scholarly journals Helicopter Money: The New Form of Monetary Easing in the Eurozone?

2017 ◽  
Vol 9 (3) ◽  
pp. 38 ◽  
Author(s):  
Nikolaos A. Kyriazis ◽  
Emmanouil M. L. Economou
Keyword(s):  
Monetary Policy ◽  
Moral Hazard ◽  
Financial System ◽  
Eu Membership ◽  
New Form ◽  
The Eu ◽  
Academic Debate

Although unconventional measures by the ECB have been very extensive so as to fortify the Eurozone’s financial system the question of whether more drastic measures are necessary, is at the forefront of newly aroused academic debate. This paper’s main effort is to conceptualize helicopter drops in the Eurozone before hindsight in order to shed some light on how feasible are more drastic measures for the Eurozone and how they could further attenuate moral hazard problems. An early understanding of overt money financing will help in better driving monetary policy and emphasize whether the benefits of more and free money printing could bring about a heal for the wreckages of the EU membership status.

2. Membership: Crisis, Conceptions and Challenges

EU Law ◽  
2020 ◽  
pp. 34-60
Author(s):  
Paul Craig ◽  
Gráinne de Búrca
Keyword(s):  
Rule Of Law ◽  
Member States ◽  
The Rule Of Law ◽  
Eu Membership ◽  
Article 50 ◽  
The Uk ◽  
The Eu ◽  
Academic Debate

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing students with a stand-alone resource. This chapter considers two important issues that have affected the EU in recent years: Brexit and the rule of law crisis. These issues are explored in the context of the considerations they raise about EU membership and resulting obligations. The discussion of Brexit covers the UK referendum and ensuing debate, Article 50 TEU, and the relevant Treaty provisions. It explores what the Brexit negotiations tell us more broadly about the EU, and describes the Withdrawal Agreement and Political Declaration. The second half of the chapter is concerned with the rule of law crisis: the Treaty framework and membership obligations that flow therefrom, the problem posed by ‘rule of law backsliding’ by some Member States, and the different ways in which the EU has responded to this ‘backsliding’.

2. Membership: Crisis, Conceptions and Challenges

EU Law ◽  
2020 ◽  
pp. 32-58
Author(s):  
Paul Craig ◽  
Gráinne de Búrca
Keyword(s):  
Rule Of Law ◽  
Member States ◽  
The Rule Of Law ◽  
Eu Membership ◽  
Article 50 ◽  
The Uk ◽  
The Eu ◽  
Academic Debate

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing students with a stand-alone resource. This chapter considers two important issues that have affected the EU in recent years: Brexit and the rule of law crisis. These issues are explored in the context of the considerations they raise about EU membership and resulting obligations. The discussion of Brexit covers the UK referendum and ensuing debate, Article 50 TEU, and the relevant Treaty provisions. It explores what the Brexit negotiations tell us more broadly about the EU, and describes the Withdrawal Agreement and Political Declaration. The second half of the chapter is concerned with the rule of law crisis: the Treaty framework and membership obligations that flow therefrom, the problem posed by ‘rule of law backsliding’ by some Member States, and the different ways in which the EU has responded to this ‘backsliding’.

Conclusion

2020 ◽  
pp. 452-462
Author(s):  
Simon Bulmer ◽  
Christian Lequesne
Keyword(s):  
Member State ◽  
The State ◽  
Eu Membership ◽  
Current State ◽  
Sphere Of Influence ◽  
The Impact ◽  
State Resistance ◽  
The Eu ◽  
Academic Debate

This chapter focuses on the current state of the EU and the prospects for Europeanization. Resistance to Europeanization exists, yet the EU still exercises continued attraction to states on its periphery that are waiting for the opportunity of EU membership. In reviewing the academic debate on forms of resistance to Europeanization we first explore the literature on EU disintegration, before turning to concrete examples of member state resistance. Prompted by Brexit, as a concrete manifestation of such resistance, we then assess the difficulty for a member state to leave the EU and its sphere of influence completely. Finally, we turn to the state of play with enlargement, also highlighting the impact of Europeanization upon European states outside the EU.

scholarly journals Theorising Europeanisation in European Literature: Conceptualisation and Operationalisation

2021 ◽  
Vol 10 (1) ◽  
Author(s):  
Daviti Mtchedlishvili
Keyword(s):  
European Union ◽  
The European Union ◽  
Political Systems ◽  
Acquis Communautaire ◽  
Eu Membership ◽  
Gradual Development ◽  
The Difference ◽  
The Impact ◽  
The Eu ◽  
Academic Debate

There has been an extensive academic debate on the impact of the European Union on its member states, on the candidate countries for EU membership and the countries in its geographical neighbourhood. This paper analyses the notion and working conceptualisation of ‘Europeanisation’, which is to say, the EU’s impact on domestic political systems, when EU rules, norms and laws are first defined and consolidated in the making of EU decisions and then incorporated in the logic of domestic discourse, identities, political structures and public policies. The paper suggests to analyse the Europeanisation process in three ways. Moreover, the article elucidates the gradual development of the Europeanisation theory from so called “internal” to “external” Europeanisation, whereby the EU tries to transfer its Acquis Communautaire (the legal order of the European Union) to the international level. However, research on the Western understanding of Europeanisation confirms that the analysis of the process, when the European neighbourhood states adopt the EU acquis (the objectives of the European Union, its policies and the rules governing these policies) from the viewpoint of institutional framework has significant limitations. To deal with some of these issues, the paper outlines the conceptualisation of Europeanisation and examines the difference between Europeanisation and European Integration.

scholarly journals Central banks: Hesitant guardians of equilibrium

2018 ◽  
Vol 68 (s1) ◽  
pp. 125-139
Author(s):  
Jerzy Hausner ◽  
Andrzej Sławiński
Keyword(s):  
Monetary Policy ◽  
Best Practice ◽  
Financial System ◽  
Central Banks ◽  
Budget Constraint ◽  
Soft Budget Constraint ◽  
Intellectual Heritage ◽  
Inherent Tendency

In our paper we focus on situations when central banks have to conduct monetary policy in a world in which they cannot rely fully on what is regarded the best practice and they have to cope with financial system inherent tendency to be unstable. Both phenomena are rooted in János Kornai’s intellectual heritage highlighting that economy tends to divert from equilibrium and that soft budget constraint erodes economic actors’ behavior.

Contingent Capital: The Case of COERCs

2014 ◽  
Vol 49 (3) ◽  
pp. 541-574 ◽  
Author(s):  
George Pennacchi ◽  
Theo Vermaelen ◽  
Christian C. P. Wolff
Keyword(s):  
Moral Hazard ◽  
Market Value ◽  
Low Risk ◽  
Call Option ◽  
Debt Overhang ◽  
Contingent Capital ◽  
New Form ◽  
Government Bailouts

AbstractThis paper introduces and analyzes a new form of contingent convertible: a call option enhanced reverse convertible (COERC). If an issuing bank’s market value of capital breaches a trigger, COERCs convert to many new equity shares that would heavily dilute existing shareholders, except that shareholders have the option to purchase these shares at the bond’s par value. COERCs have low risk: They are almost always fully repaid in cash. Yet, they reduce government bailouts by replenishing a bank’s capital. COERCs’ design also avoids problems with market-value triggers, such as manipulation or panic, while reducing moral hazard and debt overhang.

Familiarity Breeds Contempt

2009 ◽  
Vol 23 (3) ◽  
pp. 339-370 ◽  
Author(s):  
Aleksander Lust
Keyword(s):  
European Union ◽  
Economic Reform ◽  
The European Union ◽  
The West ◽  
Eu Membership ◽  
Economic Expectations ◽  
The Eu

In referenda held in 2003, over 90% of Lithuanians supported joining the European Union (EU), while only two-thirds of Estonians did. Why? This article shows that Lithuanians and Estonians had different economic expectations about the EU. Most Lithuanians hoped that EU membership would help Lithuania overcome its economic backwardness and isolation. By contrast, many Estonians worried that the accession would reinforce Estonia's underdevelopment and dependency on the West. I argue that these expectations reflected the two countries' strategies of economic reform. Lithuania sold state-owned enterprises (SOEs) to their managers and continued to trade heavily with Russia, which slowed down the modernization of its economy. Estonia sold SOEs to foreigners and reoriented its trade rapidly from Russia to the West, which hurt its traditional sectors (particularly agriculture) and infrastructure.

Changes in the Financial System: Implications for Monetary Policy

1984 ◽  
Vol 1984 (1) ◽  
pp. 249 ◽  
Author(s):  
Thomas D. Simpson ◽  
Alan S. Blinder
Keyword(s):  
Monetary Policy ◽  
Financial System
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