CEPS Board of Directors H. Onno Ruding, CHAIRMAN, FORMER MINISTER OF FINANCE OF THE NETHERLANDS & RETIRED VICE CHAIRMAN OF CITIBANK Fernando Beccalli-Falco, PRESIDENT & CEO, GE EUROPE, MIDDLE EAST & AFRICA Erik Belfrage, SENIOR VICE PRESIDENT, CONSILIO INTERNATIONAL, AB John Bruton, CHAIRMAN OF IFSC IRELAND & FORMER PRIME MINISTER OF IRELAND Hans Skov Christensen, FORMER DIRECTOR GENERAL, CONFEDERATION OF DANISH INDUSTRIES Viscount Etienne Davignon, VICE CHAIRMAN, SUEZ-TRACTEBEL Danuta Hübner, MEMBER OF THE EUROPEAN PARLIAMENT Prince Nikolaus von Liechtenstein Stefano Micossi, DIRECTOR GENERAL, ASSONIME Jean-Dominique Percevault CEPS Baron Philippe de Schoutheete de Tervarent, FORMER PERMANENT REPRESENTATIVE OF BELGIUM TO THE EU Pedro Schwartz, PRESIDENTE, CONSEJO ECONÓMICO Y SOCIAL Lord Simon of Highbury CBE ACTIVITIES Josef Tosovsky, CHAIRMAN, FINANCIAL STABILITY INSTITUTE, BANK FOR INTERNATIONAL SETTLEMENTS Norbert Wieczorek, FORMER MEMBER OF THE GERMAN BUNDESTAG Review 2012 • Preview 2013 CEPS Executive Committee Karel Lannoo, CHIEF EXECUTIVE OFFICER Daniel Gros, DIRECTOR Staffan Jerneck, DIRECTOR, DIRECTOR OF CORPORATE RELATIONS* Sally Scott, HEAD OF FINANCE AND ADMINISTRATION * Succeeded by Kerstin Born-Sirkel as Director of Corporate and External Relations, effective March 2013 CENTRE FOR EUROPEAN POLICY STUDIES Place du Congrès 1, B-1000 Brussels Tel. +32 2 229 39 11 • Fax : +32 2 219 41 51 www.ceps.eu Thinking ahead for Europe CONTENTS • Message from the Chairman ............... 1 CEPS Corporate Members • High-Profile Events .............................2 About CEPS Abertis Telecom Doosan Power Systems NLI Research Institute • Message from the Chief Executive ...... 4 ACEA DTCC Nykredit Realkredit • Message from the Director ................. 4 Founded in Brussels in 1983, the Centre for Euro- Afore Consulting Edelman OMV Aktiengesellschaft pean Policy Studies (CEPS) is widely recognised as Agence Française EFTA Orange France Telecom Group the most experienced and authoritative think tank Research Programmes de Développement EFTA Surveillance Authority PricewaterhouseCoopers operating in the European Union today. CEPS acts • Economic & Social Welfare Policies ....5 Alcoa EIB Prudential plc as a leading forum for debate on EU affairs, distin- • Financial Markets & Institutions .......... 9 Electricité de France Rabobank guished by its strong in-house research capacity, • Energy & Climate Change ..................12 Allianz SE ALSTOM Power Elliott Advisors UK Raiffeisen Zentralbank complemented by an extensive network of partner • Regulatory Policy ..............................16 institutes throughout the world. APCO Worldwide ENEL spa Österreich • EU Foreign Policy ..............................18 Assonime Ericsson Realkreditrådet • Justice & Home Affairs ..................... 21 GOALS Atlas Copco Ernst & Young REPSOL • Politics & Institutions ........................ 23 • Carry out state-of-the-art policy research leading A.T. Kearney N.V. ExxonMobil Petroleum & RTL Group • Food Security & Development .......... 25 to innovative solutions to the challenges facing Eu- AT&T Chemicals RWE rope today • Cross-Disciplinary Projects ............... 26 Aviva EVCA SAAB Finansradet Samsung Electronics • Maintain the highest standards of academic excel- Corporate Programme Banco Santander lence and unqualified independence Fipra SAS • Message from the Director of Bank of America Merrill Lynch Fleishman-Hillard Shell International • Act as a forum for discussion among all stakehold- Corporate Relations .......................... 27 Bank of Sweden Tercentenary Fortis Siemens ers in the European policy process • Profiles of Task Forces ...................... 28 Foundation FTI Consulting Belgium SISVEL S.P. A . • Produce a regular flow of authoritative publica- • Meet Kerstin Born-Sirkel ................... 30 Barclays GAIA Leadership SKY Italia tions offering sound analysis and constructive • Corporate Breakfasts .........................31 BBVA General Electric Standard & Poor’s policy recommendations. BDI Goldman Sachs Statoil Membership Events ........................ 32 BNP Paribas Securities Services Heidelberg Cement Svensk Energi – Swedenergy ASSETS BNY Mellon Public Outreach & the Media ........41 Hill + Knowlton Swedish Match AB Bolsa de Madrid • Multidisciplinary, multinational and multicultural Hydro Telecom Italia research team of analysts Bourse de Luxembourg Funding & Expenditure .................. 42 Hyundai Telefónica BP Europe • Participation in several research networks, com- Iberdrola Teracom Administrative & Other Staff ........ 43 Brunswick prising other highly reputable research institutes ICMA Thomson Reuters from throughout Europe, to complement and con- BSkyB ING Group Total solidate CEPS’ expertise and extend its outreach CEPS Institutional Members .......... 44 Burson-Marsteller INREV Toyota Business Europe • Extensive membership base of some 132 Cor- CEPS Corporate Members ............. 45 Intesa Sanpaolo Intuit Ltd Tudor Investment Corporation porate Members and 118 Institutional Members, BVCA Intuit Vattenfall which provide expertise and practical experience. Cabinet DN JKL Veolia Cambre Associates JPMorgan Verizon ROGRAMME TRUCTURE P S Citi Kreab Gavin Anderson Visa Europe In-house Research Programmes Clifford Chance Landbrug & Födevarer VNO-NCW • Economic and Social Welfare Policies Commerzbank Liechtenstein Chamber of Volkswagen • Financial Institutions and Markets Confederation of Icelandic Industry & Commerce Volvo • Energy and Climate Change Employers • EU Foreign Policy Linklaters LLP White & Case LLP Confederation of Swedish • Justice and Home Affairs LKAB Ziggo • Politics and Institutions Enterprise Lloyds Banking Group Zürich Financial • Regulatory Affairs Confindustria Microsoft • Food Security and Development Crédit Suisse Mission of Liechtenstein GRANTS Danish Insurance Association Independent Research Institutes managed by CEPS Mistra Bank of England • European Capital Markets Institute (ECMI) Deloitte Mitsubishi Heavy Industries Bank of Italy • European Credit Research Institute (ECRI) Det Norske Veritas Europe Bank of Portugal Deutsche Bank Mitsui & Co. Benelux SA/NV Central Bank and Financial Research Networks organised by CEPS Deutsche Telekom Morgan Stanley Services Authority of Ireland • European Climate Platform (ECP) • European Network for Better Regulation (ENBR) DI - Confederation of Danish MSD Europe Inc. European Central Bank • European Network of Economic Policy Industry Nasdaq OMX European Commission Research Institutes (ENEPRI) DONG Energy Nestlé National Bank of Austria • European Policy Institutes Network (EPIN) 2 CEPS Activities 2012 Design : Dominique Cuvelier/édition & imprimerie • Photography : Katharina Holl/CEPS 2 CEPS Activities 2012 45 H. Onno Ruding MESSAGE FROM THE CHAIRMANI he euro crisis has inflicted severe financial, eco- The negotiations on the EU 2014-20 budget – sus- Tnomic and political damage in all countries of the pended in late 2012 – revealed, as expected, substan- eurozone and beyond. Progress was made in 2012 to tial differences of view (and of national interests!) on address these problems and to reduce the risk of rep- its overall size and composition. The Commission’s etition but they are by far not yet fully overcome. The proposals rightly met severe criticism on both counts. good news is that this crisis has forced agreement on The EU budget should become more forward-looking policy measures towards more centralised, European in promoting economic growth in Europe and less fo- decision-making, which was unthinkable only a few cused on maintaining entitlements of past years. This years ago, and towards more European integration in means more spending on research, innovation, educa- those policy areas where this is needed. tion and infrastructure (inside the EU budget and no tricks to shift these items off-budget). It also requires The recent positions taken by member countries in the further reductions in the still-dominant agricultural European Council testify to the need as well as the subsidies as well as regional and structural funds. difficulties of making real progress, requiring a combi- These fundamental changes in the composition of EU nation of substantial solidarity and tough discipline on spending should be facilitated first by termination of the part of all countries leading to further transfer of subsidies to the poor regions in ‘rich’ countries and, national sovereignty. second, by sunset clauses that automatically terminate The threats arising from the contagious effects of the certain cohesion subsidies at a predetermined mo- dual financial weaknesses of governments and banks ment in the not-too-distant future. in several euro area countries have led in 2012 to po- These EU budget negotiations form some of the policy litical agreement in principle to significantly deepen areas where disagreements have regrettably intensi- financial integration. A European banking union will fied calls in the UK for exit from the EU. Many Brits be established with three components: European assume or hope that their country can exit the EU, but bank supervision, (probably sometime later) a Euro- retain full participation in the EU single market. Such pean deposit guarantee system and a European bank an outcome, however, is not at all certain. The pre- resolution mechanism. However, the issue of financial vailing situation of a two-speed Europe is, likely and burden-sharing between the participating countries unfortunately, to become more pronounced.