scholarly journals Revisiting the “Keynes Plan” for an International Clearing Union in a Eurozone Perspective

2020 ◽  
Vol 1 (2) ◽  
pp. 287
Author(s):  
Alkinoos Emmanouil-Kalos
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Structural Reforms ◽  
Common Currency ◽  
State Of Emergency ◽  
European Central ◽  
The Core ◽  
Macroeconomic Imbalances ◽  
The Common ◽  
The Eu

The last decade has been turbulent for the EMU, with many structural weaknesses becoming apparent. While in a state of emergency, the European Central Bank has had to “reinvent” itself in order to stabilize the Eurozone, while the vital importance of the imbalances between the member states has been recognized, as the establishment of the Macroeconomic Imbalances Procedure (MIP) indicates. Yet, it is widely acknowledged that the architecture of the Eurozone needs structural reforms. This policy brief aims to present the case for the adoption of the core ideas of the “Keynes Plan” for an International Clearing Union, which could function as an important first step towards fighting intra-eurozone imbalances, hence strengthening the EMU. Given the existence of the European Central Bank and the common currency, a moderate version of such a plan could be implemented even without the need for any changes in the EU treaties, and could be the stepping stone for further economic integration.

Anatomy of a “Holding Operation”

2019 ◽  
pp. 235-250
Author(s):  
Jerome Roos
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Banking Crisis ◽  
Sovereign Default ◽  
High Concentration ◽  
European Central ◽  
The Core ◽  
The Imf

By April 2010, Greece was teetering on the brink of bankruptcy. The largest sovereign default in history now loomed as early as May 19, when a massive €8.9 billion bond payment was due. Since Greece's principal lenders were a handful of systemically important French and German banks, each “dangerously overexposed to peripheral countries,” the prospect of a Greek payment suspension and subsequent contagion across the periphery unleashing a crippling continental banking crisis looked particularly unattractive to the French and German governments. This chapter shows how the high concentration of Greece's debt among a number of big banks in the core countries eventually moved the creditor states and the European Central Bank to join forces with the IMF and intervene aggressively on foreign bondholders' behalf, disbursing a series of record-breaking international bailout loans under strict policy conditionality to keep Greece solvent and servicing its external debts.

The European Central Bank

2018 ◽  
Author(s):  
Chiara Zilioli ◽  
Phoebus Athanassiou
Keyword(s):  
European Union ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Central Banks ◽  
The European Union ◽  
European Central ◽  
European System ◽  
The Eu

The provisions on Monetary Union (MU), of the Treaty on the functioning of the European Union (TFEU or the Treaty), as well as the Statute of the European System of Central Banks and of the European Central Bank (the Statute), are important in their own right, and are amongst those from which any student of the European Union (EU) can learn a great deal with regard to the EU.

scholarly journals The ‘Haircut’ of Public Creditors under EU Law

2016 ◽  
Vol 12 (2) ◽  
pp. 223-239 ◽  
Author(s):  
Armin Steinbach
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Debt Crisis ◽  
Eu Law ◽  
Debt Restructuring ◽  
Active Involvement ◽  
European Central ◽  
State Financing ◽  
The Eu

Haircut of public creditors as next step in the escalation of the euro debt crisis? – Exploring the boundaries set by the EU Treaty on debt restructuring – Limitations imposed by no-bailout clause and prohibition of monetary state financing – Standards set inPringleandGauweiler– Haircut on nominal debt infringes no-bailout clause – Active involvement by European Central Bank violates ban on monetary state financing – Other forms of ‘soft haircuts’ may be compatible with EU law

scholarly journals Polityka pieniężna Europejskiego Banku Centralnego w odpowiedzi na kryzysy lat 2008–2020

Studia BAS ◽  
2021 ◽  
Vol 3 (67) ◽  
pp. 71-85
Author(s):  
Danuta Adamiec
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Policy Tools ◽  
Unconventional Monetary Policy ◽  
European Central ◽  
Similarities And Differences ◽  
Future Policy ◽  
The Eu

The article explores the reaction of the European Central Bank (ECB) to two major economic crises that the EU had to face in the last two decades: the financial crisis which began in 2008 and the latest crisis caused by the COVID-19 pandemic. Although causes underlying both crises were ultimately different, the response of the ECB was based on the same unconventional monetary policy tools. The author analyses the similarities and differences between both of these crises, as well as the ECB’s reaction to them, drawing attention to a shift in the ECB’s monetary policy towards unconventional tools and consequences of such a shift for the position and future policy directions of the ECB.

Payment Systems in EU

2011 ◽  
pp. 130-167
Keyword(s):  
Central Bank ◽  
European Commission ◽  
European Central Bank ◽  
Payment System ◽  
Payment Systems ◽  
European Central ◽  
Cross Border ◽  
The Cross ◽  
The Eu

The reforms of retail payment systems were also sought in response to the introduction of the euro. However, the retail payment systems in the EU are still fragmented, which means that each country has its own retail payment system. In order to overcome such a situation, the European Central Bank (ECB) and European Commission have promoted the project of “Single Euro Payments Area” (SEPA). The aim and situation of the SEPA project is described in detail. The cross-border retail payment systems, i.e. the “STEP1” and “STEP2,” are also discussed in this chapter.

scholarly journals Monetary Policy and Euro Area Governance in the EMU

2018 ◽  
Author(s):  
Herwig C H Hofmann
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Monetary Union ◽  
Euro Area ◽  
European Central Bank ◽  
Central Banks ◽  
Single Currency ◽  
Diverse Range ◽  
European Central ◽  
The Eu

One of the European Union’s most ambitious policy projects to date is the ‘economic and monetary union whose currency is the euro’ (EMU, Article 3(4) TEU). The EMU’s two polices—the economic union and the monetary union—are an unequal set of twins. On one hand, the monetary union’s central elements are well developed: as an element of substance, the introduction of the euro as a single currency; as an institutional achievement, the creation of the European System of Central Banks (ESCB) together with the European Central Bank (ECB) on the EU level as a highly independent body having the power to adopt a diverse range of measures. Additionally, the Treaties contain specific provisions on the goals and principles of monetary policy.

The Law and Norms of the European Central Bank as Sovereign Lender of Last Resort: Crystallising Endogenous Authority

2021 ◽  
pp. 1-29
Author(s):  
David Quinn
Keyword(s):  
Public Sector ◽  
Central Bank ◽  
European Central Bank ◽  
Eurozone Crisis ◽  
Lender Of Last Resort ◽  
European Central ◽  
Court Of Justice ◽  
Economic Reality ◽  
Political Economic ◽  
The Eu

Authority of the European Central Bank (the Bank) over its operational norms in the eyes of market actors – Exogenous and endogenous authority and legitimacy – The reconciliation by the Bank and the Court of Justice of the EU (the Court) of the pre-existing norm and political-economic reality with Article 123 TFEU – Sovereign lender of last resort – Eurozone Crisis – Outright Monetary Transactions (OMT) – Public Sector Purchase Programme (PSPP) – Pandemic Emergency Purchase Programme (PEPP)

scholarly journals Reflections on the Essay ‘Thoughts on the Dilemma of When to Introduce the Euro in Hungary’ by Péter Gottfried

2021 ◽  
Vol 20 (4) ◽  
pp. 130-143
Author(s):  
Elemér Terták
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Foreseeable Future ◽  
European Central ◽  
The United Kingdom ◽  
The One ◽  
Met Expectations ◽  
The Eu

The Our Vision section in the September 2021 issue of the Financial and Economic Review included an essay by Péter Gottfried, member of the Monetary Council of the Magyar Nemzeti Bank (the Central Bank of Hungary, MNB), entitled ‘Thoughts on the dilemma of when to introduce the euro in Hungary’. This article is a response and supplement to that essay’s arguments and conclusions. In accordance with Article 140(1) of the Treaty on the Functioning of the European Union, the European Commission (EC) and the European Central Bank (ECB) shall report to the Council on fulfilling the conditions of introducing the euro, at least once every two years. However, Péter Gottfried’s essay is deliberately not about this; instead, it makes important points about when and under what conditions the obligations regarding euro introduction should be fulfilled if Hungary already meets the conditions. It is high time to consider this, in particular for two reasons: on the one hand, Croatia, which joined the EU later than Hungary, and possibly even Bulgaria, may join the euro area soon, reducing the number of countries staying outside to five. On the other hand, Sweden became an EU member nine years before Hungary: it has the same obligation to introduce the euro and fulfils practically all of the criteria for joining the currency club, but still does not plan to introduce the euro in the foreseeable future. The analysis is also timely because we now have a perspective of two decades, and it could and should be assessed to what extent the euro has met expectations, and how the exit of the United Kingdom, as the internal ‘opposition’ to deepening the Economic and Monetary Union (EMU), is shaping the future of the EMU.

Germany, the euro, and the European Central Bank

2018 ◽  
Author(s):  
Marcel Fratzscher
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
European Central Bank ◽  
European Central ◽  
European Crisis ◽  
The Future ◽  
The Media ◽  
The Common ◽  
The Guardian

The euro is at a crossroads. Not only has it been blamed for having contributed to the European crisis and for preventing a solution, but there is a growing conflict between many in Germany and the European Central Bank (ECB), the guardian of the euro and the common monetary policy. This division and isolated views in Germany are worrisome. Why do politicians, the media, and in particular, economists differ so fundamentally in their views on the euro and monetary policy? How is it possible that in this age, in which information is abundantly available and shared globally, nationality and the environment in which people operate play such a big role? What does it mean for the future of Europe?

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