Abstract
The article deals with financial system structures in the eurozone member states, linkages between banking sectors and fiscal solvency of states and EU initiatives towards improving frameworks to prevent and if necessary to deal with crises in the future. The global economic and financial crisis has revealed a close interrelation between banks problems and sovereigns in the EU. The instruments which were used by national governments in order to save systemically important banks forced the EU to revise approaches to bank supervision and establish new mechanisms for banks' restructuring. At the same time sovereign debt crises in a number of member-states, on the one hand, showed lack of an effective EU-wide system of control over a fiscal discipline and, on the other hand raised questions about lack of any system of fiscal transfers to countries hit by a negative shock. The New Banking and Fiscal unions have been designed to withshand those challenges. The author analyses problems which might be solved with the help of the new instruments established within theabove mentioned unions. At the same time far from all initiatives aimed at achieving greater fiscal consolidation might turn out to be effective when dealing with systemic problems in times of a crisis.
Highlights
The New Banking and Fiscal unions have been designed to withshand those challenges
At the same time sovereign debt crises in a number of member-states, on the one hand, showed lack of an effective EU-wide system of control over a fiscal discipline and, on the other hand raised questions about lack of any system of fiscal transfers to countries hit by a negative shock
The author analyses problems which might be solved with the help of the new instruments established within the above mentioned unions
Summary
Московский государственный институт международных отношений (университет) МИД России. 119454, Россия, Москва, пр. В статье рассматриваются особенности финансовой системы стран-членов зоны евро, связь между проблемами в банковском секторе и сфере государственных финансов, а также действия Евросоюза, направленные на создание более совершенных механизмов, в первую очередь для недопущения возникновения кризисных ситуаций, а в случае необходимости – их оперативного урегулирования в будущем. Мировой финансово-экономический кризис остро обнажил в ЕС, проблему наличия тесной взаимосвязи между банками и государством, которая привела к тяжёлым последствиям для ряда национальных экономик. В то же время кризисы суверенных долгов в ряде стран Еврозоны указали на отсутствие, с одной стороны, действенной общеевропейской системы контроля соблюдением бюджетной дисциплины, а с другой – системы предоставления финансовых ресурсов странам-членам зоны евро, оказавшимся, в силу тех или иных причин, на грани дефолта. Ключевые слова: Европейский союз, Экономический и валютный союз, зона евро, Банковский союз, Фискальный союз, европейская интеграция
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