query: who controls the monetary policy of the eu

pos: European Central Bank European Central Bank The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is

pos: Eurozone causing a bank run and necessitating capital controls. The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the Eurosystem which comprises the ECB and the central banks of the EU states who have joined the eurozone. Countries outside the eurozone are not represented in these institutions. Whereas all EU member states are part of the European System of Central Banks (ESCB), non EU member states have no say in all three institutions, even those with monetary agreements such as Monaco. The ECB is entitled to authorise the design and printing of

pos: European Union an accounting currency with eleven member states joining. In 2002, the currency was fully put into place, when euro notes and coins were issued and national currencies began to phase out in the eurozone, which by then consisted of 12 member states. The eurozone (constituted by the EU member states which have adopted the euro) has since grown to 19 countries. The euro, and the monetary policies of those who have adopted it in agreement with the EU, are under the control of the European Central Bank (ECB). The ECB is the central bank for the eurozone, and thus controls

pos: Gauweiler v Deutsche Bundestag Gauweiler v Deutsche Bundestag Gauweiler v Deutscher Bundestag (2015) C-62/14 is an EU law case relevant for banking law which approved outright monetary transactions that were needed to save the Eurozone from financial turmoil. The German Constitutional Court asked the CJEU whether the European Central Bank buying govt bonds issued by euro states (the ‘Outright Monetary Transactions’ programme), in a 6 September 2012 press release, was lawful, either because it was economic policy, not monetary policy, or because it violated TFEU art 123(1) which prohibited monetary financing for member states. This followed a right wing German politician named Peter Gauweiler

pos: Gauweiler v Deutsche Bundestag policy. The Grand Chamber of the CJEU held that the European Central Bank could adopt a programme to buy government bonds on the secondary markets under TFEU articles 119, 123, 127 and articles 17 to 24 of Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank. The outright monetary transaction programme was monetary policy, and measures taken were proportionate to the objectives without contravening TFEU art 123. Gauweiler v Deutsche Bundestag Gauweiler v Deutscher Bundestag (2015) C-62/14 is an EU law case relevant for banking law which approved outright monetary

pos: European Central Bank Europe. While it was designed to accommodate double the number of staff who operate in the former Eurotower, that building has been retained since the ECB took responsibility for banking supervision and more space was hence required. European Central Bank The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed

pos: European labour law the event that their employer falls insolvent. This last Directive gave rise to "Francovich v Italy", where the Court of Justice affirmed that member states which fail to implement the minimum standards in EU Directives are liable to pay compensation to employees who should have rights under them. Today, the EU is required under TFEU article 147 to contribute to a "high level of employment by encouraging cooperation between Member States". This has not resulted in legislation, which usually requires taxation and fiscal stimulus for significant change, while the European Central Bank's monetary policy has been acutely controversial during the

pos: European Policy Centre 12 academic fellows. The EPC's policy work is organised under five main programmes: Past speakers include Margaret Chan, Director-General of the World Health Organization; Jacques Delors, former President of the European Commission; Mario Draghi, President of the European Central Bank; Jean-Claude Juncker, President of the European Commission; Christine Lagarde, Managing Director of the International Monetary Fund; Martin Schulz, President of the European Parliament; Salil Shetty, Secretary General of Amnesty International; Donald Tusk, President of the European Council; as well as numerous high-ranking ministers and officials from a wide range of EU and non-EU countries. The EPC’s funding comes from a

pos: European Central Bank European Central Bank The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is

pos: European Union between the Council of the European Union and the European Parliament, while executive tasks are performed by the European Commission and in a limited capacity by the European Council (not to be confused with the aforementioned Council of the European Union). The monetary policy of the eurozone is determined by the European Central Bank. The interpretation and the application of EU law and the treaties are ensured by the Court of Justice of the European Union. The EU budget is scrutinised by the European Court of Auditors. There are also a number of ancillary bodies which advise the EU or

pos: European Union law EU is required under TFEU article 147 to contribute to a "high level of employment by encouraging cooperation between Member States". This has not resulted in legislation, which usually requires taxation and fiscal stimulus for significant change, while the European Central Bank's monetary policy has been acutely controversial during the Eurozone crisis. Under article 153(1), the EU is able to use the ordinary legislation procedure on a list of labour law fields. This notably excludes wage regulation and collective bargaining. Generally, four main fields of EU regulation of labour rights touch (1) individual labour rights, (2) anti-discrimination regulations, (3) rights

pos: European Fiscal Compact EMU (extended by ). The treaty states that the signatories shall attempt to incorporate the Fiscal Compact into the EU's legal framework, on the basis of an assessment of the experience with its implementation, by 1 January 2018 at the latest. Monetary policy in the Eurozone (the EU countries which have adopted the Euro) is determined by the European Central Bank (ECB). Thus the setting of central bank interest rates and monetary easing is in the sole domain of the ECB, while taxation and government expenditure remain mostly under the control of national governments, within the balanced budget limits imposed

pos: Germany Germany has one of the highest labour productivity levels in the world. Germany is part of the European single market which represents more than 508 million consumers. Several domestic commercial policies are determined by agreements among European Union (EU) members and by EU legislation. Germany introduced the common European currency, the Euro in 2002. It is a member of the Eurozone which represents around 340 million citizens. Its monetary policy is set by the European Central Bank, which is headquartered in Frankfurt, the financial centre of continental Europe. Being home to the modern car, the automotive industry in Germany is

pos: Frankfurt The city is expected to benefit from international banks relocating jobs from London to Frankfurt as a result of Brexit to retain access to the EU market. Thus far, Morgan Stanley, Citigroup Inc., Standard Chartered Plc and Nomura Holdings Inc. announced to move their EU headquarters to Frankfurt. Frankfurt is home to two important central banks: the German Bundesbank and the European Central Bank (ECB). The European Central Bank ("Europäische Zentralbank") is one of the world's most important central banks. The ECB sets monetary policy for the Eurozone, consisting of 19 European Union member states that have adopted the Euro

pos: Euro coins are minted at numerous national mints across the European Union to strict national quotas. Obverse designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank (ECB). The euro came into existence on 1 January 1999. It had been a goal of the European Union (EU) and its predecessors since the 1960s. The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the

pos: Economy of Germany in Gütersloh; the largest car manufacturers are in Wolfsburg (Volkswagen), Stuttgart (Mercedes-Benz and Porsche), and Munich (Audi and BMW). Germany is an advocate of closer European economic and political integration. Its commercial policies are increasingly determined by agreements among European Union (EU) members and EU single market legislation. Germany introduced the common European currency, the euro on 1 January 1999. Its monetary policy is set by the European Central Bank in Frankfurt. The southern states ("Bundesländer"), especially Bayern, Baden-Württemberg and Hessen, are economically stronger than the northern states. One of Germany's traditionally strongest (and at the same time oldest) economic

neg: Intergovernmentalism includes 22 EU and 4 non-EU European states) passport controls have been abolished. EU policies favour the free movement of people, goods, services, and capital within its boundaries, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries and regional development. A monetary union, the eurozone, was established in 1999 and is composed of 17 member states. Through the Common Foreign and Security Policy the EU has developed a role in external relations and defence. Permanent diplomatic missions have been established around the world. The EU is represented at the United Nations, the World Trade

neg: Capital control era as a justification for capital controls. In the "Washington consensus" period, advanced economies generally chose to allow freedom of capital and to continue maintaining an independent monetary policy while accepting a floating or semi-floating exchange rate. There have been three instances of capital controls in the EU and EFTA since 2008all of them triggered by banking crises. In its 2008 financial crisis, Iceland (which is a member of the European Free Trade Area but not the European Union) imposed capital controls due to the collapse of its banking system. Iceland's government said in June 2015 that it planned to

neg: Monetary policy Monetary policy Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency. Further goals of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy. In developed countries, monetary

neg: Atish R. Ghosh Atish R. Ghosh Atish Rex Ghosh (born February 21, 1964) is an international economist, who is currently the Historian of the International Monetary Fund. His recent work has focused on issues related to the stability of the international monetary system, including exchange rate regimes, external balance dynamics, capital flows and capital controls, monetary and foreign exchange intervention policies, fiscal space and debt sustainability, and international policy coordination. His work on the management of cross-border capital flows, notably the role of capital controls, has played an important role in influencing the IMF's institutional position on the use of capital controls. Ghosh

neg: Monetary policy targets. US specific: Monetary policy Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency. Further goals of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy. In

neg: Monetary policy of India Monetary policy of India Monetary policy is the process by which monetary authority of a country , generally central bank controls the supply of money in the economy by its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). It is so designed as to maintain the price stability in the economy. Other objectives of the monetary policy of India, as stated by RBI, are:- The Reserve Bank of India Act, 1934 (RBI Act) was amended by the Finance Act, 2016,

neg: Common Commercial Policy (EU) Common Commercial Policy (EU) The European Union's (EU) Common Commercial Policy or EU Trade Policy is the policy whereby EU member states delegate authority to the European Commission to negotiate their external trade relations, with the aim of increasing trade amongst themselves and their bargaining power vis-à-vis the rest of the world. The Common Commercial Policy is logically necessitated by the existence of the Customs Union, which in turn is also the foundation upon which the Single Market and Monetary Union were later established. The six original member states had signed the 1957 Treaty of Rome, establishing the EU's forerunner,

neg: Monetary policy of India country stabilizes the price by controlling Inflation. RBI takes into account the following monetary policies: These instruments are used to control the money flow in the economy, , the key indicators are Monetary policy of India Monetary policy is the process by which monetary authority of a country , generally central bank controls the supply of money in the economy by its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). It is so designed as to maintain the price stability

neg: Capital control three desirable macroeconomic goals: 1) A fixed exchange rate, 2) an independent monetary policy, 3) free movement for capital (absence of capital controls). In the "first age of globalization", governments largely chose to pursue a stable exchange rate while allowing freedom of movement for capital. The sacrifice was that their monetary policy was largely dictated by international conditions, not by the needs of the domestic economy. In the "Bretton woods" period, governments were free to have both generally stable exchange rates and independent monetary policies at the price of capital controls. The "impossible trinity" concept was especially influential during this

neg: Institutions of the European Union (ECB) is the central bank for the eurozone (the states which have adopted the euro) and thus controls monetary policy in that area with an agenda to maintain price stability. It is at the centre of the European System of Central Banks which comprises all EU national banks. The bank is governed by a board of national bank governors and a President. The ECB is located in Frankfurt. The current president is Mario Draghi. The "European Court of Auditors" (ECA), despite its name, has no judicial powers. It ensures that taxpayer funds from the budget of the European Union have

neg: Euro of the implications of the Mundell–Fleming model, which implies a central bank cannot (without capital controls) maintain interest rate and exchange rate targets simultaneously, because increasing the money supply results in a depreciation of the currency. In the years following the Single European Act, the EU has liberalised its capital markets and, as the ECB has inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating. The euro is the second-most widely held reserve currency after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching

neg: Friedman's k-percent rule is countercyclical monetary policy, the standard Keynesian policy recommendation at the time. He believed giving governments any flexibility in setting money growth would lead to inflation and therefore, the central bank should follow an acyclical monetary policy and expand the money supply at a constant rate, equivalent to the rate of growth of real GDP. Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment. Framing

neg: Monetary policy of the Philippines the desired level of inflation that is consistent with the economy's growth objective. In effect, under the monetary targeting framework, the BSP controls inflation indirectly by targeting money supply. The BSP employs a modified framework beginning the second semester of 1995 in attempt to enhance the effectiveness of the monetary policy by complementing monetary aggregate targeting with some form of inflation targeting, placing greater emphasis on price stability. Certain key modifications include: Under an aggregate targeting framework, the BSP fixes money growth so as to minimize expected inflation. On the other hand, under the new framework, BSP sets monetary policy

neg: Otmar Issing of International Economic Integration degree from University of Pavia. Issing’s scientific publications almost cover the whole range of recent economic policy issues. His two main research topics are monetary theory and policy and international economic relations. His most recent books are: Issing criticized the treaties that were signed by the EU member states at the beginning of the monetary union and were violated during the sovereign debt crisis. In particular, he warned EU member states not to violate the no-bailout clause that prohibits the assumption of liability for other countries’ debts. Issing also criticized the ECB for buying government bonds

neg: Impossible trinity then that the country could have both a fixed exchange rate and an independent monetary policy is if it can prevent arbitrage in the foreign exchange rate market from taking place - institutes capital controls on international transactions. The idea of the impossible trinity went from theoretical curiosity to becoming the foundation of open economy macroeconomics in the 1980s, by which time capital controls had broken down in many countries, and conflicts were visible between pegged exchange rates and monetary policy autonomy. While one version of the impossible trinity is focused on the extreme case with a perfectly fixed exchange

neg: Policy mix courting popularity, etc. Monetary policy is typically carried out by the central bank which controls interest rates and the money supply to balance control of inflation and unemployment. The government determines labour market conditions, public investment and public spending, automatic stabilizers and discretionary fiscal policy. Central bank independence is generally held to be positive, because it prevents a single authority from simultaneously issuing debt and paying it off with newly created money, which would be inflationary. Policy mix The policy mix is the combination of a country's monetary policy and fiscal policy. These two channels influence growth and employment, and

neg: Bank of Japan entire post-war era, until at least 1991, the Bank of Japan's monetary policy has primarily been conducted via its 'window guidance' (窓口指導) credit controls (which are the model for the Chinese central bank's primary tool of monetary policy implementation), whereby the central bank would impose bank credit growth quotas on the commercial banks. The tool was instrumental in the creation of the 'bubble economy' of the 1980s. It was implemented by the Bank of Japan's then "Business Department" (営業局), which was headed during the "bubble years" from 1986 to 1989 by Toshihiko Fukui (who became deputy governor in the 1990s

neg: Edinburgh Agreement (1992) apply only to the Member States participating in the third stage of Economic and Monetary Union, and will retain its existing powers in the field of monetary policy according to its national laws and regulations, including powers of the National Bank of Denmark in the field of monetary policy. Denmark will participate fully in the second stage of Economic and Monetary Union and will continue to participate in exchange-rate cooperation within the EMS. Note: The benefit of this exception is also debatable. Some other EU members have opted out of the common currency without an agreed exception. The United Kingdom

neg: Outright Monetary Transactions (Case C-62/14). In its request for a preliminary ruling, the German Constitutional Court expressed doubts about the legality of OMT under German and EU law. In January 2015, an Advocate General Opinion stated that the programme is in principle compatible with Treaty on the Functioning of the European Union. ECJ made its final ruling of the case in June 2015, declaring the conditional "OMT program" to be legal, as it due to its attached conditions ""does not exceed the powers of the ECB in relation to monetary policy and does not contravene the prohibition of monetary financing of EU nations"".

neg: Fiscal union European economic governance as "an economic constitution made by rules, policies and institutional practices aimed to establish the a fiscal-monetary policy mix, competition rules, financial markets regulations, the single market and international trade policies. When the euro was created, monetary policy was established as a centralized policy, while fiscal policy remained in the hands of national authorities under some institutional arrangements for sound budgetary policy and an ex-ante control by the European Commission." Control over fiscal policy is considered central to national sovereignty, and in the world today there is no substantial fiscal union between independent nations. However the EU

neg: Lúcio Mauro Vinhas de Souza 2002 "Monetary Institutions and the Politics of the Macro-economy in EU Accession Countries", in Linden, R. (ed.), Norms and Nannies: The Impact of International Organisations on Central and East European States, Rowman and Littlefield, pp. 341–368, USA. 2001 "Exchange Rate Strategies of New EU Entrants", in Pentecost, E. and Poeck, A. (eds.), European Monetary Integration: Past, Present and Future, Edward Elgar, UK, pp 185–203. 2001 "Exchange Rates Links and Strategies of New EU Entrants", in The Journal of European Integration, 23(1), 2001, pp. 1–28. 1999 "EMU and Enlargement: A Review of Policy Issues", Economic Affairs Series, Working Paper ECON 117

neg: Treaty on the Functioning of the European Union Part 3 is the largest in the TFEU. Articles 26 to 197 concern the substantive policies and actions of the EU. Including the customs union Common Agricultural Policy and Common Fisheries Policy free movement of people, services and capital Including police and justice co-operation European Union competition law, taxation and harmonisation of regulations (note Article 101 and Article 102) Articles 119 to 144 concern economic and monetary policy, including articles on the euro. "Chapter 1: Economic policy - Article 126" deals with how excessive member state debt is handled. "Chapter 2: Monetary policy - Article 127" outlines that the European

neg: European Union agriculture, fisheries and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 EU member states which use the euro currency. The EU and European citizenship were established when the Maastricht Treaty came into force in 1993. The EU traces its origins to the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), established, respectively, by the 1951 Treaty of Paris and 1957 Treaty of Rome. The original members of what came to be known

neg: Monetary compensatory amounts strong-currency countries, and taxing exports (subsidizing imports) from weak- currency countries. MCAs were abolished in 1993, when border controls were removed with the advent of the Single Market. Monetary compensatory amounts Monetary compensatory amounts (MCAs) were border measures in the EU consisting of taxes and subsidies formerly applicable to intra-EC trade in agricultural and food products for which intervention prices were set. These border measures were made necessary by the fact that intervention prices were set in ECUs and converted into national currency terms at green rates, set at levels different from commercial market rates. This gave rise to price

neg: Customs and monetary union Customs and monetary union An customs and monetary union is a type of trade bloc which is composed of a customs union and a currency union. The participant countries have both common external trade policy and share a single currency. Customs and monetary union is established through trade pact. Note: Every economic and monetary union has also a customs and monetary union. Additionally the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union,

neg: Customs and monetary union common market and currency union (or combinations thereof) with the mainland and in regards to third countries through the trade pacts signed by the mainland state. Customs and monetary union An customs and monetary union is a type of trade bloc which is composed of a customs union and a currency union. The participant countries have both common external trade policy and share a single currency. Customs and monetary union is established through trade pact. Note: Every economic and monetary union has also a customs and monetary union. Additionally the autonomous and dependent territories, such as some of the EU

neg: Paul Sheard architecture of the euro area at the time of the sovereign debt crisis as akin to putting countries, when hit by a sudden loss of aggregate demand, in a "macroeconomic vice," and that a steady-state solution must involve "either less monetary union or more fiscal union." Sheard identifies the fundamental problem with the economic and political architecture of the European Union as being the "selective sharing of sovereignty," viewing Brexit as being as much about the future of the EU as about the UK's relationship with the EU. Long a critic of the Bank of Japan's monetary policy communication and

neg: Thorsteinn Thorgeirsson financial stability. He presented an estimate of the potential benefit of EU membership for Iceland and suggested that small states benefited more from EU membership. In 2003, while calling for restraint in fiscal policy, bank lending and private sector decisions, Thorgeirsson warned of an exchange rate rise and subsequent collapse of the króna following the expected high interest rate policy path of the Central Bank during a FDI-led boom. At the same time, he suggested a moderate monetary policy path be considered (where domestic interest rates do not devitate too much from international rates). In May 2004, the central bank

neg: Central bank there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income. The expression "monetary policy" may also refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment. For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic

neg: Currency intervention exchange transactions that are conducted by the monetary authority and aimed at influencing the exchange rate. Depending on whether it changes the monetary base or not, currency intervention could be distinguished between sterilized intervention and non-sterilized intervention, respectively. Indirect currency intervention is a policy that influences the exchange rate indirectly. Some examples are capital controls (taxes or restrictions on international transactions in assets), and exchange controls (the restriction of trade in currencies). Those policies may lead to inefficiencies or reduce market confidence, but can be used as an emergency damage control. In general, there is a consensus in the profession

neg: United Kingdom invocation of Article 50 of the Treaty on European Union that complete isolation of a withdrawing state would be impossible if there is to be a future relationship between the former member and the EU, but that a withdrawal agreement could have transitional provisions for rights deriving from EU citizenship and other rights deriving from EU law that the withdrawal would otherwise extinguish. The Common Fisheries Policy is one of the exclusive competences reserved for the European Union; others concern customs union, competition rules, monetary policy and concluding international agreements. In oral evidence to a Select Committee of the House of Lords in March 2016, one of the legal experts

neg: Reserve Bank of India report titled "Trend and Progress of Banking In India" is published annually, as required by the "Banking Regulation Act, 1949". The report sums up trends and developments throughout the financial sector. Starting in April 2014, the Reserve Bank of India publishes bi-monthly policy updates. Reserve Bank of India The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India. It commenced its operations on 1 April 1935 in accordance with the "Reserve Bank of

neg: Treaty of Rome receive a reply from EU institutions in their own language. Article 25 requires the Commission to report on the implementation of these rights every three years. Part 3 is the largest in the TFEU. Articles 26 to 197 concern the substantive policies and actions of the EU. Including the customs union Common Agricultural Policy and Common Fisheries Policy free movement of people, services and capital Including police and justice co-operation European Union competition law, taxation and harmonisation of regulations (note Article 101 and Article 102) Articles 119 to 144 concern economic and monetary policy, including articles on the euro. "Chapter

neg: European Union monetary policy in that area with an agenda to maintain price stability. It is at the centre of the European System of Central Banks, which comprehends all EU national central banks and is controlled by its General Council, consisting of the President of the ECB, who is appointed by the European Council, the Vice-President of the ECB, and the governors of the national central banks of all 28 EU member states. The European System of Financial Supervision is an institutional architecture of the EU's framework of financial supervision composed by three authorities: the European Banking Authority, the European Insurance and

neg: Bank of Latvia the national central bank from the government policy was ensured through legislation. The Law "On the Bank of Latvia" did not envisage its commercial activities, therefore, a decision was taken on the restructuring and privatization of 49 Bank of Latvia branches. Like most central banks of the world, the main goal of the Bank of Latvia is to provide inflation at a certain level. After joining the European Union (EU), until its membership in the Economic and Monetary Union (EMU), the Bank of Latvia was able to pursue its monetary policy, provided that it is in line with the common

neg: Maurice Moynihan the beginnings of monetary policy, the provision of rediscounting facilities, active participation in the market for government securities, the development of clearing systems and preparatory work for a money market, and the widening of fund backing to include non-sterling assets. During his Governorship, the Bank assumed responsibility for the administration of exchange controls, the printing of banknotes in Dublin, as well as banking supervision. He oversaw the supervision of the bank mergers, and the centralisation of foreign exchange reserves. He also initiated monetary research and economic policy formulation in the Central Bank. He initiated the construction of the modern Central

neg: Federation Rome it is "becoming" one. The European Union possesses attributes of a federal state. However, its central government is far weaker than that of most federations and the individual members are sovereign states under international law, so it is usually characterized as an unprecedented form of supra-national union. The EU has responsibility for important areas such as trade, monetary union, agriculture, fisheries. Nonetheless, EU member states retain the right to act independently in matters of foreign policy and defense, and also enjoy a near monopoly over other major policy areas such as criminal justice and taxation. Since the Treaty of

neg: Impossible trinity rate and a perfectly open capital account, a country has absolutely no autonomous monetary policy the real world has thrown up repeated examples where the capital controls are loosened, resulting in greater exchange rate rigidity and less monetary-policy autonomy. In 1997, Maurice Obstfeld and Alan M. Taylor brought the term "trilemma" into widespread use within economics. In work with Jay Shambaugh, they developed the first methods to empirically validate this central, yet hitherto untested, hypothesis in international macroeconomics. Economists Michael C. Burda and Charles Wyplosz provide an illustration of what can happen if a nation tries to pursue all three

neg: Hans Tietmeyer of Finance under the leadership of minister Gerhard Stoltenberg; in this capacity, he was responsible for international monetary policy, financial policy, EU matters and the preparation of World Economic Summits (sherpa). In 1988, members of the far-left Red Army Faction (RAF) fired at Tietmeyer’s Mercedes-Benz outside Bonn, striking the car numerous times but leaving Tietmeyer and his driver uninjured. Tietmeyer was nominated by the government of Chancellor Helmut Kohl to become a Member of the Board of Directors of the Deutsche Bundesbank in 1990, with responsibility for international monetary issues, organisations and agreements. After two years as Vice President he

neg: Outright Monetary Transactions case to neutralise spreads of government bonds (2) it selectively purchased bonds of member states, while monetary policy was meant to be uniform (3) it was related to financial rescue of member states, so was functionally equivalent. OMT was intended to circumvent art 123(1), which prohibits providing overdraft facilities. Under the Honeywell standard, the OMT decision would manifestly exceed EU competence, bringing about a structural shift in the balance of competences, unless interpreted restrictively. According to the Court, if the OMT decision is to qualify as an independent act of economic policy it violates the distribution of powers. It is structurally

neg: Paul Gray (civil servant) Affairs to the Prime Minister, Margaret Thatcher. After two years, Gray returned to the Treasury in 1990, where he worked on monetary policy, serving as a member of the EU Monetary Committee. From 1995 to 1998 he was Director of Budget and Public Finances, taking overall responsibility for the Finance Bill process. Gray transferred to the Department of Social Security (DSS) in 1998 as Group Director and head of policy. He played a major role in forming the Department for Work and Pensions (DWP), a department created by merging the DSS, the Employment Service, and parts of the former Department

neg: Credit channel from other banks who do not lend heavily in subprime communities or who do not rely heavily on retail deposits in response to monetary policy tightening. Credit channel The credit channel mechanism of monetary policy describes the theory that a central bank's policy changes affect the amount of credit that banks issue to firms and consumers for purchases, which in turn affects the real economy. Monetary policy transmission mechanisms describe how policy decisions are translated into effects on the real economy. Conventional monetary policy transmission mechanisms, such as the interest rate channel, focus on direct effects of monetary policy actions.

neg: Reserve Bank of India Reserve Bank of India The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India. It commenced its operations on 1 April 1935 in accordance with the "Reserve Bank of India Act, 1934". The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949. The RBI plays an important

neg: Central Bank of the Dominican Republic real output growth and reserve accumulation, such that the stock of BCRD net domestic assets became the targeted policy instrument. Liquidity was managed directly through credit controls and freezing asset reserves. BCRD also intervened in the private foreign exchange market, smoothing the volatility of the exchange rate. However, the monetary authorities recently moved towards the interest rate as its indirect monetary policy instrument, namely through issuing central bank paper ("certificados de participacion"), with prices determined at auction. The macroeconomic situation suffered a major shock in 2003 with the banking crisis and subsequent bail out by the BCRD, which guaranteed all

neg: European Exchange Rate Mechanism European Exchange Rate Mechanism The European Exchange Rate Mechanism (ERM) was a system introduced by the European Economic Community on 13 March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency, the euro, which took place on 1 January 1999. After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro (having the common currency as a central point). The goal was to improve the stability

neg: North American monetary union and lumber (Canada). Some observers blamed the Eurozone crisis partly on a lack of effective fiscal union. The Budget of the European Union is relatively small compared to the budgets of the Eurozone countries, which are set independently. Leading up to the crisis, some countries incurred more debt than the unenforced EU guidelines called for. Due to the centralized monetary union, countries experiencing problems were unable to apply local monetary policy to recover, and destabilized the currency which is also used by more economically healthy countries. The national budgets and debt levels of Canada, the United States, and Mexico, on

neg: Common Market Law Review consumer protection • European rules on conflict of law and conflict of jurisdictions • General principles of EU law • Regulation of public procurement • State aid policy and practice • Economic and monetary union • The EU/WTO relationship • The reaction to the financial markets crisis. The journal also contains annotations of cases from the European Court of Justice, as well as relevant cases from national courts, the World Trade Organization, the European Court of Human Rights, and other tribunals addressing EU law, as well as book reviews from the field. Common Market Law Review The Common Market Law

neg: Economy of Zimbabwe all economic assistance would be structured in support of "democratisation, respect for human rights and the rule of law." The EU terminated its support for all projects in Zimbabwe. Because of the sanctions and US and EU foreign policy, none of Zimbabwe's debts have been cancelled as in other countries. Other observers also point out how the asset freezes by the EU on people or companies associated with Zimbabwe's Government have had significant economic and social costs to Zimbabwe. As of February 2004, Zimbabwe's foreign debt repayments ceased, resulting in compulsory suspension from the International Monetary Fund (IMF). This, and

neg: State Bank of Pakistan policy objectives. The state bank also regulates the volume and the direction of flow of credit to different uses and sectors, the state bank makes use of both direct and indirect instruments of monetary management. During the 1980s, Pakistan embarked upon a program of financial sector reforms, which lead to a number of fundamental changes. Due to these changed the conduct of monetary management which brought about changes to the administrative controls and quantitative restrictions to market based monetary management. A reserve money management programme has been developed, for intermediate target of M2, that would be achieved by observing the

neg: Monetary policy of fixed exchange rates, which can be ranked in relation to how rigid the fixed exchange rate is with the anchor nation. Under a system of fiat fixed rates, the local government or monetary authority declares a fixed exchange rate but does not actively buy or sell currency to maintain the rate. Instead, the rate is enforced by non-convertibility measures (e.g. capital controls, import/export licenses, etc.). In this case there is a black market exchange rate where the currency trades at its market/unofficial rate. Under a system of fixed-convertibility, currency is bought and sold by the central bank or monetary

neg: Impossible trinity currency to devalue, thus breaking one of the three goals and also enriching market players at the expense of the government that tried to break the impossible trinity. In the modern world, given the growth of trade in goods and services and the fast pace of financial innovation, it is possible that capital controls can often be evaded. In addition, capital controls introduce numerous distortions. Hence, there are few important countries with an effective system of capital controls, though by early 2010, there has been a movement among economists, policy makers and the International Monetary Fund back in favour of

neg: Incomes policy of controls were successful at curbing inflation temporarily while the administration used expansionary fiscal and monetary policies. However, the long-term effects proved to be destabilizing. Left unsuppressed after the initial price controls were relaxed, the overly expansionary policies proceeded to exacerbate inflationary pressures. Meat also began disappearing from grocery store shelves and Americans protested wage controls that didn't allow wages to keep up with inflation. Since that time, the U.S. government has not imposed maximum prices on consumer items or labor (although the cap on oil and natural gas prices persisted for years after 1973). During times of high inflation,

neg: Transnational organized crime Office on Drugs and Crime in the Stolen Asset Recovery Initiative (StAR). This initiative helps to recover corruption related proceeds by creating an effective and collaborative environment for global law enforcement policy development. The International Monetary Fund also conducts assessments of anti-money laundering provisions in countries. Europol is the law enforcement agency of the European Union (EU) whose main goal is to help achieve a safer Europe for the benefit of all EU citizens. The organization does so by assisting the EU Member States in their fight against serious international crime and terrorism. Europol officers hold no authority to conduct

neg: Common Fisheries Policy fishing gear and inspect the register of fish caught. The type of fish caught is checked and compared to quotas of total permitted catch for a vessel. Checks may be made in port or at sea, and using aerial photography. Inspectors may also check fish processing factories to ensure that all fish is documented and can be traced to its source. EU inspectors check that hygiene and processing regulations in any country exporting to the EU are satisfactory and of an equal standard to controls within the EU. Non-compliance remains a significant problem. In a number of EU fisheries, illegal

neg: Brexit negotiations leaves the EU, they may put trade agreements in place with non-EU countries. Only the EU can act in areas where it has exclusive competence, such as the customs union and common commercial policy. In those areas Member States may not act independently. The UK can still negotiate its own bilateral investment protection treaties subject to Commission authorization. Strategic controls on military goods are primarily a Member State competence. As a result, Member States themselves negotiate multilateral or bilateral agreements on the strategic aspects of trade in defense goods. The EU27 wish to exclude the UK from sitting in on

neg: European migrant crisis joined together to form an area where border checks on internal Schengen borders (i.e. between member states) are abolished and instead checks are restricted to the external Schengen borders and countries with external borders are obligated to enforce border control regulations. Countries may reinstate internal border controls for a maximum of two months for "public policy or national security" reasons. The Dublin regulation determines the EU member state responsible to examine an asylum application to prevent asylum applicants in the EU from "asylum shopping", where applicants send their applications for asylum to numerous EU member states to get the best

neg: Irena Radović the same time, she was engaged at the Ministry of Foreign Affairs of Montenegro. She joined the Faculty of Economics at the University of Montenegro in capacity of Assistant Professor, teaching International Economics, Globalization of World Trade, and Monetary Economics of the European Union, and as a lecturer on EU Monetary Policy at the University of Donja Gorica. She was appointed the Head of British Office and the representative of the British Government in Montenegro in 2003. Following Montenegro’s proclamation of independence in 2006, she served as the Deputy to Her Majesty’s Ambassador in Montenegro until February 2007, when she

neg: Fiscal union and if necessary help individual countries (What kind of fiscal union?). Fiscal union Fiscal union is the integration of the fiscal policy of nations or states. Under fiscal union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. It is often proposed that the European Union should adopt a form of fiscal union. Most member states of the EU participate in economic and monetary union (EMU), based on the euro currency, but most decisions about taxes and spending remain at the national level. Therefore, although the European Union has a monetary

neg: Fiscal union Fiscal union Fiscal union is the integration of the fiscal policy of nations or states. Under fiscal union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. It is often proposed that the European Union should adopt a form of fiscal union. Most member states of the EU participate in economic and monetary union (EMU), based on the euro currency, but most decisions about taxes and spending remain at the national level. Therefore, although the European Union has a monetary union, it does not have a fiscal union. Laruffa describes the

neg: European Union law says two countries can both benefit from trade even if one of them has a less productive economy in all respects. Like the North American Free Trade Association, or the World Trade Organization, EU law breaks down barriers to trade, by creating rights to free movement of goods, services, labour and capital. This is meant to reduce consumer prices and raise living standards. Early theorists argued a free trade area would give way to a customs union, which led to a common market, then monetary union, then union of monetary and fiscal policy, and eventually a full union characteristic of

neg: Sarah Alade Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Department. As chair of the Monetary Policy Implementation Committee (MPIC), she interfaces with operational departments and coordinates technical inputs for the Monetary Policy Committee (MPC). Alade, who is a member of the Nigerian Economic Society (NES), has several publications to her credit and is currently carrying out research into interest rate policy and monetary policy implementation in Nigeria. Alade is a fellow of the Nigerian Institute of Operational Research. Alade served as acting governor from February 2014 until Godwin Emefiele took over. Sarah Alade

neg: Sweden starting to look like the USA." Nevertheless, it remains far more egalitarian than most nations. Partly as a result of these privatisations and widening economic disparity, the Swedes in the 2014 elections put the Social Democrats back in power. Sweden adopted free market agricultural policies in 1990. Since the 1930s, the agricultural sector had been subject to price controls. In June 1990, the Riksdag voted for a new agricultural policy marking a significant shift away from price controls. As a result, food prices fell somewhat. However, the liberalisations soon became moot because EU agricultural controls supervened. Since the late 1960s,

neg: Mexican peso crisis to be administered by the International Monetary Fund (IMF) with support from the G7 and the Bank for International Settlements (BIS). The package established loan guarantees for Mexican public debt aimed at alleviating its growing risk premia and boosting investor confidence in its economy. The Mexican economy experienced a severe recession and the peso's value deteriorated substantially despite the bailout's success in preventing a worse collapse. Growth did not resume until the late 1990s. The conditionality of the bailout required the Mexican government to institute new monetary and fiscal policy controls, although the country refrained from balance of payments reforms

neg: 2004 enlargement of the European Union island is a member of the EU as part of the Republic of Cyprus, though the "de facto" situation is that the Government is unable to extend its controls into the occupied areas. Efforts to reunite the island continue as of 2018. Accession of Poland to the European Union took place in May 2004. Poland had been negotiating with the EU since 1989. With the fall of communism in 1989/1990 in Poland, Poland embarked on a series of reforms and changes in foreign policy, intending to join the EU and NATO. On 19 September 1989 Poland signed the agreement for

neg: Monetary hawk and dove Monetary hawk and dove A monetary hawk, or hawk for short, is someone who advocates keeping inflation low as the top priority in monetary policy. In contrast, a monetary dove is someone who emphasizes other issues, especially low unemployment, over low inflation. The two terms are commonly used in the United States to describe members and nominees to the Federal Reserve Board of Governors, who have major influence on United States monetary policy in their roles as Federal Reserve Governors and as members of the Federal Open Market Committee. The terms are also used outside of the United States, in

neg: Euro banknotes (€100, €200, €500) last longer as they are used more for hoarding purposes. The Europa series is designed to last longer than the previous one. The euro came into existence on 1 January 1999. The euro's creation had been a goal of the European Union (EU) and its predecessors since the 1960s. The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark (though Denmark has a policy of a fixed exchange rate with the euro). In 1999, the currency was born virtually,

neg: Moral suasion which commercial institutions can be made to understand the central bank's policy objectives on various matters. The oligopolistic competition in the British banking sector has witnessed the success of moral suasion as a monetary policy instrument, allowing the central bank to control by persuasion and directive. Given that only five major banks need to be persuaded in England, a moral suasion policy instrument is very effective because non-compliers can be immediately identified and held up for censure, while in the United States where there are many commercial banks, the Federal Reserve needs to use legalistic controls to pursue the same

neg: De Nederlandsche Bank a part of the ESCB, DNB is co-responsible for the determination and implementation of the monetary policy for the Euro area, besides being a link in the international payment system. As an independent public body, DNB exercises prudential supervision of financial institutions. On 2 May 1998, the European heads of state or government decided that the Economic and Monetary Union (EMU) would begin on 1 January 1999 with eleven Member States of the European Union (EU), the Netherlands included. As from 1 June 1998, the Dutch central bank, De Nederlandsche Bank N.V., forms part of the European System of Central

neg: Brigitte Young Brigitte Young Brigitte Young (born 26 May 1946 in Groß Sankt Florian, Austria), is Professor Emeritus of International political economy at the Institute of Political Science, University of Münster, Germany. Her research areas include economic globalization, global governance, feminist economics, international trade, global financial market governance and monetary policy. She has worked on EU-US financial regulatory frameworks, European economic and monetary integration and heterodox economic theories. She is the author of many journal articles and books in English and German on the Global financial crisis of 2008–2009, the US Subprime mortgage crisis, the European sovereign-debt crisis, and the role of

neg: Nigel Lawson excess of 10% per annum during that Parliament). On the election of Margaret Thatcher's government, Lawson was appointed to the post of Financial Secretary to the Treasury. Although this is the fourth-ranking political position in the UK Treasury, Lawson's energy in office was reflected in such measures as the ending of unofficial state controls on mortgage lending, the abolition of exchange controls in October 1979 and the publication of the Medium Term financial Strategy. This document set the course for both the monetary and fiscal sides of the new government's economic policy, though the extent to which the subsequent trajectory

neg: Inflation by the laws of the country. Under a gold standard, the long term rate of inflation (or deflation) would be determined by the growth rate of the supply of gold relative to total output. Critics argue that this will cause arbitrary fluctuations in the inflation rate, and that monetary policy would essentially be determined by gold mining. Another method attempted in the past have been wage and price controls ("incomes policies"). Wage and price controls have been successful in wartime environments in combination with rationing. However, their use in other contexts is far more mixed. Notable failures of their use

neg: Rab Butler more inclined to exchange controls, investment and planning. Butler maintained import controls and began a more active monetary policy. In his March 1952 budget, Butler raised bank rate to 4% and cut food subsidies by 40% but also cut taxes and increased pensions and welfare payments. Foreign exchange reserves began to increase. In September 1952, Butler was left in charge when Churchill and Eden were both abroad. The 1953 budget cut income tax and purchase tax and promised an end to the excess profits levy. In the summer of 1953, Butler acted as head of the Government when Churchill suffered

neg: Monetary policy of the United States accepted as money by others, such as personal checks). For example, demand deposits are technically promises to pay on demand, while savings deposits are promises to pay subject to some withdrawal restrictions, and Certificates of Deposit are promises to pay only at certain specified dates; each can be converted into money, but "narrow" forms of money can be converted more readily. The Federal Reserve directly controls only the most narrow form of money, physical cash outstanding along with the reserves of banks throughout the country (known as M0 or the monetary base); the Federal Reserve indirectly "influences" the supply of

neg: History of the euro three stages and it included the creation of institutions such as the European System of Central Banks (ESCB), which would become responsible for formulating and implementing monetary policy. It laid out monetary union being accomplished in three steps. Beginning the first of these steps, on 1 July 1990, exchange controls were abolished, thus capital movements were completely liberalised in the European Economic Community. Leaders reached agreement on currency union with the Maastricht Treaty, signed on 7 February 1992. It agreed to create a single currency, although without the participation of the United Kingdom, by January 1999. Gaining approval for the

neg: History of the United States (1964–1980) recession, Nixon reversed course and adopted an expansionary monetary and fiscal policy. In "Phase III", the strict wage and price controls were lifted. As a result, inflation resumed its upward spiral. The administration largely remained aloof; practically all press conferences and public statements by the White House dealt with foreign policy issues despite Gallup polls showing that the state of the economy was of concern to 80% of Americans. Connally stepped down as Treasury Secretary in 1973 and Secretary of Labor George Schultz took over the post. The administration's continued preoccupation with foreign policy matters stood in stark contrast to

neg: Jürgen Klute Klute was a member and representative of the European Left group GUE/NGL on the Committee on Economic and Monetary Affairs and was a substitute member of the Committee on Budgets. He was a member of the Delegation for Relations with the Mercosur Countries and was in the Delegation to the Euro-Latin American Parliamentary Assembly. He also acted as a substitute member of the Delegation to the EU-Turkey Joint Parliamentary Committee. In 2010 and 2011 he was a member of the Special Committee for Policy Challenges, which prepared negotiations concerning the multi-annual financial framework for the EU period 2014-2020. Klute also

neg: History of the euro History of the euro The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro). In 1999 the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly

neg: Enlargement of the eurozone in a second referendum to vote on "whether or not Iceland shall join the EU on the negotiated terms". The Danish krone is currently used by both of its dependent territories, Greenland and Faroe Islands, with their monetary policy controlled by the Danish Central Bank. If Denmark does adopt the euro, separate referendums would be required in both territories to decide whether they should follow suit. Both territories have voted not to be a part of the EU in the past, and their populations will not participate in the Danish euro referendum. The Faroe Islands use a special version of

neg: European Single Market All intra-EU transfers in euro are considered as domestic payments and bear the corresponding domestic transfer costs. This includes all member States of the EU, even those outside the eurozone providing the transactions are carried out in euro. Credit/debit card charging and ATM withdrawals within the Eurozone are also charged as domestic; however, paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system, TARGET, for large euro transactions. The final stage of completely free movement of capital was thought to require a single currency and monetary policy,

neg: European Commission Investment Plan for Europe normally had been in years past (“quest for yields” in a context of monetary complacency). Some experts have called for a cautious, cost-conscious approach to alleviate legitimate fears by European taxpayers that this could turn out to be yet another expensive EU scheme marred by administrative inefficiencies and political preferentialism for local or national ‘pet projects,’ potentially causing an oversupply of certain types of infrastructure projects in countries or regions that don’t really need them: “"EU policy makers, public lenders and development banks will need to assess thoroughly the tangible interest of future infrastructure investments one project at a time,

neg: Croatia and the euro Croatia and the euro Croatia's currency, the kuna, has used the euro (and prior to that one of the euro's major predecessors, the German mark or Deutschmark) as its main reference since its creation in 1994, and a long-held policy of the Croatian National Bank has been to keep the kuna's exchange rate with the euro within a relatively stable range. Croatia's EU membership obliges it to eventually join the eurozone, as such the country plans to join the European Monetary System, the pathway to euro adoption. Prior to Croatian entry to the EU on 1 July 2013, Boris Vujčić,

neg: Member state of the European Union EU than others. In most cases this is because those states have gained an opt-out from a certain policy area. The most notable is the opt-out from the Economic and Monetary Union, the adoption of the euro as sole legal currency. Most states outside the Eurozone are obliged to adopt the euro when they are ready, but Denmark and the United Kingdom have obtained the right to retain their own independent currencies. Ireland and the United Kingdom also do not participate in the Schengen Agreement, which eliminates internal EU border checks. Denmark has an opt out from the Common Security

neg: Leif Pagrotsky Monetary Union and adopting the Euro, Pagrotsky argued against, contrary to the Prime Minister and the majority of the Social Democratic Party leadership. Leif Pagrotsky also worked as an economist at Riksbanken and at the Organization for Economic Co-operation and Development (OECD). He was Chairman of the Swedish Trade and Invest Council Business Sweden, as well as Business Region Gothenburg. His financial focus has been on the internal market, globalization, energy policy, and state-owned enterprises. Leif Pagrotsky has represented Sweden in the EU, OECD, WTO, UNCTAD, UNESCO and ASEM (ASEAN-EU). In addition to Leif Pagrotsky’s finance-related positions he has been

neg: Euclid Tsakalotos Economics. Tsakalotos said there was a need for fiscal space, meaning 6–7 billion Euros a year to spend on an expansionary fiscal policy. He also said that they would cancel the austerity budgets already agreed with the European Union (EU) and International Monetary Fund (IMF), pay back the loans from the IMF and focus on rescheduling and writing off the loans from the EU. In the legislative election on 25 January 2015, Syriza won a near-majority of seats, with 149 out of 300, and so formed a coalition with the right-wing anti-austerity party Independent Greeks. Tsipras became prime minister and

neg: Monetary hawk and dove dichotomy has been criticized as overly simplistic, especially in times of deflation or low inflation. For example, Federal Reserve Bank of St. Louis President James Bullard has been described as a "deflation hawk" for favoring policies that would raise inflation to a target of 2 percent per year. "Washington Post" columnist Neil Irwin used the term "bubble hawk" to describe those who focus on using monetary policy to fight financial bubbles. Monetary hawk and dove A monetary hawk, or hawk for short, is someone who advocates keeping inflation low as the top priority in monetary policy. In contrast, a monetary