european_integration   26

Vitor Gaspar - The Making of a Continental Financial System; Lessons for Europe from Early American History (2014) IMF working paper
Alexander Hamilton was the first U.S. Treasury Secretary from 1789 to 1795. When he started, the Federal Government was in default. During his tenure, U.S. Treasuries became the ultimate safe asset. He successfully managed expectations, achieved debt service reduction, and stabilized financial panics. He delivered sound public finances and financial stability. In the end, the U.S. possessed a modern financial system able to finance innovation and growth. At a time when Europe is working its way out of the sovereign debt crisis and implementing Banking Union and Financial Union, it is worthwhile to search for lessons from early U.S. history. - downloaded via iPhone to DBOX
paper  capital_markets  18thC  risk_assessment  European_integration  US_economy  sovereign_debt  economic_history  market_integration  Eurozone  political_economy  Germany-Eurozone  governance-regional  asset_prices  downloaded  US_history  Hamilton  federalism  regional_blocs 
october 2016 by dunnettreader
Les usages de la peur dans la mondialisation: Entretien avec Zygmunt Bauman - Desaunay, Fœssel and Padis | JSTOR - Esprit 2005
Les usages de la peur dans la mondialisation: Entretien avec Zygmunt Bauman -- Zygmunt Bauman, Cécile Desaunay, Michaël Fœssel and Marc-Olivier Padis, Esprit, No. 316 (7) (Juillet 2005), pp. 71-98 -- Loin d'uniformiser la planète, la mondialisation provoque un morcellement des espaces et une montée de la peur. Comment, dans ces conditions, penser une mondialisation positive qui ne signifierait pas l'abandon de la politique sociale, pensée jusqu'ici dans le cadre de l'État-nation? -- downloaded pdf to Note
interview  jstor  political_economy  globalization  French_intellectuals  French_language  EU_governance  European_integration  global_governance  universalism  fragmentation  competition  status  hierarchy  inequality  inequality-global  nation-state  imagined_communities  welfare_state  neoliberalism  solidarity  social_theory  economic_sociology  economic_culture  social_order  social_democracy  downloaded 
march 2016 by dunnettreader
Giuseppe Guarino - response to James K. Galbraith re the "Maastricht coup" thesis - The Future of Europe | The American Prospect - August 2015
Professor Giuseppe Guarino, dean of constitutional scholars and the author of a striking small book (called The Truth about Europe and the Euro: An Essay, available here) on the European treaties and the Euro. Professor Guarino's thesis is the following: “On 1st January 1999 a coup d'état was carried out against the EU member states, their citizens, and the European Union itself. The 'coup' was not exercised by force but by cunning fraud... by means of Regulation 1466/97... The role assigned to the growth objective by the Treaty (Articles 102A, 103 and 104c), to be obtained by the political activity of the member states... is eliminated and replaced by an outcome, namely budgetary balance in the medium term.” -- downloaded pdf from Guarino's site to Note
EU-constitution  EU_governance  elections  political_participation  sovereignty  austerity  democracy  sovereign_debt  subsidiarity  budget_deficit  Maastricht  constitutional_law  representative_institutions  democracy_deficit  Europe-federalism  legitimacy  Germany-Eurozone  downloaded  European_integration 
august 2015 by dunnettreader
Emmanuel Mourlon-Druol - La zone euro est-elle viable? Une perspective historique - La Vie des idées - 20 mai 2014
La crise de la zone euro a révélé les faiblesses constitutives de la monnaie unique ; mais les débats portant sur sa viabilité se limitent trop souvent à une vision purement économique de la zone euro. L’histoire complexe de la création de l’euro éclaire les enjeux financiers et politiques internationaux de l’unification monétaire. -- in many ways it's the same-old, same-old -- a group of countries with intense economic interaction that gets whip-sawed by exchange rates in a constantly evolving world that's increasingly globalized, especially capital movements -- under a series of arrangements from Bretton Woods onwards, they've been trying to manage or mitigate the problem, but they never solve it -- he repeatedly notes that the entire EC budget isn't more than 1% of the aggregate GNP of the member states -- useful aide-mémoire for each step in the evolution of the EU and European money arrangements paralled with each modification of the international monetary system -- though he notes repeatedly that finance is extremely mobile, not only within the Eurozone or within the EU but globally, and that labor and fiscal adjustments are extremely immobile within the Eurozone by comparison, he doesn't draw the obvious link of these severe mismatches to the repeated problems the EU has faced re money -- downloaded pdf to Note
article  economic_history  political_history  European_integration  post-WWII  post-Cold_War  international_monetary_system  Bretton_Woods  EU_governance  FX  FX-rate_management  FX-misalignment  Eurozone  Eurocrsis  Great_Recession  financial_crisis  sovereign_debt  Europe-federalism  EU-regulation  cross-border  Labor_markets  banking  ECB  EU-elections  political_participation  EU-Parliament  EU-parties  monetary_union  monetary_theory  international_economics  capital_flows  capital_controls  EU-fiscal_policy  convergence-econimic  fiscal_policy  Maastricht  downloaded 
july 2015 by dunnettreader
Clément Fontan - La BCE et la crise du capitalisme en Europe - La Vie des idées - 24 février 2015
Selon Clément Fontan, la Banque centrale européenne a outrepassé ses prérogatives et a, sans contrôle démocratique, traité de manière trop différenciée l’aide qu’elle apporte aux États et celle qu’elle alloue au système financier. Mots-clés : Europe | banque centrale | capitalisme | Grèce | euro -- quite helpful for details of how the various powers, decision-making processes and authority in the EU, the Eurozone, the member states, and the ECB interact -- downloaded pdf to Note
article  EU_governance  Eurozone  ECB  Great_Recession  financial_crisis  capitalism-systemic_crisis  finance_capital  financialization  Greece-Troika  Eurocrsis  QE  bank_runs  payments_systems  bailouts  Germany-Eurozone  France  accountability  democracy_deficit  austerity  Maastricht  sovereign_debt  sovereignty  Europe-federalism  European_integration  downloaded 
july 2015 by dunnettreader
Philippe LeGrain - The Eurozone’s German Problem | Project Syndicate - July 2015
Germany keeps remaking the rules so it doesn't have to adjust its current account surplus which is imposing huge adjustment costs and/or stagnation on everybody else -- the response ought to be more democracy at the EU level to bring Germany under control, but the last few years have destroyed that option
Pocket  EU_governance  Eurozone  European_integration  Eurocrsis  Germany-Eurozone  austerity  ordoliberalism  trade-policy  from pocket
july 2015 by dunnettreader
David Beckworth - The Big Lesson of the Eurozone Crisis - July 2015
The Eurozone was a bet on convergence rather than specialization that would push the members further apart - Krugman said the theory would prove specialization -- and he was more right than his worst nightmares
Pocket  economic_theory  monetary_union  convergence-econimic  Eurozone  Eurocrsis  EU_governance  Greece-Troika  European_integration  Krugman  from pocket
july 2015 by dunnettreader
Jakob de Haan, Dirk Schoenmaker -Teaching finance after the crisis | VOX, CEPR’s Policy Portal - 06 July 2015
The financial crisis brought with it many challenges, both to prevailing disciplinary tenets, and for research and policy more generally. This column outlines the lessons that can be drawn from the financial crisis – issues like financial market failures, macro-prudential policy, structural changes of the financial system, and the European banking union. It argues for the inclusion of these topics in curricula for the next generation of finance students
financial_economics  financial_system  financial_regulation  financial_crisis  capital_markets  EMH  information-markets  macroprudential_policies  cross-border  European_integration  ECB  banking  business_cycles  Minsky 
july 2015 by dunnettreader
Nicolas Delalande , review - Wolfgang Streeck, Du temps acheté - La Vie des idées - May 2015
Wolfgang Streeck, Du temps acheté. La crise sans cesse ajournée du capitalisme démocratique, Paris, Gallimard, traduit de l’allemand par Frédéric Joly, 2014 [2013], 400 p., 29 €. -- Ce que la crise a révélé, dit W. Streeck, c’est le divorce consommé de longue main entre la démocratie et le capitalisme. Ce dernier s’est tourné depuis les années 1980 vers les marchés financiers et l’endettement n’a fait que masquer le plus longtemps possible la rupture. Seule issue, selon l’auteur de ce noir diagnostic : la sortie de l’euro. -- downloaded pdf to Note
political_economy  Europe  Eurozone  EU  EU_governance  European_integration  financial_crisis  international_political_economy  international_finance  capitalism-systemic_crisis  sovereign_debt  democracy_deficit  monetary_union  austerity  downloaded 
july 2015 by dunnettreader

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