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Madariaga Papers
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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A Disillusioned Guide to the Spread Reductions

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

Madariaga Paper, Vol. 7, No. 1 (Jan. 2014)

Differentials are not telling indicators. From every variation of a differential, at least four different conclusions can be drawn regarding the trends of its components. The sovereign bond yield spreads are no exception, and the recent press emphasis regarding a reduction of the spreads in peripheral Eurozone economies - an emphasis which is usually aimed at justifying the austerity record in keeping public finances back under control - needs to be revised in light of this.  

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Entre le TTIP et l'Europe, il faut choisir/Choosing between Europe and the TTIP

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

Madariaga Paper, Vol. 6, No. 7 (Novembre, 2013)

Les révélations Snowden auraient pu éviter à l’Europe un faux pas majeur et démentir la chronique d’un fiasco diplomatique annoncé, en l’occurrence la négociation d’un accord bilatéral de libre échange avec les Etats Unis, le TTIP. Car du moment qu’ils découvrent que la lutte contre le terrorisme sur la Toile par la NSA servait aussi bien à espionner Madame Merkel qu’à capter les secrets industriels et commerciaux de ses alliés et concurrents, les Européens réalisent aussi toute l’ampleur des différences qui nous séparent des Etats-Unis. Pour les Américains la sécurité prime sur la liberté davantage que pour les Européens; ensuite la NSA échappe au contrôle du Président et du Congrès; et enfin les USA, comme protecteurs bienveillants, imposent leurs propres normes éthiques à leurs alliés pour en retirer des profits économiques et des informations politiques stratégiques à leurs dépens. Ces différences ne remettent pas en question l’Alliance Atlantique, mais infirment l’opportunité et la possibilité d’«un marché intérieur transatlantique».

 Ce papier a également fait l'objet d'un article paru dans La Libre Belgique le 28 novembre 2013

 Lire l'article dans La Libre Belgique

 Lire le papier en français

 Read the Paper in English

 
EMU Rebalancing Revised: Some Evidence from Current Account Decomposition

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

Madariaga Paper, Vol. 6, No. 6 (July, 2013)

The aim of this paper is to demonstrate that a rebalancing policy focused on the reduction of unit labour costs in the peripheral countries is founded on a conceptual mistake. Taking current accounts as a measure for competitiveness does not make sense in a currency area where growing differentials are not based on price-competitiveness but rather on financial distortions, and where surplus and deficit countries do not compete on the same markets. The current rebalancing policies are doing nothing but depressing the deficit countries' domestic demand without enhancing their competitiveness vis-à-vis the surplus countries, turning the eurozone into an export bloc.  

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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.

Deadline for application: 24th of April (midnight, CET)

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