Political Fiscal And Banking Union In The Eurozone

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The Political Economy of European Banking Union

David Howarth,Lucia Quaglia
The Political Economy of European Banking Union Book PDF

Author : David Howarth,Lucia Quaglia
Publisher : Oxford University Press
Page : 256 pages
File Size : 54,5 Mb
Release : 2016-09-15
Category : Business & Economics
ISBN : 9780191043802

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The Political Economy of European Banking Union by David Howarth,Lucia Quaglia Pdf

The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union - presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been agreed and some elements of this design prioritized over others? A two-step explanation is articulated in this study. First, it explains why euro area member state governments moved to consider Banking Union by building on the concept of the 'financial trilemma', and examining the implications of the single currency for euro area member state banking systems. Second, it explains the design of Banking Union by examining the preferences of member state governments on the core components of Banking Union and developing a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moral hazard facing banks and sovereigns created by euro level support mechanisms.

Political, Fiscal and Banking Union in the Eurozone?

Wharton Financial Institutions Center,European University Institute
Political Fiscal and Banking Union in the Eurozone Book PDF

Author : Wharton Financial Institutions Center,European University Institute
Publisher : Unknown
Page : 192 pages
File Size : 46,8 Mb
Release : 2013-09-06
Category : Banks and banking, Central
ISBN : 0983646961

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Political, Fiscal and Banking Union in the Eurozone? by Wharton Financial Institutions Center,European University Institute Pdf

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Governance of the European Monetary Union

Erik Jones,Francisco Torres
Governance of the European Monetary Union Book PDF

Author : Erik Jones,Francisco Torres
Publisher : Routledge
Page : 178 pages
File Size : 50,6 Mb
Release : 2018-02-05
Category : Political Science
ISBN : 9781317203377

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Governance of the European Monetary Union by Erik Jones,Francisco Torres Pdf

The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

The Economics of Monetary Unions

Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood
The Economics of Monetary Unions Book PDF

Author : Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood
Publisher : Routledge
Page : 271 pages
File Size : 54,8 Mb
Release : 2020-03-16
Category : Business & Economics
ISBN : 9781000036794

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The Economics of Monetary Unions by Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood Pdf

In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.

Accountability in the Economic and Monetary Union

Menelaos Markakis
Accountability in the Economic and Monetary Union Book PDF

Author : Menelaos Markakis
Publisher : Oxford University Press
Page : 400 pages
File Size : 45,6 Mb
Release : 2020-04-02
Category : Law
ISBN : 9780192583956

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Accountability in the Economic and Monetary Union by Menelaos Markakis Pdf

Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.

Revisiting the Economic Case for Fiscal Union in the Euro Area

Mr.Helge Berger,Mr.Giovanni Dell'Ariccia,Mr.Maurice Obstfeld
Revisiting the Economic Case for Fiscal Union in the Euro Area Book PDF

Author : Mr.Helge Berger,Mr.Giovanni Dell'Ariccia,Mr.Maurice Obstfeld
Publisher : International Monetary Fund
Page : 63 pages
File Size : 50,8 Mb
Release : 2018-02-20
Category : Business & Economics
ISBN : 9781484340424

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Revisiting the Economic Case for Fiscal Union in the Euro Area by Mr.Helge Berger,Mr.Giovanni Dell'Ariccia,Mr.Maurice Obstfeld Pdf

The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

Political and Economic Dynamics of the Eurozone Crisis

James A. Caporaso,Martin Rhodes
Political and Economic Dynamics of the Eurozone Crisis Book PDF

Author : James A. Caporaso,Martin Rhodes
Publisher : Oxford University Press
Page : 304 pages
File Size : 45,7 Mb
Release : 2016-02-25
Category : Political Science
ISBN : 9780191072383

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Political and Economic Dynamics of the Eurozone Crisis by James A. Caporaso,Martin Rhodes Pdf

This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the too-often simplistic analysis that has characterized political, media and regrettably some academic coverage, and by its attempt to escape from the tyranny of day-to-day events and short-term developments. Each of the contributors identifies an important question and undertakes a careful empirical, theoretically-informed analysis that produces novel perspectives. Together they seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis-management; the power and centrality of particular member states, notably Germany which has been attributed with 'hegemonic' status; the supposed entrapment of EU policy makers by an 'austerity ideology'; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as Banking Union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.

The Future of the Euro

Matthias Matthijs,Mark Blyth
The Future of the Euro Book PDF

Author : Matthias Matthijs,Mark Blyth
Publisher : Oxford University Press, USA
Page : 369 pages
File Size : 46,5 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780190233242

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The Future of the Euro by Matthias Matthijs,Mark Blyth Pdf

'The Future of the Euro' is an attempt by political economists to analyse the fundamental causes of the euro crisis, determine how it can be fixed, and consider what likely futures lie ahead for the currency. The book makes three interrelated arguments that emphasize the primacy of political over economic factors. It concludes that any successful long-term solution to the euro's predicament must start with the political foundations of markets.

The Political Economy of Monetary Union

Francesco Giordano,Sharda Persaud
The Political Economy of Monetary Union Book PDF

Author : Francesco Giordano,Sharda Persaud
Publisher : Routledge
Page : 218 pages
File Size : 51,9 Mb
Release : 2013-10-18
Category : Business & Economics
ISBN : 9781136224164

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The Political Economy of Monetary Union by Francesco Giordano,Sharda Persaud Pdf

This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.

The Choice for Banking Union

Elena Ríos Camacho
The Choice for Banking Union Book PDF

Author : Elena Ríos Camacho
Publisher : Routledge
Page : 153 pages
File Size : 41,9 Mb
Release : 2021-12-30
Category : Political Science
ISBN : 9781000516500

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The Choice for Banking Union by Elena Ríos Camacho Pdf

This book explains why the European Union (EU) Member States – in response to the euro crisis – agreed to establish banking union, despite previous objections, and why they chose its hybrid institutional design. Analysing its establishment from 2012 to 2020, the book offers a comprehensive view of the preferences of the Member States and EU institutions, as well as of the negotiation dynamics and latest developments in the three pillars of banking union, namely, the Single Supervisory Mechanism, the Single Resolution Mechanism and the common backstop, and the European deposit insurance scheme. Furthermore, empirically, the book looks beyond the usual focus of the northern and southern coalition of states to underline the influence of powerful smaller Member States in the intergovernmental bargaining process. Adopting a range of theoretical perspectives, it questions the solidity of the northern versus southern camps and reveals distinctive and particular positioning from individual countries during the process. This book will be of key interest to scholars and students of European financial market regulation, European economic governance, EU institutions, European integration theory and EU politics more broadly.

The European Banking Union and Constitution

Stefan Grundmann,Hans-W Micklitz
The European Banking Union and Constitution Book PDF

Author : Stefan Grundmann,Hans-W Micklitz
Publisher : Bloomsbury Publishing
Page : 336 pages
File Size : 40,9 Mb
Release : 2019-01-24
Category : Law
ISBN : 9781509907571

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The European Banking Union and Constitution by Stefan Grundmann,Hans-W Micklitz Pdf

In 2012, at the height of the sovereign debt crisis, European decision makers pushed for developing an 'ever closer union' with the formation of a European Banking Union (BU). Although it provoked widespread debate, to date there has been no coherent discussion of the political and constitutional dimensions of the European Banking Union. This important new publication fills this gap. Drawing on the expertise of recognised experts in the field, it explores banking union from legal, economic and political perspectives. It takes a four-part approach. Firstly, it sets the scene by examining the constitutional foundations of banking union. Then in parts 2 and 3, it looks at the implications of banking union for European integration and for democracy. Finally it asks whether banking union might be more usefully regarded as a trade-off between integration and democracy. This is an important, timely and authoritative collection.

Completing a Genuine Economic and Monetary Union

Iain Begg
Completing a Genuine Economic and Monetary Union Book PDF

Author : Iain Begg
Publisher : Cambridge University Press
Page : 152 pages
File Size : 45,9 Mb
Release : 2023-02-23
Category : Business & Economics
ISBN : 9781108962063

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Completing a Genuine Economic and Monetary Union by Iain Begg Pdf

This Element examines efforts to strengthen Economic and Monetary Union in the European Union, especially over the last decade, asking if enough has been done to render it more sustainable and resilient. Drawing on a survey of 111 leading experts on the economics and politics of EMU, this Element reviews the wide-ranging reforms undertaken since the crises of the early 2010s and assesses whether they go far enough. Although it concludes that much has been done to push the euro towards being a more complete currency, it identifies remaining flaws and challenges which EU leaders need to resolve.

Politics and Finance in the European Union

Francesco Capriglione
Politics and Finance in the European Union Book PDF

Author : Francesco Capriglione
Publisher : CEDAM
Page : 293 pages
File Size : 46,6 Mb
Release : 2016-03-09
Category : Law
ISBN : 9788813360771

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Politics and Finance in the European Union by Francesco Capriglione Pdf

The recent financial and sovereign debt crisis, while turning the spotlight into the degenerating effects of modern-day capitalism, has engendered a series of hard-to-control events that are severely testing the stability of the European institutions. The adjustments, to date, have proved unable to adequately tackle the financial turmoil that is undermining the construction of the EU. Hence the need to identify the reasons behind this situation, which is accompanied by the failure to achieve an osmosis between the member countries of the Union. The objective to be pursued is clarifying the uncertainties and contradictions within Europe, for the purpose of addressing what many see as a “systemic crisis”.

European Economics and Politics in the Midst of the Crisis

Panagiotis E. Petrakis,Pantelis C. Kostis,Dionysis G. Valsamis
European Economics and Politics in the Midst of the Crisis Book PDF

Author : Panagiotis E. Petrakis,Pantelis C. Kostis,Dionysis G. Valsamis
Publisher : Springer Science & Business Media
Page : 260 pages
File Size : 48,6 Mb
Release : 2014-01-04
Category : Political Science
ISBN : 9783642413445

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European Economics and Politics in the Midst of the Crisis by Panagiotis E. Petrakis,Pantelis C. Kostis,Dionysis G. Valsamis Pdf

This book presents an overview of the economics and politics implemented in the European Union and especially the Eurozone during the crisis of 2008-2012. Although it focuses on these four years, the analysis starts from the establishment of the European Union and covers the period up to the outbreak of the Cypriot banking crisis in mid-2013. The long-term creation of structural changes in European economics and politics is associated with a growth lag within the global economic environment dynamics. The economic and political consequences of the crisis and the development of new institutions will shape the future growth dynamics towards a Fragmented European Federation.

Toward A Fiscal Union for the Euro Area

Céline Allard,Petya Koeva Brooks,Mr. John C Bluedorn,Fabian Bornhorst,Franziska Ohnsorge,Mrs. Katharine M Christopherson Puh
Toward A Fiscal Union for the Euro Area Book PDF

Author : Céline Allard,Petya Koeva Brooks,Mr. John C Bluedorn,Fabian Bornhorst,Franziska Ohnsorge,Mrs. Katharine M Christopherson Puh
Publisher : International Monetary Fund
Page : 28 pages
File Size : 40,8 Mb
Release : 2013-09-25
Category : Business & Economics
ISBN : 9781484325186

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Toward A Fiscal Union for the Euro Area by Céline Allard,Petya Koeva Brooks,Mr. John C Bluedorn,Fabian Bornhorst,Franziska Ohnsorge,Mrs. Katharine M Christopherson Puh Pdf

This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it will be important to put out staff views on this issue. In that context, publication as an SDN is appropriate, given the high profile nature and relevance of the topic—much like the Banking Union paper done a few months ago.