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  • Author: Nicoletta Pirozzi
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Istituto Affari Internazionali
  • Abstract: Every era has its symbols. In 1984, Mitterrand and Kohl held hands on the battlefield in Verdun, coming to symbolise the importance of peace in the pursuit of European integration. Today, in times of COVID-19, the so-called “Coronabonds” could have emerged as the symbol of a new Europe, one that is ready and able to do what it takes to collectively overcome the present crisis. Yet, what some member states consider an indispensable emblem of European solidarity, namely debt mutualisation to face an unprecedented symmetric crisis brought about by COVID-19, is regarded by others as an ultimate excuse for moral hazard. As a result, Europe could end up with a politically more digestible European Fund, as proposed by Commissioners Paolo Gentiloni and Thierry Breton, designed to issue long-term bonds.[1] Or, as outlined by the Eurogroup, a Recovery Fund that is “temporary, targeted and commensurate” to the extraordinary costs of the current crisis, helping to spread them across time.
  • Topic: Financial Crisis, Governance, Finance, Economy, Coronavirus
  • Political Geography: Europe, European Union
  • Author: Robert Fay, Angelo Arcelli
  • Publication Date: 04-2019
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Following the 2008 financial crisis, the Group of Twenty embarked on an ambitious financial regulatory reform plan that has seen many banks worldwide make substantial progress in terms of both capitalization and governance. Over this period, banks have also become increasingly exposed to business risks from digitization, artificial intelligence and cybercrime, and major investments are necessary to manage these risks. New regulations have been introduced in the European Union to reduce these risks, but their associated costs have potentially created a lasting competitive disadvantage for European banks. This situation has raised some key questions that deserve to be discussed and investigated: How does regulation — including that outside the sector — affect banks’ ability to compete globally? What will be the impact of fintech players as well as globally active banks from China and other emerging markets? Can the Basel regulatory framework and Financial Stability Board (FSB) ensure a level playing field globally going forward, or has the regulatory pendulum swung too far? How will the supervisory approach need to be adapted to the changing structure of the global financial system? Moreover, how will the implementation of Basel reforms affect the industry? These and other questions remain about the effectiveness of the already-achieved reforms as well as their future direction. These issues were at the core of CIGI and Oliver Wyman’s fifth annual Financial Regulatory Outlook Conference, held in Rome on November 28, 2018. This conference report summarizes the key points of discussions at the conference, with a special focus on the 10 years of regulatory reform that was conducted under the auspices of the FSB and the new forces that are currently affecting banks and could have an impact on the future.
  • Topic: Financial Crisis, Regulation, Europe Union, digital culture
  • Political Geography: Europe, Global Focus
  • Author: Miranda Xafa
  • Publication Date: 11-2018
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Since the debt crisis of 2010-2012, sustained efforts toward deeper integration, supported by accommodative monetary policy, helped promote the recovery of the euro-area economy and dispelled fears of a breakup of the single currency. Fiscal rules were tightened and macro surveillance tools were set up for crisis prevention. Yet significant challenges remain to be tackled. Gaps remain in the euro-area architecture; limited progress has been made in establishing the Capital Markets Union and the banking union remains incomplete. Today’s environment of solid growth remains an ideal time to advance the reform agenda. There is wide agreement that building a well-functioning and resilient monetary union in Europe requires further steps to break the bank-sovereign doom loop and to increase risk sharing among members of the union. Many competing proposals have been tabled to make the governance of the euro area more robust. Views differ on the shape and sequencing of reforms, and on the degree of integration that is ultimately desirable, with some observers arguing for a full fiscal union with shared risk, and others going all the way to full political union through the creation of a federal state. This paper assesses and prioritizes key proposals that are economically sound and politically feasible.
  • Topic: Debt, Regional Cooperation, Financial Crisis, European Union
  • Political Geography: Europe
  • Author: Marek Dabrowski
  • Publication Date: 07-2017
  • Content Type: Special Report
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry’s business model in both its banking and non-banking components. It has already revolutionised financial services and, most likely, will continue to do so in the future. If not responded to adequately and timely by regulators, it may create new risks to financial stability, as occurred before the global financial crisis of 2007-2009. However, financial innovation will not seriously affect the process of monetary policymaking and is unlikely to undermine the ability of central banks to perform their price stability mission.
  • Topic: Energy Policy, Environment, Monetary Policy, Financial Crisis, Economic growth, Innovation, Trade
  • Political Geography: Europe, Global Focus, European Union
  • Author: Zbigniew Polański
  • Publication Date: 12-2017
  • Content Type: Working Paper
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: This paper contrasts the impact of the 1929 and 2008 world crises on the Polish economy. Her much better performance during the recent crisis can be explained by two groups of factors: first, by very different stabilization policies and second, by distinct structural developments (resulting both from authorities' structural policies and spontaneous processes). It is emphasized that several factors responsible for Poland's superior performance during the 2008 crisis also contributed to her economic success vis-à-vis other European Union countries.
  • Topic: Financial Crisis, Economic structure, Economic growth, Global Financial Crisis, Trade
  • Political Geography: Europe, Poland, European Union
  • Author: Daniel Daianu
  • Publication Date: 11-2017
  • Content Type: Working Paper
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: The financial crisis and its ensuing effects have brought back into the limelight the issue of cycles and of policies which fuel or mitigate crises. Cognitive and operational models in economics and business are questioned. There is a specter of much lower economic growth in the industrialized world. Central banks are over-burdened. This makes central bankers’ lives much more complicated and obfuscates the boundaries between monetary policy and fiscal policy, especially when financial stability gets to center stage. New systemic risks show up in capital markets. The eurozone has escaped collapse owing to the European Central Bank’s extraordinary operations and large macro-imbalance corrections in its periphery, but major threats persist. This paper focuses on economic cycles and policies in an international (European) context. Attention is paid to linkages between domestic cycles and the European financial cycle, drivers of financial cycles, finance deregulation and systemic risks, ultra-low interest rates, the international policy regime, and global stability. The experience of European emerging economies is taken into account.
  • Topic: Debt, Monetary Policy, Financial Crisis, Economies, Economic growth, Interest Rates, Fiscal Policy
  • Political Geography: Europe, European Union
  • Author: Marek Dabrowski
  • Publication Date: 08-2016
  • Content Type: Working Paper
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: 'Since 2008, the world economy has been facing the consequences of the global financial crisis. As a result, many economic policy paradigms have been revised, and this process is far from complete. The policy area, which needs a fundamental rethinking (especially in advanced economies), relates to the role of public finance and fiscal policy in ensuring economic growth and financial stability. The primary task will be to develop a new analytical approach and detailed indicators, which are necessary to provide a correct diagnosis and effective recommendations.' What are the “safe” levels of budget deficit and public debt during “normal” or “good” times? Is there a single norm of fiscal safety?
  • Topic: Debt, Financial Crisis, Finance, Global Financial Crisis, Macroeconomics, Fiscal Policy, Deficit
  • Political Geography: Europe, Global Focus, Global Markets
  • Author: Piotr Kozarzewski, Maciej Bałtowski
  • Publication Date: 07-2016
  • Content Type: Working Paper
  • Institution: Center for Social and Economic Research - CASE
  • Abstract: Piotr Kozarzewski and Maciej Bałtowski analyse the causes and manifestations of Poland’s recent shift in economic policy towards a more active role of the state, and use privatization policy as an example. The authors examine the effects of the privatization policy and point to a large unfinished agenda in ownership transformation that has had an adverse impact on the institutional setup of the Polish state, creating grounds for rent seeking and cronyism, which, in turn, impede the pace of privatization. They find out that it is the increasing capture of the state by rent-seeking groups, and not, contrary to popular opinion, the global financial crisis, that most contributes to the growing statist trends of Poland’s economic policy. The publication is a part of a CASE Working Papers series.
  • Topic: Privatization, Financial Crisis, Reform, State, Economic Policy, Institutions, Macroeconomics
  • Political Geography: Europe, Poland
  • Author: Daniel V. Speckhard
  • Publication Date: 09-2015
  • Content Type: Journal Article
  • Journal: Ambassadors Review
  • Institution: Council of American Ambassadors
  • Abstract: After serving for two challenging years in the chaos of a war zone as the Deputy Chief of Mission in Iraq, I received word that I would become the next Ambassador to Greece. To be quite honest, I had mixed feelings. I looked forward to the challenge, but I imagined the post would be too sedate compared with the adrenalin-charged days and world-shaping events in Iraq. It was anything but. Within a year of my arrival, the streets were aflame with violent protests over a police shooting of a teenager. A year later, snap elections brought a socialist government to power. And soon thereafter, the onion was further peeled to expose a financial crisis and a crumbling economic foundation built on a corrupt, oligarchic, and debt-addicted system fed by billions of dollars of public and private EU loans and grants.
  • Topic: Corruption, Economics, Politics, Financial Crisis, European Union
  • Political Geography: Europe, Greece
  • Author: Zheng Liansheng
  • Publication Date: 03-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The shadow banking system was defined in 2007 by Paul McCulley, the managing director of Pacific Investment Management Company, but it began to receive significant attention in the immediate aftermath of the GFC. Since the beginning of the financial crisis in 2008, the regulatory agencies of different countries, international organizations and think tanks have all carried out in-depth research into shadow banking and have released a series of results. Regulatory reforms have also addressed shadow banking, the most important of which is the US Dodd-Frank Act of 2010, which aims to restrain the expansion and risk taking of shadow banking in the United States. The United Kingdom and the European Union have also adopted reforms and built up a supervisory system to track the risks of the shadow banking system.
  • Topic: Financial Crisis
  • Political Geography: United States, China, United Kingdom, Europe