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Mon, Jul 6, 2020

European strategic autonomy and its future trade policy

Eventual EU efforts to redirect supply chains can ­­affect many business sectors, even those unrelated to traditional security affairs. The geographical location of EU zones of influence may dictate where future supply chains to Europe will run. “Strategic autonomy” is now as important economically as it is politically or militarily.

New Atlanticist by Dr. Elmar Hellendoorn

China European Union

Fri, May 29, 2020

Italian, Spanish diplomats stress EU solidarity in wake of COVID-19 economic response

Top officials from Italy and Spain—the two European Union member states hit hardest by the coronavirus pandemic—praised the EU’s May 27 announcement of a €750 billion ($826.5 billion) recovery program to rescue the bloc from its worst economic crisis in its history.

New Atlanticist by Larry Luxner

Coronavirus Eurozone

Thu, May 28, 2020

The EU recovery plan: A “Merkel” but not a “Hamilton” moment

While the EU coronavirus recovery plan is a good step toward more fiscal cohesion, it is nowhere near fostering a fiscal union.

New Atlanticist by Hung Tran

Coronavirus European Union

Tue, May 26, 2020

EU looks for next step in coronavirus economic response

An agreement within the EU to not only jointly issue debt, but to disburse the proceeds of those debt issuances in the form of grants to financially weaker member states, would be an important moment in capital markets.

New Atlanticist by Bart Oosterveld

Coronavirus European Union

Mon, May 18, 2020

Partial Eurobond not the answer to Europe’s coronavirus economic downturn

Some have argued that a partial Eurobond instrument, backed for example by France, Italy, and Spain, could be set up as a risk sharing and/or solidarity tool to partially finance the recovery out of the economic downturn caused by the pandemic. This is a truly awful idea as such an instrument would deliver none of the potential benefits of a Eurobond, while simultaneously creating asymmetric risks on capital markets.

New Atlanticist by Bart Oosterveld

Coronavirus European Union

Thu, May 7, 2020

The coronavirus crisis highlights the need to diversify risk sharing in Europe

Capital markets have been one of Europe’s policy ‘slow-burn’ issues. The coronavirus crisis rearing its ugly head over Europe, along with Brussels’ slow coming together in formulating a shared rescue package, have reignited the need to balance public and private risk sharing and to diversify funding for European businesses.

New Atlanticist by Sona Muzikarova

Coronavirus European Union

Wed, May 6, 2020

German court decision complicates ECB coronavirus efforts

“This is time for solidarity and boldness in the European response to this unprecedented crisis. Unfortunately, the [German] Court's decision endangers the ability of the Bundesbank to participate in the ECB's program in the long run. Besides, it undermines the authority of the European Court of Justice (ECJ) and could provide a worrying precedent for states asserting their sovereignty with illiberal measures against the rule of law in Europe,” Benjamin Haddad says.

New Atlanticist by Ole Moehr

Coronavirus European Union

Mon, May 4, 2020

Critical ruling for European Central Bank to turn spotlight back to policymakers

So far, the ECB has committed to asset purchases roughly in accordance with each member state’s contribution to the European economy. This has led to market speculation that suggests the German court will add that as a restriction on the Bundesbank’s participation, though there is no precedent for such a restriction in prior rulings.

New Atlanticist by Bart Oosterveld

Coronavirus European Union

Mon, Apr 27, 2020

Financial markets pressure likely to force additional European action soon

Markets are likely to test the resolve of policymakers to preserve the monetary union in the upcoming months, and the risk of a series of funding shocks remains elevated.

New Atlanticist by Bart Oosterveld

Coronavirus European Union

Thu, Apr 23, 2020

Why the Netherlands opposed unconditional European coronavirus aid

Southern European calls for northern solidarity should be backed up with a quest for greater empathy in countries like the Netherlands. As long as the Dutch public remain largely unaware of the plight of southern Europe—as well as ignorant of the geopolitical consequences of too much fiscal rigidity—the current clash may only be a prelude to a much larger battle.

New Atlanticist by Dr. Elmar Hellendoorn

Coronavirus European Union