Suchergebnisse

Ziel dieser Arbeit ist es, Möglichkeiten einer wohlfahrtssteigernden Kooperation zwischen Trägern der makroökonomischen Stabilisierungspolitik in der EWWU aufzuzeigen. Die Betrachtung von Geld-, Finanz- und Lohnpolitik wird dabei auch unter spieltheoretischen Aspekten vorgenommen. Zudem werden Ergebnisse eigener Zeitreihenuntersuchungen zu Vorbedingungen möglicher Kooperation präsentiert. Im Zentrum stehen dabei die Lohnstückkostenentwicklung als Handlungsvariable der Lohnpolitik, Haushaltsdefizite als Variable der Finanzpolitik und Variationen kurzfristiger Zinssätze durch die Geldpolitik. Danach werden Reaktionen der Geldpolitik auf finanz- und lohnpolitische Fehlentwicklungen in der Vergangenheit untersucht, welche zu Wachstumsverlusten führten, die es mit Hilfe kooperativer Ansätze künftig zu vermeiden gilt. Abschließend wird die Grundstruktur eines institutionalisierten Makrodialogs skizziert. Es werden Stabilitätsbedingungen einer dauerhaften Kooperation aufgezeigt, Möglichkeiten ihrer institutionellen Einbindung diskutiert und ein Zielkatalog für die makropolitisch Verantwortlichen entworfen

Ukraine on the Road to Europe -- Copyright -- Preface -- Contents -- Introduction -- 1 Background -- 2 Structure of the book and key themes of the authors -- 3 Acknowledgement -- Part I Bridge or Integral Part? Ukraine's Historical, Cultural and Geopolitical Connection with Europe and its Neighbours -- 1 Ukraine between East and West, North and South: Geopolitical Options and Constraints -- 2 Eurasia - Alternative to European Integration or the Wrong Path? -- 3 Russia - Ukraine: Entering a New Phase1 -- 4 The Significance of Poland for Ukraine: Role Model, Bordering State, Integrator? -- Part II Bridges to Europe and the Market Economy: Aspects of a Long Road -- 5 A Second Economic Divide in Europe? -- 6 The Partnership and Co-operation Agreement (PCA) between Ukraine and the EU) - Idea and Reality1 -- 7 Integrating Ukraine into the World Economy: How, How Fast and Why? -- 8 Infrastructure as an Instrument of National and Regional Development Policy in the European Union and Ukraine -- 9 Are there Regional Economic Policies which Lead to 'Europe'? Voices of Ukrainian Companies in East and West -- 10 Ukraine as the Gas Bridge to Europe? Economic and Geopolitical Considerations -- 11 Reform of the EU's Common Agricultural Policy and Agricultural Policy's Strategies for Ukraine -- 12 Export Orientation and Its Impact on Enterprise Restructuring in Ukraine -- Part III Aspects of Financial and Fiscal Policy in Ukraine -- 13 Monetary and Exchange Rate Policy During Transformation: Experience and Recommendations -- 14 The Role of Long-term Capital for a European Ukraine -- 15 EU Enlargement and Implications for Ukraine: A View from the European Central Bank -- 16 Effects of the European Monetary Union (EMU) on the Ukrainian Economy.

This paper argues that the Economic and Monetary Union (EMU) created at Maastricht conformed to the neoliberal theory of interstate federalism in seeking to constitute structural conditions that circumscribed the effective exercise of activist public authority at both the Member State and European level. A response to a perceived 'crisis of governability,' it was designed to address the problem of excessive, and ineffective, governmental interventions in economic matters. By separating monetary and fiscal policy, the EMU ensured that no single public authority at the Member State or European level could control all the main levers of economic government. The Eurozone Crisis challenged this construct by emphasising the need for a coherent and effective exercise of public authority. The problem was thus no longer an excess of government but the absence of effective governmental authority for the EMU as a whole. Eurozone Crisis reforms introduced a greater scope for federal interventions in the domestic affairs of Member States and such reforms have elicited a new constitutional imaginary, expressed by European elites, that emphasises the need to generate 'European sovereignty.' This imaginary departs radically from the original EMU by foreseeing an omnicompetent European governmental apparatus that is able to intervene in, and control, economic developments across the Union in accordance with political objectives. The constitutional imaginary of the EMU can thus no longer meaningfully be called neoliberal. The early response to the COVID-19 Crisis, furthermore, highlights that the objectives pursued under the reformed EMU may depart from the set of policies traditionally associated with neoliberalism. What it should be called instead, however, remains unclear.

This paper discusses the economic effects of EU enlargement for the group of Central and East European accession countries (ACs). It consists of three parts In Part A the financial aspects of accession to the EU are explained. It deals firstly with the outcome of the negotiations at the December 2002 European Council Summit in Copenhagen in relation to the expected flows of net transfers over the period 2004-2006. The most uncertain component of these transfers are related to the project-related funds, their disbursement and fiscal implications because of co-financing requirements. Secondly, we discuss the issue of the longer-run negotiations with respect to the Financial Framework to be decided for the period 2007-2013, here the issue of the formation of likely new coalitions within the enlarged European Union is dealt with and possible winners and losers in such negotiations are identified. In Part B we discuss the difficulties the new members will face upon accession in the conduct of macroeconomic policy. In particular, the crucial issue of fast vs. delayed entry to the European Monetary Union (EMU) will shape the constraints within which the conduct of fiscal and monetary policy will have to take place. It is quite likely that it is this issue which will dominate the medium-run growth prospects of the new members upon accession. Part C explores the longer-run growth and convergence scenarios for the new member states. It describes the relative growth performance of the ACs in relation to the EU so far and discusses the reasons why the growth performances might remain more volatile compared to those of the current EU member countries.

This special issue has two main aims: to examine the contribution of political economy analyses of the sovereign debt crisis and to relate these findings to longstanding debates in the sub-disciplines of comparative political economy, international political economy and European economic governance. This introduction begins by reviewing the comparative political economy literature on national financial systems in order to account for the playing out of the crisis. It then examines the international political economy literature on the International Monetary Fund (IMF) and financial (sovereign debt) markets that played such a key role in the unfolding of the sovereign debt crisis. Finally, it outlines longstanding academic debates on the main 'asymmetries'; in European economic governance, and provides a critical overview of the three main policy and institutional reforms adopted by European Union governments in response to the crisis.

La cátedra Jean Monnet es una cátedra universitaria otorgada por la Comisión Europea en el marco de su plan de acción. Tienen como objetivo reforzar la docencia y la investigación sobre la integración europea en las universidades, tanto de los Estados miembros como de terceros países. Su nombre hace honor a quien fuera un político francés que, como asesor de Robert Schuman, contribuyó decisivamente a poner los cimientos de las entonces Comunidades Europeas. -- La primera etapa de esta publicación concluyó en el año 2018, comenzó una segunda época en el año 2019 con el nombre Revista "Integración Regional y Derechos Humanos". -- Apéndice jurisprudencial.

La cátedra Jean Monnet es una cátedra universitaria otorgada por la Comisión Europea en el marco de su plan de acción. Tienen como objetivo reforzar la docencia y la investigación sobre la integración europea en las universidades, tanto de los Estados miembros como de terceros países. Su nombre hace honor a quien fuera un político francés que, como asesor de Robert Schuman, contribuyó decisivamente a poner los cimientos de las entonces Comunidades Europeas. -- La primera etapa de esta publicación concluyó en el año 2018, comenzó una segunda época en el año 2019 con el nombre Revista "Integración Regional y Derechos Humanos".- . Apéndice jurisprudencial

International audience ; The report of the parliamentary commission of 2016 did not gloss over the domestic factors of the 2008-2010 banking crisis, but neither did it minimise the controversial approach of the European Central Bank during the negotiations that led to the 2010 bailout. If this event revealed undeniable problems in the workings of the European Economic and Monetary Union, history and a comparison with Iceland nonetheless suggest that the best option for a small State like Ireland is to work at improving European institutions rather than to leave the Eurozone, which would likely only result in an Irish currency pegged on the British pound. ; Publié en 2016, le rapport de la commission d'enquête parlementaire sur les origines de la crise bancaire de 2008-2010 n'a pas minimisé les défaillances irlandaises, mais n'a pas manqué non plus de mettre en évidence l'approche controversée de la Banque centrale européenne lors des négociations qui aboutirent au plan de financement de 2010. Si cet épisode révèle de réels dysfonctionnements au sein de l'Union économique et monétaire, une mise en perspective historique et comparative semble indiquer que la meilleure solution pour un petit Etat comme l'Irlande est d'œuvrer à réformer la zone euro plutôt que d'en envisager une sortie, qui n'aboutirait en toute probabilité qu'à une devise irlandaise arrimée à la livre sterling.

International audience ; The report of the parliamentary commission of 2016 did not gloss over the domestic factors of the 2008-2010 banking crisis, but neither did it minimise the controversial approach of the European Central Bank during the negotiations that led to the 2010 bailout. If this event revealed undeniable problems in the workings of the European Economic and Monetary Union, history and a comparison with Iceland nonetheless suggest that the best option for a small State like Ireland is to work at improving European institutions rather than to leave the Eurozone, which would likely only result in an Irish currency pegged on the British pound. ; Publié en 2016, le rapport de la commission d'enquête parlementaire sur les origines de la crise bancaire de 2008-2010 n'a pas minimisé les défaillances irlandaises, mais n'a pas manqué non plus de mettre en évidence l'approche controversée de la Banque centrale européenne lors des négociations qui aboutirent au plan de financement de 2010. Si cet épisode révèle de réels dysfonctionnements au sein de l'Union économique et monétaire, une mise en perspective historique et comparative semble indiquer que la meilleure solution pour un petit Etat comme l'Irlande est d'œuvrer à réformer la zone euro plutôt que d'en envisager une sortie, qui n'aboutirait en toute probabilité qu'à une devise irlandaise arrimée à la livre sterling.

Economic activity in the euro area is recovering. In the second half of 2003, real GDP grew at an annualized rate of roughly 1½ percent. In contrast with other large industrialized countries, economy-wide capacity utilization has not yet increased. Private consumption has remained the major weak point. However, private investment has increased for the first time since 2½ years and exports have risen rapidly, stimulated by the strong upswing in the rest of the world. A number of leading indicators suggest that the recovery in Euroland has gained some momentum since the turn of the year. Despite an expansionary monetary policy and the dynamic world economy, real GDP in the euro area will rise only moderately in comparison with earlier upswings. This is due to two factors. First, potential output growth in the euro area has apparently decelerated. Second, fiscal policy especially in the large euro-area economies is not sustainable. As governments do not have a credible consolidation strategy, the tax burden is likely to increase in the coming years. Against this background private households? income prospects are subdued and, as a consequence, private consumption will remain comparatively weak. The appreciation of the euro has had a considerable effect on economic activity, but it will not stop recovery. The results of our macroeconometric model imply also that the effects will be small in 2005 if, as we assume, the euro/ dollar exchange rate remains unchanged. Some observers urge the ECB to react to the strength of the euro by cutting interest rates. Whether the ECB should do so depends solely on the way in which the appreciation of the euro impacts the targets embedded in its monetary policy strategy. The main issue is whether the appreciation of the euro will push the inflation rate considerably below the target value. Past experience suggests that it would be unwise to assume it will have a strong dampening effect on consumer prices. Since the beginning of monetary union inflation forecasts have usually been too optimistic. All in all, the ECB is well advised not to cut interest rates in response to recent exchange rate developments. Interest rates in the euro area are already unusually low and stimulate economic activity. The Stability and Growth Pact requires the governments in euro-area countries to achieve a balanced budget or a budget surplus in the medium run. The main problem at present is not that budget deficit to GDP ratios are higher than 3 percent in some countries, but that structural deficits are also very high. Seven years after the adoption of the Pact the large countries still have made no progress on the way to a balanced budget. In Germany and France the structural deficits are even higher than before the monetary union. The recent Stability Programs of these countries suggest that the balanced- budget target has been given up altogether. This is eroding the credibility of fiscal policy and constitutes a heavy blow to economic stability in the euro area. Unsound fiscal policy negatively affects expectations in the private sector and is likely to result in a further deceleration of potential output growth.

This paper aims to analyze the impact of prudential regulation on banking efficiency in the West African Economic and Monetary Union (WAEMU). Using system GMM estimator and panel data from 98 banks in WAEMU zone, we find that prudential regulation related to (i) Loan loss provisions (LLPR) positively affect banking efficiency. While (ii) Capital requirements (CAP); (iii) Liquidity requirements (LIQ); (iv) Loan restrictions (LOANR) and (v) Limits on leverage (LLV) negatively influence banking efficiency in the WAEMU zone. Moreover, we find that small and low-risk banks benefit in terms of efficiency, from stringent prudential regulation, while high-risk banks and large banks are the main losers. Similarly, we also find that, in the face of strict prudential regulation, government and domestic banks are inefficient, while the efficiency of foreign and privately managed banks improves. Overall, our findings support the idea that prudential regulation must be well calibrated and adapted to the specific characteristics of banks so that it does not impede banking efficiency and the proper functioning of the banking system, but also, by the same token, financial stability in the WAEMU zone.

Supranationality and sovereignty in an era of increasing complexity and fragmentation / Mario Telò and Anne Weyembergh -- The implications of supranationality and legitimacy : a legal perspective / Nicolas Levrat -- Configuring the rule of law in the EU polity : between supranationality and sovereignty / Ramona Coman -- External unity, institutional complexity and structural fragmentation : the evolution of EU external competence in the AFSJ / Marise Cremona -- Externalising the policy against trafficking in human beings : when supranationality meets its limits / Chloé Brière -- Finding a path through a multi-headed interregional relationship : the EU's action vis-à-vis the ASEAN region in criminal matters / Céline Cocq -- The EU's legal framework and the limits of its external environmental regulatory influence / Marianne Dony -- Global environmental complexity and the limits of the EU's external regulatory actorness / Amandine Orsini and Loïc Cobut -- The European Union's external governance in the area of rural development : understanding the consequences / Laura Gelhaus -- Addressing the difficulty of how to represent the Euro Area/EU within the IMF / Jean-Victor Louis -- The Economic and Monetary Union (EMU) and global macroeconomic imbalances / László Andor and Paolo Pasimeni -- The EU's external competition policy : a hybrid approach / Hikaru Yoshizawa -- Commercial policy : the European Union and the world trade and investment order / Stephen Woolcock -- The evolution of the EU investment policy since the Lisbon Treaty : from a conservative to an innovative policy? / Laurence Marquis -- Investigating supranationality in rule-making related to preferential trade agreements / Kevin Kalomeni -- Conclusion: Various forms of governance beyond the state : the price to pay for the resilience of European supranationality in the face of complexity and change / Mario Telò, Anne Weyembergh and Frederik Ponjaert.

The aspects of the introduction of the single currency calculations economic and geographic integration zone. Presented the basic theory of optimum currency areas. Made conclusions about the main advantages and disadvantages of the theory of optimal currency areas. We describe the world's major world currencies - the dollar and the euro. It makes projections about the prospects of other reserve currencies in the world. Presented diff erent approaches are proposed for the introduction of a single currency settlement currency and a single monetary zone in the territory of the Eurasian Economic Union. ; Рассмотрены аспекты введения единой валюты расчетов экономико-географической интеграционной зоны. Приведены основные теории оптимальных валютных зон. Сделаны выводы об основных достоинствах и недостатках теорий оптимальных валютных зон. Описаны основные мировые валюты мира – доллар и евро. Также сделан прогноз о перспективах развития иных резервных валютах мира. Предложены различные подходы по введению единой валютной валюты расчетов, а также единой валютной зоны на территории Евразийского экономического союза.