scholarly journals Challenging the EU’s Economic Roles? The Impact of the Eurozone Crisis on EU Images in China

2013 ◽  
Vol 3 (3) ◽  
pp. 13-36 ◽  
Author(s):  
Suet-Yi Lai ◽  
Li Zhang
Keyword(s):  
News Media ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Strategic Partnership ◽  
The European Union ◽  
Developed Economies ◽  
Economic Balance ◽  
The Impact ◽  
Two Sides ◽  
The Eu

AbstractSince the outbreak of the 2008/2009 global financial crisis, the economic balance between the traditional developed economies and the emerging ones has changed drastically, including that between the European Union and China. While the EU and its Member States are preoccupied by the eurozone debt crisis, stagnant economic growth and high domestic unemployment, China raised as the world’s second largest economy and one of the quickest growing consumer market. This paper explores the change in perception of the EU as an economic actor in the eyes of Chinese mainstream news media and national elites under such context. It argues that the strategic partnership could improve only if the two sides understand the mutual perception clearly. It is found that China has increased its leverage for bargaining vis-à-vis the EU as well as the capacity to give some help to the EU. Although the image of the EU as an economic powerhouse has been slightly weakened, it did not turn the heavily trade-oriented EU-China relations more comprehensive.

scholarly journals An Infodemiology Approach to Assess the Impact of the Great Recession on Anxiety and Depression in France.

2019 ◽  
Author(s):  
Ariadna Ramos-Gomez ◽  
Aldo Perez-Escatel ◽  
Elio Atenogenes Villaseñor-Garcia ◽  
Cesar Ramos-Remus
Keyword(s):  
Mental Health ◽  
Social Protection ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Well Being ◽  
Depression And Anxiety ◽  
Unemployment Benefits ◽  
The European Union ◽  
Search Terms ◽  
The Impact

Abstract Background: The global financial crisis of 2008 and subsequent sovereign debt crisis in Europe had a profound multidimensional impact on developed economies, including on the construct of health. Mental health is a key factor for productivity and an indicator of the general well-being of the population. France poses mental health and public policies characteristics that differentiated it from other countries of the European Union. This study aimed to assess whether depression and anxiety increased throughout the course of the 2008 debt crisis in France. Methods: This is an ecological study using an infodemiology approach. The search terms for depression and anxiety were extended with related words according to culture to form a distress index. Google Trends was used to mine the distress index search terms in a period before the debt crisis (2004) until 2018, using open source libraries, and pandas to merge information. Diverse economic- and employment-related datasets for France were used as covariates in multiple linear regression analyses, and the expected seasonal variability as a dummy variable. Results: The results showed that for each additional demand for unemployment benefits, search traffic for the distress index was expected to increase by 0.09% (p< 0.001, r2 0.89), even after controlling for the expected seasonal variations in the distress index. However, there was no significant association with unemployment rate. Conclusions: Contrary to reports from other countries, the mild effect of demand for unemployment benefits on the distress index may be explained by aspects of social protection policies in France.

Japan and the European Union

2020 ◽  
Author(s):  
Hitoshi Suzuki ◽  
Yu Suzuki ◽  
Yoshimi Igawa
Keyword(s):  
European Union ◽  
European Commission ◽  
The United States ◽  
Strategic Partnership ◽  
Asia Pacific ◽  
The European Union ◽  
Mutual Cooperation ◽  
Partnership Agreement ◽  
The Impact ◽  
The Eu

Japan and the European Union have historically developed relations, from trade conflicts to mutual cooperation between global actors. Japan’s prewar attitude and postwar rapid reconstruction caused misunderstandings and frictions, but these were gradually overcome thanks to the efforts made by Japan, the European Commission and member state governments. After the Cold War ended, policy fields of cooperation expanded from “mutual” market liberalization to foreign direct investments, aid, security, and environment. Japan and the EU jointly aided the newly liberalized countries in Central Eastern Europe, while the EU sought to strengthen its relations with countries in the Asia-Pacific. The Japan–EU Economic Partnership Agreement and the Strategic Partnership Agreement of 2018 were signed on the 50th anniversary of the customs union. The Agreements are jointly aimed by both parties to foster global free trade and shared values. For the first time in postwar history, Japan and the EU had reached an agreement before achieving one with the United States. Japan–EU relations are the strongest they have been since 1959 when the Japanese Mission to the European Communities and the European Commission Delegation to Japan were established. But the security threats in the Pacific indicate that bilateral relations between Japan and member states—the United Kingdom and France at the forefront—are still in play. The impact of Brexit, estimated to be felt more on the Japanese side, is also an issue requiring close study.

scholarly journals Has the Accession of Croatia to the EU Affected Business Sentiment in Industry? Synthetic Control Method Approach

2020 ◽  
Vol 29 (4) ◽  
pp. 643-663
Author(s):  
Tihana Škrinjarić ◽  
Mirjana Čižmešija
Keyword(s):  
Control Method ◽  
Positive Impact ◽  
Debt Crisis ◽  
Synthetic Control ◽  
The European Union ◽  
Main Hypothesis ◽  
Synthetic Control Method ◽  
Eu Member States ◽  
The Impact ◽  
The Eu

Some economic and political events determine the level and dynamics of real economic variables on one hand, and business sentiment as a "soft" variable with a good predictive power for those variables, on the other. In this paper, we observe the impact Croatia's accession to the European Union (EU) in 2013 had on the Industrial confidence indicator (ICI) as a measure of business sentiment in Croatia's industry. Entering the EU had a strong positive impact on the economies of countries that had joined the Union. Unlike other new EU member states, which entered the EU in an upward phase of the European business cycle, Croatia entered this community immediately after the stabilization of the European debt crisis and in a long period of recession. Using a novel application of the Synthetic Control Method (SCM) to the business survey (BS) data, the main hypothesis, that Croatia's accession to the EU had a strong positive impact on the ICI (which can be explained as euphoria), is confirmed. Conclusions derived from this research are a contribution to the improvement and popularization of BS and SCM.

scholarly journals The European Refugee Crisis: transitioning the EU from state-centric ‘kingdoms’ to a federalist system of multi-level governance

Federalism-E ◽  
2016 ◽  
Vol 17 (1) ◽  
pp. 17-34
Author(s):  
Stephen Mighton
Keyword(s):  
European Integration ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Civil Conflict ◽  
Regulatory Body ◽  
Refugee Crisis ◽  
The European Union ◽  
Finance Minister ◽  
The Eu

In an era where European integration has become increasingly questioned and where Euroscepticism battles the objectives envisioned by the Maastricht Treaty of 1992, the European Union (EU) desperately needs to revitalize its project of unification if its hopes to survive. Events of the last decade, such as the sovereign debt crisis, the global financial crisis, and the evolving refugee crisis, have challenged the efficacy of the EU and have seemingly undermined its legitimacy as a regulatory body. Taken individually, these crises pose a potent threat to the success of European integration and to the enlargement of member state unification. Most recently, the ongoing refugee crisis has created a sense of disunion within the EU giving way to a state of calamity as successive European efforts have failed at resolving this issue. Reeling from civil conflict and political turmoil, individuals from various regions, most notably Africa, the Middle East, and South Asia, have fled the dangers and uncertainties of their homes in order to seek refuge within neighbouring European countries. This arduous and sudden development has prompted commentators, such as former Greek finance minister Yanis Varoufakis, to claim that the solidarity of the EU is being threatened at a level not seen since the migrant crisis of 1945 during the Second World War.[...]

scholarly journals Assessment of the European banking regulatory framework in light of its significance for the Republic of Serbia

Bankarstvo ◽  
2020 ◽  
Vol 49 (3) ◽  
pp. 77-101
Author(s):  
Kristijan Ristić ◽  
Aleksandar Živković
Keyword(s):  
European Union ◽  
Financial Markets ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Regulatory Framework ◽  
Banking Union ◽  
The European Union ◽  
The Eu

The debt crisis in the European Union is known to be caused by the interdependence of banking and state financial stability, and, together with the non-existence of the fiscal union, it has taken on the existential dimensions of the EU project itself. Under the guise of financial fragmentation within the financial markets of the Eurozone, and from the aspect of the outbreak of the crisis, EU member states resorted to national interventions, thus closing national banking and financial markets, which ultimately resulted in deepened and stronger structural foundation of the crisis and its economic and financial consequences. In that context, the Banking Union is the regulatory and institutional response of the EU after the global financial crisis, about which the first proposals have found a place in institutional controversies since 2012. In addition to the key moment and motive for establishing such an institutional regulatory arrangement, the reason for its creation is more to create a union that is connected with the creation of a single market for financial services and free money circulation, and certainly with the tendency of fuller monetary integration. However, certain questions which arose remained relevant to date: whether these established and instrumentalized frameworks, mechanisms and procedures are in fact sufficient; whether the EU banking union, conceptually designed, really represents banking integration; and whether the "centralized-common" and "sovereign-national" relationships continued in the EU financial architecture, the use of the principle "one measure for all" in the implementation of the Basel III, non-inclusion of all types of banks, and the conflict of emission and supervisory roles of the Central Bank, be a structural conflict in achieving the desired financial stability, which is the ultimate goal. In the broader context of the functioning of the EU, financial stability can also be interpreted as a factor in the survival of the common currency and the European Union itself, regardless of the intertwined contradictions and construction conflict. In this paper, we analyze the functional scope of the regulatory framework for banking supervision in the EU during the five-year existence to date, and finally the effects and impact that this framework has had on the regulatory adjustment of the Serbian banking sector.

scholarly journals COVID-19 Crisis - A Test for European Union’s Solidarity

2020 ◽  
Vol 15 (3) ◽  
pp. 105-113
Author(s):  
Popa Cristina Elena
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Debt Crisis ◽  
The European Union ◽  
Migration Crisis ◽  
Socioeconomic Consequences ◽  
The Impact ◽  
Over Time ◽  
The Eu

Abstract The crises the European Union has gone through over time have called into question the Union’s legitimacy and efficiency. The 2008-2009 financial crisis, the European debt crisis, the migration crisis and Brexit, have all tested the solidarity between member states. The COVID-19 pandemic is without a doubt the most drastic crisis in the EU’s history, with very severe socioeconomic consequences. The EU leaders were strongly criticized for not reacting quickly and efficiently enough to mitigate the impact of the virus, reduce suffering, and ward off the economic crisis. In this context, the questions that arise are: Is the Union a modern-day Titanic? Will it sink or it will sustain its legitimacy and come out stronger and more united from this unprecedented challenge?

Regulation of uncovered sovereign credit default swaps – evidence from the European Union

2015 ◽  
Vol 16 (4) ◽  
pp. 425-443 ◽  
Author(s):  
Florian Kiesel ◽  
Felix Lücke ◽  
Dirk Schiereck
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Credit Default Swap ◽  
The European Union ◽  
Content Type ◽  
Sovereign Credit ◽  
Credit Default ◽  
The Impact ◽  
The Eu

Purpose – This study aims to analyze the impact and effectiveness of the regulation on the European sovereign Credit Default Swap (CDS) market. The European sovereign debt crisis has drawn considerable attention to the CDS market. CDS have the ability of a speculative instrument to bet against a sovereign default. Therefore, the Regulation (EU) No. 236/2012 was introduced as the worldwide first uncovered CDS regulation. It prohibits buying uncovered sovereign CDS contracts in the European Union (EU). Design/methodology/approach – First, this paper measures spread changes of sovereign CDS of the EU member states around regulation specific event dates to detect whether and when European sovereign CDS reacts to regulation announcements and the enforcement of regulation. Second, it compares the CDS long-term stability of the EU sample with a non-EU sample based on 44 non-EU sovereign CDS entities. Findings – The results indicate widening CDS spreads prior to the regulation, and stable CDS spreads following the introduction of the regulation. In particular, sovereign CDS of European crisis-hit entities are stable since the regulation was introduced. Originality/value – The results show that since the regulation of uncovered CDS in the EU has been enacted, the sovereign CDS market is stable and less volatile. Based on the theory about speculation on uncovered sovereign CDS by betting on the reference entity’s default, the introduction of Regulation (EU) No. 236/2012 appears to be an appropriate measure to stabilize markets and reduce speculation on sovereign defaults.

De-Globalization and Impact of Brexit on Global Economy and SAARC Nations

Think India ◽  
2018 ◽  
Vol 21 (1) ◽  
pp. 13-22
Author(s):  
Kanwal Anil
Keyword(s):  
South Asian ◽  
Global Economy ◽  
World Economy ◽  
Regional Cooperation ◽  
Historical Context ◽  
The European Union ◽  
Developed Economies ◽  
Cultural Connotations ◽  
The Impact ◽  
The Eu

The paper attempts to discuss the new and upcoming concept of de-globalization in the context of the latest issue making waves on the international circuit, that is, Brexit-the exit of Britain from the European Union (EU) through a referendum held on 23rd June 2016. The paper first builds upon the historical context of the term ‘globalisation’, its genesis and history and throws light on the economic, political and cultural connotations of the term. It then moves on to discuss and define the upcoming and pertinent issues, which have surfaced to the forefront of the developed economies like ‘Corporate capitalism’, ‘Neoliberalism’, ‘Alter or Anti-globalisation’, and now finally ‘de-globalisation’. By connecting these dots together, the paper attempts to bring about the impact of Brexit on Britain, the EU, and world economy at large by specifically bringing out arguments in favour and against the Brexit proposal. The paper further delves down to discuss, underline, and elaborate on the lessons, which the South Asian Association for Regional Cooperation nations, especially India, can learn from this policy of de-globalization being adopted by the British economy.

The Impact of Fiscal Decentralisation on Local Economic Development in Serbia

2020 ◽  
Vol 18 (1) ◽  
pp. 143-163
Author(s):  
Sanja Kmezic ◽  
Will Bartlett ◽  
Katarina Đulić
Keyword(s):  
Economic Development ◽  
Global Financial Crisis ◽  
Local Economic Development ◽  
Positive Impact ◽  
Debt Crisis ◽  
Spillover Effects ◽  
The European Union ◽  
Time Series Regression ◽  
Fiscal Decentralisation ◽  
The Impact

Serbia is a transition country that has experienced strong negative spillover effects from the global financial crisis and the subsequent eurozone debt crisis. At the same time it is a candidate for accession to the European Union. Success in local economic development is likely to affect prospects for economic recovery and a successful EU integration process and the paper analyses the contribution of fiscal decentralisation to successful local economic development. The analysis is based upon a cross-section time-series regression model that reveals a positive impact of local public expenditure on economic development. Expenditure on education has a particularly strong effect on local economic development, as does investment per capita from both public and private sources. The conclusion of the paper is that local economic development has been enhanced by the fiscal decentralisation that has taken place in Serbia.

scholarly journals Framing the EU: Big Data Analysis of South Korean News Media

2021 ◽  
Vol 13 (4) ◽  
pp. 1621
Author(s):  
Sung-Won Yoon ◽  
Sae Won Chung
Keyword(s):  
European Union ◽  
South Korea ◽  
News Media ◽  
Semantic Network ◽  
Strategic Partnership ◽  
Quantitative Methodology ◽  
The European Union ◽  
Sources Of Information ◽  
South Korean ◽  
The Eu

Since 2010, both South Korea and the European Union have rapidly developed their diplomatic ties by completing a Free Trade Agreement and establishing a strategic partnership. However, perceptions of the European Union (EU) among Korean elites, media, and public have not been properly established. Against this backdrop, it is of value to examine the news media, which are the main sources of information for elites and the public. The purpose of this study is to examine the evolution of representations of the EU among South Korean media. To examine media representation, this study employed a quantitative methodology (semantic network analysis) for reviewing the data and a qualitative methodology (framing analysis) to interpret the results. The results of this study indicate that both conservative and liberal media employ conflict, economic consequences, and human interest framings to report EU issues. Despite some minor changes, neither type of media demonstrated clear differences in their EU coverage. The conclusion presented in this paper states that the South Korean media projects an incomplete picture of the EU to the Korean public. To overcome this issue, both South Korea and the EU should pay more attention to establishing accurate mutual perceptions to support a constructive future for their bilateral co-operation.

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