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1
Merdić, Alem, and Hasan Mahmutović. "SOME THEORETICAL ASPECTS OF ECONOMIC INTEGRATION." Journal Human Research in Rehabilitation 7, no. 2 (September 2017): 97–105. http://dx.doi.org/10.21554/hrr.091711.
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One of the basic links of the process of globalization are economic integrations. The aim of this paper is to systematize theoretical achievements and to review the forms, effects and conditions for connecting countries motivated by economic benefits. In addition to the theoretical review of the conceptual definition of economic integration, the focus is on the levels of economic integration from the free-trade zone to the monetary and fiscal union, explaining the specificity of each of the mentioned levels. Considering that the connection between countries always raises the question of the benefits and costs of connection, the special emphasis in this paper is placed on the potential effects for free trade. Finally, the greatest contribution of this paper is the systematization and theoretical review of the theory of optimal currency area and monetary integration, which is especially significant for the European soil, taking into account the already established European Monetary Union.
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Igorevna, Kuzmenko Valentina, Mukhametgalieva Safiya Khamitovna, Sitdikov Farit Foatovich, Fardeeva Irina Nikolaevna, and Ageev Vyacheslav Nikolaevich. "Trade and economic cooperation of the member countries of the Eurasian Economic Union." Laplage em Revista 6, Extra-A (December 14, 2020): 162–66. http://dx.doi.org/10.24115/s2446-622020206extra-a575p.162-166.
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The Eurasian Economic Union (EAEU) was formed by the heads of Russia, Belarus and Kazakhstan in 2014. Since January 1, 2015, the agreement on the formation of the association entered into force. On January 2, 2015, Armenia joined the union, and on August 12, 2015, Kyrgyzstan became a member of the EAEU. For this economic community, the priority is to develop a single policy in the field of trade, economic, monetary and tax policies. The given article considers the main aspects of trade and economic cooperation of the participating countries of the EAEU integration group. Within the framework of these union countries is developing regional integration cooperation, creating certain agreements for the implementation of long-term projects to improve partnerships. The text of the work identifies the main goals and priorities for the effective work of the union.
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Wołowiec, Tomasz. "LEGAL AND ECONOMIC ASPECTS OF PROPERTY TAXATION IN THE EUROPEAN UNION." International Journal of Legal Studies ( IJOLS ) 1, no. 3 (June 30, 2018): 231–78. http://dx.doi.org/10.5604/01.3001.0012.2179.
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A property tax (or millage tax) is a levy on real estate that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the real estate property is located; it may be paid to a national government, a federated state, a county or geographical region, or a municipality. Multiple jurisdictions may tax the same property. This is in contrast to a rent and mortgage tax, which is based on a percentage of the rent or mortgage value. There are four broad types of property: land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects), and intangible property. Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions. Real property is often taxed based on its classification. Classification is the grouping of properties based on similar use. Real estate properties in different classes are taxed at different rates. Examples of different classes of property are residential, commercial, industrial and vacant real property. In Israel, for example, property tax rates are double for vacant apartments versus occupied apartments.
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Ganguli, Subhadra. "An economic analysis of sustainability of a potential GCC economic and monetary union during 2005-2014." World Journal of Entrepreneurship, Management and Sustainable Development 12, no. 3 (July 11, 2016): 194–206. http://dx.doi.org/10.1108/wjemsd-01-2016-0005.
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Purpose – Gulf Cooperation Council (GCC) was set up in 1981 between Bahrain, Oman, Qatar, Saudi Arabia, United Arab Emirates and Kuwait for strengthening cooperation and economic development in the region. The GCC has made strides towards economic consolidation by forming a customs union and a common market. The long-term vision is to create an Economic and Monetary Union (EMU) with a single currency. Progress towards the EMU has been slow and the recent oil price plunge has led to concerns regarding sustainable growth of member countries due to their significant dependence on oil and lack of diversification. The purpose of this paper is to analyse the scope of an EMU in the GCC against the backdrop of current oil crisis and examine sustainability of such a union. The paper studies convergence criteria similar to the ones followed by the accession countries of the European EMU in the 1990s preceding the introduction of the single currency Euro. Design/methodology/approach – The paper draws its practical approach from the experience of the European Monetary Union, though the original idea of the single currency in Optimum Currency Areas was conceived by Mundell (1961). The present paper analyses macroeconomic time-series variables (e.g. GDP, budget deficits, debt, growth rates, inflation rates, exchange rates) for GCC during the period 2005-2014. Data has been sourced from United Nations Conference on Trade and Development (UNCTAD), The World Bank and International Monetary Fund (IMF) databases to study the convergence criteria adopted by the EMU countries for the introduction of the Euro. Findings – The paper concludes that GCC economies are similar in terms of their structural and economic fundamentals. Most elements of the convergence criteria that were followed by the accession countries in Europe are fulfilled by the GCC member states, particularly during 2011-2014. The GCC states look similar in terms of sustainable growth, price stability and exchange rate stability – three aspects of convergence met by the European Union states. However, heavy dependence on oil and lack of diversification from oil and hydrocarbon-related products in the gross domestic product (GDP) composition of GCC states pose severe risks to the potential union. Fiscal vulnerabilities of these economies to oil price shocks, such as the current oil price crisis, create concerns for such a union during oil price lows. Widely divergent fiscal deficit-to-GDP ratios and rising debt-to-GDP ratios during periods of low oil prices imply the lack of sound and unsustainable public finances for some of the GCC states. The divergence has stemmed from widely different break-even oil prices for government budgets within the GCC and also due to varying degrees of oil dependencies between the member states. The scope of a successful and more sustainable EMU can be further explored once the GCC economics have achieved adequate diversity from oil. Originality/value – The study is useful to policy makers, central banks, businesses and researchers since it highlights the EMU as a feasible option for the GCC states. The sustainability of the EMU is contingent on diversification of these economies in the future from oil and oil-related products. The study can be utilized by policy makers as a strategy to further restructure GCC economies towards greater resilience and integration prior to accession to the GCC EMU.
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Vorona, Anastasiуa, Lyudmila Kopteva, and Anna Trushevskaya. "The Eurasian economic union: trends and prospects for development in digital economy." E3S Web of Conferences 210 (2020): 13025. http://dx.doi.org/10.1051/e3sconf/202021013025.
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Currently the Eurasian Economic Union defines its main tasks as the creation of an image of the significant center for the development of international trade, enhancement of mutually beneficial partnership with member states and other countries, the creation of new formats for international cooperation. At the present days the Eurasian Economic Union is filled with real economic content. Multilateral projects are being implemented, primarily in key sectors of the economy, that are energy and transport. In the long run, the formation of a monetary union is possible. Development of currency integration, as a component of economic unity, presupposes the process of implementing a coordinated policy of the EAEU countries, as well as the creation and functioning of the organizations performing interstate currency regulation. In the article the dynamics of the main economic indicators of the Eurasian Economic Union functioning is considered. The data on the trade turnover of the EAEU member countries for 2019 is provided. The main directions of EAEU cooperation with third countries and integration associations are revealed, with particular attention being paid to the creation of free trade zones with Vietnam and Singapore. In the context of the organization and functioning of interstate unions, each of the member states of such unions, while ensuring their own security, also needs to manage both the threats to the security of other partners that have an indirect adverse effect and the threats that directly impact the whole union. The directions of digital transformation of the economies of the Eurasian Economic Union member states are considered. The problematic aspects of its functioning are highlighted.
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Vojtaššák, Marek. "The Selected Aspects of Application of Monetary Policy in the Economic and Monetary Union Pre-And-Post 2008." Creative and Knowledge Society 5, no. 1 (July 1, 2015): 36–46. http://dx.doi.org/10.1515/cks-2015-0004.
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Abstract Purpose of the article is to present in two parts the selected aspects of application of monetary policy in the euro area pre and post 2008 as well as insitutional adaptations brought by the EU legislator. Methodology/methods In order to better explain these points, the article relies partially on a comparison with the framework and application of the monetary policy by the Federal Reserve as well as on a historic method when outlining the influence of definition of financial stability from the ECB/Eurosystem towards other prominent central banks. Scientific aim The article presents selected aspects of the monetary policy in the part of the EU where single currency was introduced in order to outline state of the art governance structure as well as a certain institutional creativity in application of powers conferred upon the central banks by the Treaty on the Functioning of the European Union and Protocol on the Statute of the European System of Central Banks and of the European Central Bank. The goal is to prove (i) the hypothesis of robustness of the framework and (ii) present the limits that can only be pushed further by the legislative power. The conclusions confirm on the one hand that the framework of monetary policy based on strong institutional safeguards such as legislative power and independence is very resilient and can prove efficient and creative enough to stabilise an innovative monetary system, however, on the other hand, validate the hypothesis that certain adaptations can only be performed on the basis of a legislative adaptations.
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Beloborodko, A. "Transformation of financial institutions of the states-members of the Eurasian economic union during the COVID-19 pandemic." Siberian Financial School, no. 2 (June 10, 2021): 42–51. http://dx.doi.org/10.34020/1993-4386-2021-2-42-51.
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The search for a balance between reproduction and consu-mption, the need to correct expenditures and the interconnection of national financial institutions have become one of the aspects of further economic integration of the EAEU countries in the period 2020-2021. The governing body of the Eurasian Economic Union (EAEU), the Eurasian Economic Commission (EEC), proposed a fiscal reform to increase the economic growth rate of the union, which predetermined the need for a structural transformation of financial institutions aimed at stimulating innovation in the countries of the Eurasian region. The article analyzes the forecasts of experts from the Bank of Russia, the International Monetary Fund, the World Bank for the period 2021-2022 for the EAEU member states and assesses measures to restructure their financial institutions.
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Kasumović, Merim, and Erna Heric. "Nominal and Real Convergence as a Determinant for Joining the European Monetary Union." ECONOMICS 5, no. 1 (June 1, 2017): 52–71. http://dx.doi.org/10.1515/eoik-2017-0011.
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Summary The thematic framework of this work is the nominal and real convergence as a determinant for joining the European monetary union. The focus of the work is to prove that realising the criteria of the convergence affects the stability of the European monetary union, that is, that the cause of destabilisation is exactly the fact that certain member nations have not realised the assigned convergence criteria. The financial integration is an important question because it contributes to the economic growth affecting free exchange with the goal of a more efficient allocation of capital; it is the result of the economic theory and the empirical research. Introducing the Euro as a single payment method while losing the monetary sovereignty of the countries which have accepted it is the main reason for forming the European Central Bank. The mission of the European Central Bank is to define and conduct a single monetary policy within the Eurozone. Because of the already mentioned facts, the challenges of conducting the fiscal policy within the Eurozone as well as the key aspects of the monetary unification of Europe have been analysed. The results of this analysis should point out the stability of the EMU by the convergence degree of the member nations from a single monetary area.
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Huerta De Soto, J. "In Defense of the Euro: Austrian School Approach (Critics of ECB Errors and Brussel’s Interventionism)." Voprosy Ekonomiki, no. 11 (November 20, 2012): 78–100. http://dx.doi.org/10.32609/0042-8736-2012-11-78-100.
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The mechanism of euro functioning is analyzed in the article from the standpoint of limiting the autonomy of monetary authorities of the European monetary union members, which precludes them from manipulating national currency for the short sighted political interests and postponing painful structural reforms under crises aimed at liberalizing the economy. In some aspects euro excels the classical gold standard, which fell under monetary nationalism attack in the 1930s. Motives and arguments of critics and adversaries are analyzed and the reasons for euro defense are exposed. Real economic and social problems of Europe and ECB errors are described.
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van Riet, Ad. "Twenty Years of European Central Bank Monetary Policy: A Keynesian and Austrian Perspective." Jahrbücher für Nationalökonomie und Statistik 239, no. 5-6 (September 25, 2019): 797–840. http://dx.doi.org/10.1515/jbnst-2018-0078.
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Abstract This article reviews how the European Central Bank (ECB) implemented its monetary policy for the euro area from 1999 to 2018 from two perspectives. Taking a Keynesian point of view, the euro area economy was beset for a long time by secular stagnation and required the ECB to ensure a protracted period of relatively low interest rates to provide continuous support to aggregate demand at the level of the Economic and Monetary Union (EMU). By contrast, the Austrian School of Economics argues that the low-interest rate bias of the ECB caused financial excesses and prevented a more rapid reallocation of unviable resources necessary for a sustainable expansion of aggregate supply. Both the Keynesian and the Austrian paradigm appear relevant when examining the monetary and financial aspects of the euro area business cycle and the secular decline of interest rates over the past 20 years. For most of the time, ECB monetary policy was the ‘only game in town’ and the EMU architecture was unable to deliver the balanced macroeconomic and financial policy mix required for a sustainable path of the euro area economy.
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JAVIER DONAIRE VILLA, Francisco. "El Tribunal de Justicia y la tutela de los derechos en la Unión Económica y Monetaria europea." Revista Vasca de Administración Pública / Herri-Arduralaritzarako Euskal Aldizkaria, no. 110-II (April 30, 2018): 141–89. http://dx.doi.org/10.47623/ivap-rvap.110.2018.2.05.
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LABURPENA: Europako Ekonomia eta Diru Batasunean oinarrizko eskubideak zaintzen Europar Batasuneko Justizia Auzitegiak zer lan egiten duen aztertuko dugu artikulu honetan. Zehazki, aztertuko dugu zertan diren hauek guztiak: Europar Batasuneko Oinarrizko Eskubideen Gutuna betearazteko eta babesteko sortu den jurisprudentzia (oraindik parekatu gabea eta eskasa), Egonkortasunerako Mekanismo Europarraren esparru bakoitzean; estatu kideen gehiegizko defizit publikoek eragindako prozedura komunitarioak; finantza-zerbitzuak gobernatzeko Agentzia Europarrak; Europako Banku Zentralaren jarduna, Gainbegiratzeko Mekanismo Bakarrean, bai eta kontrol horren aspektu teorikoak ere, kontrola oraindik guztiz gauzatu ez bada ere, moneta-politikaren eta Ebazpenetarako Mekanismo Bakarraren testuinguruan. RESUMEN: Este artículo analiza el papel del Tribunal de Justicia de la Unión Europea (TJUE) respecto a la tutela de los derechos fundamentales en el ámbito de la Unión Económica y Monetaria (UEM). En particular, se examina la desigual y todavía escasa jurisprudencia generada en relación con la protección y observancia de la Carta de los Derechos Fundamentales de la UE (CDFUE) en los respectivos marcos del Mecanismo Europeo de Estabilidad (MEDE), de los procedimientos comunitarios por déficits públicos excesivos de los Estados miembros, de las Agencias Europeas de gobernanza de los servicios financieros, de la actuación del Banco Central Europeo (BCE) en el Mecanismo Único de Supervisión (MUS), así como los aspectos teóricos de ese control, aún no efectivamente ejercido, en el contexto de la política monetaria y en el del Mecanismo Único de Resolución (MUR). ABSTRACT: This article analyzes the role of the Court of Justice in the protection of fundamental rights in the field of economic and monetary union. It surveys the still scarce and unequal case law relating to the fulfilment of and the respect to the EU’s Charter of Fundamental Rights. In particular, it is surveyed herein the case law recently generated in relation to the Memorandum of Understanding in the framework of the European Stability Mechanism (ESM), the communautarian procedures of excessive déficits and of economic imbalances, the acts of the European Central Bank in the Single Supervision Mechanism (SSM), as well as the theoretical aspects of such control, not actually performed as yet, within the domains of the monetary policy and the Single Resolution Mechanism (SR
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Hudec, Martin, and Alena Donovalová. "Open Your Eyes Alice and Start Following the Economic Cycle Instead of the White Rabbit: Influential Behaviour of the Economic Cycle." Studia Commercialia Bratislavensia 9, no. 35 (December 1, 2016): 302–12. http://dx.doi.org/10.1515/stcb-2016-0029.
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Abstract Economics represents a social science, directly concerning the factors and determinants of commerce, production, distribution, government, management and naturally consumption of goods and services, but unlike the natural sciences, it is unique in the area of hardly finding a broad consensus, whether we talk about rules, methodology, economic processes or basic axioms. Economic cycle would not exist in an economically ideal world where the prices of goods and factors of production are very flexible, people have full information about what is happening in the economy, government and unions do not regulate prices, and so on. Since the real world differs from an economically ideal world, economic cycle presents inevitable reality in every market economy. The aim of our research paper is to analyse essential monetary determinants and the practical aspects of the theory of the business cycle. Moreover, we focus on the instruments of central banks and their impact on the economic cycle, inextricably affecting the socio-economic development and the state of business environment and commerce.
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Williamson, Stephen D. "Current Federal Reserve Policy under the Lens of Economic History: A Review Essay." Journal of Economic Literature 54, no. 3 (September 1, 2016): 922–34. http://dx.doi.org/10.1257/jel.20151354.
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This review essay reviews the volume edited by Owen Humpage, Current Federal Reserve Policy under the Lens of Economic History: Essays to Commemorate the Federal Reserve System’s Centennial, and provides a broader perspective on central-banking issues. The papers in the Humpage volume address various aspects of central banking history, money, and private banking, with a focus on putting recent Fed policies in perspective. The topics covered include the role of the central bank as lender of last resort, the effects of open-market operations versus central-bank lending, central-bank independence, the political economy of monetary unions, financial crises, the effects of unconventional monetary policies, commodity monies, and the Canadian financial system as a natural experiment. (JEL E32, E52, E58, G01, G21, G28, N10)
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Acocella, N., and G. Bartolomeo. "European economic institutions: Stability- or growth-oriented?" Acta Oeconomica 57, no. 1 (March 1, 2007): 35–65. http://dx.doi.org/10.1556/aoecon.57.2007.1.4.
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This paper deals with various aspects of the performance expected from some of the most relevant European institutions (monetary and tax authorities, unions) vis-a-vis alternative ones, from a macroeconomic point of view. The role of the rules (e.g. the Stability and Growth Pact) as a coordination device to deal with externalities arising from national fiscal policies is first considered and compared to explicit coordination. The priority given to price stability is then discussed together with the questions of reputation, credibility and the relationship with fiscal policy and labour markets. A conservative central bank eliminates the temptation to inflate, but is only a second-best solution for internalising the externalities arising from uncoordinated-wage bargaining. The paper finally discusses the consequences on growth of the stability pursued by actual European institutions. Some reflections on the ‘model’ adopted for shaping European institutions conclude the paper.
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Kamalyan, A. M. "THE BASIS OF LEGAL REGULATION OF PUBLIC PROCUREMENT IN THE WEST AFRICAN ECONOMIC AND MONETARY UNION (UEMOA)." Lex Russica, no. 11 (November 22, 2019): 131–39. http://dx.doi.org/10.17803/1729-5920.2019.156.11.131-139.
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The paper analyzes the key supranational public procurement instruments adopted within the framework of the West African economic and monetary Union, especially the legally binding directives (Directive 04/2005 on the award, performance and payment of public contracts and Directive 05/2005 on the control and regulation of public procurement), which require further implementation into the national legislation of the member states. Special attention is given to the documents that, although they are advisory in nature or only indirectly affect the issue under study, but have had a significant impact on the formation of directives — the Regional program for improving the efficiency of public procurement and the UEMOA Code on transparency in public finance management. The principles of legal regulation of public procurement in the UEMOA are revealed: the principle of cost — effectiveness and efficiency of procurement; the principle of free access to the public procurement market; the principle of equal treatment of candidates and mutual recognition; the principle of transparency, rationality, modernity of procurement procedures and the possibility of tracking them; the principle of non-discrimination on the basis of nationality in relation to enterprises of the UEMOA member states and the principle of non-violation of competition when transferring a state contract to subcontracting; de minimis principle. A brief description of the procedures for awarding public contracts established in this organization, namely tender (there are several varieties of tender, the main of which are open and closed) and procurement from a single supplier. Some aspects of the legal regulation of public procurement in UEMOA are compared with other integration associations, in particular with the European Union and the Common market of South America (MERCOSUR).
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Yurasova, L. A. "THE POLITICS OF HUNGARIAN SOVEREIGHTY." MGIMO Review of International Relations, no. 4(49) (August 28, 2016): 99–116. http://dx.doi.org/10.24833/2071-8160-2016-4-49-99-116.
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The article analyzes main aspects of V. Orban's policy of strengthening Hungarian economic sovereignty. The Hungarian leadership had to find out balanced and reasonable approach to tackle the world economic crisis. Hungarian ballot package included reform of economic regulation on a state's level, taking moderate protectionist measures and foreign trade diversification. V. Orban's government succeeded in constitutional reform that allowed to consolidate power to deliver coherent economic policy and to harmonize separation of powers with that goal to be reached. Moreover, transferring of economic regulation to constitutional level lead to stabilization of monetary sphere. V. Orban's government enhanced state sector of economy in vulnerable areas, rose taxation on large business and shrank loans' burden of citizens in order to maintain positive economic growth. This measures ensured potential to advance further inside demand rates and to galvanize market capacity. Finally, V. Orban announced "openness to the East" policy aimed at diversifying foreign trade of Hungary. The main focus of the policy was trade with China and Russia. However, supranational authorities of European Union objected this policy goals on the grounds of economic and political consideration. But Hungarian leadership advocated its policy in a very tough way, which is a good example of self-reliance and pragmatism for the future of Europe.
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Stevanović, Miroslav, and Dragan Đurđević. "The problem of the Eurozone in the process of European integration from the aspect of entrepreneurship planning in the Republic of Serbia." Megatrend revija 18, no. 4 (2021): 129–46. http://dx.doi.org/10.5937/megrev2104129s.
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The situation in eurozone, which encompasses some of the most developed countries, inevitably impacts the planning of individual entrepreneurship in Serbia, as the candidate for EU membership. In this article, we analyze how much the eurozone is part of economic integration in Europe or the result of that process in the context of the political process of EU enlargement. In this context, we look into the motives for integration and enlargement, the institutional framework for the functioning of the monetary union, and the implications on the concept of European integration. The findings indicate that entrepreneurship planning, today, cannot rely on the monetary stability provided by the institutions of the eurozone and that there are indications of divisions within the EU itself. Moreover, some of the observed problems indicate that monetary policy is one of the key sources of disagreement within the European Union and that for now, it is unlikely that real monetary stability will be ensured outside the accounting operations of the European and national central banks. The conclusion that follows is that, while the Republic of Serbia still has monetary sovereignty, entrepreneurship, primarily small and medium-sized, must focus primarily on internal resources and find internal models that will provide a market orientation of capital, in which the leading role could be played. has a chamber connection.
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Kawecka-Wyrzykowska, Elżbieta. "Enhanced Economic Governance in the EU: Alternative to a Political Union?" International Journal of Management and Economics 37, no. 1 (October 17, 2014): 10–35. http://dx.doi.org/10.2478/ijme-2014-0001.
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Abstract In reaction to the sharp deterioration of fiscal positions and a sovereign debt crisis in the majority of EU member states, EU leaders have been strengthening the EU economic governance framework, in particular for the eurozone member states. This has been reflected mainly through a reinforcement of the Stability and Growth Pact (SGP) within the so-called six-pack and through the recent adoption of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG). The objective of this paper is to present the main decisions taken to address intensifying problems in the EU and assess them from the point of view of stability of the eurozone. The paper argues that the recent adoption of the six-pack and of the TSCG has created a legal basis for more effective governance structure that is much stronger than previously, and closer fscal coordination among EU member states in order to ensure public fnance sustainability. The practical results will depend, however, on the political willingness of countries to accept the new rules and rigorous enforcement of those rules. Most of the new solutions continue the previous approach: stricter preventive and punishing rules, and their more rigorous application. TSCG has adopted a new element: parallel to EU rules, there should be enhanced national rules (possibly in the form of constitutional commitments) and national institutions responsible for fscal discipline. This approach implies that international rules are not strong enough for sovereign countries, which agree to be subject to democratically elected national authorities but do not want to follow decisions by “outside” institutions. In addition, reverse voting in the Council encourages for more pragmatic, economically justifed use of the modifed SGP. In view of a lack of political will to move forward into a political union, this seems the only realistic approach to ensure fscal stabilization and keep the eurozone alive in the short and medium run. Two main research methods have been applied: (a)Statistical analysis of data on changes of the public fnances in the EU member states (budgetary defcit and public debt), (b)comparative analysis of successive EU documents on strengthening economic governance and identifcation of strong and weak aspects of the new documents from the point of view of stability of the eurozone. The main conclusion is that in a situation of a lack of political will to move forward into a political union, the only realistic approach to ensure fscal stabilization and keep the eurozone alive in the short and medium term seems to be to enforce rigorously the recently adopted new commitments aiming at better fscal control of euro area members.
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Hilpold, Peter. "Filling a Buzzword with Life: The Implementation of the Solidarity Clause in Article 222 TFEU." Legal Issues of Economic Integration 42, Issue 3 (August 1, 2015): 209–32. http://dx.doi.org/10.54648/leie2015014.
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The principle of solidarity has informed the whole European integration process but with the Treaty of Lisbon, this concept has become centre-stage. A number of provisions within the European Union (EU) treaties refer directly or indirectly to this concept. It has, however, also to be remarked that in the past solidarity has often meant different things to different people and the financial crisis which was accompanied by loud cries for and against solidarity has again given proof to this fact. In Article 222 TFEU (Treaty on the Functioning of the European Union) a broad provision on solidarity is to be found: ‘The Union and its Member States shall act jointly in a spirit of solidarity if a Member State is the object of a terrorist attack or the victim of a natural or man-made-disaster.’ Although not addressing solidarity in an all-encompassing way it refers to important fields of solidarity action. By the Decision of 24 June 2014 the main aspects of this Solidarity Clause were implemented. Although the Union has chosen a prudent approach it will be shown that this approach was the most appropriate one to make solidarity manageable. Within the present attempts to keep the Economic and Monetary Union (EMU) on track, important insights can be obtained from this discussion.
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CAVALLI, ALESSANDRO. "Social sciences and European society in the making." European Review 13, no. 3 (July 2005): 327–35. http://dx.doi.org/10.1017/s1062798705000487.
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The study of the European integration process offers a serious challenge for the social sciences. It is easy to understand why the disciplines of law, economics, and political science have made the most relevant contributions to the study of the Europeanization of our societies. From the treaty creating the European Coal and Steel Community in May 1951 to the establishment a few years later of Euratom, from the treaty of Rome to the European Economic Community (EEC), from the European Single Act to the Maastricht treaty and the Monetary Union, from the treaties of Amsterdam and Nice to the recent Convention that resulted in the proposal for a European Constitution, all of these historical events during the second half of the twentieth century mark a process of transferring sovereignty rights from nation-states to European institutions. The Council, the Commission, the Parliament, and the European Court of Justice are substantial innovations from the point of view of public law. They are not ‘state institutions’, nor are they intergovernmental agencies. In many domains, the influence of European regulations on national legislation is impressive. The amount of literature in all languages on the legal aspects of European integration is astonishing.
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Wilkinson, Michael A. "Authoritarian liberalism and the transformation of modern europe: Rejoinder." European Law Open 1, no. 1 (March 2022): 191–208. http://dx.doi.org/10.1017/elo.2021.7.
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AbstractThis response to critics gives me the opportunity to develop some aspects of the argument in Authoritarian Liberalism and the Transformation of Modern Europe. I do so by foregrounding the concept of political freedom, articulated by Franz Neumann. Authoritarian liberalism operates by suppressing political freedom and democracy. First making its mark in late Weimar, authoritarian liberalism is constructed in a more passive fashion in the decades after the Second Word War. Although it is contested by social movements in the 1960’s and 70’s, it is ultimately reinforced in the turn to neoliberalism. This reaches its apogee at the Treaty of Maastricht, with the de-politicization of economic and monetary union and the deepening and widening of the European Union. German ordoliberalism, which functions as an ideological support to authoritarian liberalism, is instructive, but is only a part of this story; Germany is at most ‘semi-hegemonic’ in Europe. Authoritarian liberalism operates instead through limiting the constitutional imagination in all member states of the Union. I end with some reflections on Walter Benjamin, whose philosophy of history inspired the cover of the book.
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Pál, Tibor. "The Effects of Monetary Policy on House Prices in Spain: the role of the economic and monetary union membership in the housing bubble prior to the great recession." Central European Review of Economics and Management 2, no. 2 (June 23, 2018): 5. http://dx.doi.org/10.29015/cerem.540.
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Aim: This paper aims to discover the evolution of monetary transmission in Spain by focusing on the short-term interest rate, credit aggregates and house prices through different stages of economic development and European integration between 1975 and 2008. In addition, the analysis devotes special attention to the interval of the last housing boom, in order to reveal the importance of the interest rate policy of the ECB.Design / Research methods: The study applies a tri-variate autoregressive model assigned to three overlapping periods outlined by regime shifts in the Spanish economy. The estimation output determines the strength and persistency of the links between interest rates, credit aggregates and house prices. Consequently, the results of the econometric analysis provide proper base for comparison in order to identify the dominating channels of monetary transmissions through a prolonged period.Conclusions / findings: It is found that the transmission mechanism in Spain essentially altered over time since 1975. At the beginning of the full analysed interval the role of the credit channel was dominant, then its importance gradually diminished. After the EMU accession the traditional interest rate channel became the leading factor with an intensified and more persistent effect on house prices.Originality / value of the article: While there are numerous researches aimed at estimating the impact of monetary policy on the real economy, empirical studies focusing exclusively on the link between interest rate policy and house prices in Spain are still rare. As the present paper concentrates solely on the Spanish characteristics through extended interval, the study provides country-specific inferences.Implications of the research: Understanding the mechanism of the monetary policy effects on the housing sector is an essential aspect of designing policy interventions aimed at keeping house price development in check.Limitations of the research: Despite the significant results of the empirical analysis, the excessively dynamic increase in the property prices suggests that the factor of irrational expectations also played important role in the latest Spanish housing bubble.Key words: Monetary policy, VAR, ECB, Housing boom, Monetary transmission mechanismJEL: E52, E58.
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Kaliyeva, Samal, Francisco Jose Areal, and Yiorgos Gadanakis. "Would Kazakh Citizens Support a Milk Co-Operative System?" Agriculture 11, no. 7 (July 8, 2021): 642. http://dx.doi.org/10.3390/agriculture11070642.
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We estimate the monetary value of a policy aimed at increasing rural co-operative production in Kazakhstan to increase milk production. We analyse the drivers associated with public support for such policy using the contingent valuation method. The role of individuals’ psychological aspects, based on the reasoned action approach, along with individuals’ views on the country’s past regime (i.e., to the former Soviet Union), their awareness about the governmental policy, their sociodemographic characteristics, and household location on their willingness to pay (WTP) for the policy is analysed using an interval regression model. Additionally, we examine changes in individuals’ WTP before and during the COVID-19 pandemic. The estimated total economic value of the policy is KZT 1335 bn for the length of the program at KZT 267 bn per year, which is approximately half the total program budget, which includes other interventions beyond the creation of production co-operatives. The total economic value of the policy would equal the cost of the whole program after 10 years, indicating public support for this policy amongst Kazakh citizens. Psychological factors, i.e., attitude, perceived social pressure, and perceived behavioural control, and the respondents’ awareness of the policy and views on the Soviet Union regime are associated with their WTP. Sociodemographic factors, namely, age, income, and education, are also statistically significant. Finally, the effect of the shocks of COVID-19 is negatively associated with the respondents’ WTP.
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Kalinkova, Sabrina. "Bulgarian economy as a producer of intermediate goods for the European Union." University Economic Bulletin, no. 48 (March 30, 2021): 97–102. http://dx.doi.org/10.31470/2306-546x-2021-48-97-102.
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Relevance of research topic. In conditions of globalization, the economic development of a country depends a lot on its relations with the rest of the world. When using economic indicators, including the "foreign trade balance" one, their correct interpretation is of particular importance. Formulation of the problem. The research interest should be focused not only on the volume of exports and imports in monetary terms, but also on its structure. It is a question of what production (goods and services) the Bulgarian economy exports (respectively imports), as well as where it exports (from where the Bulgarian economy imports). Setting the task, the purpose of the study. This report aims to present the Bulgarian economy in its role of producer and supplier of intermediate products for the countries of the European Union. Method or methodology for conducting research. The study is based on the use of the input-output model and in particular the symmetric input-output tables provided by the World Input-Output Database. Presentation of the main material (results of work). This report presents the results of the study of volume and structure of exports of the Bulgarian economy as a producer and supplier of intermediate goods, directed to the countries of the European Union. The interactions with the following countries were analyzed: Austria, Belgium, Germany, Denmark, Spain, France, Great Britain, Greece, Italy, the Netherlands, Poland, and Romania. Some of the member states of the European Union are not included. The reason for this is the lack of interactions between them and the Bulgarian economy, based on the provision of intermediate products. Conclusions according to the article. The study presents only one aspect of the foreign economic relations that take place between Bulgaria and the European Union. For the most part, the relations between Bulgaria and the other economies in the European Union are based mainly on industries related to the supply of resources. Services and products with a final degree of readiness are provided to a much lesser extent.
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Galent, Marcin. "Kryzys systemowy strefy euro w cieniu traktatu z Maastricht i traktatu z Lizbony." Politeja 15, no. 54 (February 10, 2019): 191–213. http://dx.doi.org/10.12797/politeja.15.2018.54.13.
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The Eurozone Crisis in the Shade of the Maastricht and Lisbon TreatiesThe financial crisis in the eurozone has created a kind of discursive window through which a renewed self‑reflection on the shape on the European integration can be traced. The crisis, its depth and course, has confirmed what previously could only be speculated on the edge of European discourse, namely the fact that the chosen model of deepening the economic and monetary union is not ideologically and class neutral. It therefore generates new decisive conditions about who becomes the beneficiary and the loser, where new centres and peripheries crystallize in this process. The purpose of this article is to use the crisis in the euro area to look at its structure, identify the most important intellectual and ideological assumptions underlying it, indicate how the legal framework contained in the Maastricht and Lisbon Treaties influenced its course and who and why suffered the most losses. Finally, the task of the article is to determine which aspects of the architecture of the eurozone proved to be unsustainable and what has therefore had to be changed in it.
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Akram, Muhammad, Hafsa Noreen ., and Monazza Karamat . "The Greek Sovereign Debt Crisis: Antecedents, Consequences and Reforms Capacity." Journal of Economics and Behavioral Studies 2, no. 6 (June 15, 2011): 306–18. http://dx.doi.org/10.22610/jebs.v2i6.248.
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The purpose of this paper is to investigate the antecedents and the consequences of the Greece debt crisis as well as highlighting the reforms capacity. The approach adopted in this paper is to answer the questions such as “what is the background of the Greece debt crisis and how it is originated?â€, “which antecedents caused the Greece vulnerable to the crisis?â€, “what are the twin constraints being faced by Greece and its consequences?â€, “which measures are taken to gain fiscal stability in the Greece under Stability and Growth Pact?†and “what are the rescue possibilities available to Greece to withstand the crisis? Is bail out the only possible solution?†These questions are used to guide the search or studies and analysis thereof and major emerging themes are presented. The key findings of the study are some main factors that triggered the crisis. These are misstated statistics by Greek government, weak co-ordination and organization, high expenditures in comparison to revenues, corruption, tax evasion, weak welfare system and inflexible employment laws. The research limitation is based on the limited scope of the study as some important question regarding the Greece debt crisis is yet to be answered and some aspects of literature are needed to be explored further. Since the main objective of this study is to explore the antecedents that caused Greece vulnerable to the crisis and its aftermaths, it also aims at explaining the fiscal stability measures under taken by Greece under Stability and Growth Pact along with explaining the bail- out alternative available to the Greece perhaps as a last resort. Moreover, this paper highlights the various steps being upheld for reforming Economic Monetary Union (EMU) governance. Thus, this study provides an opportunity to probe into the overall economic and fiscal scenario of Greece under debt crisis.
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Chiang, Thomas C. "US policy uncertainty and stock returns: evidence in the US and its spillovers to the European Union, China and Japan." Journal of Risk Finance 21, no. 5 (December 10, 2020): 621–57. http://dx.doi.org/10.1108/jrf-10-2019-0190.
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Purpose Recent empirical studies by Antonakakis, Chatziantoniou and Filis (2013), Brogaard and Detzel (2015) and Christou et al. (2017) present evidence, which supports the notion that a rise in economic policy uncertainty (EPU) will lead to a decline in stock prices. The purpose of this paper is to examine US categorical policy uncertainty on stock returns while controlling for implied volatility and downside risk. In addition to the domestic impacts of policy uncertainty, this paper also presents evidence that changes in US policy uncertainty promptly propagates to the global stock markets. Design/methodology/approach This study uses a GED-GARCH (1, 1) model to estimate changes of uncertainties in US monetary, fiscal and trade policies on stock returns for the sample period of January 1990–December 2018. Robustness test is conducted by using different set of data and modeling techniques. Findings This paper contributes to the literature in several aspects. First, testing of US aggregate data while controlling for downside risk and implied volatility, consistently, shows that responses of stock prices to US policy uncertainty changes, not only display a negative effect in the current period but also have at least a one-month time-lag. The evidence supports the uncertainty premium hypothesis. Second, extending the test to global data reveals that US policy uncertainty changes have a negative impact on markets in Europe, China and Japan. Third, testing the data in sectoral stock markets mainly displays statistically significant results with a negative sign. Fourth, the evidence consistently shows that changes in policy uncertainty present an inverse relation to the stock returns, regardless of whether uncertainty is moving upward or downward. Research limitations/implications The current research is limited to the markets in the USA, eurozone, China and Japan. This study can be extended to additional countries, such as emerging markets. Practical implications This paper provides a model that uses categorical policy uncertainty approach to explain stock price changes. The parametric estimates provide insightful information in advising investors for making portfolio decision. Social implications The estimated coefficients of changes in monetary policy uncertainty, fiscal policy uncertainty and trade policy uncertainty are informative in assisting policymakers to formulate effective financial policies. Originality/value This study extends the existing risk premium model in several directions. First, it separates the financial risk factors from the EPU innovations; second, instead of using EPU, this study investigates the effects from monetary policy, fiscal policy and trade policy uncertainties; third, in additional to an examination of the effects of US categorical policy uncertainties on its own markets, this study also investigates the spillover effects to global major markets; fourth, besides the aggregate stock markets, this study estimates the effects of US policy uncertainty innovations on the sectoral stock returns.
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PATYTSKA, Khrystyna. "LAND TAX IN THE SYSTEM OF PROPERTY TAXATION: SPECIFICS ADMINISTRATION IN UKRAINE AND EU COUNTRIES." WORLD OF FINANCE, no. 4(57) (2018): 86–98. http://dx.doi.org/10.35774/sf2018.04.086.
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Introduction. Problems of local budgeting in Ukraine, lack of financial resources of local authorities and instability of their revenue have been quite topical and still unsolved. Like most countries that emerged from the former Soviet Union, Ukraine has faced very substantial difficulties in maintaining economic growth while at the same time organizing an effective local government and fiscal structure and administration. An important aspect of this task has been to establish clearly defined property rights, including those in land, in order to facilitate market activities while also providing an appropriate fiscal base for local government. Purposes. The article is devoted to the problem of the formation of local authorities’ financial resources, local taxes and dues being their main source including land tax, to the process of formation of land taxation as well as to the definition of its role in the system of functioning of local authorities and state on the whole. The paper contains a comprehensive analysis of land taxation system, and shows its role and place in the state’s economic system. Proceeding from the analysis of the existing practice of land tax levying the author proves the necessity to reform land taxation, improve the mechanisms of levying land tax to insure full and timely income of land tax to local budgets. Results. Nature and structure of land taxation mechanism were proved and approaches concerning it construction in Ukraine were developed. Based on the realized analysis principal trends of collecting land tax in Ukraine were clarified, main factors which have the effect on forming of land taxation mechanism in our state were determined, problem aspects in land taxation which require improvement were emphasized. The mechanism of land tax application in foreign countries was investigated, main directions of land taxation processes optimization in Ukraine were proposed. It is proposed the improving the procedure for administering land tax in terms of conducting normative monetary valuation of land. Conclusions. It was proposed to improve the land tax in the area of its administration and the establishment of tax rates. The author has suggestions and proposals regarding legislation improvement in the sphere of legal regulation of land valuation in Ukraine.
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Milios, Leonidas, Aida Esmailzadeh Davani, and Yi Yu. "Sustainability Impact Assessment of Increased Plastic Recycling and Future Pathways of Plastic Waste Management in Sweden." Recycling 3, no. 3 (July 22, 2018): 33. http://dx.doi.org/10.3390/recycling3030033.
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Plastic is a versatile material that has contributed to numerous product innovations and convenience in everyday life. However, plastic production is growing at an alarming rate, and so has the generation of plastic waste. Unsound waste management results in plastic leakage to the environment with multiple adverse effects to ecosystems. Incineration of plastic waste produces excessive greenhouse gas (GHG) emissions, while plastic as a material is consumed and cannot be used again as a resource within a circular economy framework. For this reason, the European Union (EU) takes measures to increase plastic recycling, introducing higher targets for recycling in its revised waste legislation. Sweden follows suit, prioritising actions for improving the management of plastic waste. In this contribution, three scenarios of future plastic waste management are analysed for their sustainability impacts by 2030. The analysis is enabled by a plastic waste management flow model that calculates environmental, economic, and social impacts. The indicators used in the model to describe the impacts in each axis of sustainability are (1) GHG emissions, (2) monetary costs and benefits, and (3) number of jobs created. The results indicate several trade-offs between the different scenarios and between the different sustainability aspects of future plastic waste management, with their strengths and weaknesses duly discussed. Concluding, the most promising and sustainable future scenario for plastic waste management in Sweden includes high targets for recycling—in line with EU targets—and a gradual phase-out of plastic incineration as a waste management option.
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Drinkovic, Marina. "Analysis of the process of introducing euro in new member states: Defining lessons for Croatia case study: Slovenia." Applied Studies in Agribusiness and Commerce 3, no. 1-2 (May 30, 2009): 93–94. http://dx.doi.org/10.19041/apstract/2009/1-2/13.
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On 1 May 2004, EU made a historical enlargement by expanding from 15 to 25 members, and with another enlargement in 2007, EU is now a union of 27 member states. Following the new member states accession to the EU the next challenge for them is joining European Monetary Union and introducing the euro as a national legal currency. This thesis concentrated on the analysis on how the new member states handle the process of joining the Euro-zone with the main objective to examine whether there are any possible lessons that Croatia can apply to its EMU integration path. The thesis is mainly focused on analysing the Slovenian EMU integration process, as this member state has been identified by the Croatian Authorities and Croatian National Bank as the one whose experience Croatia should try to follow. The central questions that are discussed are weather Croatia is economically and politically capable to follow the Slovenian example, and, on the other side, weather the Slovenian example is the best one to follow i.e. should Croatia introduce euro by using the quick EMU entry strategy as Slovenia did. In order to answer those questions thesis focused on analysing and explaining different strategies for euro adoption chosen by the new member states with special emphasis on the strategy of quick EMU entry approach chosen by Slovenia. The thesis also concentrated on analysing the Slovenian political and economical path from Yugoslavia to the EU and especially on its economic performance and key economic indicators prior to introducing euro. Finally, with the aim to compare the economic performance between Slovenia and Croatia and define similarities/differences in their transition and EU accession process, the thesis gave a detailed overview of the Croatian current economical and political situation. After brief analysis of all pros and cons of an early euro adoption, the thesis concluded that following the experiences of small sized countries with opened economies and strong trade orientation towards the countries of the Euro-zone, such Slovenia is, would be a comprehensive and logical strategy for Croatia. Early euro adoption would provide more benefits than costs for Croatian economy and society in general. The thesis also concluded that Croatia should face no major problems when it comes to fulfilling most of the Maastricht criterion on time, in order to be able to adopt the euro in the shortest possible period as Slovenia did. However, the thesis also highlighted that in order to do so Croatia has to put a serious emphasis on improving certain aspects of its current macroeconomic situation, in particular the one concerning the percentage of state sector deficit in the GDP and the size of public debt.
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Panova, G. S. "BANKS AND BANKING BUSINESS IN RUSSIA IN THE FACE OF INTERNATIONAL SANCTIONS." MGIMO Review of International Relations, no. 1(46) (February 28, 2016): 154–68. http://dx.doi.org/10.24833/2071-8160-2016-1-46-154-168.
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The article provides an analysis of the present condition and prospects of development of banks and the banking business in the face of international sanctions. It identifies current trends, problems and the risks of banks and banking in Russia and in the world. Special attention is paid to the analysis of sectoral international sanctions against the Russian banks and the need to minimize negative impact of sanctions on the banking business, both nationally and internationally. Great value in these conditions has the state monetary policy. Anti-crisis policy pursued by the Bank of Russia, in a context of stagnating economy, leads to a reduction in the Russian share in the world economy and increases in the standard of living gap with the developed countries. The article argues that Russia's economic growth opportunities in 2016 are limited by restriction level of bank interest, the high volatility of the exchange rate of the national currency, insufficient development of credit relations, tough, high-budget (at the level of developed Europe) tax burden, increasing administrative costs, dramatically increasing the concentration of risks of subjective decisions at the present stage of the electoral cycle. In a situation of uncertainty of predictions regarding the scope and duration of the application of sanctions, the Russian Government and the Central Bank of the Russian Federation had rightly seek to use a combination of anti-sanctions measures of austerity measures on introduction of contra-sanctions to create more comfortable conditions for doing business in Russia and her allies from member countries of Eurasian Economic Union, SCO, BRICS. The article examines the strategic aspects of development banks and banking business in Russia under the new circumstances. Given the practical recommendations on improvement of the development strategy of banks in Russia. The necessity to improve the theoretical, conceptual, methodological, her reasoning and extend the range of retrospective and prospective analysis of the State of the banking sector development strategy of the Russian economy.
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Gazzani, Flavio. "Transition to social-ecological sustainability using the environmental fiscal reform." International Journal of Social Economics 48, no. 5 (February 26, 2021): 675–92. http://dx.doi.org/10.1108/ijse-09-2020-0656.
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PurposeThe purpose of this paper is to examine the introduction of three specific fiscal flexible mechanisms such as VAT surcharges/discounts, surcharges on import/manufacture of risk substances and maturity land tax to implement a new environmental fiscal reform that aims to reduce pollutions and emissions and avoid a regressive impact on low-income households using a feedback system.Design/methodology/approachThe idea behind this article is to explore alternative environmental taxation system that aims to foster the transition to social-ecological sustainability without affect negatively poor and low-income households. It looks at the potential of environmental fiscal reform in terms of environmental benefits and present in the first section, evidence of some economic regressive impact caused by environmental fiscal reform in European Union from previous empirical studies. The article then introduces of a feedback mechanism to create a repayment system, such as rebate or cash transfer to compensate the regressive effect of the levy being added to the consumer price affecting low-income households in a very short period and push consumers to buy alternative eco-friendly products and services and to stimulate the market to offer them.FindingsLowering VAT rate for green products and services has the potential to increase demand for sustainable products and services and stimulate green jobs. Surcharges on import and manufacture of risk substances play a significant role to discourage the import of hazardous and pollutant substances by putting price on them and push the industrial sector towards a medium and long-term transition. Lowering taxes rates for buildings in inner cities encourage improvements and renovations, while raising tax on peri-urban areas discourage land speculation in areas with higher grade of biodiversity. This fiscal mechanism indirectly will reduce private and public transport emissions caused by urban sprawling and travel costs, reduce public infrastructure costs for connecting suburban area to the inner city and reduce the loss of urban-edge farmland area that are vital for smart urban growth.Originality/valueThe previous studies on the economic impact of the on environmental fiscal reform analysis, have focused on environmental aspects, economic growth and employment, but little on the regressive impact in short and medium terms on least wealthy sections of society. The proposed feedback mechanism aims to reduce distortion and inequalities caused by surcharges on existing taxation to low-income using monetary repayment measures, especially for products and services with elastic demand and no substitutes.
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Ristić, Kristijan, and Aleksandar Živković. "Assessment of the European banking regulatory framework in light of its significance for the Republic of Serbia." Bankarstvo 49, no. 3 (2020): 77–101. http://dx.doi.org/10.5937/bankarstvo2003077r.
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The debt crisis in the European Union is known to be caused by the interdependence of banking and state financial stability, and, together with the non-existence of the fiscal union, it has taken on the existential dimensions of the EU project itself. Under the guise of financial fragmentation within the financial markets of the Eurozone, and from the aspect of the outbreak of the crisis, EU member states resorted to national interventions, thus closing national banking and financial markets, which ultimately resulted in deepened and stronger structural foundation of the crisis and its economic and financial consequences. In that context, the Banking Union is the regulatory and institutional response of the EU after the global financial crisis, about which the first proposals have found a place in institutional controversies since 2012. In addition to the key moment and motive for establishing such an institutional regulatory arrangement, the reason for its creation is more to create a union that is connected with the creation of a single market for financial services and free money circulation, and certainly with the tendency of fuller monetary integration. However, certain questions which arose remained relevant to date: whether these established and instrumentalized frameworks, mechanisms and procedures are in fact sufficient; whether the EU banking union, conceptually designed, really represents banking integration; and whether the "centralized-common" and "sovereign-national" relationships continued in the EU financial architecture, the use of the principle "one measure for all" in the implementation of the Basel III, non-inclusion of all types of banks, and the conflict of emission and supervisory roles of the Central Bank, be a structural conflict in achieving the desired financial stability, which is the ultimate goal. In the broader context of the functioning of the EU, financial stability can also be interpreted as a factor in the survival of the common currency and the European Union itself, regardless of the intertwined contradictions and construction conflict. In this paper, we analyze the functional scope of the regulatory framework for banking supervision in the EU during the five-year existence to date, and finally the effects and impact that this framework has had on the regulatory adjustment of the Serbian banking sector.
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Lentner, Csaba. "A magyar állampénzügyi rendszer rezilienciája a COVID–19 járvány kapcsán." Scientia et Securitas 2, no. 3 (December 22, 2021): 308–15. http://dx.doi.org/10.1556/112.2021.00054.
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Összefoglaló. A COVID–19 járvány a magyar gazdaság teljesítményeit és pénzügyi egyensúlyát is gyengítette, ám a korábbról stabil államháztartási alapok következtében a negatív hatások csak átmenetinek vélelmezhetők. Magyarország 2010–2019 között egy sikeres állampénzügyi reformot hajtott végre, amely jó alapot ad a válság elleni védekezéshez. Ugyanakkor a járványválság még erősebben ráirányítja a figyelmet a magyar nemzetgazdaság versenyképességének erősebb javítására, az infláció fékezésére, a költségvetési egyensúly megfelelő keretek között tartására, és a kis- és középvállalati szektor mérethatékonyságának növelésére. A tanulmány bemutatja a válság alatti fiskális és jegybanki intézkedések vázát, és egyúttal utal a válság utáni időszak kihívásaira, amelyek a nemzetközi térből, s különösen a jegybanki politika megváltozásából fakadnak. Summary. The COVID-19 epidemic hit the position of the otherwise strong Hungarian economy. We could see an economic downturn and financial imbalance developed in the last one and half years. As in the recovery (post-crisis) period of the 2010 decade, the crisis is being addressed with the active involvement of the state and the central bank. However, in the course of managing the crisis, it arises that on the new growth trajectory to be built after the recovery period, the competitiveness aspects, especially in the small and medium-sized enterprise category, which plays a major role in Hungary, should be more efficient than in the previous decade. It is necessary to improve the size efficiency, liquidity and capital efficiency of the SME sector by means of fiscal regulation, and the allocation of state resources should be more strongly linked to the requirements of export capacity and innovative business conduct. The decade after the 2007–2008 crisis – the previous recovery period – was characterized by the weak enforcement of fiscal policies in regulating and improving competitiveness, especially in Hungary, where change is essential. After 2013, Hungarian monetary policy also caught up with the international practice of quantitative easing, achieving significant results in improving both the financial balance and economic growth. However, the previous quantitative easing of the central bank, as well as the increase of budget expenditures on epidemiological expenditures, investments, normative budget annual subsidies from the European Union and subsidies from the European Reconstruction Fund, and even investment loans from our Eastern economic partners, generates an overheated economy, inflationary pressures, and external and balance of payments deficits. Added to this is the wage dynamics of the population, and the permanent and even increasing disbursement of family benefits during the crisis. All in all, in the 2020s we will face a new financial-debt crisis, unemployment and labor shortage problems, the competitiveness problems of the small business sector, culminating in the reorganization of the world economy, new competitiveness aspects, it will be a rather complex task. Thus, the turn of competitiveness that has essentially failed in the context of an abundance of resources and consolidated macroeconomic conditions (2010-2019) must be implemented “uphill”, it is only the time, will and opportunity to take its first steps. But the main lesson of the crises caused by the epidemics (also) is that the remaining economic entities have become stronger. And perhaps there is a chance to avoid falling into the trap of medium development through a new central bank policy that moderates inflation and truly enforces modernization considerations, as well as improving financial positions and improving economic positions (competitiveness).
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Новицкая, А. А., and И. Е. Шапиро. "PAYMENTS OF EAEU COUNTRIES IN THE CONTEXT OF GLOBAL CRISES." Финансовые Исследования, no. 3(76) (September 30, 2022): 17–22. http://dx.doi.org/10.54220/finis.1991-0525.2022.76.3.002.
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Цель. В статье рассматривается структура и порядок международных расчетов между странами - участниками ЕАЭС в условиях глобальных кризисов: затяжной пандемии и беспрецедентного санкционного давления на банковскую сферу России и стран - участниц ЕАЭС. Статья направлена на исследование трансформации международных рынков, а также на исследование вопросов денежно-кредитной политики государств - членов ЕАЭС и описывает возможные варианты развития банковской системы Евразийского экономического союза путем формирования технологичного и мульти-институционального мирохозяйственного уклада новой формации. Структура/методология/подход. Актуальность проведенного исследования состоит в рассмотрении теоретических аспектов и анализе последствий череды глобальных кризисов для мировой экономики, что спровоцировало рост цен в общемировом масштабе и, как следствие, привело к росту инфляции во всем мире. В результате партнеры России по ЕАЭС получили возможность расширения партнерского сотрудничества и обеспечили переход международных расчетов на национальные валюты, в том числе рубль. Методологическая база исследования опирается на анализ данных информационно-аналитических обозрений Ассоциации банков России. Результат ы. В статье обосновано, что экономические санкции европейских стран, направленные на российскую банковскую систему, ведут к изменению миропорядка в денежно-кредитной и банковской сферах и приводят к глобальным потрясениям, требующим трансформации рынков и смещения «центра силы» из европейской части в Юго-Восточную Азию и Евразию. Ключевые выводы. Развитие международных расчетов между странами ЕАЭС в условиях глобальных кризисов идет в рамках стратегического плана начиная с 2015 года, что позволило удержать финансовую и банковскую систему государств - членов ЕАЭС. The article examines the structure and procedure of international settlements between EAEU member states in the context of global crises: the protracted pandemic and unprecedented sanctions pressure on the banking sector of Russia and EAEU member states. The article aims to study the transformation of international markets, as well as investigates the issues of monetary policy of the EAEU member states and describes possible options for the development of the banking system of the Eurasian Economic Union, through the formation of a new technological and multi-institutional world economic order of a new formation. The relevance of the research conducted is to consider the theoretical aspects and analyze the consequences of a series of global crises for the world economy, which triggered a rise in prices on a global scale and as a consequence led to an increase in inflation around the world. As a result, Russia's EAEU partners were able to expand partnership cooperation and ensure the transition of international settlements to national currencies, including the ruble. The methodological basis of the study is based on the analysis of data from the information-analytical reviews of the Association of Banks of Russia. The article substantiates that the economic sanctions of European countries aimed at the Russian banking system lead to a change in the world order in the monetary and banking spheres and lead to global shocks, requiring the transformation of markets and the shift of the "center of power" from Europe to Southeast Asia and Eurasia. The development of international settlements between EAEU countries in the context of global crises has been developing according to a strategic plan since 2015, which has allowed the financial and banking system of EAEU member states to resist.
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Sawyer, M. "Alternative Economic Policies for the Economic and Monetary Union." Contributions to Political Economy 32, no. 1 (June 1, 2013): 11–27. http://dx.doi.org/10.1093/cpe/bzt005.
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Топић-Павковић, Бранка. "Међузависност ризика неплаћања јавног дуга и солвентности земаља чланица монетарне уније // The Correlation between the Risk of Default and Solvency of Member States of the Monetary Union." ACTA ECONOMICA 13, no. 23 (October 25, 2018): 69. http://dx.doi.org/10.7251/ace1523069t.
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Резиме: Дужничка криза у земљама Европске монетарне уније истакла је значај вођења одговорне фискалне политике, посебно у оквиру питања одрживости јавног дуга и солвентности земаља чланица. Општа правила за контролу нивоа јавног дуга, уведена у ЕУ, предвиђају обавезујуће мјере за све чланице када њихов јавни дуг пређе границу од 60% БДП-а, као и правила о максималном износу удјела дефицита у БДП-у. Интензитет дужничке кризе одређен је повјерењем инвеститора које зависи од економских фундамената, али и процјене да ли ће влада досљедно измиривати своје обавезе. Циљ истраживања јесте да утврдимо да ли је однос дуга према БДП-у позитивно корелисан са кретањем каматних стопа на државне обвезнице и да одредимо степен њихове повезаности. На узорку од 17 земаља чланица ЕМУ и временским интервалима преткризног и кризног периода, корелационом и регресионом анализом указујемо на узрочно-посљедичну повезаност наведених индикатора и њихов утицај на солвентност земље. Резултати показују да се у случају кризе јавног дуга услијед повећања каматних стопа на дугорочне државне обвезнице, значајно повећава удио јавног дуга у БДП-у што води расту ризика неплаћања дуга и посљедично несолвентности земаља чланица. Фискални аспект интеграције БиХ, посматрани кроз призму фискалних критеријума ЕУ, показују минимална одступања од референтних вриједности. Међутим, имајући у виду да кретање нивоа јавног дуга, те његово сервисирање, директно зависе од степена повећања/смањења БДП-а, извоза и расположивог прихода за сервисирање дуга, одлуке о даљем задужи- вању морају бити повезане са производним пројектима или финансирањем пројеката који ће допринијети даљем привредном расту и расту конку- рентности.Summary: The debt crisis in the European Monetary Union, emphasized the importance of keeping a responsible fiscal policy, especially in the context of issues of public debt sustainability and solvency of the member countries. Common rules for control of the public debt was introduced in the EU provide for mandatory measures for all Member States when their public debt exceeds the limit of 60% of GDP, as well as rules on the maximum amount of deficit percentage of GDP. The intensity of the debt crisis is determined by the confidence of investors, which depends on economic fundamentals as well as assessing whether the government will consistently meet their obligations. The aim of the research is to determine whether the ratio of debt to GDP positively correlated to movements in interest rates on government bonds and to determine the degree of their coherence. In a sample of 17 EMU member countries and time periods pre-crisis and crisis period, correlation and regression analysis indicate a causal connection between these indicators and their impact on the solvency of the country. Results show that in the event of a crisis in public debt due to the increase in interest rates on long-term government bonds, significantly increasing the share of public debt in GDP, which increases the risk of non-payment of debt and consequent insolvency of member states. Fiscal aspect of integration of BiH observed through the prism of fiscal criteria of the EU show a minimum deviation from the reference value, however, given that the movement of the public debt servicing is directly dependent on the degree of increase/decrease of GDP, exports and disposable income to service the debt, decisions on further borrowing must be associated with manufacturing projects or production projects that will contribute to further economic growth and competitiveness.
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Bean, Charles R. "Economic and Monetary Union in Europe." Journal of Economic Perspectives 6, no. 4 (November 1, 1992): 31–52. http://dx.doi.org/10.1257/jep.6.4.31.
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The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of “fiscal federalism.”
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WOLF, DIETER, and BERNHARD ZANGL. "The European Economic and Monetary Union:." European Journal of International Relations 2, no. 3 (September 1996): 355–93. http://dx.doi.org/10.1177/1354066196002003003.
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Thygesen, Niels. "Economic and monetary union in Europe and global economic cooperation." International Spectator 26, no. 1 (January 1991): 70–86. http://dx.doi.org/10.1080/03932729108457923.
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Proctor, Charles, and Gilles Thieflry. "Opportunities Created by Economic and Monetary Union." Business Law Review 19, Issue 3 (March 1, 1998): 58–60. http://dx.doi.org/10.54648/bula1998016.
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Cousins, Sarah Jane, and Adrienne Muir. "Providing information on economic and monetary union." Journal of Documentation 58, no. 4 (August 2002): 396–421. http://dx.doi.org/10.1108/00220410210431127.
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Bovenberg, A. L., and A. H. M. de Jong. "The Road to Economic and Monetary Union." Kyklos 50, no. 1 (February 1997): 83–109. http://dx.doi.org/10.1111/1467-6435.00005.
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Smith, John Grieve. "Monetary, Economic or Political Union in Europe?" International Review of Applied Economics 10, no. 2 (May 1996): 309–10. http://dx.doi.org/10.1080/02692179600000023.
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Pfaller, Alfred. "Economic Policy within a European Monetary Union." Intereconomics 26, no. 6 (November 1991): 264–73. http://dx.doi.org/10.1007/bf02929010.
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Buiter, Willem H. "The Economic Case for Monetary Union in the European Union." Review of International Economics 5, s (January 1997): 10–35. http://dx.doi.org/10.1111/1467-9396.5.4s.2.
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Voskanyan, Mariam, and Ani Galstyan. "Exchange rate regulation in economic unions: The case of Euroasian Economic Union." St Petersburg University Journal of Economic Studies 37, no. 1 (2021): 140–65. http://dx.doi.org/10.21638/spbu05.2021.106.
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This article explores currency regulation in the EAEU countries for the harmonization of currency policies in the context of economic integration. The object of the study is currency regulation in countries of Eurasian integration. The main hypothesis is that EAEU member countries are not ready for currency integration, due to the presence of many macroeconomic distortions in their economies. The authors assess the possibility of creating a monetary union by analyzing and evaluating key criteria for currency integration as known in the scholarly literature. For this goal, the authors conducted a literature review of the key prerequisites for currency integration, including the experience in the countries of the Eurozone. Then the authors analyze currency regulation in EAEU countries for meeting key criteria for currency integration. At this stage, the authors evaluate key factors of currency integration by EAEU member countries. The theoretical and methodological basis of the study was classic and modern approaches in the field of monetary and currency regulation—in particular, the research of modern analysts of the International Monetary Fund, the largest Central Banks of the world, and well-known experts of the field. The research results showed the inexpediency of creating a currency union within the Euroasian economic space at this stage.
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Leino, Päivi, and Janne Salminen. "The Euro Crisis and Its Constitutional Consequences for Finland: Is There Room for National Politics in EU Decision-Making?" European Constitutional Law Review 9, no. 3 (November 5, 2013): 451–79. http://dx.doi.org/10.1017/s1574019612001241.
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Economic crisis, constitutional crisis – Finnish constitutional requirements and solutions – National parliaments' European constitutional function – Finnish parliament's rights – Development of economic and monetary union – Economic and monetary union and development of it as the ‘Union matter’ in Finland – Stabilisation – European Financial Stability Facility – European Stability Mechanism – Economic governance – National, European, political, constitutional
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VON FURSTENBERG, GEORGE M. "Price Insurance Aspects of Monetary Union." JCMS: Journal of Common Market Studies 41, no. 3 (June 2003): 519–39. http://dx.doi.org/10.1111/1468-5965.00433.
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TANAKA, Soko. "Globalization and the European Economic and Monetary Union." International Economy 2001, no. 52 (2001): 35–55. http://dx.doi.org/10.5652/kokusaikeizai.2001.35.
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