Monetary policy and overinvestment in East Asia and Europe

The paper analyzes the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan, Southeast Asia, and China. Similarly, it is shown how a one-size monetary policy within the European Monetary Union has not preserved the European Monetary Union from idiosyncratic economic development and crisis because of uncoordinated fiscal policies. With monetary policy crisis management being argued to impede financial and economic restructuring, a timely exit from ultra-expansionary monetary policies is recommended for both East Asia and Europe to reconstitute economic stability and growth.     

Democratic consolidation and convergence in Southern Europe: The Italian case

In the analysis of democratic consolidation(s) in Southern Europe the emphasis has been on three main factors: the relevance of institutional rules, the scope and activities of parties (and party elites), and the establishment of certain relationships between institutions, parties and interests, connected to the size of the public sector of the economy. From the varied combinations of these factors different consolidations result: an elite‐based consolidation (Spain), a party‐based one (Italy), a state‐based one (Greece), and also a mixed party‐state model (Portugal). Our analysis also suggests the emergence of different types of democratic regime, mainly characterized by (i) either a ‘chancellor’ democracy or a parliamentary arrangement; (ii) either a pivotal or a secondary role for parties; and (iii) either a large or small public economic sector.

Recently the economic crisis, the resulting problems, and discontent arising from other causes, have brought about change in these democracies. The main transformations include the weakening of parties vis‐à‐vis other actors, the shrinking of both the public economic sector and the welfare institutions and, as a result, the prospect of greater autonomy for civil society. Thus, partially new regimes emerge, while the analysis also suggests the possibility of building a new typology of democratic regimes. Alongside the process of democratic consolidation in Southern Europe, there has also been an accompanying trend towards convergence: in the direction of majoritarianism, confirmed by the most recent national elections.     

Review article: Realising realism's role in us policy towards Europe

Adam Bronstone, European Union ‐ United States Security Relations. Transatlantic Tensions and the Theory of International Relations. Basingstoke: Macmillan, 1997. Pp.viii + 282, biblio., index. £45. ISBN 0–333–69136–9.

Robert L. Hutchings, American Diplomacy and the End of the Cold War. An Insider's Account of US Policy in Europe, 1989–1992. Baltimore: Johns Hopkins University Press, 1997. Pp.xx + 456, illus., biblio., index. £33. ISBN 0–8018–5620–5.

Thomas Risse‐Kappen, Cooperation Among Democracies. The European Influence on US Foreign Policy. Princeton: Princeton University Press 1995. Pp.x + 250, biblio., index. £30.50. ISBN 0–6910–3644–6.     

Iran's perception of Western Europe: A study in national and foreign policy articulation

Acts of public communication cannot be isolated from other features of a political process. In fact, a study of public policy articulation can provide a valuable framework of national perceptions, demands and expectations through which a nation's evolving position in the international system may be analyzed. Iran offers a valuable opportunity in this regard because its policy articulation occurs through a limited number of communication channels‐one of which is the newspaper Kayhan. Kayhan has been chosen because of its clear capacity to reflect accurately the perceptions of Iran's political elite in regard to general national development and foreign policy objectives. This paper will concentrate on two reference periods‐one pre‐1973 and one post‐to analyze in terms of selected variables, Iran's evolving elite perceptions of its traditional relationship to Western Europe. Editorials and policy statements have been keyed to selected variables representing various channels of Iran's perceptions and then analyzed to chart shifting policy priorities among Iranian elites. The results indicate a radically altered self‐perception of both national development objectives and Iran's self‐perceived role in global power relationships.     

A view from the policy community: a new strategic narrative for Europe?

ABSTRACT

Reflecting on the results presented in articles in this special issue, European leaders should take greater account of external perceptions in crafting the European Union's strategic narrative and guiding its actions. Failure to do so has impaired external policies like the Euro-Mediterranean Partnership, the European Neighbourhood Policy and Eastern Partnership. Leaders emerging from the Arab uprisings perceived the EU as complicit with their countries’ former anciens régimes and Russian leaders see EU support for democracy and the market economy in former Soviet states as duplicitous and instrusive. Awareness of such perceptions should be filtered into EU decision-making, without validating views that European officials and diplomats consider misleading.     

Asserting EU cohesion: Common foreign and security policy and the relaunch of Europe

The end of the Cold War and its fall‐out throughout the 1990s have created an atmosphere of pessimism about the prospects for the continued development of the integrative structures and processes of the European Union. Exclusionary criteria for monetary union and insufficient democratic institutional structures coupled with a neo‐realist critique of the integrationist project seem to have taken their toll. However, in the historical context of European integration, trade‐offs between the imperatives of deepening cooperation among the member‐states, and widening the community by including new members is, in fact, the norm. Thus, the problems inherent in the drive towards monetary union contain the seeds of cooperation in other areas. Specifically, the European Union will come to emphasize second‐pillar issues of foreign and defense policy both as a method to extend the integrative process in a functional manner, but also to attend to the vital supernational interests of community members.     

Practising homeland security across the Atlantic: practical learning and policy convergence in Europe and North America

Abstract

Despite different traditions, interests and perceptions characterizing North American and European approaches to homeland security, since 9/11 policy-makers across the Atlantic have formulated increasingly similar policies to deal with terrorism and other international security threats. Challenging mainstream accounts elaborated in the policy convergence literature, and drawing from sociological works in performance studies, this essay argues that the recent evolution of homeland security policies in Europe and North America can be understood as an instance of ‘practical learning’. From this perspective, this outcome is the result of the acquisition on the part of European and North American policy-makers of the practical knowledge necessary to carry out the new policies, policies learned by mimicking the practices of their counterparts across the Atlantic. This argument is then applied to examine two cases of policy convergence in Europe and North America – the proposal for a ‘European Passenger Name Record’ system and the project of a regional ‘Security Perimeter’.     

Cosmopolitan Europe: Border Crossings and Transnationalism in Europe

In recent years European politics has witnessed two simultaneous developments, which are indicative of two contradictory trends. The first is an emphasis on the idea of a cosmopolitan Europe, as facilitated by further European integration. This accelerated integration is said to be creating a cosmopolitan Europe in which citizenship is decoupled from its national bearings and supra-national European institutions facilitate the emergence of new identities and belongings that are not necessarily national in origin. The second trend points towards an increasing visibility of right-wing parties and movements expressing hostility towards cultural multiplicity and an official denunciation of multiculturalism, accompanied by a closure of borders and denial of rights to non-European nationals. This article will argue that these seemingly contradictory trends are not necessarily contradictory but instead complimentary in erecting real and imaginary borders around Europe. The article further argues that growing transnational populations within Europe such as immigrants, refugees, non-residents and non-status individuals act as a corrective to this false perception of a cosmopolitan Europe by bringing the “outside in” and challenging the notions of European borders and established identities.     

浅析欧洲的"伊斯兰挑战"

欧洲的"伊斯兰挑战"集中反映了欧洲人面对大量外来族群和异质文化出现时的焦虑与困惑.这一问题的形成是多种因素长期作用的结果,如何使日渐庞大的穆斯林族群融入欧洲社会,是当前和今后较长一段时期内欧洲各国面临的一个重要问题.     

RMB Internationalization in Europe

The RMB's current international status is not fitting for the currency of the world's second largest economy,hence China has made RMB internationalization a key objective to support economic growth and a clear foreign strategic goal.Europe is home to many developed economies and is the cradle of modem finance.It uses a number of currencies including the euro,the pound sterling and others,but it has also strongly supported China's RMB.Indeed,Europe has acted a breakthrough2 for the currency's internationalization.The factors behind this merit further analysis.This article summarizes the main progress achieved by RMB internationalization,delves into why Europe has supported this and also elaborates on the future direction of RMB internationalization in a post-Brexit Europe.     

欧洲的穆斯林问题

欧洲是一个基督教占主导地位的大陆,其他宗教的影响力甚为有限.但从二战结束以来,由于外来人口的大量涌入,尤其是与欧洲比邻的西亚北非移民的到来,使欧洲族群的构成发生了重大变化,穆斯林已经成为欧盟内部最大的少数族群."9·11"事件以来,出于对内部反恐安全的需要,欧洲舆论和各国政府提高了对欧洲穆斯林的关注程度,穆斯林问题开始逐步成为整个欧洲大陆关注的一大热点.     

Industrial concentration in Europe

The European Union has been trying to achieve its long-term goals through partnerships and cooperation with other like-minded global actors. Africa (through its regional institutional body, the African Union) has been the first and only multilateral entity with which the EU has forged a long-term partnership. Despite its rhetorical language, the Africa--EU Strategic Partnership is unlikely to upgrade the political and economic interaction between the two partners. In the past few years, serious rifts have grown between the EU and its African counterparts concerning trade agreements and development policies. Moreover, new actors have made significant inroads in Africa, providing an alternative to its long-standing dependence on Europe.