An incomplete step toward a banking union. CEPS Commentary, 5 July 2012

In this Commentary, Daniel Gros applauds the decision taken by Europe’s leaders at the eurozone summit at the end of June to transfer responsibility for banking supervision in the eurozone to the European Central Bank. It represents explicit recognition of the important fact that problems might originate at the national level, but, owing to monetary union, they can quickly threaten the stability of the entire eurozone banking system. In his view, the next small, incremental step, although one not yet officially acknowledged, will necessarily be the creation of a common bank rescue fund.

Preparing for a post-Assad Syria: What role for the European Union? CEPS Commentary, 2 August 2012

In this CEPS Commentary, Steven Blockmans notes that a prolonged period of instability lies ahead for Syria, with an on-going risk of spill-over effects affecting the entire region. The author argues that the EU’s plans for a post-Assad Syria should extend beyond the half-hearted responses to the monumental changes that have ripped through other parts of the Arab world. In recognition of the geostrategic shifts in the Middle East and the Gulf, and pursuant to the obligation imposed upon it by the Lisbon Treaty, the EU should plan for the creation of a regional space of shared security. Such a plan would fit well into the current efforts to revamp the European Security Strategy.