A sound and well-enforced regulatory regime in the banking sector can help developing nations channel financial resources more efficiently into investments. It can also act as an important stabilizing factor in today's shaky market environment. This book examines the impact of banking sector regulations on bank efficiency and economic growth in Algeria, Egypt, Morocco, and Tunisia, while exploring the level of convergence of regulatory practices and efficiency to international standards. The authors look at the impact of theregulatory environment on the efficiency of banks, using established measures of regulatory and supervisory practices. In addition to the regulatory details, their performance analysis also considers the legal and institutional characteristics of the Southern Mediterranean countries. Finally, the book explores how compliance with these standards and norms may influence the growth potential of each country. Contributors include Mohammed Boumghar (Le Centre de Recherche en Economie Appliquee au Developpement, Algeria), Jawad Kerdoudi (Moroccan Institute of International Relations), and Moez Labidi (University of Monastir, Tunisia)."

Monetary Policy, central banking, and international norms and regulations; a discussion far from new, nor applying exclusively to the world's most advanced economies. A sound monetary policy and a well-enforced regulatory regime is provided, in explanation of developing nations to channel financial resources more efficiently into investments.

This book contains a unique collection of studies on key economic and social policy challenges faced by countries of the Southern and Eastern Mediterranean region in a short- and long-term perspective. Prepared within the EU funded FP7 project on „Prospective Analysis for the Mediterranean Region (MEDPRO)” conducted in 2010-2013 it takes account on recent political developments in the region (Arab Spring) and their potential consequences. It covers a broad spectrum of topics such as factors of economic growth, macroeconomic and fiscal stability, trade and investment, Euro-Mediterranean and intra-regional economic integration, private sector development and privatizations, infrastructure, tourism, agriculture, financial sector development, poverty and inequality, education, labor market and gender issues.

Relations between the European Union (EU) and the Gulf Cooperation Council (GCC) are at a crossroads. After the derailment of the negotiations for the Free Trade Agreement (FTA) in 2008, the cooperation between the two regional blocs has remained low-key in a number of different areas, while the unprecedented changes that have taken place in North Africa and the Middle East, the common neighbourhood of the EU and the GCC, have not led to a renewed, structured cooperation on foreign and security policy issues. This volume addresses the shortcomings and potential of EU-GCC relations by taking stock of their past evolution and by advancing policy recommendations as to how to revamp this strategic cooperation. In this light, it highlights the areas where greater room for manoeuvre exists in order to enhance EU-GCC relations, discusses the instruments available and sheds light on the features of the regional and international context that are likely to significantly influence the new phase in the mutual relation between the two blocs. The book is the result of the research conducted in the framework of the project ‘Sharaka – Enhancing Understanding and Cooperation in EU-GCC Relations’ co-funded by the European Commission.

This analysis of regulatory convergence shows that substantial improvements have been made in the southern and eastern Mediterranean countries (SEMCs), yet they still suffer from key weaknesses in deposit insurance, entry obstacles, political interference and the strength of legal rights. In particular, deposit insurance systems in many SEMCs are not explicit, which could lead to uncertainties in the provision of support to banks in case of default. Moreover, most systems do not attempt to align the banks' incentives in risk-taking with those of taxpayers by implementing risk-based premiums. Another persistent issue is the presence of entry obstacles, with signs of substantial barriers to entry and continued government ownership of banks. The comparison of regulatory systems also highlights that some SEMCs have barely been able to catch up with the strong increase in supervisory independence in EU Mediterranean countries in recent years. While creditor protection remains relatively weak, significant improvements in credit information have occurred since 2003, notably through the establishment of private credit bureaus with universal coverage.

This publication examines the importance of trade in services for the integration of non-EU members into the European Single Market. Further liberalisation is found to be a critical factor to deeper integration with the enlarged EU, which accounts for a quarter of global GDP and foreign direct investment. The planned Euro-Mediterranean free trade area for goods is judged as a positive first step, but additional measures are needed for deeper integration, including liberalisation of services trade. The study gives a detailed assessment of individual sectors, including core services relating to transport, telecommunication, financial markets and electricity, as well other markets such as tourism, IT and distribution services.

The study proposes a different understanding of the complex relationship between Europe and the Mediterranean Middle East and North Africa, it challenges the conventional wisdom on Europe's benevolent foreign policy and the image of 'Fortress Europe' alike.