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The world is in turmoil, the dynamics of political economy seem to have entered a phase where a ‘return to normal’ cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. Evolutionary Political Economy in Action consists of two parts. Part I provides a broad range of issues that show how flexible evolutionary political economy can handle acute policy problems in Europe: should Europe support the revived build-up of NATO forces on its Eastern border, or should it rather aim at economic cooperation with Russia? How can democracy for a whole continent be reasonably further developed; what is the role of economies of scope? Do the new protest movements against inequality provide alternatives? What could a vision for a unified, socioecological Europe look like? Part II takes a closer look at Cyprus and Greece, where the problems of the financial crisis have been exacerbated by the ‘solutions’ imposed on them by the troika. In all of these essays, the authors demonstrate the unique insights which can be garnered from adopting an evolutionary political economy approach and consider the real solutions that such an approach points towards. This volume is extremely useful for social scientists in the fields of economics, politics and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.
On June 28th 2012, the small island of Cyprus became the fifth government to request an economic bail-out from the Eurozone after losing access to international capital markets. Less than a year later, a €10 billion second rescue deal was agreed upon — an unprecedented agreement that bailed in creditors of Cyprus' two largest banks, and triggered an economic crisis that the nation still struggles to recover from today.This resourceful collection of essays provides a thorough and in depth analysis of how Cyprus reached the point of failure and what lessons this experience holds for future economic crises. The various perspectives collectively address unanswered questions, including whether the bail-in can be considered successful, why the recession was less severe than expected, and what conclusions can be drawn about stress-testing exercises across borders.Focusing on one of the (proportionately) largest crises in financial history, the case study will prove essential to policy-makers and politicians, especially in the euro area.

Cyprus

International Monetary Fund. European Dept.

Published: 2018-12-03

Total Pages: 16


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This Selected Issues paper identifies key challenges among households in reducing nonperforming loans (NPL) further in Cyprus, namely, low repayment capacity, particularly among a certain group of debtors; and weak repayment discipline owing to strategic behavior. Despite some revival of lending activity, the role of bank credit as a funding source remains limited. External inflows, drawdown of savings, use of own funds, and unpaid debt service obligations are contributing to financing economic activities, but these sources may not be sustainable over the medium term. Addressing NPLs to lower borrowing costs and reviving credit supply will be important for supporting longer-term growth. Since 2017, bank credit has provided only a moderate amount of new financing. The reduction in credit-to-GDP ratio has been almost entirely achieved by NPL write-offs and sale or transfer of loans out of the banking system, and through denominator effect. As of 2017, credit demand appears moderately strong, in line with robust economic growth, while credit supply remains broadly unchanged, reflecting continued risk averseness by banks. These trends suggest that while deleveraging is expected to continue through clean-up of bank balance sheets, growth in credit flows (pure new loans) are likely to remain at a moderate level until NPL recovery and repayment discipline improves significantly.
This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
Ireland entered the COVID pandemic with reduced vulnerabilities and high growth, especially in multinational enterprises (MNEs)-dominated sectors. The pandemic has had a highly asymmetric impact on the economy. The domestic sectors contracted by about 10 percent in 2020 and unemployment reached 30 percent at the peak of the first wave, while MNEs continued to grow strongly, driving overall GDP growth to 3.4 percent. A swift policy response has been effective in mitigating the crisis impact and protecting households and firms. The domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. Downside risks stem from uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation.
This book explores the basic dynamics that shaped the Cyprus problem, with a focus on recent decades. The author deals with the periods, nodal points and fields that produced the conditions for the normalisation of partition and also presents the Cyprus problem as viewed from the outside. The chapters approach Cyprus’ division in light of power relations in society, the interaction between the political elite and society, and discuss the political and ideological dynamics as manifested in the public sphere. While analysing primarily the Greek Cypriot community, the book also refers to parallel developments in the Turkish Cypriot and international communities, arguing that the normalisation of Cyprus’ partition is rooted in the political economy and political culture of Greek Cypriots. At the same time, from the perspective of the peace and reunification movement, this is an inherently contradictory and potentially unstable process that can be overturned. ‘Α remarkably thorough study focusing on nationalist narratives, political and media discourses and socio-economic structures in Cyprus and their impact on the formation and transformation of political identities since the 1950s. Unlike many other books on the issue, Ioannou analyses social and political developments in both the Greek-Cypriot and the Turkish-Cypriot communities. This approach sheds light on the internal reasons of the perpetuation of the island’s division, which the geopolitical and international relations approaches alone miss to grasp. Combining the analytical skills of a political scientist and his personal experience as an engaged citizen in favour of unification, Ioannou offers significant insight on a complex and traumatic conflict that remains one of Europe’s black spots.’ –Athena Skoulariki, Assistant Professor in Sociology of Communication, Discourse Analysis and Social Representations, University of Crete, Greece ‘The basic argument of the book is that the consolidation of partition was neither automatic nor happened behind the backs of Greek Cypriots. The very interesting and demythologising work of Gregoris Ioannou brings to light a hidden, but common secret of the Greek Cypriots.’ –Alexis Heraklides, Emeritus Professor of International Relations, Panteion University, Greece ‘Ioannou projects a multi-focal spotlight on the Cyprus problem, so as, at least for the careful reader, this becomes not only an interesting topic in itself, but, also a cognitive springboard from which to understand broader pathogenies of our common social and political life.’ –Seraphim Seferiades, Associate Professor in Political Science, Panteion University, Greece
This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a series of key events that occurred during his tenure. Written in chronological order, and broadly based on the author’s personal diary, starting from his first day in office, this volume brings together economics, banking, regulation, governance, history, politics and international relations. Presenting personal witness statements, including records of noteworthy telephone conversations, informal meetings and other milestones, it examines crucial questions like: How did Cyprus become so systemically important to the rest of the euro area? Why was Cyprus treated so differently in comparison to other peripheral countries in Europe? Why were bank depositors targeted? What role did Cyprus’ links with Russia play in the design of the programme? What has been the toxic fallout from the bail-in? Are there any longer-term implications for the euro? What are the lessons for regulators around the world? The book will appeal to readers interested in financial crises, the euro’s architecture, the evolution of the European Monetary Union, and those with an interest in how Europe and the IMF dealt with crises in peripheral European countries.
This study considers the maritime economy of ancient Cyprus from 1450 BC to 295 BC, combining, for the first time, three distinct disciplines, that is History, Archaeology and Economic theory. The principles of New Institutional Economics are used to trace the island’s institutions and their continuity and to reconstruct its maritime history.
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.