Download or read book Taming Public Debt in Europe written by Saioa Armendariz and published by International Monetary Fund. This book was released on 2024-08-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public debt ratios in Europe increased significantly in response to the pandemic and energy shocks and have remained higher than before the pandemic in most countries. Going forward, the projected public debt trajectories are broadly flat overall in advanced Europe but have a rising profile in emerging Europe. Government financing needs are still elevated, and the unwinding of quantitative easing by major central banks adds to financing pressures. Moreover, there are important medium- to long-term spending pressures from defense, climate transition, and aging, which are not fully reflected in the projected baseline trajectories. Against this backdrop, the risk that debts will not stabilize in the medium term has increased. Debt stabilization will hinge critically on achieving ambitious fiscal consolidation and sustained growth. Facing these elevated risks, policymakers need to implement carefully-calibrated fiscal adjustments that ensure debt sustainability while supporting growth. They could target debt stabilization over a longer, 10-year, horizon—while adhering to credible fiscal rules such as the reformed EU Economic Governance Framework—but with a high probability to reassure markets that debts will indeed be tamed.
Download or read book Fiscal Rules to Tame the Political Budget Cycle written by Lorenzo Forni and published by International Monetary Fund. This book was released on 2017-01-20 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides evidence that fiscal rules can limit the political budget cycle. It focuses on the application of the Italian fiscal rule at the sub-national level over the period 2004-2006 and shows that: 1) municipalities are subject to political budget cycles in capital spending; 2) the Italian subnational fiscal rule introduced in 1999 has been enforced by the central government; 3) municipalities subject to the fiscal rule show more limited political budget cycles than municipalities not subject to the rule. In order to identify the effect, we rely on the fact that the domestic fiscal rule does not apply to municipalities below 5,000 inhabitants. We find that the political budget cycle increases real capital spending by about 35 percent on average in the years prior to municipal elections and that the sub-national fiscal rule reduces these figures by about two thirds.
Download or read book From Banking to Sovereign Stress Implications For Public Debt written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-12-22 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including how they affect the extent of fiscal costs of banking crises when those occur. It then proposes practices and policies for the fiscal authorities to help manage the risks and enhance crisis preparedness.
Download or read book The EU and the Eurozone Crisis written by Finn Laursen and published by Routledge. This book was released on 2016-02-17 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis, which started in the United States in 2007, spread to Europe in 2009. It especially hit Portugal, Ireland, Italy, Greece, and Spain, countries which have introduced the single currency, the euro. These eurozone countries no longer have monetary policy autonomy, so they do not have the option of devaluation to increase competitiveness. The crisis has shown that the Economic and Monetary Union (EMU) created in 1993, and which led to the single currency in 1999, is faulty. Its built-in asymmetry, with centralised monetary policy and decentralised fiscal policy, should be expected to create problems. Part of the response to the crisis so far has been incremental moves towards fiscal and banking union, which will mean a deepening of European integration at a time when many observers believed that a certain equilibrium had been reached after the entry into force of the Lisbon Treaty in 2009. This book focuses on these developments as well as analysing other economic policies that affect the general economic welfare of the EU, including agriculture, trade and immigration policies. The book puts the eurozone crisis into the wider context of deepening and widening.
Download or read book The Constitutionalization of European Budgetary Constraints written by Maurice Adams and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recently enacted Treaty on the Stability, Coordination and Governance of the Economic and Monetary Union (generally referred to as the Fiscal Compact) has introduced a 'golden rule', which is a detailed obligation that government budgets be balanced. Moreover, it required the 25 members of the EU which signed the Treaty in March 2012, to incorporate this 'golden rule' within their national Constitutions. This requirement represents a major and unprecedented development, raising formidable challenges to the nature and legitimacy of national Constitutions as well as to the future of the European integration project. This book analyses the new constitutional architecture of the European Economic and Monetary Union (EMU), examines in a comparative perspective the constitutionalization of budgetary rules in the legal systems of the Member States, and discusses the implications of these constitutional changes for the future of democracy and integration in the EU. By combining insights from law and economics, comparative institutional analysis and legal theory, the book offers a comprehensive survey of the constitutional incorporation of new fiscal and budgetary rules across Europe and a systematic normative discussion of the legitimacy issues at play. It thus contributes to a better understanding of the Euro-crisis, of the future of the EU, and the reforms needed towards a deeper and genuine EMU.
Download or read book States and Sovereignty in the Global Economy written by David A. Smith and published by Routledge. This book was released on 1999-06-24 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: With editors and contributors of outstanding academic reputation this exciting new book presents an unconventional and radical perspective, revealing that states do still matter.
Download or read book Tamed Power written by Peter J. Katzenstein and published by Cornell University Press. This book was released on 2018-09-05 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revolutionary changes in global and European politics have reawakened old fears that Europe will be dominated by an unpredictable German giant. The same changes have fueled new hopes for Germany and Europe as models of political pluralism in a peaceful and prosperous world. In fact, Peter J. Katzenstein explains, the current reality is too complex to fit either expectation. Katzenstein contends that a multilateral institutionalization of power is the most distinctive aspect of the relationship between Europe and Germany. Only the observer who is aware of this important fact can understand why Germany is willing to give up its new sovereign power. Although Germany is larger than any other member of the European Union and plays a crucial role in the economic and political life of Eastern Europe, its power is now funneled through the institutions of the European Union rather than erupting in a narrow, power-defined sense of national self-interest. The empirical chapters of this book explore the institutionalization of power relations between the European Union and Germany, as well as the relations of Germany and the European Union with most of the smaller European states.
Download or read book The Constitutional Boundaries of European Fiscal Federalism written by Brady Gordon and published by Cambridge University Press. This book was released on 2022-04-14 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book bridges the study of European constitutionalism with the study of 'fiscal federalism' – the subfield of public economics concerned with structuring public finances between different levels of government in federal states. On one axis, this book delves into European Union and Member State constitutional law from all EU Member States in order to investigate and identify the existence of permanent constitutional boundaries that will impinge upon the selection of proposed models for EU fiscal federalism. On the second axis, this book engages the study of fiscal federalism in order to determine which institutional configurations known to that field remain legally and economically implementable within those boundaries. It provides a far-reaching investigation of which models of fiscal federalism are compatible with the constitutional boundaries of the European legal order.
Download or read book The Flight of Icarus written by Yiannis Drossos and published by Bloomsbury Publishing. This book was released on 2020-12-10 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a detailed analysis of the institutional transformations brought about by the financial crisis, focusing on the institution-building course of Europe and the Constitution-bending course in several Member States. It discusses the seemingly contradictory interplay between national and European institutions and the law resulting from the crisis, arguing that the anti-crisis exceptionality constitutes the matrix of the new normality of the reformed European economic governance. The author carries out a critical analysis of the new economic governance and its case-law with regular reference to relevant political episodes, key economic figures and to the hitherto lax modes and rules. The author also offers deep insights into the Greek adjustment programme and the crisis-related Greek and Portuguese constitutional case-law, presented in comparison with the German and French case-law. The book concludes with a critical overview of the profound mutations in the role of national Constitutions, instigated by the new European economic governance, and the emergence of a democratically deficient meta-constitutional mode of functioning of both the European institutions and national Constitutions.
Download or read book EMU Integration and Member States Constitutions written by Stefan Griller and published by Bloomsbury Publishing. This book was released on 2021-02-25 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, legal scholars from the EU Member States (with the addition of the UK) analyse the development of the EU Member States' attitudes to economic, fiscal, and monetary integration since the Treaty of Maastricht. The Eurozone crisis corroborated the warnings of economists that weak economic policy coordination and loose fiscal oversight would be insufficient to stabilise the monetary union. The country studies in this book investigate the legal, and in particular the constitutional, pre-conditions for deeper fiscal and monetary integration that influenced the past and might impact on the future positions in the (now) 27 EU Member States. The individual country studies address the following issues: - Main characteristics of the national constitutional system, and constitutional culture; - Constitutional foundations of Economic and Monetary Union (EMU) membership and related instruments; - Constitutional obstacles to EMU integration; - Constitutional rules and/or practice on implementing EMU-related law; and - The resulting relationship between EMU-related law and national law Offering a comprehensive and detailed assessment of the legal and constitutional developments concerning the Economic and Monetary Union since the Treaty of Maastricht, this book provides not only a study of legal EMU-related measures and reforms at the EU level, but most importantly sheds light on their perception in the EU Member States.
Download or read book Portugal written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-01-18 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mounting funding pressures has tipped Portugal into an acute economic crisis in 2011. The roots of the crisis could be traced to Portugal’s failure to adapt to the rigors of monetary union. With economic institutions, policies, and incentives ill-adapted to the opportunities, Portugal’s external stability risks also rose gradually. However, the current account has improved substantially with financial imbalances being corrected across private and public sectors. Fiscal adjustment also made substantial progress, while structural reforms have been progressing.
Download or read book Saving Europe written by Carlo Bastasin and published by Brookings Institution Press. This book was released on 2012 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals how the nexus of international economics and national politics pushed the monetary union to the brink of extinction, how that disaster was avoided, and why the long-term viability of a common currency challenges politics.
Download or read book Constitutionalism and the Economy in Africa written by Charles M. Fombad and published by Oxford University Press. This book was released on 2023-02-03 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite expectations that the celebrated second wave of constitutional democracy in the 1990s would facilitate economic development, Africa remains the continent with the highest level of poverty in the world. The fight against poverty hinges on a vibrant economy that creates jobs and income by generating enough revenue to enable the state to take pro-development measures. However, instead of the economic benefits that were supposed to accrue from the constitutional reforms of the last three decades (including entrenching a market economy), African economies remain weak, a situation that has been aggravated by the COVID-19 pandemic. By focusing on the relationship between constitutionalism and economic growth in Africa, this volume addresses five questions: (1) In the constitutional reforms of the 1990s and thereafter, did constitutions also reflect the shift towards a market economy, and if so, in what manner? (2) Given that agriculture and extractive industries are the main sources of state revenue in many African economies, how are matters of land and other natural resources dealt with constitutionally? (3) Where the market economy is captured in a constitution, what is the state's relationship to that economy: interventionist or laissez-faire, or somewhere in between? Have constitutions also established a 'social' state that provides its citizens with the basic elements of a dignified life? (4) In the process of constitution-making and implementation concerning the economy, what impact has globalization had on constitutionalism and economic growth in Africa? (5) Finally, how has the relationship between constitutionalism and economic growth played out in practice? Is there a symbiotic relationship? Has constitutionalism led (or may do so) to greater economic prosperity? Constitutionalism and the Economy in Africa offers a range of comprehensive arguments and case studies that will be of interest and use to academics, post-graduate students, judges, lawyers, economists, and policy makers involved in the economic role of the State, the impact of globalization, and the constitutional foundations for land and natural resources exploitation.
Download or read book Supreme Court Economic Review Volume 23 written by Todd J. Zywicki and published by University of Chicago Press. This book was released on 2016-01-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supreme Court Economic Review is a faculty-edited, peer-reviewed, interdisciplinary series that applies world class economic and legal scholarship to the work of the Supreme Court of the United States. Contributions typically provide an economic analysis of the events that generated the Court's cases, its functioning as an organization, the reasoning the Court employs in reaching its decisions, and the societal impact of these verdicts. Beyond academic analysis, SCER contributors stimulate interest in the economic dimension of the Supreme Court and explore solutions for its manifold and complex problems.
Download or read book France and European Integration written by Michel R. Gueldry and published by Bloomsbury Publishing USA. This book was released on 2001-05-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gueldry analyzes the substantive transformations brought upon the French state by European integration through an incremental and cumulative process generally described as Europeanization. This restructuring is characterized by the erosion of traditional political and economic parameters, the emergence of new means and models of public action, and a general paradigmatic redefinition, including a search for renewed political legitimacy by French elite. Covering the period from 1957 to the present, Gueldry examines how regional integration affects French governmental structures, public policies, political processes, and culture. He emphasizes the post-Single European Act (February 1986) period because of the accelerating momentum of the integration process after this milestone treaty. Students, scholars, and policy makers involved with EU history, institutions, and policies will be particularly interested in the work.
Download or read book European Bank Restructuring During the Global Financial Crisis written by Jakub Kerlin and published by Springer. This book was released on 2016-04-30 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the diversity of restructuring instruments applied to financial institutions in EU countries during the Global Financial Crisis. It investigates the cost of that support before evaluating its effects, as well as providing an extensive analysis of the measures undertaken. The first chapter presents a historical outline, discusses causes of crises, and offers an overview of the restructuring instruments and of how they were used for crisis management before 2007. The following chapters explore the financial environment in the EU before the crisis outbreak, the rescue actions and financial landscape after the events of the crisis. This book offers a critical and thorough analysis of the financial support provided to banks, providing case studies of over 95 banks from 17 EU member states. The authors provide an in-depth study of the pre and post-crisis landscape, and demonstrate that the crisis has by no means been overcome.
Download or read book Handbook of Research on Public Finance in Europe and the MENA Region written by Erdo?du, M. Mustafa and published by IGI Global. This book was released on 2016-05-03 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1970s, globalization has created an economic environment of interdependency between nations. Now, many countries in European and the MENA (Middle East and Northern Africa) regions must grapple with the need to increase public revenue while maneuvering through a global “race-to-the-bottom” tax competition. The Handbook of Research on Public Finance in Europe and the MENA Region explores economic development and public finance by providing critical insight into the use of public finance and policy and illuminating the intricacies of these topics through discussion of theory, empirical work, and policy objectives. This book is ideally designed for business professionals, policy makers, financers, students and researchers in the fields of public policy and economics.
