EU bonds will rival German Bunds as a safe asset

2021 ◽  
Keyword(s):  
Euro Area ◽  
Safe Haven ◽  
Content Type ◽  
The World ◽  
The Creation ◽  
Over Time ◽  
The Eu

Significance This could create an alternative benchmark safe-haven asset to rival German Bunds within the region. As part of its issuance plans, the EU intends to issue at least EUR50bn in green bonds annually, which is likely to make it the world’s largest issuer of these bonds. Impacts The increased importance of EU bonds over time will help to support the euro's value and could eventually put pressure on the dollar. The EU is leading the world in green bond issuance, but the risk of spurious environmental claims (‘greenwashing’) must be managed. The creation of new EU bonds will help reduce the funding costs of riskier euro-area members such as Italy.

Germany’s trade surplus benefits the euro-area

2018 ◽  
Keyword(s):  
Euro Area ◽  
Domestic Demand ◽  
Growth Potential ◽  
Gdp Growth ◽  
Trade Surplus ◽  
The Czech Republic ◽  
Content Type ◽  
The World ◽  
The Eu

Subject Germany’s trade surplus. Significance Germany runs a large trade surplus with other euro-area countries and the rest of the world. Critics have argued that wages in Germany have not increased enough in recent years and that the country should boost domestic demand. However, trade and wage developments with other euro-area countries show that such criticism is largely misguided. Impacts Germany’s offshoring of production processes helps boost GDP growth in countries such as Slovakia and the Czech Republic. Creating a more innovation-friendly environment and investing in R&D would lift the long-term growth potential of the euro-area. Completing the digital single market could contribute to more innovation across the EU.

The international strength of the euro will grow

2021 ◽  
Keyword(s):  
Euro Area ◽  
Financial Services ◽  
Raw Materials ◽  
Domestic Demand ◽  
Content Type ◽  
The Us ◽  
Us Dollar ◽  
Strategic Autonomy ◽  
Geopolitical Risks ◽  
The Eu

Significance The proposals identified areas where the euro could potentially become more dominant, such as the issuance of green bonds, digital currencies, and international trade in raw materials and energy. Ambitions to enhance the international leverage of the euro are being driven by the aim to strengthen EU strategic autonomy amid rising geopolitical risks. Impacts Developing its digital finance sector would be an opportunity for the EU to enhance its strategic autonomy in financial services. Challenging the US dollar would require the euro-area to rebalance its economy away from foreign to domestic demand. Member state division will prevent the economic reconfiguration the euro-area needed to make the euro a truly global currency.

East and West will divide over new Bosnian viceroy

2021 ◽  
Keyword(s):  
World Bank ◽  
Common Interest ◽  
Content Type ◽  
The World Bank ◽  
The World ◽  
East And West ◽  
Dayton Agreement ◽  
Negative Behaviour ◽  
Roll Out ◽  
The Eu

Significance The summit’s avowed aim was to renew the EU-US ‘Transatlantic partnership’, including committing to upholding the international rules-based order built around the UN. It called for cooperation with Russia in areas of common interest despite its repeated “negative behaviour”. Such strains include Russia’s opposition to appointing a new high representative for Bosnia. Impacts Vucic’s call for regular reports from the high representative recognises his legitimacy while asserting Serbian interest in BiH. Croatian President Zoran Milanovic’s support for the 1995 Dayton agreement weakens outside backing for Bosnian Croat separatism. The World Bank has left its growth forecast for BiH unchanged from January, provided vaccine roll-out accelerates.

The impact of national culture on the adoption of environmental management standards

2019 ◽  
Vol 26 (4) ◽  
pp. 546-566
Author(s):  
Raquel Orcos ◽  
Sergio Palomas
Keyword(s):  
Environmental Management ◽  
National Culture ◽  
Cultural Dimensions ◽  
Iso 14001 ◽  
Content Type ◽  
Performance Orientation ◽  
Management Standards ◽  
The World ◽  
The Impact ◽  
Over Time

Purpose The purpose of this paper is to explore how national cultures contribute to explain the uneven diffusion of ISO 14001 across countries. The paper focuses on two of the cultural dimensions developed by the global leadership and organizational behavior effectiveness (GLOBE) project, namely, performance orientation and institutional collectivism. Design/methodology/approach A database containing information about the diffusion of ISO 14001 in 52 countries during the period 1999–2016 was built to carry out this research. The countries considered in this study represent about 90 percent of worldwide ISO 14001 certifications. The information was gathered from publicly available data sources: the ISO Survey, published every year by the International Organization for Standardization, the world development indicators of the World Bank, the cultural dimensions of the GLOBE project and the Index of Economic Freedom provided by The Heritage Foundation. Findings This research finds that both performance orientation and institutional collectivism influence the diffusion of ISO 14001. Whereas performance orientation slows down the diffusion of ISO 14001, institutional collectivism speeds it up. Additionally, this research shows that the slowing effect of performance orientation decreases in strength over time, while the accelerating effect of institutional collectivism becomes stronger. Originality/value The study adds to the understanding of the influence of national culture on the diffusion of environmental management standards, with an emphasis on ISO 14001. A key contribution of this research is that it explores how the influence of cultural dimensions change over time as a result of the development and maturation of ISO 14001.

Amateurism, scientific control, and crime: historical fluctuations in anti-doping discourses in sport

2018 ◽  
Vol 4 (1) ◽  
pp. 18-29
Author(s):  
Ian Ritchie ◽  
Kathryn Henne
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Historical Approach ◽  
Secondary Sources ◽  
The World ◽  
World Anti Doping Agency ◽  
Time Periods ◽  
The Creation ◽  
High Level

Purpose The purpose of this paper is to assess the institutional mechanisms for combating doping in high-level sport, including the trend toward using legalistic frameworks, and how they contribute to notions of deviance. Design/methodology/approach A historical approach informed by recent criminological adaptations of genealogy was utilized, using primary and secondary sources. Findings Three time periods involving distinct frameworks for combating doping were identified, each with their own advantages and limitations: pre-1967, post-1967 up until the creation of the World Anti-Doping Agency in 1999, and post-1999. Originality/value This study contextualizes the recent legalistic turn toward combating doping in sport, bringing greater understanding to the limitations of present anti-doping practices.

Rethinking the literature on “multiple embeddedness” and subsidiary-specific advantages

2014 ◽  
Vol 22 (1) ◽  
pp. 15-33 ◽  
Author(s):  
Alberto Ferraris
Keyword(s):  
Host Country ◽  
Design Methodology ◽  
Home Country ◽  
Complex Phenomenon ◽  
Content Type ◽  
The Creation ◽  
Entire Network ◽  
Over Time ◽  
Country Specific

Purpose – This paper aims to synthesize the literature on embeddedness of MNE subsidiaries, rethinking the concept of “multiple embeddedness” in order to clarify the importance of the subsidiary-specific advantages. Design/methodology/approach – A new and innovative framework based on four key relationships: home country-specific advantages (CSAs)-Headquarters (HQ); HQ-subsidiary; subsidiary-host CSAs; and subsidiary-HQ. This framework is used to discuss the complex phenomenon of “multiple embeddedness”. Findings – The framework proposed sheds light on the subsidiary's need to develop and sustain over time its subsidiary-specific advantages (SSAs) and, where possible, to “upgrade” these SSAs and to integrate them across the entire network of the MNE. The framework is based on two pillars. The first one is the “creation and development” of firm-specific advantages (FSAs) (in the home country) and SSAs (in the host country); the second one is the “transfer” of these advantages from the parent to the subsidiary and vice versa. In addition, several interesting interrelations are found between the four main relationships, and the central role of the recombination capabilities and the importance of distance are highlighted. Originality/value – This paper is one of the first to develop a framework incorporating all the relevant relationships in multiple embeddedness. The framework is innovative and “embeddedness” is analyzed in a novel way, as many studies only partially analyze this complex phenomenon and neglect one or more of these relationships.

Greece to seek end of austerity, not euro membership

2015 ◽  
Keyword(s):  
Public Sector ◽  
Euro Area ◽  
Economic Hardship ◽  
Debt Relief ◽  
Credible Commitments ◽  
Content Type ◽  
Political Constraints ◽  
Greek Government ◽  
Domestic Political Constraints ◽  
The Eu

Significance Greece's government and voters have delivered a punishing blow to euro-area policies. However, the underlying dilemmas remain unchanged: whether creditors will countenance debt relief, whether the Greek government can produce credible commitments on reform, and whether euro-area leaders can manage their domestic political constraints and divisions. Impacts Without European assistance, Greece faces a period of economic hardship as funds dry up to pay public-sector salaries and pensions. Without ECB liquidity injections to keep the banks operational, they will require recapitalisation. A bail-in of depositors is possible. Otherwise, a raft of bankruptcies is expected among businesses unable to acquire operational financing. The referendum result will encourage anti-austerity eurosceptics elsewhere in the EU.

MiFID II will recast Europe’s financial landscape

2017 ◽  
Keyword(s):  
United States ◽  
United Kingdom ◽  
Financial Stability ◽  
The United States ◽  
Financial Instruments ◽  
Content Type ◽  
The United Kingdom ◽  
The World ◽  
October 17 ◽  
The Eu

Subject MiFID II implementation and compliance Significance The EU’s flagship investor protection reform -- the Markets in Financial Instruments Directive II (MiFID II) -- will come into force on January 3, 2018, Valdis Dombrovskis, the EU Commissioner responsible for financial stability, confirmed on October 17, saying that there would not be a further delay. Despite already having been given an extra year's extension, banks are struggling to comply in time because of the directive's complexity. Regulators, too, are behind in expanding their capacity to enforce it. Impacts Firms across the world that do any of their business within the EU will have to comply, not just those registered in the EU. All firms trading in financial instruments must comply but those where this is a small part of their business may be caught unawares. MiFID II will come into effect before the United Kingdom leaves the EU and is likely to be written into UK law post-Brexit. The United States is keen to deregulate, but US firms whose EU activity is not compliant will be punished, possibly harming US-EU relations.

Four disintegration risks may threaten the EU’s future

2017 ◽  
Keyword(s):  
Euro Area ◽  
Presidential Election ◽  
The Political ◽  
Economic Downturn ◽  
Political Uncertainty ◽  
National Front ◽  
Content Type ◽  
Marine Le Pen ◽  
Decisive Victory ◽  
The Eu

Subject Four European disintegration risks. Significance After the French presidential election, which saw the decisive victory of Emmanuel Macron over National Front leader Marine Le Pen, a sigh of relief could be heard in European capitals: the worse had been avoided; the EU would thrive again. This relief could be premature. At least four disintegration risks are still threatening the EU. Impacts Even though its economic prospects are positive, the euro-area remains fragile and could plunge back into chaos if left unreformed. An economic downturn would benefit Eurosceptic populist parties. The political uncertainty of a caretaker government in Germany will increase its officials' reluctance to agree to any euro-area reforms.

German fiscal expansion is unlikely despite concerns

2019 ◽  
Keyword(s):  
Euro Area ◽  
Negative Effects ◽  
Content Type ◽  
Political Consequences ◽  
The Third ◽  
Defence Spending ◽  
Economic Outlook ◽  
The Eu

Significance The economy shrank by 0.1% quarter-on-quarter in April-June; further shrinking in the third quarter would mean a technical recession. Since growth is not likely to pick up much in the next two to three quarters, the economic outlook for Germany is gloomy, with potentially significant political consequences. Impacts Germany’s hard-line stance against ambitious euro-area reform is likely to become more entrenched. The implications of a German slowdown for the EU-26 will increase the chances of the ECB using unconventional policy to add stimulus. A recession is likely to have negative effects on Germany’s defence spending, despite US pressure on Berlin to contribute more towards NATO.

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