The paper explores the economic implications of the possible Turkish accession to the European Union. It focuses on three main changes associated with Turkish membership: (i) accession to the internal European Market; (ii) institutional reforms in Turkey triggered by EU membership; and (iii)...

At the December 2003 European Council, EU Heads of State and Government adopted a European Security Strategy, with a view to assisting necessary prioritisation and further elaboration of EU foreign policy activities. The Strategy document identifies the key security challenges facing Europe in...

Das "Deutsche Institut für Internationale Politik und Sicherheit" der Stiftung Wissenschaft und Politik (SWP) ist eine unabhängige wissenschaftliche Einrichtung, die auf der Grundlage eigener, praxisbezogener Forschung den Deutschen Bundestag und die Bundesregierung in allen Fragen der Außen-...

Legislative oversight of executive decisions to deploy (particularly) troops abroad is seen as a key agent of democratic legitimacy. However, parliamentary scrutiny of ESDP is at present deficient. The combination of supranational and intergovernmental elements that comprise the EU make for an...

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...

There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...