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"A review of both the expenditure and revenue sides of the EU budget – with no taboos – was agreed as part of the 2005 settlement of the EU budget for the period 2007-13. This study is intended to inform debate on the revenue side. It investigates two main questions: how well does the current system for raising revenue for the EU budget function; and how could it be improved. [...]"
Scholarship of multi-level governance has developed into one of the most innovative themes of research in political science and public policy. This accessible Handbook presents a thorough review of the wide-ranging literature, encompassing various theoretical and conceptual approaches to multi-level governance and their application to policy-making in domestic, regional and global contexts.
The importance of multi-level governance in specific policy areas is highlighted, and the contributors – an international group of highly renowned scholars – report on the ways in which their field of specialization is or may be affected by multi-level governance and how developments could affect its conceptualization. European integration is considered from its unique standpoint as the key catalyst in the development of multi-level approaches, and the use of multi-level governance in other parts of the world, at both domestic and regional levels, is also considered in detail before focus is shifted towards global governance. The Handbook concludes with a presentation of six policy fields and instruments affected by multi-level governance, including: social policy, environmental policy, economic policy, international taxation, standard-setting and policing.
This comprehensive Handbook takes stock of the vast array of multi-level governance theory and research developed in subfields of political science and public policy, and as such will provide an invaluable reference tool for scholars, researchers and students with a special interest in public policy, regulation and governance.
We review the initial predictions and claims regarding economic and monetary union (EMU) in Europe against the evidence of its first ten years of existence. We argue that pessimistic views on the creation of EMU have proved to be wrong. Yet EMU's success is rather puzzling, since it is based on a peculiar institutional structure not thought to lead to success. EMU has generated redistributive effects and may have increased business-cycle synchronization. Those effects have not translated into the expected decrease of legitimacy or a widespread democratic deficit of EMU. At the institutional level, EMU has coped well with an asymmetric framework, largely decoupling EMU from political union. There have been neither major spill-over effects pushing for further political integration nor conflict and disintegration. The main question for the future is whether this institutional structure will stay the same in the aftermath of the global financial crisis.
Weiterentwicklung der WWU
(2015)
We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign governments has strongly increased over the past decades, but there is a large variation across crisis events. Why are some defaults followed by litigation and others not? What explains the general increase in lawsuits? We address these questions using an economic model of litigation and a new data set capturing the near universe of cases filed against defaulting sovereigns. We find that creditors are more likely to litigate when debt restructurings are large, when governments impose high losses (haircuts), and when the defaulting country is more vulnerable to litigation (open economies and those with a low legal capacity). We conclude that sovereign debt lawsuits can be predicted reasonably well with a simple framework from the law and economics literature.
The crisis generated by the Covid-19 pandemic has required rapid and strong action. It also entails key choices, including on how the EU could help mitigate the impact of Covid-19, foster the economic recovery and support the dual green and digital transitions. In September 2019, before the crisis, the Directorate General for Economy and Finance of the European Commission organised a workshop on strengthening the institutional architecture of the EMU. This eBook presents the main ideas discussed at the workshop.
In der Gründungsphase der Währungsunion konzentrierten sich die deutschen Forderungen auf niedrige Inflationsraten und geringe Staatsverschuldung. Mit Beginn der Krise wurde jedoch deutlich, dass der deutsche Stabilitätsgedanke sehr eng gefasst war. Neben der fehlenden Haushaltsdisziplin trugen andere Faktoren maßgeblich zur Instabilität der Eurozone bei: Sowohl Leistungsbilanzungleichgewichte, als auch das Fehlen von Instrumenten zum Krisenmanagement und die gefährlichen selbstverstärkenden Dynamiken zwischen geschwächten Banken und überschuldeten Staaten wurden vor der Krise weitgehend ignoriert.
Im Verlauf der Krise hat die deutsche Regierung an ihrer traditionellen Vorstellung von Stabilität durch Kontrolle und Überwachung der Mitgliedsstaaten festgehalten. Zugleich hat Deutschland auch immer wieder pragmatisch gehandelt, um die Eurozone zu erhalten. So war das Land maßgeblich an der Schaffung des Europäischen Stabilitätsmechanismus und dem Aufbau einer Bankenunion beteiligt und tolerierte eine Reihe von außergewöhnlichen Maßnahmen der EZB.
Trotz der Reformbemühungen der letzten Jahre weist die Eurozone weiterhin Konstruktionsfehler auf, die die Stabilität der gemeinsamen Währung ernsthaft gefährden. Unter den Mitgliedsstaaten herrscht jedoch Uneinigkeit über die richtige Euro-Architektur: In der aktuellen Reform-Debatte prallen unterschiedliche Wahrnehmungen der Probleme und unterschiedliche politische Präferenzen für die Zukunft der Eurozone aufeinander. Die deutsche Europapolitik sollte sich um eine konstruktive Rolle in den notwendigen anstehenden Reformen bemühen. Hierbei gilt es auszubuchstabieren, unter welchen Umständen eine erhöhte Risikoteilung in der Eurozone für Deutschland tragbar wäre.
The Economic Impact of the Deutsche-Börse-NYSE Euronext Merger on the European Financial Markets
(2011)
This study examines the impact of the merger between Deutsche Börse Group (DBG) and the New York Stock Exchange Euronext (NYX) on the European financial markets. It takes the view that from a policy-making perspective the impact of the merger on the European financial markets should be assessed beyond the mere realm of economies of scale, market share and competition. The study therefore presents a broader framework, looking at (i) financial market stability and regulation, (ii) financial centre competitiveness, in particular of the euro area as a whole, and (iii) the inter-related goals of financial integration, cost-efficiency and harmonisation.
We review the initial predictions and claims regarding economic and monetary union (EMU) in Europe against the evidence of its first ten years of existence. We argue that pessimistic views on the creation of EMU have proved to be wrong. Yet EMU's success is rather puzzling, since it is based on a peculiar institutional structure not thought to lead to success. EMU has generated redistributive effects and may have increased business-cycle synchronization. Those effects have not translated into the expected decrease of legitimacy or a widespread democratic deficit of EMU. At the institutional level, EMU has coped well with an asymmetric framework, largely decoupling EMU from political union. There have been neither major spill-over effects pushing for further political integration nor conflict and disintegration. The main question for the future is whether this institutional structure will stay the same in the aftermath of the global financial crisis.
The technical and institutional achievements of Economic and Monetary Union in Europe (EMU) are just the necessary condition for its overall success: the sufficient condition implies a widespread acceptance of the spillover effects triggered by EMU for other areas of economic policy-making, such as possible redistributive effects across euro-area member states. The article notes that much of the recent academic debate on EMU's legitimacy can be reduced to differences in assumptions on those effects. It thus calls for resuming the debate with a specific emphasis on analysing data that would provide information on observable spillover effects from EMU and allow for more solid arguments in that debate.
The article suggests an explanation for seemingly diverse patterns of change in domestic economic institutions following the establishment of Economic and Monetary Union (EMU). It argues that EMU participants redesigned ill-fitting domestic fiscal and wage-setting institutions in order to counter the anticipated destabilizing effects of the ‘one size fits all’ monetary policy of the European Central Bank (ECB). After outlining the argument, the article identifies general economic and institutional conditions that are required for the use of fiscal and wage-setting institutions as effective stabilizers in a monetary union. It then undertakes a comparative assessment to detect country-specific mismatches between anticipated needs and the available domestic economic institutions. Finally, the article surveys institutional changes in 10 member states between the mid 1990s and 2002 and shows that the observed institutional adjustments largely correspond to the expected correction of initial mismatches.
Break it, Don't Fix it!
(2004)
Welchen wirtschaftspolitischen Anpassungsdruck ruft der Beitritt zur Europäischen Wirtschafts- und Währungsunion (EWWU) in Österreich hervor? Dieser Frage wird anhand einer vergleichenden Untersuchung stabilitätsorientierter Wirtschaftspolitiken nachgegangen. Im ersten Teil wird eine quantitative Untersuchung zur Interaktion von Geld-, Finanz- und Lohnpolitik in 14 europäischen Ländern für die Zeit vor der Währungsunion entwickelt und Österreich vergleichend eingeordnet. Der Aufsatz argumentiert, dass der aus dem EWWU-Beitritt resultierende Anpassungsdruck asymmetrisch auf die Mitgliedsländer wirkt und abhängig von der stabilitätspolitischen Aufgabenverteilung zwischen Geld-, Lohn- und Finanzpolitik ist, wie sie vor dem EWWU-Beitritt bestand. Die Untersuchung zeigt ein wirtschaftspolitisches Regime in Österreich, das schon vor dem EWWU-Beitritt Mitglied einer de facto Währungsunion mit Deutschland war und dennoch (dank hoher struktureller Ähnlichkeiten mit Deutschland) bis zur Mitte der 1990er Jahre eine antizyklische Geldpolitik zur Stabilisierung einsetzen konnte. Aus dem Analyserahmen lässt sich ableiten, dass der Anpassungsdruck auf die österreichischen wirtschaftspolitischen Institutionen zwar geringer als in vielen anderen EWWU-Ländern ist, dennoch aber nicht unterschätzt werden sollte. Mit dem Beitritt zur Währungsunion nahm der Druck auf die Finanzpolitik zu, die antizyklischen Aufgaben der Geldpolitik zu übernehmen und deshalb aus dem „political exchange“ mit den Gewerkschaften auszuscheren. Der Aufsatz illustriert qualitativ die neue Interaktion von Finanz- und Lohnpolitik seit 1994 und zeigt, warum das korporatistische System Österreichs diesen Wandel in der Finanzpolitik problemlos gemeistert hat, während er anderen Staaten weitaus größere Probleme bereitete.
Dieser Aufsatz beschreibt unterschiedliche Typen von Staatsbankrotten und weist auf Veränderungen seit der Mitte der 1990er Jahre hin. Er zeigt, warum das Thema für die internationale und vergleichende politische Ökonomie von Bedeutung ist, warum aber gerade die empirische Literatur an erheblichen Mängeln leidet. Ein Staatsbankrott beschreibt sehr unterschiedliche Phänomene, die hier anhand von elf Kriterien dargestellt werden. Der Aufsatz stützt sich auf drei neue Datensätze, die deskriptiv auf Veränderungsprozesse hin ausgewertet werden. Dabei wird deutlich, dass sich bei ökonomischen Charakteristika, im juristischen und politisch-institutionellen Kontext sowie bei den Rahmenbedingungen im internationalen Finanzmarkt wichtige Veränderungen ergeben haben, die von der Forschung aufgegriffen werden sollten.
Severe economic and financial market crises exacerbate collective action problems and thus trigger challenges to legitimacy in democracies. The article presents a typology of decision-making modes in economic policy-making in normal times and crisis times. It shows that problems of time-inconsistency in combination with high uncertainty over re-distributive implications lead to an “ad-hoc-technocratization” of economic policy-making. The separation of decision-taking from input-based legitimacy-procedures is relevant for scholars of democracy because the redistributive implications of crisis policies are high. The “democratic deficit” of crisis policies is thus not a symptom of “Post-Democracy” but of the specific context arising in an economic crisis.
Aufbruch in die Euro-Union
(2013)
This paper measures “debt disputes” between governments and foreign private creditors in periods of sovereign debt crises. We construct an index of government coerciveness, consisting of 9 objective sub-indicators. Each of these sub-indicators captures unilateral government actions imposed on foreign banks and bondholders. The results provide the first systematic account of debt crises that goes beyond a binary categorization of default versus non-default. Overall, government behavior and rhetoric show a strong variability, ranging from highly confrontational to very smooth crisis resolution processes. In a preliminary analysis on the determinants of coercive behavior, we find political institutions to be significant, while economic and financial factors play a lesser role. These results open up an agenda for future research.
Introduction
(2010)