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Journal articles on the topic 'Economic and Monetary Union – Europe, Central'

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Published: 4 June 2021

Last updated: 28 July 2025

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1

Bean, Charles R. "Economic and Monetary Union in Europe." Journal of Economic Perspectives 6, no. 4 (1992): 31–52. http://dx.doi.org/10.1257/jep.6.4.31.

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The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of “fiscal federalism.”

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2

Randzio-Plath, Christa. "The euro - our future in Europe." Transfer: European Review of Labour and Research 4, no. 1 (1998): 48–57. http://dx.doi.org/10.1177/102425899800400107.

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Economic and Monetary Union has been created to complete the single market, to provide optimal macro-economic conditions for employment-enhancing growth and to promote further political integration in the European Union. Unfortunately in the discussion about monetary union the reasons why Europe needs EMU have been almost forgotten. As the future European Central Bank will be solely responsible for European monetary policy and thus be influencing strongly the overall macro-economic framework in Europe, the question of democratic accountability of monetary authorities needs to be debated. EMU i

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3

Herzog, Bodo. "Judgment of the German Federal Constitutional Court (2 BvR 859/15) on the Public Sector Purchase Programme of the ECB: An Interdisciplinary Analysis." European Public Law 27, Issue 4 (2021): 653–72. http://dx.doi.org/10.54648/euro2021032.

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On 5 May 2020, the Federal Constitutional Court of Germany announced in a momentous ruling that the Public Sector Purchase Programme (PSPP) of the European Central Bank (ECB) exceeds European Union (EU) competences. This decision initiated a lively debate in law and economics all over Europe. This article provides a unique interdisciplinary reading of the ruling in order to clarify the line of argument. Considering a cross-disciplinary view enlightens the understanding of the historic judgment. Ultra-Vires, European Court of Justice, German Federal Constitutional Court, Public Sector Purchase

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4

EPSTEIN, RACHEL A., and JULIET JOHNSON. "Uneven Integration: Economic and Monetary Union in Central and Eastern Europe." JCMS: Journal of Common Market Studies 48, no. 5 (2010): 1237–60. http://dx.doi.org/10.1111/j.1468-5965.2010.02111.x.

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5

Dominguez, Kathryn M. E. "The European Central Bank, the Euro, and Global Financial Markets." Journal of Economic Perspectives 20, no. 4 (2006): 67–88. http://dx.doi.org/10.1257/jep.20.4.67.

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The economic case for European monetary union was shaky at best when it was first discussed 35 years ago. Europe's leaders felt that monetary union was the capstone to their efforts to create an integrated Europe, and much to the rest of the world's surprise, they succeeded. The introduction of the euro and the establishment of the European Central Bank (ECB) as the monetary authority of Europe went much more smoothly than many predicted. But nagging doubts about the wisdom of integration persist. The slim margins by which the Maastricht Treaty passed and the wide margin on which the European

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Beju, Daniela-Georgeta, Maria-Lenuţa Ciupac-Ulici, and Codruța-Maria Fǎt. "Central Bank Independence and Inflation IN EU-28." Land Forces Academy Review 22, no. 4 (2017): 253–62. http://dx.doi.org/10.1515/raft-2017-0034.

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Abstract Today, both policymakers and academicians consider that the central bank’s main goal is to guarantee price stability. The central bank can sustain the government’s economic policies, but only without prejudicing this objective. In order to focus on price stability several studies found that central bank should have a high level of independence. This is why during the recent decades the majority of developed countries, but also several emerging economies have employed institutional reforms that conferred their monetary authorities – the central bank – more independence. Within the Euro

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7

Deng, Haoran, Tzuhan Lin, Zihao Ma, and Yixi Wang. "The impact of European Monetary Union on different countries within the EU." Highlights in Business, Economics and Management 2 (November 6, 2022): 255–62. http://dx.doi.org/10.54097/hbem.v2i.2371.

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The decision on the establishment of economic and Monetary Union will be regarded as a major event in the economic history of Europe. A stable European monetary structure will affect the future not only of the Member States of the Community, but also of the whole world. It is likely to serve as a guidepost for the economic policies of future members of the European Community, such as Austria, Sweden and Finland, as well as the emerging market economies of Central and Eastern Europe. These countries are looking forward to closer links with the European Community. Monetary union would also provi

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8

Zawojska, Aldona. "Strefa euro a nowe kraje członkowskie Unii Europejskiej - dywergencja czy konwergencja gospodarcza?" Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, no. 53 (September 25, 2004): 25–42. http://dx.doi.org/10.22630/eiogz.2004.53.12.

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Economic and Monetary Union is unique in that it combines centralised conduct of monetary policy by the European Central Bank (ECB) with national sovereignty over fiscal and other economic policies. Its main goals are providing greater macroeconomic stability and improving economic efficiency in the euro area. After implementation of the EU enlargement on l May 2004, the ten new EU member states now face the challenge of joining the Eurozone. Central and East European Countries (CEEC) differ significantly with regards to their economic performance. Of the eight countries in Central and Eastern

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9

Ben, Arfa. "Analysis of shocks affecting Europe: EMU and some central and eastern acceding countries." Panoeconomicus 56, no. 1 (2009): 21–38. http://dx.doi.org/10.2298/pan0901021b.

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This paper deals with the synchronization of business cycles and economic shocks between the euro area and acceding countries. We therefore extract the business cycle component of output by using Hodrick-Prescott filter. Supply and demand shocks are recovered from estimated structural VAR models of output growth and inflation using long run restriction (Blanchard and Quah). We then check the (A) symmetry of these shocks by calculating the correlation between euro area shocks and those of the different acceding countries. We find that several acceding countries have a quite high correlation of

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10

Radovic, Irena. "Challenges for monetary policy in the enlarged European monetary Union." Panoeconomicus 56, no. 1 (2009): 95–110. http://dx.doi.org/10.2298/pan0901095r.

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The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in monetary policy modeling with special emphasis to enlargement. The focus is on the difficulty of implementing a unique currency policy in view or growing heterogeneity within the enlarged monetary union, and secondly - the issue of the voting mechanism within the ECB. When analyzing those two issues, it

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Reiner, Martin, and Piroska Nagy Mohácsi. "Fighting Inflation within the Monetary Union and Outside: The Case of the Visegrad 4." Financial and Economic Review 23, no. 4 (2024): 102–19. https://doi.org/10.33893/fer.23.4.102.

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The post-pandemic inflation surge tested monetary policy frameworks around the world. It was a particular test for the four Visegrad countries (V4) in Central-Eastern Europe, which provided a “natural experiment” to examine monetary policy outcomes under two different monetary regimes. With broadly similar economic characteristics, Slovakia was already in the Economic and Monetary Union (EMU) before the post-pandemic inflation hit, whereas the other three countries (Czechia, Hungary and Poland) were not. What was the inflation performance of the V4 countries under the two different regimes? Wh

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12

Henning, C. Randall. "Systemic Conflict and Regional Monetary Integration: The Case of Europe." International Organization 52, no. 3 (1998): 537–73. http://dx.doi.org/10.1162/002081898550653.

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Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integ

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Schmidt, Ingo. "Unmaking Neoliberal Europe: Capitalist Crisis and the Search for Alternatives." Perspectives on Global Development and Technology 12, no. 1-2 (2013): 41–62. http://dx.doi.org/10.1163/15691497-12341241.

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AbstractThe first part of this article situates the Euro-crisis in the larger context of the world economic crisis 2008/9 and then looks at the imbalances between creditor and debtor countries within the Euro-zone. These imbalances predate the introduction of the Euro, but sharpened massively since the start of European Monetary Union. These imbalances are the economic core of the Euro-crisis. The second part of the article looks at economic policies and argues that the austerity measures prescribed by the EU Commission, European Central Bank, and International Monetary Fund (IMF) deepened the

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Kasumović, Merim, and Erna Heric. "Nominal and Real Convergence as a Determinant for Joining the European Monetary Union." ECONOMICS 5, no. 1 (2017): 52–71. http://dx.doi.org/10.1515/eoik-2017-0011.

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Summary The thematic framework of this work is the nominal and real convergence as a determinant for joining the European monetary union. The focus of the work is to prove that realising the criteria of the convergence affects the stability of the European monetary union, that is, that the cause of destabilisation is exactly the fact that certain member nations have not realised the assigned convergence criteria. The financial integration is an important question because it contributes to the economic growth affecting free exchange with the goal of a more efficient allocation of capital; it is

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15

Forte, Francesco. "Röpke and Einaudi: from the Civitas of Persons to the Idea of Europe." Journal for Markets and Ethics 6, no. 1 (2018): 1–10. http://dx.doi.org/10.2478/jome-2018-0021.

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Abstract The first part of the paper deals with the so-called liberal Third Way of Röpke and Einaudi, which has, at its center, the person and civitas umana. Subsidiarity principle, market, and conform public interventions define the role and limits of public powers. The second part presents eight main indicators of the divergent performance of the four main Economic and Monetary Union (EMU) countries. The third part deals with the incompleteness of the institutional construct of the European Union (EU) and the EMU that are clubs of sovereign states in the light of Einaudi’s and Röpke’s ideas.

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Clark, William Roberts, and Mark Hallerberg. "Mobile Capital, Domestic Institutions, and Electorally Induced Monetary and Fiscal Policy." American Political Science Review 94, no. 2 (2000): 323–46. http://dx.doi.org/10.2307/2586015.

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The literature on global integration and national policy autonomy often ignores a central result from open economy macroeconomics: Capital mobility constrains monetary policy when the exchange rate is fixed and fiscal policy when the exchange rate is flexible. Similarly, examinations of the electoral determinants of monetary and fiscal policy typically ignore international pressures altogether. We develop a formal model to analyze the interaction between fiscal and monetary policymakers under various exchange rate regimes and the degrees of central bank independence. We test the model using da

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Anusik, Jakub, and Rafał Riedel. "Differentiated European Integration and the Changing Type of Capitalism in Central Europe." Studia Europejskie – Studies in European Affairs 27, no. 2 (2023): 101–19. http://dx.doi.org/10.33067/se.2.2023.6.

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The objective of this paper is to analyse the double-layered diversiﬁcation of the European integration system represented by the countries of Central Europe (CE). Here exempliﬁed by the Visegrad Four (V4) states (Poland, Hungary, Slovakia, and Czechia), the region offers a unique laboratory of European differentiated integration (DI). The V4 positions itself on the outer-core of the European Union hemispheres. At the same time, the bloc itself is internally diversiﬁed in various, important aspects of integration (conﬂicting trajectories with Brussels, monetary integration, energy policy, rela

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18

Murphy, Enda, and Julien Mercille. "(Re)making labour markets and economic crises: The case of Ireland." Economic and Labour Relations Review 30, no. 1 (2019): 22–38. http://dx.doi.org/10.1177/1035304619829015.

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The 2008 economic crisis has had significant impacts on labour markets around the world. In Europe, in particular, the need for internal devaluation within European Union nations in financial difficulty precipitated a wave of labour market reforms alongside the reform of welfare systems struggling to cope with high levels of unemployment. Various analyses have explored the nature of these changes separately for the labour market and welfare systems. Using a conceptual framework rooted in a political economy understanding the social nature of labour, this article takes an inclusive approach to

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19

Nazarii, Lypko. "REASSESSMENT OF THE «OPTIMUM CURRENCY AREA» THEORY IN THE EUROPEAN UNION." JOURNAL OF EUROPEAN ECONOMY 22, no. 1 (2023): 70–93. https://doi.org/10.35774/jee2023.01.070.

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The article offers a reassessment of the optimal currency area in the European Union and elaborates on the prospects for its expansion in the modern economic conditions. The assessment builds on the example of Central and Eastern European countries that have joined the euro zone in the recent years. The aim of the study is to compare the performance of the euro-zone countries with that of the non-euro-zone countries in order to determine whether the implementation of the common currency and centralized monetary policy helps to protect national economies from external shocks (balance-of-payment

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20

Wyplosz, Charles. "EMU: Why and How It Might Happen." Journal of Economic Perspectives 11, no. 4 (1997): 3–22. http://dx.doi.org/10.1257/jep.11.4.3.

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This paper reviews the history, economic rationale, and main components of the project of establishing a monetary union in Europe by 1999. The adoption of a single currency is shown to be the best available option following the liberalization of capital movements. Most of the institution's design (central bank independence and objective, fiscal restraints) reflect Germany's fears of inflation as it is asked to give up its currency. The fiscal restraints are excessive, however, and a source of contractionary bias. The paper also presents the timetable of the final countdown.

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Lypko, Nazarii. "Reassessment of the ‘Optimum Currency Area’ Theory in the European Union." Financial Engineering 1 (July 13, 2023): 244–58. http://dx.doi.org/10.37394/232032.2023.1.23.

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A reassessment of the ‘optimum currency area’ in the European Union and its perspectives for the expansion in the modern economic conditions has been conducted in the research paper. Assessment of the optimum currency area has been made on the example of the countries from Central and Eastern Europe, which joined the Eurozone in recent years. The aim of the research paper was to compare the performance of the countries in the Eurozone with the performance of the countries with their single currencies. The research question was whether a single currency and centralized monetary policy can prote

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22

Stevanović, Miroslav, and Dragan Đurđević. "The problem of the Eurozone in the process of European integration from the aspect of entrepreneurship planning in the Republic of Serbia." Megatrend revija 18, no. 4 (2021): 129–46. http://dx.doi.org/10.5937/megrev2104129s.

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The situation in eurozone, which encompasses some of the most developed countries, inevitably impacts the planning of individual entrepreneurship in Serbia, as the candidate for EU membership. In this article, we analyze how much the eurozone is part of economic integration in Europe or the result of that process in the context of the political process of EU enlargement. In this context, we look into the motives for integration and enlargement, the institutional framework for the functioning of the monetary union, and the implications on the concept of European integration. The findings indica

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Haubrock, Phillip J., Anna J. Turbelin, Ross N. Cuthbert, et al. "Economic costs of invasive alien species across Europe." NeoBiota 67 (July 29, 2021): 153–90. https://doi.org/10.3897/neobiota.67.58196.

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Biological invasions continue to threaten the stability of ecosystems and societies that are dependent on their services. Whilst the ecological impacts of invasive alien species (IAS) have been widely reported in recent decades, there remains a paucity of information concerning their economic impacts. Europe has strong trade and transport links with the rest of the world, facilitating hundreds of IAS incursions, and largely centralised decision-making frameworks. The present study is the first comprehensive and detailed effort that quantifies the costs of IAS collectively across European count

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Ünlü, Atilla. "Loans, Inflation, and Economic Growth in Türkiye and the European Union: A Comparative Analysis of Macroeconomic Dynamics." Bulletin of Economic Theory and Analysis 10, no. 2 (2025): 835–61. https://doi.org/10.25229/beta.1642704.

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In recent years, policies implemented to ensure economic stability have undergone significant changes in response to global and regional developments. In particular, the effects of the COVID-19 pandemic and the economic uncertainties caused by the ongoing Russia-Ukraine war have led to the widespread adoption of expansionary monetary policies. Accordingly, the European Central Bank (ECB) and the Central Bank of the Republic of Turkey (CBRT) tried to maintain economic stability by providing liquidity to the markets, but these policies, combined with increases in energy and commodity prices, led

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Tang, Donny. "Has European monetary union influenced the European Union bank lending flows to the EU countries from Central and Eastern Europe?" Journal of Financial Economic Policy 11, no. 2 (2019): 263–82. http://dx.doi.org/10.1108/jfep-05-2018-0080.

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Purpose The purpose of this study is to modify the gravity model to identify the main determinants of the European Union (EU) bank lending to the Central and Eastern Europe (CEE) countries during 1994-2012. Design/methodology/approach This study uses both two-stage least squares and dynamic generalized method of moments to estimate the modified gravity model. Findings This study finds that the CEE countries with more developed stock markets have received the higher EU bank lending inflows. The EU banks have greater access to additional financing in the stock markets. Second, the higher stock m

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Ganguli, Subhadra. "An economic analysis of sustainability of a potential GCC economic and monetary union during 2005-2014." World Journal of Entrepreneurship, Management and Sustainable Development 12, no. 3 (2016): 194–206. http://dx.doi.org/10.1108/wjemsd-01-2016-0005.

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Purpose – Gulf Cooperation Council (GCC) was set up in 1981 between Bahrain, Oman, Qatar, Saudi Arabia, United Arab Emirates and Kuwait for strengthening cooperation and economic development in the region. The GCC has made strides towards economic consolidation by forming a customs union and a common market. The long-term vision is to create an Economic and Monetary Union (EMU) with a single currency. Progress towards the EMU has been slow and the recent oil price plunge has led to concerns regarding sustainable growth of member countries due to their significant dependence on oil and lack of

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27

Lach, Bartłomiej, and Krzysztof Malaga. "Changes on economic freedom in 11 post-socialist countries of Central-Eastern and South-Eastern Europe in 1996–2022." Ekonomia i Prawo 22, no. 2 (2023): 251–74. http://dx.doi.org/10.12775/eip.2023.015.

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Motivation: One of the most important dimensions of socio-economic development in democratic countries with market economies remains economic freedom. In this context, it is worth assessing the evolution of economic freedom in 11 countries of Central and Eastern Europe and South-Eastern Europe: Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovenia, Slovakia during the period of institutional transformations in 1996–2022.Aim: The aim of the article is to present the results on correlation, s-convergence and s-divergence, as well as a multidimensional

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Skenderi, Sibora. "Central Bank Digital Currencies: To issue, or not to issue, that is the question- Legal and Economic Implications in the EU and, the Albanian Perspective." European Journal of Accounting, Auditing and Finance Research 10, no. 8 (2022): 56–77. http://dx.doi.org/10.37745/ejaafr.2013/vol10n85677.

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This research paper aims to serve as an added value to enrich the literature regarding the Central Banks Digital Currency and all its possible implications impacting the financial system. Our focus is on analysing CBDC from different perspectives, by analysing the motivations and concerns that lead countries with different economic conditions to introduce for their public this innovation as well as, to analyse the implications it poses due to significant fields of banking sector at whole, in terms of commercial banks, monetary policy of central bank or all the spikes that may happen in financi

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Dimitrov, Vesselin. "Ready for european economic and monetary union? Party composition of government, budgeting institutions and fiscal deficit in central and eastern europe." International Journal of Organization Theory & Behavior 8, no. 1 (2005): 40–66. http://dx.doi.org/10.1108/ijotb-08-01-2005-b002.

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Le Cacheux, Jacques. "Single currency, multiple budgets?" Transfer: European Review of Labour and Research 4, no. 1 (1998): 11–20. http://dx.doi.org/10.1177/102425899800400104.

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The painful process of convergence of national macroeconomic performances in order to comply with the Maastricht treaty criteria is coming to an end and the creation in time of the European single currency, probably with eleven members in the initial stage, is now taken for granted by most analysts and financial market participants. It is thus high time to think about how best to organise economic policy-making within the new euro zone. Although monetary unification will bring benefits for European consumers, there will also be costs, in particular due to increased competition within the singl

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Cruciani, Sante, and Massimo Piermattei. "Destre e sinistre in Europa: crisi e ridefinizione delle famiglie politiche." MEMORIA E RICERCA, no. 41 (February 2013): 103–20. http://dx.doi.org/10.3280/mer2012-041007.

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The aim of the paper is to retrace the evolution of "Right" and "Left", and the political cultures linked to them within the European integration process, after the "Fall of the Wall" in Berlin. The paper started with an overview about the milestones of political struggle between Left and Right from the first Community to the direct elections of EP, showing origin and development of parties' role within the EEC/EU, and the building - with its peculiarities - of a supranational level even in the field of political competition. The main part of the paper is focused about the impact - and the cen

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David, Delia, Shailendra Kumar Rai, and Luminita Paiusan. "Appreciation of the Swiss Franc and its Impact on Romania and other Central and Eastern European Countries." Studia Universitatis „Vasile Goldis” Arad – Economics Series 25, no. 4 (2015): 11–24. http://dx.doi.org/10.1515/sues-2015-0024.

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Abstract The decision of the Swiss National Bank of giving up the fixed rate of 1,2 Euro/CHF on the 15th of January 2015, a rate established at its admission to the Monetary Economic Union, had consequences on Central and Eastern European countries because a great part of the credits granted were in Swiss francs. In all these countries, the national currencies depreciated and the financial market rates were reduced. Regional banks started to face difficulties regarding the management of the situation and were under the necessity of finding solutions to avoid the risk of not recovering the gran

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Kapounek, Svatopluk, and Lubor Lacina. "Taylor rule and EMU Monetary Policy Determination and ECB's Preferences." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 54, no. 6 (2006): 85–96. http://dx.doi.org/10.11118/actaun200654060085.

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The aim of the article is to evaluate the preferences of the ECB in monetary policy and to compare them with preferences of the central banks of new EU member countries from Central and Eastern Europe. The ECB's responsibility for the primary objective (price stability) often contrasts with the requirement for economic growth stabilization policy from the national governments. There are doubts if the current members of Eurozone constitute an optimum currency area (the Eurozone 12 is recently the combination of rapidly growing and slow-growing - low inflationary countries). The differences betw

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Domonkos, Endre. "A gazdasági átalakulás tapasztalatai Csehországban, Szlovákiában, Lengyelországban és az egykori Német Demokratikus Köztársaságban (1990-2000)." Közép-Európai Közlemények 17, no. 1 (2024): 29–43. https://doi.org/10.14232/kek.2024.1.29-43.

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During the period from 1989 to 1990, economic and political transition in Central and Eastern Europe was accompanied by the general liberalisation and opening up of markets to foreign investors. This process started at the end of the 80s, which coincided with the general crisis of “state socialism” in the region. It is worth mentioning that there were substantial differences in the creation of a free market economy among the Central and Eastern European countries. Whereas Poland applied shock treatment based on the general principles of the Washington Consensus, Czechoslovakia followed a doubl

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JAVIER DONAIRE VILLA, Francisco. "El Tribunal de Justicia y la tutela de los derechos en la Unión Económica y Monetaria europea." Revista Vasca de Administración Pública / Herri-Arduralaritzarako Euskal Aldizkaria, no. 110-II (April 30, 2018): 141–89. http://dx.doi.org/10.47623/ivap-rvap.110.2018.2.05.

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LABURPENA: Europako Ekonomia eta Diru Batasunean oinarrizko eskubideak zaintzen Europar Batasuneko Justizia Auzitegiak zer lan egiten duen aztertuko dugu artikulu honetan. Zehazki, aztertuko dugu zertan diren hauek guztiak: Europar Batasuneko Oinarrizko Eskubideen Gutuna betearazteko eta babesteko sortu den jurisprudentzia (oraindik parekatu gabea eta eskasa), Egonkortasunerako Mekanismo Europarraren esparru bakoitzean; estatu kideen gehiegizko defizit publikoek eragindako prozedura komunitarioak; finantza-zerbitzuak gobernatzeko Agentzia Europarrak; Europako Banku Zentralaren jarduna, Gainbeg

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García-Vaquero, Martin, Frank Daumann, and Antonio Sánchez-Bayón. "European Green Deal, Energy Transition and Greenflation Paradox under Austrian Economics Analysis." Energies 17, no. 15 (2024): 3783. http://dx.doi.org/10.3390/en17153783.

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Greenflation or inflation for green energy transition in Europe becomes a structural problem of new scarcity and poverty, under Austrian Economics analysis. The current European public agenda on the Green Deal and its fiscal and monetary policies are closer to coercive central planning, against the markets, economic calculus, and Mises’ theorem. In this paper, attention is paid to the green financial bubble and the European greenflation paradox: in order to achieve greater future social welfare, due to a looming climate risk, present wellbeing and wealth is being reduced, causing a real and on

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Holobiuc, Ana-Maria. "Determinants of economic growth in the European Union. An empirical analysis of conditional convergence." SocioEconomic Challenges 5, no. 2 (2021): 26–34. http://dx.doi.org/10.21272/sec.5(2).26-34.2021.

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Being established from the initiative of six visionary countries in the second half of the 20th century, the European Economic Community has shifted the history of the European continent by promoting economic collaboration and political stability. Given its initial success, the regional group has quickly evolved from customs union to Economic and Monetary Union, comprising nowadays twenty-seven European countries. Although the European Union has successfully managed political, economic, social and even sanitary turmoil, the stability of the European architecture continues to be threatened by t

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Bilbiie, Florin, Tommaso Monacelli, and Roberto Perotti. "Fiscal Policy in Europe: Controversies over Rules, Mutual Insurance, and Centralization." Journal of Economic Perspectives 35, no. 2 (2021): 77–100. http://dx.doi.org/10.1257/jep.35.2.77.

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We discuss the main fiscal policy issues in Europe, focusing on two that are at the core of the current debate. The first is that the government deficit and debt were, from the outset, the key objects of contention in the debate that led to the creation of the Eurozone, and they still are. The second issue is that a currency union implies the loss of a country-specific instrument, a national monetary policy. This puts a higher burden on fiscal policy as a tool to counteract shocks, a burden that might be even heavier now that the European Central Bank has arguably reached the Zero Lower Bound.

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Silva, Célia Taborda. "Protests in Europe in Times of Crisis -The Case of Greece, Ireland and Portugal." European Journal of Social Sciences 5, no. 2 (2022): 97–109. http://dx.doi.org/10.2478/eujss-2022-0019.

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Abstract The year 2008 was marked by a financial crisis that started in the United States but quickly spread to the rest of the world. Subprime-related, this crisis was linked to property speculation, leveraged by the banking sector. This crisis quickly spread to Europe due to exposure of European economies to international markets. To avoid economic collapse the States decided to intervene in the banking sector, nationalizing some banks and injecting capital in others. Some European countries not to enter bankruptcy had to ask for external financial support between 2010-11, was the case of Gr

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40

Silva, Célia Taborda. "Protests in Europe in Times of Crisis -The Case of Greece, Ireland and Portugal." European Journal of Social Sciences 5, no. 2 (2022): 97–109. http://dx.doi.org/10.2478/ejss.v1i2.p44-51.

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Abstract The year 2008 was marked by a financial crisis that started in the United States but quickly spread to the rest of the world. Subprime-related, this crisis was linked to property speculation, leveraged by the banking sector. This crisis quickly spread to Europe due to exposure of European economies to international markets. To avoid economic collapse the States decided to intervene in the banking sector, nationalizing some banks and injecting capital in others. Some European countries not to enter bankruptcy had to ask for external financial support between 2010-11, was the case of Gr

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41

Schindler, Felix. "International Real Estate Review." International Real Estate Review 14, no. 1 (2011): 27–60. http://dx.doi.org/10.53383/100133.

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This paper analyzes long- and short-term co-movements between 14 international real estate stock markets based on cointegration and correlation analyses. The results indicate that there exist strong long-term relationships within economic and geographical regions, but less long-run linkages between real estate markets in different continents. Thus, investors would benefit from broadening their investment horizon from their domestic continent to Australia, Europe, and North America. Furthermore, it is shown that within each region, there are one or two key markets that influence neighboring mar

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Huerta de Soto, Jesús. "In Defense of the Euro: An Austrian Perspective (With a Critique of the Errors of the ECB and the Interventionism of Brussels)." Journal des Économistes et des Études Humaines 19, no. 1 (2013): 1–28. http://dx.doi.org/10.1515/jeeh-2013-0012.

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AbstractEconomists of the Austrian School are supporters of the gold standard because it hinders and restricts arbitrary policies and rulers: it disciplines the behavior of all the agents involved in the democratic process and encourages people to act orderly and morally. It is, in fact, an obstacle to the lies and demagoguery because it spreads and facilitates transparency and truth in social relations. The creation of the euro in 1999 and its final implementation in 2002 assumed the disappearance of monetary nationalism and flexible exchange rates in most of continental Europe. We will discu

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Budová, Jana, Veronika Šuliková, and Marianna Siničáková. "Inflation synchronisation strengthening in Europe in post-quantitative easing and post-pandemic high inflation times: consequences for single monetary policy management." Management 27, no. 2 (2024): 121–48. http://dx.doi.org/10.58691/man/176596.

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This paper aims to find out whether the inflation rates of individual European Union (EU) countries are synchronised with those of the EU as a whole and with the euro area (EA). Another objective is to examine the mutual inflation interconnections and its synchronisation across countries. We use the Minimum Spanning Tree (MST) and cross-correlations (C-C). Based on structural break tests, the period is divided into four periods: January 2001 - December 2008, January 2009 - March 2015, April 2015 - July 2021, August 2021 - April 2023. The results showed that the direction of the inflation trans

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Funk, Lothar. "Labour Market Trends and Problems in the EU’s Central and Eastern European Member States: Is Flexicurity the Answer?" Journal of Contemporary European Research 5, no. 4 (2009): 557–80. http://dx.doi.org/10.30950/jcer.v5i4.254.

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Throughout the 1990s, international organisations, such as the International Monetary Fund mainly based their policy proposals for transition economies and the high unemployment, low growth countries in Western Europe, on economic “orthodoxy”. This approach predominantly followed neoclassical economics in which market liberal solutions predominate. These suggestions were controversial; the early results of these policies appeared to be disappointing. Policymakers sought alternative reform proposals and the idea of “flexicurity” has gradually emerged to the political buzzword. Flexicurity combi

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McKinnon, Ronald I. "Financial Control in the Transition from Classical Socialism to a Market Economy." Journal of Economic Perspectives 5, no. 4 (1991): 107–22. http://dx.doi.org/10.1257/jep.5.4.107.

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The transition from socialism to capitalism poses severe problems of financial management that have yet to be resolved in principle, let alone in practice. One unfortunate consequence is continual financial turmoil as socialist economies of the Soviet Union and Eastern Europe attempt reform. Inflation, either open or repressed, first accompanies and then undermines attempts to decentralize decision-making. But why should the transition from central planning to a market economy be inflationary? Understanding the system of financial control in the preexisting regime of “classical” socialism is t

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Dodig, Nina, and Hansjörg Herr. "Current account imbalances in the EMU: An assessment of official policy responses." Panoeconomicus 62, no. 2 (2015): 193–216. https://doi.org/10.2298/PAN1502193D.

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To handle the sovereign debt crisis in general and macroeconomic imbalances in particular the leading EU institutions and the Troika (European Central Bank, European Commission and International Monetary Fund) adopted two broad approaches: The short-term approach is based on enhancing the Stability and Growth Pact and to impose fiscal austerity on crisis countries. The medium- to long-term strategy consists of internal devaluation via reducing wage costs. Both approaches were combined with structural adjustment programs in the spirit of the Washington Consensus. The Troika's policy implies

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Bilenko, Yuriy. "ECONOMIC GROWTH AND TOTAL FACTOR PRODUCTIVITY IN CENTRAL AND EASTERN EUROPEAN COUNTRIES BETWEEN TWO GLOBAL CRISES AND BEYOND." Baltic Journal of Economic Studies 8, no. 4 (2022): 8–18. http://dx.doi.org/10.30525/2256-0742/2022-8-4-8-18.

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The aim of the article is to assess the factors of economic growth of the CEE countries over the 30-year history, the productivity of capital and human resources, the resilience of these countries to the negative impact of the global financial crisis. Methodology. The Solow growth model was used to estimate the growth rates of capital, labor and total factor productivity (TFP). The impact of macroeconomic indicators on GDP and TFP growth is assessed. The group of Central and Eastern European countries that joined the European Union was chosen for the analysis: Bulgaria, Romania, Poland, Hungar

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Mati, Sagiru, Irfan Civcir, and Hüseyin Ozdeser. "ECOWAS COMMON CURRENCY: HOW PREPARED ARE ITS MEMBERS?" Investigación Económica 78, no. 308 (2019): 89. http://dx.doi.org/10.22201/fe.01851667p.2019.308.69625.

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<p align="center"><strong>ABSTRACT</strong></p><p>This study operationalizes the Optimum Currency Area (OCA) to investigate the preparedness of Economic Community of West African States (ECOWAS) members to form a Monetary Union (MU). Inflation and output models are estimated, with the sample 1988:01 to 2017:12 for the former and 1967 to 2016 for the latter. Analyses of ECOWAS convergence criteria, impulse responses, variance decompositions and correlations of shocks of these two models, reveal that the shocks across the ECOWAS members are asymmetric. The conclusio

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De Becker, E. "The (Possible) Role of the Right to Social Security in the EU Economic Monitoring Process." German Law Journal 17, no. 3 (2016): 277–314. http://dx.doi.org/10.1017/s2071832200019787.

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The outbreak of the financial and economic crisis in 2008 had a severe impact on the member states of the European Union. Countries like Greece had to ask the Troika (the European Commission, the European Central Bank and the International Monetary Fund) for financial aid. In return, they were obliged to reduce public spending and, as a result, national social security systems were drastically reformed. Furthermore, the EU has exercised its competences to supervise national budgets more extensively, even for countries not applying for financial aid through the Country Specific Recommendations

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Panova, G. S. "BANKS AND BANKING BUSINESS IN RUSSIA IN THE FACE OF INTERNATIONAL SANCTIONS." MGIMO Review of International Relations, no. 1(46) (February 28, 2016): 154–68. http://dx.doi.org/10.24833/2071-8160-2016-1-46-154-168.

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The article provides an analysis of the present condition and prospects of development of banks and the banking business in the face of international sanctions. It identifies current trends, problems and the risks of banks and banking in Russia and in the world. Special attention is paid to the analysis of sectoral international sanctions against the Russian banks and the need to minimize negative impact of sanctions on the banking business, both nationally and internationally. Great value in these conditions has the state monetary policy. Anti-crisis policy pursued by the Bank of Russia, in a

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