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Are Italian Savings Saving Italy?

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

Madariaga Paper, Vol. 4, No. 1 (Jan., 2011)

The aim of this paper is to suggest that some eurozone countries which dealt relatively well with the financial downturn due to a high rate of households savings will no longer be able to rely upon this cushion. Such a cushion worked well in Italy since a relatively low stock of private debt, along with conservative behaviour of the credit institutions, prevented an insulated financial system from collapsing with limited impact on public finances. However, a clear trend of erosion of private savings experienced by Italy over the last decades suggests that this might not last forever because of fundamental changes in cultural models and labour market institutions.

  Read the Paper

Is Permanent Structured Cooperation a Workable Way Towards EU Defence?
Madariaga Report - 18 December 2010

Permanent Structured Cooperation in Defence (PESCO), brought in by the Lisbon Treaty, and put under the spotlight by the Belgian Presidency, allows a core group of states that fulfil certain criteria (e.g. budgetary commitment and deployability) to enter into closer cooperation to enhance European defence capabilities. Will EU Member States see the merits of embarking on collective defence endeavours, when the two biggest players seem to find it more convenient to broker bilateral deals? Would the setting-up of a pioneer group of States enhance the EU's capacity and efficiency in defence, or would it lead to further divisions and debates over defence leadership? What are the alternatives at the EU's disposal to consolidate its defence capacity in order to punch its weight in global matters?   

A Citizen's Controversy with Pieter De Crem, Belgian Minister of Defence, and Lieutenant General David Leakey, former Director General of the EU Military Staff, Council of the European Union.



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Call for Papers

The EU and the Emerging Powers 2015: Cooperation and Competition in Knowledge and Technology

Deadline for Submission of Paper Proposals: 10 November 2014

Registration & Abstract Submission at:

The papers will be presented at an international Conference that will take place in Brussels in the last week of April 2015 

More info


Choosing between a Conflict and a Frozen Conflict

Marco Giuli/4 September 2014
Dying of Tactics? The UK Down a Dangerous Path
Marco Giuli/19 June 2014

Post-Electoral Remarks 

Marco Giuli/3 June 2014




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