scholarly journals Financial Stability In The Eurozone

2016 ◽  
Vol 19 (1) ◽  
pp. 155-175
Author(s):  
Klaudia Zielińska
Keyword(s):  
Monetary Union ◽  
Financial Stability ◽  
Final Section ◽  
Debt Crisis ◽  
Developed Countries ◽  
Common Currency ◽  
European Monetary ◽  
The Subject ◽  
The Common ◽  
The Moment

Financial stability inside the European Monetary Union (EMU) is a trendy topic in most developed countries around the world. From the moment the EMU was brought to life, there was much speculation about its imperfections, inadequate management, and vulnerability. Some of them have turned out to be true, while others have been proved invalid. Nevertheless, the debt crisis has demonstrated inadequacies in the EMU’s structure and proved that a higher degree of integration is necessary in order to guarantee the robustness of the common currency and fully utilize its potential. This article summarizes the most serious doubts with respect to the functioning of the monetary union and evaluates their credibility over time. New financial stability-securing solutions are also described and analyzed as to whether they are sufficient to prevent Europe from stumbling from one crisis to another. The subject is analyzed over different periods of time – firstly describing the term “financial stability”, along with the major concerns about the process of introducing the euro at the time of its finalization and implementation. Secondly the article describes how these preceding doubts have been verified during the following fourteen years of the EMU’s functioning. The revealed weaknesses of the EMU are also underlined in order to prove the need of further integration. The final section summarizes the solutions implemented in response to the crises that have hit Europe during the time of the Euro’s functioning.

scholarly journals European Monetary Union as a stabilizing factor in the circumstances of economic crisis

Ekonomika ◽  
2020 ◽  
Vol 66 (4) ◽  
pp. 13-28
Author(s):  
Srećko Milačić ◽  
Zoran Simonović ◽  
Aleksandar Kostić
Keyword(s):  
Economic Crisis ◽  
Monetary Union ◽  
European Monetary Union ◽  
Financial Stability ◽  
Developed Countries ◽  
Point Of View ◽  
European Monetary ◽  
Real Convergence ◽  
New Institutions ◽  
The Developed Countries

The authors examine the problems the European Monetary Union in the circumstances of the global economic crisis. They especially elaborated the battle for the financial stability of the European Monetary Union. The authors problematize the interaction of the European Central Bank and national central banks, emphasizing the deficiencies in the coordination of fiscal and monetary policy. They investigated the reasons that require a cautious strategy when it comes to the admission of new member states into the European Monetary Union and in that sense the conditions for nominal and real convergence. The authors consider the management of the economic crisis and the introduction of new institutions with the task to stabilize the situation in the monetary field. They explored the problems of helping countries like Greece from the point of view of the developed countries relationship. The authors especially paid attention to the level of transparency in relation to their citizens when making decisions on certain aid giving issues. They have proposed solutions for getting out of the vicious circle and the need to redesign the European Monetary Union and in this context the problem of the stabilization of the euro in order for it to be competitive with the dollar.

scholarly journals A identidade europeia e o euro: análise comparativa da moeda como um símbolo identitário nos anos 2002 e 2014/The European identity and the Euro

2016 ◽  
Vol 5 (2) ◽  
pp. 454-485
Author(s):  
Angélica Saraiva Szucko
Keyword(s):  
Identity Construction ◽  
Monetary Union ◽  
Economic And Monetary Union ◽  
European Identity ◽  
Construction Process ◽  
Common Currency ◽  
The Subject ◽  
The Common ◽  
Identity Symbol

Este artigo pretende estabelecer a correlação entre o Euro e a construção de uma identidade europeia como um processo de mão dupla, em que ambos os lado se influenciam mutuamente, bem como analisar a função da moeda comum como um símbolo identitário em dois anos distintos: em 2002, logo após o início da circulação do Euro; e em 2014, quando ainda é possível notar os efeitos da crise de 2008 e do alargamento da união monetária ao leste europeu. Em primeiro lugar, será exposto um breve quadro teórico sobre os estudos de integração europeia, destacando-se a importância da questão da identidade para melhor compreensão do processo como um todo. Em segundo lugar, serão elencadas algumas características da construção da identidade europeia com base nos resultados de estudos sobre o tema, especialmente com foco nas pesquisas coordenadas por Thomas Risse. Em terceiro lugar, será apresentado um histórico sobre o processo de construção da União Econômica e Monetária, culminando com a introdução do Euro, e realizar-se-á uma análise comparativa baseada nos dados das pesquisas de opinião do Eurobarometer sobre as percepções em relação à moeda comum em 2002 e em 2014, ressaltando-se os contextos de cada ano. Por fim, serão apontados alguns comentários conclusivos sobre o Euro como um símbolo identitário da União Europeia. Palavras-chave: identidade europeia, Euro, União Europeia.   Abstract: This article aims to establish the correlation between the Euro and the construction of a European identity as a two-way process, in which both sides influence each other, and to analyze the role of the common currency as an identity symbol in two different years: in 2002, just after the start of the circulation of the Euro; and in 2014, when it is still possible to note the effects of the 2008 crisis and the extension of the monetary union to Eastern Europe. Firstly, a brief theoretical framework about the study of the European integration highlighting the importance of the identity question to better understand the process as a whole will be exposed. Secondly, some characteristics of the European identity construction based on the results of studies on the subject, specially focusing on the research coordinated by Thomas Risse, will be listed. Thirdly, the background of the construction process of the Economic and Monetary Union culminating with the introduction of the Euro will be presented, and a comparative analysis based on data from Eurobarometer opinion surveys on perceptions of the common currency in 2002 and 2014 will be carried out, highlighting the contexts of each year. Finally, some concluding comments will be appointed on the Euro as an identity symbol of the European Union.Key words: European identity, Euro, European Union.

scholarly journals Krisen i eurozonen: historien om en forudsigelig krise – der kunne have været undgået

Politik ◽  
2013 ◽  
Vol 16 (1) ◽  
Author(s):  
Henrik Plaschke
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Public Spending ◽  
Balance Of Payments ◽  
General Strategy ◽  
Economic Policies ◽  
Sovereign Debt Crisis ◽  
Common Currency ◽  
The Common ◽  
European Periphery

The crisis in the Eurozone is part of a general structural crisis with both global and regional dimensions. e US generated nancial crisis was imported into the Eurozone due to the structural weaknesses and accumu- lated tensions built up during the years following the introduction of the common currency. ese tensions express themselves in an accumulation of private debts and in huge balance-of-payments imbalances within the Eurozone. e sovereign debt crisis is the result of these weaknesses and tensions rather than their cause. By insisting on reductions on public spending as a general strategy for the Eurozone economic policies have aggravated not only the situation of the South European periphery of the Eurozone but increasingly also its Northern core. However, the Eurozone is unlikely to break up – rather we are heading for a period of mud- dling through characterized by growing inequalities, social and political tensions and stagnating economic growth. 

A 'World' Distribution of Income and of Real Poverty and Affluence (The Quaid-i-Azam Lecture)

1987 ◽  
Vol 26 (3) ◽  
pp. 275-308
Author(s):  
Pan A. Yotopoulos
Keyword(s):  
Income Distribution ◽  
Relative Income ◽  
Developed Countries ◽  
Absolute Poverty ◽  
Poverty Level ◽  
Inequality Measures ◽  
The Subject ◽  
The Common ◽  
World Distribution ◽  
Distribution Of Income

Since the early 1970s, when income distribution became an operative objective of economic development (Chenery et al. 1974), knowledge on the subject has certainly improved. A number of analytical treatises have focused on the issue Pen (1971), Atkinson (1970), Cline (1975) and, more important, data on income distribution are routinely reported for about a score of developing countries (LDCs) and as many developed countries (Des) World Bank (1986), Jain (1975), Paukert (1973). These data deal with the within-country relative income distribution and report one or more of the common inequality measures. Moreover, for some countries measures of absolute poverty exist which report, e.g., the population that lives below a "poverty level", defmed in terms of consumption (calories) or income (for example, Dandekar and Rath (1971), Bardhan (1970), (1973), Fishlow (1972). Such measures of absolute poverty, if aggregated over a number of countries, give a measure of relative world poverty and an idea of how it is distributed between- countries. Cross-country comparisons have also been based on ranking various countries on the basis of their measures of relative income distribution.

THE PEDIATRICIAN AND THE PUBLIC

PEDIATRICS ◽  
1950 ◽  
Vol 6 (1) ◽  
pp. 161-163
Author(s):  
WILLIAM G. LENNOX
Keyword(s):  
Human Genetics ◽  
Medical Science ◽  
The Public ◽  
Promised Land ◽  
Boston University ◽  
School Of Medicine ◽  
The Subject ◽  
The Common ◽  
The Moment ◽  
Fruitful Research

I enclose a portion of an address, "Epilepsy Then, Now and A Century Hence," delivered at the Centenary of the Boston University School of Medicine. In the belief that the subject discussed will become increasingly timely, I request space for it in "The Pediatrician and the Public." Pediatricians occupy a strategic position with respect to genetics and childbearing and, because of their associations, pediatricians should be unusually youthful minded and forward looking. From our little Mount Pisgah we have gazed hopefully toward the Promised Land of Epilepsy Control. Now we must descend to the common plain of economics. Fruitful research in any field depends primarily on inspired minds, but money, with its supporting stable politico-economy, seems increasingly important. What will be the state of the world a century hence? Who or what threatens its stability? At the moment we fear the power of the fissured atom. We physicians envy atomic scientists with their billions to spend, and we feel superior because our labors do not engender fears of catastrophic destruction. And yet, what will people think of us a century hence? By then, we are told, the population of the earth, excessive with respect to its natural or man-made resources, will present a wider and more insoluble menace to peace and prosperity than the split atom. For this menace our profession will be chiefly to blame. Medical science and public health forces have wonderfully reduced the scourge of sickness and death; but the doubled life span means a doubled population—and, for the added portion of that span, economic unproductivity. A passion for prolonging all lives, including the genetically unfit (coupled with war's destruction of the fit), has violated nature's plans for humanity's improvement. Flattered for past achievements in prolonging life, we physicians ignore the complementary problem of excessive births. We see no danger and cry no alarms. Knowing most about human genetics and the physiology, endocrinology and psychology of reproduction, we nevertheless have not grappled seriously with the vast problems involved in widespread efforts towards the limitation and the genetic improvement of the human breed.

From Monetary to Fiscal to Political Union: A Progression to Integration or a Recipe for Failure?

2020 ◽  
Vol 23 (2) ◽  
pp. 469-488
Author(s):  
Massimo D’Antoni
Keyword(s):  
Monetary Union ◽  
Debt Crisis ◽  
Point Of View ◽  
European Monetary ◽  
Macroeconomic Policies ◽  
Political Union ◽  
Economic Point ◽  
Structural Differences ◽  
Optimal Currency Areas ◽  
Set Up

Abstract In this paper, we discuss the limits of the architecture of the euro from an economic point of view. We first highlight how the choice to create a monetary union was not supported by the accepted theory of optimal currency areas, and how its institutional set-up responded to a special and questionable view of the functioning of the economy, which recognized only a limited role to active macroeconomic policies. We continue by reconstructing the reasons for the emergence of the 2010–2011 debt crisis that can be traced back to the dynamics triggered by the single currency itself, and we highlight the role played by structural differences between various models of capitalism. Finally, we argue that the proposals currently on the table are by no means sufficient to correct the flaws in the European monetary architecture. The prospects are therefore pessimistic about the possibility of monetary union evolving towards a fiscal and political union.

scholarly journals The Euro And The European Debt Crisis

2013 ◽  
Vol 13 (1) ◽  
pp. 103
Author(s):  
Douglas Castleberry ◽  
Balasundram Maniam ◽  
Geetha Subramaniam
Keyword(s):  
Financial Crisis ◽  
Monetary Union ◽  
European Monetary Union ◽  
European Central Bank ◽  
Debt Crisis ◽  
Domino Effect ◽  
European Monetary ◽  
European Central ◽  
History Of ◽  
Set Up

This paper studies the history of the Euro leading up to its inception, what happened after the Euro was introduced into circulation and implications for its future. The Euro was set up to accommodate a unified currency while preserving sovereignty among nations who, less than a century ago, were mortal enemies. Preserving sovereignty weakened the ability to respond to crisis by design, and it wasnt long before the limits of the European Monetary Union were tested after a series of financial crisis threatened the very existence of the Euro. The Euro held together, yet the inability of the European Central Bank to assist member nations control subsequent debt following the financial crisis may wound the ability of the Euro to replace the dollar as the dominant world currency or even prove fatal. Greece is on the verge of collapse, and is so entangled with other Euro nations; a systemic domino effect will occur should any of the troubled member Eurozone nations collapse uncontrollably. Three options remain for the European Monetary Union, banding together and preserving the currency, grossly indebted countries exiting to preserve the health of countries which are more fiscally responsible, or the Euro may land inconsequentially between success and failure, never challenging the power of the dollar as the dominant world currency.

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