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Author: Menelaos Markakis Publisher: Oxford University Press ISBN: 0192583948 Category : Law Languages : en Pages : 400
Book Description
Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.
Author: Menelaos Markakis Publisher: Oxford University Press ISBN: 0192583948 Category : Law Languages : en Pages : 400
Book Description
Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.
Author: Ana Bobić Publisher: ISBN: 9781009207935 Category : Financial instruments Languages : en Pages : 0
Book Description
"The European Union's response to the financial crisis was designed in a way that prevented EU citizens from holding decision-makers accountable. This book reimagines legal accountability by focusing on the citizen, who should be at the centre of the common interest in the EU, with solidarity and equality as guiding principles"--
Author: Paul Stephenson Publisher: Routledge ISBN: 1000223558 Category : Political Science Languages : en Pages : 314
Book Description
This book offers comprehensive coverage of various aspects of financial accountability around the EU budget – how it is spent via policies, how institutions engage in checking policy performance (what taxpayers’ money actually delivers), and therein, the issues of monitoring, controlling, auditing, scrutinising and communicating budgetary expenditure. Presenting conceptual and theoretical approaches including financial accountability, learning, multi-level governance, implementation and throughput legitimacy, it looks at EU institutions (European Parliament, European Court of Auditors, European Ombudsman, European Public Prosecutor’s Office) and national bodies (supreme audit institutions at the national level), examining their contact with the EU budget. It details the historical development of accountability mechanisms (the ‘statement of assurance’, financial corrections, and parliamentary oversight by the Budgetary Control Committee (CONT)), and examines policy areas such as those of agriculture, social policy and cohesion (including Structural Funds and the Common Agricultural Policy), exploring the challenges of financial accountability in practice. Given the recent introduction of non-budgetary financial instruments and tools only partly financed by the EU budget, it sheds light on new burgeoning areas such as the European Stability Mechanism (ESM) and the European Fund for Strategic Investment (EFSI) and the challenges they bring for ensuring the accountability of public money. This book will be of key interest to scholars and students of audit and evaluation, budgetary spending and financial control and, more broadly, public administration, public policy and EU institutions and politics.
Author: Menelaos Markakis Publisher: Oxford University Press ISBN: 0192583956 Category : Law Languages : en Pages : 400
Book Description
Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.
Author: Davor Jancic Publisher: ISBN: Category : Languages : en Pages : 18
Book Description
This chapter examines the democratic dimension of the burgeoning competence of the European Central Bank (ECB) in the functioning of the EMU in the aftermath of the euro crisis. It begins by laying out the EU's general monetary policy framework and the position of the ECB within it (section 2). On this basis, the next section analyses the variety of legal and policy measures that were taken following the crisis to contain the erosion of the Eurozone (section 3). The inquiry then turns to the existing mechanisms for the ECB's accountability to parliaments, including both the EP and NPs. The chapter first focuses on the accountability practices with respect to the ECB's monetary policy (section 4) and then on those concerning the Bank's role in prudential supervision under the rules of Banking Union (section 5). The concluding section outlines both the pitfalls and the advantages that these arrangements carry and highlights how the ECB and the EU's parliaments, particularly NPs, have adapted to the changed circumstances (section 6).
Author: Menelaos Markakis Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This article looks at the measures that were adopted in response to the Euro crisis and the COVID-19 pandemic and their implications for accountability and democratic legitimacy in the area of Economic and Monetary Union (EMU). The discussion begins with the legitimacy issues that were facing the EMU/EU in the aftermath of the Euro crisis, as well as the accountability and transparency arrangements that obtain in the area of EU economic governance. The focus then shifts to the further evolution of the Economic Union (the 'E' of EMU), as triggered by the EU's response to the pandemic. The relevant section does not purport to provide a detailed exegesis of the powers of the EU institutions, bodies, offices and agencies (and their domestic-level, principally technocratic, counterparts) in all sub-fields of EMU. It rather aims to illustrate the significance of their ever-expanding tasks, as well as the need that the exercise of those powers be subject to robust accountability and transparency arrangements. Accordingly, the discussion of the key features of these novel measures is followed by analysis of the accountability arrangements that are enshrined therein or accompany them, as well as their implications for the legitimacy of EMU/EU. It will be shown that, although there has been some progress made in terms of accountability and transparency, plenty of gaps remain. The penultimate section will provide a glimpse into what the future may bring for EMU, thereby looking at other suggested reforms that could be implemented in order to further 'deepen' the EMU. It will be argued that those reform plans emanating from (or under consideration by) the EU institutions have not always placed enough emphasis on the need for robust accountability and transparency arrangements and that their potentially far-reaching nature bolsters the argument made in this paper that such arrangements would be indispensable. It will be concluded that our assessment of the degree of accountability and democratic legitimacy in this area varies depending on the aspects of crisis reforms one focuses on. It is further argued that the empowerment of the European Parliament (and, where appropriate, of national parliaments) in EMU matters must continue in the future, especially as more reforms are implemented to ensure a robust EMU framework.
Author: International Monetary Fund. Monetary and Capital Markets Department Publisher: International Monetary Fund ISBN: 1475593813 Category : Business & Economics Languages : en Pages : 13
Book Description
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Author: Menelaos Markakis
Author: Menelaos Markakis
Author: Adina Akbik
Author: Menelaos Markakis
Author: Ana Bobić
Author: Adina Maricut-Akbik
Author: Paul Stephenson
Author: Menelaos Markakis
Author: Davor Jancic
Author: Menelaos Markakis
Author: International Monetary Fund. Monetary and Capital Markets Department