Preventing the rise of sovereign borrowing costs in the Eurozone: what can the ESM and the ECB achieve? Egmont Paper No. 56, November 2012

This paper focuses on the possible instruments for ‘ex-ante’/’preventive’/’precautionary’ interventions which can be deployed by the ESM and the ECB in order to prevent a debt crisis in a eurozone country. The potential of Eurobonds will also be discussed in this crisis management perspective. The first part of this paper traces the underlying trends of the evolution of interest rates in eurozone countries over the last decades. The second part discusses the principles of a preventive intervention in sovereign bond markets for the purpose of lowering borrowing costs of countries facing refinancing constraints; the limits and main issues of an ex-ante intervention will be underlined. In the third part, the properties of the ESM’s precautionary financial assistance and secondary market support facility will be discussed in details. The ECB preemptive intervention policies and, in particular, the OMT will be analyzed in the fourth part of the paper. The most likely course of action – a combined intervention by the ESM and the ECB – will be discussed in the fifth part. Finally, I will point out the core challenges of introducing Eurobonds as additional instruments to mitigate the rise of borrowing costs in the short term.

REACHING FOR BLUE GOLD - How the EU can rise to the water challenge while reaping the rewards. EPC Issue Paper No. 80, November 2015

Foreword. Climate change is bad news for water resources – and thus for human development, societies, economies, the environment, and local and global security. The increasing frequency and severity of extreme weather events such as droughts and floods serves as a reminder of the effects climate change can have on the quantity and quality of global water reserves, and thus on various other aspects of life. Even though the effects differ from region to region, this is a global challenge with far-reaching consequences to which Europe is not immune. As the world leaders gather in Paris in December 2015 to discuss a new international climate deal, it is worth to remind politicians, businesses and citizens of the water challenge and its wider implications, which already affect us today – and which will only get worse with climate change. However, water-related risks resulting from climate change are not a fatality and damage control doesn’t have to be the only mantra. Placing the water challenge at the centre of political and security dialogues, development strategies and climate mitigation and adaptation measures, and implementing smarter water management, could also bring great economic, environmental and social benefits, in and outside the European Union. It would also contribute to global security. Water matters – now more than ever. This is also what this publication demonstrates. Building on the European Policy Centre’s, two-year “Blue Gold” project, this publication shows the rationale for action, how the EU could use its existing internal and external policy instruments to tackle the water challenge with its various dimensions and the benefits of action.

The rise of capacity mechanisms: are they inevitable in the European Union? Egmont Paper 80, September 2015

These last years, in multiple Member States, the electricity markets have seen the rapid emergence of Capacity Remuneration Mechanisms (CRMs). They are meant to guarantee the stability of the electricity system in a more uncertain context. The reactions of the European Commission were late towards them. It is thus essential to bring some clarity here, otherwise the legal uncertainty could become a new impediment for investment.

A Pan-European District for the European Elections? The Rise and Fall of the Duff Proposal for the Electoral Reform of the European Parliament. Bruges Political Research Papers 44/2015.

The aim of the present article is to understand the dynamics underlying the birth, the development and the eventual failure of the Duff proposal of 2009-2012, an ambitious attempt to change the provisions governing the elections for the European Parliament. In particular, the way agenda-setting on electoral reform is shaped in the European Union will be analysed, trying to understand if the current stalemate on the issue can be explained in light of factors specific to the EU. The report presented by liberal MEP Andrew Duff at the beginning of the seventh legislature called on Member States to gather a Convention, in order to introduce fundamental improvements in the way Members of the European Parliament are elected. Among the envisaged changes, the creation of a pan-European constituency to elect twenty-five Members on transnational lists represented the most controversial issue. After having analysed its main elements, the path of the Duff report from the committee of Constitutional Affairs (AFCO) to the plenary will be analysed. It will be concluded that a sharp contrast exists between the way electoral issues are raised in the AFCO committee and the way the Parliament as a whole deals with them. Moreover, diverging interests between national delegations inside groups seem to play a decisive role in hampering electoral reform. While further research is needed to corroborate the present findings, the analysis of the Duff proposal appears to shed light on the different barriers that ensure electoral reform is taken off the agenda of the Union, and on the relative weight each of them carries.

The Rise of Single Motherhood in the EU: Analysis and Propositions. European Policy Brief No. 42, March 2016

This paper will address a rising issue within the EU – the increase of single parent families. Firstly, we will draw a general picture of the disadvantages faced by single parents and outline the possible causes of this phenomenon. Secondly, we will attempt to sketch possible alternative solutions that could inspire policymakers at the national and European levels. Both in our analysis and recommendations, we will put a particular emphasis on the dynamic role played by norms and representations.

EU visa-liberalisation for Turks: just around the corner? EPC Commentary, 3 May 2016

At the 18 March EU-Turkey Migration Summit EU leaders pledged to lift visa requirements for Turkish citizens travelling to the Schengen zone by the end of June 2016 if Ankara met the required 72 benchmarks. On 4 May the European Commission will decide whether or not Turkey has done enough. The stakes are high because Turkey has threatened to cancel the readmission agreement, which is central to the success of the migration deal, if the EU fails to deliver.

Ash layers, hyaloclastite, and alteration of basaltic glass at DSDP Leg 65 Holes

Three types of tephra deposits were recovered on Leg 65 of the Deep Sea Drilling Project (DSDP) from three drill sites at the mouth of the Gulf of California: (1) a series of white ash layers at Sites 483, 484, and 485; (2) a layer of plagioclase- phyric sideromelane shards at Site 483; and (3) an indurated, cross-bedded hyaloclastite in Hole 483B. The ash layers in (1) are composed of colorless, fresh rhyolitic glass shards with minor dacitic and rare basaltic shards. These are thought to be derived from explosive volcanoes on the Mexican mainland. Most of the shards in (2) are fresh, but some show marginal to complete alteration to palagonite. The composition of the glass is that of a MORB-type tholeiite, low in Fe and moderately high in Ti, and possibly erupted from off-axis seamounts. Basaltic glass shards occurring in silt about 45 meters above the basement at Site 484 A in the Tamayo Fracture Zone show a distinctly alkalic composition similar to that of the single basement basalt specimen drilled at this site. The hyaloclastite in (3) is made up chiefly of angular sideromelane shards altered to smectite and zeolites (mainly phillipsite) and minor admixtures of terrigenous silt. A very high K and Ba content indicates significant uptake of at least these elements from seawater. Nevertheless, the unusual chemical composition of the underlying massive basalt flow is believed to be reflected in that of the hyaloclastite. This is a powerful argument for interpreting the massive basalt as a surface flow rather than an intrusion. Glass alteration is different in the glassy margins of flows than in thicker glassy pillow rinds. Also, it appears to proceed faster in coarse- than fine-grained sediments.

Carbonate preservation reconstructed from ODP Sites 154-927 and 154-929 at Ceará Rise

Enhanced Atlantic overturning during the Pliocene was first proposed almost 10 yrs ago. Evidence for this Pliocene super conveyor scenario has been collected using a number of proxies (e.g., benthic d13C, Nd isotopic composition of manganese crusts). The present study contributes to the existing evidences by using carbonate dissolution and current vigour history of early Pliocene sediments from the Ceará Rise (ODP Sites 927 and 929). In order to reveal carbonate dissolution history, a number of commonly used and newly established proxies were applied, i.e., sand and carbonate contents, foraminifer fragmentation index, Bulloides Dissolution Index and carbonate silt grain-size distributions. Terrigenous silt grain-size distributions were used to unravel variations in relative current strength and sediment input to the two sites. Overall good carbonate preservation at the shallow Site 927 (3314 m water depth) shows that this level was bathed in North Atlantic Deep Water throughout the early Pliocene. The contrastingly poor carbonate preservation record of the deeper Site 929 (4358 m water depth, at present exposed to Antarctic Bottom Water) is frequently interrupted by phases of good carbonate preservation. These results indicate that the depth of the calcite lysocline was mainly tied to present level (ab. 4200 m water depth), and sometimes even dropped to water depths greater than 4360 m due to even more enhanced circulation. Surprisingly the expansion of NADW is not clearly reflected by an increase in current speed as shown by continuously fine terrigenous grain size.