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Author: Paul Dermine
Publisher: Cambridge University Press
ISBN: 1009216597
Category : Law
Languages : en
Pages : 425
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Book Description
The Eurozone and the European Union have recently been confronted with a number of existential threats. The sovereign debt crisis and the COVID-19 pandemic have forced European decisionmakers to pass important reforms which have radically transformed the nature and scope of the Union's powers in the field of economic and fiscal policy. As the new economic governance of the Eurozone emerges as the main driver of integration in today's Europe, this book seeks to assess the solidity of the constitutional foundations supporting that system, and its compliance with the Union's core founding value: the rule of law. Using competence allocation, regulatory quality, access to external review and fundamental rights sustainability as analytical benchmarks, this book argues that the recent metamorphosis of Eurozone economic governance has not been accompanied by a parallel strengthening of its constitutional settlement, leading to a problematic misalignment between the Union's action and its governing principles.
Author: Paul Dermine
Publisher: Cambridge University Press
ISBN: 1009216597
Category : Law
Languages : en
Pages : 425
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Book Description
The Eurozone and the European Union have recently been confronted with a number of existential threats. The sovereign debt crisis and the COVID-19 pandemic have forced European decisionmakers to pass important reforms which have radically transformed the nature and scope of the Union's powers in the field of economic and fiscal policy. As the new economic governance of the Eurozone emerges as the main driver of integration in today's Europe, this book seeks to assess the solidity of the constitutional foundations supporting that system, and its compliance with the Union's core founding value: the rule of law. Using competence allocation, regulatory quality, access to external review and fundamental rights sustainability as analytical benchmarks, this book argues that the recent metamorphosis of Eurozone economic governance has not been accompanied by a parallel strengthening of its constitutional settlement, leading to a problematic misalignment between the Union's action and its governing principles.
Author: Federico Fabbrini
Publisher: Edward Elgar Publishing
ISBN: 1788972341
Category : Law
Languages : en
Pages : 587
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Book Description
p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Arial} This comprehensive Research Handbook analyses and explains the EU’s complex system of economic governance from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics and top lawyers from EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone’s legal ecosystem, and offers an up-to-date and in depth assessment of the norms and procedures that underpin the EU’s economic, monetary, banking, and capital markets unions.
Author: Federico Fabbrini
Publisher: Bloomsbury Publishing
ISBN: 1509901213
Category : Law
Languages : en
Pages : 342
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Book Description
What is the form of government of the European Union (EU)? And how is the institutional governance of the Eurozone evolving? These questions have become pressing during the last few years. On the one hand, the Euro-crisis and the legal and institutional responses to it have had major implications on the constitutional architecture of the EU and the Eurozone. On the other hand, the May 2014 elections for the European Parliament and the ensuing struggle to form the European Commission have brought to the fore new tensions in the EU political system. The purpose of this book, which brings together the contributions of EU lawyers, comparative constitutional lawyers and political scientists, from all over Europe and the United States, is to offer a new look at the form of government of the EU and the Eurozone and consider its potential for future development. While offering a plurality of perspectives on the form of government of the EU and the Eurozone, this book emphasises how the Euro-crisis represents a watershed in the process of European integration, makes the case for a more legitimate and effective form of government for the EU and the Eurozone, and identifies possible windows of opportunity for future treaty reforms. The volume will provide food for thought for scholars, policy-makers and the public at large as they continue debating the most apt form of government for the EU and the Eurozone.
Author: Helmut Siekmann
Publisher: Bloomsbury Publishing
ISBN: 1509918973
Category : Law
Languages : en
Pages : 1536
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Book Description
This book provides a commentary on the law of the EU related to the Monetary Union. It contains a comprehensive analysis of all provisions of the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB). In addition, the book also analyses all provisions of the Treaties themselves which regulate the ESCB and the ECB. This analysis is supplemented by commentaries on other Protocols which contain relevant rules for the Monetary Union. In essence, all relevant statutory rules governing the euro and its key monetary authority, the European Central Bank, are unfolded and explained in one volume. This gives the book a unique position in the legal literature on the law of the EU. With contributions by renowned academics and practitioners, this book is an expanded and updated translation of the 2013 German commentary, EWU Kommentar zu Europäischen Währungsunion (Mohr Siebeck) and is an invaluable resource for practitioners and academics alike who are looking for a provision-by-provision commentary on the laws governing the European Monetary Union.
Author: Joana Mendes
Publisher: Oxford University Press
ISBN: 0192561340
Category : Law
Languages : en
Pages : 461
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Book Description
The increase in the European Union's executive powers in the areas of economic and financial governance has thrown into sharp relief the challenges of EU law in constituting, framing, and constraining the decision-making processes and political choices that have hitherto supported European integration. The constitutional implications of crisis-induced transformations have been much debated but have largely overlooked the tension between law and discretion that the post-2010 reforms have brought to the fore. This book focuses on this tension and explores the ways in which legal norms may (or may not) constrain and structure the discretion of the EU executive. The developments in the EU's post-crisis financial and economic governance act as a reference point from which to analyze the normative problems pertaining to the law's relationship to the exercise of discretion. Structured in three parts, the book starts by analyzing the challenges to the maxim that the law both grounds and constrains EU executive and administrative discretion, setting out the concepts, problems and approaches to the relation between law and discretion both in general public law and in EU law. It progresses to analyze how these problems and approaches have unfolded in EU's financial, economic and monetary governance. Finally, it moves on from these specific developments to assess how existing legal principles and means of judicial review contribute to ensuring the rationality and legality of EU's discretionary powers.
Author: Michael Landesmann
Publisher: Springer Nature
ISBN: 3030577023
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
This edited volume analyses the channels through which EU membership contributed to the convergence process of member countries in the Baltics, Central-Eastern and South-Eastern Europe. These channels include trade, investment, finance, labour, and laws and institutions. Global integration has certainly played an important role. A large part of FDI flows and financial integration in the world have been persistent features of globalization. Have these countries experienced more intensive integration through these channels because of EU membership, with its much tighter institutional and political anchorage, than their fundamentals and global trends would suggest? Contributions by lead researchers of the area address different aspects of this question. .
Author: Elena Sciso
Publisher: Springer
ISBN: 3319578553
Category : Law
Languages : en
Pages : 262
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Book Description
This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 148435821X
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
This Technical Assistance Report discusses the recommendations made by the IMF mission to assist Georgian authorities in enhancing country’s fiscal rules framework. It is recommended that the fiscal rules should consider both the overall objectives and the economic context in which they are applied. In Georgia, this would include: the stated primary objective of fiscal sustainability as well as the need for flexibility to respond to economic shocks; the transitional nature of the Georgian economy; and the intension to gradually move toward the European Union fiscal governance framework. It is also recommended that the fiscal policy targets should factor in potential economic shocks and fiscal risks.
Author: Carlo Cottarelli
Publisher: Brookings Institution Press
ISBN: 0815730691
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
The euro crisis, Japan's sluggish economy, and partisan disagreements in the United States about the role of government all have at least one thing in common: worries about high levels of public debt. Nearly everyone agrees that public debt in many advanced economies is too high to be sustainable and must be addressed. There is little agreement, however, about when and how that addressing should be done—or even, in many cases, just how serious the debt problem is. As the former director of the International Monetary Fund's Fiscal Affairs Department, Carlo Cottarelli has helped countries across the globe confront their public finance woes. He also had direct experience in advising his own country, Italy, about its chronic fiscal ailments. In this straightforward, plain-language book, Cottarelli explains how and why excessive public debt can harm economic growth and can lead to crises such as those experienced recently in Italy and several other European countries. But Cottarelli also has some good news: reducing public debt often can be done without trauma and through moderate changes in spending habits that contribute to economic growth. His book focuses on positive remedies that countries can adopt to deal with their public debt, analyzing both the benefits and potential downsides to each approach, as well as suggesting which remedies might be preferable in particular situations. Too often, public debate about public debt is burdened by lies and myths. This book not only explains the basic facts about public debt but also aims to bring truth and reasoned nonpartisan analysis to the debate.
Author: Antonella Cavallo
Publisher: Springer
ISBN: 3319702696
Category : Business & Economics
Languages : en
Pages : 185
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Book Description
This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999–2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.
