Thinking ahead for Europe

CEPS ACTIVITIES

ABOUT CEPS
founded in Brussels in 1983, the Centre for european policy studies (CEPS) is widely recognised as the most experienced and authoritative think tank operating in the european union today. Ceps acts as a leading forum for debate on eu affairs, distinguished by its strong in-house research capacity and complemented by an extensive network of partner institutes throughout the world.

Contents
Message from the Chairman of the Board of directors ........... 1 Ceps High-profile events ..... 2 Message from the Chief Executive Officer ................... 4 Message from the director .. 4

Goals
Carry out state-of-the-art policy research leading to innovative solutions to the challenges facing Europe today, Maintain the highest standards of academic excellence and unqualified independence, Act as a forum for discussion among all stakeholders in the European policy process, and Provide a regular flow of authoritative publications offering policy analysis and recommendations.

research programmes
economic & social Welfare policies .................................... 5 financial Markets & institutions ..........................8-9 energy & Climate Change 10-11 regulatory policy ................ 12 eu foreign, security & neighbourhood policy .... 13-14 Justice & Home affairs ... 15-17 politics & institutions ..... 18-19 agricultural & rural policy . 20 Ceps in the Media ............... 21 Medpro ............................... 22

assets
Multidisciplinary, multinational & multicultural research team of knowledgeable analysts, Participation in several research networks, comprising other highly reputable research institutes from throughout Europe, to complement and consolidate CEPS research expertise and to extend its outreach, and An extensive membership base of some 132 Corporate Members and 118 Institutional Members, which provide expertise and practical experience and act as a sounding board for the feasibility of CEPS policy proposals.

Corporate programme
Message from the director of Corporate relations ............ 23 profiles of task forces ...24-25 Corporate Breakfasts .......... 26

ProGramme structure
in-house research programmes Economic and Social Welfare Policies Financial Markets and Institutions Energy and Climate Change EU Foreign, Security and Neighbourhood Policy Justice and Home Affairs Politics and Institutions Regulatory Policy Agricultural and Rural Policy independent research institutes managed by Ceps European Capital Markets Institute (ECMI) European Credit Research Institute (ECRI) research networks organised by Ceps European Climate Platform (ECP) European Network for Better Regulation (ENBR) European Network of Economic Policy Research Institutes (ENEPRI) European Policy Institutes Network (EPIN)

Ceps Membership Meetings .........................27-33 finance and administration .................. 34 administrative and other staff .................. 35 Ceps institutional Members ............................. 36 Ceps Corporate Members ........................ 37

lace du around the p ve sprung up ti that ha e creativity g bits of graffi flection of th atures strikin pages as a re these s report fe duce them in this activitie year. We repro r the past work. Congrs ove t infuse Ceps & imprimerie endence tha nd indep ue Cuvelier/dition a iniq

Design : Dom Mller/CEPS aphy : Katharina Photogr

Message he Chair man from t

he EU was confronted throughout 2010 with a crisis surrounding the reputation and credibility of the euro. In 2011 a solution should be found to avoid a continuation or, worse, a further deterioration of this impasse. Many insufficient and partial solutions have already been proposed. The euro area must soon take fundamental decisions to restore stability either by giving priority to solidarity between member states through further steps towards a Europe of transfers and rights to receive more financial support, or alternatively to focus on discipline, both self-discipline by member states and much stricter coordination of national policies as well as stricter implementation of policy arrangements, with a high degree of automaticity in sanctions. In other words : a Europe of obligations and commitments. The former route as the sole solution would be politically difficult for several countries to accept and in my view wrong in substance as well. The latter road as the sole solution would also be politically difficult to accept for other countries but deserves higher priority. In practice a compromise may be found in a mandatory combination of both approaches towards a Europe that provides a solid framework for the monetary union by finally achieving the necessary elements of an economic union as already heralded in the Treaty of Maastricht. This would entail more and binding coordination not only of national fiscal-budgetary policies but also of other macroeconomic policies that determine national competitiveness and external and internal balance. CEPS has published many in-depth research papers on this subject and will continue to do so. Another subject that will attract growing attention in 2011 is related to the EU budget for the next period beginning in 2014. Major tensions are likely to emerge between member countries that prefer to

keep the status quo in the composition of EU expenditures and those that insist on substantial changes by reducing the weight of the traditional spending categories and increasing expenditures to promote economic growth: the future of Europe. Undoubtedly others will try to find the (wrong) solution by substantially expanding the overall size of the EU budget. Another fundamental issue relates to the perennial European debate about intergovernmental action and decision-making versus the community method with a leading role for the Commission. Several large member states appear to prefer a shift towards a more intergovernmental EU. The important speech by Chancellor Merkel in Bruges in November 2010 may indicate policy preferences in this area, with its hint at new hybrid approaches: a third way somewhere between these two alternatives. It would be dangerous if these developments, together with the changed institutional relationships in the Treaty of Lisbon between the Commission, Parliament and Council of Ministers would (further) weaken the position and role of the Commission. The trends in Europe towards deepening of the integration and widening the EU through new members will not stop in 2011. However, the focus on further enlargement will be limited in the coming years. Most Europeans understandably want to put their own house in order first and solidify internal integration. As the oldest and largest Brussels-based think tank engaged in matters of European integration, CEPS is proud of its independent character and the quality as well as the quantity of its research and publications. We intend to continue to address the subjects mentioned above and many others. The Board of CEPS wishes to express its high appreciation to all members of staff for their achievements in 2010 and looks forward to a successful continuation of our work. H. Onno Ruding Chairman of the Board

CE ACTIVITIES

1S CEP

REPORT 2010-11

EVEnTS 2010 gH PROfIlE HI

Europe as a Global Actor : Views from the Spanish Presidency Miguel ngel Moratinos Cuyab, Minister of Foreign Affairs and Cooperation, Spain Chair : H. Onno Ruding, Chairman of the CEPS Board of Directors

20 January

The Greek Case : The straw on the Stability Pacts back ? Ilias Plaskovitis, Greek Ministry of Finance Paul De Grauwe, CEPS Daniel Gros, CEPS

10 february

C CE ACTIVIVIEIES ACTITITS

22 EPSPS

Implementing Lisbon : The first steps CEPS Annual Conference Opening Dinner keynote speech : Jerzy Buzek, President of the European Parliament

24-25 february

Open Trade vs. Protectionism : Developments in Trade Policy since 1995 Christofer Fjellner, MEP Johan Krafft, Swedish Board of Trade Mauro Petriccione, Chief Negotiator, European Commission Constanze Picking, Daimler AG Chair : Staffan Jerneck, CEPS

4 March

The road to 2020 : Launch of the CERs Lisbon Scorecard X Jos Manuel Barroso, President, European Commission Karel Lannoo, CEPS Ann Mettler, The Lisbon Council Simon Tilford, CER

18 March

REPORT 2010-11

Do we need an EU Act for the listing of small business ? CEPS-ECMI Conference Christine Lagarde, French Minister of Economy, Industry and Employment Rym Ayadi, CEPS Chair : H. Onno Ruding, Chairman of the CEPS Board of Directors

18 March

Benchmarking in the EU ETS & beyond Launch of a CEPS Task Force Report Hans Bergman, DG CLIMA, European Commission Nick Campbell, Arkema, BUSINESSEUROPE Christian Egenhofer, CEPS Jo Leinen, MEP and Chair of the Environment Committee Maarten Neelis, Ecofys Netherlands BV Anna Trner, Swedens Ministry of Enterprise, Energy and Communications, Chair of the Task Force Venue : Committee of the Regions

22 June

CE ACTIVITIES

3 EPS

The Monti Report : Prospects and Challenges for the Single Market Monique Goyens, BEUC-European Consumers Organisation Mario Monti, President, Bocconi University Jacques Pelkmans, CEPS

1 July

The Priorities of the Hungarian Presidency of the EU Council H.E. Pter Gyrks, Permanent Representative of Hungary to the EU Chair : Staffan Jerneck, CEPS

2 December

REPORT 2010-11

ef Executive from the Chi let ter

ver the past year, we managed even more than before to fulfil our core mission to think ahead for Europe. As the eurozone was confronted from the early days of 2010 with a growing public finance problem, we have come up with innovative and constructive solutions to help Europe overcome its almost existential crisis. But judging from our publication downloads, our views are sought after not only in the domain of EMU, but also as regards the challenges for the EU as a foreign policy actor, the followup of the Copenhagen summit, the institutional adaptations to the new Lisbon Treaty and the huge efforts at re-regulation of the financial sector.

time high, as was the level of participation in our numerous events. The challenge for 2011 is to do even better. We are delighted to announce that we won the largestever research project in our history under the EUs Framework Programme for Research to analyse future developments in European labour markets. This will allow us, in cooperation with other institutes in almost all 27 member states, to expand our expertise in a field that is becoming increasingly important, given the growing focus on competitiveness in the EU and ways to measure it and monitor its progress. We hope that this report will give you a good overview of the multifaceted nature of our organisation, in both substance and structure, and we look forward to welcoming you in one of our many fora. Karel Lannoo

Our central role in the European public policy debate was openly confirmed when CEPS was selected to receive the Think Tank of the Year award for the second time in three years, as well as being ranked amongst the top 10 global think tanks for the third year in a row. The press quotes were at an all

CE ACTIVITIES

4PS

he Director essage from t M

t the start of 2011, the EU looks more and more like a ship without a captain, in which a motley crew man their stations only when absolutely necessary and even then mostly to defend their own interests. The mass of passengers is either annoyed or afraid. Those in first class (the euro club) are annoyed because they have discovered one passenger with a forged entry ticket and do not know what do. Other members of the euro club have also fallen on hard times and are struggling to pay their bills. What should the richer ones do now? Should they leave those that failed to their fate? Or should they pass around a hat so that nobody has to leave the first class cabins in shame? And those who have fallen on hard times are understandably afraid. Some of them are naturally inclined to think that the rough seas are the root cause of their problems. They therefore tend to accuse the first class of lacking a sufficient sense of solidarity. It is not too late for the captain, together with his officers and crew, to get their act together and give the ship a new direction. But the way in which the so-called euro crisis has been handled so far does not give much ground for optimism.

Unfortunately the sovereign debt crisis is not the only policy area where the EU does not seem capable of overcoming difficulties. Climate change is another field in which the EU, as the only major economic area to have put in place a functioning system that puts a price on carbon emissions, should be looked to as a strong global actor. This system was introduced on the assumption that the rest of the world would follow suit sooner or later, but this did not happen. And it is now even more unlikely to materialise following the summit at Copenhagen at which the EU was completely marginalised. Not even in its own neighbourhood does the EU seem to be able to influence the course of events. The Northern shore of the Mediterranean is on fire whereas the Eastern part of Europe seems frozen in place with its increasingly authoritarian regimes caring little about the mild opprobrium coming from Brussels. The failures and problems of the EU constitute the challenges and opportunities of CEPS. We will continue to conduct our research and offer our innovative solutions to policy-makers, hoping that in the end some of our ideas will be taken up and allow the EU to find a new course. Daniel Gros

REPORT 2010-11

Staff

Daniel Gros, Director &

Senior Research Fellow Senior Research Fellow

Miroslav Bevlavy, Associate

g R A M M ES SEARCH PRO RE c and Social Economi Policies Welfare

Priorities
2010 will be recalled as the year of the sovereign debt crisis in the eurozone. First the government of Greece and then that of Ireland had to be bailed out with large rescue packages to avoid default. Despite the size and the number of measures put in place at European level, the crisis is not over and the risk of further market turbulences cannot be dismissed. For this reason the policy debate will continue during the coming year. Against this background the Economic Policy unit has been very active and published a number of contributions analyzing the main drivers and consequences of the crisis but also proposing concrete policy responses. Among the latter, the idea of European Monetary Fund proposed by Daniel Gros in February 2010 even before the Greek crisis materialised, attracted a lot of attention from policy-makers. His participation in an impressive number of international conferences and meetings, with representatives of the private sector and policy-makers, testifies to the relevance of this intense activity. A major CEPS study carried out this year examined four short-term scenarios for the eurozone and analysed their implications for global economic trends and the gold market. The main finding suggest that motives other than inflation hedging are the main drivers of gold market dynamics, the most important ones being growth in emerging economies and financial market uncertainty.

Paul De Grauwe, Associate

Senior Research Fellow & University of Leuven Associate Senior Research Fellow

Jrgen Mortensen, Cinzia Alcidi, LUISS Mikkel Barslund

Research Fellows

Jorge Nez Ferrer,

Associate Research Fellow Research Fellow

Yonghyup Oh, Visiting Z. Gldem kem,

Research Fellow Fellow

Felix Roth, Research Anna-Elisabeth Thum,

Research Fellow Researcher

As a member of the European Parliaments panel of monetary experts, Gros regularly provides the EP with policy analysis through the Monetary Dialogue framework. He and other economists in the unit also offer their expertise to the Parliament, delivered upon request, on the different areas of competence of the Economics and Monetary Affairs Committee.

Ilaria Maselli, Herv Dellicour Laura Felfeli Isabelle Justo Lin Li Elisa Martellucci Paola Trevisan Raf Van Gestel

Research Assistants

Initiatives
Employment 2025

CE ACTIVITIES

5PS

m, alternative their possible rket is a global developments rends and gold nks, knock-on

motives other rivers of gold h in emerging ources of gold l be among the the worst-case bal conditions om this region n in the most ncertainty will gold price may by investment cial investors.

461380456

CEPS is proud to have submitted the winning proposal for a 4-year contract under the European Commissions 7th Framework Programme, to analyse future developments of European labour markets. The project focuses on four main transitions that will have a major impact on employment, especially for certain groups in the labour force or sectors of the economy: 1) socio-ecological transition, 2) societal transition, 3) new territorial dynamics and 4) skills transition. The output of the project will be based on a mix of quantitative and qualitative analysis and foresight activities. The project, called NEUJOBS for short, involves 29 universities and research institutes. CEPS is the scientific and administrative coordinator for the project.

REPORT 2010-11

RESEARCH PROgRAMMES

Measuring output and outcomes in the new economy

Building on work initiated by CEPS in the 1990s, the research unit has been deeply involved in an EU-sponsored research project, known as INNODRIVE ( www.innodrive. org ), to explore the contribution of intangibles to business competitiveness and economic growth. This project will be completed in 2011 but is followed up by CEPS involvement in two other important projects, BLUE-ETS and INDICSER, focusing on, respectively, the efficiency, timeliness, relevance and quality of economic statistics and the measurement of the output of services. In BLUE-ETS ( www. blue-ets.eu ), which is coordinated by Statistics Italy ( ISTAT ), CEPS is responsible for ensuring the link to stakeholders and users of economic statistics and for undertaking an in-depth review of the state-ofthe-art and further progress with respect to measuring GDP and well-being in the modern society. The INDICSER project ( http://indicser.com ), coordinated by the University of Birmingham, focuses on improving and developing indicators for the output in service industries. CEPS is in charge of developing better measurement of the impact of intangibles in services in general and of the output of non-market services, notably health care and education.

Titles published in 2010

Books

The EU Budget : Responsibility without accountability ? Gabriele Cipriani, CEPS Paperback, November 2010 Global Imbalances and the Collapse of Globalised Finance, Anton Brender and Florence Pisani, CEPS Paperback, February 2010

CEPS Working Documents

Living Standards in an Ageing, Greener, Knowledge Economy : Towards a period of lean cows ? , Jrgen Mortensen, December 2010 Is the euro really a teuro ? The effect of introducing the euro on prices of everyday non-tradables in Slovakia , Miroslav Beblav, November 2010 The Key Role of Education in the Europe 2020 Strategy , Felix Roth and Anna-Elisabeth Thum, October 2010 Has the financial crisis spurred demand for stronger state regulation ? , Felix Roth, September 2010 Does intangible capital affect economic growth ?, Felix Roth and Anna-Elisabeth Thum, September The Financial Crisis and Citizen Trust in the European Central Bank , Daniel Gros and Felix Roth, July 2010 Do the European Unions bilateral investment treaties matter ? The way forward after Lisbon , Selen Sarisoy Guerin, August 2010 Job quality and labour market performance , Christine Erhel and Mathilde Guergoat-Larivire, June 2010 Beyond Flexibility and Security : A composite indicator of flexicurity , Ilaria Maselli, May 2010 Adjustment Difficulties in the GIPSY Club , Daniel Gros, March 2010

CE ACTIVITIES

6PS

Sustainability of Belgiums debt

In late 2010, CEPS was awarded ( jointly with Katholieke Universiteit Leuven and the Universit de Lige ) a 3-year contract by the government of Belgium to provide an overall assessment of the sustainability of the countrys public finances. In this context, we are closely examining the factors of risk that can affect the cost of refinancing debt in the future, devoting special attention to long-term trends, like ageing, their direct effects on public finances and indirect effects on risk premia and the possible consequences of a major fiscal reform aiming at fiscal federalism.

Long-Term Care for the Elderly in Europe

Since January 2009, the unit has also been responsible for the administrative coordination and dissemination of the findings of the ANCIEN FP7 project ( www.ancien-longtermcare.eu ), which runs for a 44-month period and involves 20 partners from EU member states. The project aims to develop future scenarios for long-term care needs, use, quality assurance and system performance. State-of-the-art demographic, epidemiologic and econometric modelling is used to interpret and project needs, supply and use of long-term care for the elderly.

ANCIEN

REPORT 2010-11

CEPS Policy Briefs

The Transformational Impact of EMU and the Global Financial Crisis , Francesco Paolo Mongelli, December 2010 A Renewed Political Deal for Sustainable Growth within the Eurozone and the EU : An Open Letter to the President of the European Council , Giuliano Amato, Richard Baldwin, Daniel Gros, Stefano Micossi and Pier Carlo Padoan, December 2010 What kind of governance for the eurozone ? , Paul De Grauwe, September 2010 Fiscal Policy Coordination and Competitiveness Surveillance : What solutions to what problems ? , Daniel Gros and Cinzia Alcidi, September 2010 Lessons from the Asian Monetary Fund for the European Monetary Fund , Yonghyup Oh, April 2010 Crisis in the eurozone and how to deal with it , Paul De Grauwe, February 2010 The Taxation of Multinational Enterprises in the European Union : Views on the options for an overhaul , Stefano Micossi and Paola Parascandolo, 4 February 2010 How to deal with sovereign default in Europe : Towards a Euro(pean) Monetary Fund , Daniel Gros and Thomas Mayer, February 2010/ Updated 17 May 2010 The Impact of the Crisis on the Real Economy , Daniel Gros and Cinzia Alcidi, 14 January 2010

A mechanism of self-destruction of the eurozone , Paul De Grauwe, 9 November 2010 Liquidate or liquefy ? , Daniel Gros, 25 October 2010 The circle that cannot be squared , Jorge Nez Ferrer, 21 October 2010 Some reflections on the EU budget review , Jorge Nez Ferrer, 21 October 2010 Competitiveness : Treat the illness, not the symptoms , Cinzia Alcidi, 13 October 2010 Europe in the IMF , Daniel Gros, 4 October 2010 How to Level the Capital Playing Field in the Game with China , Daniel Gros, 23 September 2010 The Skills Deficit , Daniel Gros, 6 September 2010 Europes Stressed Banks , Daniel Gros, 12 July 2010 Europes Banks, Europes Crisis , Daniel Gros, 8 July 2010 Europes Competitiveness Obsession , Daniel Gros, 2 July 2010 Is financial failure an option for the EU ? , Daniel Gros 28 May 2010 Financial Stability beyond Greece : On the need for a European Financial Stability Fund , Daniel Gros and Thomas Mayer, 11 May 2010 When financial markets force too much austerity , Paul De Grauwe, 6 May 2010 Learning from the US experience ? , Daniel Gros, 30 April 2010 The European experience with large fiscal adjustments Cinzia Alcidi and Daniel Gros, 29 April 2010 It is high time the integrity of economic statistics is seriously safeguarded , Alberto Giovannini, 28 April 2010 Implications of a Greek default for the euro , Daniel Gros, 27 April 2010 The Greek Fiscal Adjustment Programme : An evaluation , Daniel Gros, 21 April 2010 Who can save Greece ? , Daniel Gros, 13 April 2010 Greece and the IMF , Daniel Gros, 24 March 2010 A Greek endgame ? , Paul De Grauwe, 9 March 2010 Greek burdens ensure some pigs wont fly , Daniel Gros, 1 February 2010 Too interconnected to fail = too big to fail ? Whats in a leverage ratio ? , Daniel Gros, 28 January 2010 Lessons for Europe from the 1930s , Paul De Grauwe, 21 January 2010

RESEARCH PROgRAMMES

CEPS Special Reports

The Future of the Eurozone and Gold , Cinzia Alcidi, Paul De Grauwe, Daniel Gros and Yonghyup Oh, September 2010 Medium-Term Employment Challenges , Iain Begg, Christine Erhel and Jrgen Mortensen, May 2010 Europe 2020 : Employment Prospects and Challenges , Iain Begg, Christine Erhel and Jrgen Mortensen, March 2010 The Modernisation of EU Anti-Cartel Enforcement : Will the Commission grasp the opportunity ? , Alan Riley, 7 January 2010

CE ACTIVITIES

7PS

CEPS Commentaries
What size is the fire exit ? , Daniel Gros, 7 December 2010 The Seniority Conundrum : Bail out countries but bail in private, short-term creditors , Daniel Gros, 6 December 2010 All together now ? Arguments for a big-bang solution to eurozone problems , Daniel Gros, 6 December 2010 The Cost of Americas Free Lunch , Daniel Gros, 10 November 2010

REPORT 2010-11

Staff

Karel Lannoo,
Chief Executive Officer and Senior Research Fellow

Rym Ayadi, Senior

Research Fellow, Head of FIPP

Marc Rothemund,
Research Fellow, ECRI

Diego Valiante,
Research Fellow, ECMI

l Markets financia tutions and Insti

will benefit from first-mover advantages. Others will restructure their business to escape the heavy regulatory burden. What new models will emerge ? And will non-financial network operators be new entrants in the world of finance ? Financial stability monitoring. Another impact of the crisis is the consensus on the need for macrolevel monitoring. A new European systemic risk board was created, but it needs to start from scratch, since effective macro-prudential supervision has not been systemically carried out. What orientation will be taken in macro supervision ? How will this be communicated and how will it interact with the national level, where the responsibility for financial stability lies ? And how will it relate to other policies, such as resolution and competition ?

Emrah Arbak,
Researcher, FIPP

Piero Cinquegrana,
Associate Researcher, ECMI

Elina Pyykk,
Researcher, ECRI

Willem Pieter de Groen, Research

Assistant, FIPP

esearchers in the Financial Markets and Institutions unit monitor developments and conduct research on integration, regulation, supervision, competition policy, stability, consumer protection, inclusion and development in financial markets. Its work is structured within three discrete sub-units: Financial Institutions and Prudential Policy (FIPP), the European Capital Markets Institute (ECMI) and the European Credit Research Institute (ECRI), the latter two of which are independent institutes managed by and housed within CEPS.

Mirzha J. de Manuel Armenda, Research

Assistant, ECMI

Priorities
Investigating Diversity in the Banking Sector in Europe
midst stormy waters, financial systems develop and evolve. New institutional forms and instruments are invented and put into use. Some of them turn out to be successful while others disappear : a natural process of creative and dynamic competition argues for diversity. Diversity offers an optimal environment in which new ideas can come to life, existing ideas can evolve and old ideas make a comeback. In the aftermath of the financial crisis, the foundations of several decades of modern and innovative financial systems have suffered serious damage. This has triggered massive state interventions and has led authorities to revamp the regulatory structures and frameworks. While many voices have called for a return to more traditional approaches to banking and finance, no one has argued the merits of diversity. This book investigates the merits of a diverse banking system with a special focus on the performance and role of cooperative banks in seven European countries where they are prominent ( Austria, Finland, France, Germany, Italy, the Netherlands and Spain ). The theoretical and empirical arguments that are developed in this book tend to support the view that it is economically beneficial to have stakeholder-value banks with a dual bottom-line function, such as cooperative banks. For those who accept this premise, it would suggest that policy-makers should not take or support actions that could jeopardise this valuable element of the financial system in various countries in Europe and of the emerging integrated European financial system.

Angelo Fiorante,

A long agenda of financial reA regulation is being completed in response to the financial crisis. The Salim Gadi, Research Assistant priority is gradually moving to implementation and assessment of Maria Gerhardt, Research the potential market reaction. From Assistant, ECRI 2011 onwards, three new authorities will be in place to further align rules and strengthen European supervision, in close cooperation with the European Systemic Risk F Board. New rules, regarding alternative investment fund managers, credit derivatives, central counterparties and bank capital and liquidity ratios have been approved or are being finalised. Other rules regarding responsible mortgage lending, securities market operators and settlement systems are expected.
Research Assistant, ECRI

Investigating Diversity in the Banking Sector in Europe

Key Developments, Performance and Role of Cooperative Banks

Titles published in 2010

Investigating Diversity in the Banking Sector in Europe : Key Developments, Performance and Role of Cooperative Banks, Rym Ayadi, David T. Llewellyn, Reinhard H. Schmidt, Emrah Arbak and Willem Pieter De Groen, CEPS Paperback, September 2010

Centre for European Policy Studies 1 Place du Congrs 1000 Brussels, Belgium Tel : 32(0)2.229.39.11 Fax : 32(0)2.219.41.51 E-mail : info@ceps.eu Website : http://www.ceps.eu

CEPS

Emrah Arbak Willem Pieter De Groen

Rym Ayadi David T. Llewellyn Reinhard H. Schmidt

This Report was prepared by a joint CEPS-Assonime Task Force composed of experts from large financial institutions, regulatory agencies and international organisations, bankruptcy judges and academics. It outlines a comprehensive framework for regulating cross-border banking groups.

Centre for European Policy Studies 1 Place du Congrs 1000 Brussels, Belgium Tel : 32(0)2.229.39.11 Fax : 32(0)2.219.41.51 E-mail : info@ceps.be Website : http://www.ceps.eu

OvercOming tOO-big-tO-fail

CE ACTIVITIES

8PS

ollowing the demise of Lehman Brothers, the debate on regulatory reform has been misled into concluding that large financial institutions must be broken up and their risk-taking activities limited by law. Such actions are by no means necessary, and may be hard to implement in practice and could entail large costs in terms of the availability of credit to the economy (e.g. if they reduced the ability of banks to hedge their credit positions). Alternative solutions exist that can achieve a more stable and resilient financial system without renouncing the benefits of multi-purpose financial institutions and innovative finance. These are predicated on effectively curtailing moral hazard and strengthening market discipline on banks shareholders and managers by raising the cost of the banking charter to fully reflect its benefits for the banks, and restoring the possibility that all or at least most financial institutions could go bust without triggering unmanageable systemic repercussions.

OvercOming tOO-big-tO-fail
A regulatory framework to limit moral hazard and free riding in the financial sector
Report by the CEPS-Assonime Task Force on Bank Crisis Resolution

Regulation and implementation. A sea change is coming in regulation and supervision that is both qualitative and quantitative in character. The Commission is increasingly using regulations, rather than directives, to ensure uniform implementation across the EU. Moreover, the new authorities will have rulemaking powers, to arrive at a single rulebook for the EU. This will happen in a context of a new and expanded regulatory framework. On the supervisory side, the new authorities will oversee the national supervisors and ensure that European rules are applied consistently possibly with powers to directly impose sanctions on operators. The impact of these changes will be followed closely. Market reaction and user protection. The crisis has led to a paradigm shift in policies and in investor and consumer attitudes, which will take financial operators some time to translate into business models. Businesses with deep insights into the change and a good understanding of user demands

Overcoming too-big-to-fail: A regulatory framework to limit moral hazard and free riding in the financial sector, CEPS-Assonime Task Force on Bank Crisis Resolution, Jacopo Carmassi, Elisabetta Luchetti and Stefano Micossi, with contributions from Daniel Gros and Karel Lannoo, March 2010
Jacopo Carmassi, Elisabetta Luchetti and Stefano Micossi with contributions from Daniel Gros and Karel Lannoo

REPORT 2010-11

CEPS

State Aid to the Financial Sector : Fragmentation or integration ?, Karel Lannoo and Christopher Napoli, CEPS Task Force Report, October 2010 Europe 2020 and the Financial System : Smaller is beautiful , Karel Lannoo, CEPS Policy Brief, July 2010 Towards a European Financial Supervisory Authority , H. Onno Ruding, CEPS Policy Brief, May 2010 Diversity in European Banking : Why does it matter ? , Rym Ayadi, CEPS Commentary, 18 October 2010 The bank stress tests : A work in progress ? , Karel Lannoo, CEPS Commentary, 30 July 2010

European Credit Research Institute (ECRI)

CRI is an independent, non-profit research institute dedicated to the study of competition and the regulation of retail financial services markets. Its principal fields of research are the economic implications of credit, retail financial institutions, credit reporting and consumer protection in financial services in Europe and beyond. ECRI draws its expertise from an interdisciplinary research team and a network of academic partners. The institute is funded by a variety of sources, primarily membership fees and revenue from research projects and publications. In addition to producing its annual Statistical Package, containing a comprehensive dataset of the latest available statistics on credit to households in the EU member states and key non-EU countries, the unit published two research reports in 2010.

ECRI Research Reports

The Future of Retail Banking in Europe : Competition and Regulatory Challenges , Nicola Jentzsch and Christian Wey (eds), April 2010 Information-Sharing and Cross-Border Entry in European Banking , Caterina Giannetti, Nicola Jentzsch and Giancarlo Spagnolo, February 2010 info : www.ecri.be

European Capital Markets Institute (ECMI)

RESEARCH PROgRAMMES

stablished as an independent non-profit organisation in 1993, ECMI is managed by CEPS to serve a membership composed of private firms, regulatory authorities and university institutes. Its principal objective is to provide a forum in which market participants, policy-makers and academics alike can exchange ideas concerning the efficiency, stability, liquidity, integrity, fairness and competitiveness of European capital markets and discuss the latest market trends. These exchanges are fuelled by the publications ECMI produces and the workshops and conferences it organises.

CE ACTIVITIES

9PS

ECMI Research Reports

Shaping Reforms and Business Models for OTC Derivatives : Quo vadis ? , Diego Valiente, April 2010 Restoring Investor Confidence in European Capital Markets , prepared jointly with the European Investors Working Group in collaboration with the Centre for Financial Market Integrity, February 2010

ECMI Policy Briefs

What reforms for the credit rating industry ? A European perspective , Karel Lannoo, October 2010 The MiFID Metamorphosis , Karel Lannoo and Diego Valiante, April 2010 Regulatory Challenges for the EU Asset Management Industry , Karel Lannoo, April 2010 Comparing EU and US Responses to the Financial Crisis , Karel Lannoo, January 2010

ECMI Commentaries
Third Country Rules for Alternative Investments : Passport flexibility comes at a price , Mirzha J. de Manuel Aramenda, 16 December 2010 Where does Europe stand on the regulation of alternative investments ? Dispelling Myths and Challenging Realities , Mirzha J. de Manuel Aramenda and Diego Valiante, 27 September 2010 info : www.eurocapitalmarkets.org

nd Institutions cial Mar kets a finan

REPORT 2010-11

Staff

Christian Egenhofer,
Senior Research Fellow

imate Change nergy and Cl E

Priorities
Benchmarking in the EU : Lessons from the EU Emissions Trading System for the Global Climate Change Agenda, Christian Egenhofer and Anton Georgiev, CEPS Task Force Report, May 2010

Noriko Fujiwara,
Head of Climate Change and Research Fellow

For many years, the EU has been actively developing a strategy to enhance security of energy supplies. The principal pillars have Arno Behrens, been the 2007-08 climate and energy packHead of Energy and age, addressing both security of supply and Research Fellow environmental concerns, as well as the renewed impetus to complete the internal enMonica Alessi, ergy market. When it was just barely adoptProgramme Manager ed, the EU strategy was already challenged Anton Georgiev, by the economic crisis and the failure of Copenhagen. Reduced growth prospects Associate Researcher in the EU have radically altered demand Antton Rnnholm, projections for energy, notably gas, creatResearch Assistant ing uncertainty as to investment in future supply and infrastructure. While the recession has lowered greenhouse house gas (GHG) emissions due to diminished economic activity, it also increased public deficits, thereby reducing the potential for public spending, raised the cost of capital and led to delays or cancellations of a number of power sector investments. Emissions from industrial installations covered by the EU emissions trading system fell by 11% in 2009, on the back of the global downturn, leaving European companies with a large surplus of emissions allowances and lowering carbon prices.

Greening EU Cities : The Emerging EU Strategy to Address Climate Change, Christian Egenhofer, Monica Alessi and Jorge Nez Ferrer, CEPS Task Force Report, November 2010

CE ACTIVITIES

10S P

Thus, the energy and climate change agenda for 2011 and beyond is dictated by the need to encourage infrastructure investment, enhance security of supply, complete the internal market for energy, drive the decarbonisation of the EU economy and integrate all European economies into the internal market. Financing and new finance instruments lie at the core of this agenda.

Throughout the year, CEPS also actively participated as a member of the EU-GCC Clean Energy Network, a three-year initiative developed to support the long-term strategic energy relationship between the EU and the Gulf Cooperation Council, addressing specifically clean energy issues. The network aims to develop practical cooperation activities on clean energy, covering the related policy and technology aspects, involving various stakeholders across the EU and GCC countries. For more information, visit www.eugcc-cleanergy.net/ CEPS energy specialists also devoted considerable effort to preparing three major studies for the European Parliament, produced in cooperation with researchers from other leading institutes : EU Energy Markets in Gas and Electricity State of Play of Implementation and Transposition , C. Egenhofer, A. Behrens and A. Rnnholm (CEPS authors only), May 2010 Assessment of Potential and Promotion of New Generation of Renewable Technologies , C. Egenhofer, A. Behrens and J. Nez Ferrer (CEPS authors only), June 2010 EU Energy Efficiency Policy Achievements and Outlook , C. Egenhofer, A. Behrens and N. Fujiwara (CEPS authors only), December 2010

Initiatives
The climate change agenda reflected new global priorities, namely the focus on domestic decarbonisation strategies with major activities in the fields of EU transport and climate change, the Strategic Energy Technology (SET)Plan, the EU Emissions Trading System and smart cities. On international climate change aspects, the research unit concentrated on EU-US cooperation on energy efficiency, the future of the CDM, sectoral approaches and benchmarking, all of which were treated in major CEPS publications. A high-profile research project concluded with a book on the need to tax carbon at the borders in order to address climate change, which has been widely presented, including in Shanghai. Climate Change and Trade : Taxing carbon at the border ?, Daniel Gros and Christian Egenhofer with Noriko Fujiwara, Selen Sarisoy Guerin and Anton Georgiev, CEPS Paperback, May 2010

For the last three years, CEPS has played an active role in a major FP7 research project funded by the European Commission called Security of Energy Considering its Uncertainties, Risks and Economic Implications (SECURE). The projects purpose was to develop tools for evaluating the vulnerability of the EU to different energy supply risks and to promote strategies for mitigating EU energy insecurity, including investment, demand-side management and dialogue with producing countries. The findings were presented in conferences in Moscow, Cairo, Bahrain

REPORT 2010-11

and Brussels and reported in numerous CEPS studies. In November 2010, CEPS hosted the final conference of the project, where the results were presented and summarised in the following CEPS Policy Briefs : Europes Gas Supply Security : Rating Source Country Risk , Franois-Loc Henry, November 2010 Geopolitical Geopolitical Threats to Oil and the Functioning of the International Oil Market , Giacomo Luciani, November 2010 Security of Europes Gas Supply : EU Vulnerability , Andrew Macintosh, November 2010 Europes Coal Supply Security : Obstacles to Carbon Capture, Transport and Storage , Christian von Hirschhausen, Clemens Haftendorn, Johannes Herold, Franziska Holz, Anne Neumann and Sophia Rster, November 2010 Europes Electricity Supply Security : Strengthening the Chain , Michele Benini, November 2010 Consumer Valuation of Energy Supply Security : An Analysis of Survey Results in Three EU Countries , Wan-Jung Chou, Alistair Hunt, Anil Markandya, Andrea Bigano, Roberta Pierfederici and Stephane La Branche, November 2010 For more information on SECURE, visit www.secure-ec.eu

Looking ahead
Reflecting the priorities of both EU and global climate change policies, the Energy and Climate Change research unit will focus in 2011 on policies to reduce GHG emissions, e.g. energy efficiency, renewables or moving to the lowcarbon economy. Domestically, this includes work on energy efficiency, de-carbonisation of transport, the SET-Plan, new finance instruments, infrastructure and investments. Internationally the focus will be on technology cooperation. Several projects on carbon markets (ETS, new mechanisms, CDM reform, forestry) will bridge the two. Work on clean energy cooperation will continue with countries/regions as diverse as China, the GCC, India, Japan and the US. A principal activity in 2011 will be the units participation in the NEUJOBS project (Employment 2025 : How multiple transitions affect the European labour market see p. 5). Following an initial effort to generate a set of assumptions on socio-ecological key transitions (e.g. climate change), researchers then assess the impact on the various energy sectors in terms of employment. The European Climate Platform (ECP) will continue its activities and hold a high-level conference on ETS/carbon market issues and the EUs international climate change strategy. Other key activities will focus on adaptation (impacts on business; impacts on cities), smart cities, energy and transport infrastructure.

Networking
The European Climate Platform remained at the centre of CEPS international climate change activities with several high-level workshops, meetings or side-events and publications. Now in its 6th year of operation as a joint initiative of CEPS and the Climate Policy Research Programme (Clipore) of the Swedish Foundation for Strategic Environmental Research (Mistra) in Stockholm, the ECP aims to facilitate interaction within the policy research community, mainly but not exclusively in Europe. Titles in 2010 included: Messages from Copenhagen : Assessments of the Accord and Implications for the EU , Monica Alessi, Anton Georgiev and Christian Egenhofer, ECP Paper, April 2010 Negotiating Around Tradeoffs: Alternative Institutional Designs for Climate Finance , Arunabha Ghosh, ECP Paper, December 2010 UN Climate Finance Negotiations : What after Tianjin, and how ? , Benito Mller, ECP Paper, December 2010 And CEPS continued as the focal point of RINGOs, the UN-accredited research community body. The European Dialogue, jointly undertaken with the Institut du Dveloppement durable et des relations internationales (IDDRI) in Paris and the Fondazione Eni Enrico Mattei (FEEM) in Venice, assisted in the EUs reflection on the future of the domestic and international climate change strategy with high-level meetings in Madrid (April), Warsaw (June) and Venice (October). Finally, a project on the Fiscal Implications of Climate Change Adaptation, undertaken jointly with ZEW (Mannheim) for DG ECFIN, produced the firstever study on this subject. CEPS has also joined the DG CLIMA Steering group on Adaptation.

Other titles published in 2010

Future Impacts of Climate Change across Europe , Arno Behrens, Anton Georgiev and Maelis Carraro, CEPS Working Document, February 2010 The Political Economy of Indias Climate Agenda , Noriko Fujiwara, CEPS Working Document, March 2010 CO2 Highways for Europe : Modelling a Carbon Capture, Transport and Storage Infrastructure for Europe , Roman Mendelevitch, Johannes Herold, Pao-Yu Oei and Andreas Tissen, CEPS Working Document, November 2010 Carbon Capture, Transport and Storage in Europe : A problematic energy bridge to nowhere ? , Johannes Herold, Sophia Rster and Christian von Hirschhausen, CEPS Working Document, November 2010 Understanding Indias Climate Agenda , Noriko Fujiwara and Christian Egenhofer, CEPS Policy Brief, February 2010 Shale Fever : Replicating the US gas revolution in the EU ? , Roderick Kefferptz, CEPS Policy Brief, June 2010 National Commitments, Compliance and the Future of the Kyoto Protocol , Diarmuid Torney and Noriko Fujiwara, CEPS Policy Brief, November 2010 Getting Started Now: Capacity-Building for the Data System Foundations of Sectoral Approaches to Climate Change , Noriko Fujiwara, Christian Egenhofer and Anton Georgiev, CEPS Special Report, April 2010 The Merits of Sectoral Approaches in Transitioning towards a Global Carbon Market , Noriko Fujiwara, CEPS Special Report, May 2010 Sectoral Approaches to Climate Change : What can industry contribute ? , Noriko Fujiwara, CEPS Special Report, May 2010 Why the transatlantic climate change partnership matters more than ever , Christian Egenhofer and Anton Georgiev, CEPS Commentary, 12 January 2010 Reinvigorating the EUs Role in the post-Copenhagen Landscape , Noriko Fujiwara, CEPS Commentary, 15 January 2010 Decision Time for Europe on Climate Change : Keep the head buried in the sand or get tough ? , Daniel Gros and Christian Egenhofer, CEPS Commentary, 6 October 2010

RESEARCH PROgRAMMES

CE ACTIVITIES

11S P

REPORT 2010-11

Staff
Andrea Renda,
Senior Research Fellow

Jacques Pelkmans, Senior

Research Fellow

atory Policy Regul

Achievements
2010 was a very fruitful year for the CEPS Regulatory Policy Unit, with several projects being run for EU institutions and publication of numerous scholarly papers and reports that have been shaping the debate on regulatory affairs in Brussels. The team carried out several exercises in measuring administrative burdens for DG Enterprise and Industry of the European Commission, and was the first group of researchers to provide coaching services on how to approach and draft impact assessment documents. These services were coupled with the drafting of extensive training materials, ad hoc impact assessment guidelines tailored to DG Enterprise and the delivery of four training sessions. On competition policy, in 2010 CEPS teamed up with the College of Europe to carry out a project for the European Commission, DG Competition, on the impact of national rules that are stricter than Article 102 TFEU. Part of the team (Pelkmans and Pacchioli) was also involved in a project on the Free Trade Agreement between the EU and South Korea, and in large research projects such as MEDPRO and ServiceGap. During 2010, the Regulatory Policy team also successfully finalised Task Forces on innovation policy and on critical infrastructure protection.

Anna Bella Correia de Brito, Research

Fellow

Other titles published in 2010:

Product Market Reforms in EU Countries : Are the methodology and evidence sufficiently robust ? , Jacques Pelkmans, CEPS Working Document, July 2010 The Modernisation of EU Anti-Cartel Enforcement : Will the Commission grasp the opportunity ? , Alan Riley, CEPS Special Report, 7 January 2010 Required : A bold follow-up to Monti , Jacques Pelkmans, CEPS Commentary, 22 July 2010 How social the single market ? Jacques Pelkmans, CEPS Commentary, 13 April 2010 Single Market Revival ? , Jacques Pelkmans, CEPS Commentary, 17 March 2010

Lorna Schrefler,
Research Fellow

Sarah Cheliout,
Research Assistant

Valeria Cotovan,
Research Assistant

Giacomo Luchetta,
Research Assistant

Federica Mustilli,
Research Assistant

Consuelo Pacchioli,
Research Assistant

Christopher Napoli,
Research Assistant

Can Seluki,
Research Assistant

Priorities
2011 promises much for the Regulatory Policy team. Work for the European Commission (SecGen and DG ENTR) will proceed in the areas of better regulation and administrative burdens. Also, the team will provide advice to the European Parliament on issues related to the Internal Market. Andrea Renda will be a key expert in a research project on the future of the telecoms internal market for DG INFSO. More publications will include Jacques Pelkmans new CEPS Policy Brief on the Single Market Act and Andrea Rendas new book on Law and Economics in the RIA World.

CE ACTIVITIES

12S P

The team was very active in scholarly publications and conference speeches. Jacques Pelkmans wrote three CEPS Commentaries on the Single Market, which were extensively read in the Brussels community; he wrote a CEPS Working Document on the OECD product market indicators and gave several keynote addresses. Andrea Renda published ten papers on issues related to the regulation of telecommunications and network neutrality three of which appeared in peer-reviewed journals and gave more than 40 speeches in four continents. Lorna Schrefler also published a paper on The Usage of Scientific Knowledge by Independent Regulatory Agencies in the peer-reviewed journal Governance in March 2010. Finally, the whole unit completed an unprecedented scorecard analysis of all Impact Assessments published by the European Commission between 2003 and 2009 the results will be fully available in 2011.

The unit is deeply involved in a dynamic new initiative, the CEPS Digital Forum. The new venture opens with a burst of activities, starting with conferences on innovation policy, critical infrastructure protection, neutrality and diversity in the Internet ecosystem and a joint conference between CEPS and the International Telecommunications Society. Four ad hoc working groups will produce policy recommendations to be offered directly to EU institutions as the result of consensus reached via debate and exchange between key industry players. The first blog on the digital agenda will take off from the new website www.digitalforum.eu. In delivering an insightful speech at CEPS, Robert Madelin the Director General of DG INFSO, European Commission, defined the CEPS Digital Forum as a colossally important initiative for the future of the Digital Agenda. We want to be there to help Europe enter the digital age from the main door, and this is what we hope to achieve with the CEPS Digital Forum.

REPORT 2010-11

n, Securit y EU foreig od Policy neighbourho and

Achievements
European foreign policy, post-Lisbon. 2010 is the year when the Lisbon Treaty came into force, with Catherine Ashton appointed as the new High Representative for Foreign and Security Policy. Her first task was negotiating the creation of the European External Action Service which was officially inaugurated on 1 December 2010. CEPS initiated a research project with several other Brussels-based think tanks to go way beyond these initial start-up questions, and explore how the EUs role as global actor might be upgraded over the years to come. This led to a publication presented to the second annual conference of Brussels think tanks on 25 January 2011, entitled Upgrading the EUs Role as Global Actor: Institutions, Law and the Restructuring of European Diplomacy. This book gives a first systematic account of how the EU is or in the future should be represented in the worlds multilateral organisations, and offers also scenarios for the buildup of the External Action service into a world-class diplomatic corps. European Security Forum. Volume VI in the series Readings in European Security, edited by Michael Emerson and Franois Heisbourg, was published, containing the results of seminars on Obamas Foreign Policy : Is this change we can believe in ? , Somalia and the Pirates , and The Political Future of Afghanistan . EU-Central Asia Monitoring. This project, undertaken jointly with FRIDE of Madrid, was completed in the course of 2010, and its final report, Into EurAsia : Monitoring the EUs Central Asia Strategy represents the most thorough evaluation available of the EUs policies towards this region since adoption of the strategy in 2007.

Staff

Michael Emerson, Senior

Research Fellow

Nathalie Tocci, Senior

Associate Fellow, CEPS & IAI, Rome

Richard Youngs, Senior

Associate Fellow CEPS & FRIDE, Madrid

George Dura,
Researcher

Hrant Kostanyan,
Visiting Researcher

Senem Aydn Dzgit,

Associate Research Fellow, CEPS & Bilgi University, Istanbul

Vanessa Boas,
EXACT Research Assistant

RESEARCH PROgRAMMES

Nafisa Hasanova, Project Coordinator, European interculturalism. The secEUCAM ond and final stage of the research proAigerim gramme on ethno-religious conflict and Duimgambetova, multiculturalism in Europe was being EUCAM Research completed at the turn of the year 2010Assistant 2011. This has involved case studies of six EU states structured around the objective of tracing where the European model of relations with its Muslim minorities is now heading. The analyses focus on the search for a middle way between the polar opposites of assimilation versus multiculturalism, which the authors place under the heading interculturalism. This has resulted in the publication in early 2011 of Interculturalism : Europe and its Muslims in search of sound societal models, edited by Michel Emerson.

CE ACTIVITIES

13S P

REPORT 2010-11

RESEARCH PROgRAMMES

European Neighbourhood Watch. This monthly electronic newsletter archives significant documents in the European neighbourhood domain, with editorial comment, and is distributed free of charge to over 9,000 addresses.

CEPS Commentaries
Rendez-vous with Eastern Europe , Michael Emerson, 2 November 2010 The EUs Diplomatic Debacle at the UN : What else and what next ? , Michael Emerson and Jan Wouters, 1 October 2010 Constitutional Referendum in Turkey : Does it really mean more democracy ? , Senem Aydn Dzgit, 23 September 2010 Modernisation and a new political game in Russia ? , Flix Krawatzek, 5 August 2010 The Baltic-Russian History Controversy : From War to Diplomacy , Viktor Makarov, 21 May 2010 Time for a Tripartite Gas Pipeline Consortium for Ukraine , Michael Emerson, 8 June 2010 Russia and the European Court of Human Rights : Reform of the Court and of Russian judicial practice ? , Anton Burkov, 10 May 2010 President Yanukovichs Dubious Deal , Michael Emerson, 5 May 2010 Turkeys Genocide Diplomacy : Whats in a word ? , Piotr Zalewski, 20 April 2010 Russia in Europe and the West , Michael Emerson, 1 April 2010

Priorities
This research unit will continue to cover developments in the wider European neighbourhood, but will also increasingly take a global focus, in keeping with the EUs aspirations to become a more effective global actor. This will see a deepening of work within the framework of the early 2011 publication on Upgrading the EUs Role as Global Actor.

Other titles published in 2010

CEPS Working Documents
The same old modernisation game ? Russian Interpretations of Modernisation , Flix Krawatzek and Roderick Kefferptz, September 2010 The Foreign Policy of the EU in the Palestinian Territory , Rouba Al-Fattal, May 2010 Remaking Europes Borders through the European Neighbourhood Policy , Bohdana Dimitrovova, March 2010

CE ACTIVITIES

14S P

CEPS Policy Briefs

The Bosnian Hiatus : A Story of Misinterpretations , Goran Tirak, 22 November 2010 Unearthing Chinas Rare Earths Strategy , Roderick Kefferptz, 16 November 2010 Looking afresh at the external representation of the EU in the international arena, post-Lisbon , Michael Emerson and Piotr Maciej Kaczynski, July 2010 Shale Fever : Replicating the US gas revolution in the EU ? , Roderick Kefferptz, June 2010 On Thin Ice ? (Mis)interpreting Russian Policy in the High North , Roderick Kefferptz, 15 February 2010

European Security Forum (ESF) Working Papers

The Political Future of Afghanistan , Radha Kumar, Fabrice Pothier and Waliullah Rahmani, September 2010

EUCAM Working Papers

The EU-Central Asia Education Initiative , Peter Jones, 8 February 2010 EU Assistance to Central Asia: Back to the Drawing Board ? , Jos Boonstra and Jacqueline Hale, 25 January 2010

EUCAM Commentaries
On How the Inclusion of the EU Aviation List Spurs Reform in Central Asia , Anna Walker, 8 January 2010

REPORT 2010-11

ome Affairs Justice and H

Achievements
During 2010 the JHA research unit closely followed the first year of implementation of the Treaty of Lisbon and the Stockholm Programme on the EUs Area of Freedom, Security and Justice ( AFSJ ). It has reinvigorated its role in providing independent policy research and consolidated its position as a dynamic platform bridging a large, interdisciplinary network of academics and universities, civil society and social partners along with EU institutions and Brussels-based actors. Several specific JHA policy areas called for research, such as the situation of the common EU external borders, e.g. in Greece, and the relationship between border policies and human rights and rule of law. The research unit presented a long-term policy strategy for setting up a common European Border Service and a solid Europe of asylum and fundamental rights, as the best way to overcome the practical and legal obstacles undermining EU border policy and the work of Frontex. Another example was the expulsion by France of Romanian and Bulgarian citizens of Roma origin in the summer of 2010. CEPS researchers proposed the establishment of a new EU freezing enforcement procedure designed to ensure that contested national policies and practices falling within the remit of EU law and fundamental rights would be frozen while the opening of infringement or fundamental rights proceedings would be considered by the relevant EU institutions. This would be accompanied by the expansion of the Court of Justices competences to adopt interim measures in cases where there is an imminent risk of irreparable damage to fundamental rights. 2010 also saw the development of closer cooperation and synergies between the research unit and the EU institutions, EU umbrella civil society organisations and social partners, the Fundamental Rights Agency and foundations. This was for example the case in the domain of undocumented immigration. Our research revealed the gap between the results of EU-funded social sciences research focusing on irregular immigration and undocumented immigrants and current EU policies. It also showed the vulnerability of undocumented immigrants across the EU in relation to access to basic socio-economic fundamental rights. A four-point plan to reduce irregularity in the EU was proposed.

Staff

Elspeth Guild, Senior

Associate Research Fellow

Sergio Carrera, Senior

Research Fellow and Head of Unit

Peter Hobbing,
Associate Senior Research Fellow

Thierry Balzacq,
Associate Research Fellow

Anas Faure Atger,

Researcher

Massimo Merlino,
Researcher

Miriam Mir Canet,

Project Coordinator

Alejandro Eggenschwiler,
Research Assistant

Joanna Parkin,
Research Assistant

RESEARCH PROgRAMMES

Joo Soares da The JHA unit participates in numerous Silva, Research EU-funded projects in a variety of capaciAssistant ties. In the RELIGARE project, funded by Leonhard den the European Commission under the SoHertog, EXACT cio-economic Sciences and Humanities Research Assistant Programme of the Seventh Framework Programme, researchers explore religious diversity and secular models in Europe. The first RELIGARE Working Paper, The Place of Religion in European Union Law and Policy : Competing Approaches and Actors inside the European Commission , is a collaborative work between CEPS researchers Sergio Carrera and Joanna Parkin. CEPS is also responsible for the dissemination of the projects findings. In this context, we have developed a state-of-the-art website. Please visit : www.religareproject.eu

CE ACTIVITIES

15S P

CEPS actively participates in a three-year project called INEX on converging and conflicting ethical values in the internal/external security continuum in Europe, funded by the Security Programme of DG Enterprise of the European Commissions Seventh Framework Research Programme. Coordinated by PRIO, International Peace Research Institute in Oslo, the project analyses current security challenges with particular attention to the human side of the security challenge. See the list of studies CEPS has carried out in connection with the INEX project in the list of titles at the end of this section.

REPORT 2010-11

RESEARCH PROgRAMMES

In the course of 2010, CEPS organised a series of four INEX workshops in collaboration with the Law, Science, Technology and Society ( LSTS ) of the Vrije Universiteit Brussel ( VUB ) : 28 April New perspectives in border security ? The US under Obama and the EU under the Stockholm Programme 29 June Data Protection, Borders and Criminal Justice: Mobile priorities ? 6 September The Future of the EUs Integrated Border Management Strategy 29 November Taking the Debate Forward on the Future EU Border Policy : The Role of Customs and Modern Technology For more information about the project, visit : www.inexproject.eu

Finally, in the framework of a project funded by DG RELEX of the Commission on EU-Canada relations on migration and asylum, the unit examined the so-called Canada-Czech Republic Visa Affair which demonstrated the foreign affairs implications of the EU asylum system and the vulnerability of fundamental rights of Roma. The CEPS JHA unit is also engaged in a project commissioned by the Network of European Foundations to assess the national allocations of the European Integration Fund, which aims to support immigrant integration. CEPS evaluation of the fund totalling 825 million for the period 2007-13 investigates the extent to which the initiative actually contributes to implementing a two-way process of mutual accommodation between migrants and their host societies, which is a fundamental principle underpinning the EU Framework on Integration.

CE ACTIVITIES

16S P

Another FP7 project in which CEPS participates is ENACT, which aims to assess European citizenship as enacted by citizens as well as non-citizens ( third country nationals, refugees, illegal aliens ). Under the auspices of this project, the JHA unit organised an important meeting in September, together with the European Economic and Social Committee, to debate the controversial laffair des Roms. The event brought together institutional keynote speakers such as the Commissioner for Human Rights at the Council of Europe, representatives from the European Commission, the Fundamental Rights Agency, the President of the EESC and Elspeth Guild and Sergio Carrera from CEPS, to analyse the situation of Roma people in the EU and the response from the EU institutions. The event served as an occasion for the dissemination of the CEPS paper Laffaire des Roms : A Challenge to the EUs AFSJ , by Sergio Carrera and Anas Faure Atger. CEPS researchers also presented their views on this affair at the Festival des Liberts on October 27th in Brussels.

Priorities
The JHA unit will continue monitoring and assessing the implementation of the Stockholm Programme and the action plan for putting it into practice published by the Commission, along with the substantive and institutional innovations introduced by the Treaty of Lisbon in these policy domains. A priority will continue to be the implications of EU AFSJ policies for civil liberties, human rights and rule of law. Amongst others, the following policy areas will be at the heart of our attention: external borders and asylum policies, labour immigration and social integration of immigrants, the internal security strategy (including anti-terrorism measures, exchange of information, the use of security technology and largescale data bases), criminal justice cooperation and data protection.

Titles published in 2010

Researchers in the JHA unit published numerous books and reports throughout the year. One of the most important publications from 2010 was Europes 21st Century Challenge: Delivering Liberty, edited by Didier Bigo, Sergio Carrera, Elspeth Guild and R.B.J. Walker and published by Ashgate Publishing. The volume presents the final results of the CHALLENGE research project, a five-year project funded

REPORT 2010-11

 Assessing EU Policy on Irregular Immigration under the Stockholm Programme , Sergio Carrera and Massimo Merlino (eds), October 2010 LAffaire des Roms : A Challenge to the EUs Area of Freedom, Security and Justice , Sergio Carrera and Anas Faure Atger, September 2010 The European Union after the Treaty of Lisbon Fundamental Rights and EU Citizenship , Elspeth Guild, July 2010 Quantum Surveillance and Shared Secrets : A biometric step too far? , Juliet Lodge, May 2010 by the Sixth Framework Programme of DG Research of the European Commission. The book critically appraises the liberties of citizens and others in the EU and the different ways in which they are affected by the proliferation of practices and norms of insecurity enacted in the name of collective and individual safety. In a second major book entitled The Area of Freedom, Security and Justice ten years on : Successes and future challenges under the Stockholm Programme, editors Elspeth Guild, Sergio Carrera and Alejandro Eggenschwiler bring together the views of key practitioners and policy-makers who have played an outstanding role in thinking about and shaping EU policies on freedom, security and justice. Whose Citizenship to Empower in the Area of Freedom, Security and Justice ? The Act of Mobility and Litigation in the Enactment of European Citizenship , Sergio Carrera and Anja Wiesbrock, May 2010 Proportionality Overrides Unlimited Surveillance : The German Constitutional Court Judgment , Katja de Vries, Rocco Bellanova and Paul De Hert, May 2010 EU Counter-Terrorism Action : A fault line between law and politics ? , Elspeth Guild, April 2010 Towards Common Standards on Rights of Suspected and Accused Persons in Criminal Proceedings in the EU ? , Mar Jimeno-Bulnes, February 2010

RESEARCH PROgRAMMES

INEX Policy Briefs

Other titles published in 2010

Towards a Common European Border Service ? , Sergio Carrera, CEPS Working Document, June 2010

Profiling in the European Union : A high-risk practice , Gloria Gonzlez Fuster, Serge Gutwirth and Erika Ellyne, 14 June 2010 Huber, Marper and Others : Throwing new light on the shadows of suspicion , Gloria Gonzlez Fuster, Paul De Hert, Erika Ellyne and Serge Gutwirth, 7 June 2010 Global Data Transfers : The Human Rights Implications , Elspeth Guild, 27 May 2010 The promotion of human security in EU security policies , Inger Helene Sira and Jonas Grns, 9 March 2010 Security as a commodity : The ethical dilemmas of private security services , Jelle van Buuren, 8 March 2010 The EU and the European Security Industry: Questioning the Public-Private Dialogue , Didier Bigo and Julien Jeandesboz, 26 February 2010

CE ACTIVITIES

17S P

CEPS Papers in Liberty and Security in Europe

Joint Operation RABIT 2010 FRONTEX Assistance to Greeces Border with Turkey: Revealing the Deficiencies of Europes Dublin Asylum System , Sergio Carrera and Elspeth Guild, November 2010 The Incomprehensible Flow of Roma AsylumSeekers from the Czech Republic and Hungary to Canada , Judit Tth, November 2010 The Canada-Czech Republic Visa Affair: A test for visa reciprocity and fundamental rights in the European Union , Alejandro Eggenschwiler, November 2010 State Protection of the Czech Roma and the Canadian Refugee System , Marina Caparini, November 2010 Asymmetric Borders : The Canada-Czech Republic Visa War and the Question of Rights , Mark B. Salter and Can E. Mutlu, November 2010

REPORT 2010-11

Staff
Piotr Maciej Kaczyski,
Research Fellow

nstitutions Politics and I

Achievements
Researchers in the Politics and Institutions unit closely monitor the development of the EU institutions and contribute to the general debate about the future of the EU. They work both through CEPS directly and through their leadership role in the European Policy Institutes Network (EPIN) see below. This unit provides extensive visibility to CEPS through its researchers media outreach and external speaking engagements. They also provide legal expertise to the work of other policy units within CEPS.

Marco Incerti,
Research Fellow and Head of Communications

Priorities
Under the rules of the Lisbon Treaty, the units research programme is essentially dictated by the set-up of new institutions. The following issues suggest themselves as the main research focus in the coming years : Implementation and application of the Treaty of Lisbon Functioning of the European Commission in the new institutional set-up Functioning of the Council and its rotating presidency Functioning of the European Council Functioning of the European Parliament The research focus in 2011 will be threefold. First, CEPS researchers will continue to monitor the direct implementation (phasing-out) and application of the Lisbon Treaty rules. Second, they will look into further treaty changes. Third, the changing nature of European politics (beyond the EU formal institutions) will be researched. Early in 2011, CEPS published a fully revised second edition of the highly successful Ever-Changing Union, which provides a concise overview of the EUs history, institutional structures and decisionmaking processes. The new edition focuses on the changes introduced by the Lisbon Treaty and explains how the EUs external action is conducted by the post-Lisbon EU. Other additions include sections on the EU budget, the euro and its governance, lobbying and interest representation.

Peadar Broin,
Associate Research Fellow

Maja Kluger Rasmussen,

Visiting Research Fellow

Mike Beke, Research

Assistant

Paul Ivan, Research

Assistant

Andrew Byrne, EXACT

Research Assistant

Niklas Helwig, EXACT

Research Assistant

CE ACTIVITIES

18S P

The main research priority for 2010 was the implementation of the Lisbon Treaty as a whole. Piotr Kaczy ski and Peadar Broin participated in a joint project with the two other Brussels think tanks, which resulted in a book The Treaty of Lisbon : A Second Look at the Institutional Innovations (see below). Kaczy ski and Mike Beke gave many presentations on the subject to various groups from most EU member countries and beyond. Kaczy ski and Marco Incerti presented the study in eight member states. Numerous other publications were published on the implementation of the treaty by CEPS and other institutes within the EPIN network. The second bloc of research activity focused on specific elements of the Lisbon institutional set-up. In 2010, the emphasis was on the confusion in EU external representation in international negotiations; the European Citizens Initiative ; the role of national parliaments in the decision-making process and the procedures of further treaty changes. On each of those topics researchers have prepared papers or books, two of which will be published in 2011. The units researchers covered also two other areas : i) the new role of the rotating Presidency of the Council of the European Union and ii) the changed position of the European Parliament in the system.

REPORT 2010-11

Titles published in 2010

Books

European Policy Institutes Network

EPIN is a CEPS-led network of some 32 research institutes from almost all EU member states and candidate countries. It is guided by a steering committee composed of seven member institutes. Since its founding in 2002, EPIN has provided a platform for researchers and policy analysts to establish personal links, exchange knowledge and collaborate on EU-related issues. Members bring their national perspectives to bear on the issues tackled and through collaboration, they contribute a European added-value to the debate. In 2010, EPIN organised three major events : in Brussels, Istanbul and Nicosia and published three working papers and one commentary (see list below). For 2011, EPIN aims to maintain its current level of activity (4 Working Papers a year and three events), communicating electronically on a regular basis with the 4,500 individuals in its online database. For more information, visit www.epin.org

The Ever-Changing Union : An Introduction to the History, Institutions and Decision-making Processes of the European Union, 2nd Edition, Christian Egenhofer, Sebastian Kurpas, Piotr Maciej Kaczyski and Louise van Schaik, March 2011 The Treaty of Lisbon : A Second Look at the Institutional Innovations, Piotr Maciej Kaczyski, Peadar Broin, Franklin Dehousse, Philippe de Schoutheete, Tinne Heremans, Jacques Keller, Guy Milton Nick Witney, Janis Emmanouilidis, Antonio Missiroli and Corina Stratulat, published in collaboration with Egmont and the European Policy Centre (EPC), September 2010 Think Global Act European, Arno Behrens, Anas Faure Atger, Piotr Maciej Kaczyski and Karel Lannoo, March 2010

EPIN Working Papers

Politicians Online! MEP Communication Strategies in the Internet Era , Stefano Braghiroli, September 2010 Common Security and Defence Policy and the Lisbon Treaty Fudge : No common strategic culture, no major progress , Vasilis Margaras, June 2010 On High Stakes, Stakeholders and Bulgarias EU Membership , Antoinette Primatarova, April 2010

RESEARCH PROGRAMMES

EPIN Commentary
Lisbon five months on : Surveying the new EU political scene , Piotr Maciej Kaczyski et al., 29 April 2010

The Treaty of Lisbon : A Second Look at the Institutional Innovations

2010 was the first year of the Union under the rules of the Lisbon Treaty. For the entire year, CEPS collaborated on a project with two other Brussels-based think tanks to explore the implementation processes of the new treaty. The findings were detailed in a book published in September and presented in 10 capitals throughout Europe. Among its findings : First, the new EU institutional system became more complex and the new borders between the institutions have not yet been fully delimited. Second, the balance of the new governance has shifted towards the European Council and the Parliament, and away from the Council and the Commission. Third, there is an urgent need to put in place an effective joint management system, but this would require a higher degree of trust than prevailed at that time among the political leaders of the EU.

CEPS Commentaries
A post-mortem on the European Council , Daniel Gros, Piotr Maciej Kaczyski and Peadar Broin, 2 November 2010 The EU should harness domestic politics, not fines, to bring deficits into line , John Bruton, 28 October 2010 Pain in Poland , Piotr Maciej Kaczyski, 13 April 2010

CE ACTIVITIES

19S P

CEPS Policy Briefs

How to Change the EU Treaties : An Overview of Revision Procedures under the Lisbon Treaty , Peadar Broin, October 2010 From Lisbon to Deauville : Practicalities of the Lisbon Treaty Revision(s) , Piotr Maciej Kaczyski and Peadar Broin, October 2010 Single voice, single chair? How to re-organise the EU in international negotiations under the Lisbon rules , Piotr Maciej Kaczyski, March 2010

REPORT 2010-11

Staff
Johan F.M. Swinnen,
Associate Senior Research Fellow and Catholic University of Leuven

Rur al Policy riculture and Ag

Achievements Priorities
In addition to its involvement in the Factor Markets project, CEPS will also start working on a new FP7 project entitled TRANSFOP Transparency of Food Pricing. This project aims to provide insights into food pricing across the EU, how competition, regulation and the overall functioning of markets determines price adjustment across different member states. Given the policy focus of this research and the range of issues it will address, the results will reflect the stakeholders perspectives (covering consumers, producers and industry representatives including SMEs) on how the food chain functions in the EU and produce insights into price adjustment issues across the EU.

C ACTIVITIES

2E0S P

Since 2005, the EU has provided decoupled support to farmers through the single payment scheme (SPS), as part of reforms to its common agricultural policy. This book investigates whether the SPS has led to the capitalisation of support into land values in the EU, and if so, to what extent. Drawing from a combination of data sources, 11 country and 18 regional studies, this extensive empirical analysis offers preliminary evidence of the reaction of EU land markets and asset values to the changes in policy.

EU Land Markets and the Common Agricultural Policy

The Agriculture and Rural Policy research unit opened 2010 with the launch Associate Research of a new CEPS paperback, entitled EU Fellow Land Markets and the Common AgriLouise Knops, cultural Policy by Johan F.M. Swinnen, Research Assistant Pavel Ciaian and dArtis Kancs. The unit also conducted a major study for the European Commission, DG Internal Market and Services on the transitional restrictions maintained by new member states (Bulgaria and Romania) with regard to the acquisition of agricultural real estate, as the Commission was required by the Act of Accession to review these transitional measures in the third year following the date of accession and to submit a report to the Council, which may decide, acting unanimously, to shorten or EU Land Markets E terminate these transiand the Common Agricultural Policy tional periods. Eleni Kaditi,
Ciaian, Kancs, Swinnen
conomic theory and empirical findings suggest that the way in which agricultural support is provided has an influence on land markets. Support payments tend to become capitalised into land values to some degree, affecting both the sales and rental prices of land. These effects in turn have a bearing on the transfer efficiency of the support and structural change in agriculture.

Special Events in 2010

1 February June 9 7 July

Workshop on Public goods from private land , CEPS, Brussels

Centre for European Policy Studies 1 Place du Congrs 1000 Brussels, Belgium Tel : 32(0)2.229.39.11 Fax : 32(0)2.219.41.51 E-mail : info@ceps.eu Website : http://www.ceps.eu

Workshop on The future of EU regulation on genetically modified organisms , CEPS, Brussels

Pavel Ciaian dArtis Kancs Johan F.M. Swinnen

CEPS

This unit further started working on a new FP7 project, the Factor Markets Comparative Analysis of Factor Markets for Agriculture across the Member States. This project will last for 3 years and involves a consortium composed of 17 teams from EU-27. It aims to analyse the functioning of factor markets for agriculture in the EU-27, including the candidate countries. The research will compare the different markets, their institutional framework and their impact on agricultural development and structural change, as well as their impact on rural economies, for the member states and the EU as a whole. The research shall focus on land sale/lease, labour and capital markets and will include the impact of national and EU programmes on these markets.

Workshop on Reality Check : Are Common Agricultural Policy subsidies paying for environmental quality ? , CEPS, Brussels

Factor Markets project kick-off meeting, CEPS, Brussels

21-22 Oct

REPORT 2010-11

in the media CEPS

was a tremendous year for CEPS in terms of attracting serious media attention. The ground-breaking proposal by Daniel Gros to establish a European Monetary Fund led to a huge amount of coverage and innumerable requests for interviews. The idea gave rise to a vibrant debate among economic commentators on the pages of the most important newspapers in Europe, in a snowball effect that took on a life of its own.

2010

At the height of the crisis, Gros and fellow experts Karel Lannoo and Cinzia Alcidi coped with dozens of interviews per day. Throughout the year, economic questions dominated, but CEPS experts were called upon to comment on many other policy areas, such as the main roadblocks on the road to the implementation of the Treaty of Lisbon, the Roma crisis in France, and the difficult climate change negotiations in the run-up to the Cancun summit. Op-ed and comment pieces by CEPS fellows were regularly published in the Financial Times, Wall Street Journal, European Voice, as well as more specialised publications like economic portal VoxEU, and Project Syndicate.

Apart from the authoritative quality of the CEPS commentators, these impressive results were achieved through a comprehensive media strategy, implemented via various tools, and centred on the weekly email updates that are sent to numerous journalists around the globe. These are flanked by targeted campaigns for important publications released in the run-up to key political moments, with a view to contributing directly to the policy-making process.

RESEARCH PROGRAMMES

CE ACTIVITIES

2P1S

REPORT 2010-11

RESEARCH PROGRAMMES

or many years, CEPS research programmes have closely followed and analysed economic, politiMaria Cristina Paciello cal and energy-related developments in North Africa, in recognition of the geostrategic importance MEDPRO Technical Report for 3/May 2011 of the region for Europe. This work laid a solid foundation No.an important 3 million project that was awarded CEPS in 2010, under the EUs 7th Framework Programme, called MEDPRO for Mediterranean Prospects. Involving a consortium of 17 highly Abstract reputable institutions from throughout the Mediterranean and directed by CEPS combination of harsh Rym Ayadi, the project explores the key Tunisia Senior Fellow repression and impressive socio-economic development in challenges facing the For 23 years, a ensured a certain level of stability of Ben Alis regime. However, on 14 decades. Towards this countries in the Southern Mediterranean region in the coming January 2011, after several weeks ofend, MEDPRO is anti-government protests, the President fled the country, revealing the fallacy of the Tunisian model. While carrying out prospective analysesisof these challenges, building on scenarios of its regional integration and the departure of Ben Ali an important step towards Tunisias political change, the fate for democratic transition remains uncertain. In light of these impact challenges, this paper cooperation with the EU up to 2030 and variouschanges and assessments. first assesses the factors A fields of study: geopolitics and governance; demography, health and ageing; management of environment and natural resources; energy and climate change mitigation; economic integration, trade, investment and sectoral analyses; financial services and capital markets; and human capital, social protection, inequality and This paper was produced in the context will MEDPRO (Mediterranean Prospects) project, a migration. Virtually every research unit at CEPS of the contribute expertise to the project. MEDPRO aims to three-year project funded under the Socio-economic Sciences & Humanities Programme of DG Research of the European for future policy decisions taken at both domestic and EU level in deliver a sound scientific underpinningCommissions Seventh Framework Research Programme. MEDPRO Technical Reports give an indication of work being conducted within MEDPRO thematic Work the context of the European Neighborhood Policy (ENP) and theand academics inthefield. Packages (WPs) and aim at stimulating reactions from other experts Union for the Mediterranean (UfM).
underpinning the former stability of Ben Alis regime; it then investigates the causes of its underlying unsustainability, culminating in the anti-government popular uprising in December 2010-January 2011 and the removal of Ben Ali; finally the paper evaluates the prospects for a real organised into seven multi-disciplinary approach is taken to the research, which isdemocratic transition in Tunisia, by highlighting the main political and socio-economic challenges that confront the country.

editerr anean S and the M CEP

Changes and Challenges of Political Transition

Tunisia:

C ACTIVITIES

2E2S P

MEDPRO Partner Institutes

Unless otherwise indicated, the views expressed are attributable only to the author in a personal capacity and not to any institution with which she is associated.
ISBN 978-94-6138-100-2

Centre for European Policy Studies,for free downloading from the MEDPRO (www.medpro-foresight.eu) Brussels (CEPS, Belgium) Available
and CEPS (www.ceps.eu) Center for Economic and Social Research (CASE, Poland)websites

Cyprus Center for European and International Affairs, University of Nicosia (CCEIA, Cyprus) Fondazione Eni Enrico Mattei (FEEM, Italy)

Copyright 2011, Maria Cristina Paciello

Forum Euro-Mditerranen des Instituts Economiques (FEMISE, France) Faculty of Economics and Political Sciences, Cairo University (FEPS, Egypt) Istituto Affari Internazionali (IAI, Italy) Institute of Communication and Computer Systems of the National Technical University of Athens (ICCS/NTUA, Greece) Institut Europeu de la Mditerrnia (IEMed, Spain) Institut Marocain des Relations Internationales (IMRI, Morocco) Istituto di Studi per lIntegrazione dei Sistemi (ISIS, Italy) Institut de la Comptitivit et des Etudes Quantitatives (ITCEQ, Tunisia) Mediterranean Agronomic Institute of Bari (MAIB, Italy) Palestine Economic Policy Research Institute (MAS, Palestine) Netherlands Interdisciplinary Demographic Institute (NIDI, the Netherlands) Universidad Politecnica de Madrid (UPM, Spain) Center for European Economic Research (ZEW, Germany) For more information, please visit www.medpro-foresight.eu

REPORT 2010-11

ge from the Messa f Cor por ate Director o Relations

I
n the midst of the severe financial crisis, CEPS has been unexpectedly successful in recruiting new corporate members. Last year no less than 16 corporations joined : Allianz, Cicero, DTCC, Orange France Telecom, Heidelberg Cement, Iberdrola, JKL, Liberty Global, Linklaters, Mitsubishi, Mitsui, MSD, Nordea, Sisvel, Telefnica and Vodafone. This is the highest number of new members we have ever attracted during any single year. More good news is the fact that LKAB, Bank of America Merrill Lynch, BDI, Gaia Leadership, Mediaset, Repsol, Sky Italia, Telecom Italia, BSkyB, HSBC, Ziggo, Elliott Advisors, Rabobank, Verizon and Danske Bank all joined us in the beginning of 2011. This development is a clear indication that we have an attractive programme. CEPS has now for the first time more than 130 corporate members, which puts us in a leading position internationally. A think tank should by definition have continuous ongoing research and the capacity to anticipate the future. It should be able to make realistic policy proposals that are useful in solving Europes problems. A CEPS flagship proposal in 2010 was the joint initiative by CEPS Director Daniel Gros and Thomas Mayer of Deutsche Bank, to create a European Monetary Fund to handle and alleviate the EU financial and economic crisis. This proposal was presented to the German Minister of Finance who took it on board and promoted the idea. The corporate activities consist of the CEPS Annual Conference, corporate breakfasts, task force meetings, special briefings, conferences, lunchtime meetings, launches of task force reports, the Digital Forum, inter alia. At the Annual Conference in February, Jerzy Buzek, President of the European Parliament, made a keynote speech about energy policy and energy security in the future. The corporate breakfasts featured distinguished speakers such as European Commissioners Joaqun Almunia, Connie Hedegaard and Cecilia Malmstrm and Members of the European Parliament Sharon Bowles, chair, Economic and Monetary Committee, Malcolm Harbour, chair of the Internal Market Committee and Jo Leinen, chair of the Environment and Health Committee. Other speakers were the British banker and former chairman of Morgan Stanley International Sir David Walker and the EU and Canadian chief negotiators Mauro Petriccione and Steve Verheul. Last year CEPS managed task forces on innovation ( chaired by Maria Anvret ), critical infrastructure protection ( Bernard Haemmerli ), the Strategic Energy Technology Plan ( Lars-Erik Liljelund ), retail credit ( Rosa-Maria Gelpi ), the MiFID review ( Pierre Francotte ), asset management ( Jean-Babtiste Franssu ), the carbon market after Copenhagen ( Benot Leguet ) and benchmarking in the EU ETS ( Anna Trner ). On October 7th, CEPS launched the Digital Forum, with key speeches by Malcolm Harbour, European Parliament, and Robert Madelin, Director General for Information Society in the European Commission. The objective of the initiative, which I chair and Andrea Renda manages, is to create a permanent platform for debating the policy challenges that follow the digital agenda set by the European Commission. The EU could gain 4% of GDP some 500 billion by stimulating the creation of a digital single market by 2020. Specific working groups have been set up on net sustainability, spectrum policies, critical infrastructure protection and cloud computing. The cooperation with the Harvard Law School on transatlantic financial relations staged a successful symposium hosted by Citi in Armonk, New York. More than 100 participants from business and the EU and US administrations met to discuss the financial crisis. In March 2011, the event was hosted by Barclays and took place in Hampshire outside London. The objective for 2011 is to continue to develop and improve the corporate activities, including the Digital Forum, in close cooperation with the corporate members which are important for CEPS economic and financial viability. Staffan Jerneck Director Director of Corporate Relations

C ACTIVITIES

2E3S P

REPORT 2010-11

OG R A M M E RPOR AT E PR CO 0 and 2011 ask Forces 201 CEPS T

Critical Infrastructure Protection in the EU A New Retail Credit Regime for Europe Setting the Right Priorities
Chair : Rosa-Maria Gelpi, Former Vice-President, BNP Paribas Personal Finance Rapporteurs : Achim Dbel, Director, Finpolconsult.de, Berlin Marc Rothemund, CEPS Fellow Maria Gerhardt, CEPS Research Assistant Meetings : 11 May 2010, 6 July 2010, 20 October 2010, 25 January 2011 Task Force Report under preparation Chair : Bernard Haemmerli, Vice President, Information Security Society, Switzerland r apporteur : Andrea Renda, CEPS Senior Fellow Meetings : 12 January 2010, 26 February 2010, 23 March 2010, 3 June 2010 Task Force Report launched on 18 March 2011

C ACTIVITIES
Banking Crisis Resolution Procedures
Chair : Stefano Micossi, Director-General, Assonime and Member of the CEPS Board of Directors r apporteurs : Jacopo Carmassi, Assonime Karel Lannoo, CEO of CEPS Meeting : 25 January 2010 Task Force Report launched at CEPS on 15 March 2010

2E4S P

EU and Global Climate Change Policy and the Increasing Role of Cities
Chair : Laurence Tubiana, Director, Institut pour le dveloppement durable and relations Internationales (IDDRI), Paris r apporteurs : Christian Egenhofer, CEPS Senior Fellow Noriko Fujiwara, CEPS Fellow Monica Alessi, CEPS Associate Fellow Meeting : 23 April 2010 Task Force Report published

Benchmarking in the EU ETS and Beyond

Chair : Anna Trner, Head of Section, Ministry of Enterprise, Energy and Communications, Sweden r apporteurs : Christian Egenhofer, CEPS Senior Fellow Anton Georgiev, CEPS Associate Fellow Task Force Report launched in the Committee of the Regions on 22 June 2010

European Investors Working Group Restoring Investor Confidence

Chair : Fabrice Demarigny, Head of capital markets activities, Mazars; former Secretary General, CESR Task Force Report launched on 23 February 2010

REPORT 2010-11

Christian Egenhofer, CEPS Senior Fellow Arianna Checchi, former CEPS Fellow Meeting : January 2010 Task Force Report under preparation

Innovation Policy : Boosting EU Competitiveness in a Global Economy

Chair : Maria Anvret, Senior Executive Scientific Expert r apporteurs : Andrea Renda, CEPS Senior Fellow; Massimiliano Granieri, Assistant Professor at the University of Foggia Law School Meetings : 14 January 2010, 5 February 2010, 18 May 2010 Task Force Report launched on 18 February 2011

The carbon market after Copenhagen : challenges and the way forward for the EU
Chair : Benot Leguet, Chair of the JI Supervisory Committee, Vice President for Research, CDC Climat r apporteurs : Noriko Fujiwara, CEPS Fellow Anton Georgiev, CEPS Associate Researcher Christian Egenhofer, CEPS Senior Fellow Meetings : 1st meeting : 2 July 2010, 15 September 2010, 27 October 2010, 27 June 2011 Key messages at a COP16 side-event on 2 December 2010

State Aid to the EU Financial Sector : Fragmentation or Integration ? MiFID Review : What is next for European capital markets?
Chair : Alistair Sutton, Partner, White & Case Rapporteur : Karel Lannoo, CEO of CEPS Task Force Report launched 29 October 2010

CORPORATE PROGRAMME

Chair : Pierre Francotte, former CEO of Euroclear r apporteurs : Karel Lannoo, CEO of CEPS Diego Valiante, CEPS/ECMI Fellow Meetings : 11 June 2010, 16 July 2010, 17 September 2010, 15 October 2010, 17 November 2010 Task Force Report launched on 9 February (Brussels) and 14 February 2011 ( London)

The EU Strategic Energy Technology (SET) Plan : From concept to practice

Chair : Lars-Erik Liljelund, CEO MISTRA Foundation, former Special Envoy on climate change of the Swedish Prime Minister r apporteurs : Christian Egenhofer, CEPS Senior Fellow Jorge Nez-Ferrer, CEPS Associate Fellow Monica Alessi, CEPS Associate Fellow Meetings : 19 November 2010, 14 December 2010, 10 February 2011, 14 March 2011 Task Force report published

C ACTIVITIES

2E5S P

Rethinking Asset Management

Chair : Jean-Baptiste de Franssu, CEO of INVESCO Europe r apporteurs : Jean Pierre Casey, CEPS Associate Fellow Mirzha J. de Manuel, ECMI Research Assistant Diego Valiante, CEPS/ECMI Fellow Meetings : 6 December 2010, 2 March 2011, 10 June 2011

Transport and Climate Change

Chair : Arie van Bleijenberg, Manager of Business Unit Mobility and Logistics, TNO Netherlands r apporteurs : Arno Behrens, CEPS Fellow Christian Egenhofer, CEPS Senior Fellow Meetings : 17 January 2011, 27 April 2011, 17 May 2011, September 2011

Securing European Energy Supplies : Making the Right Choices

Chair : Knud Pedersen, Senior Vice President, DONG S/A; former Deputy Director-General, Danish Energy Authority r apporteurs : Arno Behrens, CEPS Fellow

REPORT 2010-11

CORPORATE PROGRAMME

Meetings 2010 rate Breakfast CEPS Corpo

22 January
EU Canada Trade Relations speakers : Mauro Petriccione, Chief Negotiator, European Commission, EU Hon. Roy MacLaren, Chairman, Canada Europe Roundtable for Business Adrian van den Hoven, Director, International Affairs, BusinessEurope Steve Verheul, Chief Negotiator, Government of Canada Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

25 March
Competition Policy of the New Commission speaker : Joaquin Almunia, Vice President European Commission Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

13 April
Follow-Up to Copenhagen and Beyond EU Climate Action Agenda speaker : Connie Hedegaard, Commissioner, Climate Action, European Commission Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

3 February
The Role of the European Parliament in Financial Regulation speaker : Sharon Bowles, Chairwoman, Committee of Economic and Monetary Affairs, European Parliament Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

C ACTIVITIES

2E6S P

7 May
The EU and Immigration and Asylum, Cyber Security, Terrorism, Organised Crime, Trafficking speaker : Cecilia Malmstrm, Commissioner, Home Affairs, European Commission Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

19 February
The Governance of Financial Institutions speaker : Sir David Walker, former Chairman of Morgan Stanley International Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

14 October 3 March
The Role of the European Parliament in Developing the Internal Market and Consumer Protection speaker : Malcolm Harbour, MEP, Chairman, Internal Market and Consumer Protection, European Parliament Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS The Role of the European Parliament in Handling the Environment and Climate Change speaker : Jo Leinen, Chairman, Committee on Environment, Public Health and Food Safety, European Parliament Chair : Staffan Jerneck, Director, Director of Corporate Relations, CEPS

REPORT 2010-11

TInGS 2010 ERSHIP MEE CEPS MEMB

17 February
After the Election : What scenarios for Ukraine ? Konstantin Bondarenko, Gorshenin Institute of Management Issues, Kiev

12 January
State of the Union : Annual Brussels Think Tank Forum 2010 Venue : Residence Palace, Brussels

22 February
Into EurAsia - Monitoring the EUs Central Asia Strategy Alain Deletroz, International Crisis Group Riina Kionka, Council of the EU Pierre Morel, EU Special Representative to Central Asia Sebastien Peyrouse, Institute for Security and Development Studies, Stockholm Bart Staes, MEP and Vice-Chairman of the Central Asia Delegation Gunnar Wiegand, DG-RELEX, European Commission

19 January
Implementing Multilevel Governance in the EU Vasco Cal and Werner Stengg, European Commission Gerhard Stahl, Committee of the Regions Xavier Vidal-Folch, Permanent Representation of Spain Chair : Jacques Pelkmans, CEPS Venue : Committee of the Regions, Brussels

CEPS MEMBERSHIP MEETInGS 2010

23 February
Restoring Investors Confidence in European Capital Markets - Joint CEPS-ECMI-CFA Seminar Fabrice Demarigny, Head of Capital Markets Activities, Mazars Group Sven Giegold, MEP, Rapporteur on the European Securities and Markets Authority Arlene McCarthy, MEP and Vice-Chair of the ECON Committee

20 January
Democracys Plight in the European Neighbourhood - Launch of a CEPS Paperback Michael Emerson, CEPS Pedro Solbes and Richard Youngs, FRIDE

22 January
How should market infrastructure be governed ? Joint CEPS-ECMI roundtable Ignace Combes, Euroclear Jan Bart de Boer, Fortis Ruben Lee, Oxford Finance Group Chair : Karel Lannoo, CEPS

23 February
Bringing the EU and India together on the Climate Agenda Stefan Agne, DG Environment, European Commission Noriko Fujiwara, CEPS Girish Sant, Prayas Energy Group, India Matthieu Wemaere, IDDRI Chair : Satu Hassi, MEP and Member of the Environment Committee Venue : European Parliament, Brussels

C ACTIVITIES

2E7S P

1 February
MiFID and EU Markets : What is next ? Joint ECMI-LSE Group Conference Andrew Allwright, Thomson Reuters Richard Balarkas, Instinet Europe Carlo Comporti, CESR Luis Correia, Oxera Fabrice Demarigny, Mazars, former Secretary General, CESR Diana Chan, EuroCCP Peter Gomber, Goethe University Frankfurt Alasdair Haynes, Chi-X Brad R. Hunt, Equities, Goldman Sachs David Lawton, Financial Services Authority, UK Ruben Lee, Oxford Finance Group Xavier Rolet, LSE Group Paul Symons, Euroclear David Wright, DG Internal Market, European Commission Venue : Headquarters of London Stock Exchange

24 February
For a Future Sustainable, Competitive and Greener EU Budget Integrating Energy and Climate Change Objectives - Presentation of a CEPS Task Force Report Chris Littlecott, Green Alliance Jorge Nuez Ferrer, CEPS Anders Wijkman, Vice-President, Club of Rome Chair : Sirpa Pietikinen, MEP Venue : European Parliament, Brussels

2 February
One Year of Obama : Have transatlantic differences narrowed ? Joint CEPS-FRIDEHeinrich Bll Conference Sven Biscop, Egmont Institute Juan Cole, University of Michigan Michelle Dunne, Carnegie Endowment for International Peace Rosemary Hollis, City University London Daniel Korski, ECFR Andrew Light, Center for American Progress Ted Piccone, Brookings Institution

4 March
Data Protection : Comparing US and EU Approaches Nancy Libin, Chief Privacy and Civil Liberties Officer, US Department of Justice

REPORT 2010-11

5 March
Taking Stock after Copenhagen : Perceptions, achievements, implications for the short and long term - Joint CEPS/European Climate Platform (ECP) Conference Monica Alessi, CEPS Nick Campbell, ICC and BusinessEurope Ismael Aznar Cano, Spanish Climate Change Office Tomasz Chruszczow, Ministry of Environment, Poland Henry Derwent, IETA Christian Egenhofer, CEPS Ursula Fuentes, German Federal Ministry for the Environment Ruth Greenspan Bell, World Resources Institute Bjrn-Ola Linnr, Linkping University and Clipore Arthur Runge-Metzger, DG Environment, European Commission Frank Convery, University College Dublin Bo Kjellen, Stockholm Environment Institute

25 March
The Limits of Legislation : How much regulation is necessary ? Edward J. Calabrese, Professor, University of Massachusetts Marianne Klingbeil, Director for Better Regulation, Evaluation and Impact Assessment, European Commission Jack Koopman, Koopman International Andrea Renda, CEPS Chair : Staffan Jerneck, CEPS

16 April
Due Process and Innovation in EU Competition Law - 15th Workshop of the Competition Law Scholars Forum Kai Huschelrath, Centre for European Economic Research (ZEW) Wolfgang Weiss, Oxford Brookes University Wouter Wils, Legal Service of the European Commission and Kings College, London

8 March
The Future of EU Electricity Grids : Who will benefit from smart grids and at what cost ? Joint CEPS-Energy research Centre of the Netherlands (ECN) Seminar Rafael Cossent, Comillas, Spain Henrik Jacobson, Risoe DTU, Denmark Frans Nieuwenhout, ECN Tadhg OBrian, DG TREN, European Commission Jaap Strengers, European Climate Foundation Hans ten Berge, Secretary General, Eurelectric Chair : Christian Egenhofer, CEPS

26 April
The Hungarian Parliamentary Elections 2010 : A first assessment - CEPS in cooperation with the Hungarian Institute for International Affairs Ternyi Jnos, Ambassador, Director, Hungarian Institute for International Affairs Gyrgy Schpflin, MEP Csaba Tr, Hungarian Institute for International Affairs Chair : Piotr Maciej Kaczyski, CEPS

27 April

C ACTIVITIES

2E8S P

9 March
Undocumented Migrants and the Stockholm Programme : Assuring access to rights ? Giulia Amaducci, DG Research, European Commission Sergio Carrera, CEPS Adriano Silvestri, EU Agency for Fundamental Rights Simon Tonelli, Council of Europe

Reassessing European Citizenship : Citizens rights and citizens acts - ENACT conference, jointly organised by CEPS and Open University Rutvica Andrijasevic, Open University Ayse Caglar, Central European University Viviane Hoffmann, Deputy Head of Cabinet to Viviane Reding, Vice-President for Justice, Fundamental Rights and Citizenship, European Commission Theodora Kostakopoulou, University of Manchester Angela Liberatore, DG Research, European Commission Julia OConnell Davidson, University of Nottingham

15 March
Overcoming too big to fail - Launch of a CEPS Task Force Report Elisa Ferreira, MEP, Member of the Special Committee on the Financial, Economic and Social Crisis Daniel Gros, CEPS Stefano Micossi, Director General, Assonime Directors

27 April
The Transatlantic Financial Services Agenda, Post-Crisis - CEPS/ECMI special event Mark Sobel, Deputy Assistant Secretary for International Monetary Affairs and Financial Policy, US Treasury Chair : Karel Lannoo, CEPS

22 March
The Political Future of Afghanistan - 34th Session of the CEPS/IISS/DCAF/GCSP European Security Forum Oksana Antonenko, International Institute for Strategic Studies, London H.E. Karl Eikenberry, Ambassador of the United States to Afghanistan Radha Kumar, Delhi Policy Group, New Delhi Anatol Lieven, Kings College, University of London Fabrice Pothier, Carnegie Endowment for International Peace, Brussels Chair : Franois Heisbourg, Special Adviser at the Foundation for Strategic Research, Paris, and Chairman of the GCSP Foundation Council, Geneva

28 April
New perspectives in border security ? The US under Obama and the EU under the Stockholm Programme - INEX Conference, in cooperation with the Vrije Universiteit Brussel Jacqueline Bednarz, US Mission to the EU Jean-Louis De Brouwer, DG JLS, European Commission Elspeth Guild, CEPS Peter Hobbing, CEPS

REPORT 2010-11

29 April
Implementing the Lisbon Treaty - EPIN Conference Richard Corbett, Member of Herman van Rompuy Cabinet and former Deputy in the European Parliament Piotr Maciej Kaczyski, CEPS Ilaria Maselli, CEPS Guillaume McLaughlin, Policy Advisor to ALDE on constitutional affairs Jacques Pelkmans, CEPS Jarosaw Pietras, DirectorGeneral at the Council of the European Union Gyrgy Schpflin, MEP and Member of the AFCO Committee Venue : European Parliament, Brussels

20 May
Is US-EU security cooperation living up to its potential ? Edwina Campbell, US Air Force University, Maxwell Air Force Base (Alabama) Chair : Gergana Noutcheva, CEPS

26 May
Self Regulation and Regulation Pierre-Olivier Bergeron, The Brewers of Europe Jean-Pierre Faure, European Economic and Social Committee Oliver Gray, Director General, European Advertising Standards Alliance Andrea Renda, CEPS John Watson, Secretariat General, European Commission Chair : Staffan Jerneck, CEPS

7 May
The UK Election : A first assessment Tim Bale, The Guardian David Harley, BursonMarsteller, former Deputy Secretary-General of the European Parliament David Rennie, The Economist Chair : Piotr Maciej Kaczyski, CEPS

28 May
The Changing World Economy from a US perspective Carlos Gutierrez, former US Secretary of Commerce and CEO of Kellogg Chair : Karel Lannoo, CEPS

CEPS MEMBERSHIP MEETInGS 2010

10 May
Converging and Conflicting Ethical Values in the Internal/External Security Continuum in Europe INEX Workshop in cooperation with the Research Centre on Law, Science, Technology and Society at the Vrije Universiteit Brussel Jan Philipp Albrecht, MEP Dennis Broeders, Scientific Council for Government Policy Sergio Carrera, CEPS Elspeth Guild, CEPS Paul de Hert, Tilburg University Despina Vassiliadou, DG Home Affairs, European Commission

31 May
The Czech Parliamentary Elections : A first assessment David Kral, Europeum, Prague Chair : Piotr Maciej Kaczyski, CEPS

1 June
Dialogue on Reform in the Arab World - Joint CEPS-Freedom House event Anas Al Abdah, Chairman, Movement for Social Development and Welfare, Syria Amal Al Basha, Sisters Arab Forum for Human Rights, Yemen Malika Benarab-Attou, MEP Toms Dupl Del Moral, DG RELEX, European Commission Anwar El Sadat, El Sadat Association for Social Development and Welfare, Egypt Eva-Britt Svensson, MEP and Chair of the Committee on Womens Rights and Gender Equality Fethi Touzri, Founder, Reform and Development Party, Tunisia Chairs : Daniel Calingaert, Freedom House Michael Emerson, CEPS

11 May
From worse to worst ? How late payments squeeze SMEs liquidity - ECRI Breakfast Meeting in cooperation with Intrum Justitia Massimo Baldinato, Member of Vice-President Antonio Tajanis Cabinet Madeleine Bosch, Intrum Justitia Luc Hendrickx, Enterprise Policy and External Relations, UEAPME Othmar Karas, MEP Econ Committee Barbara Weiler, Rapporteur of the Late Payments Directive John Wilkinson, Eucomed Lars Wollung, Intrum Justitia

C ACTIVITIES

2E9S P

12 May
Building Sustainability : Launch of the IMFs Regional Economic Outlook Europe Marek Belka, Head of the European Department, IMF Wym Fonteine, Senior Economist, European Department, IMF Chair : Daniel Gros, CEPS

7 June
EU Enlargement : The Croatian experience Andrej Plenkovic, State Secretary for European Integration, Croatia Chair : Marco Incerti, CEPS

18 May
Future Prospects for OTC Derivatives Markets ECMI Conference David Bailey, UK Financial Services Authority Theo Lubke, Federal Reserve Bank of New York Stephen OConnor, ISDA Board Member and Chair of the Industry Governance Committee and Managing Director, Morgan Stanley Patrick Pearson, Head of Financial Markets Infrastructure Unit, European Commission Venue : Dorchester Hotel, London

8 June
Compliance in Public Procurement : Selfcleaning as best way to fight corruption ? Michael Fruhmann, Austrian Federal Chancellery Alan Gourley, Crowell Moring Klaus Moosmayer, Siemens AG Hans-Joachim Priess, Freshfields Bruckhaus Deringer LLP Chair : Staffan Jerneck, CEPS

REPORT 2010-11

9 June
The Future of EU OGM Regulation Marco Contiero, Greenpeace Michel Haas, Austrian Ministry of Health Yannis Karamitsios, DG SANCO, European Commission Alessandro Olper, University of Milan Justus Wesseler, Wageningen University Chair : Jo Swinnen, CEPS

22 June
Weathering the Economic Storm : The role of industry Emma Marcegaglia, Confindustria Chair : Daniel Gros, CEPS

23 June
The Area of Freedom Security and Justice ten years on : Achievements and challenges ahead Emilio De Capitani, Secretariat of the Committee on Civil Liberties, Justice and Home Affairs, European Parliament Hans G. Nilsson, Council of the EU Karl von Wogau, Secretary General, European Security Foundation Johannes Vos, Council of the EU Chair : Elspeth Guild, CEPS

10 June
The Dutch Elections : A first assessment Kees Aarts, University of Twente Jan Marinus Wiersma, Wiarda Beckman Foundation, former MEP Chair : Marco Incerti, CEPS

14 June
The Slovak Elections : A first assessment Zuzana Lisonova, Slovak Foreign Policy Association Chair : Piotr Maciej Kaczyski, CEPS

24 June
Towards a European demos ? 2009 European elections in a comparative perspective Andrew Duff, MEP Doru Frantescu, VoteWatch. eu Jacek Kucharczyk, Institute of Public Affairs, Poland Chair : Piotr Maciej Kaczyski, CEPS

15 June

C ACTIVITIES

3E0S P

European Government Bond Market Integration : Where do we stand ? Joint CEPS-ECMI seminar Mark Austen, Association for Financial Markets in Europe John Berrigan, DG ECFIN, European Commission Giovanni Calice, University of Southampton Paul De Grauwe, CEPS Chair : Ren Karsenti, International Capital Market Association, ECMI Chairman

29 June
Data Protection, Borders and Criminal Justice - INEX event, jointly organised by CEPS and the Law, Science, Technology and Society research centre of the Vrije Universiteit Brussel Giovanni Buttarelli, Assistant European Data Protection Supervisor Emilio De Capitani, Head of the Secretariat of the Committee on Civil Liberties, Justice and Home Affairs, European Parliament Paul de Hert, VUB and University of Tilburg Jens Hjelmstad, Ericsson Chair : Serge Gutwirth, VUB

17 June
Crisis : Cause, containment and cure Thomas F. Huertas, Financial Services Authority, UK Chair : Antonio Hilario Garcia del Riego, Banco Santander

29 June
Financial Regulation and Legislation State of play - Joint CEPS-APCO event Jacqueline Kay Swinbourne, MEP Ren Smits, University of Amsterdam David Wright, DG Internal Market, European Commission Chair : Staffan Jerneck, CEPS

18 June
Internet Governance and ICANN : Emerging policy issues - in cooperation with the Technology Policy Institute (US) Thomas Lenard, Technology Policy Institute Milton L. Mueller, School of Information Studies, Syracuse University, and Delft University of Technology Andrea Renda, CEPS R. Shawn Gunnarson, Kirton & McConkie Lawrence J. White, New York University

30 June
Does geopolitics drive the energy and climate policy ? A podium discussion in Berlin jointly organised by CEPS and the Konrad Adenauer Stiftung Arno Behrens, CEPS Oliver Geden, Research group EU-Integration, Stiftung Wissenschaft und Politik (SWP) Heinrich Kreft, Advisor on security policy, CDU/CSU parliamentary group Alexander Rahr, Program Director for Russia/ Eurasia, Deutsche Gesellschaft fr Auswrtige Politk (DGAP) Alan Riley, City University, London Chair : Michael Borchard, Konrad-AdenauerStiftung Venue : DBB-Forum, Berlin

REPORT 2010-11

9 July
Debriefing on the European Parliaments Decision on the European External Action Service - in cooperation with VoteWatch.eu Doru Frantescu, VoteWatch.eu Piotr Maciej Kaczyski, CEPS Ulrike Lunacek, MEP Guillaume McLaughlin, ALDE Group, European Parliament Chair : Marco Incerti, CEPS

Etienne Davignon, EGMONT, Member of the CEPS Board of Directors Xavier Demoulin, Belgian Ministry of Foreign Affairs Janis Emmanouilidis, EPC Piotr Maciej Kaczyski, CEPS Philippe de Schoutheete, EGMONT, Member of the CEPS Board of Directors Jean-Claude Thbault, Head of the Bureau of European Policy Advisors, European Commission Marc Trenteseau, EGMONT Venue : Residence Palace, Brussels

27 September
Debriefing on the European Parliaments Decision on the Financial Supervision Package Joint CEPS-VoteWatch.eu seminar Doru Frantescu, VoteWatch.eu Sven Giegold, MEP, Rapporteur on the European Securities and Markets Authority Karel Lannoo, CEPS Chair : Marco Incerti, CEPS

20 July
The Priorities of the Belgian Presidency of the EU Council H.E. Jean De Ruyt, Permanent Representative of Belgium to the EU Chair : Michael Emerson, CEPS

29 September
Security of European Energy Supplies : Discussing the main policy recommendations of the SECURE project Arno Behrens, CEPS Patrick Criqui, LEPI-CNRS Sohbet Karbuz, Head of Hydrocarbons division, OME Giacomo Luciani, Gulf Research Center Foundation Jan Panek, DG Energy, European Commission Jonathan Stern, Oxford Institute for Energy Studies

CEPS MEMBERSHIP MEETInGS 2010

6 September
The Future of the Integrated Border Management Strategy - INEX briefing in cooperation with the Law, Science, Technology and Society research centre of the Vrije Universiteit Brussel Anneliese Baldaccini, Amnesty International Simon Busuttil, MEP and Member of the Committee on Civil Liberties, Justice and Home Affairs Sergio Carrera, CEPS Katarzyna Cuadrat-Grzybowska, Legal Advisor, European Data Protection Supervisor Jean-Louis De Brouwer, DG Home Affairs, European Commission Mara Duro Mansilla, European Council on Refugees and Exiles Henrik Nielsen, DG Home Affairs, European Commission Chair : Elspeth Guild, CEPS

29 September
The Situation of Roma in the EU : A challenge for the EUs Area of Freedom, Security and Justice ? Event in cooperation with the Economic and Social Committee within the ENACT (Enacting European Citizenship) framework Telmo Baltazar, Member of European Commission Vice-President Viviane Redings cabinet Ioannis Dimitrakopoulos, Fundamental Rights Agency Elspeth Guild, CEPS Thomas Hammarberg, Council of Europe Mario Sepi, President, European Economic and Social Committee Venue : European Economic and Social Committee

CE ACTIVITIES

3P1S

7 September
Towards Low-Carbon Energy : Lithuanias strategy and the new EU energy policy - in cooperation with the Lithuanian Ministry of Energy Arvydas Sekmokas, Minister for Energy, Lithuania Chair : Christian Egenhofer, CEPS

1 October
EU-GCC (Gulf Cooperation Council) Relations and Global Economic Issues - Workshop jointly organised by the Gulf Research Center and CEPS Saud Essa Al Malaq, Organisations Affairs and Regional Trade Agreements, Kingdom of Saudi Arabia Rym Ayadi, CEPS Peter Bekx, Director of International Economic and Financial Relations and Global Governance, European Commission Anton Brender, Dexia Asset Management Daniel Gros, CEPS Yonghyup Oh, CEPS Mohammed Salisu, Gulf One Investment Bank Michael Sturm, Deputy Head of EU Neighboring Regions Division, ECB Khan H. Zaid, Riyad Capital, Saudi Arabia Chair : Michael Emerson, CEPS

14 September
Investigating Diversity in the Banking Sector in Europe : The role of cooperative banks - Launch of a CEPS Report Rym Ayadi, CEPS, author of the report Herv Guider, European Association of Co-operative Banks Chair : Karel Lannoo, CEPS

24 September
The Treaty of Lisbon : A second look at the institutional innovations - Presentation of a joint study by CEPS, the European Policy Centre (EPC) and EGMONT (Royal Institute for International Relations)

REPORT 2010-11

5 October
Climate Change, Energy and Transport in the EU 2020 - Future of sustainable road transport Lena Ek, MEP, Member ITRE Committee Leif Johansson, Volvo Group Chair : Staffan Jerneck, CEPS

29 October
Bank State Aids in the Financial Crisis - Launch of a CEPS Task Force Report Karel Lannoo, CEPS Irmfried Schwimann, DG Competition, European Commission Alastair Sutton, Sutton European Legal Services Christian von Kckritz, Gleiss Lutz law firm

7 October
CEPS Digital Forum Unlocking Europes potential to enter the information society Malcolm Harbour, MEP Staffan Jerneck, CEPS Robert Madelin, Director General, DG INFSO, European Commission Andrea Renda, CEPS

3 November
The Services Directive and the Mutual Evaluation Process Helen Gonzales, Ministry of Economic Affairs, The Netherlands Maria Martin-Prat, DG MARKT, European Commission Norman Rose, European Business Services Roundtable Chair : Jacques Pelkmans, CEPS

12 October
The Role of the European Parliament : How does it function in reality ? speaker : Klaus Welle, Secretary General, European Parliament Chair : Staffan Jerneck, CEPS

4 November
Georgia and the EU : Evaluating progress towards an Association Agreement including a Free Trade Agreement Cesare De Montis, DG RELEX, European Commission Tornike Gordadze, Deputy Foreign Minister of Georgia, Chief Negotiator for the Association Agreement Tamara Koviridze, Chief Negotiator for the Free Trade Agreement Adrian Kleczynski, Permanent Representation of Poland to the EU Vakhtang Lejava, Chief Adviser to the Prime Minister of Georgia Chair : Michael Emerson, CEPS

14 October
Too fast too furious ? New trading technologies and financial stability- Book launch and CEPSECMI Seminar Larry Harris, Marshall School of Business, University of Southern California Frank de Jong, Tilburg University Carsten Ostermann, Securities Markets Unit, European Commission

C ACTIVITIES

3E2S P

22 October
The Financial Perspectives 2014-2020 : The Commissions position Janusz Lewandowski, Member of the European Commission with responsibility for Financial Programming and the Budget Chair : Karel Lannoo, CEPS

4 November
Currency wars and how to avoid them Paul De Grauwe, CEPS Daniel Gros, CEPS

8 November
Understanding Euroscepticism Franziska Brantner, MEP (Greens/EFA) Andrew Duff, MEP (ALDE) Ccile Leconte, Senior Lecturer and Head of the European Studies Department, Sciences Po (Lille) Chair : Jochen Bittner, Die Zeit

25 October
De-briefing on the European Parliaments Votes on the European Parliaments Decision on the Maternity Leave Directive - Joint CEPSVoteWatch.eu seminar Doru Frantescu, VoteWatch.eu Ilaria Maselli, CEPS Matt Higham, BUSINESSEUROPE Cinzia Sechi, ETUC

9 November
The Influence of Newer Member States in the EU : The Case of Poland and the EUs Eastern Neighbours Nathaniel Copsey, Aston University, UK Karolina Nowak, Permanent Representation of Poland to the EU Karolina Pomorska, Maastricht University Chair : Piotr Maciej Kaczyski, CEPS

25 October
The Future of the Eurozone and Gold - Launch of a CEPS Special Report Cinzia Alcidi, CEPS Anton Brender, Chief Economist, DEXIA

16 November
How safe are European oil supplies ? SECURE Conference Giacomo Luciani, Gulf Research Center Foundation Paul Rbig, MEP, Member of the Committee on Industry, Research and Energy Chair : Christian Egenhofer, CEPS

REPORT 2010-11

17 November
EU Levers to Accelerate City Actions on Climate Change Mitigation - Launch of a CEPS Task Force Report Jean-Claude Banon, Veolia Denis Baupin, Deputy Mayor of Paris Marie Donnelly, DG Energy, European Commission Christian Egenhofer, CEPS

29 November
Moving the Debate Forward on the Future EU Border Policy : The role of customs and modern technology -INEX workshop Kathryn Buer, Senior Business Development-IIS, Raytheon International David Dolan, Attach for Customs and Border Protection, US Mission to the EU Frank Heijmann, Counsellor to the Board of Directors of the Customs Administration of the Netherlands Peter Hobbing, CEPS Tadeusz Senda, Permanent Representation of the Republic of Poland to the EU Chair : Elspeth Guild, CEPS

18 November
Fiscal Exits : From strategy to implementation - Launch of the International Monetary Funds Fiscal Monitor 2010 Carlo Cottarelli, Fiscal Affairs Department, IMF Manmohan Kumar, Fiscal Affairs Department, IMF Chair : Marco Incerti, CEPS

19 November
Competition and Regulation in Network Industries - 3rd Annual Conference jointly organised by CEPS and the TU Delft Jean-Michel Glachant, Florence School of Regulation and the Loyola de Palacio Energy Policy Programme Jacques Pelkmans, CEPS Chair : Matthias Finger, Ecole Polytechnique Fdrale Lausanne Venue : Residence Palace, Brussels

30 November
The EU Budget : Responsibility without accountability ? Launch of a CEPS Paperback Gabriele Cipriani, Author of the book, European Court of Auditors Ivailo Kalfin, MEP and ViceChair of the Committee on Budgets, European Parliament

CEPS MEMBERSHIP MEETInGS 2010

22 November
Are Belgian banks ready for the new financial regulation ? Joint event by CEPS, the Financial Forum Brussels and the Brussels Finance Institute Mario Nava, DG MARKT, European Commission Peter Praet, National Bank of Belgium Jan Vanhevel, CEO KBC Venue : Auditorium of the National Bank of Belgium, Brussels

1 December
The EU Emissions Trading System and Climate Change Policy towards 2050 : Real incentives to reduce global emissions ? Launch of a new policy paper assessing the track record of the ETS, in cooperation with the Mission of Norway to the EU Christian Egenhofer, CEPS Folker Franz, BUSINESSEUROPE H.E. Oda Helen Sletnes, Ambassador, Mission of Norway to the EU Yvon Slingenberg, DG CLIMA, European Commission Chair : Staffan Jerneck, CEPS

C ACTIVITIES

3E3S P

24 November
Belarus after the Election : Revolution, reform, or stagnation ? In cooperation with the Office for a Democratic Belarus (Brussels), and the Konrad Adenauer Stiftung (European Office) Aleh Hulak, Head of Belarusian Helsinki Committee Balazs Jarabik, FRIDE Vitali Silitski, Belarusian Institute for Strategic Studies (BISS) Pirkka Tapiola, Eastern Europe and Central Asia Unit, Council of the EU Chair : Michael Emerson, CEPS

7 December
A Renewed Political Deal for Sustainable Growth within the Eurozone and the EU Presentation of an open letter to the President of the European Council, Herman Van Rompuy Gianni Pittella, MEP, Vice-President of the European Parliament Daniel Gros, CEPS Stefano Micossi, Director-General, Assonime Venue : European Parliament, Brussels

25 November
EU Security of Energy Supplies in the International Context- Final Conference of the SECURE Project Andrea Bigano, FEEM Maxim Buyakevich, Permanent Mission of Russia to the EU Stefan Hirschberg, Energy Department, Paul Scherrer Institut Giacomo Luciani, Director, Gulf Research Center Foundation Tatiana Mitrova, ERI RAS Aris Tekelenburg, General Secretariat of the Council of the European Union JeanArnold Vinois, DG Energy, European Commission Chair : Christian Egenhofer, CEPS

13 December
Launch of the OECDs Euro Area Survey Pier Carlo Padoan, Chief Economist, OECD Daniel Gros, CEPS Karel Lannoo, CEPS

16 December
Moldova after the Elections : An Enhanced Agenda for EU-Moldova Relations - CEPS Corporate Breakfast meeting H.E. Vlad Filat, Prime Minister of the Republic of Moldova Chair : Michael Emerson, CEPS Venue : Hotel Crowne Plaza, Brussels

REPORT 2010-11

ministr ation ance and Ad Fin

Income sources (2011 budget)
27%
Projects funded by the European Commission

40%

Projects funded by the European Parliament Projects funded by the EESC or Committee of Regions Projects funded by international institutions Projects funded by national governments Projects funded by foundations

0%
3% 4% 0%

Projects funded by private organisations Publication sales

Events Miscellaneous EU grant Memberships

15%

7%

2% 2%

0%

0%

EPS obtains its funding from a wide variety of sources, which helps to guarantee its independence. CEPS ACTIVITIES In 2011, CEPS budgeted revenues total 8.6 million. A portion of this sum is attributable to the increasing number of large EU-funded contracts, such as the NEUJOBS project, that CEPS coordinates and simply represents a flow of funds into and out of our accounts. In 2011 CEPS is coordinating four FP7 projects with a total of over 80 partners. At the same time, CEPS own research income from these projects is also steadily increasing. In 2010, we were active partners in no less than 16 different FP7 projects in one capacity or another. An increasingly important revenue source is also derived from the provision of studies and briefings for the European Parliament. As a result of this growth, CEPS is now employing more researchers than ever before.

34 C

On a net basis, excluding the revenues going to partner institutes in externally funded projects, 27% of CEPS income is accounted for by membership fees, essentially corporate memberships. Most of the remainder comes from income generated through projects : 52% from project contracts tendered by EU institutions and national governments and awarded to CEPS on a competitive basis, 15% from private organisations and 2% from foundations. A further 3.5% of CEPS income was generated from the organisation of events. CEPS gratefully acknowledges financial support from the EU in the form of an annual grant under the Citizenship Action Programme. The European Commission has earmarked a sum of 139,000 for the 2010 grant.

REPORT 2010-11

other staff istr ative and Admin

Tatiana Abi-Fadel Receptionist Anne-Marie Boudou Conference & Membership Coordinator Abdelilah Elassooudi Senior Accountant Xavier Hadidi House Manager Anne Harrington Editor Staffan Jerneck Director, Director of Corporate Relations Marco Incerti Head of Communications Kathleen King Editor Radoslav Minkov IT Manager Margarita Minkova Publications Coordinator Berenice Morales Villase nor Accountant Katharina Mller Marketing Manager Diana Musteata Receptionist / Administrative Assistant Liliane Mutesi Junior Accountant Sally Scott Head of Finance and Administration Isabelle Tenaerts Executive Assistant Els Van den Broeck Administrative Assistant & Project and Personnel Administration Jackie West Editor

C ACTIVITIES

3E5S P

REPORT 2010-11

l Members S Institutiona CEP

American Chamber of Commerce - EU Committee BCM International Regulatory Analytics llc Bertelsmann Stiftung - Brussels Office Center for European Studies, Lund Central Bank of Japan Community of European Railway and Infrastructure Companies Concawe Confederation of Finnish Industries EK Dlgation Gnrale du Qubec DJOEF Belgium E3G - Third Generation Environmentalism East West Institute EFORT Central Office Embassy of the State of Qatar Embassy of the United Kingdom Embassy of the United States Eurofinas/Leaseurope Eurogas Euroheat & Power European Aluminium Association European Association of Co-operative Banks European Broadcasting Union European Chemical Industry Council European Climate Foundation European Confederation of Private Employment Agencies European Federation for Retirement Provision European Mortgage Federation European Petroleum Industry Association European Photovoltaic Industry Association European Savings Banks Group-World Savings Banks Institute European Telecommunications Network Operators Association European Turkish Business Confederation European Youth Forum Fdration des Experts Comptables Europens Federation of European Securities Exchanges Foratom Foundation for European Progressive Studies Friedrich-Ebert Stiftung Generalitat de Catalunya GSMA Europe Intercultural Dialogue Platform International Association of Oil & Gas Producers International Committee of the Red Cross International Crisis Group International Organisation for Migration Japan External Trade Organization - JETRO Japan Machinery Center for Trade and Investment Korea Institute for International Economic Policy Liaison Agency Flanders-Europe - VLEVA Ministerie van de Vlaamse Gemeenschap Ministry of Economic Affairs, The Netherlands Ministry of Finance, Belgium Mission of Andorra to the EU Mission of Australia to the EU Mission of Canada to the EU Mission of Georgia to the EU Mission of Iceland to the EU Mission of India to the EU Mission of Japan to the EU Mission of Malaysia to the EU Mission of Mexico to the EU Mission of Moldova to the EU Mission of New Zealand to the EU Mission of Norway to the EU Mission of Russia to the EU Mission of Serbia to the EU Mission of Singapore to the EU Mission of South Africa to the EU Mission of Switzerland to the EU Mission of Thailand to the EU - Royal Thai Embassy Mission of the Peoples Republic of China to the EU Mission of the Republic of Croatia to the EU Mission of the Republic of Indonesia to the EU Mission of the United States to the EU Mission of Turkey to the EU Mission of Ukraine to the EU MTK-Central Union of Agricultural Producers & Forest Owners NATO Parliamentary Assembly Netherlands Authority for the Financial Markets OCMC European Affairs Permanent Representation of Austria to the EU Permanent Representation of Belgium to the EU Permanent Representation of Cyprus to the EU Permanent Representation of Czech Republic to the EU Permanent Representation of Denmark to the EU Permanent Representation of Estonia to the EU Permanent Representation of Finland to the EU Permanent Representation of France to the EU Permanent Representation of Greece to the EU Permanent Representation of Hungary to the EU Permanent Representation of Lithuania to the EU Permanent Representation of Malta to the EU Permanent Representation of the Netherlands to the EU Permanent Representation of Portugal to the EU Permanent Representation of the Republic of Poland to the EU Permanent Representation of Romania to the EU Permanent Representation of Spain to the EU Permanent Representation of Sweden to the EU Permanent Representation of United Kingdom to the EU Regional Cooperation Council SAR Minaraad Scotland Europa Slovenian Business & Research Association Swedish Trade Union Office Brussels Taipei Representative Office Tuberculosis Vaccine Initiative Turkish Industry & Business Association TSIAD Union of the EC Soft Drink Association - UNESDA US Chamber of Commerce Verband der Chemischen Industrie - VCI Verbindungsbro Land Krnten Vertretung des Landes Baden-Wrttemberg Vertretung des Landes Hessen bei der EU VITO NV Vlaams Milieumaatschappij

C ACTIVITIES

3E6S P

REPORT 2010-11

ate Members CEPS Cor por

Agence Franaise de Dveloppement Alcoa Allianz SE ALSTOM Power APCO Worldwide ArcelorMittal Assonime AT&T Aviva Banco Santander Bank of America Merrill Lynch Bank of Sweden Tercentenary Foundation Barclays BBVA BDI BNP Paribas Personal Finance BNP Paribas Securities Services BNY Mellon Bolsa de Madrid Bourse de Luxembourg BP Europe Brunswick BSkyB Burson-Marsteller Business Europe Cabinet DN Cambre Associates Cicero Consulting Citi Cleary Gottlieb Steen & Hamilton LLP Clifford Chance Coca-Cola Commerzbank Confederation of Danish Industry (DI) Confederation of Icelandic Employers Confederation of Swedish Enterprise Confindustria Crdit Suisse Danish Insurance Association Danske Bank Deloitte Det Norske Veritas Deutsche Bank Deutsche Telekom DONG Energy DTCC E.On AG EFTA EFTA Surveillance Authority European Investment Bank Electricit de France Elliott Advisors UK ENEL spa Ernst & Young ExxonMobil Petroleum & Chemicals Fdration Bancaire Franaise Finansradet Fleishman-Hillard Fortis Gaia Leadership General Electric Goldman Sachs Gteborg Energi AB Heidelberg Cement Hill & Knowlton Holcim Ltd HSBC Hydro Iberdrola ICMA ING Group INREV Intesa Sanpaolo JKL JPMorgan Kreab Gavin Anderson Liberty Global Europe BV Liechtenstein Chamber of Industry & Commerce Linklaters LLP LKAB Lloyds TSB Group Mediaset Mercuria Energy Trading SA Microsoft Mission of Liechtenstein Mistra Mitsubishi Heavy Industries Europe Mitsui & Co. Benelux SA/NV Morgan Stanley MSD Europe Inc. Nasdaq OMX Nestl Nordea OMV Aktiengesellschaft Orange France Telecom Group PricewaterhouseCoopers Prudential plc Rabobank Realkreditrdet Repsol RTL Group RWE SAAB SAS SEB Shell International Siemens SISVEL S.P.A. SKY Italia Standard & Poors Statoil Svensk Energi Swedenergy Swedish Match AB Telecom Italia Telefnica Teracom Total Toyota Motor Europe Tudor Investment Corporation Turkcell Turk Telekom UniCredit Group Vattenfall Veolia Verizon Visa Europe VNO-NCW Vodafone Volkswagen Volvo White & Case LLP Ziggo Zrich Financial Grants Bank of England Bank of Finland Bank of Italy Bank of Portugal Central Bank and Financial Services Authority of Ireland European Central Bank National Bank of Austria National Bank of Denmark

CE ACTIVITIES

37S P

REPORT 2010

CEPS Board of Directors

H. Onno Ruding, Chairman, former Minister of Finance of the Netherlands & retired Vice Chairman of Citibank Ferdinando Beccalli-Falco, President & CEO, GE Europe, Middle East & Africa Erik Belfrage, Senior Vice President, SEB John Bruton Chairman of IFSC Ireland, former Prime Minister of Ireland Hans Skov Christensen, former Director General, Confederation of Danish Industries Viscount Etienne Davignon, Vice Chairman, SuezTractebel Prince Nikolaus von Liechtenstein Stefano Micossi, Director General, Assonime Jean-Dominique Percevault Baron Philippe de Schoutheete de Tervarent, former Belgian Permanent Representative to the EU Pedro Schwartz, President, Tribunal de Defensa de la Competencia, Madrid Lord Simon of Highbury CBE Josef Tosovsky, Chairman, Financial Stability Institute, Bank for International Settlements Norbert Wieczorek, former Member of the German Bundestag

CEPS Executive Committee

Karel Lannoo, Chief Executive Officer Daniel Gros, Director Staffan Jerneck, Director, Director of Corporate Relations Sally Scott, Head of Finance and Administration

Centre for european poliCy studies place du Congrs 1, B-1000 Brussels Tel. +32 2 229 39 11 Fax : +32 2 219 41 51 www.ceps.eu