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Author: Publisher: ISBN: 9789289960557 Category : Languages : en Pages : 0
Book Description
Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe and the energy shock triggered by the Russian invasion of Ukraine in 2022 are the latest in a series of episodes that have led the European Union (EU) to develop its Open Strategic Autonomy (OSA) agenda. This Report is a broad attempt to take stock of these developments from a central banking perspective. It analyses the EU's economic interdependencies and their implications for trade and finance, with a focus on strategically important dimensions such as energy, critical raw materials, food, foreign direct investment and financial market infrastructures. Against this background, the Report discusses relevant aspects of the EU's OSA policy agenda which extend to trade, industrial and state aid measures, as well as EU initiatives to strengthen and protect the internal market and further develop Economic and Monetary Union (EMU). The paper highlights some of the policy choices and trade-offs that emerge in this context and possible implications for the ECB's monetary policy and other policies.
Author: Publisher: ISBN: 9789289960557 Category : Languages : en Pages : 0
Book Description
Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe and the energy shock triggered by the Russian invasion of Ukraine in 2022 are the latest in a series of episodes that have led the European Union (EU) to develop its Open Strategic Autonomy (OSA) agenda. This Report is a broad attempt to take stock of these developments from a central banking perspective. It analyses the EU's economic interdependencies and their implications for trade and finance, with a focus on strategically important dimensions such as energy, critical raw materials, food, foreign direct investment and financial market infrastructures. Against this background, the Report discusses relevant aspects of the EU's OSA policy agenda which extend to trade, industrial and state aid measures, as well as EU initiatives to strengthen and protect the internal market and further develop Economic and Monetary Union (EMU). The paper highlights some of the policy choices and trade-offs that emerge in this context and possible implications for the ECB's monetary policy and other policies.
Author: L. Smaghi Publisher: Springer ISBN: 033398188X Category : Business & Economics Languages : en Pages : 218
Book Description
With the start of EMU, the Eurosystem has taken over monetary policy for the 11 countries of the Euro-area. But the division of powers within the Eurosystem, between the European Central Bank and the constituent National Central Banks, is not satisfactory. This volume provides an analysis of the strengths and weaknesses of the Eurosystem and offers concrete proposals concerning the decision-making organs, balance sheets and the distribution of seigniorage.
Author: Cornelia Manger-Nestler Publisher: Springer Nature ISBN: 3030751155 Category : Law Languages : en Pages : 177
Book Description
This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.
Author: Barbara Dutzler Publisher: ISBN: Category : Banks and banking, Central Languages : en Pages : 350
Book Description
With the communitarisation of monetary policy and the establishment of a European Central Bank (ECB), the idea of insulating a central bank from the political process was realised to a degree yet undreamed of. The result, the asymmetric construction of Economic and Monetary Union (EMU), makes it difficult to democratically legitimise the exercise of power by the autonomous actor ECB. In this regard, EMU can be conceived as a parable for the respective difficulties of the European Union. As a still rare example for a combination of juridical and economic point of view, this volume makes this challenge subject of discussion. By means of comparison with the American central banking system, the book probes the ECB's institutional design, attempts to define the ECB's status in EMU, and looks for ways towards a more democratically legitimated economic and monetary policy.
Author: Lucia Quaglia Publisher: Psychology Press ISBN: 0415427517 Category : Business & Economics Languages : en Pages : 194
Book Description
This book conducts a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU).
Author: Liber Amicorum Publisher: ISBN: 9789291817016 Category : Banking law Languages : en Pages : 414
Book Description
"The book contains a collection of articles on the European Union and the European System of Central Banks (ESCB), the Eurosystem, monetary law, central bank independence and central bank statutes as well as on financial law. The authors are current or former members of the Legal Committee of the ESCB (LEGCO). This book commemorates ten years of work by the Working Group of Legal Experts of the European Monetary Institute and by the LEGCO. It is dedicated to Mr Paolo Zamboni Garavelli, former Head of the Legal Department at the Banca d'Italia and member of LEGCO, who died in 2004."--Editor.
Author: Charles Goodhart Publisher: Anthem Press ISBN: 1783083042 Category : Business & Economics Languages : en Pages : 292
Book Description
This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.
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Author: 
Author: L. Smaghi
Author: Cornelia Manger-Nestler
Author: Barbara Dutzler
Author: Hanspeter K. Scheller
Author: European Central Bank
Author: Lucia Quaglia
Author: Liber Amicorum
Author: Vitor Gaspar
Author: Charles Goodhart