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Purpose: Financial banking intermediaries are sensitive to changes in market interest rates. The volatility of market interest rates affects the level of bank net interest income and determines the bank interest rate policy. Banks are actively managing structural interest rate risks to mitigate the negative effects of changes in market interest rates. The post-crisis period is characterised by unconventional monetary policy, and one of the basic objectives of the monetary instrument is a negative interest rate policy. This paper researches the effects on the bank net interest income structure with an impact on bank performance indicators. The basic research hypothesis is that during the financial crisis and a negative interest rate policy, the movement of bank interest income does not converge compared to a bank interest expense. Methodology: According to the characteristics of the dataset, which includes 32 listed banks from Great Britain, Switzerland and the European Union for the period 2002-2019, panel data analysis is applied. To analyse the effect of the interest rate level on total interest income and total interest expense, we formed two models. Fixed-effects models were used for parameter estimation. Results: A bank interest expense is more sensitive to unconventional macroeconomic policy than bank interest income. Conclusion: The traditional interest earning customer related business can enable banks to stabilise the bank performance indicator during market disruption.

This book - which features a foreword by Jean-Claude Juncker, President of the European Commission, and a Preface by Professor Harold James (Princeton Unviersity) -examines the European vocation and achievements of Pierre Werner (1913–2002),former Prime Minister, Finance Minister and Foreign Minister of Luxembourg, unanimously recognized as one of the architects of the Economic and Monetary Union. The author makes extensive use of Pierre Werner's previously unpublished archives belonging to the Werner family, opened for the first time for research purposes. The book analyses the Werner Report, negotiations within the Werner Committee, the emergence of the Committee's views on EMU, their political commitment to a European currency, the similarities and differences between their ideas, their personal networks, the influence of the states they represented, their theoretical and methodological input and their contribution to the political consensus. Chapters shed new light on various aspects of the European integration process and also on the role of Luxembourg and its European policy. In addition, the author has carried out a series of original interviews with Luxembourg and European figures who share their memories and thoughts concerning Pierre Werner, his achievements and his views on the European integration process, and also other topics such as the Economic and Monetary Union and Luxembourg's European policy. This book will be of interest and value to researchers, EU policy makers and students in the fields of political economy, political science, economic history and history of economic thought.

Germany's vision of the European Union is decidedly not one of a "Britainless Europe." But the new coalition government in Berlin is faced with a dilemma. In the coming months Germany will have to continue devoting a great deal of its energ y to eurozone reform. Even with a limited approach, the German government will contribute to widening the gaps between the "ins" and "outs" of the Economic and Monetary Union. Berlin is therefore heading toward a choice that it would rather not make: between a more integrated eurozone and a wider Union in which all member states can find their places. This is a predicament that policy makers in Berlin are increasingly aware of. To avoid such a choice, Germany and Britain need to find common ground in the discussion of how the eurozone and the wider EU can be reconciled with one another.

Frontmatter -- Contents -- Tables and Figures -- Acknowledgments -- One. Introduction -- PART ONE: THE THEORY -- Two Actors' Interests, Policy Preferences, and the Demand for International Cooperation -- Three A Model of the Two-Level Game (Coauthored with B. Peter Rosendorff) -- Four Political Institutions and International Cooperation -- PART TWO: THE CASE STUDIES -- Introduction -- Five The Bretton Woods Monetary Agreement and the International Trade Organization, 1943-1950 -- Six The Anglo-American Oil Agreement and the International Civil Aviation Agreement, 1943-1947 -- Seven The European Coal and Steel Community and the European Defense Community, 1950-1954 -- Eight The North American Free Trade Agreement and the Maastricht Treaty on European Monetary Union, 1989-1993 -- PART THREE: CONCLUSIONS -- Nine Conclusions -- Appendix (Coauthored with B. Peter Rosendorff) -- Bibliography -- Index

AbstractThe sustainability of European EMU (economic and monetary union) remains an important issue in light of existing plans for enlargement. This article conducts an endogeneity analysis of output synchronization, based on panel data estimation from 1994 to 2013, for different country‐groups, including core, periphery, central and eastern European countries, northern European countries and the prospective candidate countries, which are expected to adopt the euro over the coming years. The quantification of trade‐related and direct spillover channels associated with monetary integration provides insight into the relative importance of direct and indirect synchronization gains arising from EMU membership. The use of amplitude and concordance measures of synchronization and a range of estimators enhances robustness. Important endogeneity implications emerge from our analysis.

This paper contrasts the United States (US) and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of both monetary and fiscal authorities. Muted fiscal policy actions may well be a consequence of the Stability and Growth Pact despite its having been de facto suspended. While the European Central Bank (ECB) intervened promptly and massively to attempt to maintain liquidity in the money market, it has been slow in dealing with the upcoming recession. The concluding remarks consider the differences that the monetary union has made and their relevance.

Since the collapse of the Bretton Woods Global International System in 1971, the world economy has experienced significant currency volatility. The major economies of the world have addressed such volatility differently. The EU has chosen to follow a monetary union and introduced successfully a new currency. The U.S. has paid less attention to the fluctuations of the dollar and has pursued an independent monetary policy to promote national economic stability. Japan has seen its currency appreciate significantly. This paper argues that while trade and growth across the globe are doing well, financial developments are intensifying the competition between the U.S. dollar and the euro. Three possible future scenarios are developed and discussed. ; peer-reviewed

In the European Monetary Union (EMU) development of unit-labour costs and inflation rates differs substantially among regions. This shows that the different wage determination models in the EMU did not converge to create a EMU-wide coherent wage bargaining system. The result are huge regional imbalances. Germany the biggest economy and the country with the lowest increase in unit-labour costs in EMU already realises big and increasing current account surpluses against other EMU countries. Spain, Italy or Portugal suffer from big current account deficits. The financial power of the European centre is too limited to prevent increasing regional problems. What is needed in Europe is a deeper institutional and political integration to combine functional monetary, fiscal, wage and regional policies.

Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort

Summary
The paper looks back on the historical role of money. It starts by commenting on the different perceptions of money and a monetary economy by economists and noneconomists. Later on special emphasis is given to the most important functions and the different kinds of money in history. Furthermore there is a short review on the money creation process as well as on the effects of money on the real sector in the economy, sometimes stimulating production and employment and sometimes generating inflation. The paper finally links the historical monetary experiences to two recent disturbing monetary developments: the 2008 worldwide crisis of the banking and financial industries on the one hand and the actual and potential solvency crisis of Euro-area countries. It concludes with some remarks on the feasability of a monetary union between countries with different levels of and different attitudes to public debt.

Authors analyzed the effectiveness of monetary regulation of inflation in Europe. Analysis of the objectives of monetary policy in Ukraine testified priority of ensuring stability of the exchange rate in comparison with other purposes. Since the introduction of Ukrainian hryvnia monetary policy was aimed at ensuring the stability of its rate. As the observance of low and stable inflation is an essential Maastricht criteria countries of the European Union were chosen as the basis for retrospective analysis of monetary inflation regulation. The dynamics of inflation in 1999-2014 and the practice of using the basic monetary tools in the EU were analyzed. These tools are key interest rates of the central bank, open market operations and banks' refinancing. The volumes and rates for refinancing loans in the European Union, the impact of official interest rates on credit and deposit rates were studied. It was empirically confirmed that the interest rate policy of the central banks has a decisive influence on price stability in developed European countries. The reasons of low efficiency of monetary policy for inflation regulation in Ukraine are found. These reasons are high dollarization of domestic economy, huge shadow economy, high speculative demand for foreign exchange resources and limited resource capabilities of the NBU ; В данной статье авторами проведен анализ эффективности монетарного регулирования инфляции в странах Европы. Анализ целей денежно-кредитной политики в Украине показал приоритетность обеспечения стабильности валютного курса по сравнению с другими целями. Начиная с момента введения в Украине гривны, монетарная политика была направлена на обеспечение стабильности ее курса, в то время как инфляция демонстрировала значительные колебания. Поскольку соблюдение стабильно низкого уровня инфляции является одним из важнейших Маастрихтских критериев, в качестве базы для ретроспективного анализа монетарного регулирования инфляции избраны страны Европейского союза. Исследована динамика инфляции за 1999-2014 гг. и практика использования основных инструментов денежно-кредитной политики в странах Европейского союза. Такими инструментами определены ключевые процентные ставки центрального банка, операции на открытом рынке и рефинансирование банков. Исследованы объемы и стоимость кредитов рефинансирования в Европейском союзе, влияние официальных процентных ставок на банковские ставки по кредитам и депозитам. Эмпирически подтверждено, что в развитых странах Европы процентная политика центральных банков имеет определяющее влияние на ценовую стабильность. Обоснованно причины низкой эффективности монетарной политики для инфляционного регулирования в Украине. Такими причинами являются высокий уровень долларизации и тенизации экономики, высокий спекулятивный спрос на валютные ресурсы и ограниченные ресурсные возможности НБУ ; В даній статті авторами проведено аналіз ефективності монетарного регулювання інфляції в країнах Європи. Аналіз цілей грошово-кредитної політики в Україні засвідчив пріоритетність забезпечення стабільності валютного курсу порівняно з іншими цілями. Починаючи з самого моменту запровадження в Україні гривні, монетарна політика спрямовувалася на забезпечення стабільності її курсу, у той час як інфляція демонструвала значні коливання. Оскільки дотримання стабільно низького рівня інфляції є одним з найважливіших Маастрихтських критеріїв, в якості бази для ретроспективного аналізу монетарного регулювання інфляції обрано країни Європейського союзу. Досліджено динаміку інфляції за 1999-2014 рр. та практику використання основних інструментів грошово-кредитної політики в країнах Європейського союзу. Такими інструментами визначено ключові процентні ставки центрального банку, операції на відкритому ринку та рефінансування банків. Досліджено обсяги та вартість кредитів рефінансування в Європейському союзі, вплив офіційних процентних ставок на банківські ставки по кредитам та депозитам. Емпірично підтверджено, що в розвинених країнах Європи процентна політика центральних банків має визначальний вплив на цінову стабільність. Обґрунтовано причини низької ефективності монетарної політики для інфляційного регулювання в Україні. Такими причинами визначено високий рівень доларизації та тінізації економіки, високий спекулятивний попит на валютні ресурси та обмежені ресурсні можливості НБУ.

This book investigates the new challenges confronted by the EU as an international actor within the context of recent economic and political developments, with particular attention to common foreign and security policies; the appraisal of development-aid policies; EU sanctions in the post-Soviet space, as harder instruments complementing the toolbox of the EU "soft power" polity; preferential trade agreements as a key element of EU external trade policy; external relations of the EU; international aspects of the monetary policy of the ECB in the context of the financial and sovereign debt crisis; massive capital flows and the boom-bust cycle in the emerging Europe; and the macroeconomic modelling of the relationship between the EU and the rest of the world.Thoroughly up-to-date, the contributions to this volume offer analyses of recent, tense global events, including EU responses to the uprising in Arab countries and the Ukrainian conflict.The book concludes with the proposal of a unique macroeconomic model in which the EU is conceptualised as constituting a block "against" the rest of the world, but also a two country model in itself, made up of Eurozone and non-Eurozone members

Abstract
In this paper, I examine the support of German businesses—especially exporters—for the Economic and Monetary Union before 1999. I argue that the support of the German export sector for the EMU depends crucially on its implications for export competitiveness. If exporters conclude that the EMU will improve their competitive position, they will likely support monetary integration. In contrast, other business actors should be more skeptical about the prospects of a European currency union. I therefore expect that the major export enterprises will use their dominant position in the business community to assert their interests. The empirical analysis is based on enterprise surveys and a detailed qualitative study of the role of export interests in Germany's peak industrial association. I close by discussing how my results provide important insights for various scholarly debates, including the debate on Germany's role in the Eurozone.