“Critically evaluate the roles of the main EU institutions (Council, Commission and Parliament) in the management of the continuing economic/financial crisis”
Table of Content
2.EUROPEAN UNION INSTITUTIONS5
3.The European institutions / bodies and their functions6
4.1 EUROZONE CRISIS7
4.2Probable causes of Crisis7
4.3 Impact of Crisis8
5. The actions of the Irish and EU authorities in managing the crisis to date10 5.1IRISH AUTHORITIES12
6.The EU legislation, if any, relevant to the issues being planned, proposed or debated.13 7. The Future of EURO14
This report is divided into multiple Phases:
The 1st phase of the project involved:
Gathering information about European Union, its members and Institutions. Reason behind its formation, goals and objectives.
The 2nd phase of the project refers to the:
Beginning of euro crisis.
Analysing pros and cons of single currency and market.
Analysing crisis, steps taken by EU institutions and governments to overcome it. Impact of EU crisis on global market.
The 3rd phase refers to the:
Future of EU and Single Market.
Preparation of phases involved various data collection techniques which in turn enhanced the validity of data collected. The report relies on factual material and analysis on topics like: Reason for euro crisis, impact, current situation and expected future of euro. Debit to GDP ratios.
Investment capital flows.
A blow on Employment from EU Bank Deleveraging.
Share of total loans and bonds held by non-banks, which are presented in central bank reports, other banking sector surveys, case studies and reports, media reports and analysis by leading academics and practitioners sourced from published articles and books, action research, working papers and blogs.
eu1The European Union (EU) is amalgamation of 27 member states (Italy, Luxembourg, Germany, France, Belgium, Netherlands, United Kingdom, Denmark, Ireland, Greece, Spain ,Portugal, Sweden, Finland , Austria, Cyprus, Slovakia, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Czech Republic, Bulgaria, Romania and Slovenia) which in itself is a complex system, combined to create a political and economic community throughout Europe. EU enables its member countries to work together to preserve peace and promote prosperity, while maintaining their individual national interests. The European Union, is uniting the nations of Europe under a regional system of sovereign states, attempts to unify one of the most diverse cultural regions in the world under a single banner; diverse languages, currencies, historical tensions and a variety of political systems populated Europe prior to the creation of the EU and many persist today. While in 2002 most of the European countries became a part of EU and even introduced a common currency (EURO).The Euro consequently replaced most of the national currencies in the western European countries. This was mainly driven by Germany and France at the time but later followed by many like Italy, Austria, Finland, Luxembourg, Spain, Portugal, Ireland, Greece, Holland, Belgium, and even the Vatican. The purpose of this report is to provide an account of the financial crisis in Western Europe, essentially from a country-level and banking sector context, from 2007 to the spring of 2009. It aims to detail steps executed by governments and central banks to deal with impaired bank assets, reinvest or otherwise resolve troubled banks, and infuse liquidity into the banking system. It also aims to investigate reform proposals aimed at creating a more secure and stable financial system. Although EU is facing many challenges today, there stands still no question on Europeans having a brighter...
References: Guardian.co.uk (2013) Eurozone crisis | Business | The Guardian. [online] Available at: http://www.guardian.co.uk/business/debt-crisis [Accessed: 11 Jan 2013].
Unknown. (2013) european union. [online] Available at: http://europa.eu/index_en.htm [Accessed: 11 Jan 2013].
European Commission (2004) First report on the implementation of the internal marketing strategy 2003-2006. Luxembourg: Office for Publications of the European Communities. Source – Report.
ec.europa.eu (2013) econoic and financial affairs. [online] Available at: http://ec.europa.eu/economy_finance/euro/index_en.htm [Accessed: 11 Jan 2013].
Kenny, T. (1930) What is the European Debt Crisis?. [online] Available at: http://bonds.about.com/od/advancedbonds/a/What-Is-The-European-Debt-Crisis.htm [Accessed: 11 Jan 2013].
BBC News (2012) What really caused the eurozone crisis?. [online] Available at: http://www.bbc.co.uk/news/business-16290598 [Accessed: 11 Jan 2013].
google.ie (2013) eu legislation. [online] Available at: http://ec.europa.eu/economy_finance/articles/governance/2012-03-14_six_pack_en.htm [Accessed: 11 Jan 2013].
Unknown. (2013) eu legislation. [online] Available at: http://ec.europa.eu/taxation_customs/common/legislation/legislation/customs/index_en.htm [Accessed: 11 Jan 2013].
Ebooks.cambridge.org (2011) Part III - The future of the euro area - University Publishing Online. [online] Available at: http://ebooks.cambridge.org/chapter.jsf?bid=CBO9781139044554&cid=CBO9781139044554A024 [Accessed: 11 Jan 2013].
ec.europa.eu (2013) single market. [online] Available at: http://ec.europa.eu/ireland/ireland_in_the_eu/ireland_and_the_single_market/index_en.htm [Accessed: 11 Jan 2013].
Civitas (1957) EU Facts: The Single Market. [online] Available at: http://www.civitas.org.uk/eufacts/FSECON/EC1.htm [Accessed: 11 Jan 2013].
Please join StudyMode to read the full document