Download or read book How Does Differentiated Integration Work in the EU Financial Sector Spotlight on Banking Union written by Sebastian Mack and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book From Fragmentation to Financial Integration in Europe written by Mr.Charles Enoch and published by International Monetary Fund. This book was released on 2013-12-11 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.
Download or read book Ever Looser Union written by Frank Schimmelfennig and published by Oxford University Press. This book was released on 2020-02-21 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Differentiated integration has become a durable feature of the European Union and is a major alternative for its future development and reform. This book provides a comprehensive conceptual, theoretical, and empirical analysis of differentiation in European integration. It explains differentiation in EU treaties and legislation in general and offers specific accounts of differentiation in the recent enlargements of the EU, the Eurozone crisis, the Brexit negotiations, and the integration of non-member states. Ever Looser Union? introduces differentiated integration as a legal instrument that European governments use regularly to overcome integration deadlock in EU treaty negotiations and legislation. Differentiated integration follows two main logics. Instrumental differentiation adjusts integration to the heterogeneity of economic preferences and capacities, particularly in the context of enlargement. By contrast, constitutional differentiation accommodates concerns about national self-determination. Whereas instrumental differentiation mainly affects poorer (new) member states, constitutional differentiation offers wealthier and nationally oriented member states opt-outs from the integration of core state powers. The book shows that differentiated integration has facilitated the integration of new policies, new members, and even non-members. It has been mainly 'multi-speed' and inclusive. Most differentiations end after a few years and do not discriminate against member states permanently. Yet differentiation is less suitable for reforming established policies, managing disintegration and fostering solidarity, and the path-dependency of core state power integration may lead to permanent divides in the Union.
Download or read book Financial Integration in the European Union written by Roman Matoušek and published by Routledge. This book was released on 2012-03-15 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.
Download or read book Integrating Europe s Financial Markets written by Mr.Jörg Decressin and published by International Monetary Fund. This book was released on 2007-09-12 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.
Download or read book Digitalisation Sustainability and the Banking and Capital Markets Union written by Lukas Böffel and published by Springer Nature. This book was released on 2022-12-30 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers three topics that have dominated financial market regulation and supervision debates: digital finance, sustainable finance, and the Banking and Capital Markets Union. Within the first part, seven chapters will tackle specific questions arising in digital finance, including but not limited to artificial intelligence, tokenisation, and international regulatory cooperation in digital financial services. The second part addresses one of humanity’s most pressing issues today: the climate crisis. The quest for sustainable finance is driven by political actors and a common understanding that climate change is a severe threat. As financial institutions are a cornerstone of human interaction, they are in the regulatory spotlight. The chapters explore sustainability in EU banking and insurance regulation, the interrelationship between systemic risk and sustainability, and the ‘greening’ of EU monetary policy. The third part analyses two projects that have led to huge structural changes in the European financial market architecture over the last decade: the European Banking Union and Capital Markets Union. This transformation has raised numerous legal questions that can only gradually be answered in all their intricacies. In four chapters, this book examines composite procedures, property rights of depositors in banking resolution, preemptive financing arrangements and the phenomenon of subsidiarisation in the context of Brexit. Of interest to academics, policymakers, practitioners, and students in the field of EU financial regulation, banking law, securities law, and regulatory law, this book offers a compilation of analyses on pressing banking and capital markets law problems.
Download or read book Differentiated Integration written by Dirk Leuffen and published by Palgrave Macmillan. This book was released on 2012-10-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Far from displaying a uniform pattern of integration, the European Union varies significantly across policy areas, institutional development and individual countries. Why do some policies such as the Single Market attract non-EU member states, while some member states choose to opt out of other EU policies? In answering these questions, this innovative new text provides a state-of-the-art introduction to the study of European integration. The authors introduce the most important theories of European integration and apply these to the trajectories of key EU policy areas – including the single market, monetary policy, foreign and security policy, and justice and home affairs. Arguing that no single theory offers a completely convincing explanation of integration and differentiation in the EU, the authors put forward a new analytical perspective for describing and explaining the institutions and policies of the EU and their development over time. Written by a team of prominent scholars in the field, this thought-provoking book provides a new synthesis of integration theory and an original way of thinking about what the EU is and how it works.
Download or read book Financial Markets Dis Integration in a Post Brexit EU written by Dieter Pesendorfer and published by Springer Nature. This book was released on 2020-01-11 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism.
Download or read book How to Complete Europe s Banking Union written by Sebastian Dullien and published by . This book was released on 2014 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The new European banking union arrangements represent a landmark in European integration which will fundamentally change the financial sector in the European Union. It will make a systemic banking crisis less likely and will help bring down financing costs in the euro periphery, contributing to an economic recovery in Europe. However, the current form of the proposed banking agreement is not sufficient to provide a proper framework to deal with new systemic crisis, nor will it level the playing field between banks in different eurozone countries. It therefore falls short of the objectives policy makers had set for a banking union. According to this policy brief by ECFR Senior Policy Fellow Sebastian Dullien, the main advantage of banking union will be that, for the first time, all major banks in participating countries will have to report to a single supervisory agency (the European Central Bank). This will end both regulatory ring-fencing, under which national regulators have in the past prohibited banks under their supervision from moving liquidity and capital to banks in other euro countries. It will also stop regulatory arbitrage whereby financial institutions have shifted certain activities to member states where rules were less strictly enforced. Professor Dullien says the financial system in Europe will be much more stable. 'This is a huge step forward in protecting taxpayers' money--especially as, in the past, the indirect costs of banking crises due to lost output and tax revenue have often been much higher than direct costs of bailing out banks.' In addition, as there now will be common rules for 'bailing in' private capital in banks that get into trouble, there is no reason to fear that single large banks in some member states will be helped more generously than competitors in other member states. All this will contribute to level a playing field once again between banks in different eurozone countries and will especially help reduce the financing costs of financial institutions in the euro-periphery. It will encourage lending to businesses in Europe. However Professor Dullien also spots a number of weaknesses in the proposal. First he fears that the planned Single Resolution Fund (SRF) will prove insufficient in the case of a major crisis, despite banks' higher capital requirements. Second, the fact that the rules allow single member states to use 'extraordinary public financial support' under certain circumstances means that banking crises could still be dealt with differently in different countries. Here, the danger remains that 'the poor bail-in while the rich bail-out', meaning that countries with a more solid fiscal position might be more generous in their financial support. Investors might anticipate such a scenario and demand lower yields for investments in banks in countries with comparatively low public-debt-to-GDP-ratios, providing cheaper capital to those countries versus higher debt countries. 'These shortcomings limit the extent to which banking union can level the playing field in the European market for financial services', says Professor Dullien. 'While the improvement will be significant, it will not be complete.' In order to complete banking union and resolve the remaining issues, the author proposes to federalise more fully the process of bank resolution and bailouts, by pushing for the following reforms: The power to take a decision on extraordinary public financial support should be moved to European level, jointly decided upon by the European Commission, the Council and the European Parliament. Extraordinary public financial support should be financed by the Single Resolution Fund which should be given access to a credit-line to the European Stability Mechanism (ESM). The review process, already part of the compromise Bank Recovery and Resolution Directive, can be used to push for these changes"--Publisher's description.
Download or read book Financial Market Integration and Growth written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2011-02-14 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Download or read book Differentiated Integration in the European Union written by Benjamin Leruth and published by Routledge. This book was released on 2017-10-02 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The notion of Differentiated Integration is increasingly used in the literature on European integration. Often employed interchangeably with the notion of "flexible integration, diverging views on its nature have led to the emergence of various definitions and, to some extent, a semantic confusion. A lack of consensus characterizes the academic literature; some authors even avoid putting an explicit definition on the term. The main objective of this book is to seek answers for the following questions: How can one define Differentiated Integration in the European Union? Should Differentiated Integration be considered as a process, a concept, a system or a theory? Should it be seen as a temporary or a well-established phenomenon? How is this field of study likely to develop in the future? In order to do so, all chapters, written by leading experts in the field, offer a state-of-the-art analysis of the study of differentiated integration, from theoretical and practical perspectives. In addition, this book is not a collection of isolated papers: all chapters are interconnected and gravitate towards the aforementioned central questions, but approach these from different perspectives. This book was published as a special issue of the Journal of European Public Policy.
Download or read book Financial Integration in Europe written by and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of its efforts to streamline and focus its publications, the ECB has decided to combine the previous report on "Financial integration in Europe" (last published in May 2018) and the previous "Report on financial structures" (last published in October 2017) into a single report on "Financial integration and structure" in the euro area. This report is designed to focus on structural developments in the financial system of the euro area, and in some cases also of the European Union (EU), and related policy issues. It will be published at a biennial frequency. The new report will, first, pay specific attention to key structural developments such as the process of financial integration, changes in financial structure and the process of financial development or modernisation. Second, it will discuss selected financial sector policies, notably policies related to the European banking union and capital markets union (CMU), and thereby also contribute to the debate on how European Economic and Monetary Union (EMU) can be deepened. For the ECB, the market for a given set of financial instruments and/or services is fully integrated if all potential market participants with the same relevant characteristics: (1) face a single set of rules when they decide to transact in those financial instruments and/or services; (2) have equal access to the above-mentioned set of financial instruments and/or services; and (3) are treated equally when they are active in the market. The financial structure of a financial system can be understood as the mixture of financial intermediaries and of financial markets operating within the economy of that system.4 One way of defining financial development (or financial modernisation for an already highly developed financial system like the one of the euro area) is the process of financial innovations, as well as institutional and organisational improvements in the financial system that reduces asymmetric information, increases the completeness of markets and contracting possibilities, reduces transaction costs and ensures a high level of competition. The Eurosystem has a keen interest in the integration, structure and development of the financial system in Europe, and especially in the euro area. All three interact with the implementation of monetary policy and influence its transmission throughout the euro area. All three also interact in multiple ways with financial stability. In addition, financial integration and development are two reasons behind the Eurosystem's task of promoting well-functioning payment systems.
Download or read book Political Economy of Financial Integration in Europe written by Jonathan Story and published by MIT Press. This book was released on 1997 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume traces the political, financial, and economicsteps toward financial union in Europe, focusing on the politicaleconomy of the process--notably the dynamics of a Europe ofsovereign states. Few aspects of the great European integration project have been as difficult and fraught with political conflict as the creation of a single financial market and monetary union. It is clear, however, that monetary union and financial integration are now on the front-burner in Europe, and will remain so until at least the year 2000. This timely volume traces the political, financial, and economic steps toward financial union in Europe, focusing on the political economy of the process--notably the dynamics of a Europe of sovereign states. It is the first integrated view of the issue, combining political, economic, and financial perspectives. Authoritative, comprehensive, and accessible, the volume is essential reading for students, researchers, policy makers, journalists, and anyone who needs to know about financial integration in Europe.
Download or read book Differentiated Integration in the European Union written by Jeremy Richardson and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Union written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-03-15 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article is an analysis on the restructuring banking system of the European Union. The global financial crisis created the need to restructure by immensely reflecting weaknesses in the public, households, corporate, and other financial sectors. The restructuring includes the strengthening of bank resolution tools, the activation of nonperforming loans, the maintenance of macrofinancial framework, recovery of market access, and so on. The Executive Board recommends this transition of the European Union because this paves the way to financial stability globally.
Download or read book Financial Market Integration and Growth written by Paul J.J. Welfens and published by Springer. This book was released on 2011-02-14 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Download or read book European Monetary Integration and the Financial Sector written by Sylvester C. W. Eijffinger and published by . This book was released on 1993 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analisis de las consecuencias de la integracion monetaria y financiera en los mercados e instituciones financieras de los paises de la Union Europea, especialmente en Holanda. Las colaboraciones que contiene este libro estudian los siguientes aspectos: la UEM y la situacion macroeconomica (A. Italianer), la politica fiscal (J. Kremers y R. Gradus), la politica monetaria (L.H. Hoogduin y G. Korteweg), el sistema bancario (W. Boonstra y H. de Jong), la banca cooperativa (J. de Leeuw), los fondos de inversion (B. Vliegenthart), los fondos de pensiones (V.B. Connolly y J. Mensonides) y las compañias de seguros (J.M.A. Lommen). (pgp).
