When entering a monetary union, member countries change the nature of their sovereign debt in a fundamental way, i.e. they cease to have control over the currency in which their debt is issued. As a result, financial markets can force these countries' sovereigns into default. In this sense, the...

As an alternative to measuring the extent of market integration, ‘home - bias' indicates the degree to which economic agents ‘over - prefer' to transact with domestic agents rather than agents from other EU countries. Such an exclusive preference is measured against a benchmark of (ideal)...

This paper describes four key drivers behind the adjustment difficulties in the periphery of the eurozone: • The adjustment will be particularly difficult for Greece and Portugal, as two relatively closed economies with low savings rates. Both of these countries combine high external debt...

The first 16 months of the EU's common commercial policy (CCP) in the post - Lisbon period provide indicative insights into how the European Parliament, the European Commission and the Council of Ministers interpret their respective roles under the new legal framework introduced by the Lisbon...

While energy security has gradually been incorporated into the EU's foreign policy calculus, the declared approach of extending a nexus of 'market-governance' energy norms has been realized only to a limited extent. The EU has eschewed a comprehensively political approach to energy security,...

The European Commission has recently rekindled the debate about a possible future ruling on economic immigration, including the conditions and procedures for entry and residence, the principle of Community preference and the rights of third-country workers.The purpose of this paper is to...

This article argues for closer integration to be a key part of the EU's migration policy. It accepts that migration is necessary for a prosperous Europe and looks at the role of the EU and how best to integrate immigrants. Countries' experiences and the need for better aligned policies among...

The EU can do little to achieve its policy objectives in its Eastern neighborhood without facing the issue of secessionist conflicts. This paper deals with EU policy towards Georgia and the secessionist regions of Abkhazia and South Ossetia. It discusses the reasons for and constraints on EU...

The EU is developing a border management strategy aiming at an quot;integrated and global responsequot; to the challenges posed by the phenomenon of irregular immigration through the common external borders. quot;The Southern maritime bordersquot; constitute one of the main targets addressed by...

The social, political and economic power of moderate Middle East and North African Islamist movements has been growing for a generation or so. The question of how to deal with Islamists who reject violence, embrace democracy and outperform their competitors at the polls has therefore become a...