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2. The German Constitutional Court's decision about the European Central Bank's OMT mechanism: A masterpiece of judicial arrogance
- Author:
- Charles Secondat, Daisy Roterod, and P.J. Goossens
- Publication Date:
- 04-2014
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- The German Constitutional Court (BVG) recently referred different questions to the European Court of Justice for a preliminary ruling. They concern the legality of the European Central Bank's Outright Monetary Transaction mechanism created in 2012. Simultaneously, the German Court has threatened to disrupt the implementation of OTM in Germany if its very restrictive analysis is not validated by the European Court of Justice.
- Topic:
- Economics, Regional Cooperation, and Monetary Policy
- Political Geography:
- Europe
3. A Eurozone Subcommittee in the European Parliament: high hopes, low results?
- Author:
- Stijn Verhelst
- Publication Date:
- 07-2014
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- The task of ensuring the democratic legitimacy of the euro has been placed high on the agenda. A eurozone subcommittee in the European Parliament is one of the rare concrete proposals to secure this, creating high hopes. Due to legal and political hurdles the idea might nonetheless have minimal results, which might result in suboptimal parliamentary scrutiny of the eurozone. This Policy Brief argues that if a eurozone subcommittee is to be both meaningful and politically feasible, it should combine substantial competences with innovative decision-making.
- Topic:
- Economics, Regional Cooperation, and Monetary Policy
- Political Geography:
- Europe
4. Banks at the Service of the Economy?
- Author:
- Eric De Keuleneer
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- This Policy Brief discusses a few simple measures to improve both the commercial and investment banking landscapes, with or without formal separation. Covering deposits with quality collateral would make them safer and would help create an easier guarantee and resolution mechanism at the larger eurozone level. Strong central counterparties and transparency requirements would improve market mechanisms and market discipline in capital markets and investment banking. Specific governance measures would also help improve the financial sector. Finally, a better control of bank solvency, together with improved capital market transparency and accessibility, should encourage the progressive deleveraging of commercial banks, and enhance the long term funding of the economy by capital markets.
- Topic:
- Economics, International Trade and Finance, Markets, Monetary Policy, and Governance
5. What if the Next Financial Crisis Hits the Banking Union? A Call for an "If All Else Fails" Clause
- Author:
- Stijn Verhelst
- Publication Date:
- 09-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- This Policy Brief argues that the envisaged design of the Banking Union risks not being sufficient to deal with the next large-scale financial crisis. Therefore, an "if all else fails" clause should be approved, stating that the Banking Union members can provide joint last resort financing to deal with a future crisis. An agreement on the clause should be feasible because it is beneficial to all Member States.
- Topic:
- Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
6. A case for adjusting fiscal consolidation in the eurozone
- Author:
- Xavier Vanden Bosch
- Publication Date:
- 01-2013
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- Fiscal consolidation is essential to ensure the sustainability of euro zone countries' public debt. However, as a principle, consolidation should not be pursued at a pace unnecessarily undermining growth in the short term. Repeated downward revisions of growth call for the use of the flexibility foreseen in the EU fiscal framework. The Commission should adapt the deadlines for fiscal correction to prevent excessive, pro-cyclical adjustment in 2013. In turn, adequate surveillance and coordination must ensure structural adjustments constitute the core of fiscal consolidation plans.
- Topic:
- Debt, International Trade and Finance, Monetary Policy, and Reform
- Political Geography:
- Europe