posta & talani (eds.) - europe and the financial crisis (2011)

[...]... relationship, the pan-European space and the global balance Russia has been dramatically hit by the crisis, proving its high integration in the global market Part I Europe and the Financial Crisis: General Issues This page intentionally left blank 1 The Regulation of the European Financial Market after the Crisis Pedro Gustavo Teixeira1 Introduction The financial crisis challenged the legal and regulatory... again to the attention of the public only with the explosion of the global financial crisis Chapter 7, The UK and the Euro in the Aftermath of the Global Financial Crisis , Pompeo Della Posta 5 by Leila Simona Talani analyzes the above issue, starting from the role played by the City of London in the whole debate about the process of European monetary integration In Chapter 8, The Greek Debt Crisis: ... International Political Economy and the Master’s in European Public Policy Previously she was at the University of Bath and the London School of Economics and Political Science Pedro Gustavo Teixeira is counsellor to the Vice-President of the European Central Bank (ECB) and Lecturer on the Regulation of the Single European Financial Market at the Institute for Law and Finance of the Goethe-Universität, Frankfurt... I – and the second one started with the fall of the Berlin Wall and of the Iron Curtain and ended with the recent global crisis – Bretton Woods II) As the title clearly suggests, the contributors to this volume focus their attention on the consequences of the financial and economic crisis on Europe Also in this case, however, it is difficult to draw a clear conclusion Will the crisis increase the centripetal... from the experience with the financial crisis The financial crisis: disintegrating markets? The financial crisis unfolded in Europe in July 2007 with the first reports of subprime-related losses suffered by the European banks and in August 2007 with the freezing of interbank markets.3 The crisis involved a number of significant events of financial instability, which included a loss of confidence in the. .. Vice-President, the EU central bank governors, the three Chairs of the ESAs, the Commission, as well as the Chair and the two Vice-Chairs of the Scientific Committee as members with voting rights National supervisors and the Chairman of the Economic and Financial Committee are members without voting rights The Steering Committee sets the agenda and prepares the decisions, while the Advisory Technical and. .. Stability and Growth Pact), the independence of the ECB and the meaning and limits of the no-bailout clause and, eventually, the future of EMU In Chapter 9, ‘From Miracle to Crash? The Impact of the Global Financial Crisis on Spain’, Ramon Pacheco Pardo underlines how the financial crisis did not create new problems for the Spanish economy Rather, it exposed previous weaknesses that made Spain ill-prepared... confidence in the soundness of European banks, bank-runs, the prospect of failure of cross-border and domestic financial institutions which required recapitalization measures, and even the financial collapse of an entire country – Iceland – which was part of the EU single 9 10 The Regulation of the European Financial Market after the Crisis financial market as a member of the European Economic Area (EEA)... for a new model for the regulation and supervision of the single European financial market At the time of the crisis, the guiding principle was that a decentralized 12 The Regulation of the European Financial Market after the Crisis system based on the exercise of national responsibilities would be able to regulate the single financial market as a whole This was reflected in the so-called ‘Lamfalussy... in the Eurozone In their view, the real divergence of Peripheral economies vis-à-vis the EMU average and the worsening of macroeconomic imbalances cannot be avoided without a coordinated intergovernmental intervention In Chapter 4, The Euro in the International Monetary System after the Global Financial and Economic Crisis and after the European Public Debt Crisis , Pompeo Della Posta considers the . swaps 152 The consequences for EMU 152 The Greek crisis and the Stability and Growth Pact 152 ECB independence and the no-bailout clause 155 The Greek crisis and the ‘two-speed EMU’: the restricted. counsellor to the Vice-President of the European Central Bank (ECB) and Lecturer on the Regulation of the Single European Financial Market at the Institute for Law and Finance of the Goethe-Universität,. vii PART II THE IMPACT OF THE FINANCIAL CRISIS ON SINGLE EUROPEAN COUNTRIES 7 The UK and the Euro in the Aftermath of the Global Financial Crisis 127 Leila Simona Talani Introduction 127 The case