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Governance

Middle-Class Concerns and European Challenges

Date of Editorial Board meeting: 
Publication date: 
Friday, September 15, 2023
Abstract in English: 
This report studies the position, aspirations, expectations and fears of Europe’s middle classes concerning some of the key challenges that the EU is facing. It is based on an extensive online survey carried out in all 27 EU member states. It reveals an acute economic insecurity and fear of falling behind among EU citizens, especially in the lower social strata. It also shows that this crisis of citizens’ expectations and prospects is a threat to political stability, as it feeds into a dangerous crisis of legitimacy and trust in public institutions and political parties. Concerns may be most strongly expressed in the economic field, but also extend to the possible consequences of the war in Ukraine and the broader geopolitical realignments it entails. In particular, the combination of middle-class insecurity and relatively high levels of trust in Russia in parts of Southern and Eastern Europe should be highlighted. However, citizens also think that most challenges can be tackled and reversed through adequate political and policy action. In particular, the centre–right’s approaches to security, immigration and the economy retain great appeal among the European middle classes; there is a need to better connect with the lower middle classes though. Citizens also have a high estimation of the problem-solving capacity of civil-society actors and a relatively high level of trust in the EU. An inclusive narrative addressing European challenges on the basis of safety, stability, justice, freedom and cooperation could help to reassure Europe’s middle classes. Centre–right forces have a fundamental role to 1 play in this process.
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72
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State of the Union Address 2023

Date of Editorial Board meeting: 
Publication date: 
Wednesday, September 13, 2023
Abstract in English: 
In her State of the Union address on 13 September 2023, President of the European Commission Ursula von der Leyen outlined the main priorities and flagship initiatives for the year to come, building on the European Union's successes and achievements of the past years.
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31
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World Trade Report 2021

Date of Editorial Board meeting: 
Publication date: 
Wednesday, November 17, 2021
Abstract in English: 
The COVID-19 pandemic and the prospect of increasingly frequent and more intense natural and man-made disasters raise important questions about the resilience of the global economy to such shocks. The 2021 edition of the WTO's World Trade Report examines why the interconnected global trading system is both vulnerable and resilient to crises, how it can help countries to be more economically resilient to shocks, and what can be done to make the system better prepared and more resilient in the future.
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212
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EUISS Yearbook of European Security 2023

Date of Editorial Board meeting: 
Publication date: 
Wednesday, August 2, 2023
Abstract in English: 
The 2023 Yearbook of European Security provides an overview of events in 2022 that were significant for European security – in particular, inevitably, Russia’s full-scale invasion of Ukraine.
The first section of the volume explores the EU’s response to the war in Ukraine and the far-reaching repercussions of this unprecedented event for Europe’s security and defence architecture.
The second section assesses the implementation of the Strategic Compass, the guiding framework for the Union’s security and defence up to 2030, and the EU’s evolution as a defence actor. The third section focuses on multilateralism, and contains geographical and regional thematic chapters on North Africa and the Middle East, Sub-Saharan Africa, Asia, Europe and the Americas.
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136
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Global Economic Prospects - JUNE 2023

Date of Editorial Board meeting: 
Publication date: 
Tuesday, June 6, 2023
Abstract in English: 
Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.
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133
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Transforming European Militaries in Times of War

Date of Editorial Board meeting: 
Publication date: 
Monday, July 3, 2023
Abstract in English: 
Russia’s war against Ukraine exposed the dire state of European defense once and for all. European capability gaps are vast; defense industries have been scaled down; and Europeans hardly cooperate. But the war could unleash new dynamics. Carried by public support for greater defense spending and cooperation, European policymakers have committed themselves to transforming European defense. The EU is trying to seize the moment by launching several initiatives that, if properly supported and funded, could help overcome the pathological fragmentation of Europe’s defense industrial base and establish the Union as a strategic enabler for NATO. But more needs to be done.
The report highlights that Europeans need to up and keep their spending pledges both to close some of the key legacy and new capability gaps and assuage criticism that they do not pull their weight in the transatlantic relationship. But not all capability gaps can be closed. Europeans therefore need to prioritize and plan better together, both within and between the EU and NATO, including by learning the lessons from the battlefields in Ukraine. Setting joint priorities should lay the foundation for deeper cooperation on joint arms projects. However, Europeans hardly cooperate on development and procurement, which causes costly duplications, weakens Europe’s defense industrial base, and undermines the interoperability between armed forces. Europe’s responses to the war risk even exacerbating this fragmentation. Aimed at mitigating fragmentation, the EU initiatives need to be better funded and supported by the member states.
The report concludes with five policy recommendations on how Europeans can come off the fence on European defense.
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94
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Towards monetary policies that do not subsidise banks

Date of Editorial Board meeting: 
Publication date: 
Thursday, July 13, 2023
Abstract in English: 
The massive programmes of government bond buying have led to a fundamental change in the operating procedure of the major central banks. The latter now operate in a regime of abundance of bank reserves. This makes it impossible to raise the money market rate except by increasing the rate of remuneration of bank reserves. This, in turn, leads to a massive transfer of the central banks’ profits to commercial banks that will become unsustainable. We argue that the remuneration of bank reserves is not inevitable and that there is an alternative to the current central banks’ operating procedure that avoids making profit transfers to private agents. We propose to use minimum reserve requirements as a policy tool to achieve this objective. Our favoured proposal is a two-tier system of reserve requirements that would only remunerate the reserves in excess of the minimum required. This would drastically reduce the giveaways to banks and allow the central banks to maintain their current operating procedures.
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20
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Strategic Foresight Report 2023

Date of Editorial Board meeting: 
Publication date: 
Thursday, July 6, 2023
Abstract in English: 
The European Union is forging ahead with unprecedented action to achieve climate neutrality and sustainability. A successful transformation will limit the existential risks of climate change and the environmental crisis while strengthening the EU’s open strategic autonomy and economic security. It will be key to reinforcing Europe’s long-term competitiveness and social model, and thus its global leadership in the new, net-zero economy, also by supporting other regions in building a sustainable future. Ultimately, this will increase the wellbeing of current and future generations.
However, a successful and fair socio-economic transformation is not a given. Together with its twin, the digital transition, the green transition requires pivotal changes and trade-offs that will affect, among others, our economies and societies at an unmatched pace and scale. To succeed in this transformation, it is essential to recognise the links between the environmental, social, and economic dimensions of sustainability. This will enable Europe to pursue a forwardlooking geopolitical strategy that successfully leverages its most valuable assets – namely, its unique social market economy and its position as the largest trading block in the world.
Against this backdrop, the 2023 Strategic Foresight Report examines the key intersections between the structural trends and dynamics affecting the social and economic aspects of sustainability, to clarify the potential choices and trade-offs that the EU is likely to face in the future. Drawing on an inclusive foresight exercise and building on the three previous editions, it explores key challenges that will determine the transformation of our society and economy towards a model that respects planetary boundaries, and safeguards global competitiveness, strong social foundations, and resilience. It also investigates how pursuing inclusive wellbeing over the long-term, engaging in a pathway towards sustainability, and consolidating democracy can be the recipe for Europe to strengthen its global role.
On this basis, the report proposes ten areas for action to achieve the objectives of a socially and economically sustainable Europe with a stronger role in the world in the coming years.
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36
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Towards a fair and sustainable Europe 2050

Date of Editorial Board meeting: 
Publication date: 
Wednesday, July 5, 2023
Abstract in English: 
This foresight study explores possible and necessary changes in the European social and economic systems as the European Union engages in managing sustainability transitions towards 2050. With this focus, the study presents strategic areas of intervention covering a new social contract, governance for sustainability, people and economy, and the global perspective on sustainability. The study reflects on the agency of EU actors (such as government at various levels, business, and communities) to address the strategic areas of intervention as part of collectively addressing sustainability transitions. The study builds on a participatory foresight exercise, which generated four foresight scenarios for a climate-neutral EU in 2050. Based on each scenario, a corresponding transition pathway was co-created and analysed through the process. The study presents and analyses these outputs of the process. The outputs can also serve as input to policymakers and practitioners interested in conducting new participatory exercises on sustainability transitions.
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136
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The 7Ds for Sustainability

Date of Editorial Board meeting: 
Publication date: 
Sunday, April 30, 2023
Abstract in English: 
The Wilfried Martens Centre for European Studies (WMCES) would like to contribute to a reflection process to identify options and concrete proposals for political action on the European level for the next legislature 2024-2029 in these 7 key areas:
defence, debt, digitalisation, demography, democracy, de-carbonisation and de-globalisation. They also represent policy fields in which the European People’s Party identifies its core competencies as a political force.
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20
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