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Edited by Nikolaos Karagiannis and John E. King

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A Modern Guide to State Intervention

Economic Policies for Growth and Sustainability

Edited by Nikolaos Karagiannis and John E. King

A Modern Guide to State Intervention investigates the impact of the changing role of the state, offering an alternative political economy for the third decade of the twenty-first century. Building on important factors including history, the role of institutions, society and economic structures, this Modern Guide considers economic and administrative interventions towards changing the destabilized status quo of modern societies.
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Ubaldo Villani-Lubelli and Luca Zamparini

This book has provided a multidisciplinary analysis of the EU budget encompassing historical, political, legal and economic perspectives. As it was highlighted in the introduction, such a multidisciplinary approach has allowed to disentangle several topics for which single disciplines would not be able to provide a comprehensive evaluation. The contributions were carefully chosen in order to cover a wide spectrum of relevant themes characterizing the EU budget. Part 1 of the book (Historical and Political Profiles) has been identified given the consideration that there is a tight linkage between the evolution of the EU budget and the overall development of the European Union, especially in terms of integration among Member States. Part 2 (Legal and Economic Profiles) has been deemed necessary considering the ongoing debate on the need to reform the EU budget and of the trade-off between unity and flexibility. Moreover, legal and economic measures have a clear impact on the democratic legitimacy and on the political representation of the European Union.

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Features and Challenges of the EU Budget

A Multidisciplinary Analysis

Edited by Luca Zamparini and Ubaldo Villani-Lubelli

Since the inception of the European Economic Community, the EU budget has been one of the most contested and important issues. The evolution of its structure and composition has also reflected the overall development of the EU. From a multidisciplinary approach, this book examines the current features and challenges of the EU budget. It provides historical, political, legal, and economic analyses, alongside a discussion of its future development. The book will prove timely and relevant for scholars, practitioners and policy makers alike.
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Luca Zamparini and Ubaldo Villani-Lubelli

The budget has constituted one of the most debated and important issues at the political and at the academic level since the inception of the European Economic Community and in the ensuing evolution to the European Community and to the European Union (EU). The changes in its structure and composition are then crucial elements to understanding of the historical and political developments of the European Union and of its legal and economic perspectives. Given that the EU budget is mainly composed of transfers from Member States to the Union, the political negotiation always begins in the Council, where the heads of state and government define the strategic directions of the Union and set the overall amounts of the programming period. Subsequently, the European Commission presents a proposal that is first approved by the European Parliament and then by the Council of the EU. The Lisbon Treaty aimed at reinforcing the role of the EU Parliament to make the discussion more democratic. In this way, the budget would become a fruitful dialogue between European institutions, which are stakeholders of different interest groups. The financial planning would then become a fundamental open space of political confrontation, despite the expected tensions between institutions.

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Conclusion

Liberalization, Integration, and Asymmetric State Power

Nina Eichacker

This chapter concludes the book. It summarizes the major findings, and emphasizes the current relevance of the issues at hand. It points toward new policies that European governments might consider when determining the ideal financial architectures to consider.

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Empirical trends in European finance

Liberalization, Integration, and Asymmetric State Power

Nina Eichacker

This chapter surveys different measures of European financial stability, capital flows, and macroeconomic fundamentals from the 1980s through 2008 or later. It shows how the incidence of financial crises increased in Europe at the moment many European countries began to liberalize, and shows that the volume of cross-border capital flows increased at a growing pace as liberalization policies took effect, and particularly after the introduction of the euro in 2003. It contrasts trends in financial liberalization and other economic fundamentals in core European countries, and peripheral ones, and shows how housing prices behaved across the European market. It presents a story of increasing financial competition, dramatically increased capital flows, and increased reliance on securities and other financial assets at the state level, which supports a notion of decreasing financial stability over time following these processes of liberalization.

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European financial liberalization since World War II

Liberalization, Integration, and Asymmetric State Power

Nina Eichacker

This chapter provides a brief synopsis of European financial liberalization since World War II. It shows the staggered process of liberalization, in which certain countries retained highly regulated and largely public financial sectors well into the late twentieth century, while others quickly liberalized financial markets in one or more arenas from the 1950s onward. It shows that the EMU’s peripheral economies – Spain, Greece, Portugal, Italy, and Ireland – were later to liberalize financial sectors in many respects, while most of Europe’s core economies – Germany, the Netherlands, Austria – were much quicker to liberalize. It argues that the relative experience the core states had with liberalized financial systems better prepared them to weather financial crises like what would come in 2008, while leaving historically more regulated economies more vulnerable to financial shocks.

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Nina Eichacker

This chapter argues that financial liberalization played a significant role in destabilizing Western European economies since the financial crisis of 2008. This process owes much to changes in the financial governance of Western Europe in the late twentieth century. This contrasts with the conventional story that the eurozone crisis is primarily due to peripheral countries’ excessive government spending or the German government’s neomercantilist policies. The chapter shows a robust and statistically significant positive correlation between gross locational capital flows over GDP and the onset of financial crisis, using linear probability models and logit regressions, providing evidence for the hypotheses.

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Financial Underpinnings of Europe’s Financial Crisis

Liberalization, Integration, and Asymmetric State Power

Nina Eichacker

This book analyzes how financial liberalization affected the development of the financial crisis in Europe, with particular attention given to the ways in which power asymmetries within Western Europe facilitated financial liberalization and distributed the costs and gains from it. The author combines institutional narrative analysis with empirical surveys and econometrics, as well as country-level studies of financial liberalization and its consequences before and after the 2008 Global Financial Crisis.