Opinion: The worrying faults of the UN migration compact
Countries are due to sign a United Nations pact on migration next week. However, its global, one-size-fits-all approach is dangerous. It risks many unintended consequences, including mass migration for welfare benefits and huge burdens on destination countries. Migration remains an important problem to be solved, but the answer is not to create yet another global bureaucracy.
‘Overbanking’ in Europe
While American banks recovered from the 2008 financial crisis, lenders in Europe have languished. Contrasting regulatory approaches and economic environments account for some of the differences, but European banking authorities have their own explanation: “overbanking.” Their reasoning is odd, not least because the European Union’s banking sector is shrinking.
GIS Dossier: Angela Merkel
When Angela Merkel finishes her term as German chancellor in 2021, it will mark the end of an era. Love her or hate her, this shrewd political operator has had a huge impact on Germany, Europe and the wider geopolitical scene. This GIS Dossier compiles our experts’ analysis of her policies and the effects they have had across the globe.
Macedonia: A new front in Russia-West tensions
Macedonia is moving forward with changing its name and securing membership in the EU and NATO, even though a referendum to approve these steps failed to meet minimum turnout requirement. But the damage has already been done. Russia, which does not want to see another Balkan country absorbed into Western institutions, has gained clout and could potentially scupper the process. That would leave Macedonia in limbo, creating further instability in this already volatile region.
GIS Dossier: Europe as a global player: The Maghreb and sub-Saharan Africa
The most important part of Europe’s security perimeter in the 21st century may be its southern rim. The migration crisis of 2015 was only a foretaste of the demographic, economic and political pressures that are building up in the Maghreb and sub-Saharan Africa. Yet the approaches tried by European powers in this vital and growing region have generally failed. They need to get it right as new rival enters the neighborhood – China.
The Italian challenge
Italy’s public finance troubles are making waves again, but the new government’s budget proposal does not spell disaster, nor should debt servicing create a big problem, considering today’s low interest rates. But Italy’s leaders have decided to transform their conflict with the European Union into a casus belli. Will the conflict end in an Italian crisis or a new EU architecture?
Brexit and trade
Brexit negotiations between the European Union and the United Kingdom were supposed to be concluded at the EU summit on October 17. But the deadline passed with no breakthrough, and no plans for a new meeting. With the clock to a “hard Brexit” ticking down, this could be the salutary shock needed to pave the way for a compromise — or point to a future in which the UK’s diminished weight in international trade encourages a drift toward protectionism.
Orderly failure: The EU’s Bank Recovery and Resolution Directive
After the 2008-2009 financial crisis, governments are wary about bailing out distressed banks with taxpayer money. But the bail-in procedures implemented in 2016 by the European Union, while helping minimize some risks, have their own drawbacks. If new proposals are adopted to give resolution authorities more preemptive powers, they will give technocrats unprecedented control over the banking industry.