International Economics

Germany and political union in Europe: nothing moves without France

Miguel Otero-Iglesias. WP 8/2014 - 4/8/2014.

This working paper attempts to understand why after decades proposing the creation of a political union to make European Monetary Union (EMU) sustainable, Germany has not used the window of opportunity offered by the Eurozone crisis to pursue this goal more vigorously.


Net job creation finally arrives in Spain

William Chislett. Expert Comment 52/2014 - 25/7/2014.

Spain’s accelerating economic recovery is finally feeding through to job creation. In the 12 months between June 2013 and 2014, 192,400 jobs were created - the first year-on-year rise since 2008 when the economic crisis ended a 13-year period of strong growth and the country went into five years of decline after the bursting of a debt-fuelled property bubble.


The BRICS New Development Bank: a historic game-changer?

Miguel Otero-Iglesias. Expert Commment 48/2014 - 17/7/2014.

Following two years of intense negotiations, the BRICS leaders agreed on 15 July 2014 in Fortaleza (Brazil) to launch the New Development Bank (NDB). This is a significant (and therefore not to be underestimated) step in their efforts to build a less crisis-prone international financial system.


Spanish direct investment abroad rebounds

William Chislett. ARI 31/2014 - 24/6/2014.

After a period of consolidation following the onset of Spain’s recession in 2009, which led some multinationals to sell assets regarded as non-strategic, particularly those that needed to reduce their debt levels, companies are investing again.


Alexis Tsipras’ support for Juncker shows the extent to which the UK’s position is out of sync with public opinion across the EU

Miguel Otero-Iglesias. Opinion - 18/6/2014.

David Cameron has opposed Jean-Claude Juncker’s candidacy for the next President of the European Commission. While Juncker may not be the best candidate for the job, he is the most legitimate from a democratic perspective.


Spanish economy: growing at last but hardly denting unemployment

William Chislett. Expert Comment 35/2014 - 19/5/2014.

The Spanish economy is now firmly out of recession and jobs are beginning to be created, particularly in the services sector, but the stubbornly high unemployment rate will not dip below 20% until 2017, according to the government’s forecasts.


How to Fix the Euro. Strengthening Economic Governance in Europe

A joint Chatham House, Elcano Royal Institute and AREL report. Stephen Pickford, Federico Steinberg and Miguel Otero-Iglesias. March 2014.

This report examines why the economic and monetary union (EMU) was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it.


Spain: foreign direct investment on the rise

William Chislett. ARI 19/2014 - 25/3/2014.

The growth in foreign direct investment in Spain in 2013 underscores the increased international confidence in an economy that is beginning to recover from a five-year recession, albeit weakly.


Spain’s flourishing tourism: the mainstay of the economy

William Chislett. Expert Comment 41/2014 - 4/6/2014.

Tourism is the most flourishing part of the country’s otherwise ailing domestic economy and together with increased exports has played a major role in pulling Spain out of its long recession.


China: bracing itself for financial turbulence

Miguel Otero-Iglesias. Expert Comment 18/2014 - 7/3/2014.

The Chinese financial markets might have to see a few market players stumble and fall in order for the reform process to continue its course on a sustainable path.