The euro - our future in Europe

1998 ◽  
Vol 4 (1) ◽  
pp. 48-57
Author(s):  
Christa Randzio-Plath
Keyword(s):  
Monetary Union ◽  
Economic Conditions ◽  
Economic And Monetary Union ◽  
Democratic Accountability ◽  
The European Union ◽  
European Monetary ◽  
European Central ◽  
Economic Framework ◽  
Monetary Authorities ◽  
European Monetary Policy

Economic and Monetary Union has been created to complete the single market, to provide optimal macro-economic conditions for employment-enhancing growth and to promote further political integration in the European Union. Unfortunately in the discussion about monetary union the reasons why Europe needs EMU have been almost forgotten. As the future European Central Bank will be solely responsible for European monetary policy and thus be influencing strongly the overall macro-economic framework in Europe, the question of democratic accountability of monetary authorities needs to be debated. EMU is Europe's answer to the challenges of the 21 st century.

scholarly journals Encrucijadas de la moneda única. Algunas claves para una reflexión desde la periferia

2015 ◽  
Vol 8 (22) ◽  
Author(s):  
Fernando Luengo Escalonilla Lucía Vicent Valverde
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Monetary Union ◽  
Community Leaders ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Spanish Economy ◽  
European Monetary

<p> </p><p>The article reflects about the viability and implications of the Economic and Monetary Union from a Southern periphery of the European Union perspective, especially that of the Spanish economy. The argument is developed through two ideas: a) euro zone’s reconfiguration carried out by community leaders has preserved and also has sharpened imbalances and asymmetries that triggered the economic crisis, b) the debate on how to overcome it contains and transcends the dilemma that arises from being  part of the European Monetary area, or not.</p><p> </p>

scholarly journals 20 YEARS OF EUROPEAN MONETARY POLICY. FROM DOCTRINARISM TO REALPOLITIK

2019 ◽  
pp. 149-172
Author(s):  
Luis Ángel Hierro ◽  
Antonio José Garzón ◽  
Helena Domínguez-Torres
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Central Bank ◽  
European Central Bank ◽  
Central Banks ◽  
The European Union ◽  
European Monetary ◽  
Monetary Policies ◽  
European Central ◽  
European Monetary Policy

This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evolved from the strict approach defined in the Treaty on the Functioning of the European Union to an approach closer to that of the rest of central banks, which we have called “monetary realpolitik”.

scholarly journals The Fiscal Compact and the European Constitutions: ‘Europe Speaking German’

2012 ◽  
Vol 8 (1) ◽  
pp. 1-7 ◽  
Author(s):  
LB ◽  
JHR
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Monetary Union ◽  
Euro Area ◽  
Economic And Monetary Union ◽  
Economic Policies ◽  
The European Union ◽  
The Czech Republic ◽  
The United Kingdom ◽  
Fiscal Compact

In between the writing of this editorial and the publication of this issue of EuConst, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in everyday parlance the ‘Fiscal Compact’, will have been signed by the representatives of the governments of the contracting parties — the member states of the European Union minus the United Kingdom and the Czech Republic. The Fiscal Compact is intended to foster budgetary discipline, to strengthen the coordination of economic policies and to improve the governance of the euro area.

scholarly journals Challenges for monetary policy in the enlarged European monetary Union

2009 ◽  
Vol 56 (1) ◽  
pp. 95-110 ◽  
Author(s):  
Irena Radovic
Keyword(s):  
Monetary Policy ◽  
Monetary Union ◽  
Central And Eastern Europe ◽  
European Monetary ◽  
Policy Modeling ◽  
Euro Zone ◽  
European Central ◽  
Currency Policy ◽  
Voting Mechanism ◽  
Critical Aspects

The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in monetary policy modeling with special emphasis to enlargement. The focus is on the difficulty of implementing a unique currency policy in view or growing heterogeneity within the enlarged monetary union, and secondly - the issue of the voting mechanism within the ECB. When analyzing those two issues, it is conclusive that the difficulties for the ECB and the current Euro zone members will increase. For the enlarged Euro zone, which is becoming more divergent, it will be very hard to find adequate recipes to meet the needs and requirements of all. The big question is: whether centralization of monetary policy is a sustainable and superior solution?.

Possible scenarios for European monetary policy in 2021

2021 ◽  
pp. 4-13
Author(s):  
Yulia Alekseevna Polyakova
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Level Structure ◽  
System Level ◽  
The European Union ◽  
European Monetary ◽  
Global Pandemic ◽  
Force Majeure ◽  
Global Nature ◽  
European Monetary Policy

The article analyzes the proposed directions (scenarios) of fi ne-tuning of monetary policy of the European Union and the likely consequences of global pandemic volatility. The article also points to the need to continue to reform the European monetary policy, particularly considering the role of the euro in the modern system of international fi nance, the EU debt problems and competition with the U.S. dollar. The widespread prevalence of COVID-19 and the related periods of self-isolation and lockdowns have exacerbated monetary and fi nancial problems even in the world’s leading countries such as the European Union. The solution of monetary problems in its multi-level structure is entrusted to the European Central Bank, which acts as a regional (and at the same time supranational) regulator of the monetary and fi nancial sphere at the system level. The pursued unconventional monetary policy, aimed at getting out of the prolonged recession and defl ation, is facing new challenges, including those of a global nature. Therefore, it is necessary to analyze the current situation and identify the real reasons that prevent the achievement of these goals. The author comes to conclusion that they can be classifi ed into external and internal causes, exogenous and endogenous, fundamental and force majeure. However, the coronavirus formally related to the latter, as it seems in view of the onset of the second wave and the projected third, can, to a certain extent, be considered a hybrid one, beginning to exert a comprehensive infl uence, aff ecting all spheres of human activity and certainly monetary and fi nancial sphere as well. Exchange rates are becoming more volatile, and traditional measures to regulate them are no longer eff ective. Consequently, the need to fi nd new approaches to monetary policy, especially for the European Union, with its becoming permanent debt problems, capital under-regulation and unfi nished regional currency digitalization, is becoming increasingly evident.

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.

scholarly journals Guaranteeing the ECB’s democratic accountability in the post-Banking Union era: An ever more difficult task?

2019 ◽  
Vol 26 (1) ◽  
pp. 48-62
Author(s):  
Diane Fromage
Keyword(s):  
European Union ◽  
Central Bank ◽  
European Central Bank ◽  
Banking Union ◽  
Democratic Accountability ◽  
Unconventional Monetary Policy ◽  
The European Union ◽  
Banking Supervision ◽  
National Parliaments ◽  
European Central

Following the Great Financial Crisis, the European Central Bank’s functions have been significantly altered. It is now involved in the functioning of a variety of European Union bodies and agencies, new powers in the field of banking supervision have been attributed to it and it has resorted to unconventional monetary policy. Such a concentration of powers arguably gives rise to issues of accountability and institutional balance within the European Union: (i) the resulting institutional framework is particularly complex and difficult to understand; (ii) the numerous functions the European Central Bank assumes makes it increasingly difficult to identify in which arena(s) it should be held to account for which action; and (iii) its role in the different bodies or agencies may vary in theory and in practice, which, in turn, influences the degree to which the European Central Bank should be held to account. This article aims at showing to what extent the European Central Bank’s role has multiplied and diversified with a view to assess how it is held to account in those different instances, and what the consequences are for the European Central Bank’s democratic accountability, primarily towards the European Parliament, as well as towards the Council of the European Union and national parliaments where applicable.

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