, second session, on S. 1958 ... and S. 2619 ... June 11, 1992.

"S. 1958, to authorize functions and activities under the Federal Property and Administrative Services Act of 1949, to amend laws relating to federal procurement, and for other purposes and S. 2619, to amend the Federal Property and Amdinistrative Services Act of 1949 to enact provisions governing the negotiation and award of contracts under the multiple award schedule program of the Feneral Services Administration"

The Uruguay Round of Multilateral Trade Negotiations : report of the Defense Policy Advisory Committee Trade (DPACT) [sic].

Item 0857-G-01.

Evaluation of FAA acquisition reform : the first three years, April 1996-March 1999 /

"May 28, 1999."

A Review of defense acquisition in France and Great Britain : report of the Subcommittee on Investigations of the Committee on Armed Services, House of Representatives, One Hundred First Congress, first session.

"August 16, 1989."

Report with recommendations [of the] Subcommittee on Small Business.

At head of title: Committee print. 81st Cong., 2d sess. Senate.