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4273 Mechanisms of Policy Change Inside International
Angelos Angelou LSE| European Institute Word count: 4,273 Mechanisms of policy change inside International Organizations during times of crisis: Evidence from the cooperation of the Troika institutions vis-à-vis the handling of the Greek debt Abstract This note will establish that the observed mechanisms of policy change inside the EC and the ECB vis-à-vis the handling of the Greek debt disconfirm certain central theoretical expectations of the policy change literature. By juxtaposing the most basic theoretical insights of the policy change research with a new dataset that describes the interactions of the Troika institutions regarding the handling of the Greek debt we will establish that the mode of change inside the two European institutions was unexpected and puzzling from a theoretical point of view. The study of such a failed most-likely case will provide detailed insights regarding the processes of change inside IOs during times of crisis and will allow us to modify the respective hypotheses of the policy change literature. Introduction The Eurozone bailouts have been a matter of extensive academic and political discussion. One of the less examined aspects of the crisis is the cooperation between the three organizations that undertook the drafting and the daily management of the programs. The International Monetary Fund (IMF), the European Commission (EC) and the European Central Bank (ECB), created an ad hoc body, the Troika that operated as the directorate and the meditator via which the debtors coordinated with their creditors. This note will use one of the numerous disagreements that arose during this cooperation in order to study the process of policy change inside the three Troika bodies. -
Calendar of Benoît Cœuré, November 2016 1
Calendar of Benoît Cœuré Member of the ECB's Executive Board November 2016 Meeting / Event Date (incl. topic / meeting participants, as applicable) Location Tuesday, 1 November Meeting with HSBC, on global economic and financial Frankfurt developments Wednesday, 2 November Banking Industry Dialogue ECB Meeting with high-level independent evaluator of past ECB European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) financial assistance programmes, Ms Gertrude Tumpel-Gugerell, on ex post evaluation of EFSF and ESM programmes Governing Council ECB Thursday, 3 November Meeting with Morgan Stanley, on developments in the ECB European Union Europe on Credit Series, organised by Harvard Universityʼs Cambridge, Minda de Gunzburg Center for European Studies – keynote MA address on “Sovereign debt in the euro area: too safe or too risky?” Friday, 4 November Meeting with Harvard University, on research on monetary Cambridge, policy and financial regulation MA Sunday, 6 November Meeting with US Federal Reserve System, Ms Janet Basel Yellen, and Federal Reserve Bank of New York, Mr William C. Dudley, on global economic and financial developments Monday, 7 November Bank for International Settlements (BIS) – bi-monthly Basel meetings Eurogroup Brussels Tuesday, 8 November Executive Board ECB Meeting with Mr Vivien Lévy-Garboua, on a project for the ECB French Treasury on post-trade activities in Europe Calendar of Benoît Cœuré, November 2016 1 Meeting with media Frankfurt Wednesday, 9 November Meeting with media Lyons Les -
The Journal of Ottomans Studies IX
OSMANLI ARAŞTIRMALARI IX Neşir Heyeti - Editori:ıl Board HALİL İNALCIK - NEJAT GÖYUNC HEATH W. LOWRY THE JOURNAL OF OTTOMAN. STUDIES IX İstanbul - 1989 l__ _ _ TURKJISH IllSTORY : ON WHOSE SOURCES WILL IT BE BASED? A CASE STUDY ON '!'HE BURNING OF İZMİR Heath W. Lowry «No Picture then, and no history, can present us with the whole truth : but those are the •best pictures and the best histories which exhibit such parts of the truth as J?OSt nearly produce the -effect of the whole. He who is def.icient in the art of sel ection may, 'by showing nothing lbut the truth, ·produce all the effect of the greatest falsehood.» Thomas Macaulay : 'History.' My purpose today is rather simple : by citing a number vf examples from scholars who 'have ~itten on the burning of İzmir (Smyrna) in September of 1922, and juxtaposing these illustrat ions with a variety of eycwitness testimonies preserved in the National Archives of the United States of America, I intend to demonstrate the. truthfulness of Macaulay's injunction that : 'He who is deficient in the art of selection, may by showing nothing. •but the truth, produce all the effect of the greatest falsehood.' This task, however, is secondary to my real intent, namely the issuing of a warning to my Turkish colleagues arrd to tb.eir go vernmental re.presentatives· who control a:ccess to the raw materia]s 2 out of .w hich Turkish history should be written. The warning is simple: unless prompt action is taken to provide access tO' qualified scholars seeking to conduct research in the archives of the Ottoman and modern Turkish states, the ·history of yoıır past is going to be written exclusively ·by non-specialists on Turkish History, who selectively utilize the arobives o:f other states to buttress pre conceptions in regard to Turks and 'their history. -
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Republic of Cyprus Topography: The Troodos Mountains, in the area; comprising 2.2 per cent of the total In 1974 Turkish troops invaded and central and western part of the island, rise to network. Cyprus has no railway. occupied the northern 36 per cent of the 1,951 metres at Mount Olympus. The Republic of Cyprus. This area was later Major ports are at Larnaca and Limassol. Troodos, of infertile igneous rock, are declared independent. The secession has characterised by steep slopes, narrow valleys Nicosia airport was closed in 1974. There are not been recognised internationally, and precipices. The Kyrenia Mountains (also international airports 5 km south of Larnaca, except by Turkey. The UN and known as the Pentadaktylos range), along the and 15 km east of Paphos. Commonwealth have for many years north coast, rise to 1,024 metres and are protested about the occupation and tried mainly limestone. Passes and valleys allow to resolve the problem by negotiation. Society access to the north coast. The fertile KEY FACTS 2013 Due to this division of the Republic of Messaoria Plain lies between them. About Cyprus, aggregated information is not half of its 186,000 hectares is irrigated. Most Population per sq km: 123 always available. Economic and social data water sources are in the south – all major Life expectancy: 80 years given here generally cover the government- rivers originate in the Troodos and flow east, Net primary enrolment: 98% controlled areas only, although legally and south or west. Many rivers dry up in the constitutionally the Republic of Cyprus summer. -
George Horton
GEORGE HORTON AN AMERICAN WITNESS IN SMYRNA presented by James L. Marketos © AHI Noon Forum September 14, 2006 Introduction Exactly eighty-four years ago yesterday (September 13, 1922), a massive fire broke out in the Armenian quarter of Smyrna (modern-day Izmir). Ever since, controversy has raged over who started the fire, whether it was an intentional act of genocide, and how many people were killed. Estimates range from one or two thousand to over 100,000. There is no dispute, however, that this was the 20th century’s first holocaust. In 1922, Smyrna was a large and important commercial port on the Asia Minor coast. Its population was about 400,000. Roughly 43% were Turkish Muslims, 45% were Greek and Armenian Christians, 6% were Jews, and 5% were foreigners. The Greek and Armenian Christians had deep roots in Smyrna going back countless generations. Many owned successful and long-established businesses. Others were professionals, artisans, or educators. They had a thriving cultural life. The Smyrna Quay Before the Fire 2 The fire raged for four days. A strong breeze drove the flames away from the Turkish quarter and toward the waterfront, and with it the city’s horrified Greeks and Armenians. The fire eventually consumed all of the city except the Turkish quarter. Smyrna Burning By late afternoon of the 13th, the fire had pinned thousands of victims on the harborside quay, where they had fled hoping to finds means of escape. On the narrow quay they found themselves trapped between the raging fire at their backs and the deep harbor in front. -
OECD, "Seminar on Capital Movements Agenda,"
PROGRAMME SEMINAR ON OPEN AND ORDERLY CAPITAL MOVEMENTS Does global co-operation matter? 25 October 2016, OECD, Paris Organised by the OECD in co-operation with Germany (Federal Ministry of Finance) as the upcoming G20 Presidency Open and orderly capital movements: does global co-operation matter? An open, transparent and orderly global system of capital flows underpins global growth and stability. In light of the increasingly interconnected global economy, faced with episodes of heightened capital flows volatility, significant value is attached to credible commitment mechanisms to rules-based and co-operative approaches to capital flows that send a positive signal of a predictable policy agenda. This type of framework will help countries maintain markets’ confidence and continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development. The OECD Code of Liberalisation of Capital Movements (the Code) provides such a framework. As an instrument that encourages co-operation, it has provided a tried and tested process for global dialogue for over 50 years. The Code is used by the 35 OECD countries, including emerging economies, as well as by non-OECD countries. Four non-OECD countries have applied for adherence since it was opened to all in 2012. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of liberalisation commitments in times of economic and financial disturbance. Over time, Adherents have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures. -
Eurozone Sovereign Debt Crisis Briefing ...A Briefing on the Status, Causes and Solutions for the Eurozone Sovereign Debt Crisis
Eurozone Sovereign Debt Crisis Briefing ...a briefing on the status, causes and solutions for the Eurozone sovereign debt crisis October 22, 2012 Eurozone Sovereign Debt Crisis - Current Status The European Central Bank (ECB) at its meeting in Septem- Europe Big-Four 10-year Bond Yields ber finally came to the rescue and offered to directly partici- 7.50% Spain Spain 7.00% pate in a bailout program for struggling countries such as Italy 6.50% Spain. The ECB promised to use its unlimited balance sheet Germany 6.00% to help stabilize the Eurozone debt crisis, taking a big step France forward and succeeding in causing Spanish and Italian bond 5.50% 5.00% yields to drop sharply. There are still many obstacles to over- 4.50% Italy come, but there is finally a sense that there might be a path 4.00% forward in the Eurozone debt crisis without an implosion of 3.50% France the euro or the loss of Eurozone members. 3.00% 2.50% The markets at present are waiting for three major events. 2.00% 1.50% First, the markets are waiting for a deal that provides Greece Germany 1.00% with its next 31 billion euro tranche of bailout aid. Second, 9/10 11/10 1/11 3/11 5/11 7/11 9/11 11/11 1/12 3/12 5/12 7/12 9/12 the markets are waiting for Spain to formally accept the bail- out program offered by the ECB and the Eurozone through its European Stability Mechanism (ESM) permanent bailout in Spain and Greece and protect Italy from contagion. -
Chapter 7. Remembering Them
University of Calgary PRISM: University of Calgary's Digital Repository University of Calgary Press University of Calgary Press Open Access Books 2017-02 Understanding Atrocities: Remembering, Representing and Teaching Genocide Murray, Scott W. University of Calgary Press http://hdl.handle.net/1880/51806 book http://creativecommons.org/licenses/by-nc-nd/4.0/ Attribution Non-Commercial No Derivatives 4.0 International Downloaded from PRISM: https://prism.ucalgary.ca UNDERSTANDING ATROCITIES: REMEMBERING, REPRESENTING, AND TEACHING GENOCIDE Edited by Scott W. Murray ISBN 978-1-55238-886-0 THIS BOOK IS AN OPEN ACCESS E-BOOK. It is an electronic version of a book that can be purchased in physical form through any bookseller or on-line retailer, or from our distributors. Please support this open access publication by requesting that your university purchase a print copy of this book, or by purchasing a copy yourself. If you have any questions, please contact us at [email protected] Cover Art: The artwork on the cover of this book is not open access and falls under traditional copyright provisions; it cannot be reproduced in any way without written permission of the artists and their agents. The cover can be displayed as a complete cover image for the purposes of publicizing this work, but the artwork cannot be extracted from the context of the cover of this specific work without breaching the artist’s copyright. COPYRIGHT NOTICE: This open-access work is published under a Creative Commons licence. This means that you are free to copy, distribute, display or perform the work as long as you clearly attribute the work to its authors and publisher, that you do not use this work for any commercial gain in any form, and that you in no way alter, transform, or build on the work outside of its use in normal academic scholarship without our express permission. -
Correcting Three Popular Misconceptions About the 1922 Smyrna Catastrophe
CORRECTING THREE POPULAR MISCONCEPTIONS ABOUT THE 1922 SMYRNA CATASTROPHE Ismini Lamb Presentation to the American Hellenic Institute October 4, 2019 1 Classicist, poet, author, journalist, philhellene, and well-known diplomat who served in Athens, Salonika, Smyrna GEORGE HORTON 2 Newspaper photo, Sept 1922 “The radical Young Turks had decided on the final annihilation of the Armenian people and carried this plan out.” Wolfgang Gust “We found the proofs of Turkey's 1915-1916 anti-Armenian genocide to be incontrovertible.” SOURCES 3 Morris and Ze’evi 1. The Greek occupation of Smyrna was NOT an act of aggression that gave rise to the Turkish Nationalist movement and led to the persecution of Christians; 2. Subsequent Greek and Turkish atrocities were NOT AT ALL equivalent in scope, intensity or intent; 3. Anyone making these points is NOT automatically an “anti- Turkish bigot.” COUNTERING 3 MISCONCEPTIONS 4 1. WWI had just ended with unprecedented casualties. Allied powers expected much after such sacrifice, from Horns of a economic benefits to, “making the world safe for dilemma: Democracy.” Administer 2. One objective: “the liberation of the peoples who now lie justice and beneath the murderous tyranny of the Turks” and “the inflame Turkish expulsion from Europe of the Ottoman Empire, which has resistance, or proved itself so radically alien to Western Civilization.” reward genocide and continuing 3. Increasingly desperate for manpower, Allies had promised much in return to Italy and Greece for joining Entente. persecution of Christian 4. At war’s end exhausted Allies under public pressure to minorities. quickly demobilize their armies. 5. Allies gave priority to peace with Germany. -
The Bank of Greece Proposes a National “Bad Bank” by ALEXANDER NYE
The Bank of Greece proposes a national “bad bank” BY ALEXANDER NYE On July 16, the Bank of Greece (BOG) proposed a public asset management company (AMC) to buy non-performing loans (NPLs) from banks using public funds. Yannis Stournaras, governor of the BOG, argues that an AMC could help banks clean up their balance sheets and allow them to raise capital. Unlike the AMCs that governments created during the Global Financial Crisis (GFC) of 2007-09, a Greek AMC would not be able to subsidize banks by acquiring NPLs above market prices. Europe’s Bank Recovery and Resolution Directive (BRRD), passed in 2014, now prohibits European government from providing most forms of the vast majority of state aid to banks outside of the resolution process, including through AMCs. This means the AMC’s purchase of the NPLs would likely subject participating banks to large haircuts, eating into their capital. The BOG has not put forward a detailed description of the bad bank proposal. In its July 2020 Financial Stability Report (FSR), the BOG said that a new AMC would not fundamentally change the country’s existing banking infrastructure. Third parties would be brought in to help the bad bank, though this could mean anything from contracting with private asset managers to having private-sector entities take an equity stake in the AMC (as they did in Ireland during the GFC). In its FSR, the BOG also suggested the AMC could have a loss-sharing element; participating banks would solely bear any losses. However, that does not seem to be the case. -
Signs of Revival After Years of Pain
FT SPECIAL REPORT Greece Monday July 7 2014 www.ft.com/reports | @ftreports Signs of revival after years of pain Inside » Growth worries Economy makes progress but a Then come long-awaited negotia- lasting recovery is Confidence is slowly tions with the EU and IMF on debt the big challenge relief. These are made more compli- returning but hurdles cated by differences over whether Page 2 Greece should be offered another debt still loom ahead, “haircut” on top of its 2012 sovereign debt restructuring as the Fund would Cheaper debt is writes Kerin Hope prefer, or settle for the commission’s proposal of a lower interest rate and a sign of times lengthening of maturities. Return to global he signs of economic crisis “We will be in a room with two are visible everywhere in elephants and we’ll have to tiptoe capital markets Athens, from shuttered shops between them in order to come away marks turnround and graffiti-sprayed public with an agreement,” says a senior buildings to people of all Greek official. “But what matters is to Page 2 Tages ransacking dustbins in wealthier reduce the debt burden for the next neighbourhoods of the capital. generation by one means or another.” Six years of recession, the deepest A third worry for Mr Samaras is the Stumbling on in memory, have taken a heavy toll election by parliament next February on Greece. of a new president to replace the Next few months The country’s output shrank by incumbent Karolos Papoulias, who is will be critical for almost 25 per cent, as tens of thou- retiring. -
Curriculum Vitae ------Yannis Stournaras
CURRICULUM VITAE --------------------------------------- YANNIS STOURNARAS Professor Yannis Stournaras Curriculum Vitae: New Finance Minister of Greece Yannis Stournaras, was born in Athens on December 10th, 1956. He graduated from the Department of Economics, University of Athens in 1978. He obtained his post- graduate degrees (MPhil 1980, DPhil 1982) from Oxford University, specializing in Economic Theory and Policy. He was Research Fellow and Lecturer at St. Catherine'Αs College, Oxford University, from 1982 to 1986. At the same time he worked at the Oxford Institute for Energy Studies, specializing in the petroleum market and the consequences of petroleum crises on the global economy. Following his return to Greece and the fulfillment of his military service, he worked as a Special Advisor to the Ministry of Economy and Finance (1986-1989) on Public Enterprises and Incomes Policy issues and to the Bank of Greece (1989-1994) on Monetary Policy issues. During that period he represented the Bank of Greece as an alternate member in the Meetings of the Governors of European Union'Αs Central Banks. He is Professor of Economics at the Department of Economics, University of Athens, which he joined in 1989. He teaches Macroeconomics and Economic Policy. He has published articles in academic journals on Macroeconomics, Optimum Taxation Theory, Public Debt Dynamics, Economic and Monetary Union, Energy Economics, Monetary Policy, Distortions of Financial Systems. His academic and professional interests focus on the following fields: economic theory, economic policy, international economics, monetary economics, energy economics, public finance, banking, project evaluation and the effects of Economic and Monetary Union on the Greek economy. From 1994 to July 2000 he was Chairman of the Council of Economic Advisors at the Ministry of Economy and Finance.