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Climate Change Mitigation and Policy Spillovers in the EU’s Immediate Neighborhood
EU’s neighborhood countries (EUN) have lagged the EU on emissions mitigation; coal-heavy power generation and industrial sectors are a key factor. They have also trailed EU countries in emissions mitigation policies since 2000, with little use of market-based instruments, and they still have substantial fossil fuel subsidies. Increasingly stringent EU mitigation policies are asociated with lower emissions in EUN. Overall output effects of the CBAM, in its current form, would be limited, though exports and emissions-intensive industries could be heavily impacted. A unilaterally adopted economywide carbon tax of $75 per ton would significantly lower emissions by 2030, with minimal consequences for output or household welfare, though a safety net for the affected workers may be necessary. To become competitive today by attracting green FDI and technology, overcoming infrastructure constraints and integrating into EU’s supply chains, EUN countries would be well served to front load decarbonization, rather than postpone it for later.
Bank Profitability in Europe: Not Here to Stay
Slower passthrough of policy interest rate hikes to deposit rates relative to their loan rates has led to sharply wider bank net interest margins. Combined with resilient asset quality, wider net interest margins supported record profits for European banks in 2023. Drawing on historical data from the balance sheets and income statements of over 2,500 European banks, this paper shows that abnormally high profits are expected to fade soon as interest income will decline, once policy rates start being lowered, while higher impairment costs historically have weighed on profits with a lag. Moreover, a number of structural factors that have eroded the performance of European banks in the past two decades have largely remained unaddressed and will continue being a drag on profits and capital. Therefore, policymakers should encourage banks to preserve capital buffers and build resilience to future shocks, while exercising caution when considering taxes on profits or other measures that could divert potential sources of capital from banks.
Spain
Two years after the pandemic, the Spanish economy is facing new headwinds from Russia’s invasion of Ukraine. Activity has been resilient so far, supported by a strong rebound in tourism and other services and timely policy support measures. However, elevated global energy and food prices, lower trading partners’ demand, deteriorating consumer and business confidence, and rising interest rates have slowed the recovery of output. Growth is projected to moderate to 1.1 percent in 2023. Risks to the outlook include tighter-than-expected financial conditions, weaker global demand, and further increases in European energy prices.
Ukraine
Ukraine: Selected Issues
Policies to Address Climate Change
While the near-term priorities are national defense and macroeconomic stabilization, gradually incorporating climate change considerations into policy design will become increasingly important after the war and into the long term. As regards climate change adaptation, investments will need to be made with a view to maintain long-term debt sustainability. Policy reforms will also be needed to move to a low-emissions economy to deliver international commitments and achieve the broader objective of European Union accession. Potential exists to deliver on climate priorities alongside implementing recovery and reconstruction efforts, while maintaining macroeconomic stability, and ensuring social protection and equity.
Chinese Lexical Semantics
This book constitutes the thoroughly refereed post-workshop proceedings of the 22nd Chinese Lexical Semantics Workshop, CLSW 2021, held in Nanjing, China in May 2021. The 68 full papers and 4 short papers included in this volume were carefully reviewed and selected from 261 submissions. They are organized in the following topical sections: Lexical Semantics and General Linguistics; Natural Language Processing and Language Computing; Cognitive Science and Experimental Studies; Lexical Resources and Corpus Linguistics.
Natural Language Understanding and Intelligent Applications
This book constitutes the joint refereed proceedings of the 5th CCF Conference on Natural Language Processing and Chinese Computing, NLPCC 2016, and the 24th International Conference on Computer Processing of Oriental Languages, ICCPOL 2016, held in Kunming, China, in December 2016. The 48 revised full papers presented together with 41 short papers were carefully reviewed and selected from 216 submissions. The papers cover fundamental research in language computing, multi-lingual access, web mining/text mining, machine learning for NLP, knowledge graph, NLP for social network, as well as applications in language computing.
Russian Energy Strategy in the European Union, the Former Soviet Union Region, and China
This book places Eurasia in its entirety within a single explanatory framework and examines, for the first time to that extent, Russia as a Eurasian energy power in its affairs with the two main geopolitical players of the region, the EU and China. Part of this geopolitical space is the Former Soviet Union (FSU) region which shares deep historical-political ties with Russia and constitutes the necessary crossing for the latter’s natural gas supplies en route to the EU market.In this way, an energy triangle is established, with Russia at the top angle, the EU in the left angle, China in the right angle and the FSU region the median.Following the scheme, three bipolar relationships emerge, R...
Malta
Malta has experienced an impressive recovery from the pandemic and demonstrated resilience to shocks resulting from Russia’s invasion of Ukraine. With weaker growth in Europe and waning post-pandemic pent-up demand, staff expect growth to decelerate somewhat but continue to expand by 61⁄4 percent in 2023 and 5 percent in 2024, among the highest in Europe. Persistent inflationary pressures are expected, while concern has risen about growing capacity constraints. The financial system has demonstrated resilience to successive shocks.
