The UK's EU Vote: The 1975 Precedent and Today's Negotiations. Bruegel Policy Contribution Issue 2015/08, June 2015

Highlights • The United Kingdom's European Union Referendum Bill, introduced in the House of Commons on 28 May 2015, legislates for the holding of a referendum before 31 December 2017 on the UK’s continued EU membership. UK prime minister David Cameron is opening negotiations with other EU member states to try to obtain an EU reform deal that better suits UK interests. Both the negotiations and the outcome of the referendum pose major challenges for the UK and the EU. • It will not be the first time that a UK government has staged a referendum following a renegotiation of its terms of EU membership. The first such referendum took place on 5 June 1975 after nearly a year of renegotiations, and the ‘yes’ won with 67.2 percent of the vote. Notwithstanding obvious differences, the conduct of today’s renegotiations should bear in mind this precedent, and in particular consider (a) how much the UK government can get out of the negotiations, in particular with respect to potential Treaty changes; (b) why political marketing is central to the referendum’s outcome; (c) how the UK administration’s internal divisions risk derailing the negotiations; and (d) why the negotiations risk antagonising even the UK’s best allies.

Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.

Remembering Lee Metcalf

Abstract Montana's Lee Metcalf was an extraordinary Montana leader with an unbelievable record of accomplishment fighting for the little people against the forces of economic and political power. The public memory is so short that this film will serve to help reacquaint Lee & Donna Metcalf to most of those who were around during their time. But it will also provide an opportunity for new generations to receive a perspective of an important leader from an important time. (Language from YouTube version of the film, written and provided by Executive Producer Evan Barrett) Lee Warren Metcalf (January 28, 1911 – January 12, 1978) was an American lawyer, judge, and politician. A member of the Democratic Party, he served as a U.S. Representative (1953–1961) and a U.S. Senator (1961–1978) from Montana. He was permanent acting President pro tempore of the Senate, the only person to hold that position, from 1963 until his death in 1978. U.S. House of Representatives During his tenure in the House, Metcalf served on the Education and Labor Committee (1953–1959), Interior and Insular Affairs Committee (1955–1959), Select Astronautics and Space Exploration Committee (1958), and Ways and Means Committee (1959–1960). He became known as one of Congress's "Young Turks" who promoted liberal domestic social legislation and reform of congressional procedures. He introduced legislation to provide health care to the elderly ten years before the creation of Medicare. He earned the nickname "Mr. Education" after sponsoring a comprehensive bill providing for federal aid to education. He also voted against legislation that would have raised grazing permits on federal lands, and led the opposition to a bill that would have swapped forested public lands for cutover private lands. He was elected chairman of the Democratic Study Group in 1959. U. S. Senate Regarded as "a pioneer of the conservation movement", Metcalf worked to protect the natural environment and regulate utilities. He helped pass the Wilderness Act of 1964, and supported the creation of the Great Bear Wilderness and the Absaroka-Beartooth Wilderness. In 1962, he introduced a "Save Our Streams" bill to preserve natural recreation facilities and protect fish and wildlife from being destroyed by highway construction. He was a longtime member of the Migratory Bird Conservation Commission. He was also active on the issue of education. He was a leading supporter of the Elementary and Secondary Education Act, the effort to extend the G.I. Bill's educational benefits to a new generation of veterans, and the development of legislation to improve federally-aided vocational education.[1] The Peace Corps was established under leadership of Metcalf and Senator Mansfield. In 1983, by act of Congress, the Lee Metcalf Wilderness area was created in southwestern Montana in honor of the late Congressman. The Great Bear Wilderness and Absaroka-Beartooth Wilderness areas were also created as a result of Metcalf's efforts in Congress, in addition to the Lee Metcalf National Wildlife Refuge in Montana. Metcalf was ranked number 15 on a list of the 100 Most Influential Montanans of the Century by the Missoulian newspaper. This text is courtesy of Wikipedia®, a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization, and is available under the Creative Commons Attribution-ShareAlike License.

Calor est de essentia lucis. Probatur, 1759

Two-page handwritten copy of a thesis composed in Latin by graduate Paine Wingate for the 1759 Harvard Commencement.

British Balance of Competence Reviews, Part I: ‘Competences about right, so far’. EPIN Working Paper No. 35, October 2013

The first in a series for a CEPS-EPIN project entitled “The British Question and the Search for a Fresh European Narrative” this paper is pegged on an ambitious ongoing exercise by the British government to review all the competences of the European Union. The intention is that this should provide a basis for informed debate before the referendum on the UK remaining in the EU or not, which is scheduled for 2017. This paper summarises the first six reviews, each of which runs to around 80 pages, covering foreign policy, development policy, taxation, the single market, food safety, and public health. The present authors then add their own assessments of these materials. While understandably giving due place to British interests, they are of general European relevance. The substantive conclusions of this first set of reviews are that the competences of the EU are judged by respondents to be ‘about right’ on the whole, which came as a surprise to eurosceptic MPs and the tabloid media. Our own view is that the reviews are objective and impressively researched, and these populist complaints are illustrating the huge gap between the views of informed stakeholders and general public opinion, and therefore also the hazard of subjecting the ‘in or out’ choice for decision by referendum. If the referendum is to endorse the UK’s continuing membership there will have to emerge some fresh popular narratives about the EU. The paper therefore concludes with some thoughts along these lines, both for the UK and the EU as a whole.

Flashlight Europe N°2–September 2014: Is It Better To Be Alone Than Lonely Together? Scotland Is Voting On Whether Or Not To Become Independent

On 18 September 2014 the Scots are voting on whether or not to sever their ties with the UK. And the pro-independence camp is catching up fast. A survey conducted at the beginning of the month revealed that for the first time 51 percent of the Scottish electorate say that they will be casting a Yes vote, i.e. that they are in favour of independence. The outcome is now in the hands of the undecided voters, who are currently being heavily courted by the various parties. If the Scots vote in favour of independence, it is bound to cast doubt on the future of the government of David Cameron, the Conservative Party leader. Who is fighting on which side? What are the arguments? And what will happen if the Scots decide to opt out of the United Kingdom? Here are some of the things that are a distinct possibility.

With the Scottish vote, Brussels can heave a great big sigh of relief. CEPS Commentary, 19 September 2014

On the morning after the momentous vote in Scotland, Michael Emerson also breathes a deep sigh of relief that the nightmare scenario of secession will not unfold and expresses his hope that Brussels can now return to its own business, with its renewed leadership feeling a bit encouraged to go about their burdensome agenda with more confidence.

Scotland and the EU: What impact of the potential in-out UK referendum on the independence debate?1 EPC Discussion Paper, 4 September 2014

Fabian Zuleeg explores the likelihood of Scottish Independence, and its potential impact on the EU–UK relations. As the Scottish independence vote is inextricably bound to the potential UK in-out referendum (and thus a potential exit of the UK from the EU), there are some potential feedback loops to the independence debate which are set to be relevant regardless of whether Scotland becomes independent or not.

Could an independent Scotland join the European Union? EPC Policy Brief, 28 May, 2014

The people of Scotland vote on 18 September 2014 in a referendum on the question "Should Scotland be an independent country?" The Scottish Government aims, if the result is 'yes', for Scotland to become independent in March 2016 and to join the main international organisations including the European Union. Would that be possible? How could Scotland join the EU? What is the link between Scotland's referendum on independence and a British referendum on EU membership?

Immigration and free movement in an unusual electoral race: what implications for the next political cycle? EPC Policy Brief, 20 May 2014

Immigration and freedom of movement of EU citizens are among the main issues debated throughout the European Parliament election campaign and have some potential in determining who tomorrow’s EU leaders will be. This Policy Brief looks at how the two policies are debated at national level – in France, Germany and the UK – and at EU level between the ‘top candidates’ for European Commission Presidency – Jean-Claude Juncker (EPP), Ska Keller (Greens), Martin Schulz (PES) and Guy Verhofstadt (ALDE) – who have participated in several public debates. Two different campaigns have been unfolding in front of EU citizens’ eyes. The tense debate that can be identified at national level on these issues, is not transferred to the EU level, where immigration and free movement are less controversial topics. Furthermore, although participating in European elections, national parties present agendas responding exclusively to the economic and social challenges of their Member State, while the candidates for the Commission Presidency bring forward ‘more European’ programmes. Hence, several aspects need to be reflected upon: What will the consequences of this discontinuity be? How will this impact the future European agenda in terms of immigration and free movement? What institutional consequences will there be? Answering these questions is not a simple task, however, this paper aims to identify the parameters that need to be taken into account and the political landscape which will determine the future EU agenda in terms of immigration and free movement.

The benefits of Union? EPC Commentary, 19 September 2014

Yesterday, as predicted by the polls, the people of Scotland rejected independence, opting to remain part of the United Kingdom, which also means that the EU does not have to face a Scottish application for membership. Some claim that this referendum has buried the question of Scottish independence indefinitely but this debate is probably not over: a UK referendum on EU membership would reopen the independence question, as Scotland tends to see the EU more favourably.

Besser allein als gemeinsam einsam? Schottland stimmt über seine Unabhängigkeit ab = Flashlight Europe No. 2, September 2014: Scotland Is Voting On Whether Or Not To Become Independent

No abstract.

Britain’s Political Earthquake: What aftershocks for Europe and the UK? CEPS Commentary, 11 May 2015

In the wake of last week’s elections in Britain, Michael Emerson examines in this CEPS Commentary the implications of the astonishing results for the EU and the UK and outlines a possible reform package that David Cameron might present to the EU institutions and other member states to fulfil his pledge to achieve a “reformed EU”. He also urges the Prime Minister to consider adding a constructive component to his reform package, namely positioning the UK to act once again as a leading proponent of a more effective European foreign, security and defence policy.

spotlight europe #2015/01—April 2015: Turbulent Times in the Disunited Kingdom

The general election on 7th May 2015 is not only going to lead to radical changes in the political landscape. Britain will also have to come up with answers to the European, Scottish and English questions. How this can be done is a moot point. At any rate, it is not going to make EU policymaking any easier.

Flashlight Europe N°4–May 2015. Listen carefully to the British

Other than many have predicted the general election in the United Kingdom have not led to a hung parliament but the opposite: An absolute majority for David Cameron and his Tory party. Thus, the way is paved for the EU referendum. Cameron has promised to let his fellow citizens decide whether they would like to stay on in the EU or rather leave. Charles Grant, director of the Centre for European Reform, tells us what this means for the UK and its relation to Germany and the European Union.