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GO-EuroMed Macroeconomic Policy Standing Group
- Egypt’s Role in Euro-Mediterranean Governance -

Introduction

In order to provide an Egyptian perspective on the Euro-Mediterranean Partnership (EMP) economic reform process, the GO-EuroMed Macroeconomic Policy Standing Group (MPSG) has been established recently. Its aim is to consider implications of Egyptian governance as a benchmark case for economic reform in the wider south Mediterranean region. In this regard the MPSG builds on the GO-EuroMed consortium’s work on trade and investment in 2006. It will also complement research in 2007 and 2008 dealing with the challenges of regional integration and domestic reform in MENA countries as well as institutional governance strategies for the EMP during the next decade. Research will be guided by the question of whether the EMP framework is having a significant influence on domestic macroeconomic policymaking and the governance of financial markets in Egypt and other Mediterranean Partner Countries (MPCs).

Research Outline

As economic prosperity is a key focus of the GO-EuroMed project, the role of good macroeconomic governance represents a natural starting point to assess the sustainability of economic convergence process and integration towards the European Union.

  • MPSG working paper no. 1 aims to identify key channels through which EU policy instruments set incentives for the implementation of institutional reforms in Egypt and throughout the MENA region. Issues to be raised include the incentives for governments to restrain popular expenditure policies and the coordination between the Central Bank and fiscal authorities in Egypt and other MPCs.

  • MPSG working paper no. 2 aims to identify opportunities for the EU to actively support the implementation of a reform agenda for governing financial institutions and markets in the MENA. Issues to be raised include implementation strategies for financial sector governance and management of the regulatory environment. Further aspects of regional financial integration and regulatory cooperation in Mediterranean Partner Countries will be investigated.

Expected Outcomes

The Macroeconomic Policy Standing Group is expected to contribute to the GO-EuroMed project’s work on sound macroeconomic governance practices in the MENA. Furthermore it aims to deliver valuable insights to the role of the EMP framework for the financial reform process, contributing to the GO-EuroMed consortium’s research into bilateral and multilateral institutional design and management strategies in 2008.

Partners and Organisational Features

The research will be carried out by Professor Mohammed Omran, Professor of Finance at Arab Academy in Alexandria in October 2007 and in December 2007 in Berlin at the Jean Monnet Centre of Excellence. Professor Omran will present his findings at the Macroeconomic Policy Standing Group Workshop in Cairo in Mai 2008.

EuroMed Events/News:
[Archive]

February 24 th, 2009
EP resolutions on UfM online
The two resolutions adopted by the European Parliament during its plenary session last week on the European Neighbourhood and Partnership Instrument (ENPI) and the Union for the Mediterranean (UfM) are now available online.<
[read more]

February 19 th, 2009
EP adopts report on the Union for the Mediterranean
The European Parliament adopted a report on the Union for the Mediterranean for opening it up to countries not involved in the partnership. This "increases the likelihood of establishing parity in relations between the EU and the Mediterranean partner countries and of tackling the problems of the region in a comprehensive way".
[read more]

January 15 th, 2009
Carnegie on the US President Agenda for MENA
The Carnegie Middle East Program argues in a new paper that a commitment to “return to diplomacy” will not be enough to break the deadlock in the Middle East. Obama should break from traditional U.S. posture and support peace initiatives originating with Arab countries,
[read more]

January 12 th, 2009
News EuroMeSCo Papers available
The EuroMeSCo network of independent research institutes and university centres has published three more papers online. In Paper 72 a new model for Euro-Israeli cooperation is critically outlined, Paper 73 analyses Moroccan views of Western democracy promotion efforts, particularly in terms of their legitimacy and credibility, and Paper 74 considers the impact of the democratisation process on the fragility of Middle Eastern states, using Lebanon and Palestine as case studies.
[read more]

January 08 th, 2009
EU Troika meetings in Israel and Jordan
The EU Troika headed by the President of the EU Council and Minister of Foreign Affairs of the Czech Republic Karel Schwarzenberg met Israeli, Palestinian and Jordan leaders on 5 and 6 January, was headed for Jordan.
[read more]