Authors: Benn Steil and Dinah Walker Wall Street Journal
Benn Steil and Dinah Walker analyze the market reaction to the publication of the European Central Bank's long-awaited bank stress test results. The ECB's coddling of stress-tested banks — through the use of inflated inflation estimates and generous treatment of tax offsets against future profits which may never arise — precipitated a sell-off of bank stocks in a period when broad European indexes were up significantly. Unlike with the successful 2009 U.S. stress tests, there is no credible backstop of public funds available for Eurozone bank recapitalization, which would account for the ECB's reluctance to draw attention to the sector's undercapitalization.
In evaluating Turkish President Recep Tayyip Erdogan’s first ninety days in office, CFR’s Steven Cook writes that Erdogan has become so power-hungry that he is expanding the powers of the presidency that ever before. As Erdogan makes himself indispensable to all areas of Turkish politics, the more he is rolling back democracy.
On November 26, 2014, the European Union adopted guidelines for search engines to use when deciding whether to remove, upon request, specific articles from search results for a person's name, in accordance with EU data privacy laws. These privacy laws are also referred to as "the right to be forgotten," for citizens to request that searches for their names not surface particular results.
Ambassador Blackwill and Mr. Simes discuss the stage currently being set for an even more dramatic confrontation between the West and Russia over Ukraine. The authors argue that President Obama must recognize the danger to U.S. national interests that the crisis may create and act accordingly.
In July 2012, the European Union requested that the European Commission study the future of RPAS in Europe and how to integrate civil and commerical remotely-piloted aircraft systems (RPAS, a type of unmanned aircraft system, also called drones) into the European Aviation System and to prepare regulation for implementation by 2016. This report, written by experts from Trilateral Research & Consulting and Vrije Universiteit Brussel for the European Commission, provides independent analysis on privacy concerns associated with civil use of drones and was released November 7, 2014.
The Berlin Wall's collapse a quarter of a century ago sparked the transformation of institutions, governments, and economies across Europe. This feature looks back at some of the most significant consequences and developments.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that with the European Central Bank's stress test completed, now is the time for Europe to get back on the path to growth by tackling its debt problem.
Europe can no longer afford to put off its debt problem. Robert Kahn recommends that policymakers draw lessons from the Paris Club to provide a rules-based approach to debt relief that can get Europe back on the path to growth.
Christian Schaller and Johannes Thimm analyze Germany's policy priorities at the ITU conference in Busan, South Korea, arguing that Germany will go to Busan opposed to the expansion of the ITU mandate, but in search of ways to increase the ITU's technical capabilities to broaden access.
United States Trade Representative Michael Froman and EU trade ministers met in Rome on October 14, 2014 to discuss the Transatlantic Trade and Investment Partnership (T-TIP). Ambassar Froman addressed criticisms about the agreement regarding regulations and transparency.
When it comes to the fight against ISIS, the United States and Turkey are finding it difficult to cooperate because both have different goals, says CFR’s Steven Cook. While the United States is more focused on defeating ISIS, Turkey is more concerned with suppressing Kurdish nationalism, preventing the Syrian conflict from spilling over into Turkey, and bringing about regime change in Damascus.
Despite the recent parliamentary approval authorizing cross-border operations into Syria and Iraq, and even at the risk of jeopardizing peace talks with the Kurds as the city of Kobani remains under siege, Turkey is not fully committed to confronting ISIS militants head-on, says CFR's Steven A. Cook.
Learn more about CFR’s mission and its work over the past year in the 2015 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »