By E. Laurent, Jacques Le Cacheux, David Jasper
In the now part century of eu integration, attesting to its expertise for survival, progress has usually been made via crises. Political Europe used to be truly born out of a "crisis": global struggle II. the most argument of this booklet is if Europe doesn't are looking to be governed by means of challenge any further, it needs to flip this elusive and ever-threatening "crisis" right into a selected and significant transition. particular chapters study problems with democracy and monetary governance, tax, price range and public debt, inequality among and inside ecu international locations and effort and environmental issues.
This examine offers a accomplished research of the eu Union, making it crucial analyzing for college kids, researchers, execs and policy-makers.
Read Online or Download Report on the State of the European Union: Is Europe Sustainable? PDF
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Additional info for Report on the State of the European Union: Is Europe Sustainable?
The ECB also demonstrated its willingness to act as a lender of last resort for commercial banks, by taking various steps to inject liquidity, first in August 2007, then on several occasions at the climax of the banking and financial crisis in the last quarter of 2008. When, in 2009, it became clear that the Eurozone has entered a deep recession, the ECB did loosen monetary policy further, notably by softening eligibility criteria for assets accepted as counterparts from commercial banks. And later, when the “sovereign debt crisis” threatened the mere existence of the Eurozone, in 2011–2012, the ECB, now under the chairmanship of Mario Draghi, went farther by showing its willingness, under certain conditions, to buy T-bonds from the Eurozone’s member states under strain, thus potentially acting as a lender of last resort for public authorities.
F. (1939) “An Essay on Dynamic Economic Theory”. Economic Journal 49 (193), March: 14–33. Kalecki, M. (1937) “A Theory of the Business Cycle”. Review of Economic Studies 4 (2), February: 77–97. Keynes, J. (1936) The General Theory of Employment, Interest and Money, London: MacMillan. King, M. (2004) “The Institutions of Monetary Policy, Richard T. pdf. Krugman, P. edu/krugman/www/japtrap. html. 40 Report on the State of the European Union Laurent, E. and Le Cacheux, J. (2010) “Zone Euro”. pdf .
The new “targeted” round of LTRO is supposed to remedy this problem; but will it? 3 Banking Union: an almighty central bank? One of the lessons of the Great Recession and the “sovereign debt crisis” is that commercial banking markets have remained segmented and mostly national, with many national idiosyncrasies, and very different degrees of resilience to banking and financial crises. Another lesson is that there may be dangerous liaisons between commercial banks and public sector debt, as evidenced most clearly by the experiences of the US bailout of the banking sector or, within the Eurozone, by the enormous surge in the Irish government’s indebtedness due to the bailout of the three large Irish commercial banks in the fall of 2010: the public deficit then jumped from about 12% to more than 30% of GDP, and the public debt ratio rose from 20% of GDP in 2007 to 117% of GDP in 2012.