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.

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.

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.

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.

Fear of Free Floating or Forced Exchange Rate Fixing

2004 ◽  
pp. 112-122
Author(s):  
O. Osipova
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Exchange Rates ◽  
Inflation Targeting ◽  
Exchange Rate Policy ◽  
Float Exchange Rate ◽  
Floating Exchange Rate ◽  
Rate Policy ◽  
Exchange Rate Arrangements ◽  
Pass Through

After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.

Euro-English: A Swedish perspective

English Today ◽  
2003 ◽  
Vol 19 (2) ◽  
pp. 35-41 ◽  
Author(s):  
Marko Modiano
Keyword(s):  
European Union ◽  
Native Speakers ◽  
Native Speaker ◽  
The Other ◽  
The European Union ◽  
Lingua Franca ◽  
European Continent

This survey considers the emergence of English as a language shared across the European Union in particular and the European continent at large, and together with its distinctive ‘lingua franca’ dimension among the mainland European nations. It considers in particular the situation of ‘non-native speakers’ who regularly use the language as well as the concept of a ‘Euro-English’ in general and the Swedish, ‘Swenglish’ and English relationship on the other. It concludes by considering the liberation of non-native users from ‘the beginning of native-speaker norms’.

If in Doubt, Leave it Out? EU Precaution in WTO Regulatory Space

2010 ◽  
Vol 1 (1) ◽  
pp. 20-30 ◽  
Author(s):  
James Flett
Keyword(s):  
European Union ◽  
Political Authority ◽  
The Other ◽  
The Political ◽  
International Level ◽  
Eu Law ◽  
The European Union ◽  
International Organisations ◽  
Balanced Approach ◽  
Available Information

This article reviews the way in which the concept of precaution, as commonly referenced in EU law, is received in the WTO. It argues that precaution is not a principle, but one facet of a principle of making rational judgments based on available information, the other facet of which is “that risk is worth taking”. Systematically pursuing high cost measures in response to low risks is not a balanced approach, and has probably contributed to the scepticism with which the concept is viewed in the WTO. However, this article goes on to argue that, without needing to be a principle, precaution is the determining legal feature in the SPS Agreement, because, unlike in the European Union, there is no legislative harmonisation of SPS measures at international level, WTO Members being free to set their own appropriate level of protection. In fact, the concept of precaution is relevant in the context of many other WTO provisions and is in some respects quite close to the concept of subsidiarity. Notwithstanding this, the first WTO SPS cases, driven by regulatory exporters and an interventionist WTO, have excessively emphasised scientific issues, masking policy judgments that the WTO has neither the legal nor the political authority to sustain. The article concludes that the proper way forward necessitates closer political, legal and administrative links between the WTO and other relevant international organisations, and a move away from consensus in the latter.

Moving Beyond Procedure

2002 ◽  
Vol 35 (7) ◽  
pp. 784-813 ◽  
Author(s):  
AMIE KREPPEL
Keyword(s):  
European Union ◽  
European Parliament ◽  
Decision Procedures ◽  
The Other ◽  
Current Debate ◽  
Legislative Process ◽  
The European Union ◽  
The Impact ◽  
Legislative Influence

This article examines the influence of the European Parliament (EP) within the legislative process of the European Union. Although debate over the impact of the cooperation and co-decision I procedures continues, this article argues that, in part, the current theoretical debate is a false one that has caused many of the other important variables that affect EP legislative influence to be ignored. This article briefly revisits the current debate, then proceeds to an analysis of the success of more than 1,000 EP amendments under the cooperation and co-decision procedures. This evidence suggests that numerous other variables, such as internal EP unity and type of amendment made, have a significant impact on EP success, even controlling for procedure. In addition, this comparison points out some empirical differences between the two procedures that have been largely ignored in the theoretical debate but that nonetheless have a significant impact of EP success and merit further study.

Neither here, not there: Bulgaria and Romania in current European politics☆

2004 ◽  
Vol 37 (4) ◽  
pp. 509-522 ◽  
Author(s):  
Victor D. Bojkov
Keyword(s):  
European Union ◽  
Regional Cooperation ◽  
Eu Enlargement ◽  
Political Transition ◽  
The Other ◽  
European Politics ◽  
The European Union ◽  
Southeast Europe ◽  
The Eu

The article analyses the process of EU enlargement with reference to the progress that Bulgaria and Romania have made within it. It is argued that leaving them out of the wave of accession finalised in May 2004 for ten of the candidate states, has placed them in a situation of double exclusion. Firstly, their geographical belonging to the region of Southeast Europe has been rendered non-essential by their advanced position within the EU enlargement process. Secondly, their achievement in economic and political transition has been removed from the progress of the ten states, which joined the EU in May 2004 by delaying the time of their accession. As a result, any efforts in regional cooperation and integration between Bulgaria and Romania on one hand, and other Southeast European states on the other, have been effectively cancelled. Moreover, in current European politics, the two countries have come to serve the unenviable role of exemplifying on the part of the European Union how progress is being awarded and hesitation punished.

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