ECONOMICS YEARLY REVIEW

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CONTENTS The Capital Markets Union and the elusive goal of a ‛genuine’ Economic and Monetary Union........................................................................................................... 215 Rainer Masera Risk, regulation, supervision and crises in the European Banking Union............. 236 Fabiano Colombini Creative austerity.........................................................................................................274 Giuseppe Di Taranto - Sabina Smailovic Which democratic oversight on the Banking Union? The role of the Euro-national parliamentary system.................................................................................................. 289 Nicola Lupo - Renato Ibrido The Danish No to EU Justice and Home Affairs opt-in. The reasons behind........ 323 Thomas E. Jorgensen - Alessandra Chirico FOCUS ON GLOBAL PERSPECTIVES Bridging spending review and change management in Italian public administrations.............................................................................................................337 Vincenza Esposito - Riccardo Mercurio - Marcello Martinez - Mario Pezzillo Iacono - Ernesto De Nito Central Banks’ Monetary Policy Study..................................................................... 352 Galina Gospodarchuk - Sergey Gospodarchuk The fight against fraud: a critical review and comparative analysis of the Labour and Conservative government’s anti-fraud policies in the United Kingdom.........369 Umut Turksen - Nicholas Ryder
The Capital Markets Union and the elusive goal of a ‛genuine’ Economic and Monetary Union Rainer Masera * ABSTRACT: The objective of a European EMU of stable prices, open markets, shared prosperity, employment and sustainable growth was defined in a Summit meeting of 1969, and has been actively pursued as a primary goal of the Union over since. Significant results have been achieved, but the 5 Presidents’ Report (5PR) of June 2015 frankly admits that a ‛genuine’ EMU remains an unaccomplished endeavour: divergences create fragilities for the whole Union which must be rapidly corrected. A critical analysis of the results so far recorded in the euro zone comes also from other recent documents of the ECB and the IMF. The 5 Presidents indicate a roadmap covering the next decade to ensure a genuine EMU: they argue that progress must be simultaneously made towards economic, financial, fiscal and political union. All Unions are mutually interdependent and must develop in parallel. Financial Union, which comprises the launching and achievement of a Capital Markets Union (CMU), receives specific attention. The aim of this paper is to offer a critical assessment of the Report, in the analytical framework of a system-wide perspective on financial and economic stability offered by the macro prudential policy approach. Purposely, the quantitative evidence presented to illustrate the shortcomings of the EMU building process so far comes exclusively from official documents/papers of the ECB, the EC and the IMF. The “traverse” to the 4-Union EMU is especially complex partly because it goes beyond economic analysis and policy. The crucial role of CMU requires clarification, also in terms of the legal approach to be adopted. More generally, the intertwining of economic policies and the role of fallacies of composition/division must be analytically developed. The 5PR * Dean of the School of Business, Università degli Studi Guglielmo Marconi, Rome. E-mail: r.masera@unimarconi.it. The author is grateful to two anonymous referees for very helpful comments on the first draft of the paper. 215
Page 1 and 2: Volume 4 - Part 2 - 2015 ISSN 2050-
Page 3: Editor‐ in‐ Chief F. Capriglion
Page 7 and 8: frankly recognises that the euro ar
Page 9 and 10: Figure 3 - Bank loans to private se
Page 11 and 12: Figure 6 - Ratios of broad money an
Page 13 and 14: Two stages are identified to reach
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Page 19 and 20: Supervisory Mechanism, entrusted to
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Page 23 and 24: References ALLARD - KOEVA BROOKS -
Page 25 and 26: SCAZZIERI (2015), The Medium-term A
Page 27 and 28: Regulation and supervision are typi
Page 29 and 30: day. Their diffusion has been, to s
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Page 33 and 34: Its being autonomous allows the ris
Page 35 and 36: the convenience of holding a specif
Page 37 and 38: urement (RAPM) indicators are used,
Page 39 and 40: ing of a “culture of risk” such
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Page 45 and 46: The readjustment of public accounts
Page 47 and 48: Taking a closer look, the weakness
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Page 51 and 52: The different capacity of individua
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The increase in capital demands imp
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single resolution mechanism (SRM),
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economic, financial and capital evo
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The application of the bail-in, con
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diture already being reduced in man
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gent budget constraints and why the
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produced by larger deficits is enou
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cuts will stimulate growth, because
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ferences in economic trends between
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on sovereign interest rates coincid
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at the presumed inability of Italy
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million refugees on the job market,
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Which democratic oversight on the B
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As always happens, the pooling of f
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ecent years 7 , the “Euronational
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sponsibility and, should it be nece
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Moving from the SSM, Regulation No.
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On the other hand, the SRM finds a
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swer, regarding the banking policie
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However, the EU has tried to balanc
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The Interinstitutional Agreement be
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view, these provisions present some
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As seen in this overview, the Europ
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art. 46 of Regulation No. 806/2014
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the traditional indifference of thi
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liament and National Parliaments, r
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the perspective of oversight of the
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with a more innovative character. H
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Developing the Monetary Dialogue fo
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The Danish No to EU Justice and Hom
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econstituting Europol in 2013”. 5
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eferendum in the case that the gove
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the freedom of expression is severe
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People's Party over the Liberals an
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etween those intending to vote Yes,
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either a rigid or a flexible interp
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Bridging spending review and change
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2. As a response to EU fiscal conso
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verification of results and the use
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In this context, the phases leading
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The administration targets of the m
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Gap between existing skills and com
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Table 2) Mapping the characteristic
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esponsibilities to provide the PA o
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problems which question the practic
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expressed. Their main disadvantage
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During interest rate targeting, pro
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the rate target level are actually
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gen-02 gen-03 gen-04 gen-05 gen-06
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Thus determination of feedback coef
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2005W06 2005W27 2005W48 2006W17 200
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As we see, central banks implement
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The fight against fraud: a critical
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elating to the collapse of the Bank
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cannot be underestimated and it has
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white-collar crime include bribery
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esources so that they can carry out
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Proceeds of Crime Act 2002, which c
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Commission to examine the law on fr
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changes to the law and criminal pro
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complexity of the crimes it investi
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types of financial crime it is requ
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“We take white collar crime as se
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(4) it identifies irregularities in
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Act has made any difference to the
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Regulations 3 and 5 of the Principl
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Chase Bank £222.1m, RBS £217m and
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A number of interesting points can
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fund its investigation into LIBOR.
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that “The [2008 financial] crisis
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