ANNUALREPORT

2021

‘UNE ANNÉE CHARNIÈRE’

OUTREACH NUMBERS 2021

CEPS IN NUMBERS

RESEARCH PRIORITIES

CEPS IN THE POLICY DEBATE

2021 IN REVIEW

2021 IN PUBLICATIONS

HORIZON 2020 PROJECTS

OUR THREE YEAR PLAN

FINANCIAL OVERVIEW AND OUTLOOK

MEMBERSHIP

CEPS BOARD

CORPORATE MEMBERS

GRANTS

INSTITUTIONAL MEMBERS

EXECUTIVE COMMITTEE

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TABLE OF CONTENTS

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ABOUT CEPS

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A pivotal year, a year fullof changes that will

definitely have a bearingon the years to come

Karel LannooCEPS Chief Executive Officer

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A pivotal year, a year full of changes that willdefinitely have a bearing on the years to come.This is how I characterised 2021 at the Europeanlevel. Ceteris paribus, the same is true for CEPS.After the first exceptional Covid-19 year that was2020, we have now fully adapted to the post-Covid world through 2021 and fully digitalisedour way of working, our outreach and ourpublications. Teleworking will remain a vitalcomponent of our working lives and we haveadapted our office infrastructure accordingly.We have moved to a fully integrated ITinfrastructure to allow staff to work anywhere,but with the same level of facilities and securityas if they were physically present in the office.We have also upgraded our internal staffcoordination and training processes to takeplace virtually, as the in-house, in-personreception of new staff has not been a viableoption due to the ongoing requirement to workfrom home.

Our outreach has also become fully virtual.Indeed, we have managed to reach out muchfurther and much better than any time before.The total number of participants to our webinarsin 2021 was 22 341, or on average well over 100individuals per meeting. They came from all overEurope, and even beyond, with a good mixtureof officials (including those from Member States’ministries), business representatives andacademia. In-person meetings will certainlyreturn but we anticipate that virtual, or hybrid,will remain the norm.

This is also important for our role as a think tankand could be beneficial for us going forward,offering new online tools and methods to ensurethat we're not only speaking for or to a largelyBrussels-based audience.

Our media outreach has also become morevirtual, and in 2021 we reached 88.4k followerson the largest social media platforms. Ourwebsite attracted 647k unique visitors, most ofthem seeking out our in-depth research.Specialised CEPS publications tend to rapidlyclock several thousand downloads after only afew weeks. This truly indicates that we meet areal demand and that we’re succeeding in ourmission to provide an independent and in-depthassessment of the complex issues thatpolicymakers and other stakeholders areconfronted with. In 2021, we had over 130 suchpublications, not counting some shortercommentary and project reports.

For 2022, we plan to focus on the continuationof the EU’s internal agenda but also increasinglyon the EU’s external role as a global actor, as itworks to find its place in an increasinglyturbulent world, with particular focus on itsrelationship with the US and China, as well as itsefforts to stay on top of the Green Agenda.

Karel LannooCEPS Chief Executive Officer

‘UNE ANNÉE CHARNIÈRE’

Total followers88.4 K

New followers11.7 K

Unique posts1 575

Mentions (Twitter only)

3 637

OUTREACH NUMBERS 2021PAGE | 05

Shares and Likes

647 265 Website unique visitors

Total number ofpublication downloads

1 207 146

Pushbacks and lack ofaccountability at theGreek-Turkish borders

Top Publication

9 322

16 Research topics

62Researchers

135 Publications

115 Events

189 Members

22.3 K Participants

CEPS IN NUMBERS PAGE | 06

RESEARCH PRIORITIES PAGE | 07

The role of think tanks is more important thanever in revealing relevant trends and providingauthoritative analysis to policymakers and otherstakeholders. Based on a rigorous analysis of thefacts, data and literature, CEPS will continue tomake an essential contribution to the decision-making process by increasing awareness aboutnew challenges and providing educated insights.

To this end, CEPS intends to concentrate itsresearch activities for the next two years on afew thematic clusters. In identifying theseoverarching research priorities, which were thenadopted at the beginning of 2021, we assume agreater sense of cross-unit collaboration, todevelop synergies between ongoing projects andpursue new opportunities within each of theteams.

Three broad themes with a strongmultidisciplinary character will be furtherdeveloped.

RESEARCH PRIORITIES

Covid-19 crisismanagement and post-pandemic recovery

Internal governanceof the EU

The role of the Unionin a more contestedworld

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1. Covid-19 crisis management and post-pandemic recovery

Since the start of 2020, the pandemic hasnecessitated a re-prioritisation of our researchactivities. Several research projects have beenreoriented to include the impact of thepandemic and the policy responses to it.Additionally, CEPS initiated some major newinitiatives throughout 2020.

CEPS plays a leading role in the Horizon 2020PERISCOPE project, cooperating with more than30 research centres from all over the world.PERISCOPE is tracking the broad impact of thepandemic on health and healthcare across EUMember States, as well as investigating theimpacts of the policy responses to Covid-19 onthe economy and society, on democracy andmobility, governance, and the use of technology.A detailed mapping and full assessment of thepolicy responses at both EU and national levelare the main overarching objectives of theproject, which is due to run until October 2023.

In spring 2021, the European Commissionupdated its position on a common EU industrialstrategy. CEPS is committed to formulatingpolicy recommendations through the CEPSIndustrial Policy Task Force. The task force takesa multidisciplinary approach and involves avariety of stakeholders, from companies toNGOs, from foundations to EU institutions, aswell as national governments. The design of acarefully considered industrial strategy cannotbe limited to developments in EU industries,however. Eight main streams of research will becovered: the Green Deal; digital economy anddata; strategic value chains; healthcare andpharmaceuticals; competition policy and stateaid; trade policy; jobs and skills; agriculture andfood.

Finally, an area of research where CEPS hasalways contributed will become highly relevant - the EU budget. The newly approved MultiannualFinancial Framework (MFF) will set the stage forthe EU’s Green Deal, a key pillar of the EU'sgrowth strategy. It will also allow thedisbursement of post-Covid recovery funds tothe Member States under the Recovery andResilience Fund (RRF). In 2022, the finalisation ofthe national recovery plans and theirimplementation will be a key challenge for mostMember States. The RRF could also have long-term implications for the EU. It is the first time alarge fiscal stimulus will be made available toMember States by way of a common budget.How far this will lead to actual economicrecovery and the improvement of citizens’ liveswill not only affect the EU’s legitimacy but alsoits future governance structures and the way EUgovernments cooperate with each other.

2. Internal governance of the EU

Now that the Conference on the Future ofEurope is now well underway, with conclusionsexpected by spring 2022, CEPS has beenchipping in with a series of shortercontributions, both on theinstitutional/procedural topics that have alreadybeen defined (e.g. a review of the lead candidateprocess to elect the President of the EuropeanCommission, the European Parliament’s right oflegislative initiative and the use of transnationallists), and new ones thrown up by the Covid-19crisis.

A major concern for the EU remains the rule oflaw. The MFF was agreed after the EuropeanCouncil offered Poland and Hungary a way todelay the application of rule of law conditionalityunder the NextGenerationEU (NGEU)programme and hedge their positions until 2022.This deal, reached with the acknowledgmentfrom the President of the Commission that itwould hold back on the application of aregulation agreed to by the Council and theParliament, was criticised for upsetting the EU’sinstitutional balance.

Whether this episode and the push made by theformer German Presidency of the Council andFrance (holding the Presidency in the first half of2022) for the ‘in principle’ conclusion ofnegotiations on the EU-China investment treatywill steer the Union towards a more classicintergovernmental organisation dominated bythe big Member States is a fundamentalquestion that will be explored in CEPS research.

The challenges posed by the rule of law anddemocracy also relate to our research on therole of civil society actors, specifically in homeaffairs. Throughout 2021, the academic networkcoordinated by CEPS under the Horizon 2020ASILE project closely followed theimplementation of the New EU Pact on Migrationand Asylum.

The future of the Schengen system was anotherpriority for 2021. CEPS paid special attention tothe implementation of the European Border andCoast Guard (Frontex) and the interoperability ofEU databases and new travel informationsystems. CEPS also deepened its research on EUand international criminal justice and lawenforcement cooperation in the fight againstcrime and terrorism. The STREAM project issetting up a new observatory to map nationaluses of the European Arrest Warrant. CEPS hasalso been assessing the new EU-UK surrenderregime after Brexit. Post-transition relationsbetween the EU and the UK will expose the gapsthat remain to be plugged. How this might bedone will be explored in other policy areascovered by CEPS research, notably foreign affairsand security policy.

RESEARCH PRIORITIES PAGE | 09

RESEARCH PRIORITIES PAGE | 10

3. The role of the Union in a more contestedworld

2022 also brings a new political dynamic toEurope as the pandemic and the economicconsequences make foreign and security policyeven more vital. As the European Commissionpursues its aim to become a ‘geopolitical’ player,the principal challenge will be navigatingbetween the US and China. Given the differencesover how to deal with an increasinglyauthoritarian but commercially inescapableChina, EU-US cooperation aimed at fashioningthose parts of multilateralism that servetransatlantic interests will hinge on the ability ofthe two economies to bridge existing dividesover tech policy.

Apart from the above-mentioned IndustrialPolicy Task Force, CEPS’ work on issues ofstrategic autonomy is being covered in the newHorizon 2020 JOINT project, which kicked off inMarch 2021 and focuses on an integratedapproach to external action, with particularfocus on the Balkans, Ukraine and the SouthChina Sea.

Own-initiative research has ventured further intothe sphere of European defence cooperationand the instrumentalisation of the law to protectcollective interests and promote the objectivesof EU external action. CEPS’ more sectoral workon neighbourhood relations has continued, withprojects sponsored by DG Trade, the EuropeanParliament and the Swedish InternationalDevelopment Agency.

The above-mentioned topics are just a handfulof the many that CEPS continues to work on. TheResearch Committee has committed itself toreviewing CEPS’ research priorities on an annualbasis. This review will underpin a multiannualresearch strategy that takes account of themegatrend shifts brought on by the Covid-19crisis.

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CEPS IN THEPOLICY DEBATE

For think tanks, measuring impact is the holy grail.Elusive as it may be to establish a direct causal linkbetween an idea proposed in a think tankpublication and the outcome in legislation, policy oraction, CEPS’ work in the service of the Europeancivil service nevertheless gives it a louder ‘voice’ inongoing debates and allows it to 'punch above itsweight'.

As the main objective of a think tank is toprovide decision makers with high quality andobjective policy research on policy relevantsubjects, it is worth offering a glimpse of thecritical role CEPS has played in the political andpolicy arenas throughout 2021, not only at EUlevel, but also on an international scale.

CEPS IN THE POLICY DEBATE

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Presentation by CEPS Directorof Research Steven Blockmansfor EU27 policy planners,hosted by the EuropeanExternal Action Service (EEAS).

Participation by CEPS Directorof Research Steven Blockmansin a webinar with Europeanthink tanks hosted by StefanoSannino, EEAS SecretaryGeneral (SG). Several findingsof the Task Force report ‘Fromself-doubt to self-assurance’were incorporated into the SG'sassessment on the role andfunctioning of the EEAS.

In May 2021, Willem Pieter deGroen, CEPS Senior ResearchFellow and Head of theFinancial Markets andInstitutions unit, presented thefindings of a study on ‘Thelargest 50 beneficiaries in eachEU Member State of CAP andCohesion Funds’ in front of theEuropean Parliament’sBudgetary Control (CONT)committee. Based on theanalysis of more than 12 millionbeneficiaries of the CommonAgricultural Policy (CAP) in 2018and 2019 and around 600 000beneficiaries receiving cohesionfunds between 2014 and 2020,the CEPS research teamidentified the largest direct andultimate beneficiaries of EUfunds. Learn more

Presentation by CEPS Directorof Research Steven Blockmansand co-authors of their studyon ‘Extraterritorial Sanctions onTrade and Investments andEuropean Responses’ to theEuropean Parliament'sInternational Trade (INTA)Committee. The report'sfindings lent support to MEPBernd Lange’s Draft Opinion onthe future of EU-US relations.

In April 2021, CEPS shared theresults of the joint project ‘BigData and B2B Platforms: TheNext Big Opportunity forEurope’ on how to acceleratethe growth of the data-basedeconomy and support thedevelopment of B2B platformsin Europe in two sectors:automotive and healthcare.This study was complementedby policy recommendations tothe EU and nationalpolicymakers to ensure that thefull potential of new mobilityapplications is tapped.

CEPS Director of ResearchSteven Blockmans presented atan online meeting of the UnitedNations Office of Counter-Terrorism (UNOCT) devoted to‘Lessons Learnt from theEuropean Union PVE Strategies’.

MARCH APRIL MAY

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Christian Egenhofer, CEPSAssociate Senior ResearchFellow, gave a keynote speechat the expert hearing on thereview of the Energy EfficiencyDirective held by the EuropeanEconomic and Social Committee(EESC) to exchange views withexperts from the public andprivate sectors. Learn more

In the framework of COP26,CEPS Research Fellow MilanElkerbout was one of thepanellists at an EU side event inGlasgow on ‘Policy, business,and social challenges forcarbon dioxide removals andcarbon capture and storage’.

CEPS Director of ResearchCinzia Alcidi took part in a panelon ‘New own resourcesempowering the EU Budget’, aspart of the 2021 Annual BudgetConference, hosted by theEuropean Commission. Joiningher in the discussion wereNadia Calviño, Deputy PrimeMinister and Minister forEconomy and Digitalisation,Spain; Clément Beaune,Minister of State for EuropeanAffairs, France; Johan VanOvertveldt, Member of theEuropean Parliament and Chairof the CONT committee; andGert Jan Koopman, Director-General of the EuropeanCommission’s DG Budget(BUDG).

CEPS contributed to the EU’sannual Green Week byorganising a circular economywebinar entitled ‘Traceabilityacross circular value chains:How to unlock its potential andmitigate challenges?’ Thewebinar addressed how thelack of visibility regarding flowsof materials and theirsustainability impact can limitthe opportunities for thedevelopment of a circulareconomy.

Sergio Carrera, CEPS SeniorResearch Fellow and Head ofJustice and Home Affairs unit,and CEPS researcher RobertoCortinovis presented the keyfindings and recommendationsof a study for the EuropeanParliament of all legislativeproposals accompanying the EUPact on Migration and Asylumto the Parliament’s CivilLiberties, Justice and HomeAffairs (LIBE) committee.Specifically, the study providesa detailed assessment of all thelegislative proposals in light oftheir legal coherency, the EUprinciple of solidarity andfundamental rights.

In the context of theConference on the Future ofEurope, Willem Pieter DeGroen, CEPS Senior ResearchFellow and Head of FinancialMarkets and Institutions unit,shared his expertise in the fieldof taxation during a panel on‘Stronger economy, socialjustice and jobs/education,culture, youth and sport/digitaltransformation’.

JUNE OCTOBER NOVEMBER

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Daniel Gros, CEPS DistinguishedFellow and FarzanehShamsfakhr, CEPS associateresearcher, presented theirpaper ‘Housing and the cost ofliving’ at the Monetary DialoguePreparatory Meeting of theEuropean Parliament’sEconomic and Monetary Affairs(ECON) committee, chaired byIrene Tinagli.

In the framework of theConference on the Future ofEurope, CEPS researcherFrancesco Corti attended theConnecting EU 2021 Conferencein Lisbon, organised by theEuropean Economic and SocialCommittee (EESC) to discussthe social dimension of thenational recovery and resilienceplans.

In the context of theConference on the Future ofEurope, Cristian Egenhofer,Associate Senior ResearchFellow, took part in the Citizens’Panel on Climate Change andshared his expertise on globalclimate engagement and onhow to protect the climate andthe environment throughtangible incentives.

Jorge Núñez Ferrer, CEPS SeniorResearch Fellow, presented thestudy ‘Locations of the EUdecentralised agencies’ thatwas carried out for theEuropean Parliament's CONTcommittee

CEPS Senior Fellow AndreaRenda was a panellist at theEuropean Business Summit2021 on the theme of ArtificialIntelligence, together with EvaKaili, Member of the EuropeanParliament and Lucilla Sioli,Director for Digital Industry atDG Communications, Contentand Technology (CONNECT).

CEPS Senior Fellow AndreaRenda was a panellist on ‘Howwill AI change Humanity?’ at theESPAS Annual Conference

NOVEMBER

CEPS Senior Fellow AndreaRenda participated in a panelon ‘Covid-19 and the future ofgovernance’ at the Group ofNations G7-G20 Solutionsthrough Inclusivity VirtualSummit.

In the context of theConference on the Future ofEurope, CEPS Research FellowVasileios Rizos shared hisexpertise on the environmentand sustainable consumption.

CEPS IN THE POLICY DEBATEPAGE | 15

CEPS Senior Fellow AndreaRenda was a panellist at theDigital Regulatory CooperationForum, as part of the G7, inLondon.

Christian Egenhofer, CEPSAssociate Senior ResearchFellow moderated a sessionwith Beatriz Yordi, Director atthe European Commission’s DGClimate Action (CLIMA) on thereform of the EuropeanEmissions Trading System (EUETS) at the InternationalEmission Trading Association’sEuropean Climate Summit.Learn more

In December, CEPS contributedto a study that explores thecurrent state of cybersecurityoptions and proposes policyoptions. CEPS supported thedesign and assessment of thepolicy options that will be usedby the Commission to shapethe regulatory landscape for ICTproducts in the EU. Inparticular, CEPS' workcontributed to highlighting thathorizontal legislation would bethe most cost-effective policyoption, creating greater securityin the EU, while enhancingbusiness competitiveness.

In the context of theConference on the Future ofEurope, CEPS Director ofResearch Steven Blockmanstook part in the Citizens’ Paneldedicated to the topic of ‘the EUin the world’ and shared hisexpertise on defencecooperation and integration inthe EU.

Keynote speech by CEPSDistinguished Fellow DanielGros on the international roleof the euro in the new globalmonetary environment at ameeting on ‘The role of theeuro in SouthernNeighbourhood countries’organised by the EuropeanCommission’s DG Economic andFinancial Affairs (ECFIN).

CEPS Senior Fellow AndreaRenda was a panellist at thefinal conference of the ESIRgroup, based at DG Researchand Innovation (RTD), andfocused on the impact ofresearch and innovation tobuild back better and emergestronger after the Covid-19crisis.

NOVEMBER DECEMBER

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Ex-post evaluation of the EU-Georgia and EU-Moldova Deep and Comprehensive Free TradeAgreements, commissioned by the EuropeanCommission’s DG Trade

This project was launched in February 2021 andhas so far led to the delivery of an InceptionReport and various Interim Reports. The FinalReports are due to be published by the end ofApril 2022. The reports are the first ever ex-postassessments of these unique EU agreements andwill contribute to the re-designing and rethinkingof the EU’s trade and neighbourhood policies, inparticular the the EU's post-2020 EasternPartnership policy. The following CEPSresearchers are conducting these ex-postevaluations: Tinatin Akhvlediani, StevenBlockmans, Julie Bryhn, Daniel Gros, IrinaKustova, and Farzaneh Shamsfakhr.

CEPS IN THE POLICY DEBATE

JHA Unit

The EU Pact on Migration and Asylum, publishedin September 2020, lays down the EuropeanCommission’s policy agenda in these domainsfor the next few years. The Pact explicitly quotedCEPS research, specifically three publications. Inparticular the Commission Staff WorkingDocument accompanying the Pact (EUR-Lex -52020SC0207 - EN - EUR-Lex (europa.eu)referred to the CEPS Project Report ‘Search andrescue, disembarkation and relocationarrangements in the Mediterranean. Sailingaway from responsibility?’, published in June2019 and authored by Sergio Carrera andRoberto Cortinovis.

Furthermore, the Commission Guidance on theImplementation of EU rules on the definition andprevention of facilitation of unauthorized entry,transit and residence (EUR-Lex -52020XC1001(01) - EN - EUR-Lex (europa.eu)explicitly referred to CEPS research in the scopeof the Horizon 2020 RESOMA project and apaper written by CEPS researchers Lina Vosyliūtėand Carmine Conte, ‘Crackdown on NGOs andvolunteers helping refugees and other migrants’.

The same Commission Guidance quoted a CEPSstudy for the European Parliament’s Petitions(PETI) committee, ‘Update study “Fit forpurpose?” The Facilitation Directive and thecriminalisation of humanitarian assistance toirregular migrants’, drafted by Sergio Carrera,Lina Vosyliūtė, Stephanie Smialowski, JenniferAllsopp and Gabriella Sanchez.

2021 IN REVIEWPAGE | 17

In 2021, CEPS launched the Young ThinkersInitiative that aims to bring more diverse andyounger voices into the European debate. Theproject gives young people a platform toexpress their ideas and bring fresh andinnovative perspectives to the European policyscene. CEPS Young Thinkers forms part of awider initiative, the CEPS Sustainable DiversityGoals (SDGs), an Open Society Foundation-funded project, which aims to promotediversity in the field of research and make ourpolicy events more diverse and gender-balanced. Learn more about CEPS SustainableDiversity Goals.

On 8 March, CEPS launched its own ParityPledge, as part of our ongoing ‘SustainableDiversity Goals’ (SDGs) initiative. As a leadingEuropean think tank, organising more than 100events every year, it is our responsibility topromote diverse opinions and ideas on theEuropean policy scene. Gender balance anddiverse panels are crucial to presentingdifferent perspectives and enhancing debates.This is why CEPS announced its commitment togender-balanced events in a parity pledgepublished on our website on InternationalWomen’s Day. The pledge aims to show ourcommitment to gender equality and setsambitious targets to help promote equalityand diversity in all policy events. We commit totaking an active role in transforming Brussels’policy landscape to make women’s voicesheard and female experts more visible.

CEPS EurLex dataset

CEPS Gender &Diversity initiative

The CEPS EurLex dataset was awarded ‘BestPoster Award for Open Science’ at the 2021PolMeth Europe Conference. The CEPS EurLexdataset contains 142 036 EU laws – almost theentire corpus of the EU’s digitally available legalacts passed between 1952 and 2019. The datasetis designed to be a free, public resource forresearchers analysing the EU’s legal aquis. Theaward demonstrates the real demand from theresearch community for open datasets and wecordially invite researchers and practitioners tomake creative use of our multi-purpose dataset.

#CHOOSETOCHALLENGE

This year’s Ideas Lab took place in anunprecedented context. Together, wemanaged to adapt to an ever-changingenvironment and make this first fully digitalexperience a success.

Over the five days, more than 100 high-levelspeakers discussed a wide range of topicalissues: from the European Green Deal toEurope’s industrial future and the economicrecovery. They debated with our 1 200participants, without whom this experiencewould not have been the same.

We would also like to thank our 30 YoungThinkers, who participated in a foresightexercise that took place over four intense days.The Young Thinkers represented 25 differentnationalities from five continents and broughtfresh and innovative perspectives on theFuture of Europe. They proved the importanceof including more diverse and younger voicesin the European policy debate by engaging in astimulating conversation with EuropeanCommissioner and Commission Vice-PresidentMaroš Šefčovič, CEPS Director of ResearchCinzia Alcidi, and Florence Gaub, Director ofthe European Union Institute for SecurityStudies (EU ISS).

Keynote speakers throughout the 2021 editionof Ideas Lab included Nobel Laureates JosephStiglitz and Michael Spence, EuropeanCommissioners Elisa Ferreira and NicolasSchmidt, Indian economist Jayati Ghosh,Distinguished Fellow Kishore Mahbubani andmany more!

2021 IN REVIEW PAGE | 18

CEPS seniors met in Dolce La Hulpe on Friday 2July to reconnect after a year and a half ofteleworking. This was the third annual retreatfor senior researchers and staff to discussCEPS' strategic direction, future areas ofresearch, the collaboration between units andimportant issues affecting the organisation.

Previous retreats had been instrumental inspurring the CEPS Strategic Plan 2020/2022,the review of the research process and reformof the CEPS governance structure, as well asthe CEPS Research Priorities 2021/2022 andthe CEPS 2020 Communications Strategy.

With the current strategic plan running untilthe end of 2022, the purpose of the retreatwas not to rework the existing strategy, butrather to reflect on progress, celebratesuccess, and identify possible remedies wherethings have not worked out as planned. The2021 retreat was therefore a good opportunityto reflect on changing external and internalfactors, and opportunities and threats that willaffect our work in the future. Based on theabove, the retreat delivered the contours of anaction plan to take agreed changes forward.

Ideas Lab 2021

CEPS seniors retreat

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In November 2020, CEPS launched a new andambitious Task Force on post-pandemic EUindustrial policy that would contribute towardsa resilient and sustainable post-pandemicrecovery. We hosted 24 Working Groupmeetings, plus several side events related totrade and extensively covered the issue ofindicators for monitoring progress in the EU’sevolving industrial strategy. In June 2021, wereleased an executive summary which containsthe main findings of those meetings. Ninethematic reports dedicated to each WorkingGroup were published between June andSeptember 2021. On 14 October, therecommendations of the CEPS Task Force‘Towards a Resilient and Sustainable Post-Pandemic Recovery’, which ran from November2020 to May 2021, were presented at an eventwith panellists from industry stakeholders andthe EU institutions.

First hybrid event

Industrial PolicyTask Force

The first hybrid event that took place after thestart of the pandemic was with Tina Bru,Norway's then-Minister of Petroleum andEnergy. The event, which took place on 30September 2021, focused on carbon capture andstorage and discussed at length the EU's ClimateTarget Plan.

To reach the climate and energy goals for 2030and 2050, the Climate Target Plan sets out thatmassive investments are needed. The EU willneed to invest EUR 350 billion more every yearbetween 2021 and 2030 than it did between2011 and 2020. The European economicresponse to Covid-19 offers a uniqueopportunity to accelerate the transition to aclimate-neutral economy. According to the EUClimate Target Plan, full decarbonisation ofindustry after 2030 will require a wide range ofzero or very low carbon technologies andbusiness concepts such s system integration,hydrogen or carbon capture, utilisation andstorage. To meaningfully contribute to Europeanand global climate objectives, the eventparticipants discussed how CCS technology willneed to be developed and rolled out at scaleduring the course of this decade.

YEAR IN REVIEW PAGE | 20

CEPS organised exclusive in-person and onlineevents and receptions for our memberscovering topics ranging from green monetarypolicy, circular electronic value chains, theGerman national election, the future of EU-UKrelations and global tax harmonisation. Ourhigh-level speakers included GerassimosThomas, Director General of the EuropeanCommission’s DG Taxation and Customs Union(TAXUD), Jose Fernandez, U.S Under Secretaryfor Economic Growth, Energy, and theEnvironment, UK Ambassador to the EULindsay Croisdale-Appleby and DoraBakoyannis, Member of the HellenicParliament and former Greek Minister ofForeign Affairs.

Policy contributions

Events for members

In 2021, CEPS published more than 119publications, including over 30 policycontributions and studies on issues includingthe pushbacks at the EU’s external borderswith Belarus, inflation in Europe, fiscal rules,energy costs, EU-China relations, the Recoveryand Resilience Facility (RRF) of the EU andmuch, much more!

Our exceptional in-house research capacityallows us to publish over 100 publications peryear, ranging across 16 policy topics. Weprovide expert insights and policy analysisthrough our state-of-the-art research andwe're constantly looking ahead to the next bigchallenges facing Europe. Our in-briefcommentaries offer timely and succinctanalysis on the current events and hot topicsdominating the newsfeeds, whilst our longerpolicy papers help readers to truly understandthe latest developments in Europe and theirconsequences

2021 INPUBLICATIONS

2021 IN PUBLICATIONS

AGRICULTURE, FOODSECURITY, RURAL ANDREGIONAL DEVELOPMENT

The Largest 50 Beneficiaries in each EUMember State of CAP and Cohesion Funds.

Based on an analysis of more than 12 millionbeneficiaries of Common Agricultural Policy(CAP) funds in 2018-19, and approximately 600 000 beneficiaries of Cohesion Policy fundsbetween 2014 and 2020, this report identifiesthe biggest direct and ultimate beneficiaries ofthese EU funds. The results of an assessmentof nearly 300 systems for the public disclosureof CAP and Cohesion Policy fund beneficiariesare also covered in the report, which offersrecommendations to enhance the publicdisclosure of the beneficiaries of EU funds.

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Steering and Monitoring the Recovery andResilience Plans

This paper provides an extensive account of theprocedures and rules of the Recovery andResilience Facility (RRF). It analyses the EuropeanCommission’s guidance and offers insights intohow the process is being steered and how theimplementation of the NRRPs will be monitored.The aim is to highlight not only theopportunities, but also the pitfalls of the RRFgovernance system. We find a number ofdifficulties on which Member States and theEuropean Commission should focus. A major riskis getting lost in administrative procedures andtaxonomy exercises, and neglecting thefundamental pillar for a successful recovery,namely structural reforms that have a direct andlasting impact on the stability and resilience ofthe European economies and that are in linewith EU priorities.

A transatlantic divide? Transitory inflation inEurope but persistent in the US

Inflation rates have spiked in many countriesrecently. Most attention is focused on the US,where some measures of inflation have nowreached 5 %, but even in the euro area,instances can be found of countries - notablyGermany - where inflation is now at 3-4 %,clearly above the 2 % target of the EuropeanCentral Bank (ECB).

AI, DIGITALISATION AND INNOVATION

Artificial Intelligence and Cybersecurity

The benefits of AI (Artificial Intelligence)technology are numerous, but so are thechallenges it presents. Adopting AI in the realmof cybersecurity could lead to significantproblems for society if security and ethicalconcerns are not properly addressed.

Clarifying the costs for the EU’s AI Act

Artificial Intelligence (AI) is set to disruptbusinesses and all our lives in the 21st century,leading governments around the world topublish strategies for tapping the potential ofAI. The EU definitely wants to ensure its placeat the top table when it comes to harnessingthe vast opportunities promised by AI, leadingto the European Commission to publish itsown comprehensive AI Strategy in April 2021.However, the regulation of these technologiesis becoming an increasingly contentiouspolitical battleground.

ECONOMIC AND MONETARY AFFAIRS

2021 IN PUBLICATIONS

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A tale of two prices: What higher energy costsand the ETS price mean for a just transition

A steep rise in energy prices is currently makingnews headlines across Europe, with the costs ofnatural gas and electricity being keenly felt byconsumers and industry. Moving away from thenews cycle though, the underlying forces at workbehind these increases are complex andnuanced. They are also intertwined with thevarious EU mechanisms being employed to helpit become carbon neutral, such as the emissionstrading system (ETS), the focus of this paper.

Barriers and enablers for implementingcircular economy business models

The circular economy is a key element of theEuropean Green Deal as a concept that cansupport the transition towards a moresustainable growth model. While in recent yearsthere has been a growth of circular economyindustrial applications, evidence suggests thatthe uptake of circular approaches in manysectors is still limited. This report providesevidence on barriers and enablers to theimplementation of circular economy businessmodels in two value chains that exhibit highlevels of waste generation: the electrical andelectronic equipment and agri-food value chains.

EMPLOYMENT, SOCIALAFFAIRS AND INCLUSION

The time is ripe to make SURE a permanent instrument

In response to the Covid-19 pandemic, EUMember States put various tools in place tosupport employment, from traditional short-time work (STW) schemes and wage subsidy(WS) schemes to new income support schemesfor self-employed and atypical workers. TheEuropean Union offered financial support tothese schemes through the creation of a newfinancial assistance facility – temporarySupport to mitigate Unemployment Risks in anEmergency (SURE) – with a capacity of EUR 100billion to be distributed in the form of loans tothose countries that requested it. SUREremains a temporary mechanism linked to thepandemic. As already advanced in 2020, weargue that SURE should become a permanentmechanism.

ENERGY, CLIMATE CHANGEAND THE ENVIRONMENT

Is renewable hydrogen a silver bullet for decarbonisation?

Clean hydrogen will offer decarbonisationsolutions for sectors where directelectrification would be either technologicallyimpossible or too costly, though futuredemand should not be overestimated.Hydrogen will most likely be used in hard-to-decarbonise industrial processes, somesegments of the transport sector, as well as forlong-term energy storage. For hydrogen tocontribute to decarbonisation, it needs to beproduced with minimal greenhouse gasemissions. Therefore, hydrogen obtainedthrough electrolysis using renewable electricitywill be the priority for the EU.

2021 IN PUBLICATIONS

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Anti-Money Laundering in the EU: Time to getserious

Between 2 and 5 % of global GDP is thought tobe laundered every year, whereas only 1.1 % isrecovered. Anti-money laundering encompassescombatting tax avoidance, the financing ofterrorism, human (and human organ) trafficking,state-sponsored and corporate bribery, and theproceeds from drug-trafficking and other illegalactivities.

Setting EU CCP policy – much more thanmeets the eye

More than EUR 3.2 trillion notional outstandingof interest rate swaps (IRS), the most activeinterest rate derivative (IRD) product, are clearedevery day in the City of London, includingaround 94 % of all euro-denominated IRS thatare traded globally. Brexit has naturally raisedquestions around whether London’s central rolecan continue. This study ‘Setting EU CCP policy –much more than meets the eye’ now calls for along-term vision for the future of the Europeanclearing market, by taking financial stability,efficiency, and market development objectivesinto account.

FINANCE

Basel III Finalisation: The impact on EUbanks and the real economy acrossscenarios

This study provides an estimate of the impactof the reforms based on the European BankingAuthority’s impact study and individual bankdata on 135 European banks representingmore than 70 % of EU banking assets. Thisassessment considers the impact underdifferent assumptions and circumstances,including the business-as-usual case, theCovid-19 pandemic and continued lending. Itfinds that the shortfall could range from EUR 0billion to EUR 549 billion (0 % to 4.8 % ofRWAs), depending on the way the reforms areimplemented. Most of these shortfalls areincurred by banks active in northern Europeancountries and retail and investment banks.

2021 IN PUBLICATIONS

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Historical parenthesis? Afghanistan, EUforeign policy, and the future of the liberalorder

The end of Washington’s two-decade-long wareffort in Afghanistan has inevitably raisedquestions over whether the era of Westernnation-building and interventionism has nowtruly ended. This follows years of mountingconcerns over the fate of the ‘liberalinternational order’ since the Russianannexation of Crimea in 2014 and the election ofDonald Trump in 2016. To address this topic, aconceptual clarification is required regarding thedifference between an international order and aworld order. If the past twenty years should trulybe thought of as a ‘parenthesis’ in world history,then this distinction comes with practicalimplications for what EU foreign policy shouldlook like in the post-post-Cold War era.

FOREIGN AND SECURITY POLICY

From self-doubt to self-assurance: TheEuropean External Action Service as theindispensable support for a geopolitical EU This study reappraises the EEAS’ actual andpotential mission in the coming years,considering the dynamic ecosystem withinwhich it functions. Distilling key lessons fromthe first decade of the Service’s operation, thereport sets out 30 recommendations toaddress the identified shortcomings. It aims toassist the EEAS’ purpose of forging a distinctlyEuropean brand of diplomacy, by upgrading itsoperation to allow it more flexibility to think,propose and act, more agility to factor in arapidly changing international landscape, andmore determination to play a leading role.

A Template for Staged Accession to the EU

An idea is gaining ground that a system ofaccession to the EU in stages is now needed torevive and sustain the incentives for the statesof the Western Balkans to continue theirEuropean integration journey and overcomean apparent impasse over accession prospects.At the same time there is the need to ease themost serious concerns that existing EUMember States have over the prospect offurther enlargement.

HUMAN RIGHTS AND JUSTICE

Criminal Justice, Fundamental Rights and theRule of Law in the Digital Age

Technology has played a crucial role in ensuringthe continued functioning of criminal justice atthe EU and national level during the Covid-19emergency. At the same time, the use of (old andnew) technologies can profoundly affect theroles, prerogatives and rights of professionalsand individuals involved in, or concerned by, theadministration and delivery of criminal justice.Verification of the impact that ‘digitalisation ofjustice’ initiatives can have on all criminal justicestakeholders is therefore necessary to preventproblems for fundamental rights and rule of law.

2021 IN PUBLICATIONS

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The EU-China Comprehensive Agreement onInvestment

Striking a different note from mostcommentators on the EU-China ComprehensiveAgreement on Investment (CAI), this paper findsthat the Agreement does deliver on the EU’snegotiation mandate. It notes that muchcriticism of the CAI surfaced before theprovisional agreement was actually published.This text-based analysis considers how theAgreement lifts the barriers to market accessthat European businesses have been confrontedwith, advances the EU’s WTO reform agenda on anumber of procedural requirements in a WTO-plus manner, and locks in the European Union’svalues under international commitments onsustainable development.

MIGRATION, ASYLUM AND BORDERS

The European Commission’s legislativeproposals in the New Pact on Migration andAsylum

This study, commissioned by the EuropeanParliament’s Policy Department for Citizens’Rights and Constitutional Affairs as requestedby the Parliament’s Committee on CivilLiberties and Justice (LIBE), aims to provide adetailed mapping and analysis of the centrallegal changes and issues characterising the fivemain legislative proposals accompanying thePact on Migration and Asylum, presented bythe European Commission in September 2020.

Walling off Responsibility? The Pushbacks atthe EU’s External Borders with Belarus

This paper examines the EU and internationalresponses to the situation on the EU’s externalborders between Poland, Lithuania and Latviawith Belarus. It studies the scope and humanrights impacts of current EU and nationaldiscourses framing the controversy as a ‘hybridwar’ and the set of restrictive nationalmeasures implemented on the EU-Belarusianfrontier since July 2021. The paper argues thatborder fencing and containment policies donot ‘wall off’ or exempt EU Member Statesfrom their own responsibility and liability forillegal pushbacks – summary expulsionswithout individual circumstances assessments,access to asylum procedures and due processor effective remedies -– of third countrynationals.

TRADE

2021 IN PUBLICATIONS

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This project focuses on the development of anovel platform for building a ‘mission control’ ofheterogeneous multi-robot systems which willbe validated in three real-life scenarios:grapevines, rapeseeds, and blueberries. Willnew technologies revolutionise agriculture?What are the socio-economic and ethicalimpacts of new technologies in the agri-foodchain? CEPS is investigating these fundamentalquestions for food production in Europe as partof the FlexiGroBots project that consists of alarge group of international partners and is dueto run until December 2023.

The project brings together a multidisciplinaryconsortium composed of 16 differentorganisations and companies, from eightcountries, with different areas of expertise thatmakes it possible to build the platform and itsservices, define the validation roadmap andactivities on the three scenarios, and outline thego-to-market and sustainability plan for theexpected results. The project will also provide aconsolidated report on ethical AI in the agri-food sector based on the lessons learnedthroughout the execution of the project.

Horizon 2020 is thebiggest EU Research andInnovation programmeever with over EUR 95

billion of fundingavailable over sevenyears (2021 to 2027).

It promises morebreakthroughs,

discoveries and world-firsts by taking great

ideas from the lab to the market.

CEPS is proud to participatein 15 Horizon 2020 projects

in 2021-2022. We also aim toseize every opportunity

available through the newHorizon Europe programme

over the coming months and years.

FLEXIGROBOTS

HORIZON 2020 PROJECTS

PAGE | 28

GI-NI aims to contribute to an inclusive Europeof shared prosperity, by providing a betterunderstanding of the changes and joint impactof three major transformations: technologicalprogress, globalisation and migration. It will alsooffer policy and governance solutions to betterequip citizens and companies, securing moreequal opportunities and outcomes.The projects uses a multidisciplinary researchapproach undertaken by a top-tier consortiumwith international stakeholder engagementthroughout the project. GI-NI has five objectives:

UNDERSTANDING ANDSTRENGTHENING EU FOREIGN ANDSECURITY POLICY IN A COMPLEXAND CONTESTED WORLD (JOINT)

JOINT is a project aimed at assessingchallenges to a more joined-up EU foreign andsecurity policy. These challenges – multipolarcompetition, regional fragmentation andinternal contestation – have been mounting inrecent years. Systemic shifts, such as theUnited States' dwindling global engagementand the growing assertiveness of Russia andChina hamper the ability of the EU and itsMember States to shape multilateral rules andcompels them to rethink their role along newpatterns of multipolar interactions. Additionally, the collapse or severe weakeningof state authority and governance in the EU’sneighbourhood (and beyond) createinterconnected challenges extending intopolicy areas outside the traditional remit offoreign and security policy, thus augmentingthe need for an integrated response. Lastly,the emergence of nationalist forces within theEU, which often espouse Eurosceptic views,complicates efforts to reach intra-EUconsensus on international security matters.These challenges affect the capacity of the EUand its Member States to reconcile securitypriorities, allocate the resources to pursuethese, and engage with external actorsaccordingly. The interplay between thesefactors is most evident in the EU’s difficulty inaddressing crises and conflicts, especially in itssurrounding regions. JOINT, an interdisciplinary project involving 14partners from 12 countries, is investigatinghow to make EU foreign and security policygovernance structures more joined-up andsustainable in a rapidly changing andcontested international environment. It willrun until February 2024.

GI-NI - GROWING INEQUALITY: ANOVEL INTEGRATION OFTRANSFORMATIONS RESEARCH

Measure the impacts of the threetransformations on work, skills, andinequality;

Synthesise and analyse their interaction;

Foster dialogue and co-create futureoptions with stakeholders;

Collect and consolidate data andproduce future projections;

Identify policy and governance optionsfor inclusion and equality.

Overall, the project counts nine consortiumpartners from seven countries. It is due to rununtil March 2025.

HORIZON 2020 PROJECTS

PAGE | 29

ITFLOWS will generate novel insights onmigration. The purpose of ITFLOWS is to provideaccurate predictions and adequate managementsolutions of migration flows in the EuropeanUnion, in the reception, relocation, settlementand integration of migration phases according toa wide range of human factors and usingmultiple sources of information. These insightswill be provided by an evidence-based ICTenabled solution (the EUMigraTool) and precisemodels. All solutions will have fitness forpurpose continually validated by policymakersand practitioners in cooperation with civil societyorganisations in a dynamic and iterative process.

ITFLOWS will propose tailor-made solutions forpractitioners and policymakers for managingmigration.

IT TOOLS AND METHODS FORMANAGING MIGRATION FLOWS (ITFLOWS)

On the one hand, the EUMigraTool targets first-line-practitioners, second-level receptionorganisations and municipalities. It will providemodular solutions based on the prediction ofmigration flows and the identification of risks oftensions between migrants and EU citizens. Onthe other hand, an in-depth analysis on drivers,patterns and choices of migration as well aspublic sentiment towards migration will lead tothe drafting of adequate recommendations andgood practices for policymakers, governmentsand EU institutions.The project consists of 14 consortium partnersbased in eight countries. It is scheduled to rununtil August 2023.

HORIZON 2020 PROJECTS

PAGE | 30

OUR THREE YEAR PLAN

OUR THREE YEAR PLAN

A financiallysound and

well-functioningorganisation

Researchexcellence

Communicatingwith impact

Strategicprojects

Build up financial stability through a strongbase of long-term multiannual projectscombined with shorter, fee-based projects.

Ensure that the pursuit of our researchpriorities is financially sustainable andsupported by a strong research rationale witha plan to raise complementary resourceswhen necessary.

Continue the implementation of the HRS4RAction Plan to cultivate a highly skilled,resilient workforce and enable all CEPS staffto achieve a good work-life balance.

Develop an ambitious Learning andDevelopment Programme for all staff.

Enhance our digital communication andincrease the impact of research and policyoutputs in the media.

Consolidate the CEPS brand to achieve amore modern look, recognisable frompublications to events and other outreach efforts.

Plan, monitor and prioritise events in asystematic and targeted way using diverseformats to reach wider audiences.

A FINANCIALLY SOUND AND WELL-FUNCTIONINGORGANISATION

COMMUNICATING WITH IMPACT

Improve the research process to betteranticipate policy challenges, identify researchpriorities, allocate research tasks across unitsin an integrated fashion, ensure the quality ofresearch methodology and outputs andimprove the timeliness and impact ofpublications.

Strengthen data science capacities in-houseto further develop data and statisticalanalysis, web scraping, machine learning anddata visualisation.

Grow CEPS education and training offerthrough the CEPS Academy and otherworkshops.

RESEARCH EXCELLENCE

STRATEGIC PROJECTS

Acquire and perform new research and policyadvisory projects in strategic areas for EUpolicymaking.

Maintain or increase the current share ofprojects funded by EU, national andinternational institutions, boost funding fromfoundations and keep assignments that rely onsingle, private sponsorships to a strictminimum.

Target a relatively small number of large, long-term projects in partnership with reputableresearch institutions and consultancies.

Foster a inter-disciplinary approach to research,increase coordination and cross-pollinationbetween research units and enable synergiesacross different policy areas.

OUR THREE YEAR PLANPAGE | 31

FINANCIAL OVERLOOK PAGE | 32

CEPS’ revenue comes from a wide variety ofsources, which is fundamental to maintainingour independence. We also coordinate severalprojects funded by many EU entities. In 2021almost 50.6 % of our net revenues came from EUcalls for tenders and EU grants. We received afurther 16.93 % for memberships from a diversegroup of corporations and institutions, thatappreciate our insights. The remaining incomewas generated through projects with privateorganisations (10.8 %), national governments (7%) and foundations (4 %). An additional 7 % ofCEPS’ income is generated through theorganisation of events, such as the Ideas Lab,and from projects for other EU agencies. Thisbreakdown does not include revenue earmarkedfor CEPS’ partners in projects.

FINANCIAL OVERVIEWAND OUTLOOK

EU tenders and EU grants 54%

Memberships17%

Privateorganisations

11%

Nationalgovernments

7%

7%

4%

Foundations

Projects for other EU Agencies

MEMBERSHIP PAGE | 33

CEPS has a comprehensive community ofmembers spanning corporate, academic andinstitutional. By joining CEPS, you will becomepart of an influential and dynamic network oforganisations and individuals who enjoyexchanging expert insights on the latest politicaland legislative issues. As a member, you willhave the opportunity to join balanced andinformed debates on European affairs,contribute your voice to the policymakingprocess and interact firsthand with EU decision-makers. Our members gain access to a steadyflow of authoritative studies, insights andanalysis on issues that affect Europe and itsplace in the world today. We have tailoredmembership packages to suit different types oforganisations. Below is a snapshot of what CEPSmembership offers.

MEMBERSHIP As a not-for-profit organisation, CEPS relies on abreadth of funding to maintain ourindependence. Our annual membership feescontribute to an essential portion of thisfunding. CEPS declines any donation that wouldalter our commitment to independence or theability to set our own research priorities. If you would like to find out more about CEPSmembership, visit: ceps.eu/about-ceps/membership/ or email isobel.watson@ceps.eu.

CEPS MEMBERSHIP BENEFITS

Invitations to memberonly events with CEPSexperts and high-levelexternal speakers

Invitations to our flagshipIdeas Lab event

Invitation to an annualnetworking reception

Early bird invitations anddiscounts to participate inCEPS Task Forces

Briefings with CEPSresearch fellows

Weekly newsletter withthe latest publications,insights and events

Discounted membershipto ECMI/ECRI speakers

PAGE | 34

CEPS BOARD • Joaquín Almunia, Chairman, former VicePresident of the European Commission • Dora Bakoyannis, Member of Parliament and former Minister of Foreign Affairs of Greece • John Bruton, Chairman of IFSC Ireland & former Taoiseach (Prime Minister) of Ireland • Etienne Davignon, Vice-Chairman, Suez-Tractebel & Minister of State, Belgium • Jaap de Hoop Scheffer, former Secretary General of NATO and Professor, University of Leiden • Ferdinando Falco Beccalli, President & CEO, Falco Enterprises AG • Chris Gibson-Smith, Chairman at Partnership Life Assurance Co Ltd • Elisabeth Guigou, President of the Anna Lindh Foundation • Danuta Hübner, Member of the European Parliament • Caio Koch-Weser, Chairman Advisory Council, European Climate Foundation, former German DeputyMinister of Finance and former Managing Director, World Bank• Stefano Micossi, Director General, Assonime • Marija Pejčinović Burić, Secretary-General, Council of Europe, former Deputy Prime Minister andMinister of Foreign and European Affairs of the Republic of Croatia• Onno Ruding, Honorary Chairman, former Minister of Finance of the Netherlands and retiredViceChairman, Citigroup • Helle Thorning-Schmidt, former Prime Minister of Denmark • Daniel Gros, Distinguished Fellow, CEPS

EXECUTIVE COMMITTEE Karel Lannoo, Chief Executive Officer Cinzia Alcidi, Co-Director of Research Steven Blockmans, Co-Director of Research Sally Scott, Director of Finance and Administration

BOARD AND EXECUTIVE COMMITTEE

PAGE | 35

CORPORATE MEMBERS

CORPORATE MEMBERS

EquinorErnst & YoungErste GroupEuropean Investment BankExxonMobilFacebookFinance Denmark - FIDAFleishman & HilliardFTI Consulting BelgiumGoogleHeidelberg Cement Hill + Knowlton StrategiesHitachi LtdHuaweiICANNING GroupINREVIntesa SanPaoloIntuitJPMorganJT InternationalKreab Gavin AndersonLKABLondon Stock ExchangeMarubeni CorporationMastercard EuropeMicrosoftMission of Liechtenstein to theEUMistraMitsubishi CorporationInternational (Europe) PlcMitsui & Co Benelux SA/NVMorgan Stanley Nasdaq OMX (OMX AB)NLI Research InstituteNorsk Hydro

AccentureAfep-Association françaisedes entreprises privéesAfore Consulting Amfori-former Foreign TradeAssociationAmgenAppleAssonimeAXABanco SantanderBarclaysBBVA BMEBNP Paribas Fortis Brunswick GroupBUSINESSEUROPECassa Depositi e PrestitiCommerzbankConfederation of SwedishEnterpriseCovington & Burling LLPCrédit SuisseDeutsches Aktieninstitut (DAI) Danish Agricultural & FoodCouncil BrusselsDanish Insurance AssociationConfederation of DanishIndustry (DI)DeloitteDeutsche TelekomEBRDEFTAEFTA Surveillance AuthorityElectricité de FranceENELEnergiföretagen Sverige

Orange Philip MorrisRabobankRaiffeisen ZentralbankÖsterreich AGREPSOL YPFS&P GlobalSamsung ElectronicsShell International SiemensTelefonicaTeneo cabinet DN sprlThe Bank of New York Mellon The Depository Trust andClearing CorporationTIC CouncilTotal UberUBS Investment BankUnicreditUnileverVisa EuropeVNO-NCWVolkswagenWavestoneYesWeHackZürich Insurance Company

PAGE | 36

3F - United Federation of Workers in DenmarkAccountancy EuropeAkademikerneAmerican Chamber of Commerce to the EU(AmCham EU)Balearic Islands RepresentationBertelsmann StiftungCEN-CENELEC Channel Islands Brussels OfficeCity of LondonCNR - National Research Council of ItalyComputer & Communications IndustryAssociation (CCIA)Confederation of Finnish Industries EKDJOEFEmbassy of Kuwait in BrusselsEmbassy of Panama to the Kingdom of Belgium,Luxembourg, Slovenia and the European UnionEmbassy of the Kingdom of Saudi ArabiaEmbassy of the United StatesEurofinas/LeaseuropeEuropean Aluminium Association (EAA)European Association of Co-operative Banks(EACB)European Chemical Industry Council (CEFIC)European Savings Banks Group-World SavingsBanks Institute (ESBG-WSBI)European Telecommunications NetworkOperator's Association (ETNO)European Youth ForumFédération Bancaire FrançaiseFederation of European Securities Exchanges(FESE)FH - Danish Trade Union ConfederationFinanssiala ry - Finance FinlandFinnish Pension Alliance-TELAFoundation for European Progressive Studies(FEPS)Friedrich Naumann Foundation for FreedomFriedrich-Ebert Stiftung (FES)Generalitat de Catalunya

INSTITUTIONALMEMBERS

Government of BermudaAHanse OfficeHong Kong Economic and Trade OfficeIAB EuropeIMF Europe Office (Paris & Brussels)Insight for BusinessInternational Association of Oil & Gas Producers(IOGP)International Rescue Committee BelgiumInstitute for the Advancement of the South (ISAS)Isle of Man GovernmentJapan External Trade Org (JETRO)Mission of Andorra to the EUMission of Australia to the EU and EmbassyMission of Bosnia Herzegovina to the EUMission of Brazil to the EUMission of Canada to the EUMission of Georgia to the EU/EmbassyMission of Indonesia to the EUMission of Japan to the EUMission of Korea to the EUMission of People's Republic of China to the EUMission of New Zealand to the EUMission of Norway to the EUMission of People's Republic of China to the EUMission of Russia to the EUMission of Serbia to the EUMission of Singapore to the EUMission of Switzerland to the EUMission of the United Kingdom to the EUMission/Embassy of India to the EUNATO Parliamentary AssemblyPensionsEurope (EFRP)Permanent Representation of Austria to the EUPermanent Representation of Belgium to the EUPermanent Representation of Croatia to the EUPermanent Representation of Cyprus to the EUPermanent Representation of Estonia to the EUPermanent Representation of Finland to the EUPermanent Representation of France to the EUPermanent Representation of Greece to the EU

INSTITUTIONAL MEMBERS

GRANTS PAGE | 37

Permanent Representation of Hungary to the EUPermanent Representation of Lithuania to theEUPermanent Representation of Poland to the EUPermanent Representation of Slovakia to the EUPermanent Representation of Spain to the EUPermanent Representation of Sweden to the EUPermanent Representation of the Netherlands tothe EUSAR MinaraadSchuman European AffairsScotland EuropaStockholm Region EU OfficeSwiss Finance Council (SFC)Taipei Representative OfficeUNHCRUniversita degli Studi di Urbino Carlo BoVerband der Automobilindustrie VDA e.v.Verband der Chemischen Industrie - VCIVerbindungsbüro Land KärntenVertretung des Landes Baden-Württemberg beider EUVertretung des Landes Hessen bei der EUVertretung des Landes Nordrhein-Westfalen beider EUVOKA Flanders Chamber of CommerceWilfried Martens Centre for European StudiesWorld Employment Confederation-Europe

National Bank of BelgiumBank of FinlandBank of ItalyDanmarks NationalbankDe Nederlandsche BankEuropean Central BankJapan Center for International Finance National Bank of AustriaHungarian National Bank

GRANTS

PAGE | 38

ABOUT CEPS

Founded in Brussels in 1983, the Centre for European Policy Studies(CEPS) is a leading think tank and forum for debate on EU affairs.With an extensive network of partner institutes throughout theworld, it is the only think tank in Brussels covering all Europeanpolicy areas. CEPS offers insights and solutions for EU policymaking

ABOUT CEPS

Place du Congrès 1 1000 Brussels

Tel: +32 (0) 2 229 39 11

www.ceps.eu info@ceps.eu @CEPS_thinktank