Internal contradictions will dog Bulgarian coalition

Significance Claiming that 30-40% of advance payments for the much-delayed Hemus motorway had been transferred to the Citizens for Bulgaria’s European Development (GERB) party, Rashkov refused to provide specifics in case the prosecutor’s office leaked them to GERB. The party threatened to sue Rashkov for defamation. Impacts The new government is in a race against time, as it needs to show some success in the coming months before disappointment sets in. Worries about presidential influence over the government are overshadowing memories of Borisov’s mismanagement. The new government faces a legacy of mistrust towards Brussels and Washington in large sections of Bulgarian society.

New Bulgarian government will face Turkish distrust

Significance This has knock-on effects on the Movement for Rights and Freedoms (DPS) which, officially in opposition during Borisov’s three terms as prime minister, had carved out a comfortable and secure niche in an oligarchic setting dominated by his Citizens for Bulgaria’s European Development (GERB) party. Borisov also cultivated a successful but personalised and much-criticised relationship with Turkish President Recep Tayyip Erdogan. Impacts The 2020 protests were directed as much against DPS as GERB, seen as equally toxic partners in corruption. The ‘Turkish factor’ in Bulgarian politics and relations with Turkey may once again become live issues in domestic debates. The new government may find it difficult to confront DPS and GERB amid frosty relations with Erdogan’s Turkey. Volatile ethnic issues and difficulties with Turkey would benefit the far-right, notably the Revival party, now in parliament.

Climate financing: case study of Kenya Climate Venture Ltd.

Learning outcomes Upon completion of the case study discussions, successful students will be able to: discuss the challenges of green financing and provide solutions on how to address such challenges. Explore the different dimensions for structuring a green financing fund. Analyse the risks and suggest a mechanism for de-risking an investment fund. Case overview/synopsis Kenya Climate Venture was established in 2016 as an independent subsidiary of Kenya Climate Innovation Centre, with a seed capital of $5m from European development financing institutions Danida and UKAid and the fund raised another $5m in new capital in early 2020. Its remit was to invest in commercially viable enterprises in agribusiness, water, commercial forestry, renewable energy and waste management, largely targeting small and medium-sized enterprises. The case is exploring three themes; Theme1: Challenges of climate financing, Theme 2: Structuring a climate financing fund Theme 3: De-risking an investment fund. Supplementary materials Teaching Notes are available for educators only. Subject code CSS 1: Accounting and Finance.

The French grand piano

The first pianos, built by Cristofori in Florence near the turn of the eighteenth century, were already ‘grand’ pianos, their shape derived from that of the harpsichord. The invention gradually began to spread across the continent, and by the mid-1780s grand pianos were common instruments in London. This pan-European development stands in stark contrast to the grand piano’s reception in France, where the harpsichord reigned supreme. Indeed, until the 1760s, the piano—regardless of its size or shape—was almost completely absent from the French musical scene, and it was not until around 1810 that the grand piano became a frequently used instrument in France. Without a sonorous instrument capable of projecting an interesting palette of nuanced effects in a moderate to large space, it was difficult to develop an independent repertoire for the piano. The eventual adoption of the grand piano in France was largely due to the efforts of the Erard brothers, who were familiar with this type of instrument from their contacts with the Silbermanns in Strasbourg and English builders in London. The Erard grand piano responded to an increasing desire on the part of French musicians for pianos with a stronger tone, undoubtedly to better balance other string and wind instruments which were also evolving towards more sonorous models.

Who Survives and Who Does Not? The Rise and Decline of Personalized Parties

The analysis of parties created around charismatic leaders is becoming more important in dynamic times when the mainstream parties are challenged by outsiders. Most of the research on personalized parties focuses on Western Europe although the phenomenon has significant implications for East European party systems. This article examines the development of two highly electorally successful personalized parties in Bulgaria: National Movement Simeon the Second (NDSV) and Citizens for European Development of Bulgaria (GERB), the incumbent ruling party. Their similar success but different paths of development provide a good basis for examining the stabilizing factors of personalized parties. The article fills a gap in the theoretical field by using information from qualitative interviews with high-level party members and proves that adoption of an organizational strategy is the key factor for survival. Examining a case of the emergence of personalized parties, the research finds that alongside charismatic leaders, investment in local branches and representation in localities are stabilizing factors when the popularity of the leader decreases and in this way secure the more stable development of the party.

United in Diversity? Interests, Preferences, and Patterns of Engagement of Public Development Banks in the Implementation of the EU Budget

This chapter traces the emergence and expansion of the use of EU budgetary means for financial instruments inside the EU from the 1980s onwards and its implications for the field of European development banking. It details how an initial focus on cooperation between the EIB and the EU Commission gave way to a diversification of cooperation partners for the implementation of financial instruments, now including national development banks. As financial instruments grew both in size and number, their attractiveness and importance for these development banks increased. The chapter details the tensions between the EIB and the national development banks in their lobbying attempts to structure access to these funds. These tensions came to the fore in the negotiations of the InvestEU fund in 2018, when the European Commission stripped the EIB of its unique access to the direct EU guarantee, instead opening up 25 percent of it to NDBs.