political or economic project?
... • Theory: on national level, only two policy tools can be pursued at once – Capital mobility is a definitional characteristic of internal market, so either policy, ensuing price stability (i.e. monetary policy) or policy, stabilizing ExR, had to be transferred on federal, European level ...
... • Theory: on national level, only two policy tools can be pursued at once – Capital mobility is a definitional characteristic of internal market, so either policy, ensuing price stability (i.e. monetary policy) or policy, stabilizing ExR, had to be transferred on federal, European level ...
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... recessionary budgets, high interest rates and debts are reinforcing each other ...
... recessionary budgets, high interest rates and debts are reinforcing each other ...
Policy Note - Levy Economics Institute of Bard College
... parts of the world—although it is true that we do not have proper comparative studies involving the EU and other kinds of regional organizations. But even if seen as a polity rather than a regional or even an international regime, the EU is still not unique, since we already have for comparison pur ...
... parts of the world—although it is true that we do not have proper comparative studies involving the EU and other kinds of regional organizations. But even if seen as a polity rather than a regional or even an international regime, the EU is still not unique, since we already have for comparison pur ...
PPT 2 - Deficits, Surpluses, and the Public Debt
... • Wars require increased Federal borrowing to finance the war effort • Recessions result in budget deficits because of the built-in stability of the economy (tax revenues fall and domestic spending rises). • Lack of fiscal discipline, such as a cut in tax ...
... • Wars require increased Federal borrowing to finance the war effort • Recessions result in budget deficits because of the built-in stability of the economy (tax revenues fall and domestic spending rises). • Lack of fiscal discipline, such as a cut in tax ...
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... flawed design of the Euro, from the steady state solution – On the legacy costs, all countries must recognize they signed up to a flawed Eurozone and that we are today where we are, at least in part, a result of these flaws – On the long term solution: only minimal risk sharingneeded, related to ban ...
... flawed design of the Euro, from the steady state solution – On the legacy costs, all countries must recognize they signed up to a flawed Eurozone and that we are today where we are, at least in part, a result of these flaws – On the long term solution: only minimal risk sharingneeded, related to ban ...
Slovak republic
... monetary policies of the Member States (to ensure stability of prices and sound public finances) and the establishment of the European Monetary Institute (EMI) and, in 1998, of the European Central Bank ...
... monetary policies of the Member States (to ensure stability of prices and sound public finances) and the establishment of the European Monetary Institute (EMI) and, in 1998, of the European Central Bank ...
No Clue to the Future* C.P. Chandrasekhar
... Meeting in mid-April on the side lines of the spring sessions of the World Bank and the International Monetary Fund at Washington D.C., Finance Ministers of the G20 countries seemed overcome by a combined sense of despair and fear about the state of the world economy. The Communiqué issued after the ...
... Meeting in mid-April on the side lines of the spring sessions of the World Bank and the International Monetary Fund at Washington D.C., Finance Ministers of the G20 countries seemed overcome by a combined sense of despair and fear about the state of the world economy. The Communiqué issued after the ...
International Monetary Fund
... widened. At present, only government bonds are accepted for the CNB’s new repurchase facilities for liquidity provision. If this proves insufficient, steps to mitigate perceptions of rising counterparty risks may be necessary. ...
... widened. At present, only government bonds are accepted for the CNB’s new repurchase facilities for liquidity provision. If this proves insufficient, steps to mitigate perceptions of rising counterparty risks may be necessary. ...
MEDIA STATEMENT Fitch Ratings (Fitch)
... and investor confidence in South Africa. As Fitch has rightly mentioned, rhetoric of "radical socioeconomic transformation" does not imply a fundamental policy shift. The main focus of government is to address the long-standing goal of inclusive growth. Fast-tracking the implementation of the struct ...
... and investor confidence in South Africa. As Fitch has rightly mentioned, rhetoric of "radical socioeconomic transformation" does not imply a fundamental policy shift. The main focus of government is to address the long-standing goal of inclusive growth. Fast-tracking the implementation of the struct ...
financemalta 6th annual financial services conference
... to consolidate our public finances by 0.6% each year including this one, so that we not only continue keeping our deficit with the 3% threshold but aim to reduce this figure until it turns into a surplus. Only this way can we be seriously addressing our national debt problem. In this respect in the ...
... to consolidate our public finances by 0.6% each year including this one, so that we not only continue keeping our deficit with the 3% threshold but aim to reduce this figure until it turns into a surplus. Only this way can we be seriously addressing our national debt problem. In this respect in the ...
Micro- and Macro reforms: two sides of the same euro
... environment for all countries within the currency union. At the same time, the ECB’s reaction function is relatively unresponsive to microeconomic reforms individual Eurozone countries (the Bank tackles aggregate levels of economic indicators for the Eurozone as a whole). It has been argued (with so ...
... environment for all countries within the currency union. At the same time, the ECB’s reaction function is relatively unresponsive to microeconomic reforms individual Eurozone countries (the Bank tackles aggregate levels of economic indicators for the Eurozone as a whole). It has been argued (with so ...
EU UK
... Money is transferred to countries affected from the asymmetric shocks theory of economic needs – money allocated based on wealth not the impact of adverse shocks – UK would suffer No fiscal transfer mechanism ...
... Money is transferred to countries affected from the asymmetric shocks theory of economic needs – money allocated based on wealth not the impact of adverse shocks – UK would suffer No fiscal transfer mechanism ...
Future of Europe Deepening the Economic and Monetary Union
... To see this and other European Movement International policies, please take a look at our website: ...
... To see this and other European Movement International policies, please take a look at our website: ...
Assaf Razin: The Next Stage of the Global Financial Crisis The
... and Germany, in the late 1920s and early 1930s were pushed up to prevent gold leakages. The good news is that we donot have the Gold Standard now. But East European countries in crisis are now jacking up interest. Especially those who are trying to enter the Euro zone. ...
... and Germany, in the late 1920s and early 1930s were pushed up to prevent gold leakages. The good news is that we donot have the Gold Standard now. But East European countries in crisis are now jacking up interest. Especially those who are trying to enter the Euro zone. ...
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... 4. What is meant by “discretionary” fiscal and monetary policy? What other types of policy are there? Give examples. Who might criticize the use of discretionary policy, and why? 5. “It is inconsistent for government, on the one hand, to stimulate production by easing credit, and, on the other hand, ...
... 4. What is meant by “discretionary” fiscal and monetary policy? What other types of policy are there? Give examples. Who might criticize the use of discretionary policy, and why? 5. “It is inconsistent for government, on the one hand, to stimulate production by easing credit, and, on the other hand, ...
FROM THE SCHUMAN DECLARATION TO EUROSCLEROSIS
... policing community law - the “Guardian” of the treaties ...
... policing community law - the “Guardian” of the treaties ...
euro EMBA
... Stability Pact in practice (2) • European Commission and ECB urged Stability Pact compliance for France & Germany • Nov 2003: finance ministers agreed France & Germany could cut less than Commission wanted – Gave France, Germany until 2005 to meet 3% limit – Effectively suspended Stability Pact ...
... Stability Pact in practice (2) • European Commission and ECB urged Stability Pact compliance for France & Germany • Nov 2003: finance ministers agreed France & Germany could cut less than Commission wanted – Gave France, Germany until 2005 to meet 3% limit – Effectively suspended Stability Pact ...
4.Flexible vs Fixed Exchange Rate Systems
... Result: Monetary policy is effective in the short run while fiscal policy is not effective. ...
... Result: Monetary policy is effective in the short run while fiscal policy is not effective. ...
Addendum ECOSOC Tackling the Eurozone Crisis
... the low interest rates, alongside the International Monetary Fund (IMF) and the ECB, had to ‘bail out’ these troubled nations’ debts to prevent default. They did so with strict austerity measures. However, cutting government spending leads to lower earnings of civil servants, leading to lower tax in ...
... the low interest rates, alongside the International Monetary Fund (IMF) and the ECB, had to ‘bail out’ these troubled nations’ debts to prevent default. They did so with strict austerity measures. However, cutting government spending leads to lower earnings of civil servants, leading to lower tax in ...
III. Conclusions: policy implications and political economy
... with only a very few items taxed at a lower rate • Relatively low level of capital taxation • Baseline: no punishment on success - business stimulates the economy, generating sufficient resources also for social safety nets • Relatively low tax burden ...
... with only a very few items taxed at a lower rate • Relatively low level of capital taxation • Baseline: no punishment on success - business stimulates the economy, generating sufficient resources also for social safety nets • Relatively low tax burden ...
The Euro`s Fundamental Flaws
... fiscal system collects roughly two-thirds of all taxes at the national level, which implies an automatic and substantial net fiscal transfer to states with temporarily falling incomes. The European Central Bank must set monetary policy for the eurozone as a whole, even if that policy is highly inapp ...
... fiscal system collects roughly two-thirds of all taxes at the national level, which implies an automatic and substantial net fiscal transfer to states with temporarily falling incomes. The European Central Bank must set monetary policy for the eurozone as a whole, even if that policy is highly inapp ...
The eurozone domino effect
... exports go there. In the past year or so, many countries in the eurozone have been struggling financially. First Greece went bust. Now Ireland has been bailed out by the European Union and the International Monetary Fund. The Irish crisis is far more serious for the euro than the Greek one. The thin ...
... exports go there. In the past year or so, many countries in the eurozone have been struggling financially. First Greece went bust. Now Ireland has been bailed out by the European Union and the International Monetary Fund. The Irish crisis is far more serious for the euro than the Greek one. The thin ...
European Fiscal Compact
The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG or more plainly the Fiscal Stability Treaty), is an intergovernmental treaty introduced as a new stricter version of the Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom, and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. As of 1 April 2014, it had been ratified and entered into force for all 25 signatories.While the entire treaty applies to ratifying eurozone states, only Title V, covering euro summit participation, automatically applies for ratifying non-eurozone member states. However, these states can attach a declaration to their instrument of ratification stating their desire to also be bound by the treaty's fiscal provisions (Title III) and/or enhanced economic coordination provisions (Title IV). Both Denmark and Romania have declared themselves to be bound by all treaty titles, while Bulgaria declared itself bound by all treaty titles except of Title IV.Member states bound by the fiscal provisions of the treaty will face annual fines up to 0.1% of GDP, if they after one year of the Fiscal Compact entering into force for them, have failed to enact a domestic ""implementation law"" establishing a self-correcting mechanism, guided by surveillance of a governmentally independent fiscal advisory council, which shall guarantee their national budget be in balance or surplus under the treaty's definition. The treaty defines a balanced budget as a general budget deficit not exceeding 3.0% of the gross domestic product (GDP), and a structural deficit not exceeding a country-specific Medium-Term budgetary Objective (MTO) which at most can be set to 0.5% of GDP for states with a debt‑to‑GDP ratio exceeding 60% - or at most 1.0% of GDP for states with debt levels within the 60%-limit. The country-specific MTOs are recalculated every third year and might be set at stricter levels compared to what the treaty allows at most. The treaty also contains a direct copy of the ""debt brake"" criteria outlined in the Stability and Growth Pact, which defines the rate at which debt levels above the limit of 60% of GDP shall decrease.If the budget or estimated fiscal account for any ratifying state is found to be noncompliant with the deficit or debt criteria, the state is obliged to rectify the issue. If a state is in breach at the time of the treaty's entry into force, the correction will be deemed to be sufficient if it delivers sufficiently large annual improvements to remain on a country specific predefined ""adjustment path"" towards the limits at a midterm horizon. Should a state suffer a significant recession, it will be exempted from the requirement to deliver a fiscal correction for as long as it lasts.Despite being an International treaty outside the EU legal framework, all treaty provisions function as an extension to existing EU regulations, utilising the same reporting instruments and organisational structures already created within EU in the three areas: Budget discipline enforced by Stability and Growth Pact (extended by Title III), Coordination of economic policies (extended by Title IV), and Governance within the EMU (extended by Title V). The treaty states that the signatories shall attempt to incorporate the Fiscal Compact into the EU's legal framework, on the basis of an assessment of the experience with its implementation, by 1 January 2018 at the latest.