The Political Economy Of European Banking Union

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The Political Economy of European Banking Union

Author : David Howarth
Publisher : Oxford University Press
ISBN 13 : 019104380X
Total Pages : 256 pages
Book Rating : 4.1/5 (91 download)

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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.

The Political Economy of European Banking Union

Author : David J. Howarth
Publisher :
ISBN 13 : 9780191794216
Total Pages : 266 pages
Book Rating : 4.7/5 (942 download)

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Book Synopsis The Political Economy of European Banking Union by : David J. Howarth

Download or read book The Political Economy of European Banking Union written by David J. Howarth and published by . This book was released on 2016 with total page 266 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. This book is informed by two main empirical questions: 'Why banking union?' and 'Why this specific form of banking union?'

The Difficult Construction of European Banking Union

Author : David Howarth
Publisher : Routledge
ISBN 13 : 9781032839202
Total Pages : 0 pages
Book Rating : 4.8/5 (392 download)

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Book Synopsis The Difficult Construction of European Banking Union by : David Howarth

Download or read book The Difficult Construction of European Banking Union written by David Howarth and published by Routledge. This book was released on 2024-06-24 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Difficult Construction of European Banking Union examines the political, legal and economic issues surrounding the lacunae and design faults of European Banking Union and its problematic operation. The volume brings together the work of sixteen scholars focused on the diverse debates surrounding the construction and operation of Banking Union (BU), and its necessary reform. BU represents one of the most important developments in European integration since the launch of Monetary Union. Furthermore, the design of the BU agreed between 2012 and 2014 was a messy compromise among EU member states. It is not surprising then that BU has sparked a lively academic debate and triggered an ever-growing number of publications from different disciplinary backgrounds. The first wave of academic work on BU focuses upon the economic rationale underpinning the supranationalisation of control over banking -- regulation, supervision, support and resolution -- and the political dynamics and legal issues that shaped the design of the Union agreed. This volume is located at the intersection of this first phase of academic research and a second stage which analyses the functioning of the different elements of BU. New research questions are triggered by the albeit limited empirical evidence on BU's implementation and operation. Contributions to this second wave of research attempt to identify potentially dangerous lacunae and contribute to on-going reform debates. The Difficult Construction of European Banking Union will be of great interest to scholars of the European Union, Banking, Economic Governance, and Political Economy. Most of the chapters were originally published as three special issues in the Journal of Economic Policy Reform.

The Political Economy of Monetary Union

Author : Francesco Giordano
Publisher : Routledge
ISBN 13 : 1136224092
Total Pages : 215 pages
Book Rating : 4.1/5 (362 download)

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Book Synopsis The Political Economy of Monetary Union by : Francesco Giordano

Download or read book The Political Economy of Monetary Union written by Francesco Giordano and published by Routledge. This book was released on 2013-10-18 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.

Banking on Markets

Author : Rachel A. Epstein
Publisher : Oxford University Press
ISBN 13 : 0192538012
Total Pages : 256 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis Banking on Markets by : Rachel A. Epstein

Download or read book Banking on Markets written by Rachel A. Epstein and published by Oxford University Press. This book was released on 2017-08-15 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets. The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations. The central argument of this book, however, is that in the world's largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europe no longer wield preponderant influence over their banks. Banking on Markets explains why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility and policy autonomy. The findings in Europe have implications for other world regions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance. Through an investigation of foreign bank behavior in economic crises, the developmental consequences of political control over banks and the emergence of European Banking Union in the Eurozone, the book advances three main findings. First is that foreign bank ownership need not necessarily lead to economic vulnerability of host states. Second is that marketized bank-state ties do, however, limit pathways to catching up in the global economy. And third is that European Banking Union has strengthened the euro's credibility while cutting down substantially on Eurozone member states' economic policy discretion. This book details the intense political struggles that have underpinned all three outcomes. Co-Winner of the 2018 Ed A Hewett Book Prize awarded by the Association for Slavic, East European, and Eurasian Studies.

The Politics of Economic and Monetary Union

Author : Petri Minkkinen
Publisher : Springer Science & Business Media
ISBN 13 : 1461560853
Total Pages : 252 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis The Politics of Economic and Monetary Union by : Petri Minkkinen

Download or read book The Politics of Economic and Monetary Union written by Petri Minkkinen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: If the plans concerning EMU will be realised, by 2002 national currencies will be replaced by the Euro and national central banks will be partially replaced by the European Central Bank. The Politics of Economic and Monetary Union starts with the argument that EMU is more a political than an economic project. It develops this theme by addressing five different questions. First, precisely what is the general role of EMU in the globalising political economy? Second, how EMU will change the power relations and the relationship between `political' and `economic'? Third, what effects will EMU have on generally accepted values - including for example efficiency, self-determination, and democracy? Fourth, how does the EMU-related politics of symbols - including money - take part in constructing political identities? And last, but certainly not least, what effects EMU will have on the social and political dimension of the Union and thus also on its legitimacy? The politics of EMU includes many dimensions. The book tries to explain the hegemony of the neoliberal and German vision of Europe in the context of recent development in the global political economy. It assesses the consequences of this hegemony and the possibility for alternatives from a variety of perspectives. In many chapters, it is also argued that the legitimation problems of the Union may turn into an acute crisis also because of EMU. We should expect an actualised crisis to lead to a transformation of the Union.

The Choice for Banking Union

Author : Elena Ríos Camacho
Publisher : Routledge
ISBN 13 : 1000516504
Total Pages : 153 pages
Book Rating : 4.0/5 (5 download)

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Book Synopsis The Choice for Banking Union by : Elena Ríos Camacho

Download or read book The Choice for Banking Union written by Elena Ríos Camacho and published by Routledge. This book was released on 2021-12-30 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains why the European Union (EU) Member States – in response to the euro crisis – agreed to establish banking union, despite previous objections, and why they chose its hybrid institutional design. Analysing its establishment from 2012 to 2020, the book offers a comprehensive view of the preferences of the Member States and EU institutions, as well as of the negotiation dynamics and latest developments in the three pillars of banking union, namely, the Single Supervisory Mechanism, the Single Resolution Mechanism and the common backstop, and the European deposit insurance scheme. Furthermore, empirically, the book looks beyond the usual focus of the northern and southern coalition of states to underline the influence of powerful smaller Member States in the intergovernmental bargaining process. Adopting a range of theoretical perspectives, it questions the solidity of the northern versus southern camps and reveals distinctive and particular positioning from individual countries during the process. This book will be of key interest to scholars and students of European financial market regulation, European economic governance, EU institutions, European integration theory and EU politics more broadly.

Political Economy of Financial Integration in Europe

Author : Jonathan Story
Publisher : Manchester University Press
ISBN 13 : 9780719043130
Total Pages : 356 pages
Book Rating : 4.0/5 (431 download)

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Book Synopsis Political Economy of Financial Integration in Europe by : Jonathan Story

Download or read book Political Economy of Financial Integration in Europe written by Jonathan Story and published by Manchester University Press. This book was released on 1997 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume traces the political, financial and economic steps towards financial union in Europe, focusing on the political economy of the process - notably the dynamics of a Europe of sovereign states.

European Political Economy: Theoretical Approaches and Policy Issues

Author :
Publisher : Oxford University Press
ISBN 13 : 0192846426
Total Pages : 389 pages
Book Rating : 4.1/5 (928 download)

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Book Synopsis European Political Economy: Theoretical Approaches and Policy Issues by :

Download or read book European Political Economy: Theoretical Approaches and Policy Issues written by and published by Oxford University Press. This book was released on 2023-12-22 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Power Politics, Banking Union and EMU

Author : Shawn Donnelly
Publisher : Routledge
ISBN 13 : 1351332570
Total Pages : 202 pages
Book Rating : 4.3/5 (513 download)

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Book Synopsis Power Politics, Banking Union and EMU by : Shawn Donnelly

Download or read book Power Politics, Banking Union and EMU written by Shawn Donnelly and published by Routledge. This book was released on 2018-03-28 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the politics of Banking Union and EMU reform in the EU, and draws lessons for what it means for international politics, both in Europe, and for international relations more broadly. It demonstrates that most of the reforms in Europe to break free of the Eurozone and banking crises in which Europe continues to find itself focus on building up the capacities of national authorities rather than European ones. The result is that national authorities remain largely in control of the decisions and funds that are to be deployed to prevent economic disaster if a single EU bank fails. The likely outcome is an accelerated balkanization of the European market for the foreseeable future. The book also contends that power politics, and realism in particular, is a defining feature of European politics with coercion and enforced national responsibility at the demand of Germany; the dominant form of institution-building that established the responsible sovereignty model, and shut down the possibility of alternatives. In making this case, the book demonstrates that the dominant view in international relations, that power politics best explains the behaviour of states, also apply to the EU. This text will be of key interest to scholars and students of the Eurozone crisis, EU politics, economic policy, and more broadly to political economy, public policy and international relations.

The Political Economy of the Eurozone in Central and Eastern Europe

Author : Krisztina Arató
Publisher : Routledge
ISBN 13 : 042953700X
Total Pages : 252 pages
Book Rating : 4.4/5 (295 download)

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Book Synopsis The Political Economy of the Eurozone in Central and Eastern Europe by : Krisztina Arató

Download or read book The Political Economy of the Eurozone in Central and Eastern Europe written by Krisztina Arató and published by Routledge. This book was released on 2021-06-30 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea for this volume came from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question ‘why in, why out?’ remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010–13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amid the economic crisis caused by the coronavirus (COVID-19) pandemic. At the same time, the three Visegrad countries still using their national currencies – Poland, Czechia and Hungary – no longer have a target date to join the monetary union. This volume aims to discuss these issues from horizontal aspects and through country studies, with contributions from expert authors from, or closely related to, the CEE region.

Financial Stability Policy in the Euro Zone

Author : Gundbert Scherf
Publisher : Springer Science & Business Media
ISBN 13 : 3658009837
Total Pages : 273 pages
Book Rating : 4.6/5 (58 download)

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Book Synopsis Financial Stability Policy in the Euro Zone by : Gundbert Scherf

Download or read book Financial Stability Policy in the Euro Zone written by Gundbert Scherf and published by Springer Science & Business Media. This book was released on 2013-06-17 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the lack of political salience that financial stability policy enjoys in tranquil economic times, this policy field lends itself particularly well to capture – the more so the more important the role of banks is in the financial system. Gundbert Scherf’s research focuses on this nexus between integrated banking, supranational monetary policy and national banking regulation. He finds that national level differences in financial systems and related institutions explain and drive variation in regulatory financial stability policy across countries.

The Reinvention of Development Banking in the European Union

Author : Daniel Mertens
Publisher : Oxford University Press, USA
ISBN 13 : 0198859708
Total Pages : 353 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis The Reinvention of Development Banking in the European Union by : Daniel Mertens

Download or read book The Reinvention of Development Banking in the European Union written by Daniel Mertens and published by Oxford University Press, USA. This book was released on 2021-02-09 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: National development banks (NDBs) have transformed from outdated relics of national industrial policy to central pillars of the European Union's economic project. This book explores why the EU has supported an increased role for NDBs, and how we might understand the dynamics between NDBs and European incentives and constraints.

The Future of the Euro

Author : Matthias Matthijs
Publisher : Oxford University Press
ISBN 13 : 0190233257
Total Pages : 336 pages
Book Rating : 4.1/5 (92 download)

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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 2015-03-03 with total page 336 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.

The European Union and Global Financial Regulation

Author : Lucia Quaglia
Publisher : OUP Oxford
ISBN 13 : 0191512532
Total Pages : 208 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis The European Union and Global Financial Regulation by : Lucia Quaglia

Download or read book The European Union and Global Financial Regulation written by Lucia Quaglia and published by OUP Oxford. This book was released on 2014-06-26 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union and Global Financial Regulation examines the influence of the European Union (EU) in regulating global finance, addressing several inter-related questions. Why does the EU 'upload' international financial regulation in some cases, 'download' it in other cases, and 'cross-load' either actively or passively in other instances? Has this changed over time, especially after the third stage of Economic and Monetary Union and the completion of the single financial market, or after the global financial crisis? Under what conditions is the EU more or less likely to upload, download or cross load rules? Through which mechanisms does this take place? Overall, does the EU act as a pace setter in regulating global finance, or is it mainly a follower? Why? The key explanatory variable used in this research is the concept of 'regulatory capacity', applied to the EU and the US, distinguishing between 'strong' and 'weak' regulatory capacity. The influence of the EU in global financial regulation depends on the combinations of EU and US regulatory capacities. When EU regulatory capacity is weak and US regulatory capacity is strong, the US will mainly upload its domestic rules internationally and/or actively cross load them to the EU, whereas the EU will mainly download international rules. When the EU regulatory capacity is strong and US regulatory capacity is weak, the EU is able to upload its rules internationally and/or actively cross load them to third countries. When the EU and the US regulatory capacities are weak, private sector governance prevails. When the EU and US regulatory capacities are strong, both jurisdictions seek to upload and cross load their domestic rules.

The Politics of Europe

Author : W. Bonefeld
Publisher : Springer
ISBN 13 : 0333981294
Total Pages : 209 pages
Book Rating : 4.3/5 (339 download)

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Book Synopsis The Politics of Europe by : W. Bonefeld

Download or read book The Politics of Europe written by W. Bonefeld and published by Springer. This book was released on 2001-03-23 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessments of the politics of European integration in general, and monetary union in particular, are many. In fact, the study of the European Union has become an academic growth industry. This book contributes to the debate a specific theoretical focus and practical perspective. The volume provides a critique of the political economy of European integration and its unique focus and scholarly analysis make it an indispensable contribution to a renewal of the Marxist critique of European integration.

Economic and Monetary Union at Twenty

Author : David Howarth
Publisher : Routledge
ISBN 13 : 1000386864
Total Pages : 202 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Economic and Monetary Union at Twenty by : David Howarth

Download or read book Economic and Monetary Union at Twenty written by David Howarth and published by Routledge. This book was released on 2021-05-19 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions to this book examine the two main asymmetries of the Euro Area as they have intensified during the second decade of Economic and Monetary Union (EMU): the first between monetary union (more supranational governance) versus ‘economic’ union (less centralised governance); the second between those Euro Area member states of the so-called ‘core’ and those of the ‘periphery’. EMU stands as one of the European Union’s (EU) flagship integration achievements. Set up in 1999, with the large majority of EU member states at the time, EMU was described as ‘asymmetrical’ even prior to its start. From the outset, it involved asymmetrical integration in monetary and ‘economic’ union. Although a major element of the blueprint that paved the way for the final stage of EMU, the concept of ‘economic’ union was insufficiently developed. The second decade of the single currency gave rise to a second asymmetry, namely one between those Euro Area member states of the ‘core’ and those of the ‘periphery’. The ten contributions to this volume speak to one or both of these asymmetries, covering the major political, political economy and policy dimensions of EMU and the ongoing debates about necessary policy and institutional reforms to overcome these asymmetries and bolster Euro Area stability. The outbreak of the Coronavirus (Covid-19) Crisis in 2020 created unprecedented socio-economic challenges for Euro Area member states, heightening the perceived urgency of reform. The chapters in this book were originally published as a special issue of the Journal of European Integration.