European Expression - Issue 86

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Ευρωπαική Έκφραση - Τεύχος 86

Transcript of European Expression - Issue 86

  • Matthias KelM

  • 3

    . 86 3o 2012

    E E : 1989 ISSN: 1105-8137 5 22 86 - - 2012

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    54 - - 106 72

    .: +30 210 3643224Fax: +30 210 3646953

    E-mail: ekfrasi@ekfrasi.grhttp://www.ekfrasi.gr

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    Matthias Kelm

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    . :iForce Communications ..

    4 ...............................................................................................5

    4 ...........................................................................................................7

    4 - : .................................................... 11

    4 : ............................................................................................. 15 4

    : ; ........................................................................................ 16 4 ;

    ............................................................................................................ 19 4 .................................. 22

    4Global Economic Financial Crisis and Eu/China Relations ............................................ 24 4 Power of groups in international relations.

    What the analysis of TDI measures tell us ......................................................................... 28 4 .

    .................................................................................. 31 Matthias Kelm 4The transformation of many European states into functioning democracies

    .......................................................................................................... 35

    4 ........................................................................................................... 38 4 ............................................................................................................ 42 4 ..................................................................................................... 44

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  • 4 . 86 3o 2012

    C o N T E N T S

    EvRoPaIkI EkFRaSSIq u a R T E R l y E D I T I o N o N E u R o P E a N I S S u E SF I R S T P u b l I S h E D : 1 9 8 9 I S S N : 1 1 0 5 - 8 1 3 7 E u R o 5 y E a R 2 2 v o l . 8 6 J u l y - a u G u S T - S E P T E m b E R 2 0 1 2

    PRoPRIEToR - EDITIoN:"European Society, Politics,

    Expression, Institutions", non Profit making Company

    54 omirou St., athens 106 72Tel.: +30 210 3643224Fax: +30 210 3646953

    E-mail: ekfrasi@ekfrasi.grhttp://www.ekfrasi.gr

    EDIToR-PublIShER by laW:Nicos yannis

    PublIShING DIRECToR:Eleni katsampoukaGiorgos Pantelias

    DIRECTIoN:katerina androna

    CoNTRIbuToRS:Christos Bezirtzoglou

    Eleni CaraveliCostas Chrysogonos

    Fotini KalantziMatthias Kelm

    Andreas PantazopoulosDionysia Rigatou

    Dinos StasinopoulosConstantinos Stefanou

    Nikolaos Yannellis

    PRooFREaDING, EDITING:Lina Christoforou

    TEChNICal aDvISoR:hliea

    PublIC RElaTIoNSiForce Communications Sa

    4 Editorial .....................................................................................................................................5

    Political and economic integration of the eU 4The mistake and the dilemma ...................................................................................................7By Costas Chrysogonos

    4Greece-European union: The incomplete integration .................................................... 11By Constantinos Stefanou

    4 Europe: The political deficit .................................................................................................. 15By Andreas Pantazopoulos

    4 Towards the completion of the the economic unification of Europe: vision or utopia? . 16By Nikolaos Yannellisi

    4Can regional development be the answer to the austerity versus growth dilemma?? 19By Eleni Caraveli

    4The crisis as the driving force of the European integration ............................................ 22By Fotini Kalantzi

    oPinionS 4Global economic financial crisis and Eu/China relations .............................................. 24By Dinos Stasinopoulos 4 Power of groups in international relations:

    what the analysis of TDI measures tells us ........................................................................ 28By Christos Bezirtzoglou

    4 From fictitious growth to real production: radical reform of the economy ................ 31By Matthias Kelm. .................................................................................................................. 31 4The transformation of many European states into functioning democracies

    By Dionysia Rigatou ................................................................................................................ 35

    Permanent colUmnS

    4Whats going on in Europe .................................................................................................... 38 4 European Expression News .................................................................................................. 42 4 European Expression youth .................................................................................................. 44By Athanassios Grammenos

    4 book Review............................................................................................................................. 45By George Pantelias

  • E D I T o R I a l 5

    . 86 3o 2012

    The European Council has supported the Commissions proposals for a fully fledged banking union, agreeing to press ahead with creating a legislative framework for the Single Supervisory Mechanism before the years end and to implement it dur-ing 2013.

    As President Barroso said in his State of the Union speech last month: The crisis has shown that while banks became transnational, rules and oversight remained national. And when things went wrong, it was the taxpayers who had to pick up the bill. Over the past four years the EU has overhauled the rule-book for banks but mere coordination is no longer adequate we need to move to common supervisory decisions, namely within the euro area. The Sin-gle Supervisory Mechanism will be a supervision for all euro area banks. Su-pervision must be able to look everywhere because systemic risks can be any-where, not just in so-called systemically relevant banks.

    The Commission welcomes the outcome of the European Council. The Sin-gle Supervisory Mechanism (SSM) is a key element of putting into place a bank-ing union for the euro area within an EU framework, as it will provide supervi-sionof all the eurozones 6,000 banks. The European Council also stated that there should be a fair representation system for non-euro countries which want to join the Mechanism. The Commission had hoped for a decisive deal to give the European Central Bank (ECB) the legal capacity to start supervising any credit in-stitution in the euro area if deemed necessary as from 1st January 2013. This will happen once legislation comes into force. The ECB would not be in the position to assume supervisory responsibility over the eurozonesbanksfromthe begin-ning. Therefore, the Commissions proposal foresees a phasing-in process, which would be completed within one year from the entry into force of the regulation.

    The SSM is only one aspect of this fully fledged banking union, which re-ceived the support of the European Council. Clearly, the priority is the set-up of the Single Supervisory Mechanism for the banking union. However, the European Council also supported the three other pillars, which include the single rule book, the bank deposit guarantee framework, and the bank recovery and resolution framework. The European Council calls for agreement on the proposals on bank capital requirements (CRR/CRD IV) by the end of the year, which will contribute to finalising the single rule book. As for the banking resolution framework and the deposit guarantee scheme, the European Council did not specify any calen-dar or deadline but calls for the rapid adoption of the provisions relating to the harmonisation of national resolution and deposit guarantee frameworks based

    on the Commissions legislative proposals on bank recovery and resolution and on national deposit guarantee schemes.

    EU leaders agreed at the October 2012 summit to establish a Sin-gle Supervisory Mechanism (SSM) for all the euro area banks dur-ing the course of 2013 a key element of a wider banking union.

    What is the Single Supervisory Mechanism?The Single Supervisory Mechanism (SSM) is an independent and centralised

    supervisor with responsibility for overseeing all euro area banks, and is what markets expect. It is crucial to restore confidence in the European banking sec-tor. It is NOT a new institution, it is a mechanism, in which the European Central Bank will play a pivotal role as it will be conferred on supervision powers as soon as the legislation enters into force. The ECB will work in close cooperation with national banking supervisors, who will continue carrying out important tasks and will assist the ECB with day-to-day verifications and other supervisory ac-tivities within the overall framework of the Mechanism.

    Will it have power over every bank?The scope of the Single Supervisory Mechanism should be all of the euro ar-

    eas 6,000 banks by the end of 2013, phased in gradually over the course of the year. The European Central Bank will have the ability to intervene to check the situation in any bank.

    The SSM respects the Single Market and does not create any new ba