Outright Monetary Transactions Should The Ecb Intervene In The Eurocrisis By Buying Bonds Of Crisis Countries
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Outright Monetary Transactions Should The Ecb Intervene In The Eurocrisis By Buying Bonds Of Crisis Countries
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Author :
language : en
Publisher: GRIN Verlag
Release Date : 2015-06-11
Outright Monetary Transactions Should The Ecb Intervene In The Eurocrisis By Buying Bonds Of Crisis Countries written by and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-11 with Business & Economics categories.
Seminar paper from the year 2015 in the subject Economics - Macro-economics, general, grade: 1,5, Leipzig Graduate School of Management (Lehrstuhl für Makroökonomie), course: Macroeconomics, language: English, abstract: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” – Mario Draghi, July 2012 In July 2012, at the Global Investment Conference in London, Mario Draghi emphasized the strength and irreversibility of the Euro as single currency of the European Union. At that time the Euro crisis had been facing its greatest challenge, with Portugal, Ireland, Greece and Spain ́s heavy indebted balances. Esodic to this crisis have been several occurrences. In 2011, the European Stability Mechanism (ESM) with 500bn euros has been set up, after the four heavily indebted coun-tries did not manage to escape their indebtedness themselves. Accordingly, the yields on their government bonds have risen sharply, as investors demanded huge re-turns to borrow. As a consequence, the countries ́ borrowing costs grew proportionately. Together with the stagnation of the economic growth at 0.2%, the downgrading of Italy, France and the European Financial Stability Fund (EFSF) by Standard&Poor ́s followed. In his speech, Mario Draghi announced concrete future actions of the ECB to come, which resulted in Outright Monetary Transactions (OMT). Within OMT, the European Central Bank (ECB) buys government bonds of struggling EU countries on the secondary markets. Therewith, borrowing costs are reduced, easing the burden of decimating budget deficits. Even though the markets reacted positively, the program is not homogeneously evaluated positively. In order to gain an overview of issues related to the OMT program, his paper analyzes both the advantages and the risks of an ECB intervention into the European debt crisis by pur-chasing government bonds of crisis countries. Supportively, suitable economic models are applied. The paper closes with a critical reflection.
The Delegation Mandate Of The European Central Bank During The Euro Crisis
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Author : Tony Müller
language : en
Publisher: GRIN Verlag
Release Date : 2014-07-29
The Delegation Mandate Of The European Central Bank During The Euro Crisis written by Tony Müller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-29 with Political Science categories.
Bachelor Thesis from the year 2014 in the subject Politics - Topic: European Union, grade: 1,7, Dresden Technical University, language: English, abstract: On September 6, 2012, the President of the ECB, Mario Draghi, announced that the ECB "will do whatever it takes [...] to preserve the euro" (Draghi, 2012b). Due to the unfavorable economic situation and the emerging fear of an involuntary break-up of the Eurozone, the Governing Council decided to launch the OMTs program that would allow the ECB to buy unlimited government bonds from countries of the Eurozone on the secondary market. This announcement led to a subject of considerable political debate across the world. It is with this background in mind that the research question arises: Did the European Central Bank exceed its mandate by announcing the bond-buying program, outright monetary transactions (OMTs)? This paper will show that the principals’ preferences heterogeneity with regard to different crisis solution approaches changes when it comes to the survival of the Eurozone. Thus, the agent was given more discretion to do everything to defend the Euro as a common goal. The aim of this contribution is to answer the research question from a principal-agent perspective, not to provide a jurisprudential or economic analysis of the issue. Therefore, the decision of the German Federal Constitution Court will not be included in the following work. The remainder of this paper is organized as follows: The first part gives a brief introduction to the main assumptions of the PA approach. The next chapter discusses the ECB as an institution, together with the framework and the design of its mandate to consider the level of autonomy of the ECB and which gaps in the policy-making authority could occur. The third part outlines the technical features of the announced OMTs program to see if the bond-buying program is in accordance with the mandate. Then, the debate on this program from a PA perspective becomes the focus. The final chapter summarizes the paper.
European Central Bank Monetary Policy The View Of The Sovereign Debt Crisis
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Author : Felix Lesch
language : de
Publisher: GRIN Verlag
Release Date : 2021-05-21
European Central Bank Monetary Policy The View Of The Sovereign Debt Crisis written by Felix Lesch and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-21 with Business & Economics categories.
Studienarbeit aus dem Jahr 2020 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,0, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Sprache: Deutsch, Abstract: This paper is about the European Central Bank Monetary Policy and the View of the Sovereign Debt Crisis. „Whatever it takes“– three simple but effective words had the desired effect and calmed the government bond markets in the summer of 2012, whose developments in the wake of the European sovereign debt crisis had led to immense financing difficulties for some member states of the euro area. Even more, the statement by Mario Draghi, then president of the European Central Bank (ECB), underlined the determination with which the ECB is willing to prevent a possible break up of the euro area. The measures taken by the ECB have included interest rate cuts, negative interest rates and purchase programmes of various assets. However, the ECB's measures did not meet with the exclusive approval of experts, they sometimes caused harsh public criticism and even the judiciary, in form of the Bundesverfassungsgericht (German Federal Constitutional Court) and the European Court of Justice (ECJ), had to address the issue. Against this background, this assignment aims to examine whether the monetary policy of the ECB infringes Article 123 (1) Treaty on the Functioning of the European Union (TFEU) which states the prohibition on monetary financing of member state budgets. To begin with, the origins of the European sovereign debt crisis are explained. The paper then outlines selected non-standard monetary policy measures taken by the ECB to mitigate the effects of the crisis, in form of Outright Money Transactions (OMTs) and the Public Sector Purchase Programme (PSPP). The fourth chapter focuses on the PSPP and analyses the programme against the background of Article 123(1) TFEU.
Macroeconomic Theory And The Eurozone Crisis
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Author : Alain Alcouffe
language : en
Publisher: Routledge
Release Date : 2018-10-11
Macroeconomic Theory And The Eurozone Crisis written by Alain Alcouffe and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-11 with Business & Economics categories.
The financial crisis of 2007 required the economics discipline to thoroughly re-evaluate its prevailing theories about economic cycles and economic growth. With a focus on Europe, this volume identifies the latest strands of research on business cycles, monetary theory, the evolution of social policies and public spending, and the institutional context of the European Union. It also considers whether these new ideas could have helped us avoid the crisis, and how they might reshape the current economic paradigm. This book will be of interest to advanced students and researchers in European economics, macroeconomics and economic history.
Greek Tragedy European Odyssey The Politics And Economics Of The Eurozone Crisis
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Author : Robert Godby
language : en
Publisher: Verlag Barbara Budrich
Release Date : 2016-04-18
Greek Tragedy European Odyssey The Politics And Economics Of The Eurozone Crisis written by Robert Godby and has been published by Verlag Barbara Budrich this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-18 with Political Science categories.
Debate among politicians and academics alike vacillates as to whether the euro is the crowning achievement of a half-century of European integration efforts, or now constitutes a force that threatens to drive European Union member states apart. This book introduces both the political and economic forces at play in the eurozone crisis that have shaped this debate and changed the face of European integration.
European Union Politics
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Author : Michelle Cini
language : en
Publisher: Oxford University Press, USA
Release Date : 2019
European Union Politics written by Michelle Cini and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Political Science categories.
Subject: "This sixth edition of 'European Union Politics' builds on the success of the previous five editions by retaining and updating the chapters published in the previous version of the book. Innovations in this edition include a new chapter on Brexit and a section on the migration crisis in Chapter 22." -- Preface
Ever Looser Union
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Author : Frank Schimmelfennig
language : en
Publisher: Oxford University Press
Release Date : 2020-02-21
Ever Looser Union written by Frank Schimmelfennig and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-21 with Political Science categories.
Differentiated integration has become a durable feature of the European Union and is a major alternative for its future development and reform. This book provides a comprehensive conceptual, theoretical, and empirical analysis of differentiation in European integration. It explains differentiation in EU treaties and legislation in general and offers specific accounts of differentiation in the recent enlargements of the EU, the Eurozone crisis, the Brexit negotiations, and the integration of non-member states. Ever Looser Union? introduces differentiated integration as a legal instrument that European governments use regularly to overcome integration deadlock in EU treaty negotiations and legislation. Differentiated integration follows two main logics. Instrumental differentiation adjusts integration to the heterogeneity of economic preferences and capacities, particularly in the context of enlargement. By contrast, constitutional differentiation accommodates concerns about national self-determination. Whereas instrumental differentiation mainly affects poorer (new) member states, constitutional differentiation offers wealthier and nationally oriented member states opt-outs from the integration of core state powers. The book shows that differentiated integration has facilitated the integration of new policies, new members, and even non-members. It has been mainly 'multi-speed' and inclusive. Most differentiations end after a few years and do not discriminate against member states permanently. Yet differentiation is less suitable for reforming established policies, managing disintegration and fostering solidarity, and the path-dependency of core state power integration may lead to permanent divides in the Union.
Citizens Support For The European Union
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Author : Simon Bauer
language : en
Publisher: Springer
Release Date : 2019-07-02
Citizens Support For The European Union written by Simon Bauer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-02 with Political Science categories.
This book offers a comprehensive analysis of the determinants of EU support between 2006 and 2015, and of electoral behavior during the European Parliament elections. In light of the Eurozone financial and debt crisis, it also examines how political and economic turbulences have affected EU citizens’ stance on democracy and their support for EU institutions. It explores measures taken in the context of the Euro crisis management and the reactions of EU citizens, in order to shed new light on the determinants and developments of EU support. The author highlights the heterogeneity of the developments between the member states and identifies social, political, and economic facets of the crisis that have changed the ways citizens form their political attitudes towards the EU. The book delivers a profound account of the Euro crisis, integrating approaches from political economy, psychology, sociology, and public opinion research. It will appeal to scholars and anyone interested in learning more about the declining citizen support in the EU and the heterogeneous developments in the member states, which may significantly endanger the long-term existence of the European Union.
The Left Case Against The Eu
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Author : Costas Lapavitsas
language : en
Publisher: John Wiley & Sons
Release Date : 2018-12-05
The Left Case Against The Eu written by Costas Lapavitsas and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-05 with Political Science categories.
Many on the Left see the European Union as a fundamentally benign project with the potential to underpin ever greater cooperation and progress. If it has drifted rightward, the answer is to fight for reform from within. In this iconoclastic polemic, economist Costas Lapavitsas demolishes this view. He contends that the EU’s response to the Eurozone crisis represents the ultimate transformation of the union into a neoliberal citadel that institutionally embeds austerity, privatization, and wage cuts. Concurrently, the rise of German hegemony has divided the EU into an unstable core and dependent peripheries. These related developments make the EU impervious to meaningful reform. The solution is therefore a direct challenge to the EU project that stresses popular and national sovereignty as preconditions for true internationalist socialism. Lapavitsas’s powerful manifesto for a left opposition to the EU upends the wishful thinking that often characterizes the debate and will be a challenging read for all on the Left interested in the future of Europe.
The Euro Crisis And Its Aftermath
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Author : Jean Pisani-Ferry
language : en
Publisher: Oxford University Press
Release Date : 2014-04-01
The Euro Crisis And Its Aftermath written by Jean Pisani-Ferry and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-01 with Business & Economics categories.
The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The eruption of the Greek crisis in 2010 took European policymakers by surprise and forced them to design responses to a quickly deteriorating situation. Even though Europe has final begun to stabilize, the disparity between the prosperous Northern countries, especially Germany, and the plummeting Southern countries, including Spain and Greece, has exacerbated economic and political problems within the Eurozone. Amidst loud and frequent debates, solutions have been enacted, but the struggles facing this monetary union continue to develop even today. The Euro Crisis and Its Aftermath was written to inform readers about the roots of this enduring European crisis and the alternative proposals for ending it. In four parts, Jean Pisani-Ferry explains the origins of the European currency, the build-up of imbalances and oversights that led to the crisis, the choices European policymakers have both addressed and ignored since 2010, and the evolution of the policy agenda and possible options for the future. The book is as much of an informative and analytical history as it is a discussion of solutions for a more prosperous European economy. Rather than putting forth and supporting a thesis, Pisani-Ferry helps readers understand the past and present of the euro crisis and form their own opinions about potential solutions. This book is not intended to reach only economists, as time has long passed since European monetary unification was a debate limited to academics. This book is also for the policy makers searching for solutions, citizens of Europe enduring the consequences, and the international community that has felt the effects of an unstable Eurozone.