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This book examines fiscal policy coordination in EMU and the required adjustments to national fiscal policies by EMU member states. The book shows that, in the process of Europeanization, national interests have had a major impact on the formation of fiscal policy coordination.
Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
The papers collected in this volume are those presented at the sixteenth Colloquium arranged by the Societe Universitaire Europeenne de Re cherches Financieres (SUERF), which took place in Lisbon in May 1991. The Society is supported by a large number of central banks and commer cial banks, by other financial and business institutions, and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Developments in Banking' and at Strasbourg, France in January 1972 under the title 'Aspects of European Monetary Union'.
Recoge: 1. Introduction - 2. The fiscal dominance case for the SGP - 3. What do national governments do with their fiscal policies? - 4. Mutual insurance via transfers - 5. Institutional requirements for a transer system - 6. Conclusions reform - 9. Conclusions.
This book argues that a third wave of research on the EU is needed to adequately understand the increased interconnectedness between the European and national political levels. In particular, the book asks: how has Europeanization affected current modes of integration and cooperation in the EU? The authors argue that deeper integration in other areas requires a degree of input legitimacy that is currently lacking in the EU.
National currencies appear to be threatened from all sides. European Union member countries are due to abandon their national currencies in favour of a supranational currency by the year 2000. Elsewhere, the use of foreign currencies within national economic spaces is on the increase, as shown by the growth of eurocurrency activity, and currency su
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.
Analyses the likely future of the EU following next year's Intergovernmental Conference (IGC) which is likely to be even more significant for the future of Europe than the Maastricht Treaty. Since Maastricht it has become clear that future developments are less certain with regard to the EU and integration. The IGC will have to try and resolve tensions such as: "widening" Europe to include former communist countries whislt also trying to "deepen" Europe with increased political and economic integration; providing a framework which is acceptable to a core of countries (Benelux, Germany, France) who favour more integration and an early move to monetary union with countries such as the UK, which does not.
The book addresses the truly interdisciplinary and highly controversial subject of international financial regulation and supervision, which has been at the center of academic, political, and public attention since the start of the current economic and financial crisis. Drawing on international financial regulatory and supervisory experience and in line with the European Monetary Union’s gradual transformation into a Genuine Economic and Monetary Union, it proposes the transformation of the European financial supervisory framework into a hybrid twin-peaks model to create the previously missing necessary legal foundation for the adoption of the so-called Group Support Regime (GSR). The latter is a relatively simple and transparent capital management tool for (re)insurance groups operating in a parent-subsidiary structure proposed by the European Commission under the new Solvency II insurance supervisory framework, which despite lengthy consideration was eventually rejected by Member States.
This important book provides an analysis of the economic relationship between Britain and the EU and discusses the future direction in which this relationship might develop. It examines the historic and contemporary costs and benefits of EU membership, and assesses whether this has been a burden or a benefit for the British economy. In addition the authors assess current trends and developments, most notably in the area of participation in Economic and Monetary Union (EMU) and the consequences that this would have. Questions of fiscal federalism, the development of a minimum level of social policy for Europe, together with the likely impact on business and trade unions are also considered. The authors then discuss potential future scenarios, including a more flexible loose membership arrangement or complete withdrawal, and the affect that a range of options might have on the British economy.