scholarly journals Debt Relief as a Last Resort for the Lender of Last Resort?

2021 ◽  
Vol 56 (4) ◽  
pp. 223-233
Author(s):  
Arne Hansen ◽  
Dirk Meyer
Keyword(s):  
Policy Instrument ◽  
Central Banks ◽  
Debt Relief ◽  
External Support ◽  
The European Union ◽  
Lender Of Last Resort ◽  
Medium Term ◽  
Member States ◽  
European System ◽  
The Eu

AbstractThe coronavirus crisis has led to a sharp increase in the debt-to-GDP ratios of the euro area member states. Without external support, access to the capital market could be seriously threatened in the medium term for Italy, but also for other member states. While the Pandemic Emergency Purchase Programme, which is designed as a monetary policy instrument, is regarded by some as a violation of the prohibition of monetary financing, the Next Generation EU recovery fund is likely to direct the fundamental structures of the European Union towards a fiscal union with considerable redistribution elements. This article analyses an alternative strategy, namely debt relief by the European System of Central Banks through an EU debt agency. Such a scheme would be possible without amending the EU treaties and would avoid negative equity at the central banks. The question is under what circumstances would this approach be suitable and proportionate?

Ein Schuldenerlass als Ende mit Schrecken?

2020 ◽  
Vol 69 (3) ◽  
pp. 277-307
Author(s):  
Arne Hansen ◽  
Dirk Meyer
Keyword(s):  
European Union ◽  
Capital Market ◽  
Policy Instrument ◽  
Central Banks ◽  
External Support ◽  
The European Union ◽  
European System ◽  
Equity Position ◽  
Legal Integration ◽  
The Eu

Abstract The rising debt-to-GDP ratios of the eurozone member states result not least from the coronavirus crisis. Without external support, especially with regard to Italy, but also for other Mediterranean states, access to the capital market could be seriously threatened in the medium run. The recovery fund ‘Next Generation EU’ likely directs the fundamental structures of the European Union (EU) towards a fiscal union with considerable transfer elements, while the Pandemic Emergency Purchase Programme (PEPP), which is declared as a monetary policy instrument, is even discussed as a violation of the prohibition of monetary financing. As an alternative, this contribution analyses a debt relief by the European System of Central Banks (ESCB), implemented via an EU debt agency. This construction would avoid a negative equity position of the central banks and also enable a legal integration into the EU system. The question remains: What would be the consequences of such a non-recurring step?

The European Central Bank

2018 ◽  
Author(s):  
Chiara Zilioli ◽  
Phoebus Athanassiou
Keyword(s):  
European Union ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Central Banks ◽  
The European Union ◽  
European Central ◽  
European System ◽  
The Eu

The provisions on Monetary Union (MU), of the Treaty on the functioning of the European Union (TFEU or the Treaty), as well as the Statute of the European System of Central Banks and of the European Central Bank (the Statute), are important in their own right, and are amongst those from which any student of the European Union (EU) can learn a great deal with regard to the EU.

Pre-departure Integration Strategies in the European Union: Integration or Immigration Policy?

2011 ◽  
Vol 13 (1) ◽  
pp. 1-30 ◽  
Author(s):  
Kees Groenendijk
Keyword(s):  
International Law ◽  
Policy Instrument ◽  
The European Union ◽  
Political Debate ◽  
Member States ◽  
Eu Member States ◽  
Legal Constraints ◽  
Integration Strategies ◽  
The Uk ◽  
The Eu

AbstractSeveral States require immigrants from outside the EU to participate in language or integration courses after arrival. In recent years, some EU Member States made passing a language test (Netherlands and Germany) or participating in a language course (France) a condition for a visa for family reunification for immigrants from certain third countries. Denmark and the UK introduced a similar requirement in 2010. The focus of his article is on three aspects: the political debate, the legal constraints and the effects. Firstly, the development of the pre-departure integration strategies is analyzed. What was the rationale behind the introduction and does is vary between Member States? Secondly, the legal constraints of EU and international law are discussed. Finally, the results of the first studies evaluating this policy instrument are presented. Is pre-departure a good predictor for immigrant’s ability to integrate? Does it actually assist integration, and what are the unexpected or counterproductive effects?

scholarly journals Does the Cohesion Policy Decrease Economic Inequalities in the European Union?

2015 ◽  
Vol 18 (2) ◽  
pp. 1-20 ◽  
Author(s):  
Radmila Jovančević ◽  
Tomislav Globan ◽  
Vedran Recher
Keyword(s):  
European Union ◽  
Policy Instrument ◽  
The European Union ◽  
Cohesion Policy ◽  
Main Hypothesis ◽  
Member States ◽  
Regional Inequalities ◽  
Cohesion Fund ◽  
The Impact ◽  
The Eu

Abstract This paper examines the impact of the EU Cohesion Policy on the relative development of EU countries as well as on the development of NUTS-2 regions within member states. The main hypothesis is that the Cohesion Fund payments are reducing inequalities between member states, while failing to decrease the regional inequalities within member states in the European Union. The basic conclusion is that Cohesion funds should not be viewed as the only solution for the problem of regional inequalities in the EU, but rather as a complementary policy instrument to national regional policies. However, the problem of creating institutional capacity for the withdrawal of the Cohesion resources remains emphasized, especially in new member states with lower real GDP growth, in order to compete for projects of highest multiplicative effects on the economy.

Bariery w przepływie pracowników na rynku wewnętrznym – stary problem w nowych odsłonach

2016 ◽  
Vol 14 (4 (1)) ◽  
pp. 39-54
Author(s):  
Robert Grzeszczak
Keyword(s):  
Equal Treatment ◽  
The European Union ◽  
Integration Process ◽  
Labour Law ◽  
Member States ◽  
Political Criticism ◽  
Eu Policies ◽  
The Will ◽  
Free Movement Of Persons ◽  
The Eu

The issue of re-nationalization (disintegration and fragmentation) of integration process is manifested by the will of some of the Member States to verify their relations with the European Union. In the age of an economic crisis of the EU and in relation to the large migration of the population, there has emerged strong social and political criticism, on the European level, of the integration process, with some Member States even consideringtheir withdrawal from the EU. In those States, demands forextending the Member States’ competences in the field of some EU policies are becoming more and more popular. The legal effects of the above-mentioned processes are visible in the free movements of the internal market, mainly within the free movement of persons. Therefore, there are problems, such as increased social dumping process, the need to retain the output of the European labour law, the issue of the so-called social tourism, erosion of the meaning of the EU citizenship and the principle of equal treatment.

Political aspects of security of the European Union Member States

2020 ◽  
pp. 97-105
Author(s):  
Aleksandra Kusztykiewicz-Fedurek
Keyword(s):  
European Union ◽  
Negative Impact ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Political Security ◽  
New Institutions ◽  
The Stability ◽  
Key Aspects ◽  
The Eu

Political security is very often considered through the prism of individual states. In the scholar literature in-depth analyses of this kind of security are rarely encountered in the context of international entities that these countries integrate. The purpose of this article is to draw attention to key aspects of political security in the European Union (EU) Member States. The EU as a supranational organisation, gathering Member States first, ensures the stability of the EU as a whole, and secondly, it ensures that Member States respect common values and principles. Additionally, the EU institutions focus on ensuring the proper functioning of the Eurozone (also called officially “euro area” in EU regulations). Actions that may have a negative impact on the level of the EU’s political security include the boycott of establishing new institutions conducive to the peaceful coexistence and development of states. These threats seem to have a significant impact on the situation in the EU in the face of the proposed (and not accepted by Member States not belonging to the Eurogroup) Eurozone reforms concerning, inter alia, appointment of the Minister of Economy and Finance and the creation of a new institution - the European Monetary Fund.

The preliminary ruling procedure at the court of justice of the European Union and transformation of European anti-discrimination law

2020 ◽  
Vol 2020 (3) ◽  
pp. 66-72
Author(s):  
Elena Sorokina
Keyword(s):  
Legal System ◽  
Essential Feature ◽  
Preliminary Ruling ◽  
The European Union ◽  
Judicial Cooperation ◽  
Member States ◽  
National Courts ◽  
Court Of Justice ◽  
Protection Of Human Rights ◽  
The Eu

The preliminary ruling procedure is an essential feature of the EU legal system, which is a unique cooperation tool as part of the dialogue between the Court of Justice of the EU and national courts of the Member States. Its main purpose is to ensure uniform interpretation and application of the provisions of EU law with all Member States and to preserve the uniformity of the European legal system. The continuous use by national courts of the Member States of the mechanism of preliminary ruling and constructive inter-judicial cooperation, the Court of Justice has developed an extremely extensive case law on the prohibition of discrimination and with the result to introduce substantial changes in European anti-discrimination law.The preliminary rulings of the Court of Justice have shown its inclination to expand notions of what constitutes discrimination and in most cases the Court prompt by the desire to interpret the provisions of European law so as to ensure the full effectiveness of the law, as well as a willingness to promote and strengthen protection against discrimination in Europe. While the protection against discrimination on some grounds is stronger than others, however, the preliminary rulings of the Court of Justice are important contribution to the transformation of anti-discrimination law, promote change in the national legislation of the Member States and provide the more effective protection of human rights in general.

Social Investment as a Policy Platform

2017 ◽  
Author(s):  
Frank Vandenbroucke
Keyword(s):  
Social World ◽  
The European Union ◽  
Social Investment ◽  
Education Spending ◽  
Overlapping Consensus ◽  
Member States ◽  
Policy Perspective ◽  
The Social ◽  
Broad Consensus ◽  
The Eu

This contribution argues for a truly reciprocal social investment pact for Europe: member states should be committed to policies that respond to the need for social investment; simultaneously, member states’ efforts in this direction—notably efforts by those in a difficult budgetary context—should be supported in a tangible way. Social investment is a policy perspective that should be based on a broad consensus between people who may entertain certain disagreements regarding the level of their empirical and/or normative understanding of the social world. For that reason, the expression of an ‘overlapping consensus’ is used for delineating social investment advocacy. Data on education spending show that we are far removed from a social investment perspective at the European Union (EU) level. This underscores the fact that social investment advocates need to clearly consider the role the EU has to play in social investment progress.

Ever Looser Union?

2020 ◽  
Author(s):  
Frank Schimmelfennig ◽  
Thomas Winzen
Keyword(s):  
Self Determination ◽  
The European Union ◽  
Core State ◽  
Member States ◽  
New Members ◽  
Treaty Negotiations ◽  
Differentiated Integration ◽  
Economic Preferences ◽  
New Policies ◽  
The Eu

Differentiated integration is a durable feature of the European Union and a major alternative for its future development and reform. This book provides a comprehensive conceptual, theoretical and empirical analysis of differentiation in European integration. It explains differentiation in EU treaties and legislation in general and offers specific accounts of differentiation in the recent enlargements of the EU, the Euro crisis, the Brexit negotiations and the integration of non-member states. Differentiated integration is a legal instrument that European governments use regularly to overcome integration deadlock in EU treaty negotiations and legislation. Instrumental differentiation adjusts integration to the heterogeneity of economic preferences and capacities, particularly in the context of enlargement. By contrast, constitutional differentiation accommodates concerns about national self-determination. Whereas instrumental differentiation mainly affects poorer (new) member states, constitutional differentiation offers wealthier and nationally oriented member states opt-outs from the integration of core state powers. The book shows that differentiated integration has facilitated the integration of new policies, new members and even non-members. It has been mainly ‘multi-speed’ and inclusive. Most differentiations end after a few years and do not discriminate against member states permanently. Yet differentiation is less suitable for reforming established policies, managing disintegration, and fostering solidarity, and the path-dependency of core state power integration may lead to permanent divides in the Union.

Review by Constitutional Courts of the Obligation of National Courts of Last Instance to Refer a Preliminary Question to the Court of Justice of the EU

2015 ◽  
Vol 16 (6) ◽  
pp. 1663-1700 ◽  
Author(s):  
Clelia Lacchi
Keyword(s):  
European Union ◽  
Eu Law ◽  
The European Union ◽  
Constitutional Courts ◽  
Member States ◽  
Constitutional Review ◽  
National Courts ◽  
Court Of Justice ◽  
Judicial Remedy ◽  
The Eu

The Constitutional Courts of a number of Member States exert a constitutional review on the obligation of national courts of last instance to make a reference for a preliminary ruling to the Court of Justice of the European Union (CJEU).Pursuant to Article 267(3) TFEU, national courts of last instance, namely courts or tribunals against whose decisions there is no judicial remedy under national law, are required to refer to the CJEU for a preliminary question related to the interpretation of the Treaties or the validity and interpretation of acts of European Union (EU) institutions. The CJEU specified the exceptions to this obligation inCILFIT. Indeed, national courts of last instance have a crucial role according to the devolution to national judges of the task of ensuring, in collaboration with the CJEU, the full application of EU law in all Member States and the judicial protection of individuals’ rights under EU law. With preliminary references as the keystone of the EU judicial system, the cooperation of national judges with the CJEU forms part of the EU constitutional structure in accordance with Article 19(1) TEU.

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