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Insight from the Journal of Common Market Studies

Category Archives: Economics & Trade

Independence of the ECB and the ECJ: from active leadership to rubber-stamping?

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The eurozone’s sovereign debt crisis proved to be one of the most challenging tasks European policy makers had to face. Political-ideological, democratic, institutional and other constraints prevented the euro area governments from putting an abrupt end to it simply by increasing integration into the fiscal area. Instead, policy makers decided to “borrow” a crisis management […]

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The jury is still out on the Economic Partnership Agreements

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The negotiations and implementation of the Economic Partnership Agreements (EPAs) between the European Union (EU) and the 79 countries forming the Organisation of the African, Caribbean and Pacific States (OACPS) – a group of developing countries largely sharing a colonial past with EU members – were conflict-ridden from the beginning. Transforming a decades-long system of […]

The European Union and the international governance of securitisation in finance: from foe to friend?

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In the world economy, the European Union (EU) is often portrayed as a ‘market power’, able to leverage the large size of its internal market and its considerable regulatory capacity to influence international trade negotiations and shape global market regulation. Moreover, the EU often favours stringent regulation for products and production processes. In finance, after […]

The stalemate of transatlantic liberalization: It started before Trump

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In the immediate aftermath of the election of Joe Biden the European Commission proposed ‘A new transatlantic agenda’. This ambitious plan emphasizes that together the EU and the US ‘have the reach to set regulations and standards that are replicated across the world’. This very much sounds like a revival of the major priority of […]

How do imposed sanctions impact firms?

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By Michal Onderco & Reinout A van der Veer Last week, the European Union agreed to impose new sanctions on Russia in response to the attempt to poison the opposition activist Alexei Navalny and his jailing upon return to Russia. Immediately afterwards, Russia threatened to respond in kind. This development is not new. In recent […]

Is the European Union a complex adaptive actor?

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Since its creation, the European Union has aimed to become a key international actor, promoting regional integration, democracy, the rule of law and human rights through its numerous international development programmes around the world. Yet, we should not forget a complementary dynamic that is as important as the EU attempts to diffuse its own institutional practices and values. This concerns how the EU learns from other actors, and adapts to practices proposed by other countries and international organizations.

Revisiting the Trade Effects of the EU-Turkey Customs Union

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In 2015, the Turkish government and the European Commission officially started a process for the modernization and expansion of the Customs Union between the European Union (EU) and Turkey (hereafter called “CU-EUT”). The CU-EUT entered into force 25 years ago on December 31st, 1995. While it provides a far-reaching trade integration for industrial goods, lately […]

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The Cultural Sources of British Hard Bargaining

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The British approach to the Brexit talks Another day, another round of Brexit negotiations. Unsurprisingly, perhaps, UK prime minister Boris Johnson has committed to driving a hard bargain of the EU, setting out unrealistic expectations, signalling the UK is prepared for ‘no deal’, launching parallel negotiations with the United States, and adopting a bullish rhetoric […]

Taking central bank politicization seriously

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By Pier Domenico Tortola The European Central Bank “needs a rocket scientist, not a rock star”, quipped the website Politico shortly after the nomination of Christine Lagarde to succeed Mario Draghi at the helm of the ECB, starting November 2019. The risk, the commentary continued, is that the presidency of Lagarde, a central banking outsider […]

Can the European Parliament make the European Central Bank accountable?

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Since the euro crisis, the European Central Bank (ECB) has expanded its powers from monetary policy to banking supervision in the Eurozone. In the framework of the Single Supervisory Mechanism (SSM), established in 2013, the ECB became responsible for the direct supervision of the largest banks of Eurozone countries.

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