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Author: Jan Meyers Publisher: Kluwer Law International B.V. ISBN: 9403521589 Category : Law Languages : en Pages : 346
Book Description
In this year of the euro’s 25th anniversary, the book revisits the architecture of the European currency union as it continues to evolve and faces today’s concurrent challenges posed by its members’ high and diverging government debt levels, debt sustainability concerns, and the considerable public expenditures, investments and reforms needed in particular to address climate change and the green transition. Key components reviewed include the single monetary policy for the eurozone; the common rules and processes for keeping a measure of discipline and orderliness in the members’ economic and budgetary policies; the containment of financial fragmentation within the eurozone; and stability support for members under financial stress. The book focuses on the central role of the European Central Bank (ECB) and considers such issues as: how the ECB has defined its monetary policy mandate and calibrated its actions within the matrix of broadly worded objectives and constraints set by the EU Treaties; the possible tensions and trade-offs between the ECB’s primary mission of inflation control and the episodic need to avert risks to financial stability, contain financial fragmentation and preserve the cohesion of the European currency union; the difficulties of a single monetary policy interacting with the relative heterogeneity of economic characteristics and national fiscal policies across the eurozone; the ECB’s possible role in supporting the transition to a lower-carbon economy; and how judicial review by the European Court of Justice has to contend with the complexities and inherent uncertainties of monetary analysis and the ECB’s need of a broad margin of policy judgment. As part of the EU’s incomplete economic and monetary union, the currency union remains a work in progress. The challenges and choices at hand present serious legal questions that cannot be viewed in isolation from the economic and political issues—a kind of 3D combination puzzle to be solved.
Author: Jan Meyers Publisher: Kluwer Law International B.V. ISBN: 9403521589 Category : Law Languages : en Pages : 346
Book Description
In this year of the euro’s 25th anniversary, the book revisits the architecture of the European currency union as it continues to evolve and faces today’s concurrent challenges posed by its members’ high and diverging government debt levels, debt sustainability concerns, and the considerable public expenditures, investments and reforms needed in particular to address climate change and the green transition. Key components reviewed include the single monetary policy for the eurozone; the common rules and processes for keeping a measure of discipline and orderliness in the members’ economic and budgetary policies; the containment of financial fragmentation within the eurozone; and stability support for members under financial stress. The book focuses on the central role of the European Central Bank (ECB) and considers such issues as: how the ECB has defined its monetary policy mandate and calibrated its actions within the matrix of broadly worded objectives and constraints set by the EU Treaties; the possible tensions and trade-offs between the ECB’s primary mission of inflation control and the episodic need to avert risks to financial stability, contain financial fragmentation and preserve the cohesion of the European currency union; the difficulties of a single monetary policy interacting with the relative heterogeneity of economic characteristics and national fiscal policies across the eurozone; the ECB’s possible role in supporting the transition to a lower-carbon economy; and how judicial review by the European Court of Justice has to contend with the complexities and inherent uncertainties of monetary analysis and the ECB’s need of a broad margin of policy judgment. As part of the EU’s incomplete economic and monetary union, the currency union remains a work in progress. The challenges and choices at hand present serious legal questions that cannot be viewed in isolation from the economic and political issues—a kind of 3D combination puzzle to be solved.
Author: Jan Meyers (Lawyer) Publisher: ISBN: 9789403521480 Category : Law Languages : en Pages : 0
Book Description
In this year of the euro's 25th anniversary, the book revisits the architecture of the European currency union as it continues to evolve and faces today's concurrent challenges posed by its members' high and diverging government debt levels, debt sustainability concerns, and the considerable public expenditures, investments and reforms needed in particular to address climate change and the green transition. Key components reviewed include the single monetary policy for the eurozone; the common rules and processes for keeping a measure of discipline and orderliness in the members' economic and budgetary policies; the containment of financial fragmentation within the eurozone; and stability support for members under financial stress. The book focuses on the central role of the European Central Bank (ECB) and considers such issues as: how the ECB has defined its monetary policy mandate and calibrated its actions within the matrix of broadly worded objectives and constraints set by the EU Treaties; the possible tensions and trade-offs between the ECB's primary mission of inflation control and the episodic need to avert risks to financial stability, contain financial fragmentation and preserve the cohesion of the European currency union; the difficulties of a single monetary policy interacting with the relative heterogeneity of economic characteristics and national fiscal policies across the eurozone; the ECB's possible role in supporting the transition to a lower-carbon economy; and how judicial review by the European Court of Justice has to contend with the complexities and inherent uncertainties of monetary analysis and the ECB's need of a broad margin of policy judgment. As part of the EU's incomplete economic and monetary union, the currency union remains a work in progress. The challenges and choices at hand present serious legal questions that cannot be viewed in isolation from the economic and political issues-a kind of 3D combination puzzle to be solved.
Author: Association for the Monetary Union of Europe Publisher: Burns & Oates ISBN: Category : Business & Economics Languages : en Pages : 376
Book Description
When the European system of Central Banks (ESCB) starts operating at the beginning of 1999, it will be required to make important decisions on the strategy of monetary policy, instruments and procedures. The European Monetary Institute (EMI) will prepare the groundwork for a coherent set of policies and instruments. However, the efficiency of the European Central Bank (ECB) depends on its policies being correctly understood.
Author: Massimo Rostagno Publisher: Oxford University Press ISBN: 0192895915 Category : Business & Economics Languages : en Pages : 449
Book Description
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
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: Thorsten Beck Publisher: ISBN: 9781907142574 Category : Business & Economics Languages : en Pages : 152
Book Description
Contributions from Viral Acharya, Joshua Aizenman, Franklin Allen, Thorsten Beck, Erik Bergl f, Claudia Buch, Elena Carletti, Ralph de Haas, Luis Garicano, Andrew Gimber, Charles Goodhart, Vasso Ioannidou, Daniel Gros, Dirk Schoenmaker, Geoffrey Underhill, Wolf Wagner, Benjamin Weigert, Frank Westermann, Charles Wyplosz and Jeromin Zettelmeyer.
Author: International Monetary Fund. Monetary and Capital Markets Department Publisher: International Monetary Fund ISBN: 1484369483 Category : Business & Economics Languages : en Pages : 44
Book Description
The flexibility shown by the ECB/Eurosystem in adapting its framework, as required by circumstances, has helped improve funding and liquidity conditions. Compared to the situation pre-crisis, the ECB/Eurosystem has provided liquidity against a broader range of collateral and for as long as four years in terms of maturity; extended liquidity in foreign currency; conducted outright purchases of public and private sector assets (now tapering off); and reduced interest rates into negative territory. In these arrangements, policy is directed from the center, but is implemented mostly by the National Central Banks (NCBs); risks are largely shared. Market participants are complimentary about the role the ECB/Eurosystem has played in backstopping the financial system and its forward guidance on monetary policy.
Author: Publisher: ISBN: 9789295085336 Category : Languages : en Pages : 419
Book Description
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.
Author: Jan Meyers
Author: Jan Meyers
Author: Jan Meyers (Lawyer)
Author: Association for the Monetary Union of Europe
Author: Massimo Rostagno
Author: Liber Amicorum
Author: Thorsten Beck
Author: Philipp Bagus
Author: International Monetary Fund. Monetary and Capital Markets Department
Author: Otmar Issing
Author: