scholarly journals Effectiveness of bail-out mechanisms in the Eurozone: Global vs. pandemic crisis

2021 ◽  
Vol 57 (45) ◽  
pp. 79-95
Author(s):  
Marina Beljić ◽  
Olgica Glavaški
Keyword(s):  
Fiscal Rules ◽  
Model Specification ◽  
The European Union ◽  
Global Crisis ◽  
Government Interventions ◽  
The Public ◽  
Panel Model ◽  
Fixed Panel ◽  
Bail Out ◽  
Emergency Measures

This paper analyses the effectiveness of bail-out mechanisms after the global crisis in comparison to Covid-19 pandemic crisis in the selected Eurozone economies. It seems that in the circumstances of global instability, laissez-faire rules in economy are not enough, meaning that government interventions are desirable and unavoidable. In the Eurozone, the implementation of bail-out programs is related with the problem of a new "impossible trinity" and no-bail out clause. However, the adopted clause on non-use of the bail-out mechanism has had to be ignored several times in the past, and those implementations of bail-outs are focus of this paper. The research is based on descriptive statistical analysis and fixed panel model specification using available data in relation to the bail-out programs in the period 2011-2020 in selected Eurozone economies. The research shows that governments appear to have learned at least three lessons from the global crisis in relation to the bail-out mechanisms: (a) the need for quick implementation of emergency measures, (b) the bail-out mechanism was effective in reducing the fiscal deficit, however, caused an increase in the public debt, and (c) strengthening the fiscal framework of the Eurozone economies by defining supranational fiscal rules remains the essence of a stronger Eurozone and the European Union.

scholarly journals The Sustainability of Public Finances in Republic of Moldova Under EU Fiscal Rules

2016 ◽  
Vol 63 (2) ◽  
pp. 149-159
Author(s):  
Tatiana Covalschi ◽  
Sebastian Lazăr
Keyword(s):  
Public Debt ◽  
Fiscal Rules ◽  
Public Expenditures ◽  
Budget Deficits ◽  
The European Union ◽  
Public Finances ◽  
The Public ◽  
Republic Of Moldova ◽  
Fiscal Compact ◽  
The Republic

This paper analyses public finances sustainability in the Republic of Moldova under the European Union fiscal rules, by estimating the structural budget balance indicator using a three steps methodology. We concluded that, except for 2009, the Republic of Moldova complies with the Maastricht numerical fiscal rule; however it does not comply with the new fiscal rules regarding the structural deficit and public expenditures growth that had been set by the Fiscal Compact. The fact that budget deficits and public debt had been sustainable was mainly because of the concessions made by the external creditors in restructuring the public debt and was not a merit of national government. Moreover, since the regular budget deficit and the structural one tell different stories, we strongly advocate for using the latter in order to complement the existing data with a medium-term budgetary view.

Polen: Flüchtlingsnotstand – aber wo sind die Flüchtlinge?

2005 ◽  
Vol 35 (140) ◽  
pp. 379-392
Author(s):  
Helmut Dietrich
Keyword(s):  
European Union ◽  
Western Europe ◽  
The European Union ◽  
Local Conditions ◽  
Asylum Policy ◽  
The Face ◽  
Emergency Measures

Poland accepted the alien and asylum policy of the European Union. But what does it mean, in the face of the fact that most of the refugees don´t want to sojourn a lot of time in Poland, but want to join their families or friends in Western Europe? How the transfer of policies does work, if the local conditions are quite different than in Germany or France? The answer seems to be the dramatization of the refugee situation in Poland, especially the adoption of emergency measures towards refugees of Chechnya.

EUROPEAN FISCAL RULES AS A LIABILITY IN THE TRANSATLANTIC TRADE CONFLICT: LESSONS FROM NiGEM SIMULATIONS

2020 ◽  
Vol 254 ◽  
pp. R54-R66 ◽  
Author(s):  
Sebastian Dullien ◽  
Sabine Stephan ◽  
Thomas Theobald
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Fiscal Policy ◽  
Fiscal Rules ◽  
The European Union ◽  
Negative Effects ◽  
Transatlantic Trade ◽  
The Us ◽  
Trump Administration

Under the Trump administration, a transatlantic trade conflict has been escalating step by step. First, it was about tariffs on steel and aluminium, then about retaliation for the French digital tax, which is suspended until the end of the year. Most recently, the US administration threatened the European Union with tariffs on cars and car parts because of Canadian seafood being subject to lower import duties. As simulations with NiGEM show, a further escalation of the transatlantic trade conflict has the potential to slow down economic growth significantly in the countries involved. This is a considerable risk given the fact that the countries have to cope with the enormous negative effects of the pandemic shock. Furthermore, the damage caused by the trade conflict depends on the extent to which the affected countries use fiscal policy to stabilise their economies.

Take it to the (public) bank: The efficiency of public bank loans to private firms

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Anders Kärnä
Keyword(s):  
Economic Growth ◽  
Capital Markets ◽  
Firm Growth ◽  
Bank Loans ◽  
Government Interventions ◽  
The Public ◽  
Positive Effects ◽  
Economic Output ◽  
Unique Dataset

AbstractIncomplete capital markets and credit constraints for small and medium-sized enterprises (SMEs) are often considered obstacles to economic growth, thus motivating government interventions in capital markets. While such policies are common, it is less clear to what extent these interventions result in firm growth or to which firms interventions should be targeted. Using a unique dataset with information about state bank loans targeting credit-constrained SMEs in Sweden with and without complementary private bank loans, this paper contributes to the literature by studying how these loans affect the targeted firms for several outcome variables. The results suggest that the loans create a one-off increase in investments, with long-term, positive effects for sales and labor productivity but only for firms with 10 or fewer employees. Increased access to capital by firms can therefore produce increases in economic output but only in a specific type of firm. This insight is of key importance in designing policy if the aim is to increase economic growth.

scholarly journals National fiscal rules and fiscal discipline in the European Union

2021 ◽  
Vol 53 (20) ◽  
pp. 2337-2359
Author(s):  
Amélie Barbier-Gauchard ◽  
Kea Baret ◽  
Alexandru Minea
Keyword(s):  
European Union ◽  
Fiscal Rules ◽  
The European Union ◽  
Fiscal Discipline

The rotating Presidency of the Council of the EU – Still an agenda-setter?

2020 ◽  
Vol 21 (3) ◽  
pp. 497-518
Author(s):  
Austė Vaznonytė
Keyword(s):  
Institutional Changes ◽  
The European Union ◽  
Issue Salience ◽  
Political Factors ◽  
Agenda Setter ◽  
Panel Model ◽  
The Government ◽  
Council Presidency ◽  
Over Time ◽  
The Eu

What role does the rotating Council Presidency maintain a decade after Lisbon? This article argues that, regardless of institutional changes, the rotating Presidency still shapes the Council agenda to a large extent. Based on an original hand-coded dataset of rotating Presidency programmes between 1997 and 2017, I show that some policies are ‘stickier’ on the Council agenda, while the others exhibit significant changes in salience over time. Since the magnitude of these shifts varies from Presidency to Presidency, the analysis focuses on domestic political factors and the country positioning vis-à-vis the European Union to determine their relationship with agenda volatility. By means of a panel model, the examination demonstrates that the government issue salience can best explain the levels of issue salience in the Presidency programmes.

scholarly journals The Principle of Sustainable Development as the Basis for Weighing the Public Interest and Individual Interest in the Scope of the Cultural Heritage Protection Law in the European Union

2021 ◽  
Vol 13 (7) ◽  
pp. 3985
Author(s):  
Adam Kozień
Keyword(s):  
European Union ◽  
Sustainable Development ◽  
Cultural Heritage ◽  
Public Interest ◽  
Legal Protection ◽  
Individual Interest ◽  
The European Union ◽  
European Union Law ◽  
Environmental Aspect ◽  
The Public

The concept of sustainable development is widely used, especially in social, environmental and economic aspects. The principle of sustainable development was derived from the concept of sustainable development, which appears in legal terms at the international, EU, national and local levels. Today, the value of cultural heritage that should be legally protected is indicated. A problematic issue may be the clash in this respect of the public interest related to the protection of heritage with the individual interest, expressed, e.g., in the ownership of cultural heritage designates. During the research, scientific methods that are used in legal sciences were used: theoretical–legal, formal–dogmatic, historical–legal methods, as well as the method of criticism of the literature, and legal inferences were also used. The analyses were carried out on the basis of the interdisciplinary literature on the subject, as well as international, EU and national legal acts—sources of the generally applicable law. Research has shown that the interdisciplinary principle of sustainable development, especially from the perspective of the social and auxiliary environmental aspect, may be the basis for weighing public and individual interests in the area of legal protection of cultural heritage in the European Union. It was also indicated that it is possible in the situation of treating the principle of sustainable development in terms of Dworkin’s “policies” and allows its application not only at the level of European Union law (primary and secondary), but also at the national legal orders of the European Union Member States.

Within the Public-Private Divide. Right to Housing and Consumer Law in Recent European Private Law Trends

Global Jurist ◽  
2018 ◽  
Vol 19 (2) ◽  
Author(s):  
Rocco Alessio Albanese
Keyword(s):  
Fundamental Rights ◽  
Private Law ◽  
The European Union ◽  
The Public ◽  
Consumer Law ◽  
Charter Of Fundamental Rights ◽  
Recent Trends ◽  
New Perspective ◽  
The Right ◽  
Protection Of Right

Abstract This paper intends to discuss some major European legal issues by building on the critique of a certain narrow relevance of human basic needs, according to traditional Western legal conceptions of the subject as well as of the public-private divide. In particular it aims at verifying the potentiality of consumer law for rethinking the right to housing, within recent trends of European Private Law, by adopting a remedial approach. For this reason the paper analyzes three well-known cases decided by the Court of Justice of the European Union (CJEU) – namely Aziz, Sanchez Morcillo and Kušionová – as examples of this meaningful trend. Through the combination of the fairness test over contractual terms with the criteria of effectiveness and proportionality, a broader protection of right to housing is recognised even in horizontal private relationships. Art. 7 of the EU Charter of Fundamental Rights (CFREU) could represent the constitutional reference for this new perspective. The paper also intends to show how the relevance of the basic need for housing is traced to debtor's families. CJEU's interpretative itinerary seems to start from a fairness test about contractual terms, but eventually comes to give protection to subjective situations that are even out of the domain of the contract.

scholarly journals Feeling Uncertainty during the Lockdown That Commenced in March 2020 in Greece

2021 ◽  
Vol 18 (10) ◽  
pp. 5105
Author(s):  
Dimitris Zavras
Keyword(s):  
Lower Class ◽  
Individual Characteristics ◽  
International Literature ◽  
Older Individuals ◽  
The European Union ◽  
Emotional Status ◽  
Limited Health Literacy ◽  
The Public ◽  
Limited Health ◽  
The Individual

The coronavirus disease 2019 (COVID-19) pandemic has resulted in significant uncertainty for the global population. However, since not all population groups experience the impacts of the pandemic in the same way, the objective of this study was to identify the individual characteristics associated with the feeling of uncertainty during the lockdown that commenced in March 2020 in Greece. The study used data from the “Public Opinion in the European Union (EU) in Time of Coronavirus Crisis” survey. The sample consisted of 1050 individuals aged between 16 and 54 years. According to the analysis, which was based on a logistic regression model, the emotional status of older individuals, those who experienced income and job losses since the beginning of the pandemic, and middle-class and high-class individuals, is more likely to be described as a feeling of uncertainty. In addition, the emotional status of individuals with less concern for their own health and that of family and friends is less likely to be described as a feeling of uncertainty. Although the results related to age, income, and job losses, as regards concern for health, agree with the international literature, the limited health literacy of lower-class individuals may explain the reduced likelihood of their experiencing feelings of uncertainty. The results confirm the international literature describing several aspects of uncertainty due to the COVID-19 crisis.

Technische Universitaät Darmstadt v. Eugen Ulmer KG

2015 ◽  
Vol 109 (1) ◽  
pp. 161-167
Author(s):  
Anne-Marie Carstens
Keyword(s):  
Intellectual Property Rights ◽  
Public Interest ◽  
The United States ◽  
Fair Use ◽  
The European Union ◽  
The Public ◽  
Court Of Justice ◽  
International Attention ◽  
International Obligations ◽  
Mass Digitization

In Technische Universität Darmstadt v. Eugen Ulmer KG, the Court of Justice of the European Union (ECJ or Court) addressed several important copyright issues stemming from a practice that continues to confound many legal practitioners and adjudicators: the mass digitization of library collections. The judgment adds to an emerging body of jurisprudence decided in the context of a trend toward greater digitization that could ultimately facilitate the development of a global, digital library. To date, the jurisprudence has largely been formed by cases challenging mass digitization that are percolating through the United States courts and have attracted international attention and criticism. The ECJ decision thus provides an important point of reference for evaluating how different jurisdictions balance the rights of authors against the public interest, as served by relevant fair use exceptions consistent with their international obligations under traditional copyright treaties, the 1996 WIPO Copyright Treaty, and the 1994 Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs) applicable to all WTO member states.

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