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Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 50
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Book Description
"The design of the initial scoreboard is presented in the first Alert Mechanism Report (AMR) issued by the Commission on 14 February 2012. This paper adds to the AMR by describing in more detail the rationale of the different indicators, the choices made in the selection process and how they should be economically understood in the context of the MIP. The scoreboard consists of a set of ten indicators with indicative thresholds: two indicators aim at monitoring external positions, three indicators capture competitiveness developments and the subsequent five indicators reflect internal imbalances." (EU Bookshop).
Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 50
Get Book Here
Book Description
"The design of the initial scoreboard is presented in the first Alert Mechanism Report (AMR) issued by the Commission on 14 February 2012. This paper adds to the AMR by describing in more detail the rationale of the different indicators, the choices made in the selection process and how they should be economically understood in the context of the MIP. The scoreboard consists of a set of ten indicators with indicative thresholds: two indicators aim at monitoring external positions, three indicators capture competitiveness developments and the subsequent five indicators reflect internal imbalances." (EU Bookshop).
Author: Philippe De Lombaerde
Publisher: Springer
ISBN: 3319508601
Category : Political Science
Languages : en
Pages : 381
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Book Description
This volume brings together experts from different world regions. It presents various experiences with building indicator systems for monitoring the implementation of regional economic integration policies such as preferential trade areas, common markets or economic and monetary unions. The volume discusses both the technical and governance aspects of such systems, and best practices. The regional experiences that are covered include: the European Union, Eurasia, ASEAN, the East African Community (EAC), COMESA, CARICOM, the African-Caribbean-Pacific Group, and the Americas. In addition, various chapters discuss cross-cutting methodological challenges related to trade-related indicators.
Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 58
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Book Description
On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Spain is experiencing very serious macroeconomic imbalances, which are not excessive but need to be urgently addressed. In particular, macroeconomic developments, notably related to the significant level of private sector debt, the large negative external position and the financial sector, which were influenced by housing market developments, require close monitoring and urgent economic policy attention in order to avert any adverse effects on the functioning of the economy and of economic and monetary union.
Author:
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 42
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Book Description
On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Finland is experiencing macroeconomic imbalances, which are not excessive but need to be addressed. In particular, macroeconomic developments relating to competitiveness deserve attention so as to reduce the risk of adverse effects on the functioning of the economy.
Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 62
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Book Description
On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Cyprus is experiencing very serious macroeconomic imbalances, which are not excessive but need to be urgently addressed. In particular, macroeconomic developments as reflected in the current account, public finances and the financial sector require close monitoring and urgent economic policy attention in order to avert any adverse effects on the functioning of the economy and of economic and monetary union.
Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 36
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Book Description
On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR), prepared in accordance with Article 3 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device, helping to identify Member States that warrant further in-depth analysis to determine whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission will establish whether it considers that an imbalance exists and what type of policy follow-up it will recommend to the Council. For Slovenia, the AMR noted that two indicators in the scoreboard exceeded their thresholds in 2010 and suggested the need to assess the development and drivers of potential imbalances. The AMR explained that in the years before the crisis, Slovenia enjoyed strong growth and domestic demand conditions, coupled with some losses in price competitiveness and a gradual widening of the current account deficit. It identified signs that overheating occurred, particularly as regards private sector credit growth, construction value added and property prices. The Slovenian economy was hit hard by the global crisis and the AMR noted that this has brought some, perhaps temporary, adjustment in the external balance but this is still at an early stage. Against this background, Section 2 examines the external and internal dimensions of imbalances including developments in competitiveness, private sector indebtedness and in asset markets. This is followed by a closer look at the implications of indebtedness of non-financial corporations for the banking sector in Section 3. Section 4 presents possible policy considerations.
Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 50
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Book Description
On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR), prepared in accordance with Article 3 of Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device, helping to identify Member States that warrant further in-depth analysis to determine whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission will establish whether it considers that an imbalance exists and what type of policy follow-up it will recommend to the Council. For Sweden, the AMR suggested the need to look more closely at whether Sweden is exhibiting macroeconomic imbalances of an internal and external nature. On the external side, the AMR highlighted a long series of strong current account surpluses which, however, coincided with a loss in market shares over the last years. On the internal side, the high level of private debt was identified as a matter of concern, mainly due to increasing household indebtedness in the context of strong increases of house prices over the last decade. Against this background, Section 2 of this review looks more in detail into these developments covering both the external and internal dimensions, followed by specific focus sections on the housing market and private sector debt developments in Section 3. Section 4 summarises the findings and presents possible policy considerations.
Author: Isabelle Bruno
Publisher: Springer
ISBN: 3319440004
Category : Philosophy
Languages : en
Pages : 204
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Book Description
This book details how quantification can serve both as evidence and as an instrument of government, whether when dealing with statistics on employment, occupational health and economic governance, or when developing public management or target-driven policies. In the process, it presents a thought-provoking homage to Alain Desrosières, who pioneered ways to study large numbers and the politics underlying them. It opens with a summary of Desrosières's contributions to the field in which several generations of researchers detail how this statistician and historian profoundly influenced them. This tribute, based on personal testimonies, bears witness to the vitality of the school of thought and analytical framework Desrosières initiated. Next, a collection of essays explores the statistical argument in the neoliberal era, examining issues such as counting the homeless in Europe, measuring the performance of public services, and quantifying the effects of public action on the unemployed in France. The third part details the uses of quantification. It reveals that although statistics are frequently used to the advantage of those in power, they can also play a vital role in challenging and resisting both the conventions underlying the measurements as well as the measurements themselves.Featuring the work of economists, historians, political scientists, sociologists, and statisticians, this title provides readers with a thoughtful look at an influential figure in the history of statistics. It also shows how statistics are used to direct public policy, the degree of conflict that is possible in their production, and the disputes that can develop around their uses.
Author: European Commission. Directorate-General for Economic and Financial Affairs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 50
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Book Description
This in-depth review takes a broad view of the Bulgarian economy in order to identify actual or potential imbalances and the possible macroeconomic risks which they may entail. Following an economic boom in 2006-2008, the necessary adjustment is taking place. But the burden on the labour market is unnecessarily high. Moreover, more needs to be done to ensure the sustainability of the adjustment once the economy recovers to its growth trend. The main observations of this review are: Following EU accession, some notable internal and external imbalances built up in the Bulgarian economy. The labour market has been hit hard by the crisis and the reintegration of low-skilled workers has proven difficult. The main labour market challenges relate to skills mismatches in some sectors and regions. Despite a pronounced deceleration, unit labour cost (ULC) growth remains one of the fastest in the EU. The current account adjustment is largely structural and is driven by sizable export market share gains, but major vulnerabilities remain. Deleveraging of the corporate sector is on-going, but the still high level of indebtedness will lengthen the adjustment process and keep the corporate sector vulnerable to changes in market sentiment. Fiscal policy is facilitating the adjustment process. In this context, the in-depth review concludes that Bulgaria is experiencing macroeconomic imbalances, which are not excessive but need to be addressed. In particular, the level of external indebtedness as well as certain macroeconomic developments related to corporate sector deleveraging and the adjustment process through labour markets deserve attention so as to reduce the risk of adverse effects on the functioning of the economy. Possible policy responses should focus on reducing skills and regional labour market mismatches and on reviewing the minimum thresholds for social security contributions. Also, emphasis on boosting total factor productivity remains crucial given that the deleveraging of the corporate sector will probably dampen investment. As a small open catching-up economy with unfettered capital flows and a fixed exchange rate tends to be inherently volatile, macroeconomic policies and banking regulation in Bulgaria should focus on reducing the risks of repeating boom-cycles and on strengthening the risk absorption capacity of economic agents.
Author: Niels Philipsen
Publisher: Routledge
ISBN: 131775039X
Category : Business & Economics
Languages : en
Pages : 368
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Book Description
This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies. The Role of Law and Regulation in Sustaining Financial Markets is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the ‘law and finance’ literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature. This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global ‘law and finance’ nexus and avoid succumbing to the myth of "one size fits all".
