Recommendations

2020 ◽  
pp. 303-330
Author(s):  
Menelaos Markakis
Keyword(s):  
Euro Area ◽  
Technical Assistance ◽  
Fiscal Rules ◽  
Banking Union ◽  
Euro Crisis ◽  
Member States ◽  
Capital Markets Union ◽  
The Eu ◽  
Transparency And Accountability

This chapter draws together the implications of the Euro crisis for the EU and its Member States and critically evaluates the shortcomings of the Treaty schema in terms of transparency and accountability. The discussion begins with the measures intended to ‘complete’ and ‘deepen’ the Economic and Monetary Union (EMU). It sets out the author’s own view regarding the key reforms that would be necessary, albeit one that is informed by the proposals made by the EU institutions. These include a reform of the EU fiscal rules; the provision of technical assistance to Member States implementing structural reforms; establishing a Euro area stabilization function; completing the Banking Union and making progress towards a Capital Markets Union; and strengthening the role of EU financial watchdogs. This chapter further puts forward a number of concrete proposals on how to bolster transparency and accountability in the area of EMU, the dividing line being between those proposals that could be implemented without a Treaty amendment and those reforms that would require a Treaty revision. It further addresses separately accountability (and transparency) in the Banking Union, as well as the role of EU courts in the EMU.

scholarly journals Multilevel cooperation in the EU resolution of cross-border bank groups: lessons from the non-euro area Member States joining the Single Resolution Mechanism (SRM)

2021 ◽  
Author(s):  
Agnieszka Smoleńska
Keyword(s):  
Euro Area ◽  
Banking Union ◽  
Member States ◽  
Essential Condition ◽  
European Banking Union ◽  
Cross Border ◽  
Single Resolution Mechanism ◽  
European Banking ◽  
Administrative Oversight ◽  
The Eu

AbstractCross-border banking presents a unique set of challenges in the EU from the perspective of arranging administrative oversight structures. Structuring cooperation between different EU and national authorities in a way which is conducive to trust-building and mutual engagement is an essential condition for overcoming disintegrative tendencies in the internal market. To assess how the existing EU arrangements fare in this regard in the context of EU resolution law, this article comparatively analyses the different models of multilevel administrative cooperation in the post-crisis EU framework. These are specifically the centralised model of the European Banking Union (Single Resolution Mechanism) and the relatively looser networked model of the resolution colleges. The multilevel cooperation under both models is nuanced given the distinct roles of the national resolution authorities, EU agencies and the differentiated status of non-euro area Member States in the EBU (Croatia, Bulgaria). The article’s findings allow to identify specific problems of constitutional nature pertaining to the accountability of administrative cooperation, equality of Member States and the implications of Meroni doctrine’s distortive effects.

scholarly journals Euro Crisis and the EMU Institutional Reforms

Equilibrium ◽  
2013 ◽  
Vol 8 (1) ◽  
pp. 7-31 ◽  
Author(s):  
Jarosław Kundera
Keyword(s):  
Euro Area ◽  
Debt Crisis ◽  
Essential Element ◽  
Monetary Integration ◽  
Banking Union ◽  
Fiscal Policies ◽  
Euro Crisis ◽  
Institutional Reforms ◽  
Political Union ◽  
The Eu

The main goal of this article is to find the answer for the question about the necessary reform to be undertaken in the EU to save the euro as a common currency. The author envisages three scenarios of the euro area’s future development. In his opinion, the most probable one are the institutional reforms in the euro area. The essential element of the reform is to establish a proper mix between the ECB’ monetary policy and fiscal policies in the member states. All proposed steps against the euro crisis are mutually correlated: monetary integration requires stricter fiscal integration, fiscal integration requires banking union, but banking union is going to require some form of a political union. This way the debt crisis in the euro area may present an opportunity to renew the strength of the European institutions.

Introduction

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
Euro Area ◽  
European Central Bank ◽  
International Political Economy ◽  
Euro Crisis ◽  
European Monetary ◽  
Member States ◽  
European Central ◽  
Regime Complex ◽  
The International Monetary Fund ◽  
European Monetary Fund

European governments, against their initial instincts, invited the International Monetary Fund to design financial rescue programs during the euro crisis in cooperation with the European Commission and European Central Bank. These institutions, known as the “troika,” constitute a regime complex in the parlance of international political economy. This book poses four questions about the regime complex for crisis finance in the euro area: Why did European governments choose this particular mix of institutions? What was the strategy of key member states in directing several institutions to collaborate on lending programs? Why did this arrangement endure despite severe conflicts among the institutions? Should the member states of the euro area “go it alone” by creating a European Monetary Fund? This chapter elaborates on these questions and provides an overview of the book.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

scholarly journals Inequalities in the European Union—A Partial Order Analysis of the Main Indicators

2021 ◽  
Vol 13 (11) ◽  
pp. 6278
Author(s):  
Lars Carlsen ◽  
Rainer Bruggemann
Keyword(s):  
Indicator System ◽  
Partial Ordering ◽  
Disposable Income ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Per Capita ◽  
Educational Aspect ◽  
The Eu

The inequality within the 27 European member states has been studied. Six indicators proclaimed by Eurostat to be the main indicators charactere the countries: (i) the relative median at-risk-of-poverty gap, (ii) the income distribution, (iii) the income share of the bottom 40% of the population, (iv) the purchasing power adjusted GDP per capita, (v) the adjusted gross disposable income of households per capita and (vi) the asylum applications by state of procedure. The resulting multi-indicator system was analyzed applying partial ordering methodology, i.e., including all indicators simultaneously without any pretreatment. The degree of inequality was studied for the years 2010, 2015 and 2019. The EU member states were partially ordered and ranked. For all three years Luxembourg, The Netherlands, Austria, and Finland are found to be highly ranked, i.e., having rather low inequality. Bulgaria and Romania are, on the other hand, for all three years ranked low, with the highest degree of inequality. Excluding the asylum indicator, the risk-poverty-gap and the adjusted gross disposable income were found as the most important indicators. If, however, the asylum application is included, this indicator turns out as the most important for the mutual ranking of the countries. A set of additional indicators was studied disclosing the educational aspect as of major importance to achieve equality. Special partial ordering tools were applied to study the role of the single indicators, e.g., in relation to elucidate the incomparability of some countries to all other countries within the union.

«Where We Are Strong…»

2011 ◽  
pp. 44-57
Author(s):  
S. Pogorelskaya
Keyword(s):  
European Union ◽  
Euro Crisis ◽  
The European Union ◽  
Future Role ◽  
The Future ◽  
The Eu

The article describes the transformation of German policy towards the European Union after the reunification of Germany, German proposals to overcome the Euro crisis of 2010–2011 and the future role of Germany in the EU.

scholarly journals Comparative Models of Capitalism in the Areas of Financial System and Corporate Governance – the Diversity of Capitalism Approach Perspective

2016 ◽  
Vol 52 (1) ◽  
pp. 59-76
Author(s):  
Paweł Pisany
Keyword(s):  
Game Theory ◽  
Corporate Governance ◽  
Financial Systems ◽  
Financial Reforms ◽  
Institutional Complementarity ◽  
Capital Markets Union ◽  
Theory Application ◽  
The Eu ◽  
Regulatory Challenges

Abstract This article presents and assesses the methodology and results of a comparative analysis conducted by Bruno Amable in financial systems and corporate governance in the context of current policy and regulatory challenges. The article, which is based on a literature review and game theory examples, first describes and evaluates the methodology and final classification given by Amable. The role of Amable’s core concept; namely, institutional complementarity, is underlined. A game theory application in comparative institutional studies is then presented, including the author’s own “institutional game.” Finally, we assess Amable’s achievements in financial systems and corporate governance, concluding that they are valuable, innovative and useful despite some (perhaps justified) criticisms of the framework Amable used. In particular, the value of introducing institutional complementarity into comparative studies should not be underestimated. The analysis presented here suggests that Amable’s methodology may also be applicable when designing current financial reforms in the EU, especially European Capital Markets Union (CMU), because it can broaden policy maker’s horizons and promote consistent solutions.

EU Soft Law in Domestic Legal Systems: Flexibility and Diversity Guaranteed?

2009 ◽  
Vol 16 (3) ◽  
pp. 271-290 ◽  
Author(s):  
Emilia Korkea-Aho
Keyword(s):  
Holistic Approach ◽  
Soft Law ◽  
New Governance ◽  
Member States ◽  
Regulatory Instruments ◽  
Modes Of Governance ◽  
Judicial Recognition ◽  
The Eu ◽  
New Modes Of Governance

New modes of governance are proliferating at all levels, most prominently in the EU. One main characteristic of new governance is adjustability and revisability in the form of soft law. The non-binding nature of soft law is said to contribute to flexibility and diversity in Member States and to secure national autonomy. However, this article argues that while soft law may not be legally binding, it nevertheless has legal effects that throw flexibility and diversity of national action into doubt. Beginning by demonstrating that soft law may have discernible effects on practices in Member States, at the same time restricting Member State choices, the article goes on to develop a categorisation of those effects and to document them in detail. These are: judicial recognition by the European courts, explicit terms of soft law instruments, which demand special types of national implementing measures, the role played by non-state actors, and hybrid forms of regulatory instruments comprising soft and hard law provisions. The analysis shows a need to add variety to existing research on EU soft law, which has traditionally focused on the role of the judiciary in giving legal effects to soft law. Instead, we should be more attentive to the other three factors when discussing soft law. Besides the more holistic approach, research should also analyse soft law in a more case-specific manner in order to fully grasp the implications of choice of soft law in a domestic legal system.

Human Rights in EU Development Policy

2021 ◽  
pp. 682-706
Author(s):  
Jan Wouters ◽  
Michal Ovádek
Keyword(s):  
Human Rights ◽  
Development Policy ◽  
External Action ◽  
Development Cooperation ◽  
Development Programs ◽  
Member States ◽  
Missed Opportunities ◽  
Constitutional Level ◽  
The Eu

This chapter studies the role of human rights in EU development policy. The place of human rights in development policy was solidified at the constitutional level with the entry into force of the Lisbon Treaty, which made the promotion of human rights in all EU external action a legal obligation. As a result, different institutional mechanisms, thematic guidelines, and dedicated instruments and strategies have been put in place to consolidate a comprehensive operational framework aimed at ensuring that EU development programs advance human rights worldwide coherently and consistently. EU development policy is a shared competence, which means that both the EU and its Member States are entitled to act within this domain, as long as national actions do not undermine EU laws and positions. The sharing of competences, however, makes it more difficult for the EU to live up to the commitment of coherent and consistent promotion of human rights. In any case, substantial amount of coordination between the EU and the Member States is required in order to deliver coherence in development policy. However, the role of the EU as a normative leader in development cooperation remains subject to a multitude of long-standing criticisms and various evaluations of EU human rights policy point to a series of mixed results and missed opportunities.

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