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Madariaga Papers
Eurozone sovereign debt restructuring is unavoidable

Professor John Ryan - Von Hügel Institute, St. Edmund's College.  University of Cambridge

Madariaga Paper, Vol. 7, No. 5 (June, 2014)

Most EU officials and most government officials of eurozone countries officially reject any suggestion of a restructuring of the debt of Greece or Ireland. Rising financial exposure to the troubled countries will raise political resistance against further financial help in the countries granting the assistance, and continuing pressure for ever more austerity demanded in return for external assistance will raise political opposition against adjustment policies in the troubled countries themselves. In the end, this leaves only one route open. Political populist opposition as seen by the recent European Parliament elections has already gathered momentum in creditor and debtor nations and will enforce an end to either austerity or financial assistance and will thus trigger a debt restructuring.

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Marché transatlantique ou identité européenne?

Pierre Defraigne - Executive Director, Madariaga - College of Europe Foundation

7 mai 2014, Bruxelles

Basé sur le discours prononcé par Pierre Defraigne lors du Forum ECOLO sur le thème "Entre le TTIP et l'identité européene, il faut choisir", le 7 mai 2014, à l'Institut Libre Marie Haps, Bruxelles. 

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After the Single Resolution Compromise: Mission Accomplished?

Marco Giuli - Research Fellow, Madariaga - College of Europe Foundation

Madariaga Paper, Vol. 7, No. 4 (May, 2014)

The current commentary aims to evaluate the compromise agreed by the trilogue on the single mechanism for bank resolution. Despite the welcome return of the European legislator to the process establishing the banking union, the bank resolution remains de facto national. However, if other conditions are not fulfilled, a banking union, regardless of its formulation, is not necessarily the framework through which normal credit conditions across the EMU will be restored. 

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Framing the International Context of the Ukrainian Crisis

Marco Giuli - Research Fellow, Madariaga - College of Europe Foundation

Madariaga Paper, Vol. 7, No. 3 (Mar. 2014)

The aim of this paper is to focus on specific aspects of the current crisis in Ukraine, taking into consideration the position of the major players in the international system. It will be argued that Russian assertiveness is a sign of extreme weakness which is not in the interest of the US, whilst the approach of European countries risks becoming a factor of significant instability within Ukraine.  

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What Does the Banking Union Mean for the Real Economy?

Marco Giuli - Research Fellow, Madariaga - College of Europe Foundation

Madariaga Paper, Vol. 7, No. 2 (Feb. 2014)

This contribution intends to evaluate the extent to which a Banking Union might be beneficial to the real economy. in particular small and medium enterprises (SMEs), considering how the banking/sovereign distress has contributed to the divergence of lending rates along the core-periphery divide. The Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) can do a lot to repair balance sheets and ensure macroeconomic stabilisation. However, it might not be enough to reduce the banks' preference for sovereign debt. Cross-border lending for SMEs could be further revived by adopting additional measures which aim at integrating capital markets.  

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Call for Applications

Peace Tour Award for Outstanding Chinese Students in Europe

The Peace Tour Award has been jointly set up by the Madariaga-College of Europe Foundation (MCF) and the Europe-China Cultural and Educational Foundation (ECCEF), the European branch of the Peace Tour Committee - World Famous Chinese Artists Global Painting Peace Tour Committee - in order to grant awards to outstanding Chinese students or researchers studying in the European Union.

Results of the Jury's deliberation will be delivered by the end of July.

The date of Award Ceremony will be made public as soon as possible. 

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