Suchergebnisse

The Retransformation of Europe / D. Chalmers, M. Jachtenfuchs & C. Joerges -- The Costs of Non-Disintegration : The Case of the European Monetary Union / F. Scharpf -- Sharing the Eurocrat's Dream : A Demoicratic Approach to EMU Governance in the Post-Crisis Era / K. Nicolaïdis & M. Watson -- Neumark vindicated : The three patterns of Europeanisation of national tax systems and the future of the Social and Democratic Rechtsstaat / A. Menéndez -- What Europe does to citizenship / C. Colliot-Thélène -- Silencing the Eurocrats in Public Crisis Politics / P. de Wilde -- Conflict-minimizing integration : How the EU achieves massive integration despite massive protest / P. Genschel and M. Jachtenfuchs -- An Unholy Trinity of EU Presidents? : The Political Accountability of Post-Crisis EU Executive Power / M. Bovens & D. Curtin -- The Limits of Collective Action and Collective Leadership / G. Majone -- Europe's Legitimacy Problem and the Courts / D. Grimm -- Crisis Reconfiguration of the European Constitutional State / D. Chalmers -- Integration through Law and the Crisis of Law in Europe's Emergency / C. Joerges.

The 2008 financial crisis is arguably the most dramatic outcome of globalization. International economic integration, if unregulated, can bring about huge inequalities and the destruction of the environment. This thought-provoking book illustrates why the 'old' international order is unable to provide crucial global public goods such as monetary and financial stability in the fight against mass poverty and climate change. -- The expert authors provide an in-depth analysis of the causes of the financial crisis and the political economy measures required to build a safer and more stable international order. They show how the financial crisis is deeply rooted in the flaws of the dollar standard and explain why the dollar and globalization should be considered together to understand the present challenges. By way of conclusion, the authors propose the creation of a 'World Eco-Monetary Union' with the power to regulate the global economy and to promote sustainable development. -- The new macroeconomic approach presented contributes to the development of a more comprehensive supranational political economy. As such, this challenging book will prove a stimulating read for academics, researchers and students with an interest in economics, heterodox economics, and international economics.

The present paper first takes a step backwards with an attempt to situate the adoption of this Treaty in discussion of the SGP and the "Maastricht criteria" (the criteria for EMU membership fixed in the Maastricht Treaty) in a longer perspective of the sharing of competences for macroeconomic policy making within the EU from the initial Treaty to the Maastricht Treaty and the Stability and Growth Pact (SGP). It then presents the main features of the Fiscal Treaty and its relation to the SGP and draws some conclusions as regards the importance and relevance of this new step in the process of economic policy coordination. It concludes that the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union does not seem to offer a definitive solution to the problem of finding the appropriate budgetary-monetary policy mix in the EMU already well identified in the Delors report in 1989 and regularly emphasised ever since and now seriously aggravated due to the Crisis. Furthermore, the implementation of this Treaty may under certain circumstances contribute to an increase in the uncertainties as regards the distribution of the competences between the European Parliament and national parliaments and between the former and the Commission and the Council.

This paper examines the extent to which economic crises facilitate the development of more effective regional institutions and whether such institutions can shield regions from crises. It compares six regional economic crises over the last four decades and the institution building—or decay—that followed. The analysis concludes that five conditions are especially important in generating a constructive regional response: (i) a significant degree of regional economic interdependence; (ii) an independent secretariat or intergovernmental body charged with cooperation; (iii) webs of interlocking economic agreements; and, as elements of the multilateral context, (iv) conflict with the relevant international organization (such as the International Monetary Fund [IMF]); and (v) the support of the United States. The paper then reviews three episodes of crises in Europe, concluding that the Economic and Monetary Union (EMU) has deflected balance of payments and currency crises but not crises of other types, such as sovereign debt crises. Asian regionalism would be well served by heads of government taking the lead and delegating tasks to intergovernmental networks and secretariats, central banks and finance ministries retaining substantial collective autonomy in their fields of responsibility, and the use of concentric circles to accommodate countries with different levels of commitment to regionalism.

Books reviewed:Bhagwati, Jagdish. The Winds of the Hundred DaysCostanza, Robert, John Cumberland, Herman Daly, Robert Goodland und Richard Norgaard. Einführung in die Ökologische ÖkonomikFogel, Robert William. The Fourth Great Awakening and the Future of EgalitarianismFrey, Bruno S. Inspiring EconomicsFrey, Bruno S. und Margit Osterloh (Hrsg.) Managing MotivationGandolfo, Giancarlo. International Finance and Open‐Economy MacroeconomicsGerschlager, Caroline und Ina Paul‐Horn (Hrsg.) Gestaltung des GeldesGibson, Heather D. (ed.) Economic Transformation, Democratization and the Integration into the European UnionHenneberger, Fred, Stefan Graf und Matthias Vocke. Globalisierung und ArbeitsmarktHoffmann, Lutz and Felicitas Moellers (eds.) Ukraine on the Road to EuropeHowarth, David, J. The French Road to European Monetary UnionHunya, Gabor (ed.) Integration Through Foreign Direct InvestmentKiesewetter, Hubert. Region und Industrie in Europa 1815–1995Kleinert, Jörn und Henning Klodt. Megafusionen — Trends, Ursachen und ImplikationenKolodko, Grzegorz W. Post‐Communist Transition: The Thorny RoadNooteboom, Bart. Learning and Innovation in Organizations and EconomiesPsalidopoulos, Michalis (ed.) The Canon in the History of EconomicsRiphan, Regina T., Dennis J. Snower and Klaus F. Zimmermann (eds.) Employment Policy in TransitionRochon, Louis‐Philippe and Matias Vernengo (eds.) Credit, Interest Rates and the Open EconomySacconi, Lorenzo. The Social Contract of the FirmSen, Amartya. Ökonomie für den MenschenSieberg, Katri K. Criminal DilemmasVives, Xavier. Oligopoly PricingWelfens, Paul J. J. European Monetary Union and Exchange Rate Dynamics

Greece was the first European Monetary Union (EMU) country to sign a Memorandum of Economic and Financial Policies (MEFP) with the European Commission (EC) and the European Central Bank (ECB) in order to secure financial assistance and prevent a total collapse of its economy following the severe international economic crisis. The MEFP (2010) and the more detailed Memorandum of Understanding on Specific Economic Policy Conditionality (SEPC) (2010) offered elaborate steps of structural reforms that have affected all public services in Greece. The lack of major results and the stickiness of the 'Greek problem' have made Greece a unique case study for evaluating both the recipe of the international lenders and the domestic capacity for reform. A historical institutionalist approach and the concept of 'policy paradigm' are combined here in order to evaluate what the conditions for a major administrative reform in time of crisis are. The article focuses on the specific attempt to reform public administration during the Papandreou government in order to analyse the importance of both time and type of change in the success of a major reform programme. Adapted from the source document.

This paper examines business cycle synchronization in the European Monetary Union with a special focus on the core-periphery pattern in the aftermath of the crisis. Using a quarterly index for business cycle synchronization by Cerqueira (2013), our panel data estimates suggest that it is countries belonging to the core that are faced with increased synchronization among themselves after 2007Q4, whereas peripheral countries decreased synchronization with regards to the core, non-EMU countries and among themselves. Correlation coefficients and nonparametric local polynomial regressions corroborate these findings. The usual focus on co-movements and correlations might be misleading, however, since we also find large differences in the amplitude of national cycles. A strong common cycle can thus lead to large differences in cyclical positions even if national cycles are strongly correlated. ; Dieser Beitrag analysiert die Synchronisierung der Konjunkturzyklen in der Europäischen Währungsunion (EWU) mit Fokus auf das Kern-Peripherie Paradigma seit Ausbruch der globalen Finanzkrise. Eine hohe Korrelation der Konjunkturzyklen innerhalb einer Währungsunion ist wünschenswert, unter anderem um die Stabilisierungsfunktion der Geldpolitik zu erleichtern. Auf Basis eines vierteljährlichen Korrelationsindex von Cerqueira (2013) zeigen unsere Panelschätzungen, dass sich die Korrelation der Konjunkturzyklen innerhalb der Kernländer seit 2007Q4 erhöht hat. Im selben Beobachtungszeitraum hat die Synchronisierung der Konjunkturzyklen der Peripherieländer sowohl untereinander als auch im Vergleich zu anderen Referenzgruppen (Kern-, EWU- als auch nicht-EWU-Länder) jedoch abgenommen. Korrelationskoeffizienten sowie nichtparametrische Schätzungen bestätigen diese Ergebnisse. Neben der abnehmenden Synchronisierung finden wir große Unterschiede in den Amplituden der nationalen Konjunkturzyklen, welche die Durchführung der gemeinsamen Geldpolitik erschweren.

This article explores the economic policies developed by the Spanish socialist government from 1982 to 1996, particularly with an eye on the impact the process of European integration had on them. The introduction of stable macroeconomic policies, in the form of high interest rates, is traced to the interaction of three factors. First, an increasingly internationalized economy, reinforced by the European single market & monetary union projects, forced the Spanish government to fight against inflation & deprived it of the possibility of using currency depreciations. Secondly, a radical & fragmented union movement made it impossible for the Gonzalez cabinet to rely on stable corporatist pacts to achieve wage moderation. Finally, intense pressure to build a welfare state & miscalculations about the direction of the economic cycle led to loose fiscal policies that had to be compensated with tight money measures. To compensate for its incapacity to establish a social democratic corporatist regime, the PSOE engaged in an active industrial policy geared to a restructuring of the publicly owned enterprises, expanded the Spanish public stock of human & physical capital, & increased social spending to compensate the unemployed & the losers of the transformation of the Spanish economy. 1 Table, 3 Figures, 6 References. Adapted from the source document.

International audience ; This introductory essay briefly summarizes the 11 empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network.

Europe has responded to the crisis with strengthened budgetary and macroeconomic surveillance, the creation of the European Stability Mechanism, liquidity provisioning by resilient economies and the European Central Bank and a process towards a banking union. However, a monetary union requires some form of budget for fiscal stabilisation in case of shocks, and as a backstop to the banking union. This paper compares four quantitatively different schemes of fiscal stabilisation and proposes a new scheme based on GDP-indexed bonds. The options considered are: (i) A federal budget with unemployment and corporate taxes shifted to euro-area level; (ii) a support scheme based on deviations from potential output;(iii) an insurance scheme via which governments would issue bonds indexed to GDP, and (iv) a scheme in which access to jointly guaranteed borrowing is combined with gradual withdrawal of fiscal sovereignty. Our comparison is based on strong assumptions. We carry out a preliminary, limited simulation of how the debt-to-GDP ratio would have developed between 2008-14 under the four schemes for Greece, Ireland, Portugal, Spain and an 'average' country.The schemes have varying implications in each case for debt sustainability.

Summary
The financial and guarantee aids within the European Financial Stabilisation Mechanism suspend the Stability and Growth Pact as the basis of the European Economic and Monetary Union. The actual 'suspension' from the 'no bail-out' restriction (Art. 125 TFEU) and the prohibition of funding national debts (Art. 123 TFEU) transfers risks and financial burdens from deeply indebted states to solvent EU member states. This is the beginning of an unauthorized 'transfer union'.
This analysis does not display any evidence of market failure with respect to a potential domino effect for other EU member states. In addition, a destabilizing speculation cannot be identified. The case 'Greece' is rather a special case which has become a common model for other member states, caused by the Council of the European Union and the aid packages. Speculations build a part of the observable market reactions apart from pure hedging, but they simply indicate political system errors.
The interventions by the European Central Bank do not lead to functioning markets. These interventions rather lead to yield structures that are inadequate in terms of risks and scarcity. Therefore they will cause a misallocation of financial resources with high economic costs.