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ویرایش: نویسندگان: Thomas Beukers, Diane Fromage, Giorgio Monti سری: ISBN (شابک) : 0198871236, 9780198871231 ناشر: Oxford University Press سال نشر: 2023 تعداد صفحات: 476 [481] زبان: English فرمت فایل : PDF (درصورت درخواست کاربر به PDF، EPUB یا AZW3 تبدیل می شود) حجم فایل: 45 Mb
در صورت تبدیل فایل کتاب The New European Central Bank: Taking Stock and Looking Ahead به فرمت های PDF، EPUB، AZW3، MOBI و یا DJVU می توانید به پشتیبان اطلاع دهید تا فایل مورد نظر را تبدیل نمایند.
توجه داشته باشید کتاب بانک مرکزی جدید اروپا: بررسی سهام و نگاه به آینده نسخه زبان اصلی می باشد و کتاب ترجمه شده به فارسی نمی باشد. وبسایت اینترنشنال لایبرری ارائه دهنده کتاب های زبان اصلی می باشد و هیچ گونه کتاب ترجمه شده یا نوشته شده به فارسی را ارائه نمی دهد.
بانک مرکزی اروپا (ECB) اولین بار در نظم حقوقی اروپا به
مناسبت معاهده ماستریخت (1992) معرفی شد. یک نهاد رسمی اتحادیه
اروپا که توسط قوانین اتحادیه اروپا اداره می شود، بانک مرکزی
اروپا در دوران مدرن تفاوت های زیادی با تاسیس آن در سال 1998
دارد که به سه صورت اصلی ظاهر می شود: گزینه های سیاست پولی، در
نظر گرفتن نگرانی هایی غیر از تورم پایین در سیاست گذاری، و آن
نقش در اتحادیه بانکی.
این مجموعه ویرایش شده، گزارشی از گذشته نگر و آینده نگر از بانک
مرکزی اروپا ارائه می دهد، که تکامل آن را با جزئیات با فصول
نوشته شده توسط دانشگاهیان و متخصصان برجسته ترسیم می کند. بخش 1
تغییرات اساسی در سیاست پولی ارائه شده توسط بانک مرکزی اروپا در
نتیجه بحران بدهی مالی و دولتی را با در نظر گرفتن مبنای قانونی
آنها بررسی می کند. بخش 2 با تغییر نقشهای جدیدی که بانک مرکزی
اروپا برای ایفای آن فراخوانده شده است، به ویژه در نظارت و حل و
فصل بانکداری فراتر از سیاستهای پولی حرکت میکند. بخش های 3 و 4
به تحولات در روابط بین نهادی و درون سازمانی می پردازد و این
تحولات را بررسی می کند و ماهیت بانک مرکزی اروپا در زمان کنونی و
جهت گیری آن در آینده را منعکس می کند.
نویسندگان برجسته ترین و بحث برانگیزترین عناصر واکنش بانک مرکزی
اروپا به بحران، از جمله اقدامات سیاست پولی غیر متعارف و
استراتژی مدیریت ریسک بانک مرکزی اروپا را تجزیه و تحلیل می کنند.
فراتر از سیاست پولی، این کتاب بیشتر به بررسی نقش اهدافی مانند
ثبات مالی و پایداری محیطی، رابطه بانک مرکزی اروپا با وامدهنده
آخرین راهحل، و همچنین مسئولیتهای جدید آن در اتحادیه بانکی
میپردازد.
The European Central Bank (ECB) was first introduced in
the European legal order on the occasion of the Treaty of
Maastricht (1992). An official EU institution which is governed
by EU law, the ECB of modern times differs vastly from its
inception in 1998, which manifests in three main ways: monetary
policy options, consideration of concerns other than low
inflation in its policy-making, and its role in the Banking
Union.
This edited collection offers a retrospective and prospective
account of the ECB, charting its evolution in detail with
chapters written by leading academics and practitioners. Part 1
examines the substantive changes to monetary policy introduced
by the ECB as a consequence of the financial and sovereign debt
crisis by considering their legal basis. Part 2 moves beyond
monetary policy by shifting to the new roles that the ECB has
been called upon to play, notably in banking supervision and
resolution. Parts 3 and 4 deal with transformations to inter-
and intra-institutional relations, and take stock of these
transformations, reflecting on the nature of the ECB of current
times and which direction it could be heading in the
future.
The authors analyse the most salient and controversial elements
of the ECB's crisis response, including unconventional monetary
policy measures and the ECB's risk management strategy. Beyond
monetary policy, the book further examines the role played by
objectives such as financial stability and environmental
sustainability, the ECB's relationship to the Lender of Last
Resort function, as well as its new responsibilities in the
Banking Union.
Cover Half-Title Title Copyright Foreword Preface Contents List of Contributors List of Abbreviations 1. Introduction: The ‘New’ European Central Bank I. Why Wonder about a ‘New’ European Central Bank II. The Contributions to this Edited Volume III. Taking Stock of the ‘New’ European Central Bank A. Perspectives on EMU and ECB change B. The New European Central Bank C. Causes, triggers, and factors of ECB evolution IV. Looking Ahead: Future Developments and Challenges PART I: THE ECB’S RESPONSE TO THE FINANCIAL AND SOVEREIGN DEBT CRISIS: Unconventional Monetary Policy and the Lender of Last Resort Function 2. The Transformation of the ECB in Sovereign Bond Markets I. Introduction II. The ECB in the Original Set-up of the Currency Union A. The stability paradigm B. The narrow conception of stability III. The New Stability Conception A. The Securities Markets Programme B. Outright Monetary Transactions IV. Reconciling the New Stability Conception with the Law A. The mandate B. The prohibition on monetary financing V. Judicial Review of the New ECB VI. Conclusion 3. The ECB’s Unconventional Quantitative Easing is Turning to Conventional Monetary Policy I. Introduction II. The ECB as a Consensus Model Central Bank—the First Decade III. The ECB Turns to QE—the PSPP A. The main features of the PSPP B. The stated aims of the PSPP IV. QE and PSPP in Economic Theory and Central Bank Practice A. QE in macroeconomics B. QE as a central banking tool V. The PEPP Adds to the ECB’s QE Firepower A. PEPP as the pandemic quantitative easing B. Analysing the objectives and effects of PEPP VI. Conclusions: The ECB and New Monetary Policy 4. The ECB’s Collateral Framework from the 1990s until the Pandemic I. Introduction II. ECB Risk Management before 2010 III. ECB Risk Management since 2010 IV. The Future of ECB Risk Management A. Revising the objectives of risk management B. Market attentiveness instead of market neutrality C. Developing internal credit rating facilities D. Addressing legitimacy concerns by coordinating with EU political institutions V. Conclusion PART II: MOVING BEYOND MONETARY POLICY: The ECB, Financial Stability, Economic Integration, and the (Future of the) Banking Union 5. The ECB and Financial Stability I. Introduction II. Financial Stability—the Conventional Use of an Economic Concept III. Financial Stability and the Law of the Economic and Monetary Union IV. Policy Instruments of Financial Stability V. Preventive Policy Instruments of Financial Stability A. Prudential regulation B. Prudential supervision C. Payment systems VI. Remedial Policy Instruments of Financial Stability A. ELA: National Central Banks (NCBs) as Lenders of Last Resort (LOLR) to individual institutions B. Crisis coordination VII. Monetary Policy Tools as Secondary Policy Instrument of Financial Stability A. ECB standard monetary policy B. The ECB’s unconventional monetary policy measures C. Unconventional monetary policy and financial stability D. Monetary policy and the distinction between preventive and remedial instruments VIII. Conclusions 6. The ECB and Economic Integration I. Introduction II. Asymmetry of Competences and Interdependence of Policy Areas III. Delineation of Competences IV. Budgetary Stability: Economic Policy Coordination and Financial Assistance A. Strengthening of the Stability and Growth Pact B. The European Stability Mechanism and the ECB V. Financial Stability: New Forms of Supervision for the Internal Market A. Macroprudential supervision in the European Systemic Risk Board B. Microprudential supervision in the Single Supervisory Mechanism VI. The Cunning of European Integration 7. The ECB’s Role in the European Banking Union I. Introduction II. The Banking Union’s Context—the ECB’s Mandate A. Price stability B. The ECB’s secondary objectives III. The Banking Union and the Single Supervisory Mechanism A. The legal basis of ECB supervision B. ECB competences and tasks as a bank supervisor C. The Supervisory Board D. ECB, banking regulation, and sustainability E. ECB primary task of price stability and new supervisory role IV. Banking Union and the Single Resolution Mechanism A. The Single Resolution Mechanism B. ECB/SSM coordination with the SRB V. Summing Up and Future Challenges 8. The Relationship between the ECB and the National Competent Authorities in the Single Supervisory Mechanism: Problems and Perspectives I. Introduction II. The Role of the ECB and the NCAs within the SSM: An Overview A. The SSM: rationale and organization B. The ECB tasks, powers, and responsibilities C. The NCA tasks, powers, and responsibilities III. The Role of the ECB and the NCAs in Day-to-Day SSM Banking Supervision of Significant Institutions A. The JSTs B. The SEP: off-site and on-site supervision C. The SREP IV. The Role of the ECB and the NCAs in SSM Authorizations A. SSM common procedures (banking licences and qualifying holding authorizations) B. Fit and proper authorizations C. Other SSM authorizations for SIs V. The Role of the ECB in the Oversight of the Functioning of the SSM A. The ECB’s responsibility for oversight B. The NCA’s duty of assistance VI. Conclusion 9. The Role of the ECB in the International Arena and the External Dimension of EMU: A ‘New’ ECB within a Crippled Legal Framework? I. Introduction II. The Legal Framework of the ECB’s International Dimension III. The Tricky International Legal Status of the ECB IV. The Evolution of the ECB’s International Dimension: The ECB as a Growing Global Player? A. ‘Article 219 TFEU’ practice B. Relationship with international organizations and fora C. The ECB’s international cooperation instruments D. ‘Borrowing’ of the ECB outside the EU Treaty framework V. A Critical Appraisal of the ECB’s International Dimension: A ‘New’ ECB within a Crippled Legal Framework? VI. Conclusion PART III: INSTITUTIONAL SETTING: The ECB’S ‘Institutional Logic’ and Its Relationship with Governments, Courts, and Parliaments 10. The Independence of the ECB: Justification, Challenges, and Possible Threats I. Independence in Times of Crisis II. The Justification of Central Bank Independence A. Economic background B. (German) democratic theory III. Manifestations of Independence IV. Challenges and Threats A. Challenges to independence B. Threats to independent monetary policy V. Conclusion and Outlook 11. The Legitimacy and Accountability of the ECB at the Age of Twenty I. Introduction II. The ECB’s Inception III. The Evolution of the ECB’s Democratic Legitimacy and Accountability A. The ECB’s role as crisis manager B. The ECB’s role in the European Banking Union C. The ECB and the COVID-19 pandemic IV. The ECB’s Accountability at Twenty and Beyond 12. The ECB and the Court of Justice: Old Toolbox, New Problems I. Introduction II. Is there a Role for the CJEU? III. Objectives Versus Effects and the Elusive Quest for the Boundaries of Monetary Policy IV. The Role of Proportionality V. Judicial Scrutiny and Standard of Review A. Principles of judicial review B. Standard of scrutiny C. Process requirements VI. Prudential Supervision: A New Litigation Landscape A. Composite procedures and hybridity VII. Application of National Law by the ECB VIII. Fines IX. Conclusion 13. Assessing and (Re-)situating Today’s ECB in the EU’s Institutional Landscape I. Introduction II. The ECB’s Institutional Structures: From Maastricht to Lisbon Today A. The ECB’s original institutional architecture B. The adaptation of the ECB’s institutional design to the EBU: increased national influence in the functioning of the ECB? III. Has the National Component within the Supranational ECB Grown Larger? A. Enhanced representation of national interests in the ECB’s institutional structure proper B. The potential reinforcement of the national dimension in practice C. The Eurosystem’s and the ECB’s supranational character (still) reinforced by recent judicial developments IV. Re-situating the ECB in the EU’s Institutional Landscape: How Do the Institutional Logics that Govern Today’s ECB Compare to Those of other EU Institutions and Bodies? V. Conclusion 14. The ECB in the New Normal: Organizing Fiscal Support for Monetary Policy I. Introduction II. The Institutional Loneliness of the ECB III. A Euro Area Fiscal Capacity IV. A Safe Sovereign Asset for the Euro Area V. A Fiscal Backstop for the Eurosystem VI. Conclusion PART IV: A CONTEXTUAL ANALYSIS OF THE ECB 15. The ECB Mandate—a Comparative Constitutional Perspective I. Introduction II. Central Bank Mandates: Formal Sources and their Implementation A. Legal sources of central bank mandates, objectives, and tasks B. Implementation of central bank mandates: a purposive and functional approach since the GFC III. Conclusions 16. The Role of Constitutional Law for the ECB: Past, Present, and Future I. Introduction II. A Constitutional Approach to EMU III. The ECB as a Constitutional Interpreter IV. The ECB during the Euro Area Crisis V. The Judicialization of EMU VI. Conclusion 17. The ECB’s E-ROAD Ahead I. Introduction II. Open Up III. Reform IV. Develop V. Address VI. Europe VII. Final Words Index