scholarly journals The United Kingdom and the stability of the Euro area: From Maastricht to Brexit

World Economy ◽  
2020 ◽  
Vol 43 (7) ◽  
pp. 1792-1808 ◽  
Author(s):  
Nauro F Campos ◽  
Corrado Macchiarelli
Keyword(s):  
United Kingdom ◽  
Euro Area ◽  
The United Kingdom ◽  
The Stability

Preservative or Transformative? Theorizing the U.K. Constitution Using Comparative Method

2020 ◽  
Vol 68 (2) ◽  
pp. 412-440
Author(s):  
Jo Eric Khushal Murkens
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Comparative Method ◽  
The State ◽  
Power Sharing ◽  
The European Union ◽  
Multilevel Systems ◽  
The United Kingdom ◽  
Comparative Constitutional Law ◽  
The Stability

Abstract The complexities of the United Kingdom’s decision to withdraw from the European Union while simultaneously honoring its prior commitments to its decentralized, autonomous, and constituent regions have put constitutional questions back on the map. The dominant approach analyzes these questions premised on the “preservative” view of the constitution. This view prioritizes the stability and continuity of the institutions in Westminster (Parliament) and Whitehall (central executive). However, the preservative view of the constitution is theoretically and practically deficient as it cannot give an account of the multipolar and decentralized developments of the past twenty years. Another interpretation regards the legal and political changes to the constitution as “transformative.” This view accentuates the fragility of the U.K. constitution due to a plurality of constitutional rules and the ongoing processes of devolution of powers within multilevel systems of government. This Article discusses that evolution of the U.K. constitution through the prism of comparative constitutional law and its appropriate methodology. The preservative model of the constitution favors a universalist method, whereas the transformative model requires a contextualist method. I argue that the experience of supranational (European Union) and infranational (devolution) power sharing has fundamentally altered the United Kingdom’s central constitutional concepts. To stabilize its fragmentary forces, the United Kingdom needs to adopt concepts that reflect the state as divided, the constitution as transitional, sovereignty as an attribute of the state rather than Parliament, and democracy as conflicted. Nothing less than the future of the United Kingdom as a state is at stake.

Cross-Cutting Themes in Major Article IV Consultations

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
United States ◽  
United Kingdom ◽  
Euro Area ◽  
Capital Flows ◽  
World Economy ◽  
The United States ◽  
Policy Responses ◽  
The United Kingdom ◽  
The World ◽  
Cross Country

This paper is part of a broader on-going effort to bring a more cross-country perspective to bilateral surveillance, taking advantage of a cluster of Article IV consultations with five systemically important economies concluded in July. With the five economies—the United States, the Euro area, China, Japan, and the United Kingdom—accounting for two-thirds of global output and three quarters of capital flows, the nature of linkages and consistency of policy responses across the systemic five (S5) has important implications for the world economy.

Divergence on Chinese 5G strains 'Five Eyes' alliance

2019 ◽  
Keyword(s):  
United States ◽  
United Kingdom ◽  
New Zealand ◽  
Market Share ◽  
The United States ◽  
Content Type ◽  
The United Kingdom ◽  
Intelligence Sharing ◽  
The Stability ◽  
The Eu

Subject Outlook for the Five Eyes alliance. Significance The stability of the Five Eyes intelligence sharing partnership between Australia, Canada, New Zealand, the United Kingdom and the United States is under stress over Chinese participation in the members’ 5G telecommunications networks. Impacts Possible US concessions on the supply chains of Chinese firms would ease strain within the Five Eyes alliance. European corporates will redouble efforts to burnish their security credentials to capture 5G market share. London’s eventual decision on Huawei will influence the EU and Asian democracies.

EU-UK free movement compromise will need flexibility

2017 ◽  
Keyword(s):  
United Kingdom ◽  
Euro Area ◽  
White Paper ◽  
Free Movement ◽  
Eastern European ◽  
Content Type ◽  
The United Kingdom ◽  
The Uk ◽  
East West ◽  
The Eu

Significance The UK government says it is determined that free movement of people from the EU will end after Brexit. Impacts An upcoming immigration White Paper will provide greater clarity about the UK government’s approach. Proposals to reform the EU's Posted Workers Directive could trigger Eastern European opposition, deepening the east-west divide. Stricter post-Brexit UK immigration policies could lead to labour shortages and skills gaps in sectors such as agriculture and health. Improving euro-area economic prospects could encourage EU nationals living in the United Kingdom to return to the continent.

Ireland: Adjusting to Life in the Euro Area Without the United Kingdom

2006 ◽  
pp. 193-206
Author(s):  
Brian Ardy ◽  
Iain Begg ◽  
Dermot Hodson ◽  
Imelda Maher ◽  
David G. Mayes
Keyword(s):  
United Kingdom ◽  
Euro Area ◽  
The United Kingdom

The United Kingdom: When a Coalition Meets the Westminster Model, Who Wins?

2021 ◽  
pp. 611-639
Author(s):  
Nick Barlow ◽  
Tim Bale
Keyword(s):  
United Kingdom ◽  
Coalition Government ◽  
Party Government ◽  
Westminster Model ◽  
Liberal Democrats ◽  
The United Kingdom ◽  
Post War ◽  
The Stability ◽  
The Uk

This chapter examines the United Kingdom’s sole post-war coalition government and how it interacted with the Westminster Model’s assumption of single-party government. It looks at the issue from two perspectives: firstly, how much the usual processes of single-party government changed to accommodate two parties in government, and secondly, how David Cameron’s Conservatives and Nick Clegg’s Liberal Democrats worked together as parties in government in ways that fitted with the expectations of the Westminster Model. It examines this single example of coalition government in its political and historical contexts, exploring why a coalition occurred in 2010 and how it managed to continue in office for a full parliamentary term. The chapter begins with the comparatively swift process of negotiation through which the coalition was formed, then proceeds to look at how the expectations of that negotiation survived contact with the actual processes of government. It concludes by examining what the procedural and political impacts of the coalition on the UK have been, including the role of the coalition’s Fixed-Term Parliament Act on the stability of it and future governments.

scholarly journals Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom

2018 ◽  
Vol 32 (4) ◽  
pp. 147-172 ◽  
Author(s):  
Giovanni Dell’Ariccia ◽  
Pau Rabanal ◽  
Damiano Sandri
Keyword(s):  
Monetary Policy ◽  
United Kingdom ◽  
Interest Rates ◽  
Euro Area ◽  
Large Scale ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Unconventional Monetary Policy ◽  
Monetary Policies ◽  
The United Kingdom

The global financial crisis hit hard in the euro area, the United Kingdom, and Japan. Real GDP from peak to trough contracted by about 6 percent in the euro area and the United Kingdom and by 9 percent in Japan. In all three cases, central banks cut interest rates aggressively and then, as policy rates approached zero, deployed a variety of untested and unconventional monetary policies. In doing so, they hoped to restore the functioning of financial markets, and also to provide further monetary policy accommodation once the policy rate reached the zero lower bound. In all three jurisdictions, the strategy entailed generous liquidity support for banks and other financial intermediaries and large-scale purchases of public (and in some cases private) assets. As a result, central banks’ balance sheets expanded to unprecedented levels. This paper examines the experience with unconventional monetary policies in the euro zone, the United Kingdom, and Japan. The paper starts with a discussion of how quantitative easing, forward guidance, and negative interest rate policies work in theory, and some of their potential side effects. It then reviews the implementation of unconventional monetary policy by the European Central Bank, the Bank of England, and the Bank of Japan, including a narrative of how central banks responded to the crisis and the evidence on the effects of unconventional monetary policy actions.

scholarly journals Extraction, partial purification and properties of obelin, the calcium-activated luminescent protein from the hydroid Obelia geniculata

1974 ◽  
Vol 143 (2) ◽  
pp. 411-418 ◽  
Author(s):  
Anthony K. Campbell
Keyword(s):  
United Kingdom ◽  
Peak Height ◽  
Partial Purification ◽  
Large Excess ◽  
Lower Affinity ◽  
The United Kingdom ◽  
Final Volume ◽  
Purification And Properties ◽  
The Stability ◽  
Obelia Geniculata

1. The Ca2+-activated luminescent protein obelin was extracted from the hydroid Obelia geniculata. 2. After the addition of a large excess of calcium (greater than 5mm) a peak in the rate of luminescence occurred within 100ms, followed by an exponential decay (k=2.8s−1). The obelin activity (light emitted) was measured by the peak height or by the total number of counts recorded on a scalar in the first 10s after addition of Ca2+. 3. After an overnight extraction in 40mm-EDTA–200mm-Tris–HCl, pH7.0, 7.2×1011 counts were obtained from 186g of wet hydroids. 4. The stability of the crude extracts was dependent on pH, being optimal at pH7.0. 5. Obelin could be purified threefold with a yield of 69% by selecting the protein precipitated between 60%- and 100%-saturated (NH4)2SO4. The precipitate could be stored for at least 6 months as a suspension in 40mm-EDTA+saturated (NH4)2SO4, pH7.0, frozen at −70°C with a recovery of 95–100%. 6. Luminescence was also stimulated by Sr2+. However, obelin appeared to have a lower affinity for Sr2+ than for Ca2+. Mg2+ inhibited Ca2+-activated luminescence. 7. Obelin could be used to assay as little as 50pmol of Ca2+ in a final volume of 1ml. 8. At pH7.0 in Ca2+–EGTA [ethanedioxybis(ethylamine)tetra-acetate] buffers the rate of obelin luminescence was proportional to the square of the free Ca2+ concentration in the presence and absence of 1 and 10mm-Mg2+. Over the range 0.1–10μm-Ca2+ less than 0.03% of the obelin was consumed/s. 9. In order to use obelin to study free ionized Ca2+ concentrations similar to those found inside cells in the presence of 10mm-Mg2+ a minimum of 108 counts were required. A total of 1012 counts can be readily extracted from about 200g of wet hydroids. Thus a sufficient quantity of an aequorin-like calcium-activated luminescent protein should now be available to workers in the United Kingdom in order to carry out physiological experiments.

THE IMPORTANCE OF THE BANKING UNION FOR THE STABILITY OF THE FINANCIAL SECTOR IN THE EURO AREA

2018 ◽  
Vol XIX (6) ◽  
pp. 129-134
Author(s):  
Elżbieta Kołodziej
Keyword(s):  
Financial Crisis ◽  
Euro Area ◽  
Banking Sector ◽  
Financial Sector ◽  
Legal Framework ◽  
Banking Union ◽  
The United Kingdom ◽  
Public Aid ◽  
Research Goal ◽  
The Stability

The research goal of this study is to assess the significance of the banking union for the stability of the financial sector in the euro area. A review of available literature, legal acts and the analysis of statistical data relevant to the research objective of the work turned out to be necessary to prepare the work. The financial crisis that began in 2007 had its source in the deregulation of financial markets, the lack of legal framework for supervisory institutions and inadequately functioning market information system. Public aid for banks in the EU within 5 years (2008-2012) amounted to nearly EUR 4 trillion. The majority of public aid (75%) was addressed to euro area banks. The largest amounts of public aid were directed to support banking systems in Ireland, the United Kingdom, Germany and Spain. In the case of Ireland, this led to almost bankruptcy. The crisis has led to changes in the approach to the security of the financial sector including the banking sector of countries belonging to the euro area. The most important project implemented in response to the financial crisis is the banking union. The banking union is based on three pillars: the Single Supervisory Mechanism (SSM), Single Resolution Mechanism (SRM), the Single Deposit Guarantee Scheme (SDGS).

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