Suchergebnisse

It is often maintained that the euro debt crisis showed that the Economic and Monetary Union (EMU) was not sustainable without more fiscal integration. However, important causes of the crisis were extraordinary and are highly unlikely to occur again. While the legacy problems of the crisis have been grave, they can be deemed temporary. Therefore, these problems should be combated pragmatically, but with temporary instruments only. A systematic analysis shows that the root causes have been tackled with a wide variety of reforms, both to the EMU itself and by way of structural reforms of the member states. In particular, evidence is presented that the adjustment capacities of the EMU countries are better than commonly recognised. Additional reforms are suggested, especially in the financial sector. With these reforms in place, future crises would have less serious effects. A reformed EMU should be able to withstand such crises without further fiscal integration.

AbstractWhat happens when a breakdown in relations results in mutually possessed objectives becoming harder to achieve? This article explores the consequences of the UK's withdrawal from the EU for intellectual property (IP) law and policy. Compared with other fields such as Economic and Monetary Union and the development of the EU's 'social chapter', the UK has been a supportive and proactive player in internal market integration, particularly pertaining to IP protection. As a result of 'Brexit', the EU may find that the impetus for further harmonization and integration in this field is lost, such as with the EU unitary patent. However, the consequences for the UK are likely to be more severe – a loss of influence, both over laws that govern it and in exporting IP norms internationally, as well as a loss of access to certain protections, agencies and market sectors that are within the UK's economic interests.

This article argues that the integration of financial assistance capacity in the eurozone, which was meant to remedy institutional shortcomings and mitigate the distributional implications of financial support in the European Monetary Union (EMU), has instead contributed to a deepening of the existing political cleavages and the creation of new ones. This dysfunctional effect reflects the empowerment ofsomenational parliaments in decisions on financial assistance. These arguments are tested against the empirical examination of the negotiations of the three adjustment programmes for Greece. Specifically, the article shows that negotiations moved towards the radicalization of creditors' positions and increased divisions between creditors in conjunction with the development of financial assistance capacity. While advancing its theses, the article strikes a note of caution regarding the argument that the empowerment of national parliaments in EU policymaking is one of the most powerful antidotes to its legitimacy deficit and thus a safeguard for the integration project.

Abstract
The Euro Area (Eurozone, or EZ) is navigating uncharted waters; it has started, in slow motion, to slide towards a fiscal federation, while still lacking both the fiscal capacity and the democratic qualification to achieve this goal. Strengthening the EMU's democratic profile is a fundamental requirement for the sustainability of the EMU as much as its completion with a fiscal and economic arm. Yet, according to the Five Presidents Report released in 2015, no substantial progress is expected to be achieved before 2025. Against this background, this paper is structured in two parts. The first part analyses the most recent trends in the Governance of the Eurozone. The second part discusses whether a transition from governance to government of the Monetary Union is both feasible and effective, advancing a new proposal -a Joint Budgetary Procedure-tailored to strengthen the European Semester with stronger incentive mechanisms, greater reach and stronger governance.

AbstractThe European responses to the financial and public debt crisis have triggered a process of administrative reorganisation and growth in the governance of the internal market in financial services and economic and monetary union. Such a process is characterised by four main tensions, referring respectively to: the powers conferred on the satellite administrative bodies established in order to tackle the crisis; the jurisdictions of the new administrations; the degree of centralisation which is sought within the new mechanisms for the implementation of EU laws and policies; and to the accountability mechanisms. The effects of such tensions are deeply ambivalent. On the one hand, they might operate as 'fault lines' within the EU administrative machinery. On the other hand, by pointing to a host of unsolved issues in EU administrative law, they provide an opportunity for opening a genuine institutional and scientific discussion on the ways in which the EU administrative system should be adjusted or reformed.

Die aktuell verbreitet niedrigen Zinsen mindern die Belastung durch die öffentliche Kreditaufnahme. Doch wird sich die Schuldenstandsquote EU-weit in Richtung auf das Maastricht-Kriterium von 60% des Bruttoinlandsprodukts zubewegen? Der Autor zeigt anhand modellhafter Betrachtungen, dass der Schuldenabbau über die Schuldenkrise in Griechenland hinaus für die gesamte Eurozone eine Aufgabe bleibt. ; Huge parts of the yield curve in several countries of the European Monetary Union entered negative territory after the European Central Bank started its Public Sector Purchase Programme (PSPP) in March 2015. The implicit interest rate for public deficits therefore has reached new lows after years of yield reductions. This paper will show that even such a favourable yield environment will not lead to a sustainable reduction of debt-to-GDP ratios and that it takes more than just low or negative yields to bring these ratios back in line with the Maastricht level of 60 per cent. This will be even more apparent when long-term yields head back to normal, driving the real rate of interest above the real rate of growth.

In a series of decisions the Federal Constitutional Court has emphasized that the German Bundestag as the only constitutional body with immediate democratic legitimization in all matters -- i.e. on a national, supranational and international level -- has to be the central place of debate and decision. The parliament's broad rights and duties extend beyond its function of parliamentary scrutiny and its legislative function. Especially in connection with the European integration process and the monetary union, the Federal Constitutional Court has strengthened the rights of the Bundestag to participate and to decide in terms of an overall directive function. In connection with these rights, the parliament's responsibilities have thus grown broader. The Federal Constitutional Court draws a classical and at the same time a modern picture of the Bundestag as the central constitutional body. However, the Bundestag in its actions and decisions is subject to scrutiny by the Court. Adapted from the source document.

As the euro is on its second decade, the European sovereign debt crisis and
the ever more evident disparities in competitiveness among member states are
prompting many to question whether monetary union is bringing more benefits
than costs. The optimum currency area (OCA) theory provides a framework with
several criteria for such analysis. In such context, we start by a
descriptive analysis of the first twelve euro countries under six criteria,
leading to a mixed conclusion on whether the EMU is closer or farther to
fulfil them. Then we assess the impact of five OCA criteria on countries?
relative competitiveness. Differences in the growth of unit labour costs,
the dissimilarity of trade and the differences in output growth were found
to be the most significant. This way, we identify some causes of the
divergent competitiveness between some EMU countries that contributed to
weaker economic growth in some of them.

The member states of the Gulf Cooperation Council (GCC) are moving towards launching a single currency by January 2010, an advanced step towards monetary union. These countries are characterized with a great degree of similarities whether political, economic, or social. This provides an advantage many regional economic groups lack. A single currency setting, as advocated in the literature, requires fulfillment of many conditions and requirements to assert its feasibility, desirability and durability. The SWOT methodology utilized in this paper presents a list of activities that must be thought of carefully before and after the year 2010, when the single currency is planned to circulate. Time is approaching fast, thus, GCC states should take serious steps in the remaining few years. The paper identifies very important issues that must be investigated and settled ahead of launching the common currency; among them the urgent need to establish super-national institutions and pooling legislations and economic environment.

In May 1998, the Council, meeting in the composition of Heads of State or Government, unanimously decided, in accordance with Article 121(2) EC, that eleven Member States fulfilled the necessary conditions to move towards the third and final stage of economic and monetary union (EMU) with the adoption of the single currency on 1 January 1999. This article will discuss the legal position of the Member States which did not initially progress to the third stage of EMU, in particular, the opt-outs exercised by the United Kingdom (UK) and Denmark. There follows an analysis of the extent of the UK and Danish opt-outs and the derogation which exists in relation to Sweden (and previously Greece) together with the role of these Member States in the new institutional framework as in operation from 1 January 1999. The current political discussions on the Euro taking place within the UK and Denmark will be highlighted.

Die Literatur über Finanzmarktliberalisierung konzentriert sich vorwiegend auf staatliche Aktivität hinsichtlich der Verteilung bevorzugter Kredite. Dieser Artikel beschäftigt sich mit der staatlichen Bemühung um entstehende Aktienmärkte und fragt, weshalb ein Staat einen Markt schaffen und fördern sollte, der sich durch hohe Transaktionskosten, geringe potentielle Rückflüsse und unwillige Unternehmen auszeichnet. Es wird der Fall der Westafrikanischen Börse untersucht und vorgeschlagen, sie sei von der Zentralbank der Westafrikanischen Währungsunion geschaffen worden, um zwischen dieser Region und der Weltwirtschaft zu vermitteln. Es wird behauptet, dass Staat und heimische Märkte sich in bestimmten Fällen der Gründung einer Börse eher ergänzen als rivalisieren. Ausserdem weisen Börsen in Entwicklungsländern ein anderes Beziehungsgeflecht zwischen Staaten, öffentlichen und privaten Kreditvergabeinstitutionen und Marktteilnehmern auf als ihre Gegenstücke in Industrieländern. Dies bedeutet zukünftigen Forschungsbedarf in diesem Bereich. (SWP-Jns)

Considers the aims of the "founding fathers" of the European Community in creating a free trade area based on the notion that "If the goods cross the frontiers, the armies won't". Looks at the likely impact of monetary union and argues that a single currency, with the consequent removal of floating exchange rates, will have the opposite effect, being seen as unfair and giving rise to friction and disunity within the EU. Digital money is seen as a medium of exchange allowing a more fair distribution throughout the economy but has yet to prove that it will successfully facilitate floating exchange rates. A more equitable solution, it is suggested, is that local government units have the power to issue and control their own local currencies to stimulate local trade. This would have the advantage of giving local people the power to buy and sell, stimulating economic growth particularly in disadvantaged areas.

The authors suggest a multi-layered system of three convergence criteria – similar to those used in the run-up to the European monetary union – that define the notion of "demonstrable progress" towards reaching the emission commitments under the Kyoto Protocol. These are the existence of an independently evaluated national emissions inventory, the level of domestic policies and measures, and the quantitative convergence of emissions towards the Kyoto target. While the first of these criteria constitutes a necessary condition for participation in the use of flexible instruments, the other two determine the degree of participation allowed for any given Annex I country. ; Wir schlagen - analog zur Bestimmung der Teilnehmer an der Wirtschafts- und Währungsunion in der EU - ein mehrschichtiges System von Konvergenzkriterien vor, die zur Definition des 2005 zu überprüfenden "nachweisbaren Fortschritts" beim Erreichen der Treibhausgasemissionsziele des Kyoto-Protokolls dienen. Die Existenz unabhängig begutachteter Treibhausgasinventare ist unseres Erachtens eine notwendige Bedingung zur Teilnahme an den flexiblen Instrumenten. Das Niveau heimischer Politikmaßnahmen und die quantitative Konvergenz der inländischen Emissionen auf das Kyoto-Ziel hin sollen bestimmen, in welchem Maße die flexiblen Instrumente genutzt werden können.

Organised capitalism, as a distinct mode of political economy, is generally held to be under serious threat, not least from the apparently inexorable logic and pressures of "globalisation". The challenge represented by these forces is intensified in Germany by the constraints imposed by the requirement to fulfil those Maastricht Treaty criteria appertaining to establishing Economic and Monetary Union. However, Germany additionally faces the unprecedented task of integrating the former GDR, a regime which was both literally and metaphorically bankrupt in so many respects. So far, that integration has not succeeded, least of all industrially. The implications are manifold and complex ‐ yet what seems to be quite certain is that the combined, accumulated burden of all the relevant problems and difficulties has come to bear primarily on working people in Germany and on their representative organisations. This first paper represents an initial exploration of key parameters affecting labour, the second proposes to do so both more broadly and in greater depth.