On the Meaning and Future of the European Monetary System
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Emu and the Adjustment to Asymmetric Shocks the Case of Italy 1
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics WORKING PAPER SERIES NO 1128 / DECEMBER 2009 EMU AND THE ADJUSTMENT TO ASYMMETRIC SHOCK S THE CASE OF ITALY by Gianni Amisano Nicola Giammarioli and Livio Stracca WORKING PAPER SERIES NO 1128 / DECEMBER 2009 EMU AND THE ADJUSTMENT TO ASYMMETRIC SHOCKS THE CASE OF ITALY 1 by Gianni Amisano 2, Nicola Giammarioli 3 and Livio Stracca 4 In 2009 all ECB publications This paper can be downloaded without charge from feature a motif http://www.ecb.europa.eu or from the Social Science Research Network taken from the €200 banknote. electronic library at http://ssrn.com/abstract_id=1517107. 1 We thank an anonymous referee and participants in the 50th meeting of the Italian Economic Association. The views expressed herein are those of the authors and should not be attributed to the IMF and the ECB, their Executive Board or management. 2 European Central Bank, DG Research, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany; e-mail: [email protected] 3 International Monetary Fund, 700 19th Street, N. W., Washington, D. C. 20431, United States; e-mail: [email protected] 4 Corresponding author: European Central Bank, DG International and European Relations, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany; e-mail: [email protected] © European Central Bank, 2009 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. -
The Historical Development of European Integration
FACT SHEETS ON THE EUROPEAN UNION The historical development of European integration PE 618.969 1. The First Treaties.....................................................................................................3 2. Developments up to the Single European Act.........................................................6 3. The Maastricht and Amsterdam Treaties...............................................................10 4. The Treaty of Nice and the Convention on the Future of Europe..........................14 5. The Treaty of Lisbon..............................................................................................18 EN - 18/06/2018 ABOUT THE PUBLICATION This leaflet contains a compilation of Fact Sheets provided by Parliament’s Policy Departments and Economic Governance Support Unit on the relevant policy area. The Fact Sheets are updated regularly and published on the website of the European Parliament: http://www.europarl.europa.eu/factsheets ABOUT THE PUBLISHER Author of the publication: European Parliament Department responsible: Unit for Coordination of Editorial and Communication Activities E-mail: [email protected] Manuscript completed in June, 2018 © European Union, 2018 DISCLAIMER The opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice -
State Transformation and the European Integration Project Lessons from the Financial Crisis and the Greek Paradigm Evangelos Venizelos No
State Transformation and the European Integration Project Lessons from the financial crisis and the Greek paradigm Evangelos Venizelos No. 130/February 2016 Abstract The financial crisis that erupted in the eurozone not only affected the EU’s financial governance mechanisms, but also the very nature of state sovereignty and balances in the relations of member states; thus, the actual inequalities between the member states hidden behind their institutional equality have deteriorated. This transformation is recorded in the case law of the Court of Justice of the European Union and the member states’ constitutional courts, particularly in those at the heart of the crisis, with Greece as the most prominent example. It is the issue of public debt (sovereign debt) of the EU member states that particularly reflects the influence of the crisis on state sovereignty as well as the intensely transnational (intergovernmental) character of European integration, which under these circumstances takes the form of a continuous, tough negotiation. The historical connection between public debt (sovereign debt) and state sovereignty has re-emerged because of the financial crisis. This development has affected not only the European institutions, but also, at the member state level, the actual institutional content of the rule of law (especially judicial review) and the welfare state in its essence, as the great social and political acquis of 20th century Europe. From this perspective, the way that the Greek courts have dealt with the gradual waves of fiscal austerity measures and structural reforms from 2010 to 2015 is characteristic. The effect of the financial crisis on the sovereignty of the member states and on the pace of European integration also has an impact on European foreign and security policy, and the correlations between the political forces at both the national and European level, thus producing even more intense pressures on European social democracy. -
The Economic and Monetary Union: Past, Present and Future
CASE Reports The Economic and Monetary Union: Past, Present and Future Marek Dabrowski No. 497 (2019) This article is based on a policy contribution prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Monetary Dialogue of 28 January 2019 between ECON and the President of the ECB (http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html). Copyright remains with the European Parliament at all times. “CASE Reports” is a continuation of “CASE Network Studies & Analyses” series. Keywords: European Union, Economic and Monetary Union, common currency area, monetary policy, fiscal policy JEL codes: E58, E62, E63, F33, F45, H62, H63 © CASE – Center for Social and Economic Research, Warsaw, 2019 DTP: Tandem Studio EAN: 9788371786808 Publisher: CASE – Center for Social and Economic Research al. Jana Pawła II 61, office 212, 01-031 Warsaw, Poland tel.: (+48) 22 206 29 00, fax: (+48) 22 206 29 01 e-mail: [email protected] http://www.case-researc.eu Contents List of Figures 4 List of Tables 5 List of Abbreviations 6 Author 7 Abstract 8 Executive Summary 9 1. Introduction 11 2. History of the common currency project and its implementation 13 2.1. Historical and theoretic background 13 2.2. From the Werner Report to the Maastricht Treaty (1969–1992) 15 2.3. Preparation phase (1993–1998) 16 2.4. The first decade (1999–2008) 17 2.5. The second decade (2009–2018) 19 3. EA performance in its first twenty years 22 3.1. Inflation, exchange rate and the share in global official reserves 22 3.2. -
The European Monetary System and European Integration: Marriage Or Divorce?
THE EUROPEAN MONETARY SYSTEM AND EUROPEAN INTEGRATION: MARRIAGE OR DIVORCE? by Patrick M. Crowley Saint Mary's University Halifax and McGill University Montreal Canada April 1995 Acknowledqements: I am grateful to my supervisors Robin Rowley, John McCallum and Vicky Zinde- Walsh at McGill University, Montreal for their help and guidance. This paper is culled from my Ph.D. thesis, and is therefore preliminary. All comments are welcome. Paper prepared for the May , 1995, European Community Studies Association Meetings in Charleston, South Carolina, USA. Abstract This paper presents the various economic approaches to achieving monetary union, particularly in the context of European Economic and Monetary Union (EMU). It also evaluates the implications of the Maastricht Treaty, in the light of the current state of economic convergence and given the economic convergence criteria embodied in the Treaty, in terms of economic policy for individual Member States and for the European Union (EU) as a whole. Comparisons are made with other more mature federations, and a case for greater fiscal federalism post-1999 is presented. The paper concludes by assessing the options for the EU at its scheduled inter-governmental conference in 1996, for amending or replacing the Treaty. Contents I. Background and Introduction II. The Road to EMU a) Generic Approaches b) The Transition Process c) Currency Stabilisation and the Role of the EMS III. Fiscal Federalism a) The Subsidiarity Principle b) Regional Disparities c) Budgetary Fairness and Convergence under Maastricht IV. The Maastricht Convergence Criteria a) The Criteria b) Regional Disparities c) Dynamic "let-outs" d) Credibility Issues V. The Maastricht Treaty and Evaluation of Feasible Alternatives a) A Critical Assessment of Maastricht b) Amending the Treaty c) Replacing the Treaty d) EMU - Economic Jingoism or Pyrrhic Victory? VI. -
What Is European Integration Really About? a Political Guide for Economists
NBER WORKING PAPER SERIES WHAT IS EUROPEAN INTEGRATION REALLY ABOUT? A POLITICAL GUIDE FOR ECONOMISTS Enrico Spolaore Working Paper 19122 http://www.nber.org/papers/w19122 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2013 I am grateful to Jeff Frieden, Yannis Ioannides, Deborah Menegotto, Stelios Michalopoulos, Romain Wacziarg, and the editors of the Journal of Economic Perspectives (David Autor, Chang-Tai Hseih, and Tim Taylor) for their detailed comments. I also benefited from helpful feedback and conversations with many people, including Lorenzo Bini-Smaghi, Giancarlo Corsetti, Henrik Enderlein, Kai Konrad, Athanasios Orphanides, Lucas Papademos, and Daniela Schwarzer, and participants in the political economy discussion group at Harvard and a conference at the Condorcet Center for Political Economy in Rennes. Of course I am the only one responsible for all opinions and errors in this paper. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Enrico Spolaore. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. What is European Integration Really About? A Political Guide for Economists Enrico Spolaore NBER Working Paper No. 19122 June 2013 JEL No. F15,F50,F55,H40,H77,N44 ABSTRACT Europe’s monetary union is part of a broader process of integration that started in the aftermath of World War II. -
The First Twenty Years of the European Central Bank: Monetary Policy
Working Paper Series Philipp Hartmann, Frank Smets The first twenty years of the European Central Bank: monetary policy No 2219 / December 2018 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract: On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB’s monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of the euro in 1999, going through four cyclical phases “conditioning” ECB monetary policy. We describe the monetary policy decisions from the ECB’s perspective and against the background of its evolving monetary policy strategy and framework. We also highlight a number of the key critical issues that were the subject of debate. The second section contains a partial assessment. We first analyze the achievement of the price stability mandate and developments in the ECB’s credibility. Next, we investigate the ECB’s interest rate decisions through the lens of a simple empirical interest rate reaction function. This is appropriate until the ECB hits the zero-lower bound in 2013. Finally, we present the ECB’s framework for thinking about non-standard monetary policy measures and review the evidence on their effectiveness. One of the main themes of the paper is how ECB monetary policy responded to the challenges posed by the European twin crises and the subsequent slow economic recovery, making use of its relatively wide range of instruments, defining new ones where necessary and developing the strategic underpinnings of its policy framework. -
EUROCONTROL History Book December 2010
EUROCONTROL History Book December 2010 By John McInally Head of Organisational Development 1991 - 2010 EUROCONTROL Table of content Introduction 5 Executive summary 9 History of EUROCONTROL - Timeline 1910-2008 17 Part 1 1958-1966 25 Genesis of EUROCONTROL, original vision, sovereignty defined Part 2 1966-1986 75 EUROCONTROL continues with revised/reduced mandate Part 3 1986-1997 119 Amended Convention proves insufficient, matse takes key decisions, EUROCONTROL acts to revise Convention Part 4 1997-2008 191 Early Implementation, EUROCONTROL Adapts to Single European Sky, Growing Concentration on the Network Annex 1 Presidents and Vice-Presidents of the Permanent Commission 293 Annex 2 Presidents and Vice-Presidents of the Committee of management 295 Annex 3 Directors General of the Agency 298 Annex 4 Presidents and Vice-Presidents of the Provisional Council 299 Annex 5 Chairmen of the Civil-military Coordination Committee and military ATm Board 300 Annex 6 Ratification of the revised Convention 301 3 Introduction Introduction This History is a description of the key institutional, legal and organisational events and decisions that have determined the progress of the EUROCONTROL Organisation and its Agency through the past fifty years. It is a record, in one document, of the circumstances surrounding these events and the nature of the performance of EUROCONTROL against what was required of it. Who makes up the audience for this history? It is principally aimed at those past and present Eurocontrollers, including State representatives, as well as those who have been involved with EUROCONTROL at different times through the consultation groups and working arrangements. The reader should note therefore that this is a “History”. -
The European Neighbourhood Policy: an Instrument for Security Community Building
The European Neighbour- hood Policy: An instrument for security community building Pernille Rieker NUPI Working Paper 832 Publisher: Norwegian Institute of International Affairs Copyright: © Norwegian Institute of International Affairs 2014 Any views expressed in this publication are those of the author. They should not be interpreted as reflecting the views of the Norwegian Institute of International Affairs. The text may not be printed in part or in full without the permission of the author. Visiting address: C.J. Hambros plass 2d Address: P.O. Box 8159 Dep. NO-0033 Oslo, Norway Internet: www.nupi.no E-mail: [email protected] Fax: [+ 47] 22 99 40 50 Tel: [+ 47] 22 99 40 00 The European Neighbourhood Policy: An instrument for security community building Pernille Rieker Abstract The aim of this paper is to present a framework for investigating whether and how the EU manages to promote security and stability beyond its borders through its neighbourhood policy. There is general agreement that the European Union has been engaged in promoting democracy, human rights, and the rule of law in its Eastern and Southern neighbourhoods since the 1990s. Further, that this policy has been particularly successful for countries with membership prospects, and that the enlargement process has been viewed as an important security policy tool. Now that the enlargement process seems to be approaching a saturation point, it makes sense to investigate the role of the EU beyond candidate and potential candidate countries, asking whether the EU may have a security policy role to play in its neighbourhood. The overall ambition of this paper is to provide a better understanding of the functioning of the European Neighbourhood Policy (ENP) – a specific regional policy that might replace the enlargement process as the EU’s major instrument of security policy. -
Global, Social and Political Europe
GLOBAL, SOCIAL AND POLITICAL EUROPE by Loukas Tsoukalis July 2007 Copyright © 2007 HELLENIC FOUNDATION FOR EUROPEAN AND FOREIGN POLICY (ELIAMEP) All rights reserved ISBN 978-960-8356-23-8 GLOBAL, SOCIAL AND POLITICAL EUROPE by Loukas Tsoukalis OP07.04 ELIAMEP offers a forum for debate on international and European issues. Its non-partisan character supports the right to free and well- documented discourse. ELIAMEP publications aim to contribute to scholarly knowledge and to provide policy relevant analyses. As such, they solely represent the views of the author(s) and not necessarily those of the Foundation. EUROPEAN INTEGRATION AFTER THE TURN OF THE CENTURY European integration after the turn of the century So much has already happened in Europe in this new century, providing enough material for both optimists and pessimists to develop their preferred scenarios. It all started with the introduction of the new single currency, surely the most important act of integration since the very beginning. It has worked remarkably smoothly and has also served as a laboratory for economists to test their theories. True, the economic performance of many eurozone countries left much to be desired during most of the period, while those that had willingly stayed out saw few reasons to change their minds. But these are still early years and there is much learning by doing for new European institutions and also for national players who gradually need to adjust to a very different economic and political environment. The governance of the eurozone is a big and still open question. Regional integration has continued to expand in new areas following a trend established some decades back. -
One Size Does Not Fit All: European Integration by Differentiation
POLICYBRIEF ISSUE 3 | SEPTEMBER 2018 ONE SIZE DOES NOT FIT ALL: EUROPEAN INTEGRATION BY DIFFERENTIATION Maria Demertzis A BARE-BONES PLUS CLUBS EUROPE Deputy Director, Bruegel Common court system Jean Pisani-Ferry Mercator Senior Fellow at Club 1 Club 2 Club 3 Club 4 Bruegel Economic Migration, Security Other and Monetary Asylum and and foreign policies André Sapir Union Schengen policy Senior Fellow, Bruegel Common base (treaty, Council, Commission, Parliament) Thomas Wieser Non-resident Fellow, Source: Bruegel Bruegel THE ISSUE Guntram Wolff Reforming the governance of the European Union has become urgent for three reasons: Director, Bruegel to better deal with politically-sensitive topics, to manage greater external challenges and because future EU enlargement will increase the diversity of the bloc’s member- ship. The answer to disagreement typically has been qualified majority voting, but on sensitive topics, the EU has increasingly moved to unanimity and heavy European Council involvement, which has often not delivered results. The alternative answer has been a Europe of multiple speeds of integration with one shared goal for all, increasing political tensions. A different approach is now needed to move Europe forward. POLICY CHALLENGE Two options would be a Europe of concentric circles and a Europe of ‘clubs’, but the former would cement tensions between the inner and the outer circles, while the latter would lead to unclear structures and an end to cohesion. However, a governance model could combine the two approaches. The model would be based on a strong ‘bare-bones EU’ formed by the single market, trade and accompanying policies, the European institutions, treaties, rule of law and a commitment to fundamental EU values. -
European Union Policymaking in the Field of Air Traffic Management
Zurich Open Repository and Archive University of Zurich Main Library Strickhofstrasse 39 CH-8057 Zurich www.zora.uzh.ch Year: 2012 European Union policymaking in the field of air traffic management :the endeavor to implement functional airspace blocks in light of fragmented national interests : a case study on the Functional Airspace Block Europe Central (FABEC) Ladenbauer, Siegfried Abstract: The provision of air navigation services (ANS) is a sovereign prerogative of individual na- tion states. As a result, today’s European air traffic management (ATM) system is highly fragmented, impeding smooth and efficient traffic flows and causing delays and additional costs for airspace users. As earlier attempts to integrate ATM in Europe did not overcome the problem of fragmentation, the European Commission launched the Single European Sky (SES) initiative in 1999. One key element of SES is so-called functional airspace blocks (FABs), which encompass the airspace of several states. However, due to their strong impact on national sovereignty, the successful implementation of FABs is difficult. This study attempts to identify the supporting and constraining elements affecting FABdevel- opment by analyzing one of the most significant FAB projects, the Functional Airspace Block Europe Central (FABEC). It reverts to two theories of political integration offering conflicting viewpoints on the factors that are supposed to be decisive for the progress of integration. The study concludes that, with regard to the implementation of FABs, the EU is considerably limited by the sovereign interests of states. Although supranational pressure is steadily growing as the European Commission makes extensive and intelligent use of its regulatory capacity, the legal basis is missing to allow it to take supranational decisions in respect of national airspace and infrastructure.