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22 Financial Services Authority (FSA) (2009) The Turner Review. A regulatory response to the global banking crisis, London, FSA, March:43. 23 SeeGoodhart C. & A. Persaud (2008) “A party pooper’s guide to financial stability”, Financial Times, 5 June; Brunnermeier et al., 2009: 29-35; and FSA, 2009. 24 Deutsche Bank Research, 2007: 5. 25 Pagoulatos G. (1999) “European Banking: Five Modes of Governance”, West European Politics, 22/1, January, pp. 68-94. Chapter 3 1 See, inter alia, European Commission (1993), Stable Money, Sound Finances. Community Public Finance in the Perspective of Emu, European Economy, no. 53; and Masson, P. (1996), ‘Fiscal dimensions of EMU’, The Economic Journal 106 (July) pp. 996-1004. 2 See, inter alia, Winkler, B. (1999), Co-ordinating Stability: Some Remarks on the Roles of Fiscal and Monetary policy under EMU. Empirica, 26, 287-295; Mooslechner, P. and Schuerz, M. (1999), International Macro- Economic Policy-Coordination. Any lessons for EMU? A selective survey of the literature. Empirica, 26, 171- 199; and Wyplosz, Charles (1999), “Economic Policy Coordination in EMU: Strategies and Institutions”, paper presented at the German-French Economic Forum in Bonn, January 12, 1999. 3 For an overview see Oates, W.E. (1999), An Essay on Fiscal Federalism, Journal of Economic Literature, Vol. XXXVII, September, pp. 1120–1149. 4 See, inter alia, Winkler, B. (1999), Co-ordinating Stability: Some Remarks on the Roles of Fiscal and Monetary policy under EMU. Empirica, 26, 287-295; and Weale, M. (1999), Monetary and Fiscal Policy in Euroland. Journal of Common Market Studies, 37:1, 153-162. 5 Mattli, Walter (1999), Explaining regional integration outcomes, Journal of European Public Policy 6:1 March, pp. 1-27. 6 For a comprehensive treatment, see Begg, I. (2008) Economic governance in an enlarged euro area, European Economy, Economic Papers N. 311, March; and European Commission (2008), EMU@10: Successes and challenges after ten years of Economic and Monetary Union, European Economy, No.2 7 European Central Bank (2008), Financial Integration in Europe, April; and European Commission (2009), European Financial Integration Report 2008, January. 8 For a comprehensive treatment of the sequence of events in Autumn 2008 and the related commentary, see Ludlow, P. (2008), The EU and the financial crisis: The European Councils of October and November 2008, A View From Brussels - Eurocomment Briefing Note Vol. 6 Nos 4 & 5, November 9 See “ECOFIN roadmap on responses to the financial turmoil” and the “ECOFIN roadmap for improving the supervisory arrangements in the financial system” adopted in October 2007, Council of the European Union (2007), 2822nd Council meeting, Economic and Financial Affairs, held in Luxembourg on 9 October 2007 (http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressdata/en/ecofin/96375.pdf) ; as well as the “ECOFIN roadmap for developing the EU arrangements for financial stability and crisis management” adopted in December 2007 Council of the European Union (2007), 2836th Council meeting, Economic and Financial Affairs, held in Brussels on 4 December 2007. http://www.consilium.europa.eu/ueDocs/cms_Data/docs/ pressdata/en/ecofin/97420.pdf 10 “Memorandum of Understanding on Cooperation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on Cross-Border Financial Stability” of 1 June 2008, published, inter alia, at http://www.ecb.de/pub/pdf/other/mou-financialstability2008en.pdf 11 “Government decision to safeguard Irish banking system”, statement issued by the Irish Ministry of Finance on 29 September 2008. 12 Speech of Commission President José Manuel Barroso at the Seventh Asia-Europe Meeting, Beijing 24/25 October 2008. 13 See Présidence de la Republique Française, Statement of the European G8 members, Palais de l’Élysée, 4 October 2008 14 See “Summit of the euro area countries: declaration on a concerted European action plan of the euro area countries” (http://www.eu2008.fr/PFUE/lang/en/accueil/ PFUE -10_2008/PFUE12.10.2008/sommet_pays_ zone_euro_declaration_plan_action_concertee) 15 Financial Services Authority (2009), The Turner Review: A regulatory response to the global banking crisis, March 16 See Trichet, Testimony at the European Parliament, 21 January 2009. 17 European Commission (2009), Report of the High level Group in financial supervision in the EU chaired by Jacques de Larosière, 25 February. 18 European Commission (2009), Communication on “European financial supervision”, 27 May, http://ec.europa. eu/internal_market/finances/docs/ committees/supervision/communication_may2009/C-2009_715_en.pdf 164 After the crisis: A new socio-economic settlement for the EU
19 See Presidency conclusions of the European Council of 18/19 June 2009 (http://www.consilium.europa.eu/ uedocs/cms_data/docs/pressdata/en/ec/108622.pdf) 20 In this regard, the Presidency Conclusions state unambiguously that “decisions taken by the European Supervisory Authorities should not impinge in any way on the fiscal responsibilities of Member States” [emphasis added]. 21 Schoenmaker, D. (2008), Resolving the stability trilemma, The Financial Regulator, Vol 13(3), December. 22 The three so-called Level Committees are the Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). 23 Frankel, B., Oleaga, I. and Coussens, W. (2008), How will the Treaty of Lisbon affect EMU?, Euredia, 2007- 2008/2 24 For an in-depth discussion of the effects of the financial crisis on euro adoption, see European Parliament (2009), The Financial Crisis and its impact on Euro Adoption, Presentations and Briefing notes for a workshop held on 17 February. 25 Buiter, W. (2008), The Overwhelming Economic Case for the United Kingdom Adopting the Euro, in: Bishop, G. et al. (2008), 10 years of the Euro: New Perspectives for Britain http://www.lse.ac.uk collections/ pressAndInformationOffice/PDF/10yearsoftheEuro.pdf. Here he identifies for countries like Britain (or Iceland) an “inconsistent quartet”: (i) a small country with (ii) a large internationally exposed banking sector, (iii) a currency that is not a global reserve currency and (iv) limited fiscal capacity relative to the possible size of the banking sector solvency gap. This combination makes them more vulnerable to a triple financial crisis – a banking, currency and sovereign debt crisis. Chapter 4 1 Sapir A. et al. An Agenda for a Growing Europe: Making the EU system deliver. EU Commission 2003. 2 De la Fuente, Domenech, Rant; Adressing the net balance problem as a prerequisite for EU budget reform: a proposal, Paper given to the BEPA Conference on Public Finance, http://ec.europa.eu/dgs/policy_advisers/ conference_docs/de_la_fuente_net_balance_budget.pdf 16 Bartolini, S. (2005). Restructuring Europe. Oxford: Oxford University Press, pp 212. 17 Leggewie, C. (ed.) (2004). Die Türkei und Europa. Frankfurt a.M.: Suhrkamp. 18 Höglinger, Dominic (2009). European integration debate, unpublished manuscript, University of Zürich. 19 See Benjamin, T. (2009). The Atlantic World. Europeans, Africans, Indians, and Their Shared History, 1400- 1900. Cam-bridge: Cambridge University Press. 20 Beck, U. and E. Grande (2007). Cosmopolitan Europe. Cambridge: Polity Press. 21 Horkheimer, M. and T.W. Adorno (2002). Dialectic of Enlightment. Stanford: Stanford University Press (first published 1947).) Chapter 5 1 (EC, 2008) 2 Leiner-Killinger et al. (2007) refer to the debate between those who think that the ECB could help a coordinated set of structural reforms by means of a simultaneous monetary expansion, and those who think that coordinated reforms should only be limited to areas such us services, public utilities and energy, but is not appropriate for labour markets. 3 See Pisany-Ferri (2006) 4 Michel Barnier, former European Commissioner and advisor to Sarkozy stated (Ricardi, 2007): “We need to reform immediately economic governance in an effort to create a more balanced dialogue with the European Central Bank (ECB). Independence of the ECB should not be challenged but the Euro should be both a shield and a tool, and the currency should help us growth while maintaining price stability”. See Goodhart (2006) for a deeper look into the idea of inter-institutional dialogue. 5 Regarding exchange rate policy the results were the same. France defended the possibility of avoiding overappreciation of the single currency, and including devaluation if it was necessary to confront possible economic crises. But Germany firmly opposed the possibility of exchange-rate intervention since it could endanger its objective of price stability. The result was closer to the German postulates and is drawn up in Article 111 in the following manner: “the Council may formulate general orientations for Exchange-rate policy (…) but in consultation with the ECB and without prejudice to the primary objective to maintain price stability”. 6 The general formula chosen was the following: “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. In fact, the carrying out of this article took place through the Broad Economic Policy Guidelines (BEPG), which carry no potential fines and only involve potential recommendations from the Council. End notes/references 165
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Authors Iain Begg | Gabriel Glöckl
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Published in 2009 by Policy Network
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4 After the crisis: A new socio-eco
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6 After the crisis: A new socio-eco
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Simona Milio is associate director
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Chapter 10 Simona Milio ...........
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Before the crash: the EU as a parti
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liberalisation. The City of London
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of the Financial Services Action Pl
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confidence and world trade, to whic
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following the ECJ’s controversial
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signals are in place to promote a n
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need to be constructed to create ac
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or indeed re-impose, what they rega
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Markets with rules The overall conc
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30 After the crisis: A new socio-ec
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Target financial stability The EMU
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Belgium, the Netherlands and Luxemb
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mortgage banks and the insurance se
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financial market rules. The ESFS au
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prudential regulation - though only
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initiatives vis-à-vis ratings agen
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Even if membership in a monetary un
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emained relatively contained to spe
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The second channel of functional sp
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But even so, the depth and intensit
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governance in the EU and the euro a
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in the EU show, authorities at the
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factors will remain prevalent and b
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centralised decision-maker. Similar
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(GNI), the interests of the member
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terms only very slowly and as a per
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policy proposal asks itself what th
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ensure that a ceiling is put on the
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Reform of EU expenditure Spending 4
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The medium-term financial framework
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unanimity. The need to obtain the c
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therefore, was weakening the Europe
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for the signing of the strict and d
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Since then, member states have name
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in the world monetary system. It al
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a Treaty that not only ignores trad
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Firstly, they should include policy
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emanate from demographic trends. Ho
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Furthermore, the Lisbon agenda may
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Strengthening, if not really crafti
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incentives in the welfare schemes a
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security, yet at a lower cost than
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102 After the crisis: A new socio-e
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asis only in the 1990s, and over th
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in an increasingly global age the
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So what kind of social role for the
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effective common policies in areas
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help by ensuring a thorough audit a
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