After the 2008 Financial Crash

2017 ◽  
Author(s):  
Christopher Hood ◽  
Rozana Himaz
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
The Other ◽  
Political Debate ◽  
Deficit Reduction ◽  
The Eu

This chapter describes the long 2010–15 fiscal squeeze under the first Conservative–Liberal coalition since the early 1920s, in the aftermath of the 2008 global financial crisis and with debt and deficit at levels not seen for four decades or more. It included sharp political debate over timing, depth, and tax/spending balance of fiscal squeeze, with most of the coalition squeeze based on its Labour predecessor’s plans, and the deficit reduction outcome roughly the same as those Labour plans, principally because of shortfall on the revenue side. This episode was marked by a repeat of ‘bear trap’ tactics by the incumbents, and the post-squeeze 2015 election rewarded one party in the coalition, while the other party was heavily punished and so was the Labour Opposition. How far the victory of ‘Vote Leave’ (Brexit) in the 2016 referendum on UK membership of the EU can be attributed to fiscal squeeze is debatable.

Financial Supervisory and Regulatory Reform of the EU after the Global Financial Crisis

2013 ◽  
Author(s):  
Yoo-Duk Kang ◽  
Kyuntae Kim ◽  
Tae Hyun Oh ◽  
Cheol-Won Lee ◽  
Hyun Jean Lee ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Regulatory Reform ◽  
The Global Financial Crisis ◽  
The Eu

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

Adapting the European System of Financial Supervision (ESFS) to the EEA Two-Pillar Structure – A Workable Solution?

2019 ◽  
Vol 16 (5) ◽  
pp. 557-591
Author(s):  
Andri Fannar Bergþórsson
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
National Level ◽  
Financial Supervision ◽  
Member States ◽  
Eu Member States ◽  
European System ◽  
Pillar Structure ◽  
The Global Financial Crisis ◽  
The Eu

In response to the global financial crisis, the European System of Financial Supervision (ESFS) was created in 2010. Supranational bodies were established for different financial sectors to act as supervisors of sorts for national-level supervisors in EU Member States. This article focuses on how the system was adapted to three EFTA States that are not part of the EU but form the internal market along with EU Member States through the EEA Agreement – Iceland, Norway and Lichtenstein (EEA EFTA States). The aim is to clarify how ESFS has been incorporated into the EEA agreement and to discuss whether this a workable solution for the EEA EFTA States that have not transferred their sovereignty by name in the same manner as the EU Member States. One issue is whether the adaptation has gone beyond the limits of the two-pillar structure, as all initiative and work stem from the EU supranational bodies and not the EFTA pillar.

The Making of a President: The European Parliament and the Confirmation of Jacques Santer as President of the Commission

1996 ◽  
Vol 31 (1) ◽  
pp. 62-76 ◽  
Author(s):  
Simon Hix ◽  
Christopher Lord
Keyword(s):  
European Parliament ◽  
The Other ◽  
The European Union ◽  
Political Debate ◽  
European Elections ◽  
Shared Meanings ◽  
Single European Act ◽  
The One ◽  
Council Of Ministers ◽  
The Eu

THE SINGLE EUROPEAN ACT AND THE MAASTRICHT TREATY attempted to balance two principles of representation in their redesign of the institutional structures of the European Union: the one, based on the indirect representation of publics through nationally elected governments in the European Council and Council of Ministers; the other, based on the direct representation of publics through a more powerful European Parliament. There is much to be said for this balance, for neither of the two principles can, on its own, be an adequate solution at this stage in the development of the EU. The Council suffers from a non-transparent style of decision-making and is, in the view of many, closer to oligarchic than to democratic politics. On the other hand, the claims of the European Parliament to represent public sentiments on European integration are limited by low voter participation, the second-order nature of European elections and the still Protean nature of what we might call a transnational European demos. The EU lacks a single public arena of political debate, communications and shared meanings; of partisan aggregation and political entrepreneurship; and of high and even acceptance, across issues and member states, that it is European and not national majority views which should count in collective rule-making.

The French Parti socialiste (2010-16): from office to crisis

2017 ◽  
Author(s):  
Sophie Di Francesco-Mayot
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Socialist Party ◽  
Political Crisis ◽  
Social Democratic ◽  
High Unemployment ◽  
Democratic Parties ◽  
Social Democratic Parties ◽  
The Eu

This chapter examines the French Socialist Party (Parti socialiste, PS), which is one of the least successful of the major European social democratic parties. It focuses on the period between the 2008 global financial crisis until the end of François Hollande's presidency in 2017. The crisis of the PS is twofold: first, a political crisis that is revealed by the divisive nature of the Party's internal courants (factions). Whereas the factions initially contributed to the PS's internal democracy, over the past two decades they have significantly affected the PS's cohesiveness and ability to effectively develop and implement necessary policies. And second, an economic crisis that is exemplified by the PS's inability to adapt to its external and internal environments, such as the neoliberal imperatives of the EU, unprecedented high unemployment, and increasing insecurity.

scholarly journals Determinants of enhanced risk disclosure of JSE Top 40 Companies: the board risk committee composition, frequency of meetings and the chief risk officer

2019 ◽  
Vol 20 (1) ◽  
pp. 208-235 ◽  
Author(s):  
C Viljoen ◽  
B W Bruwer ◽  
Z Enslin
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Risk Identification ◽  
The Other ◽  
Significant Determinant ◽  
Risk Disclosure ◽  
Risk Committee ◽  
Top 40 ◽  
Level Of Risk

Risk disclosure practices have received increasing attention in the wake of the 2008 global financial crisis. This study investigated possible determinants relating to the composition of the board committee responsible for risk management, the frequency of board risk committee meetings and whether the company employs a chief risk officer, which could manifest in an enhanced level of risk-related disclosure. Based on the possible determinants identified in the literature, nine hypotheses were developed in order to investigate which of these determinants relate to an enhanced level of risk disclosure by the selected companies. The first required integrated reports of non-financial companies in the Top 40 index of the JSE Securities Exchange were investigated in this study. Regarding one area of investigation, namely the level of risk management disclosure, it was found that the disclosure of companies whose risk committee met more frequently and the disclosure of companies that employed a chief risk officer, were of a relatively higher standard. With regard to the other area of investigation, namely the level of risk identification and mitigation disclosure, no clearly significant determinant of enhanced disclosure was identified.

A Strategic Approach to Global Financial Crisis in Banking Sector

2018 ◽  
pp. 2183-2205
Author(s):  
Hasan Dinçer ◽  
Ümit Hacıoğlu ◽  
Serhat Yüksel
Keyword(s):  
Financial Crisis ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Fuzzy Topsis ◽  
The Other ◽  
Fuzzy Anp ◽  
Strategic Approach ◽  
The World ◽  
Strategic Goals ◽  
Privately Owned

Financial crisis affected many people and companies in the world negatively in terms of job loss and bankruptcy. Owing to this aspect, today many banks developed strategies in order to minimize the effects of any potential crisis which might be occurred in the future. Present study aims to evaluate the strategies of Turkish banks to minimize the effects of financial crisis by using fuzzy ANP and fuzzy TOPSIS methods. The study identifies that capital injection is the most significant strategy whereas the strategy of decreasing interest rate has the weakest importance. In addition to this aspect, it was also determined that privately-owned banks are the most successful banking group of Turkey with respect to the achievement of strategic goals during a financial crisis. On the other hand, state-owned banks have the lowest degree regarding this concept. The study recommends that Turkish banks should mainly focus on increasing capital amount in order to minimize the negative aspects of the crisis

2. Development of the EU

2017 ◽  
Author(s):  
Paul Craig
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
European Integration ◽  
Global Financial Crisis ◽  
Lisbon Treaty ◽  
European Unity ◽  
Single European Act ◽  
The Global Financial Crisis ◽  
The Impact ◽  
The Eu

This chapter traces the development of what is now the EU. It first describes the origins of ideas of European unity. It then discusses the various treaties that paved the way towards broader European integration. These include the European Coal and Steel Community Treaty of 1951,the Single European Act 1986, the Treaty on European Union (TEU) of 1992, and the Lisbon Treaty of 2009. Next, the chapter turns to the impact of the global financial crisis on the EU and considers several theories of integration.

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