The Political Economy Of European Banking Union

Author : David Howarth,Lucia Quaglia
Publisher : Oxford University Press
Page : 256 pages
File Size : 42,8 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.

Author : David J. Howarth,Lucia Quaglia
Publisher : Unknown
Page : 266 pages
File Size : 46,8 Mb
Release : 2016
Category : Banking law
ISBN : 019179421X

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

The establishment of banking union represents a major development in European economic governance and European integration history more generally. This book is informed by two main empirical questions: 'Why banking union?' and 'Why this specific form of banking union?'

Author : Anonim
Publisher : Oxford University Press
Page : 389 pages
File Size : 49,5 Mb
Release : 2023-12-22
Category : Electronic
ISBN : 9780192846426

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European Political Economy: Theoretical Approaches and Policy Issues by Anonim Pdf

Author : Rachel A. Epstein
Publisher : Oxford University Press
Page : 256 pages
File Size : 46,5 Mb
Release : 2017-08-15
Category : Political Science
ISBN : 9780192538017

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Banking on Markets by Rachel A. Epstein Pdf

States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets. The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations. The central argument of this book, however, is that in the world's largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europe no longer wield preponderant influence over their banks. Banking on Markets explains why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility and policy autonomy. The findings in Europe have implications for other world regions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance. Through an investigation of foreign bank behavior in economic crises, the developmental consequences of political control over banks and the emergence of European Banking Union in the Eurozone, the book advances three main findings. First is that foreign bank ownership need not necessarily lead to economic vulnerability of host states. Second is that marketized bank-state ties do, however, limit pathways to catching up in the global economy. And third is that European Banking Union has strengthened the euro's credibility while cutting down substantially on Eurozone member states' economic policy discretion. This book details the intense political struggles that have underpinned all three outcomes. Co-Winner of the 2018 Ed A Hewett Book Prize awarded by the Association for Slavic, East European, and Eurasian Studies.

Author : David Howarth,Joachim Schild
Publisher : Routledge
Page : 260 pages
File Size : 40,8 Mb
Release : 2020-06-30
Category : Political Science
ISBN : 9781000061109

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The Difficult Construction of European Banking Union by David Howarth,Joachim Schild Pdf

The Difficult Construction of European Banking Union examines the political, legal and economic issues surrounding the lacunae and design faults of European Banking Union and its problematic operation. The volume brings together the work of sixteen scholars focused on the diverse debates surrounding the construction and operation of Banking Union (BU), and its necessary reform. BU represents one of the most important developments in European integration since the launch of Monetary Union. Furthermore, the design of the BU agreed between 2012 and 2014 was a messy compromise among EU member states. It is not surprising then that BU has sparked a lively academic debate and triggered an ever-growing number of publications from different disciplinary backgrounds. The first wave of academic work on BU focuses upon the economic rationale underpinning the supranationalisation of control over banking — regulation, supervision, support and resolution — and the political dynamics and legal issues that shaped the design of the Union agreed. This volume is located at the intersection of this first phase of academic research and a second stage which analyses the functioning of the different elements of BU. New research questions are triggered by the albeit limited empirical evidence on BU’s implementation and operation. Contributions to this second wave of research attempt to identify potentially dangerous lacunae and contribute to on-going reform debates. The Difficult Construction of European Banking Union will be of great interest to scholars of the European Union, Banking, Economic Governance, and Political Economy. Most of the chapters were originally published as three special issues in the Journal of Economic Policy Reform.

Author : Francesco Giordano,Sharda Persaud
Publisher : Routledge
Page : 218 pages
File Size : 47,5 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.

Author : Jonathan Story,Ingo Walter
Publisher : Manchester University Press
Page : 356 pages
File Size : 44,5 Mb
Release : 1997
Category : European Union countries
ISBN : 0719043131

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Political Economy of Financial Integration in Europe by Jonathan Story,Ingo Walter Pdf

This volume traces the political, financial and economic steps towards financial union in Europe, focusing on the political economy of the process - notably the dynamics of a Europe of sovereign states.

Author : Shawn Donnelly
Publisher : Routledge
Page : 202 pages
File Size : 53,6 Mb
Release : 2018-03-28
Category : Political Science
ISBN : 9781351332576

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Power Politics, Banking Union and EMU by Shawn Donnelly Pdf

This book examines the politics of Banking Union and EMU reform in the EU, and draws lessons for what it means for international politics, both in Europe, and for international relations more broadly. It demonstrates that most of the reforms in Europe to break free of the Eurozone and banking crises in which Europe continues to find itself focus on building up the capacities of national authorities rather than European ones. The result is that national authorities remain largely in control of the decisions and funds that are to be deployed to prevent economic disaster if a single EU bank fails. The likely outcome is an accelerated balkanization of the European market for the foreseeable future. The book also contends that power politics, and realism in particular, is a defining feature of European politics with coercion and enforced national responsibility at the demand of Germany; the dominant form of institution-building that established the responsible sovereignty model, and shut down the possibility of alternatives. In making this case, the book demonstrates that the dominant view in international relations, that power politics best explains the behaviour of states, also apply to the EU. This text will be of key interest to scholars and students of the Eurozone crisis, EU politics, economic policy, and more broadly to political economy, public policy and international relations.

Author : Lucia Quaglia
Publisher : OUP Oxford
Page : 208 pages
File Size : 42,8 Mb
Release : 2014-06-26
Category : Political Science
ISBN : 9780191512537

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The European Union and Global Financial Regulation by Lucia Quaglia Pdf

The European Union and Global Financial Regulation examines the influence of the European Union (EU) in regulating global finance, addressing several inter-related questions. Why does the EU 'upload' international financial regulation in some cases, 'download' it in other cases, and 'cross-load' either actively or passively in other instances? Has this changed over time, especially after the third stage of Economic and Monetary Union and the completion of the single financial market, or after the global financial crisis? Under what conditions is the EU more or less likely to upload, download or cross load rules? Through which mechanisms does this take place? Overall, does the EU act as a pace setter in regulating global finance, or is it mainly a follower? Why? The key explanatory variable used in this research is the concept of 'regulatory capacity', applied to the EU and the US, distinguishing between 'strong' and 'weak' regulatory capacity. The influence of the EU in global financial regulation depends on the combinations of EU and US regulatory capacities. When EU regulatory capacity is weak and US regulatory capacity is strong, the US will mainly upload its domestic rules internationally and/or actively cross load them to the EU, whereas the EU will mainly download international rules. When the EU regulatory capacity is strong and US regulatory capacity is weak, the EU is able to upload its rules internationally and/or actively cross load them to third countries. When the EU and the US regulatory capacities are weak, private sector governance prevails. When the EU and US regulatory capacities are strong, both jurisdictions seek to upload and cross load their domestic rules.

Author : Matthias Matthijs,Mark Blyth
Publisher : Oxford University Press
Page : 336 pages
File Size : 45,9 Mb
Release : 2015-03-03
Category : Political Science
ISBN : 9780190233259

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

In The Future of the Euro, a group of the world's top political economists analyze 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 emphasizing the primacy of political over economic factors. First, the original plan for the euro focused on monetary union, but omitted a financial and banking union, mutually supporting institutions of fiscal union and economic government, and a legitimate political union. Second, the euro's unfinished design led to economic divergence-quietly altering the existing distribution of economic and political power within Europe prior to the crisis-which in turn determined the EU's crisis response. The book highlights how the euro's four most important member states-Germany, France, Italy and Spain-each changed once they adopted the euro, why the crisis affected them so differently, and how each has since struggled to live with the commitments the euro necessitates. Third, the book examines three possible "euro futures" through the lens of the politics of its reluctant leader Germany; through the lens of the EU's capacity to move forward through crises; and through the geopolitical lens of the international monetary system. Any successful long-term solution to the euro's predicament will need to start with the political foundations of markets.

Author : Daniel Mertens,Professor of International Political Economy Daniel Mertens,Associate Professor of European Public Policy Matthias Thiemann,Matthias Thiemann,Peter Volberding
Publisher : Oxford University Press, USA
Page : 353 pages
File Size : 51,6 Mb
Release : 2021-02-09
Category : Business & Economics
ISBN : 9780198859703

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The Reinvention of Development Banking in the European Union by Daniel Mertens,Professor of International Political Economy Daniel Mertens,Associate Professor of European Public Policy Matthias Thiemann,Matthias Thiemann,Peter Volberding Pdf

National development banks (NDBs) have transformed from outdated relics of national industrial policy to central pillars of the European Union's economic project. This book explores why the EU has supported an increased role for NDBs, and how we might understand the dynamics between NDBs and European incentives and constraints.

Author : Krisztina Arató,Boglarka Koller,Anita Pelle
Publisher : Routledge
Page : 252 pages
File Size : 45,8 Mb
Release : 2021-06-30
Category : Political Science
ISBN : 9780429537004

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The Political Economy of the Eurozone in Central and Eastern Europe by Krisztina Arató,Boglarka Koller,Anita Pelle Pdf

The idea for this volume came from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question ‘why in, why out?’ remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010–13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amid the economic crisis caused by the coronavirus (COVID-19) pandemic. At the same time, the three Visegrad countries still using their national currencies – Poland, Czechia and Hungary – no longer have a target date to join the monetary union. This volume aims to discuss these issues from horizontal aspects and through country studies, with contributions from expert authors from, or closely related to, the CEE region.

Author : David Howarth,Joachim Schild
Publisher : Unknown
Page : 0 pages
File Size : 42,9 Mb
Release : 2020-04-07
Category : Banking law
ISBN : 0367896664

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The Difficult Construction of European Banking Union by David Howarth,Joachim Schild Pdf

The volume brings together the work of sixteen scholars focused on the diverse debates surrounding the construction and operation of Banking Union (BU), and its necessary reform. BU represents one of the most important developments in European integration since the launch of Monetary Union. Furthermore, the design of the BU agreed between 2012 and 2014 was a messy compromise among EU member states. It is not surprising then that BU has sparked a lively academic debate and triggered an ever-growing number of publications from different disciplinary backgrounds. The first wave of academic work on BU focuses upon the economic rationale underpinning the supranationalisation of control over banking -- regulation, supervision, support and resolution -- and the political dynamics and legal issues that shaped the design of the Union agreed. This volume is located at the intersection of this first phase of academic research and a second stage which analyses the functioning of the different elements of BU. New research questions are triggered by the albeit limited empirical evidence on BU's implementation and operation. Contributions to this second wave of research attempt to identify potentially dangerous lacunae and contribute to on-going reform debates. --

Author : Elena Ríos Camacho
Publisher : Routledge
Page : 153 pages
File Size : 52,8 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.

Author : Paul de Grauwe
Publisher : Oxford University Press
Page : 289 pages
File Size : 53,8 Mb
Release : 2016
Category : Monetary policy
ISBN : 9780198739876

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Economics of Monetary Union by Paul de Grauwe Pdf

Economics of Monetary Union provides concise analysis of theories and policies relating to monetary union. It addresses current issues surrounding the Eurozone, including; costs and benefits of possible exits by member countries, an analysis of the role of the ECB as new single supervisor and detail on the sovereign debt crisis.