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Sovereignty, exchange rate and the Euro crisis

BRESSER-PEREIRA, Luiz Carlos; ROSSI, Pedro
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Português
Relevância na Pesquisa
66.68%
This paper presents an interpretation of the European crisis based on the balance of payments imbalances within the Eurozone and highlighting the role of the “internal” real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the Euro into a “foreign currency” for each individual Eurozone country. These contradictions imply the inability of national central banks to monetize the public and private debts, which makes the Euro crisis a sovereign crisis similar to those typical of emerging countries, but whose solution presents additional obstacles.

A unificação monetária na Europa e suas implicações sobre a crise do euro

Smiderle, Allan Cesar
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Trabalho de Conclusão de Curso Formato: application/pdf
Português
Relevância na Pesquisa
46.67%
O presente trabalho tem por objetivo analisar os efeitos da integração monetária europeia sobre a atual crise econômica do Euro. De acordo com Teoria das Áreas Monetárias Ótimas (TAMO), alguns critérios de convergência devem ser observados para que uma determinada região seja passível de adotar uma moeda única. Assim, por meio de uma análise empírica da Zona do Euro, observa-se que a situação dos países da periferia do Euro sofre consequências mais duras da crise econômica. Este resultado pode ser creditado parcialmente às diferenças econômicas e à perda de autonomia política imposta aos países integrantes do bloco de moeda única. A unificação monetária europeia é estudada, neste sentido, para esclarecer as motivações de sua implementação - isto é, a prosperidade do comércio na região - bem como sua responsabilidade na situação atual. Ademais, as decisões que devem ser tomadas para chegar-se a uma moeda sustentável apontam para a necessidade do aprofundamento da integração fiscal, no intuito de as políticas econômicas atenderem as necessidades da região como um bloco unificado.; The aim of the present work is to analyze the effects caused by the European monetary integration at the current Euro economic crisis. According to the Optimum Currency Area Theory some convergence criteria should be observed to result in a region capable of adopting a single currency. So...

A crise do Euro e potenciais respostas económicas e institucionais

Duarte, Pedro Miguel de Azeredo
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em //2014 Português
Relevância na Pesquisa
46.57%
Mestrado em Economia Internacional e Estudos Europeus; A moeda única, à semelhança do próprio projeto europeu, nasceu de um impulso político associado à necessidade de enquadrar a Alemanha num espaço de paz e prosperidade. A atual crise do Euro reavivou divisões e temores associados à notória influência germânica. Surgem, assim, crescentes incógnitas sobre o futuro do Euro, debatendo-se cenários que vão desde a sua dissolução até ao reforço da integração política e orçamental. Mas há um ponto pouco contestado: a Alemanha desempenhará um papel decisivo na resolução do presente impasse, quando definir se a sua liderança decorre de uma «Alemanha europeísta» ou visa uma «Europa germânica».; Very much like the European project, the single currency was born from a political impulse related to the need of framing Germany in a region of peace and prosperity. The current Euro crisis aroused scissions and fears as a consequence of the clear Germanic influence. Therefore, increasing uncertainty about the future of the Euro arises, creating scenarios that range from its dissolution to the reinforcement of the political and fiscal integration. However there is a not much disputed matter: Germany will play a decisive role on the resolution of the current deadlock when it decides if its leadership stems from a «European Germany» or a «Germanic Europe».

The Euro crisis and the state of European democracy : contributions from the 2012 EUDO dissemination conference

Fonte: European University Institute Publicador: European University Institute
Tipo: Livro Formato: application/pdf; digital
Português
Relevância na Pesquisa
46.97%
The book is divided in five sections. The first two sections explore the diverse ways in which the institutional system of the European Union has been affected by the unfolding Euro crisis and the efforts to contain that crisis. The contributions look at the impact on the relations between the EU institutions (for example, was there an increase of the power of the intergovernmental institutions?), the innovations in EU decision-making (such as the ‘invention’ of reverse majority voting in the Council), the experiments with the use of soft law instruments and with greater differentiation (between the EU-27 and sub-groups such as the EURO-17), and the use of international agreements situated outside the EU legal framework, which were used to adopt the Fiscal Compact and the European Stability Mechanism. The third section looks specifically at the prominent but rather secretive and, democratically speaking, somewhat anomalous role played by the European Central Bank in containing the Euro crisis. In the fourth section, the focus of analysis shifts from the European to the national level. The contributions to that section examine political and institutional changes that are taking place at the national level, and the way in which national elites have tried to accommodate the new demands from ‘Europe’ or to influence the decisions taken in the European arena. The authors of the fifth section present contrasting views on how the crisis has affected the significance of European citizenship and the rights attached to it...

Constitutional courts facing the Euro crisis : Italy, Portugal and Spain in a comparative perspective

FASONE, Cristina
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
66.68%
This paper aims to analyse whether and to what extent Euro-crisis law – a mix of international, European and national measures adopted in reaction to the Eurozone crisis – has affected constitutional case law in three Eurozone countries receiving financial support or assistance and provided with a Constitutional Court: Italy, Portugal, and Spain. The paper identifies elements of continuity and innovation in the rulings of the three Courts compared to the pre-crisis period by looking at how constitutional judges ‘manage’ social rights and regional autonomy, and how they develop their constitutional reasoning. It is argued that, contrary to expectations because of the new fiscal constraints and although with some remarkable differences, Euro-crisis case law is usually in continuity with the past rulings of these Constitutional Courts and this is due both to legal elements – like access to the Court, its composition, the appointment of judges, the effects and timing of decisions, and the standards for review – and non-legal elements – like the economic situation and changes occurring in the political context.

The deeper Euro-crisis or : the collapse of the EU political culture of total optimism

MAJONE, Giandomenico
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
56.59%
Although several dimensions of the present euro-crisis have been analysed by students of European integration, the impact of the crisis on the political culture of EU leaders has been largely overlooked. The political culture of a nation, a social class or, in case of the EU, an elite consists of a system of beliefs, symbols, and values – the latter including conceptions of purpose – that defines the situation in which political action takes place. One of the roots of the traditional political culture of EU leaders was the Monnet strategy of fait accompli, which consisted in pushing ahead with integration without worrying about either public support or democratic legitimation. This approach was supported by the prevailing emphasis on the process of integration rather than on the concrete results of specific collective decisions. The most serious consequence of the political culture shared by most EU leaders was the tendency to disregard both feasibility constraints and the limits of collective action. Under the impact of the euro-crisis total optimism has been replaced by panic-driven austerity. The paper concludes by calling attention to the fact that there are various alternative approaches to regional (in particular, European) integration. One approach deserving particular attention in the present situation is the functional – rather than territorial – approach advocated by David Mitrany in the 1940s and by Ralph Dahrendorf in the 1970s.

Legal manifestations of the emergency in national Euro crisis law

COUTTS, Stephen; DÍEZ SÁNCHEZ, Leticia; MARKETOU, Afroditi; PIERDOMINICI, Leonardo
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
56.52%
Most constitutions foresee a ‘state of emergency’ associated with the existence of an armed conflict. Paradoxically, modern societies seem to be permanently confronted with genuine emergencies increasingly removed from the threat of actual, physical violence. The Eurozone crisis can be said to have accentuated this, as the immense pressures from financial markets have turned the control of public finances into a struggle for the survival of the affected States. The present paper explores the legal manifestations of emergency in the domestic law of Greece, Italy, Spain and Ireland. These countries have all been hit by the Eurozone crisis (albeit in different manners) and have had to accommodate external oversight in their crisis management. The adoption of emergency measures for tackling the economic upheavals has been diverse across the case studies, although all have in common the emergence of a prominent role for the executive in the aftermath of the Eurozone crisis.; This paper was first delivered at a conference held at the European University Institute in October 2014 presenting some initial results of the project on Constitutional Change through Euro Crisis Law.

Law and the Euro crisis : a view from political economy

HODSON, Dermot
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
66.7%
The euro crisis has triggered a healthy debate within law and other disciplines about the scope and limits of existing scholarly approaches. Debates between disciplines have been scarcer here and it is in this spirit of inquiry that this paper asks how political economists writing about the euro crisis understand the roles of law. Most (but not all) political economists show some appreciation of law, it is argued, and in so doing they go beyond the black letter reading of formal treaties and legal texts that legal scholars associate with political scientists. There is also some appreciation for the idea of law as normativity in the political economy literature on the euro crisis but the importance of legal interpretation is underplayed. Political economists are serious about law, it is concluded, but they need to take legal scholarship more seriously.

The variable geometry of the euro-crisis : a look at the non-euro area Member States

BEUKERS, Thomas; VAN DER SLUIS, Marijn
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
66.89%
This paper analyses how non-euro MS are affected by a set of euro-crisis measures and how their position towards the Eurozone has evolved. After briefly exploring the origins of differentiated integration in EMU, the paper describes the relevance of Euro-crisis law for the non-Euro MS, for example through parts of the Six Pack and the Fiscal Compact. We then look at specific legal topics that arise in relation to EMU and the non-euro MS, such as reforms of fiscal governance, the decision to be bound by the whole of the Fiscal Compact, the inclusion of non-euro MS in important decisions regarding the Eurozone, the obligation to join the euro and the possible consequences of Eurozone membership. We find that there are vast differences within the group of non-Euro MS with regard to the applicability of Euro-crisis law, the way the measures are ratified and/or transposed and the attitude towards the Eurozone and further integration. Euro-crisis law also affects non-Euro MS on a constitutional level, both directly and indirectly, by sponsoring certain budgetary objectives and by favouring certain actors over others during the budgetary process. Finally, the differentiated nature of EMU has also significantly complicated the euro-crisis measures.

Taking budgetary powers away from national parliaments? : on parliamentary prerogatives in the Eurozone crisis

FASONE, Cristina
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
56.81%
This paper analyses if and how the position of national parliaments has changed after the adoption of Euro-crisis measures and their first enforcement and tries to draw some conclusions on whether these changes are just temporary or, rather, are likely to endure in the long term and hence to represent a permanent transformation of national constitutional systems. The paper challenges the mainstream assumption that the powers of national parliaments in budgetary procedures have been annulled. It is argued that once the ratification/application and implementation of the most contested Euro-crisis provisions – Fiscal Compact, European Stability Mechanism Treaty and rescue packages – have taken place, in reaction to the most acute phase of the crisis, the combination of national and EU rules, for example on the European Semester are likely to preserve the budgetary powers of national parliaments compared to the pre-crisis period. Parliamentary passivity does not derive, or at least not primarily, from the Euro-crisis legal measures; rather from the political context that the Euro-crisis has triggered. Thus any analysis of the role of parliaments in the Eurozone crisis has to take into account parliamentary institutions ‘in context’...

New governance in the EU after the Euro crisis : retired or re-born?

DAWSON, Mark
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
66.72%
This working paper discusses the future of the EU’s ‘new governance’ paradigm, as a particular category of the EU’s legal acts in light of developments in EU economic governance following the Euro crisis. It advances both an empirical and a normative argument. While EU economic governance ‘after’ the euro crisis would seem to carry ‘hard law’ elements, the paper’s key empirical claim is that ‘post’ euro-crisis economic governance has generalized central elements of the new governance paradigm into an increasingly central domain of EU policy-making. Policy-makers have turned to an enhanced form of new governance as a way of managing complex, multi-level problems which traditional command and control regulation could not solve. Normatively, however, some of the more promising aspects of the new governance legacy – its experimental focus on policy innovation and mutual learning between states – is precisely the aspect of the new governance paradigm post-crisis economic decision-making seems to have left behind. New governance is used in the economic field not to promote learning or experimentation between states but to foster greater harmonization and convergence in fiscal performance. Learning the lessons of new governance’s past may be vital in securing a central (and positive) place for new governance instruments within the EU’s future constitutional landscape.

Sequential arbitrage measurement in bond markets : theory and empirical applications in the Euro-zone

Balbás, Alejandro; Peng, Yao
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: info:eu-repo/semantics/draft; info:eu-repo/semantics/workingPaper
Publicado em 14/01/2015 Português
Relevância na Pesquisa
56.49%
We develop a mathematical programing approach in order to measure the arbitrage size in bond markets. Transaction costs may be incorporated. The obtained arbitrage measures have two interesting interpretations: On the one hand they provide the highest available arbitrage profit with respect to the price of the sold (bought) securities. On the other hand they give the minimum relative (per dollar) bid (ask) price modification leading to an arbitrage free market. Moreover, some primal problems lead to optimal arbitrage strategies (if available), while their dual problems generate proxies for the Term Structure of Interest Rates. The developed methodology permits us to implement an empirical test in the Euro-zone during the Euro crisis. Classical literature justifies the relevance of empirical analyses verifying the degree of efficiency during market turmoils. Our empirical study of the German, French and Spanish sovereign bonds markets finds that the main arbitrage opportunities come from the price differences between maturity-matched strips or "On-The-Run Premium" for zero-coupon bonds. When we remove the strips and the zero-coupon bonds the arbitrage still exists in the Spanish market.

Three essays on the Euro-Zone sovereign debt

Peng, Yao
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
46.59%
My PhD thesis consists of three chapters on the Euro-Zone sovereign bond market due to the quick spread of sovereign risk in European countries. In chapter 1, we examine the European bond market efficiency by developing a mathematical programing approach, in order to measure the arbitrage size. Transaction costs may be incorporated. The obtained arbitrage measures have two interesting interpretations: On the one hand they provide the highest available arbitrage profit with respect to the price of the sold (bought) securities. On the other hand they give the minimum relative (per dollar) bid (ask) price modification leading to an arbitrage free market. Moreover, some primal problems lead to optimal arbitrage strategies (if available), while their dual problems generate proxies for the Term Structure of Interest Rates. The developed methodology permits us to implement an empirical test in the Euro-zone during the Euro crisis. Classical literature justifies the relevance of empirical analyses verifying the degree of efficiency during market turmoils. Our empirical study of the German, French and Spanish sovereign bonds markets finds that the main arbitrage opportunities come from the price differences between maturity-matched strips or “On-The-Run Premium” for zero-coupon bonds. When we remove the strips and the zero-coupon bonds the arbitrage still exists in the Spanish market. Although we cannot reject the existence of the arbitrage in European bond market...

Going 'belt and braces' : domestic effects of Euro-crisis law

LEINO, Päivi; SALMINEN, Janne
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf
Português
Relevância na Pesquisa
56.5%
This paper considers the effect of the recent EU measures relating to strengthened economic governance both at the EU level and the level of national (constitutional) law. We first explain the scope of EU competence in economic policy and its effects on Member State competence. We will then examine how this competence has been exercised during the past few years, in particular from the point of view of the domestic effects of the six-pack and two-pack, which constitute the ‘Belt’ needed to maintain stability in the euro area and thus hold the ‘trousers’ (economic policy decision-making) up. We then turn to the Fiscal Compact and the budgetary framework directive and their effects at national level, constituting the ‘Braces’ intended to ensure healthy national budgetary policies. The relevant question remains to be whether the current “belt and braces” rules are the appropriate approach for preventing new crises. There are both legal and political reasons for reconsidering some of the solutions made during the crisis. Maybe the trousers are just too loose?

European Foreign Policy and the Euro-crisis

ZIELONKA, Jan
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf
Português
Relevância na Pesquisa
66.55%
This paper will try to explain the nature of European actorness, the mode of European policy-making, and the formation of common European interests. What are the pillars of EU power and how does the EU engage in power politics? Has Europe’s normative power of attraction vanished as a consequence of the Euro-crisis? Today Europe is no longer seen as a generator of security and well-being. Its laws and norms are no longer seen as generating efficiency and justice. And the crisis has split Europeans apart making it difficult for them to bring their respective national interests onto line in either economic or security fields.

A crise do Euro e o futuro do projeto europeu

Lopes, Rui
Fonte: IESM Publicador: IESM
Tipo: Outros
Publicado em //2013 Português
Relevância na Pesquisa
46.83%
O tema “ A crise do euro e o futuro do projeto europeu”, possui uma evidente atualidade e importância, integrando elementos muito complexos, com um enorme grau de volatilidade e incerteza e que resulta num verdadeiro desafio de análise prospetiva, quando se procuram projetar no futuro as tendências que presentemente são percetíveis. Na realidade, a crise financeira que teve início nos Estados Unidos da América e que teve o seu ponto culminante em 15 de Setembro de 2008 com a falência do banco de investimento Lehman Brothers, rapidamente se transformou, na zona Euro, numa crise das dívidas soberanas, com dimensões políticas, económicas e sociais em vários dos Estados-membros, que colocaram em causa os fundamentos da União Económica e Monetária (UEM) e levaram, inclusivamente, a que se questionasse o futuro do projeto de construção da União Europeia (UE). Neste enquadramento, identificamos como objetivo para este estudo, precisamente o de avaliar de que forma a crise das dívidas soberanas, que tornou evidentes um conjunto de vulnerabilidades no funcionamento da UEM, impõe à UE a necessidade de encontrar um novo modelo de governação política e económica. O percurso metodológico seguiu as sete etapas do método científico descrito por Quivy e Campenhoudt (2005) e está suportado por uma extensa pesquisa bibliográfica de diversas fontes...

The Euro crisis: a historical perspective

Mourlon-Druol, Emmanuel
Fonte: LSE IDEAS, London School of Economics and Political Science Publicador: LSE IDEAS, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /06/2011 Português
Relevância na Pesquisa
46.57%
In this research report IDEAS explores the current euro crisis by looking at the debates preceding the conception of the euro. How can the early days of EU monetary cooperation help us understand today's predicament? And what lessons can we draw from them for the euro? Emmanuel Mourlon-Druol is Pinto Fellow at LSE IDEAS. Today's debates about the viability of the eurozone bear a striking resemblance with those about the creation of a European single currency in the late twentieth century. The early steps of European monetary cooperation, the negotiations over the creation of the European Monetary System (EMS), those over the creation of the euro, as well as the other plans suggested which eventually failed (the proposal for a European parallel currency for instance), help us better understand the challenges that the euro faces today. Many of the issues at stake then are indeed still central to debates now. The question of the transfer of resources from richer to poorer member states, the adoption of a German-inspired interpretation of monetary policy, to take but two examples, are issues that anyone reading today's newspapers will be familiar with. This paper argues that looking at these past debates do not just provide an insight into the past – but also helps us better understand our current predicament.

The euro-crisis as a catalyst of the Europeanization of public spheres? A crosstemporal study of the Netherlands and Germany

Meijers, Maurits
Fonte: The London School of Economics and Political Science Publicador: The London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2013 Português
Relevância na Pesquisa
46.62%
In this paper it is analysed whether the euro-crisis has induced a change in the degree of Europeanization of national public spheres. It is argued that ‘mediatizing politics’ on TV is a prerequisite for the accountability structures of liberal democracies. Examining the degree of Europeanization of public broadcaster news in Germany and the Netherlands in 2008 and 2011 this paper gauges the changes in terms of visibility of European issues and in terms of salience of items on European issues. Moreover it is analysed which news categories predominate, the tone of news items on European issues, and which explicit evaluations of European integration appear – and how these elements are affected by the euro-crisis. Finally, it is shown that although the Europeanization of public spheres increased as the euro-crisis developed, the EU was mostly portrayed negatively, focused predominantly on economic issues and political contestation was hardly visible.

The Euro crisis: a historical perspective

Mourlon-Druol, Emmanuel
Fonte: LSE IDEAS, London School of Economics and Political Science Publicador: LSE IDEAS, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /06/2011 Português
Relevância na Pesquisa
46.57%
In this research report IDEAS explores the current euro crisis by looking at the debates preceding the conception of the euro. How can the early days of EU monetary cooperation help us understand today's predicament? And what lessons can we draw from them for the euro? Emmanuel Mourlon-Druol is Pinto Fellow at LSE IDEAS. Today's debates about the viability of the eurozone bear a striking resemblance with those about the creation of a European single currency in the late twentieth century. The early steps of European monetary cooperation, the negotiations over the creation of the European Monetary System (EMS), those over the creation of the euro, as well as the other plans suggested which eventually failed (the proposal for a European parallel currency for instance), help us better understand the challenges that the euro faces today. Many of the issues at stake then are indeed still central to debates now. The question of the transfer of resources from richer to poorer member states, the adoption of a German-inspired interpretation of monetary policy, to take but two examples, are issues that anyone reading today's newspapers will be familiar with. This paper argues that looking at these past debates do not just provide an insight into the past – but also helps us better understand our current predicament.

La Euro Crisis: Causas y síntomas

Weber,Christoph S.
Fonte: Universidad Autónoma de Baja California Publicador: Universidad Autónoma de Baja California
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2015 Português
Relevância na Pesquisa
56.85%
La crisis del euro es principalmente una consecuencia de la crisis financiera internacional de 2008. Pero el término "crisis del euro" es engañoso ya que no es una crisis de moneda. En primer lugar, el artículo muestra algunos de los defectos originarios en las políticas que dieron nacimiento al euro. En segundo lugar, muestra que el aumento de la deuda pública resulta de las medidas de rescate para los bancos y de la política fiscal anticíclica. En tercer lugar, se sostiene que la crisis del euro no consiste sólo en una crisis (la crisis de la deuda pública), sino que se trata de una combinación de varias crisis macroeconómicas que incluye una crisis de crecimiento, una crisis del mercado de trabajo, una crisis de la deuda pública y una crisis de la balanza de pagos.