Suchergebnisse

Foreword -- From Two to Three Tiers of European Union Socioeconomic Governance -- European Lessons from the Great Recession -- Is Social Investment (with Teeth) Still the Answer? -- References -- Preface and Acknowledgements -- Contents -- Contributors -- List of Figures -- List of Tables -- 1: Introduction: Is the European Union More Involved in Welfare State Reform Following the Sovereign Debt Crisis? -- References -- 2: A New Era of European Integration? Governance of Labour Market and Social Policy Since the Sovereign Debt Crisis -- Introduction: The European Union and Social Policy

This paper discusses the impact of the sovereign debt crisis on the functioning of national democracies in the EU and its main drivers. After critically reviewing some common explanations proposed to make sense of the transformations undergone by European democracies since the onset of the crisis, it argues that decades of economic integration and lately monetary union have created a transnational policy space in Europe. This is characterized by mutual interdependence where decisions made by national democratic authorities potentially or actually affect the life of people outside the boundaries of their democracies. The analysis shows that the absence of fully empowered transnational democratic institutions and the decision to manage economic interdependence under an intergovernmental framework are largely responsible for stifling national democracies in the EU. It concludes that EU leaders have a choice between taking up the challenge of transnational democracy, breaking up the Euro to decrease economic interdependence and preserve national democratic institutions or steering their societies towards a post- democratic future.

We compare the dynamics of inflation and bond yields leading up to a sovereign debt crisis in settings where asset markets are frictionless to other settings with financial frictions. As compared with the case with frictionless asset markets, an asset market structure with financial frictions generates a significant delay in the response of prices to news about a future debt crisis. With complete markets, prices jump in response to news about the possibility of a future debt crisis. However, when short selling of government bonds is restricted, some agents can't act on their beliefs, and prices don't respond to the news. Instead, prices only move in periods immediately prior the crisis.

This book offers a much-needed analysis of how the European Union (EU) has affected welfare state reforms in the Member States most severely hit by the 2008 economic crisis. Bringing together leading European social policy researchers, it shows that the EU s responses to the sovereign debt crisis have changed the nature of EU intervention into domestic welfare states, with an enhanced focus on fiscal consolidation, increased surveillance and enforcement of EU measures. The authors demonstrate how this represents an unprecedented degree of EU involvement in domestic social and labour market policies. Readers will also discover how greater demands to attain balanced budgets have been institutionalized, leading to tensions with the EU's social investment strategy. This highly informative edited collection will engage students, social policy practitioners and researchers, scholars of the welfare state and political scientists."

The financial market crisis of 2008/2009 triggered efforts at re-regulation at all political levels, national, European, and international. Reform demands had been radical and comprehensive but effective regulatory change was halting, and then in summer 2011 the related connected sovereign debt and euro crises came to preoccupy political attention. Regulatory financial market reform nevertheless continued. This paper traces both the shift in political attention and the continuing regulatory activities of different bodies between the summer of 2011 and the summer of 2013. The analysis highlights the time profile, the specific selectivity, the recursive nature, and the stepwise concretization of reforms. Finally, the issue is raised whether the reform process will eventually lead to increasing regulatory harmonization, or increasing international diversity of financial market regulation. ; Die Finanzmarktkrise von 2008/2009 hat auf allen politischen Ebenen - der nationalen, europäischen und internationalen - Versuche einer Regulierungsreform ausgelöst. Die anfänglichen Reformziele waren radikal und umfassend, aber der tatsächliche Reformprozess kam bis zum Sommer 2011 nur zögernd voran. Zu diesem Zeitpunkt drängte die Staatsschuldenkrise und die mit ihr verbundene Euro-Krise das Thema Finanzmarktregulierung in den Hintergrund. Das Discussion Paper verfolgt sowohl den Wandel politischer Aufmerksamkeit wie die dennoch weiter laufenden Aktivitäten wichtiger, speziell internationaler Institutionen in Sachen Regulierungsreform in der Zeit zwischen Mitte 2011 und Mitte 2013. Es wird gezeigt, dass der Reformprozess eine charakteristische Zeitstruktur, eine spezifische Selektivität und Rekursivität besitzt und durch eine schrittweise Konkretisierung gekennzeichnet ist. Am Ende stellt sich die Frage, ob der Reformprozess zu wachsender internationaler Harmonisierung oder umgekehrt zu wachsender Diversität von Finanzmarktregulierung führen wird.

The purpose of this paper is to investigate the antecedents and the consequences of the Greece debt crisis as well as highlighting the reforms capacity. The approach adopted in this paper is to answer the questions such as "what is the background of the Greece debt crisis and how it is originated?â€, "which antecedents caused the Greece vulnerable to the crisis?â€, "what are the twin constraints being faced by Greece and its consequences?â€, "which measures are taken to gain fiscal stability in the Greece under Stability and Growth Pact?†and "what are the rescue possibilities available to Greece to withstand the crisis? Is bail out the only possible solution?†These questions are used to guide the search or studies and analysis thereof and major emerging themes are presented. The key findings of the study are some main factors that triggered the crisis. These are misstated statistics by Greek government, weak co-ordination and organization, high expenditures in comparison to revenues, corruption, tax evasion, weak welfare system and inflexible employment laws. The research limitation is based on the limited scope of the study as some important question regarding the Greece debt crisis is yet to be answered and some aspects of literature are needed to be explored further. Since the main objective of this study is to explore the antecedents that caused Greece vulnerable to the crisis and its aftermaths, it also aims at explaining the fiscal stability measures under taken by Greece under Stability and Growth Pact along with explaining the bail- out alternative available to the Greece perhaps as a last resort. Moreover, this paper highlights the various steps being upheld for reforming Economic Monetary Union (EMU) governance. Thus, this study provides an opportunity to probe into the overall economic and fiscal scenario of Greece under debt crisis.