Introduction Part I: Europe and the financial crisis: general issues: The Regulation Of The European Financial Market After The Crisis The monetary policy response to the financial crisis in the Euro area and in the United States: a comparison Real divergence across Europe and the limits of the EMU macroeconomic governance The euro in the international monetary system after the global financial and economic crisis and after the European public debt crisis. Europe in crisis: more political integration in the eurozone is the solution. Economic Crisis and Industrial Policy in the Union: the need for a long-term vision of industrial development Part II: the impact of the financial crisis on single european countries: The UK and the Euro in the aftermath of the global financial crisis The Greek debt crisis: Causes, policy responses and consequences from miracle to crash. he impact of the global financial crisis on Spain France: Steering out of crisis? The Effects of the Financial Crisis on the Italian and USA Labour Markets Reaching Out in a Time of Crisis How External Anchors Assist South Eastern Europe Russia in crisis: Implications for Europe Conclusion
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Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.
The financial crisis has opened up a global debate on the taxation of the financial sector. A number of international policy initiatives, most notably by the G20, have called for major changes in the tax treatment of financial institutions and transactions as well as individuals working in the financial sector. This book examines how tax policies contributed to the financial crisis and whether taxation can play a role in the reform efforts under way to establish a sounder and safer financial system. The book looks at the pros and cons of various tax initiatives, including limiting the tax advantages to debt financing, special taxes on the financial sector and financial transactions taxes.
The relation between demand and supply at the world markets has to be balanced involving their mutual concordance with the amount of money. Although, there should be more money and loans than there are international trade and services which guarantees sustainable growth without recessions, depressions and crises. Aberrations from such basic market laws cause recession. Present recession is the consequence of long lasting violation of basic economic law. Banking, finance, marketing and stock markets are out of control trying to satisfy corporate and political desires. Loans were given which contributed to excessive demand. Technological development provided large series of products. The economy volume was not in compliance with market laws. Marketing asked for greater consumption. Distribution of material goods was not equal, so the buying power of undeveloped countries stayed at the relatively low level. Therefore, growth rate of world economy fell. Danger of crash of investment banks and stock markets after violating economic relations is not doubtful. Domicile countries of big banking and economy systems are trying to protect them by investing from their own sources. And the consequences of current recession are poor globalization process led by rich countries and stoppage of economical growth of poor Asian and African countries. Consequences of world financial crisis will not leave out banks from Bosnia and Herzegovina. Even though banks from Bosnia and Herzegovina are still not in the credit system of world banks, which would be an additional burden to the current crisis, it will reflect indirectly small countries as well as Bosnia and Herzegovina. ; ????? ?????? ? ???????? ?? ????????? ????????? ???? ???? ???????????, ????????????????? ?? ?? ? ?????? ????????? ????????? ?? ????????? ?????. ????? ? ??????? ?? ??????? ???? ????? ???? ?? ?????? ??????????? ???????? ???? ? ?????? ???? ?? ????????? ??????? ?????? ??? ????????, ????????? ? ?????. ????????? ?? ??????? ???????? ???????? ?????? ??????? ????????. ??????? ???????? ????????? ?? ???????????? ?????? ???????? ?????????? ??????. ??????????, ?????????, ????? ? ????????? ????? ?? ?? ???????? ? ???????????? ?????????????? ? ?????????? ??????????. ?????????? ?? ??????? ???? ?? ???????? ???????? "???????????". ?????????? ???????? ?? ???????? ?? ?? ????????? ???????? ? ??????? ????????. ????????? ????? ???? ???? ? ??????????? ?? ???????? ????????. ????????? ?? ?????? ??? ???? ????????. ?????????? ???????????? ?????????? ???? ???? ???????????, ?? ?? ??????? ??? ???????????? ?????? ?????? ?? ?????? ?????. ????? ?? ????? ????? ???????? ????????? ????. ???????? ??, ????? ?????????? ?????????? ??????, ???????? ???????????? ????? ? ????? ???? ??????????. ????????? ?????? ??????? ?????????? ? ?????????? ??????? ?????????? ?? ?? ??????? ???????? ????????? ?? ????????? ??????. ???????? ?????? ????????????? ?? ?????? ??????? ?????? ? ??????????? ?????????? ??????? ?????????? ???????? ? ???????? ?????? ???????? ????????? ??????? ????????. ????????? ???????? ??????????? ????? ???? ???????? ?? ?????? ????? ????? ? ???????????. ???? ????? ????? ? ??????????? ???? ???? ? ???????? ????????? ????????? ?????? ???? ?? ?? ???????????? ???????? ?????? ?????, ???? ?? ??? ????? ?????????? ????? ?? ???? ?????, ?? ? ????? ? ???????????.
Fiscal constraint is potentially lax in catching-up economies, but it has not been abused by most countries considered in this paper. Fiscal risks are significant currently, but sustainability and structural balances are not threatened as a rule, if the return to potential growth rates is to be achieved in the medium run. The risks to countercyclical public financing could be discouraged by a comprehensive EU stabilization policy of some sort. Early euro adoption, absent credible stabilization policy, is not the first best policy option for fiscal policy targets.