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European currency after Greek crisis
Martinek, Petr ; Loužek, Marek (advisor) ; Vlček, Josef (referee)
This thesis describes the current state of the European Monetary Union. Special attention is paid to the development of the recent debt crisis which revealed many weaknesses of the EMU. This paper analyses these problems and suggests some solutions. It explains causes and consequences of the debt crises and concludes with prospects for the future development of the Monetary Union.
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Fiscal Rules in the European Union
Výprachtická, Terezie ; Šmídková, Kateřina (advisor) ; Schneider, Ondřej (referee)
ABSTRACTS PART I - The EMU and its Fiscal Rules This paper treats the fiscal rules of the European Economic and Monetary Union. It begins by introducing this union's inception and by discussing its set of fiscal rules - the Stability and Growth Pact, including its reform. The rationale for policy coordination and the need for fiscal rules in a monetary union are then investigated. The Stability and Growth Pact is then assessed from this point of view. The most important part of the paper is devoted to the analysis of whether the Stability and Growth Pact could be substituted by the disciplining effect of the financial markets. Our findings suggest that there is certain interaction between the financial markets and the governments' decisions on the fiscal policies and that this reaction has become stronger after the beginning of the latest financial and economic crisis. However, the institutional setup and market conditions in the European Union are such that this interaction is biased and thus we conclude that the Union needs to have fiscal rules. JEL Classification: C23, E44, E61, E62, H62, H87 Keywords: European Economic and Monetary Union, Stability and Growth Pact, Financial markets, Fiscal rules, Policy coordination PART II - The Golden Rule of Public Finance and Productivity of Public Capital This...
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European Economic Governance: An Option or The Necessity?
Vlach, Michael ; Urban, Luděk (advisor) ; Debnárová, Ľubica (referee)
Bibliografický záznam VLACH, Michael. Evropské ekonomické vládnutí - možnost nebo nutnost? Praha, 2011. 95 s. Diplomová práce (Mgr.) Univerzita Karlova, Fakulta sociálních věd, Institut mezinárodních studií. Katedra západoevropských studií. Vedoucí diplomové práce Prof. Ing. Luděk Urban, CSC., Jean Monnet Professor Abstract Diploma Thesis "European Economic Governance - an option or the necessity?" deals with the current debate on the reform of European economic governance (EEG). It focuses on the genesis of the pre-crisis European economic governance, primarily on the Economic and Monetary Union, and on the performance of the EMU and the features of EEG before and during the crisis. It investigates the issues and challenges that arisen largely from the aftermath of the crisis such as imbalances on the Internal Market due to serious competitiveness issues between the Member States, lack of crisis management, financial supervision etc. The common cause of these problems, the insufficient economic governance is identified having source largely in the original design of EMU which was adopted largely for economic reasons but contemporary political limits restrained the Economic union and macroeconomic coordination provisions thus enabling the current situation. In the final part the proposed and implemented...
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Fiscal rules in the Czech republic after joining the EU
Šafránek, Patrik ; Ježek, Tomáš (advisor) ; Vebrová, Ludmila (referee)
This thesis concerns fiscal rules which represent a possible solution of excessive deficits of public budgets. The chosen topic is very relevant as most developed countries are now facing the problem of fiscal imbalance. The aim of the thesis is to analyze existing rules in the Czech Republic and to formulate recommendations for its public budgets with regard to the specifics of the economic and political environment. The main hypothesis is that fiscal rules in the Czech Republic are not well designed and do not contribute to the stabilization of public finances. This hypothesis was partially proved true. Proposal to strengthen the fiscal framework by implementation of the reform of medium-term expenditure frameworks and by adopting debt rule at the constitutional level results from the realized findings. Further recommendation is to establish independent fiscal institution that would oversee the fiscal policy in the Czech Republic.
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The Development of budget responsibility in EU Member States
KLOUDOVÁ, Veronika
In my thesis I have dealt with the issue of Fiscal Responsibility in the EU, especially the position the EU Member States have on this issue. The first part defines the Budget responsibility and Fiscal policy at the level of the Czech Republic and level of European Union. There has been mainly described and analyzed the Stability and Growth Pact, and the Fiscal compact. The second part has been devoted to evaluation of individual member states and described how the legislative acts are used for effort to reach sustainable finances contributing to the overall generally maintain Responsible and Fiscal policy. At the end its summarized and compared the evolution of public debt and budget deficits and also characterized their independent Financial institution.
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The Stability and Growth Pact and its implications for relations between Eurozone countries
Voříšková, Tereza ; Sršeň, Radim (advisor) ; Dubský, Zbyněk (referee)
The thesis analyses the Stability and Growth Pact with regards to relations between the Eurozone countries. First, it theoretically describes European integration process and consequently finds if the European Monetary Union in the optimal currency area. Furthermore, explains term of a Stability and Growth Pact and it discrepancies between political and economic issues. In conclusion, it is contemplated that the Stability and Growth Pact, even after the reforms, have a negative impact on relations between the members of the Eurozone.
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The Maastricht fiscal criteria, their formation and problems of fulfulment by countries of the Europen Union
Papáčková, Hana ; Izák, Vratislav (advisor) ; Klazar, Stanislav (referee)
The Bachelor thesis is focused on the description of the Maastricht criteria, and an analysis of the time period between 1995 to 2015. The work is divided into two chapters. The first chapter describes each of the Maastricht criteria and analyzes the fiscal criterion of sustainability of public debt in select EU Member States (Belgium, Czech Republic, Italy, Ireland, Germany and Greece) during this time, which includes the criteria of public debt and public deficit. The aim is to assess whether these fiscal criteria are met. The last chapter covers further regulatory measures of the Maastricht criteria, like the Stability and Growth Pact, the Euro Plus Pact and the fiscal compact, which addresses their shortcomings.
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Development of nominal and real convergence in Czech and Slovak Republic and entry of the Czech Republic into the EMU
Gajoš, Ondřej ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The aim of this thesis is to define nominal and real convergence within the area of the European Union and to assess its development on the example of the Czech and Slovak Republics. This dissertation is divided into three integrated sections. The theoretical part analyses basic economic concepts related to the issue of convergence and stability of joint economic units. The topics covered include the Maastricht criteria, their relevance, currentness and possible conflict between nominal and real convergence with the accession of new countries, then the theory of optimum currency area (OCA), theory of endogeneity and exogeneity and the linkage on fiscal policy and fiscal discipline in the environment of the European Union and the eurozone. Special attention is focused on the development of fiscal policy following from the establishment of the Stability and Growth Pact, including its reforms and recent changes in the form of the Euro Plus Pact and the Fiscal Convention. To satisfy the need for quantitative evaluation of given hypotheses, the second (empirical and analytical) part offers two self-constructed indices - the index of real convergence and fiscal discipline index. Based on these indices, relationship between the performance criteria of nominal and the real economy is monitored in the evaluated cohort. The last part of this work is dedicated to synthesis and application of findings from the previous sections upon which conclusions and recommendations for possible entry of the Czech Republic into the euro area are made.
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Economic and legal aspects of the Stability and Growth pact
TROJANOVÁ, Linda
The theoretical part describes what the Stability and Growth pact is, why and how it came into existence, and events which preceded it. This part also describes the Maastricht treaty and convergence criteria and the original Stability and Growth Pact as well as joining the European Monetary Union, which is important in terms of meeting the criteria by individual states. Furthermore, there is an analysis of the Stability and Growth pact and the changes that followed over the years after the pact became effective. Lastly, the theoretical part describes other contracts which arose after shortcomings in the Stability and Growth pact were identified. The practical part analyses how the Stability and Growth pact is followed by each country and adherence of Stability and convergence programmes. Finally, there is an assessment of level of indebtedness of individual European Union countries and of indebtedness of the European Union countries in global comparison.
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