Suchergebnisse

Peter Herzog's career-long interest in the European Communities makes it especially appropriate to include in this festschrift a contribution on what has become the principal mechanism for reforming the treaties that constitute those Communities. I refer of course to the "intergovernmental conferences," or "IGCs" for short. As this festschrift goes to press, the fifteen Member States are submitting the results of the latest IGC – the 1997 Treaty of Amsterdam – to their respective national ratification processes. As its name suggests, the intergovernmental conference is a gathering of representatives of the Member States to discuss and eventually agree upon amendments to the constitutive treaties as they then stand. The EC Treaty, by its own terms, requires that all treaty amendments be prepared by such an intergovernmental conference and be submitted to the Member States for their separate ratification, and the Treaty on European Union (the TEU or Maastricht Treaty) contains a parallel provision. In point of fact, the recent Amsterdam Treaty is little more than a set of amendments to the EC Treaty and the TEU.

This book examines the challenges for the life insurance sector in Europe arising from new technologies, socio-cultural and demographic trends, and the financial crisis. It presents theoretical and applied research in all areas related to life insurance products and markets, and explores future determinants of the insurance industry's development by highlighting novel solutions in insurance supervision and trends in consumer protection. Drawing on their academic and practical expertise, the contributors identify problems relating to risk analysis and evaluation, demographic challenges, consumer protection, product distribution, mortality risk modeling, applications of life insurance in contemporary pension systems, financial stability and solvency of life insurers. They also examine the impact of population aging on life insurance markets and the role of digitalization. Lastly, based on an analysis of early experiences with the implementation of the Solvency II system, the book provides policy recommendations for the development of life insurance in Europe.

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

Throughout the last couple of decades the world has experienced a strong and steady increase in the economic interdependence among national economies. Accordingly, national monetary and fiscal policies are also subject to a steady increase in mutual interdependence. As a consequence, the international coordination of monetary and fiscal policies among economies has become a central postulation within both the public as well as the academic debate. The first essay of this thesis addresses a central proposition in the academic literature on international monetary policy coordination: the gains from international policy coordination are fairly small. The role of monetary policy is restricted to the stabilization of macroeconomic fluctuations and gains from policy coordination arise from preventing national monetary authorities from strategically manipulating the terms of trade by means of these stabilization policy instruments. The first essay challenges this proposition. It is argued that welfare gains from stabilizing fluctuations are generically quite limited since they are of second order. It is demonstrated that national monetary authorities follow a more general objective to monetary policy than the mere stabilization of macroeconomic fluctuations and that there indeed exist strategic motives to nationally deviate from a globally optimal monetary policy. Importantly, as these incentives are independent of macroeconomic fluctuations, the welfare consequences of the competitive policy conduct are of first order. Hence, the essential result is that - as opposed to the common view in the literature - gains from monetary policy coordination can be substantial as they are of first order. The second essay of this thesis explores the interaction of monetary and fiscal policy conduct when countries coordinate on only one part of national macroeconomic policies. In particular, it is shown that international policy coordination requires to include both monetary as well as fiscal policy. The coordination of only a part of national macroeconomic policies through an international agreement leads to a strategically motivated shift in the conduct of the remaining independent policy instruments in order to still unilaterally manipulate the terms of trade. The potential gains from international policy coordination are therefore squandered if policymakers only cooperate, for instance, on monetary policy alone but leave the fiscal stances independent. Moreover, by letting the fiscal policy instruments be chosen non-cooperatively, monetary policy coordination might even create welfare losses as compared to no macroeconomic policy coordination at all. The third essay deals with a particular form of monetary and fiscal policy coordination: a monetary union and a federal fiscal transfer arrangement. It is asked whether a built-in fiscal transfer system that collects taxes from some member countries and pays transfers to other member countries can alleviate the economic consequences of adverse shocks. The properties of federal fiscal transfer schemes are explored with regard to their capability to stabilize national consumption, production and employment. The key result of this analysis is that federal fiscal arrangements can provide perfect insurance against adverse shocks.

"Based on a study made by its Legal and Monetary Affairs Subcommittee"--P. iii. ; "Union calendar no. 593." ; Mode of access: Internet.

A monetary union without fiscal union is generally considered to be incomplete. We consider three steps for increasing the centralisation of fiscal functions, and discuss the prerequisites for moving forward at each one. Above all, fiscal integration is a matter of trust, which is currently at a low level. The first step would be to complete banking union and establish a more credible no-bailout clause. The conditions for addressing the fiscal dimensions of banking union are a denationalisation of the banking policy framework - including as regards exposure to sovereign debt - addressing non-performing loans and legitimising the fiscal backstop. The second step would move on from the first by adding funds for public goods and investment in the EU. With these, this step would create a re-insurance framework to help euro-area countries absorb large shocks. We consider a review of the EU budget and additional resources as conditions for this scenario. A system of check and balances is important. Last, we consider structural convergence to better deal with shocks as an essential prerequisite for mechanisms to cope with large country-specific shocks. The last step constitutes our analytical benchmark as it would move substantial government spending to the central level. This would allow euro-area fiscal stabilisation to be fully centralised. To enable this scenario, real economic differences between countries need to be lower, and a proper political union would need to be established, with legitimacy and a level of political integration very different from the situation today.

In 2002 a formalized dialogue between the Global Unions and the International Financial Institutions (IFIs) was established. The Global Unions include the International Trade Union Confederation (ITUC), the nine Global Union Federations (GUFs) and the Trade Union Advisory Committee (TUAC) which connects the international trade union movement to the OECD. The IFIs, which are also known as the Bretton-Woods organizations, are made up of the World Bank Group (WBG) and the International Monetary Fund (IMF). The Global Unions took the crisis as an opportunity to further develop the existing dialogue between themselves and the IFIs at the international level and tried to achieve a new position within the changing global governance system. The dialogue with the IFIs can therefore be seen as an instrument of transnational trade union policy which serves to integrate the social dimension within the globalization of financial and labour markets. The dialogue was formalized on the basis of a joint agreement between the Global Unions and the IFIs which was adopted in 2002. The dialogue takes place on three levels: the headquarters-level, the sector level and the national level. The headquarters-level dialogue includes exchange and cooperation at the top administrative level between the IFIs and the Global Unions. Every two years there is a high-level meeting which takes place over a period of two to three days. The high-level meetings are supported by technical meetings and interim meetings which include smaller delegations of the Global Unions and the IFIs. During technical meetings, which normally take place over a period of one or two days, the focus is on very specific issues such as for example pensions or labour market reforms. During interim meetings a relatively small group of trade unionists and representatives of the IFIs regularly follow up the implementation of the commitments from the high-level and technical meetings. The thesis focuses on the analysis of the headquarters-level dialogue and the sector level ...

The article described the process as a whole in the European monetary system, due to the sovereign debt crisis in the eurozone. The factors that influence the development and prospects of the euro in the international monetary and financial markets. At present, the euro is the second largest global currency and most liquid alternative to the U.S. dollar, which is necessary to maintain economic balance in the global financial system. Decisive policy actions at the European level , including direct monetary transactions to complete the creation of the European Stability Mechanism , an agreement on debt relief deal for Greece and only oversight mechanisms strengthened confidence in the sustainability of economic and monetary union. However, further efforts are needed by the member countries of the European Union to save the single currency and strengthen its position in the international financial and currency markets. ; В статье в целом охарактеризованы процессы в европейской валютной системе, обусловленные кризисом суверенных долгов в еврозоне. Рассмотрены факторы, которые влияют на развитие и перспективы позиции евро на международных валютно-финансовых рынках. Сегодня евро остается второй по значению мировой валютой и самой ликвидной альтернативой доллару США, которая необходима для поддержания экономического равновесия в мировой финансовой системе . Решительные меры политики на европейском уровне , в том числе прямые монетарные операции, завершение создания Европейского механизма стабильности , договоренность об облегчении бремени задолженности Греции и соглашение о Едином механизме надзора укрепили уверенность в жизнеспособности экономического и валютного союза . Но необходимы дальнейшие усилия со стороны стран - участниц Евросоюза для сохранения единой валюты и укрепления ее позиций на международных финансовых и валютных рынках. ; У статті в цілому охарактеризовані процеси в європейській валютній системі, зумовлені кризою суверенних боргів в єврозоні. Розглянуто фактори, які впливають на розвиток і перспективи позиції євро на міжнародних валютно-фінансових ринках. На сьогодні євро залишається другою за значенням світовою валютою і найліквідною альтернативою долару США, яка необхідна для підтримки економічної рівноваги в світовій фінансовій системі. Рішучі заходи політики на європейському рівні, в тому числі прямі монетарні операції, завершення створення Європейського механізму стабільності, домовленість про полегшення тягаря заборгованості Греції і угода про Єдиний механізмі нагляду зміцнили впевненість у життєздатності економічного і валютного союзу. Але потрібні подальші зусилля з боку країн-учасниць Євросоюзу для збереження єдиної валюти і зміцнення її позицій на міжнародних фінансових і валютних ринках.

The focus of the paper is on five key financial stability issues in Emerging market and developing economies (EMDEs), which have been selected on the basis of their degree of materiality for a reasonably broad range of EMDEs; their implications for regulatory, supervisory or other financial sector policies; and the extent to which these issues are not already being addressed by other international work streams. The paper does not cover other financial stability issues that may also be relevant for EMDEs but are addressed in other G20/Financial Stability Board (FSB) work streams. Such issues include the management of sizeable and volatile capital flows; the design of policy measures to address the risks arising from systemically important financial institutions; the development of macro-prudential policy frameworks; the creation of effective resolution tools and regimes for financial institutions; strengthening the oversight and regulation of the shadow banking system; and reforming the functioning of over-the-counter derivatives and commodities markets. This paper focuses on five key financial stability issues in EMDEs: 1) application of international financial standards; 2) promoting cross-border supervisory cooperation; 3) expanding the regulatory and supervisory perimeter; 4) management of foreign exchange risks; and 5) developing domestic capital markets.

In this Occasional Paper the Directorate General for Economic and Financial Affairs publishes its overview and assessments of the 2011 Economic and Fiscal Programmes (EFP) of the potential candidate countries (Albania, Bosnia and Herzegovina and Serbia). In 2001 a regular economic fiscal surveillance procedure was established for the candidate countries. It aims at preparing countries for the participation in the multilateral surveillance and economic policy co-ordination procedures currently in place in the EU as part of the Economic and Monetary Union. The Pre-Accession Economic Programmes (PEPs) are part of this procedure. The PEPs have developed, since their start in 2001, into increasingly important platforms for the authorities to develop and communicate appropriate economic, fiscal and structural policies over the medium term, consistent with their EU membership aspirations. For this reason a similar, though reduced, exercise was started in 2007 with the potential candidate countries, with the submission and assessment of annual EFPs as important element. The EFPs have two objectives: first, to outline a medium-term policy framework, including public finance objectives and structural reform priorities needed for EU accession; and, second, to offer an opportunity to develop the institutional and analytical capacity necessary to participate in EMU with a derogation in regards to the adoption of the euro upon accession, particularly in the areas of multilateral surveillance and co-ordination of economic policies. The development of the institutional capacity to co-ordinate between the various ministries, government agencies and the central bank is a particularly important aspect ensuring the success of the Pre-Accession Fiscal Surveillance Procedure. Almost all countries broadly complied with the deadline of 31 January 2011 for submitting the programmes

"A fact-based treatise on the Eurozone crisis, with analysis of possible solutions The Incomplete Currency is the only technical -- yet accessible -- analysis of the current Eurozone crisis from a global perspective. The discussion begins by explaining how the Euro's architecture, the relationship between finance and the real economy, and the functioning of the Eurosystem in general are all at the root of the current crisis, and then explores possible solutions rooted in fact, not theory. All topics are analysed and illustrated, making extensive use of examples, tables, and graphics, and the ideas presented are supported by data sets and their statistical elaborations throughout the book. An extensive digital component includes numerical simulations of public debt dynamics for different Eurozone countries, evaluations of the sustainability of programmes like the Fiscal Compact, and stress tests on the ability of institutions like the ESM to cope with major liquidity crises, and the spreadsheets used to calculate data in the book is provided for readers to access for themselves. The survival of the European monetary union has been questioned due to the accumulation of structural imbalances and the negative effects of the global financial crisis. This book lays out the full extent of the problem, explains what caused it, and provides possible solutions backed by extensive data. Dig down to the root of the Eurozone crisis Learn why austerity doesn't fix anything Understand how the Euro has changed economies Consider possible strategies for recovery In a macroeconomic context where the monetary policy is the prerogative of the European Central Bank and fiscal policy, hopeless austerity works against the economic recovery of the Eurozone countries. A positive attitude is difficult, but necessary. The Incomplete Currency is an insightful, important resource that guides readers toward real solutions"--

In a previous article ("Science in Latin America: Trends and patterns") the state of the art of the science in Latin America (LA) was analysed using some basic statistical tools. Based on the results obtained, in this new article we explain the pros and cons of the "Science, Technology and Innovation" (R&D) system, trying to understand the path that LA countries should follow to give a great step forward and get closer to the more developed countries. It seems that by themselves each Latin American countries, could hardly achieve significant progress in scientific researches. Currently, at worldwide level the R&D depends on economic and geopolitical contexts, demanding collective efforts, with the exception of the most extensive, developed and industrialized States in the world (e.g. China or EE.UU). With this purpose it is explained how Spain and Portugal (two Latin European Countries) have progressed considerably in R&D during the past three decades. Its integration into a commonwealth of countries such as the European Union (EU), as well as democratic stability extended over time, were essential. Moreover, the collective effort of the EU demonstrates that the integration of all the countries of the region into a Latin American Union (ULA), with supranational governance in various areas (e.g., R&D and educational policy) is the only fundamental pillar that offers guarantee of success. In this way, joining forces, offers enormous possibilities to strengthen LA in all aspects. The effects of such a strategy are explained in some detail. Additionally, aiming to clarify the situation, the advantages and weaknesses of the R&D in LA have been take into account: educational systems, digital culture, gender problems, patent production, external economic dependence and strategic of international organizations guidelines: The International Monetary Fund (IMF), World Bank (WB), etc., as well as the investments of multinational companies, the risk of privatizations of previously state-owned centres and activities, etc., etc.). With a view to framing such information on a global context, the successful strategy of some south-eastern Asian countries in the last years has been chosen as a counterpoint (although often reprehensible regarding the reduction of social inequalities). ; En un artículo precedente ("La ciencia en Latinoamérica: tendencias y patrones") se analiza con ciertas herramientas estadísticas sencillas, el estado de la ciencia y, en menor grado, de la tecnología en la región. Partiendo de los resultados obtenidos, en este nuevo artículo se indaga las bondades y debilidades del sistema de "Ciencia, Tecnología e Innovación" (CTI), intentando entender los pasos que debieran seguir los países de LA para engancharse al tren de los Estados más prósperos y desarrollados. La conclusión es clara: por si solos, cada uno de ellos difícilmente podría lograr progresar significativamente en estas materias. Actualmente la CTI depende de contextos económicos y geopolíticos, y demanda esfuerzos colectivos, a no ser que se trate de Estados muy industrializados y extensos como China o EE.UU, por citar tan solo dos ejemplos. Con vistas a exponer estos hechos, se explica cómo han logrado salir del ostracismo y mejorar palmariamente sus CIT países latinos europeos como España y Portugal. Su integración en una mancomunidad de países como lo es la Unión Europea (UE), así como una estabilidad democrática dilatada en el tiempo, resultaron imprescindibles. Más aun, el esfuerzo colectivo de la UE demuestra, sin la menor duda, que la integración de todos los países de la región en una Unión Latinoamericana (ULA), con una gobernanza supranacional en diversas materias (y entre ellas la CIT) es el único pilar fundamental que ofrece garantías. Este modo de proceder, aunando esfuerzos, atesora enormes posibilidades para fortalecer LA en todos los sentidos. Los efectos de tal estrategia son explicados con cierto detalle. Adicionalmente, con vistas a desbrozar un poco el camino, se han desglosado las bondades y debilidades de la CIT en LA (sistemas educativos, cultura digital, problemas de género, producción de patentes, dependencia económica exterior y estratégica de organismos internacionales -FMI, Banco Mundial, etc.-, como también de las inversiones de grandes compañías multinacionales, riesgo de las privatizaciones de centros y actividades previamente Estatales, etc., etc.). Con vistas a encuadrar tal información en un contexto global, se ha escogido como contrapunto la estrategia exitosa (aunque a menudo reprobable respecto a la reducción de desigualdades sociales) que han logrado lanzar el CIT en diversos países del SE asiático.