While the European debt crisis was raging in the financial markets, an old question resurfaced: can the euro survive on a sustained basis even though the currency does not meet the criteria of a so-called optimum currency area? Many economists were mistrusting the concept of European Monetary Union (EMU) long before the euro was launched …Read More

Since the 2008 financial crisis, the United States and Europe have sought to reform the banking industry in an effort to reduce future risks to the financial system and economy. This Policy Report compares the role of capital markets in the U.S. and Europe in supporting the real economy. It focuses on the link between traditional banking and the …Read More

German reactions to Russia’s annexation of Crimea under President Vladimir Putin and Russia’s support for separatism in eastern and southern Ukraine have resurrected suspicions and concern about the content and direction of German-Russian relations.  Questions are being asked as to whether “a new Berlin-Moscow axis” is about to develop[1] and whether Germany is “drifting away …Read More

More than ten years after the EU initiated negotiations for Turkey’s EU membership, the country remains locked in negotiations, with economic concerns, human rights, and the Cyprus issue looming large. Turkey is an essential country in the West’s relations with the Middle East and is a key NATO ally.  Germany, as a leader in the …Read More

There has been a heated transatlantic debate on cyber issues since Edward Snowden’s release of classified National Security Agency (NSA) documents last year that described various surveillance activities, including the collection of information from Chancellor Angela Merkel’s cell phone. These revelations have strained the relationship between the two countries and have sparked an emotional debate. …Read More

How can we explain the idea that the September 11 attacks generated a new generation in Germany? We know that there is a 9/11 generation in the United States. They are characterized by a willingness to serve in the military, homeland security, and the intelligence services. This is unlike the Vietnam generation. We also know …Read More

What is the role of non-state actors—corporate and civic—in influencing and redirecting regulatory reforms? How do critical junctures like financial crises change interest group dynamics? Focusing on financial consumer protection reforms across the Atlantic, this essay discusses the role of civil society actors in bringing about policy change that runs counter the traditional capture narrative …Read More

Discussing the differences in and implications for reconciliation in Europe and Northeast Asia, Seunghoon Emilia Heo focuses on the need for leadership and dialogue to overcome past conflict. True dialogue, she finds, requires a lessening of old expectations and an attitude of acceptance. Only by doing so can Korea and Japan overcome the roadblocks to …Read More

Introduction Six years after the worst financial crisis in more than fifty years, the banking sector is still undergoing profound changes. Regulators on both sides of the Atlantic are tightening the rules for those credit institutions deemed to be systemically important. Public authorities in both the European Union (EU) and the United States are trying …Read More

The rest of Europe has lately been looking with envy at Germany. Over the past decade or so, Germany has morphed from the sick man of Europe to Europe’s economic powerhouse in the public perception. German machinery and luxury cars are exported all over the world, and Germany now has the world’s largest current account …Read More

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