scholarly journals The Growing Importance of the Financial Sector in the Founding Countries of the European Union

2021 ◽  
Vol 2 (26) ◽  
pp. 37-49
Author(s):  
Tomasz Florczak
Keyword(s):  
European Union ◽  
Economic Development ◽  
United Kingdom ◽  
Financial Crisis ◽  
21St Century ◽  
Banking Sector ◽  
Financial Sector ◽  
Developed Countries ◽  
The Other ◽  
The European Union

The economies of the 21st century countries operate on the principle of connected vessels. A significant element of changes in economies is the growth of the financial sector. The process of financial sector growth is often referred as financialization. The significant impact of this sector on economic development was shown during the financial crisis of 2008. Financialization is more visible in highly developed countries. Undoubtedly the founding countries of the European Union belong to highly developed countries. It is possible that the financialization is higher in bigger countries like France, Germany, Italy or United Kingdom, which can also have bigger financial sectors. From the other side there is also country, which economy is based on banks. The aim of the article is to indicate the growth of the financial sector in the founding countries of the European Union. To determine the growth of the financial sector, the author used the indicators appearing in the literature of subject. There are indicators relating to functioning of the economy and banking sector. The second method helps to determine in which country financialization is higher. To made the research there was used zero unitarization method. The results of the study allows to determine in which of the subjects the financial sector is at a higher level of development. It is possible, that during researched period there were changes in financializiation of researched countries.

An Overview of Competition Policy Practice

2016 ◽  
Author(s):  
Xavier Vives
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Consumer Protection ◽  
Competition Policy ◽  
Foreign Exchange Market ◽  
Banking Sector ◽  
The European Union ◽  
Policy Practice ◽  
The United Kingdom ◽  
Mediterranean Countries

This chapter examines the competition policy practice in different jurisdictions, focusing on the European Union, the United Kingdom, the United States, and a number of emerging and developing economies (Brazil, China, India, Mexico, Russia, and southern Mediterranean countries). It begins with a discussion of the concerns of the competition authorities in the European Union and the United Kingdom about the banking sector and proceeds by considering practice in the main competition policy areas that have been active in banking: mergers, cartels and restrictive agreements, and state aid. Among other issues, it reviews the tensions between the prudential and the competition authorities, the recent cases of international cartels on Libor and foreign exchange market, and some landmark cases in the European Union. It also looks at consumer protection, with a new impulse from behavioral ideas, and the convergence in aims between consumer protection and competition policies.

scholarly journals The politics of embedding and the right to remain in post-Brexit Britain

Ethnicities ◽  
2020 ◽  
pp. 146879682091341 ◽  
Author(s):  
Tiina Sotkasiira ◽  
Anna Gawlewicz
Keyword(s):  
Decision Making ◽  
European Union ◽  
United Kingdom ◽  
Union Membership ◽  
The Other ◽  
The European Union ◽  
The United Kingdom ◽  
Sense Of Security ◽  
The One ◽  
The Right

The European Union membership referendum (i.e. the Brexit referendum) in the United Kingdom in 2016 triggered a process of introspection among non-British European Union citizens with respect to their right to remain in the United Kingdom, including their right to entry, permanent residence, and access to work and social welfare. Drawing on interview data collected from 42 European Union nationals, namely Finnish and Polish migrants living in Scotland, we explore how European Union migrants’ decision-making and strategies for extending their stay in the United Kingdom, or returning to their country of origin, are shaped by and, in turn, shape their belonging and ties to their current place of residence and across state borders. In particular, we draw on the concept of embedding, which is used in migration studies to explain migration trajectories and decision-making. Our key argument is that more attention needs to be paid to the socio-political context within which migrants negotiate their embedding. To this end, we employ the term ‘politics of embedding’ to highlight the ways in which the embedding of non-British European Union citizens has been politicized and hierarchically structured in the United Kingdom after the Brexit referendum. By illustrating how the context of Brexit has changed how people evaluate their social and other attachments, and how their embedding is differentiated into ‘ties that bind’ and ‘ties that count’, we contribute to the emerging work on migration and Brexit, and specifically to the debate on how the politicization of migration shapes the sense of security on the one hand, and belonging, on the other.

scholarly journals Diversity across EU banking sectors: Poorly researched and underappreciated

2018 ◽  
Vol 87 (4) ◽  
pp. 153-179
Author(s):  
Hans-Helmut Kotz ◽  
Dorothea Schäfer
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Large Scale ◽  
Goodness Of Fit ◽  
Banking Sector ◽  
Financial Sector ◽  
Future Research ◽  
Banking Union ◽  
The European Union ◽  
Research Gaps

Zusammenfassung: Das Interesse an der Rolle der Vielfalt im Bankensektor hat erheblich zugenommen, seit die Finanzkrise (und die anschließenden Staatsschuldenkrisen) die europäischen Länder in unterschiedlicher Weise getroffen haben. In diesem Überblicksartikel werden entscheidende Forschungslücken im Bereich der Vielfalt im Bankensektor herausgearbeitet. Vorbereitend dazu bilanzieren wir die Vielfalt der Bankensektoren in der Europäischen Union und beleuchten die Unterschiede vor und nach der Finanzkrise. Kernpunkte einer künftigen Forschungsagenda zur Bewertung der Diversität im Bankensektor (und im Finanzsektor im Allgemeinen) sind: (a) die Definition der empirischen Bedeutung des Konzepts und damit seiner messbaren Eigenschaften, (b) die Beziehung zwischen Diversität und Wettbewerbsniveau (Marktmacht) im Bankensektor, (c) die Verbindung zwischen Diversität und Stabilität des Bankensektors, (d) die Relevanz der Diversität im Bankensektor für einen erleichterten Zugang zu Finanzierung, insbesondere für KMU, und (e) die Verknüpfungen zwischen Diversität im Bankensektor (Finanzsektor) und nichtfinanzieller, „realer“ wirtschaftlicher Diversität („Goodness of fit“-Problematik, institutionelle Einbettung). Die aufgezeigten Forschungslücken zu schließen, wäre ein wichtiger Beitrag sowohl zur Debatte über eine tiefere Integration der europäischen Finanzmärkte (Bankenunion, Kapitalmarktunion) als auch zur Debatte über eine nachhaltige Finanzarchitektur, die gleichzeitig Innovation und Wachstum fördert und die Gesellschaft wirksam vor großen Finanzkrisen schützt. Summary: Interest in the role of diversity in banking sectors has increased substantially since the financial crisis (and the subsequent sovereign debt crises) have hit European countries differentially. The purpose of this note is to hint at crucial research gaps in terms of appreciating consequences of this variety. In preparation for this, we take stock of the across country diversity of banking sectors in the European Union before and after the financial crisis. Key issues in a future research agenda for evaluating diversity in the banking sector (and the financial sector more generally) have to do with: (a) defining the concept’s empirical meaning and hence its measurable properties, (b) the relationship between diversity and the level of competition (market power)in the banking sector, (c) the link between diversity and banking sector stability, (d) the pertinence of banking sector diversity for mitigating access to finance problems, in particular for SMEs and (e) the interlinkages between diversity in the banking (financial) sector and non-financial, “real” economy diversity (“goodness of fit”-issue, institutional embededdness). Filling the indicated research gaps would be an important contribution to both the debate on deeper integration of Europe’s financial markets (Banking Union, Capital Markets Union)as well as the debate on a sustainable financial architecture, being at the same time conducive to innovation and growth whilst protecting society effectively from large-scale financial crises.

EU Bank Regulation after the Great Financial Crisis

2021 ◽  
pp. 163-182
Author(s):  
Agnieszka Smoleńska
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Financial Stability ◽  
Banking Sector ◽  
Regulatory Regime ◽  
The European Union ◽  
Financial Repression ◽  
Cross Border ◽  
Crisis Prevention ◽  
New Framework

The chapter outlines the main features of the post-crisis regulatory regime for banks in the European Union. It traces the evolution of the approach taken by EU legislators which transformed the deregulation which prevailed prior to the Great Financial Crisis (GFC) into a regulatory regime which though far from financial repression known in the 1970s, is oriented towards functionally prioritizing financial stability and banks’ functions in the broader economy. This is achieved through co-responsibilization of the banking sector for public objectives, explicit regulation of structure and operations as well as far-reaching powers granted to new oversight authorities. The chapter explains the features of such a new bespoke regulatory regime for EU cross-border banking drawing on the new framework for bank crisis prevention and management, that is EU resolution law.

20. Free movement of payments and capital

2017 ◽  
Author(s):  
Lorna Woods ◽  
Philippa Watson ◽  
Marios Costa
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Monetary Union ◽  
The Other ◽  
Free Movement ◽  
The European Union ◽  
Member States ◽  
Court Of Justice ◽  
Free Movement Of Capital

This chapter examines the rules concerning free movement of payment and capital within the European Union provided in Articles 63–6 Treaty on the Functioning of the European Union (TFEU). It explains the scope of and exceptions to the free movement of capital. The chapter also considers restrictions on free movement of capital between Member States and third countries. It highlights the willingness of the Court of Justice (CJ) to borrow principles from the other freedoms. This chapter also considers briefly the provisions relating to monetary union and the developments in the light of the financial crisis.

scholarly journals Impact of Greek Financial Crisis on the Value of Euro with the Other Major World Currencies

2021 ◽  
Vol 11 (4) ◽  
Author(s):  
S Gautami
Keyword(s):  
European Union ◽  
Exchange Rate ◽  
Financial Crisis ◽  
Exchange Rates ◽  
Regression Coefficient ◽  
The Other ◽  
Spot Price ◽  
Spot Rate ◽  
The European Union ◽  
Currency Futures

During the Greek Financial Crisis period (December 2009), Greece, one of the members of the EUROZONE, faced an unprecedented financial crisis which triggered gradual erosion in the value of EURO with respect to major world currencies during this period. During May 2010, the European Union agreed for a bailout package for Greece which was intended to prevent a further decline in the value of Euro. This study mainly focuses on the trend in the Exchange rate of Euro against the world’s major currencies during the period of Greek financial crisis and the predictability of Future spot exchange rates using the currency Futures rates. It has been noted that on an average the variation between Future spot rate and Currency futures rates has been highest in respect of INR/EURO and the lowest in respect of GBP/EURO. This indicates that the predictability of GBP/EURO futures rate as an indicator of future spot price has been the highest. Further, it has been found that the depreciation in the EURO exchange rate during the Greek financial crisis has been the highest against INR and lowest against GBP. This has been further confirmed by the fact that the Regression Coefficient of GBP/EURO has been the lowest while that of INR/EURO has been the highest.

Delivering strategic economic development in a time of urban austerity: European Union structural funds and the English city regions

2017 ◽  
Vol 32 (3) ◽  
pp. 164-182 ◽  
Author(s):  
Alexander Nurse ◽  
Matthew Fulton
Keyword(s):  
European Union ◽  
Economic Development ◽  
United Kingdom ◽  
Regional Development ◽  
Level Structure ◽  
The European Union ◽  
Development Fund ◽  
Structural Funds ◽  
European Regional Development Fund ◽  
European Regional

Supranational funding such as that from the European Union has become a key ingredient of the economic development of many major cities. Set across comparatively short time frames, these schemes are constantly evaluated and realigned to reflect current priorities, becoming increasingly competitive as cities deploy every strategy available to mitigate the effects of urban austerity. In the United Kingdom, European Union funding is currently allocated through a multi-level structure involving the state, subregional structures and cities, all conforming to supranational (i.e. European Union) guidelines. Considering this, this paper explores the extent to which funds such as the European Regional Development Fund can be effectively drawn down to focus upon issues deemed to be locally important. The paper achieves this through a case study of policy making in Liverpool, United Kingdom which, having successfully used Objective One funding to support an economic recovery in the 1990–00s, is now fully engaged with European Regional Development Fund agendas. In doing so, the paper explores how successful European Regional Development Fund-funded schemes are developed, drawing out the experiences of key stakeholders working at each level of the funding process. This allows for a reflection on the effects of Britain’s decision to leave the European Union and, moreover, makes a series of policy recommendations as to how future funding strategies might be improved.

scholarly journals Insights on Sustainable Universities from Economic and Statistical Perspectives

2019 ◽  
Vol 8 (2) ◽  
pp. 186-198
Author(s):  
Viktorija Šipilova
Keyword(s):  
European Union ◽  
Sustainable Development ◽  
Economic Development ◽  
Early Stage ◽  
Secondary Data ◽  
Developed Countries ◽  
Young Generation ◽  
The European Union ◽  
Stage Of Development ◽  
Level Of Economic Development

Abstract Currently, the issues on sustainability receive extremely high interest, especially from young generation. This makes universities as key participants in sustainable development as far as they provide wide possibilities for engagement in the process. Despite many studies devoted to universities as participants of sustainable development, there still is insufficient knowledge about their contribution to the process. Mostly, studies are qualitative and consider certain examples of good practices, which do not provide insights on common and different characteristics and trends of universities’ contribution to sustainable development. This is the result of the early stage of development of the reporting about universities’ sustainable efforts what limits possibilities to carry quantitative analysis. The paper aims, first, to search for characteristics of universities’ contribution to sustainable development and, second, to detect trends by using numerical secondary data worked up in UI GreenMetric World University Ranking. The paper focuses on universities from European Union. Special attention is devoted to countries’ economic development level as far as scientific literature suggests that the level of economic development may affect involvement in sustainable development. Research findings allows to indicate that there are both common and distinct characteristics across the cases from economically high and less developed countries what is significant for further policy-making and popularizing of sustainability idea across universities in the European Union. Universities continue to improve practices and search for new accents. However, universities’ intention to report about their sustainable efforts in long-term perspective for continuing data collection must be more active.

18. Free movement of payments and capital

2020 ◽  
pp. 417-435
Author(s):  
Marios Costa ◽  
Steve Peers
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
The Other ◽  
Free Movement ◽  
The European Union ◽  
Member States ◽  
Rule Of Reason ◽  
Court Of Justice ◽  
Economic Union ◽  
Free Movement Of Capital

This chapter examines the rules concerning free movement of payment and capital within the European Union provided in Articles 63, 64, 65 and 66 of the Treaty on the Functioning of the European Union (TFEU). It explains the scope of and derogations to the free movement of capital. The chapter also considers restrictions on free movement of capital between Member States and third countries. It highlights the willingness of the Court of Justice (CJ) to borrow principles (i.e. rule of reason) from the other freedoms. This chapter also considers briefly the provisions relating to monetary and economic union and the developments in the light of the financial crisis.

Charter Impact: Influencing Local Self-Government in Europe

2015 ◽  
Author(s):  
C. M. G. Himsworth
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Local Government ◽  
Eastern Europe ◽  
Western Europe ◽  
The Other ◽  
The European Union ◽  
Council Of Europe ◽  
Actual Impact ◽  
The United Kingdom

An important question in relation to the European Charter of Local Self-Government is how to measure the treaty’s actual impact on the law and practice of local government in Europe. This chapter offers a response, distinguishing principally between that group of states (broadly in Western Europe and including the United Kingdom) which became signatories to the Charter from 1985 and, on the other hand, those states of Central and Eastern Europe who undertook major political and constitutional transformations from the early 1990s and came late to the Council of Europe and the Charter. The Charter became an important dimension in applications for membership of the European Union.

Sign in / Sign up

Export Citation Format

Share Document