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Czy w strefie euro występuje jeszcze kryzys?

100%
Kalka P.
Przegląd Zachodni
|
2017
|
issue 2(363)
311-328
EN
The object of the analysis presented in the article is the crisis that has been taking place in the euro area member states. The author specifies the factors that have enabled particular countries to overcome the crisis and concludes that the country which has managed to cope with the crisis to the largest extent is Ireland. However, maintenance of the changes introduced in response to the crisis and continuance of reforms of the euro area are necessary to ascertain a further success of the actions taken so far.
2
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Causes of the outbreak of the eurozone crises: the role of the USA and the European Central Bank monetary polic

63%
Białek N.
Finansowy Kwartalnik Internetowy e-Finanse
|
2015
|
vol. 11
|
issue 2
47-63
EN
This paper argues that the loose monetary policy of two of the world’s most important financial institutions—the U.S. Federal Reserve Board and the European Central Bank—were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU) while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank.
3
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Salda Target2 w Eurosystemie: ich źródła, skutki i perspektywy rozwiązania problemu

63%
Koronowski A.
Zeszyty Naukowe Uczelni Vistula
|
2014
|
issue 36/2014
5-25
PL
W artykule przedstawiono zagadnienia związane z działaniem systemu rozliczeń międzybankowych Target2 w strefie euro. Zaprezentowano źródła i konsekwencje wysokich sald oraz sformułowano wnioski w sprawie możliwości dokonania zmian w tym zakresie. Zaproponowano wykorzystanie doświadczeń amerykańskich. W artykule przedstawiono istotę i podstawowe właściwości systemu Target2, zwrócono uwagę na znaczny wzrost tych sald i znaczącą kumulację zobowiązań, omówiono powody szybkiego wzrostu sald w ostatnich latach i konsekwencje powyższego. Część opracowania poświęcono prezentacji sposobu prowadzenia rozliczeń między bankami federalnymi. Wskazano na brak możliwości korzystania z doświadczeń amerykańskich przez Eurosystem w obecnym kształcie. Autor artykułu doszedł do wniosku, że jedyną rozsądną strategią będzie czekanie na rozwój sytuacji, co znajduje odzwierciedlenie w biernym stanowisku EBC w zakresie omawianego problemu.
EN
In his article, the author presented the issues related to operation of the system of interbank settlements Target2 in the Eurozone. He presented the sources and effects of high balances as well as formulated conclusion on the matter of possibilities to carry out changes in this respect. The author proposed use of American experience. There are presented in the article the essence and basic properties of the system called Target2, paid attention to a considerable growth of those balances and a significant cumulation of liabilities, there are discussed the reasons for a quick growth of balances in the recent years and the consequences thereof. Part of the work is devoted to the presentation of the way of carrying out settlements between federal banks. The author indicated the lack of opportunities to use of the American experience by the Eurosystem in its present shape. The author of the article concluded that the only reasonable strategy will be waiting for situation development what is reflected in a passive stance of the ECB as regards the problem in question.
4

The European Union: Stability Despite Challenges

63%
Bolle M., Fläschner O.
Baltic Journal of European Studies
|
2014
|
vol. 4
|
issue 2
20-33
EN
The European Union has remained stable despite all its past and current challenges. This essay explores the reasons for that. We argue that the secret behind its stability lies in its system of negotiation. Against this backdrop, we analyse two recent challenges of the European Union. First, we show how domestically bound European governments were able to bring about a stable internationally negotiated solution for what became known as euro crisis. By means of game theory we boil down why the European Union remained stable even after havoc struck. Second, we analyze the dynamics behind the failed negotiations with Ukraine that have led to the current conflict. Thereby, the role of vested interest in negotiations for stability is emphasized. We prognosticate that due to the very same vested interests that led to the failure of the negotiations, Ukraine will remain united and return to stability in the mid-term. Finally, we conclude that, despite challenges like these, the European Union never experienced a crisis in terms of system theory since it never fell short to fulfil its purpose which is to allow for peaceful cooperative solutions.
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