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Target Losses In Case Of A Euro Break Up
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Book Synopsis The Economics of Target Balances by : Hans-Werner Sinn
Download or read book The Economics of Target Balances written by Hans-Werner Sinn and published by Springer Nature. This book was released on 2020-10-23 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Target balances are the largest single item in some of the balance sheets of the Eurosystem’s national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs that resemble ordinary fiscal credit and which have grown disproportionately, exceeding one billion euros. There is, however, no parliamentary legitimation for the Target balances. The book sheds light on the economic significance of the balances, questions their limitlessness, and addresses controversial views that have been expressed regarding them. It uses the Target statistics to analyze the course of the euro crisis and the ECB’s policy reactions from the time of the Lehman bankruptcy up to the outbreak of the Corona crisis. It analyses the credit risks involved for the Eurosystem and concludes with a reform proposal. This book will be of interest to non-specialist economists and policy makers.
Book Synopsis The Eurozone Crisis and the Future of Europe by : Rajeesh Kumar
Download or read book The Eurozone Crisis and the Future of Europe written by Rajeesh Kumar and published by Springer. This book was released on 2015-12-11 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors uncover the roots of the eurozone crisis, focusing on how this can be solved against the backdrop of a very deep financial and economic crisis and its strong social impact. Looking at the impact of the financial crisis on the eurozone, they explore the European Union's recent and future developments.
Download or read book The Euro Trap written by Hans-Werner Sinn and published by Oxford University Press, USA. This book was released on 2014 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.
Book Synopsis The European Monetary Union by : Nicola Acocella
Download or read book The European Monetary Union written by Nicola Acocella and published by Cambridge University Press. This book was released on 2020-08-27 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.
Book Synopsis The Future of the Euro by : Matthias Matthijs
Download or read book The Future of the Euro written by Matthias Matthijs and published by Oxford University Press. This book was released on 2015-04-02 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Future of the Euro, a group of the world's top political economists analyze the fundamental causes of the euro crisis, determine how it can be fixed, and consider what likely futures lie ahead for the currency. The book makes three interrelated arguments emphasizing the primacy of political over economic factors. First, the original plan for the euro focused on monetary union, but omitted a financial and banking union, mutually supporting institutions of fiscal union and economic government, and a legitimate political union. Second, the euro's unfinished design led to economic divergence-quietly altering the existing distribution of economic and political power within Europe prior to the crisis-which in turn determined the EU's crisis response. The book highlights how the euro's four most important member states-Germany, France, Italy and Spain-each changed once they adopted the euro, why the crisis affected them so differently, and how each has since struggled to live with the commitments the euro necessitates. Third, the book examines three possible "euro futures" through the lens of the politics of its reluctant leader Germany; through the lens of the EU's capacity to move forward through crises; and through the geopolitical lens of the international monetary system. Any successful long-term solution to the euro's predicament will need to start with the political foundations of markets.
Book Synopsis Off the Target by : Muhammad Ali Nasir
Download or read book Off the Target written by Muhammad Ali Nasir and published by Springer Nature. This book was released on 2021-11-23 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the history of European integration and the Eurozone, before presenting ways in which the European Union can move forward. Charting integration from before the Second World War, the foundations of the Eurozone are examined to provide insight into the challenges faced by the European Union, including the Global Financial Crisis, over recent decades. The impact of TARGET2 and the European Monetary System are also discussed. This book aims to highlight ways that current challenges to European integration, such as the COVID-19 crisis, environmental degradation, and fiscal debt, can be overcome to promote economic growth and social advancement. It will be relevant to students, researchers, and policymakers interested in the political economy and European economic policy.
Book Synopsis A Global Perspective on the European Economic Crisis by : Bruno Dallago
Download or read book A Global Perspective on the European Economic Crisis written by Bruno Dallago and published by Routledge. This book was released on 2018-10-24 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial and economic crisis in Europe is not over, and the radically opposing strategies on how to proceed has only increased the complexity of problems in the region, revealing the shortcomings of the EU’s architecture. The European Union, perhaps for the first time in its history of more than seventy years, is being perceived as a threat to the financial and monetary stability of the world. A Global Perspective on the European Economic Crisis explores the connection between internal EU actions and institutions and the external factors that influence the ongoing response to the European crisis. With a unique collection of international and interdisciplinary essays, this book considers the complex macroeconomic and challenging political landscape of Europe, looking at how and why the European Union is untenable in its current state. The chapters outline what should be done to make the common currency area more resilient, and explain why external events are particularly problematic for the EU, ultimately offering suggestions for what Europeans should do in order to avoid harmful internal consequences. This volume confronts the causes of the crisis’ persistence, its economic and political consequences, and the impact of more recent events and policy decisions. It will be of interest to researchers and policy-makers keen to understand the EU relations and the influence of international organizations in the European economic crisis.
Book Synopsis The Merkel Republic by : Eric Langenbacher
Download or read book The Merkel Republic written by Eric Langenbacher and published by Berghahn Books. This book was released on 2015-09-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chancellor Angela Merkel has dominated German and European politics for almost a decade. Her stellar reputation, sound political and economic management, and popularity inside of Germany resulted in one of the most decisive electoral victories for her conservative parties in postwar Germany—the country can rightfully be deemed the Merkel Republic. Bringing together German politics experts from both sides of the Atlantic, this volume addresses the campaign, results, and consequences of the 2013 Bundestag election. Chapters delve into a diverse array of themes, including immigrant-origin and women candidates, the fate of the small parties, and the prospects for the SPD, the new coalition partner, as well as more general structural trends like the Europeanization and cosmopolitanization of German politics.
Book Synopsis Poland and the Eurozone by : J. Hölscher
Download or read book Poland and the Eurozone written by J. Hölscher and published by Springer. This book was released on 2014-10-21 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Poland is one of Europe's economic out-performers. The country's history and geography encourage it to be in favour of deeper European integration. This book aims to contribute to discussions on the future shape of EMU and the next steps ahead.
Book Synopsis The Political Economy of European Banking Union by : David Howarth
Download or read book The Political Economy of European Banking Union written by David Howarth and published by Oxford University Press. This book was released on 2016-09-15 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union - presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been agreed and some elements of this design prioritized over others? A two-step explanation is articulated in this study. First, it explains why euro area member state governments moved to consider Banking Union by building on the concept of the 'financial trilemma', and examining the implications of the single currency for euro area member state banking systems. Second, it explains the design of Banking Union by examining the preferences of member state governments on the core components of Banking Union and developing a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moral hazard facing banks and sovereigns created by euro level support mechanisms.
Book Synopsis Italy and Germany as Prototypes of the Peripheral and Core Countries in the European Monetary Union by : Nicola Acocella
Download or read book Italy and Germany as Prototypes of the Peripheral and Core Countries in the European Monetary Union written by Nicola Acocella and published by Ethics International Press. This book was released on 24-11-07 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at Italy and Germany as prototypes of the peripheral and core countries in the European Monetary Union (EMU) and examines their respective faults. It also analyses the context of the European Union (EU) institutions, their origin, the forces that drove away from a more balanced or federalist one, and shortcomings. This offers the opportunity to suggest some changes to EU structures, particularly in the light of the COVID-19 pandemic and its aftermath. Both Germany, Italy, and other EU countries have violated European rules. However, despite this, the negative performance of the EMU has to be connected to its deflationary and unbalanced institutions. These were driven away from the federalist route that they seemed to be initially following by a Franco-German axis and by a decisive German switch towards a tough monetary regime.
Book Synopsis The Limits of Surveillance and Financial Market Failure by : K. Shigehara
Download or read book The Limits of Surveillance and Financial Market Failure written by K. Shigehara and published by Springer. This book was released on 2014-12-09 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the effectiveness of surveillance by international institutions for financial crisis prevention. It discusses issues relating to designing effective micro- and macro-prudential policies, their mixes and their coordination with monetary policies for achieving financial stability while promoting better macroeconomic performance.
Book Synopsis The Germany Illusion by : Marcel Fratzscher
Download or read book The Germany Illusion written by Marcel Fratzscher and published by Oxford University Press. This book was released on 2018 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe is in a period of transition and there is great uncertainty about its direction. No country plays a greater role in influencing Europe's future path than Germany, which is either seen as overbearing or indecisive in its imposition of policies-and sometimes is seen as both at once. In The Germany Illusion, Marcel Fratzscher provides a distinctive corrective to common misunderstandings of Germany's domestic political economy and how it affects its European and global roles. Fratzscher's trenchant analysis sheds light on the true state of Germany's economy, which is neither as rosy as optimists believe nor as hidebound as pessimists fear. He covers the breadth of the German economy, from its deceptive employment miracle, the sources and underlying problems of its export strengths, its large investment gap, and not least the differences between east and west that continue since reunification. Understanding the domestic scene in Germany is crucial to understanding its relationships with other European countries, the European Union, and the United States. Fratzscher traces the sources and implications of the differences and conflict between Germany and its neighbors on European policymaking generally and in particular during the European economic and financial crisis, the Brexit debate, the refugee crisis, the rising populism and protectionism in the United States and in Europe, and over fundamental reforms of European institutions. The Germany Illusion is a balanced and nuanced examination of pressing and complex issues that enhances our understanding of German policies-the strengths and weaknesses, the possibilities and the limits. It also proposes a realistic path for Germany to re-engage with its European neighbors and with the United States, and to help re-build Europe's future.
Book Synopsis European Union and Monetary Union in Permanent Crisis II by : Dirk Meyer
Download or read book European Union and Monetary Union in Permanent Crisis II written by Dirk Meyer and published by Springer Nature. This book was released on 2022-09-01 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Monetary Union based on the Maastricht Treaty doesn’t exist any longer. Permanent rescue parachutes, joint liability and legal presumptions by the EU Commission lead to a fiscal union with a redistributive character. Bond-purchasingprogrammes endanger the independence of the ECB. As an alternative, Dirk Meyer develops a parallel currency concept for a functioning common currency.
Book Synopsis Financial Crisis, Bank Behaviour and Credit Crunch by : Stefania P.S. Rossi
Download or read book Financial Crisis, Bank Behaviour and Credit Crunch written by Stefania P.S. Rossi and published by Springer. This book was released on 2015-07-29 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores some relevant distortions and market failures in financial and banking markets caused by the recent financial crisis and offers important insights to policymakers as well. After having introduced the reader to the economic background behind the origin of the present financial turmoil, the book proposes a distinct angle to look at some macro and microeconomic aspects. The volume discusses whether and to what extent policies, implemented by governments and monetary authorities to countervail bank defaults and avoid a disastrous financial instability, have in some way determined opportunistic conducts (moral hazard), changes in banks’ behaviour, distortive incentives and market failures. Furthermore, the book offers a viewpoint on the effects of the evolution of regulation for the banking sector. Finally, the book assesses how the increase in the cost of funding and the shrinking in credit supply (credit crunch) has modified the financial structure of small and medium firms. To illustrate this, some specific cases at Italian regional level are examined.
Book Synopsis The Political Economy of Monetary Solidarity by : Waltraud Schelkle
Download or read book The Political Economy of Monetary Solidarity written by Waltraud Schelkle and published by Oxford University Press. This book was released on 2017 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.
Download or read book The Euro Trap written by Hans-Werner Sinn and published by OUP Oxford. This book was released on 2014-07-31 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.
