scholarly journals Greece Crisis: Critical Analysis of Failure of Governance

2016 ◽  
Vol 5 (3) ◽  
pp. 414
Author(s):  
Sandeep Nath Modi
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Critical Analysis ◽  
European Central Bank ◽  
The European Union ◽  
Debt Structure ◽  
Euro Zone ◽  
European Central ◽  
The Government ◽  
Of Greece

<em>Greece, which is one of the world’s largest shipping powers, is suffering from financial crisis in Euro Zone. It has impaired the European Economy, besides having an impact on World Economy too. Greece is exposed to huge debt crises owing to IMF, Germany, Spain, Italy, other European Members and European Central Bank. Recently, Greece is trying to strike a deal with its creditors for extension of time for repayment of the loan and have also requested to increase the limit of emergency funding by European Central Bank. The Government has also taken many steps on domestic level to stop the liquidity easing from its financial system and markets. Today, Greece is at cross –road between the Government and the Governance. This Paper dwells on four aspects; first, critical analysis of Greece Economic Structure to know the actual economic condition of Greece. Second, in depth examining the debt portfolio of Greece to know the exposure of the Greece to the European Union Members, European Central Bank, IMF, Private Investors and also critical analysis of Greece Debt Structure along with repayment deadlines. Third, Greece Government’s decisions regarding finding the solutions to counter the financial crisis as to know how governance is more important than growth. And fourt, what would be the repercussions on Greece if it decides/ made to leave Euro Zone. </em>

scholarly journals ROLE OF THE EUROPEAN CENTRAL BANK IN COMBATING THE FINANCIAL CRISIS IN THE EUROPEAN UNION

2019 ◽  
Vol 7 (1) ◽  
pp. 97
Author(s):  
Justyna Maliszewska-Nienartowicz ◽  
Amanda Witulska
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Economic Crisis ◽  
European Central Bank ◽  
The European Union ◽  
European Central

This work presents the  European Central Bank’s role in eliminating economic crisis in the European Union. It contains roots and course of the financial slowdown in the eurozone. The Authors show competences of the institution before and its functions during the crisis. Finally, there was made an attempt to evaluate the effectiveness of the ECB monetary policy.

scholarly journals Instruments for Supporting Members of the Eurozone in Overcoming the Financial Crisis Utilised by The International Monetary Fund Using the Example of Greece

2020 ◽  
Vol 7 (2) ◽  
pp. 123-146
Author(s):  
Agnieszka Wicha
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
International Monetary Fund ◽  
Euro Area ◽  
European Central Bank ◽  
Efficient Operation ◽  
European Central ◽  
The International Monetary Fund ◽  
Of Greece ◽  
The Imf

The purpose of this article is to present the instruments and resources used by the International Monetary Fund to support the euro area countries in overcoming the financial crisis on the example of Greece. The article points out types of loan instruments and other measures taken by the IMF to support Greece. The author also indicates the reforms that had to be made at the IMF for a better and more efficient operation of this institution against the challenges of the global crisis. In addition, the specificity of cooperation between the IMF, the European Commission and the European Central Bank is analyzed.

Institutions of the European Union

2017 ◽  
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Lisbon Treaty ◽  
The European Union ◽  
Fourth Edition ◽  
European Central ◽  
Council Of Ministers ◽  
The Impact

The Institutions of the European Union explains the functions, powers, and composition of the European Union institutions. From the Council of Ministers to the European Central Bank, all of the most important organisations are analysed and explained. Updates for the fourth edition include discussions of the impact of the ratification of the Lisbon Treaty and the financial crisis in the Eurozone on the EU’s institutions, as well as the rise of Euroscepticism. Authoritative yet accessible, it remains the best guide to how this range of different bodies work together to provide political direction, manage policies, and integrate contrasting interests within the European Union. Each chapter includes helpful features such as boxes, websites, and suggested further reading to aid learning.

scholarly journals Actos ultra vires de la unión europea y derecho a la participación política: La decisión del tribunal constitucional alemán sobre el programa de adquisición de deuda pública del banco central europeo = Ultra vires acts of the European Union and the

2014 ◽  
pp. 433
Author(s):  
Leonardo Álvarez Álvarez
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Constitutional Court ◽  
The European Union ◽  
European Central ◽  
Federal Constitutional ◽  
The Government ◽  
German Federal Constitutional Court ◽  
Constitutional Identity ◽  
German Federal Constitutional

El 14 de enero de 2014 el Tribunal Constitucional Federal alemán resolvió diferentes recursos presentados contra la Decisión del Consejo del Banco Central Europeo, de 6 de septiembre de 2012, que autorizaba la adquisición de deuda pública de ciertos Estados en un contexto de grave crisis económica. El Tribunal entiende que tal decisión ha vulnerado la identidad constitucional de Alemania e impone al Gobierno y al Parlamento federal el deber de un comportamiento activo para garantizar el respecto de la identidad constitucional. La inobservancia de dicho deber por parte de dichos órganos frente a la decisión del Banco Central Europeo ha vulnerado el derecho fundamental de los recurrentes a la participación política.The January 14, 2014 the German Federal Constitutional Court ruled different appeals against the decision of the Council of the European Central Bank of 6 September 2012, authorizing the acquisition of certain States public debt in a context of severe economic crisis. The Court considers that such a decision has violated the constitutional identity of Germany and imposes the Government and Parliament on federal active duty to conduct to ensure respect for the constitutional identity. The breach of that duty by such bodies against the decision of the European Central Bank has violated the fundamental right of the appellants to political participation.

Dramatis Institutiones

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
European Union ◽  
Central Bank ◽  
International Monetary Fund ◽  
Euro Area ◽  
European Central Bank ◽  
The European Union ◽  
European Central ◽  
Regime Complex ◽  
Basic Facts ◽  
Institutional Conflict

The regime complex for crisis finance in the euro area included the European Council, Council of the European Union, and Eurogroup in addition to the three institutions of the troika. As the member states acted largely, though not exclusively, through the council system, these bodies stood at the center of the institutional mix. This chapter reviews the institutions as a prelude to examining the dilemmas that confronted them over the course of the crises. It presents a brief review of some of the basic facts about their origins, membership, and organization. Each section then delves more deeply into these institutions’ governance and principles to understand their capabilities and strategic challenges. As a consequence of different mandates and design, the European Commission, European Central Bank, and International Monetary Fund diverged with respect to their approach to financing, adjustment, conditionality, and debt sustainability. This divergence set the stage for institutional conflict in the country programs.

scholarly journals Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis

2021 ◽  
Vol 10 (2) ◽  
pp. 18-46
Author(s):  
Andrea Cecrdlova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Global Financial Crisis ◽  
Central Banks ◽  
European Central ◽  
National Bank ◽  
The Global Financial Crisis

The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.

scholarly journals The Binding Force of Babel: The Enforcement of EC Law Unpublished in the Languages of the New Member States

2007 ◽  
Vol 9 ◽  
pp. 43-80 ◽  
Author(s):  
Michal Bobek
Keyword(s):  
European Union ◽  
Central Bank ◽  
European Central Bank ◽  
The European Union ◽  
Member States ◽  
Community Law ◽  
New Member States ◽  
European Central ◽  
Binding Force ◽  
Ec Law

On 1 may 2004, 10 new Member States joined the European Union. This meant inter alia that, save for the express derogations provided for in the Act of Accession, the entire mass of Community secondary legislation became binding in the new Member States. This principle of the immediate effects of Community law in the new Member States was provided for in Article 2 AA: From the date of Accession, the provisions of the original Treaties and the acts adopted by the institutions and the European Central Bank before Accession shall be binding on the new Member States and shall apply in those States under the conditions laid down in those Treaties and in this Act.

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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