Suchergebnisse

This book seeks to link theoretical debates on the relevance of trust in economic outcomes with arguments about the origins and lessons of the subprime crisis. By what mechanisms does trust influence economic outcomes? Under what conditions do these mechanisms prevail? How do debates about trust help our understanding of the subprime crisis in the European Union? By integrating insights from Post-Keynesian, Austrian and new institutional economics, the central proposition of the analysis is that the presence or absence of institutional trust creates virtuous and vicious cycles in law-abiding, which critically influence the possibility for economic agents to have realistic long-term plans.

"Dieses Blatt gibt einen Überblick über die die wichtigsten Ziele und Bestandteile der verstärkten wirtschaftspolitischen Steuerung in der EU, als Ergebnis der größten Reform der Wirtschafts- und Währungsunion (WWU) seit ihrer Gründung. Hinausgehend über verschärfte Regeln in den Bereichen der Haushaltspolitik, Makroökonomie und der Institutionen ist die EU Wachstumsstrategie "Europa 2020" der vorgezeichnete Weg zu Wirtschaftswachstum mit hoher Beschäftigung, Produktivität und sozialem Zusammenhalt. Zehn Jahre nach Einführung der Euro-Banknoten und -Münzen dürften diese gebündelten Maßnahmen die Vorteile der WWU voll und ganz zum Tragen bringen."-- Herausgeber

A regulatory idea conducted this work: the need to connect the economic rationale of the theory of currency areas with the current EU institutional frame of the European monetary unification process. The latter includes the recent revamping of fiscal rules of the Stability and Growth Pact, and calls for enhancing flexicurity in EU labour markets. The lack of EU political leadership is a dead-weight loss to build a genuine economic and monetary union, and risks to blow-up the whole project. Further, it undermines the internal macroeconomic logic of a single currency like the euro, and gives a prominent non-democratic role to financial markets. As it happened in the past with the gold-standard, the euro condemns today the peripheral countries to a deflationary process which might last for a decade. A more pro-European approach is needed with both sides of the system (core and periphery) making the required adjustment efforts, though in the opposite way, to save the eurozone and Europe.

Kriza suverenog duga i bankarskog sistema u Evrozoni predstavljaju veliku potencijalnu opasnost ne samo po privrednu stabilnost Starog kontinenta već celokupne svetske ekonomije. U radu se razmatraju uzroci krize i ukazuje na moguća kratkoročna rešenja koja imaju za cilj prevazilaženje recesije. Ukoliko pak, centralne evropske zemlje nastave da insistiraju na implementaciji deflacionističke ekonomske politike u perifernim evropskim privredama, moguć je raspad Evrozone sa nizom pratećih negativnih efekata čije krajnje posledice u sadašnjem momentu nije moguće sagledati u celosti. ; The crisis of sovereign debt and banking system in the Euro Area seriously endanger not only economic stability of the Old continent, but also of the world economy as a whole. In this study, we identify causes of the crisis and point towards plausible solutions aiming at a provisional overcoming of the recession. If, on the other hand, central European countries continue to insist on further implementation of deflationary oriented economic measures in peripheral European economies the break-up of the Euro Area is likely. Final, potentially devastating consequences of this possible grim event are at this moment very hard to predict.

Successive enlargements to the European Union membership have transformed it into an economically, politically and culturally heterogeneous body with distinct vulnerabilities in its multi-level governance. This book analyses core-periphery relations to highlight the growing cleavage, and potential conflict, between the core and peripheral member-states of the Union in the face of the devastating consequences of Eurozone crisis. Taking a comparative and theoretical approach and using a variety of case studies, it examines how the crisis has both exacerbated tensions in centre-periphery relations within and outside the Eurozone, and how the European Union's economic and political status is declining globally. This text will be of key interest to students and scholars of European Union studies, European integration, political economy, public policy, and comparative politics.

Europsku uniju danas čini 27 država. U 19 država te zajednice zakonsko je sredstvo plaćanja zajednička valuta - euro (europodručje) i te države tvore Europsku ekonomsku i monetarnu uniju, a u 8 država članica zakonska sredstva plaćanja jesu nacionalne valute. Postojanje dvojnog monetarnog rješenja u Europskoj uniji omogućava postupnost u procesu uvođenja zajedničke valute sukladno mogućnostima i spremnosti pojedinih država članica za zamjenu nacionalne valute eurom i slijedom toga, u konačnici, takvim rješenjem osiguran je i pristup monetarnoj uniji. Potpisivanjem Ugovora o pristupanju Europskoj uniji svaka država obvezuje se uvesti zajedničku valutu, ali autonomno odlučuje o trenutku započinjanja toga složenog procesa.1 Nakon toga slijedi ispunjavanje uvjeta konvergencije i dvogodišnje razdoblje pridržavanja propisanih kriterija i potom uvođenje zajedničke valute Unije. ; The European Union today comprises 27 member states, 19 of which share a common currency - the euro (euro area). These states form the European Economic and Monetary Union, the eurozone, and in the remaining 8 member states the legal tender is the national currency. The existence of a dual monetary solution in the European Union enables a gradual transition in introducing the common currency in accordance with the possibilities and readiness of individual member states to replace the national currency with the euro, and consequently, this solution ensures access to the monetary union. When each state signed the Treaty of Accession to the European Union, it committed to introduce the common currency, autonomously deciding on when to start this complex process. Then followed meeting the convergence conditions and a two-year period of keeping to the criteria prescribed, after which came the introduction of the Union's common currency.

Dollars, Euros, and Debt suggests that an increase in public spending is the wrong medicine, because it was precisely the increase in public spending that created some of the structural problems that are now confused with, or have led to, the cyclical slowdowns. The book argues that, over the years, and in a growing number of countries, the high and increasing levels of public spending were, first and progressively, being financed by higher tax levels and, subsequently, by increasing borrowing. In the early years of the twenty-first century governments started facing strong taxpayers' resistance to tax increases. Thus, they relied more and more on public borrowing, pushing the public debts to high levels. More recently they started facing stronger resistance by private lenders, that led to the progressive easing of monetary conditions by central banks. The central banks' actions have made it difficult to separate fiscal from monetary actions and have hidden some of the true deterioration in the fiscal accounts. They have also increased future uncertainty and potential 'time consistency' problems. The book evaluates the effects of 'fiscal stimulus packages', especially when they start from precarious fiscal conditions, and presents a novel 'law of public expenditure growth', and suggests how that law may help in the design of 'exit strategies' from the current crisis. It also discusses similarities and differences between the monetary union that the euro and the monetary union that is the dollar.