Suchergebnisse

With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the "euro crisis". While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union, have been implemented successfully, the eminent design feature of the euro area that nourishes fragmentation and flight to safety is not sufficiently fixed: With the adoption of the euro, Member States became 'subsidiary governments' that were no longer capable of issuing bonds under their own exclusive monetary control. Thus, integrating euro area sovereign bond markets should be a top priority. One remedy would be to pool sovereignty via euro bonds, or, given the reluctance to embrace risk-sharing among sovereigns, to introduce synthetic euro bonds that work without debt mutualization. ; Mit dem Ziel einer Kapitalmarktunion sind Bestrebungen im Gange, (private) Kapitalmärkte zu integrieren sowie private Risiken in der Europäischen Union zu teilen. Zu beachten ist, dass der Binnen(kapital)markt durch eine latente Instabilität der Staatsanleihenmärkte im Euroraum bedroht ist, zumal diese Märkte sich während der "Euro-Krise" desintegriert hatten. Zwar wurden Reformen der institutionellen Architektur des Euro-Währungsgebiets, wie etwa große Teile der Bankenunion, erfolgreich umgesetzt; jedoch sind jene Aspekte des Euroraums, die Fragmentierung und Flucht nach Sicherheit bewirken, nicht hinlänglich repariert. Mit der Einführung der Gemeinschaftswährung wurden die Mitgliedstaaten zu "subsidiären Regierungen", die keine Staatsanleihen mehr unter ihrer alleinigen "monetären Kontrolle" emittieren können. Integration der Staatsanleihenmärkte im Euroraum sollte daher oberste Priorität erhalten. Eine Möglichkeit wäre, die Souveränität über Euro-Anleihen zu poolen. Alternativ dazu ließen sich, angesichts der Skepsis gegenüber einer Risikoteilung zwischen Mitgliedsstaaten, synthetische Euro-Anleihen einführen, die keine Vergemeinschaftung von Schulden mit sich bringen.

Central banks and financial supervisors approach 'green finance' mostly to preserve macroeconomic and financial stability according to their mandates. Obviously, climate change poses severe risks to households, firms and their financial intermediaries. These risks tend to be correlated and their scope goes beyond historical evidence, therefore their impact on the financial system is difficult to model. On the other hand, the planned decarbonization of the global economy creates enormous investment opportunities. Central banks and supervisors play a role in safeguarding the financial system's smooth transformation from funding old, brown industries to funding a new green economy. The 'Network for Greening the Financial System' facilitates an exchange of experience and ideas among central banks and financial supervisors; we present some of their findings. While central banks can and should contribute to making the economy and the financial system more sustainable, they can only complement, but not substitute for, decisive political action by governments. ; Zentralbanken und Finanzaufsichtsbehörden haben beim Thema "Green Finance" vor allem die makroökonomische und finanzielle Stabilität im Sinne ihrer Mandate im Blickpunkt. Denn einerseits birgt der Klimawandel erhebliche Risiken für Haushalte, Unternehmen und deren Finanzintermediäre. Diese Risiken sind in der Regel korreliert und ihr Umfang geht über historische Erfahrungswerte hinaus. Daher sind ihre Auswirkungen auf das Finanzsystem schwer zu modellieren. Andererseits schafft die geplante Dekarbonisierung der Weltwirtschaft enorme Investitionsmöglichkeiten. Zentralbanken und Aufsichtsbehörden können zur reibungslosen Umstellung des Finanzsystems zur Finanzierung einer neuen "grünen" Wirtschaft statt alter, "brauner" Industrien beitragen. Das "Network for Greening the Financial System" erleichtert den Erfahrungs- und Ideenaustausch zwischen Zentralbanken und Finanzaufsichtsbehörden. Wir präsentieren hier einige ihrer Erkenntnisse. Trotz ihrer wichtigen Rolle bei der nachhaltigen Gestaltung der Wirtschaft und des Finanzsystems können Zentralbanken entschlossenes politisches Handeln der Regierungen nur ergänzen, nicht jedoch ersetzen.

This paper calculates structural balances for EU-countries and relates them to fiscal sustainability. Although the Stability Pact implicitly accepts the need to distinguish between the structural and the cyclical component of net deficits, the issue of long-term sustainability is only covered by the need not to exceed a certain threshold value of the net lending. While the OECD and the European Commission (EU) assume constant elasticities when calculating cyclical budget components to derive structural deficits from the net deficits, the present paper choses time series technique to extract the structural balances directly. = Structural balances are calculated on a disaggregated level considering five different government receipts and expenditure components. With the same method, structural primary balances are estimated to analyse long-term sustainability of fiscal policy in the EU. Therefore, we set the structural primary surpluses against those primary balances, necessary to stabilise the debt to GDP ratio. It is shown that in some of the so-called core-countries like Germany and France, structural surpluses are still below those required to stabilize the debt ratio.

Contents: Part I: Financing economic and social cohesion -- 1. Funding European solidarity / Ewald Nowotny, Doris Ritzberger-Grünwald, Helene Schuberth -- 2. The role of the European Union in fostering convergence / Benoît Cœuré -- Part II: The role of monetary policy in catching-up -- 3. Monetary policy and catching-up in CESEE / Anita Angelovska Bezhoska -- 4. Some considerations about the impact of monetary policy on economic convergence / Mugur Isărescu -- 5. Nominal versus real convergence: Bulgaria's practical approach toward euro adoption / Dimitar Radev -- Part III: Cohesion within and between countries -- 6. Strengthening economic convergence in Europe / Jeffrey D. Sachs -- 7. Trust and cohesion in Europe: Lessons from the Delian League / Athanasios Orphanides -- Part IV: The role of the EU budget -- 8. The next EU budget and the financing of cohesion policy / Sándor Richter -- 9. Strengthening added value and sustainability-orientation in the EU budget / Margit Schratzenstaller-Altzinger -- 10. EU budget: How to deliver more with less? The case for financial instruments / Stéphane Saurel -- Part V: Industrial policy and investment -- 11. Deindustrialization, job polarization and ageing in emerging / Europe Ralph De Haas, Martin Höflmayr -- 12. Mind the gap: How does the flow of EU funds match structural investment gaps in CESEE? / Tomáš Slačík -- 13. Improving host countries' investment environment: Is the national supply side really the right focus? / Andrew Watt -- Index.

With formidable challenges facing Europe today, effective and well-designed structural reforms are key to shaping Europe's future.

In the long aftermath of the acute global financial crisis of 2008/09, the need to get economies back on track and to handle high levels of public and private debt has created conflicting objectives. Challenges yet to be mastered are the need to avoid counterproductive measures of adjustment and the persistent need to "rebalance" the economy with new sources of growth and productivity. Hence, there is an urgent requirement for policies to reverse the decline in public and private investment, and to fuel innovation. These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes important lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. A mix of contributions from academics and policy-makers focus on the interaction between monetary policy and financial stability, adding regional perspectives to the resulting dilemmas and trade-offs.

This book focuses on recent financial market reforms, and their implications for social, economic and political exclusion. In particular it considers the hitherto under-researched question of whose interests govern the design of regulatory mechanisms and who influences the decision-making process. This process is set out as contested terrain, in which there are winners and losers, and in which there are inevitably circles of exclusion. The authors, comprising financial authority experts and academic specialists, expand the concept of exclusion beyond its typical social dimension to incorporate all actors, be they individuals or institutions not permitted to contribute to financial market regulation as a public good. As they point out, this may take the form of political, economic or indeed cultural exclusion. The book examines the conflicts that arise between various interests and how these are managed within the process of regulation

Contents: Preface -- PART I A historic transformation: heterogeneity in CESEE in a changing global context -- 1 Looking back on 30 years of transition - and looking 30 years ahead / Robert Holzmann -- 2 1989: the year of the great ambivalence / Anton Pelinka -- 3 The price of unity: the transformation of Germany and Eastern Europe after 1989 / Philipp Ther -- PART II A central banker's view on monetary policy during transition -- 4 Monetary policy challenges during transition: the case of Serbia / Jorgovanka Tabaković and Ana Ivković -- 5 Monetary milestones of the past 30 years: the Czech National Bank's view / Jiří Rusnok -- 6 Croatia - from hyperinflation to the road to the euro area / Boris Vujčić and Katja Gattin Turkalj -- PART III Modes of transition: the impact of different economic policy approaches -- 7 Ten lessons from thirty years of post-communist economic transformation / Anders Åslund -- 8 The impact of different transition patterns and approaches on economic development in EU-CEE11, Russia and Ukraine / Marina Gruševaja -- 9 Central, Eastern and Southeastern Europe's reunion with Europe / Andrzej Sławiński -- PART IV Lessons from three decades of catching-up in Asia -- 10 Catching-up in Central and Eastern Europe and East Asia - commonalities and differences / Michael A. Landesmann -- 11 Chinese multinationals in East Central Europe: structural, institutional or political considerations? / Ágnes Szunomár -- PART V Challenges for CESEE's near future: monetary and financial stability -- 12 Did macroprudential policies play a role in stabilizing the credit and capital flow cycle in CESEE? / Markus Eller, Helene Schuberth and Lukas Vashold -- 13 30 years of monetary and exchange rate regimes in Central and Eastern Europe: what has changed, and what is next? / Johannes Wiegand -- PART VI The future of CESEE: the impact of megatrends -- 14 At the start of a new leadership of the European Commission and the European Central Bank: where is the place of Central and Eastern Europe? / Martin Selmayr -- 15 Will the EU overcome the East-West divide? / Ada Ámon -- 16 Demographic change in Central, Eastern and Southeastern Europe: trends, determinants and challenges / Tomáš Sobotka and Alexia Fürnkranz-Prskawetz -- 17 The demographic challenge of Eastern Europe and potential policy options / Mario Holzner -- Index.