Search results - CEJSH

1

Reinforced Economic Policy Coordination as Crisis Prevention in the Eurozone

100%

Becker P.

The Polish Quarterly of International Affairs

|

2014

|

issue 3

19-35

EN

What is needed mostly is to stabilise economies and to improve economic policy coordination in the EU. Not only do the Member States have to get their budgets in order, they also have to reform their national economies so that they become competitive again. However, this should not become a decision between austerity versus growth or between demand-side versus supply-side economics. It is obvious that Europe needs both, along with sustainable fiscal policies of all Member States, which goes hand in hand with incentives for sustainable growth. Almost all European economies need structural reforms to strengthen their growth potential, to recover domestic demand and to make labour markets more robust. The task for European policy is, hence, to develop real European economic policy reform to tackle weaknesses in some economies, to generate growth, to create more and better jobs, and finally to guarantee the coherence of the European Union as a whole and the democratic legitimacy of these reform measures.

2

The Challenge of Eurozone Reforms in a Time of Uncertain Economic Prospects

63%

Tokarski P.

The Polish Quarterly of International Affairs

|

2014

|

issue 3

7-18

EN

The autumn 2014 brings widespread fear that the crisis in the eurozone may reescalate. A truism is to say that its main drawbacks have not been solved. The problems with the banking sector in the EU are far from solved and the need to clean up bank balance sheets. The necessary process of private sector deleveraging will continue to have an adverse effect on economic activity. The public finances of several eurozone economies are in poor condition. In three out of four of the largest eurozone economies, the general government gross debt-to-GDP ratio is increasing. Several Member States still face considerable structural challenges and the sustainability of economic models will have to be reconsidered, not only in countries such as Greece, Cyprus, Spain, Italy or France but also in Finland. After Standard & Poor’s stripped Finland of its triple “A” rating in October 2014, the only members of this exclusive club in the eurozone remained Germany and Luxembourg.

3

Banking Union: An Effective Instrument for the Eurozone Banking Sector or a Useful Distraction from Other Issues?

63%

Zombirt J.

The Polish Quarterly of International Affairs

|

2014

|

issue 3

127-138

EN

The ongoing review performed by European institutions with closer and closer cooperation with Member States since the beginning of the crisis has revealed that nowadays, with globalisation and the greater presence of trans-border banks, such a situation can jeopardise not only the process of economic integration and the completion of the single market for financial services but also, according to the directive, “continuation of the critical functions of institutions and the preservation of financial stability.” It can also threaten confidence in the European financial markets and financial players, which in turn could bring unintended consequences for economic growth. From political and economic points of view, such a situation could no longer be accepted. Therefore, politicians and economists, having been accused of doing nothing by European taxpayers bearing the huge costs of numerous rescue packages granted to failing banks, had to find a solution.

4

TARGET 2 and the Risks for the National Bank of Slovakia

63%

Stískala J.

The Polish Quarterly of International Affairs

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2014

|

issue 3

69-98

EN

The objective of this paper is to clarify the real impact of the TARGET 2 imbalances that emerged for the eurozone as a whole and reveal its consequences for the National Bank of Slovakia. The main aim of this study is to try to finally close the discussion among well-known European economists about the real effects of disproportional flows of funds (in central bank money) between eurozone states. Opinions on this issue have been amended a few times and we should first make clear whether rising TARGET balances are accompanied by increasing risk for the stability of the monetary union. We understand the term “risk” to mean the prospect of loss. After introductory remarks on the fundamentals of payment settlement via a correspondent bank and via a payment system, we will review the conclusions of specialists discussing the problem of payments. These diverse outcomes also motivated the author to exhaustively specify the risks to the eurozone as well as the National Bank of Slovakia. That is why we analyse the fundamentals of payments in the first place. After closing the debate with a prospective loss analysis, we dismantle the real implications of imbalanced payments, evaluating the experience of the National Bank of Slovakia.

5

Cohesion Policy and Sound Economic Governance: A Loveless Marriage

63%

Vehelst S.

The Polish Quarterly of International Affairs

|

2014

|

issue 3

113-126

EN

The appellation “macroeconomic conditionality” itself did not make the final legal texts, as the rules now refer to “sound economic governance.” Nonetheless, the content of expanded macroeconomic conditionality remains. In contrast to previous rules, macroeconomic conditionality now applies to all cohesion policy funds and even to agriculture and fishery funds, i.e., all the European Structural and Investment Funds (ESI Funds). In addition, conditionality applies to all economic governance procedures. To appease the European Parliament, the Commission’s original proposal was nonetheless substantially amended. The result is a form of conditionality with a great deal of caps and safeguards. Due to the large opposition to macroeconomic conditionality, the relation between cohesion policy and sound economic governance got off to a rocky start. This article aims to evaluate these expanded macroeconomic conditionality rules. First, the article describes the functioning of macroeconomic conditionality, both its sanctioning part (the stick) and incentive part (the carrot). Subsequently, the potential impact of these new rules is assessed.

6

Stabilisation Cocktails for a Eurozone Crisis Solving Framework

63%

Carrier B.-P.

The Polish Quarterly of International Affairs

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2015

|

issue 1

79-96

EN

As of late 2014, the eurozone still has yet to forge a path of sustained recovery, which means dismal conditions for many European citizens, especially in the periphery. Optimum Currency Area theory can be used to analyse single currency areas, yet not operational due to conceptual confusion. In this paper, a new conceptual paradigm that makes currency area theory useful to decision-makers is proposed. This paradigm relies on two prongs: on one side, a study of the deviations from an ideal currency area, and on the other, the stabilisation mechanism cocktails. Stabilisation mechanisms and their impact on different macroeconomic shocks are then presented in a table. The framework found in this article will be useful for conducting a constructive dialogue between eurozone members on the future of the currency union.

7

The European Semester and the Competitiveness of the Southern EU Member States and the Visegrad States

51%

Toporowski P.

The Polish Quarterly of International Affairs

|

2014

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issue 3

99-111

EN

This paper addresses the issue of building competitiveness through implementing the European Semester’s country specific recommendations (CSRs) in the V4 countries (Czech Republic, Hungary, Poland and Slovakia) and the southern eurozone states (Portugal, Spain and Italy). As far as the V4 are concerned, they experienced large and persistent external imbalances (i.e., measured by the magnitude of the balance of payments deficit) until the beginning of the crisis, as with the Mediterranean EU Member States. This points at some similar structural problems that affect their competitiveness. Later, among the V4, the imbalances were in Poland and Czech Republic only.

8

Hungary’s Perspective on the Banking Union and Remarks on the Possibility of Eurozone Accession

51%

Domonkos E.

The Polish Quarterly of International Affairs

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2014

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issue 3

37-48

EN

The objective of this essay is to analyse the position of the Hungarian government towards the banking union. In order to better understand the official standpoint of the cabinet, it is necessary to make a brief overview related to the possible introduction of the euro in Hungary. As far as the country’s preparedness for the adoption of the euro is concerned, several internal factors (fulfilment of the Maastricht convergence criteria, pursuance of credible and responsible economic policy that promote sustainable economic growth and macroeconomic stability, etc.) and external ones (the structural problems of some eurozone countries and the extended and modified rules of the Stability and Growth Pact and the Euro Plus Pact) have to be taken into account if a responsible decision about accession to the eurozone is to be taken. Only with wide consensus between the participants in the country’s economy and society and considered, balanced economic policy can Hungary reap the possible benefits of the adoption of the common currency.

9

Economic and political implications for Poland remaining outside the Eurozone

51%

Gomułka S.

Nauka

|

2019

|

issue 1

EN

In the Accession Treaty of 16 April 2003, Poland agreed to adopt euro as its national currency, but the date of this adoption was not specified. The financial crisis in several countries of the Eurozone, in response to the world financial crisis in 2008, reduced drastically the public support in Poland for the replacement of the zloty by the euro. This article has two objectives. One is to assess the net costs, economic and political, for Poland remaining long outside the Eurozone. In this assessment the analysis includes also two official reports by National Bank of Poland, the country’s central bank, published in 2009 and 2014. The other objective is to note and assess the reforms which have been undertaken by member states of the Eurozone in response to this crisis, in order to maintain and enhance financial stability and economic effectiveness of the rules adopted at the start of the Eurozone on 1 January 1999. The author suggests to consider and adopt additional reforms. Discussed is also the USA experience with its own monetary union, and the potential influence on policy developments in the EU of increasing global competitive pressures from China and India.

10

Miejsce Polski w zmieniającej się Unii Europejskiej – proces integracji krajów UE

51%

Wieczorek P.

Kontrola Państwowa

|

2015

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vol. 60

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issue 1 (360)

135-154

EN

The article attempts to define what Poland has achieved to date in the political arena of the European Union, as well as the challenges that the country will have to face in relation to the new institutional and legal structure of the Union that is being formed. The advantageous position in the EU, which our country has managed to achieved over the first years after the accession, has not been given for good, especially that the Union is now undergoing structural changes whose impact on the shape of the integration, especially in the EU’s cohesiveness, is at this point difficult to define clearly. Consequently, the European Union in the form that is being established now, soon will not be the same as the Union that Poland joined in 2004. This may, at least partially, ruin the effects of Poland’s efforts to be in the Union’s decision-making centre. The future position of Warsaw in the EU will depend on how long, and to what extent, the key states of the Eurozone will consider our country an important element of Europe’s political scene. And it depends, to a large extent, on our readiness to join the efforts related to the reconstruction of the institutional infrastructure of the integration (the banking union) and, first of all, on the perspective of Poland’s joining the Eurozone.

11

A Systemic Narrative of Hungarian Eurozone Accession

51%

Kovács O.

The Polish Quarterly of International Affairs

|

2014

|

issue 3

49-67

EN

This paper attempts to contribute to a better understanding of why a more systemic approach is needed when it comes to Hungary's eurozone accession. This study first dwells on the issue of its macroeconomic instability from a regional perspective by devoting attention to its "lagging" phenomenon, which requires a more holistic approach in supporting Hungary's eurozone accession process. Then it broadens the research canvas by emphasising that the challenges Hungary is facing today imply that the role of governance and the quality of the state are heavily appreciating. It argues that a prerequisite of eurozone accession is governance that is engaged in fostering public sector innovation in addressing old and new challenges with supporting sustained growth and development.

12

Maastricht Criteria of…Divergence?

51%

Paleta T.

Review of Economic Perspectives

|

2012

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vol. 12

|

issue 2

92-119

EN

This article focuses on problematic issues of the Maastricht criteria. The possible effect of attempt to meets the criteria is confronted with its intended purpose. Each criterion is analysed generally by pointing out problematic issues, subsequently, fulfilment by Eurozone members and risks for the Czech Republic, too, are shortly analysed. It is shown that in many cases fulfilling criteria can lead to a different development than was initially intended. The analysis reveals that attempts to meet the criteria can lead to divergence from Eurozone, can cause several economic problems and can bring pain with no gain.

13

Stabilization of Zloty Within the Exchange Rate Mechanism II (ERM II) as an Alternative for the Floating Exchange-Rate Regime and the Unpopular Idea for Introducing Euro in the Polish Society

51%

Redo M.

Law and Administration in Post-Soviet Europe

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2016

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vol. 3

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issue 1

18-23

14

The Commission’s Reflections on the EU’s Future

51%

Gniatowski Z., Skawiński F., Zygmunt I., Kopcewicz G., Olszanecka N., Urbański D., Piechowiak-Lamparska J., Bryc A., Bojarczyk B., Jorgensen F. A. E., Niedziołka D., Pacześniak A., Potorski R., Wincławska M., Włodkowska-Bagan A., Jeran A., Mol A., Solsbery A., Dąbrowska I., Głodkowski M., Kopcewicz G., Olszanecka N., Piechowiak-Lamparska J.

The Copernicus Journal of Political Studies

|

2014

|

issue 2 (6)

PL

This paper presents the way the European Commission (EC) views the European Union’s future and its own future role. It argues that despite the new rules introduced by the Treaty of Lisbon, the EC will not become overly politicized after the 2014 European elections. The paper also outlines the case for political union through a “democratic federation of nation states”, as proposed by the President of the European Commission Jose Manuel Barroso in State of the Union 2012, and discusses the Commission’s proposals for further economic integration in the Eurozone and the EU in general, with special focus on the European Semester procedure and the EU’s new economic governance. The Commission’s projects are then put in the context of predictions about the EU’s future, made by researchers dealing with the subject.

15

Poland’s Winding Road to the Eurozone: From a Cost-Benefit Stance to Risk Aversion

51%

Tokarski P., Visvizi A.

The Polish Quarterly of International Affairs

|

2015

|

issue 3

65-83

EN

More than a decade after EU accession, Poland, an initial enthusiast of euro adoption, has turned into merely an assertive endorser thereof, with the prospect of Polish entry to the eurozone vanishing over an uncertain political horizon for the foreseeable future. Although legally bound to adopt the euro, Poland has drawn on the indeterminacies built in to the Maastricht convergence criteria to effectively postpone eurozone entry. While the euro adoption initially constituted a predominantly legal challenge, today it is an essentially a political issue. Moreover, as a result of the eurozone crisis, the debate on euro adoption switched from a sober cost-benefit analysis to a political risk (and cost) assessment, where the attainment of nominal and legal convergence has become a function of the Polish government’s broader domestic and European political strategy. The outcome of the presidential election in May 2015, described by commentators in terms of an epochal change, further blurs the prospect of Poland’s euro area membership.

16

Wydatki obronne w krajach strefy euro i ich wpływ na wzrost gospodarczy

51%

Waszkiewicz G.

Ekonomista

|

2017

|

issue 3

323-335

PL

Poszukiwanie sposobu stymulowania wzrostu gospodarczego w krajach strefy euro ciągle pozostaje zagadnieniem aktualnym. Jedną z interesujących kwestii jest wpływ wydatków wojskowych na wzrost gospodarczy. Celem artykułu było sprawdzenie, czy wydatki budżetowe na obronność w krajach strefy euro oddziałują na wzrost gospodarczy. Analizę empiryczną przeprowadzono za pomocą testu przyczynowości Grangera. Otrzymane wyniki potwierdzają istnienie zależności przyczynowo-skutkowej między wydatkami wojskowymi a tempem wzrostu PKB w czterech z badanych ośmiu gospodarek.

EN

Eurozone’s countries are still facing the problem how to invigorate the economic growth of national economies. One of the interesting questions concerns the impact of military expenditure on economic growth. The aim of the paper was to check whether defense spending in Eurozone countries has a noticeable impact on economic growth. Empirical analysis was based on the Granger causality test. It was proved that military expenses affect economic growth, but only in case of some scrutinized economies (four out eight included in the sample), regardless of the scale of their military spending in national budgets.

RU

Поиск способа стимулирования экономического роста в странах еврозоны остается все еще актуальной задачей. Одним из интересных вопросов является влияние военных рас- ходов на экономический рост. Целью статьи была проверка влияния бюджетных рас- ходов на оборону в странах еврозоны на их экономический рост. Эмпирический анализ был проведен с помощью теста Грэнджера на причинность. Полученные результаты подтверждают существование причинно-следственной связи между расходами на обо- рону и темпами роста ВВП в четырех из восьми исследуемых экономик.

17

Book review: Michał Pronobis, “Polska w strefie euro” [Poland in the Eurozone], C.H. Beck Publishing Company, Warsaw 2008, pp. 182

51%

Kraś I.

Polish Political Science Yearbook

|

2009

|

vol. 38

248-253

EN

The processes of international integration have been noticed for years. The inconvenience with currency exchange has been perceived long ago by the representatives of classical economic thought – David Ricardo and the father of the common currency idea – J. Stuart Mill. He thought there is so much barbarism in many transactions in civilized countries that almost all independent states protect themselves by keeping their own currency. Although there is some inconvenience for those countries and their neighbours.

18

Convergence Problems in the Eurozone

51%

Wierzejski T., Siemionek M.

Olsztyn Economic Journal

|

2012

|

vol. 7

|

issue 2

315-327

EN

This paper analyses the issue of convergence in the Eurozone. The overarching objective was to evaluate the monetary and fiscal convergence of the countries in the Eurozone during the recent period. A further goal was to establish recommendations boosting the economic efficiency of the analysed currency integration of the Eurozone. The paper pinpoints crucial theoretical underpinnings and the current analysis of the Eurozone. Empirical data pertinent to macroeconomic indicators, which were collated and statistically analysed, were also used to delineate crucial issues of convergence in the Eurozone.

19

Rozwój rynków obligacji korporacyjnych strefy euro

51%

Czaja J.

Studia Ekonomiczne

|

2014

|

vol. 166

98-108

EN

The author tries to show the introduction of the euro has had a significant impact on the development of corporate bond markets in Euroland. Also, the period from the Maastricht Treaty until the moment of the abandon the national currency has played a positive impact. This was because different changes in preparation for adopting the euro, improved incentives for improving corporate bond issue in the future Euroland.

20

Źródła niestabilności gospodarczej państw strefy euro w warunkach kryzysu

51%

Gasz M.

Studia Ekonomiczne

|

2014

|

vol. 166

78-87

EN

Financial and economic crisis at the turn of 2007-2008 forced a revision of views on the economic situation of the Member States of the euro area and became a turning point in the way the system of European economic governance. Deteriorating public finances of Member States, increasing the vulnerability of the institutional and structural reforms omission adversely affected the stability of the euro area. This paper analyzes the performance of selected economies, the economic condition of the area and review and characterization of new solutions in the governance of the European economy. The author subscribes to the view that an excessive number and low effectiveness of the regulations may be in conflict with the desire to achieve in the short term fiscal stabilization desired.

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