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Raymond Ritter

1 April 2005
OCCASIONAL PAPER SERIES - No. 27
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Abstract
This paper reviews current discussions on reforming the European Union (EU) budgetary procedure and assesses the main reform proposals that have been suggested thus far. It argues that prospects for reforms are presently hampered by the complex interplay between supranational and intergovernmental decision modes and the requirement of any budgetary procedure to strike a balance between efficiency and legitimacy. The paper reviews the main criticisms of the present budgetary procedure and the related reform proposals, which are assessed on the basis of relevant theoretical literature as well as brief comparisons with the federal budget of the United States. The paper argues that the current EU budgetary procedure maximises efficiency and legitimacy, given the present state of political integration in the EU. Significant modifications to the budgetary procedure would depart from that equilibrium.
JEL Code
D78 : Microeconomics→Analysis of Collective Decision-Making→Positive Analysis of Policy Formulation and Implementation
H77 : Public Economics→State and Local Government, Intergovernmental Relations→Intergovernmental Relations, Federalism, Secession
H87 : Public Economics→Miscellaneous Issues→International Fiscal Issues, International Public Goods
27 April 2009
OCCASIONAL PAPER SERIES - No. 103
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Abstract
This paper analyses and assesses the track record and effectiveness of the so-called "Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets", which have emerged as an important instrument for crisis prevention and crisis resolution in the international financial system. The paper argues that, notwithstanding their low profile, the Principles which were jointly agreed between sovereign debtors and their private creditors in 2004 have proved to be an effective instrument in spite of their voluntary and nonbinding nature. Indeed, an increasing number of sovereign debtors and private creditors have adopted the Principles' recommendations on transparency and the timely flow of information, close dialogue, "good faith" actions and fair treatment. Two elements have been critical to the success of the Principles: (i) their specific design feature as a soft mode of governance agreed by a transnational public-private partnership and (ii) the "hardening" after their launch in terms of precision and delegation, thus moving them somewhat along the continuum of soft law and hard law towards the latter. The paper also makes the case that the Principles and their design features can provide some lessons for the current international policy debate on codes of conduct in global financial regulation.
JEL Code
F34 : International Economics→International Finance→International Lending and Debt Problems
F51 : International Economics→International Relations, National Security, and International Political Economy→International Conflicts, Negotiations, Sanctions
F53 : International Economics→International Relations, National Security, and International Political Economy→International Agreements and Observance, International Organizations
G15 : Financial Economics→General Financial Markets→International Financial Markets
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
Network
Eurosystem Monetary Transmission Network
30 January 2015
OCCASIONAL PAPER SERIES - No. 158
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Abstract
The International Monetary Fund has significantly improved its surveillance of the EU and the euro area, along the lines suggested by the Fund
JEL Code
F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
F53 : International Economics→International Relations, National Security, and International Political Economy→International Agreements and Observance, International Organizations