Pub Date : 2017-06-30DOI: 10.25019/EUROPOLITY.2017.11.1.06
B. Munteanu
The paper aims to look at the European Central Bank governance in terms of decisions taken to deploy a new kit of unconventional monetary policy measures, in order to respond to a new economic paradigm characterized by dynamic change in evolution, high volatility and enhanced financial risks. As an institution, the European Central Bank is led by the Governing Council and the decisions taken on how to use monetary policy impact an entire financial system. European Central Banking governance is about safeguarding the common currency and ensuring a future for the economic and monetary area to emerge stronger. For this purpose, when conventional monetary policies reach limits in their effects, it is time for the European Central Bank governance to analyse and assume the decision to deploy the arsenal of unconventional monetary policies. The experience of recent years showed a positive effect of the European Central Bank’s unconventional monetary measures, but costs could rise in case of extensive use of such measures. When these measures are used in combination, the effect is amplified and the European Central Bank needs to assess when it is time to withdraw the support, how to communicate and what exit strategy should use, what the costs are and impact can expect.
{"title":"UNCONVENTIONAL MONETARY POLICY: CHANGING EUROPEAN CENTRAL BANK’S PERSPECTIVE ON FINANCIAL GOVERNANCE","authors":"B. Munteanu","doi":"10.25019/EUROPOLITY.2017.11.1.06","DOIUrl":"https://doi.org/10.25019/EUROPOLITY.2017.11.1.06","url":null,"abstract":"The paper aims to look at the European Central Bank governance in terms of decisions taken to deploy a new kit of unconventional monetary policy measures, in order to respond to a new economic paradigm characterized by dynamic change in evolution, high volatility and enhanced financial risks. As an institution, the European Central Bank is led by the Governing Council and the decisions taken on how to use monetary policy impact an entire financial system. European Central Banking governance is about safeguarding the common currency and ensuring a future for the economic and monetary area to emerge stronger. For this purpose, when conventional monetary policies reach limits in their effects, it is time for the European Central Bank governance to analyse and assume the decision to deploy the arsenal of unconventional monetary policies. The experience of recent years showed a positive effect of the European Central Bank’s unconventional monetary measures, but costs could rise in case of extensive use of such measures. When these measures are used in combination, the effect is amplified and the European Central Bank needs to assess when it is time to withdraw the support, how to communicate and what exit strategy should use, what the costs are and impact can expect.","PeriodicalId":40359,"journal":{"name":"Europolity-Continuity and Change in European Governance","volume":"3 1","pages":"119-150"},"PeriodicalIF":0.0,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87584291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-06-01DOI: 10.25019/EUROPOLITY.2017.11.1.02
A. Cincu
The answers offered by EU Member States in sensitive moments (the financial crisis of 2008, the refugees` crisis, the terrorist attacks), have eroded European citizens` confidence in the Union's capacity to manage such surprising and unprecedented dynamics, while simultaneously deepening their perception of EU as a partially delegitimized supranational entity. Right-Wing populist parties have gradually increased their attractiveness by capitalizing on the frustration and disenfranchisement feelings perceived by European citizens. European populist parties promote the alternative of a direct opposition towards the system`s political correctness and against the perceived blockage of democratic debate, on their path toward gaining real effective political power. I will start with a short introduction of a theoretical approach of far-right populism in Europe. Using a qualitative research method, defined by discourse analysis (speeches, statements), I will then illustrate the way the political programs of Alternative for Germany (AfD) and Le Pen`s National Front (FN) were thought and built in order to understand how these have led to an increase in the appeal of European populist parties. In the conclusions section I will evaluate the impact of these political alternative movements on the future of the European Union`s essence, on its main values and principles.
{"title":"FAR RIGHT POPULIST CHALLENGE IN EUROPE. ALTERNATIVE FOR GERMANY AND THE NATIONAL FRONT","authors":"A. Cincu","doi":"10.25019/EUROPOLITY.2017.11.1.02","DOIUrl":"https://doi.org/10.25019/EUROPOLITY.2017.11.1.02","url":null,"abstract":"The answers offered by EU Member States in sensitive moments (the financial crisis of 2008, the refugees` crisis, the terrorist attacks), have eroded European citizens` confidence in the Union's capacity to manage such surprising and unprecedented dynamics, while simultaneously deepening their perception of EU as a partially delegitimized supranational entity. Right-Wing populist parties have gradually increased their attractiveness by capitalizing on the frustration and disenfranchisement feelings perceived by European citizens. European populist parties promote the alternative of a direct opposition towards the system`s political correctness and against the perceived blockage of democratic debate, on their path toward gaining real effective political power. I will start with a short introduction of a theoretical approach of far-right populism in Europe. Using a qualitative research method, defined by discourse analysis (speeches, statements), I will then illustrate the way the political programs of Alternative for Germany (AfD) and Le Pen`s National Front (FN) were thought and built in order to understand how these have led to an increase in the appeal of European populist parties. In the conclusions section I will evaluate the impact of these political alternative movements on the future of the European Union`s essence, on its main values and principles.","PeriodicalId":40359,"journal":{"name":"Europolity-Continuity and Change in European Governance","volume":"25 1","pages":"21-49"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85220902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-06-01DOI: 10.25019/EUROPOLITY.2017.11.1.01
S. Ducaru
The current NATO threat landscape is characterized by a combination or “hybrid blend” of unconventional emerging challenges (like cyber and terrorist attacks) and re-emerging conventional ones (like Russia’s recent military resurgence and assertiveness, that led to the illegal annexation of Crimea and destabilization in Eastern Ukraine). While the resurgence of the Russian military activity pushed the Alliance in the direction of re-discovering its deterrence and collective defence role, the new, not-traditional, trans-national and essentially non-military treats that generate effects below the threshold of an armed attack require a new paradigm shift with a focus on resilience although the protection of critical energy infrastructure is first and foremost a national responsibility, NATO can contribute to meeting the infrastructure protection challenge on many levels. Given the fact that its core deterrence and defence mandate relies in a great measure on the security of Allies’ energy infrastructure NATO’s role and actions in reducing the vulnerabilities and strengthening the resilience of such infrastructure can only increase. A multi-faceted, multi-stakeholder and networked approach is needed to be able to strengthen defences and resilience of critical infrastructure such as energy. Understanding and defending against cyber or terrorist threat vectors, increased situational awareness, education, training, exercises, trusted partnerships as well as increasing strategic security dialogue and cooperation are key for such a comprehensive/network approach to the challenge.
{"title":"THE SECURITY OF CRITICAL ENERGY INFRASTRUCTURE IN THE AGE OF MULTIPLE ATTACK VECTORS: NATO’S MULTI-FACETED APPROACH","authors":"S. Ducaru","doi":"10.25019/EUROPOLITY.2017.11.1.01","DOIUrl":"https://doi.org/10.25019/EUROPOLITY.2017.11.1.01","url":null,"abstract":"The current NATO threat landscape is characterized by a combination or “hybrid blend” of unconventional emerging challenges (like cyber and terrorist attacks) and re-emerging conventional ones (like Russia’s recent military resurgence and assertiveness, that led to the illegal annexation of Crimea and destabilization in Eastern Ukraine). While the resurgence of the Russian military activity pushed the Alliance in the direction of re-discovering its deterrence and collective defence role, the new, not-traditional, trans-national and essentially non-military treats that generate effects below the threshold of an armed attack require a new paradigm shift with a focus on resilience although the protection of critical energy infrastructure is first and foremost a national responsibility, NATO can contribute to meeting the infrastructure protection challenge on many levels. Given the fact that its core deterrence and defence mandate relies in a great measure on the security of Allies’ energy infrastructure NATO’s role and actions in reducing the vulnerabilities and strengthening the resilience of such infrastructure can only increase. A multi-faceted, multi-stakeholder and networked approach is needed to be able to strengthen defences and resilience of critical infrastructure such as energy. Understanding and defending against cyber or terrorist threat vectors, increased situational awareness, education, training, exercises, trusted partnerships as well as increasing strategic security dialogue and cooperation are key for such a comprehensive/network approach to the challenge.","PeriodicalId":40359,"journal":{"name":"Europolity-Continuity and Change in European Governance","volume":"177 1","pages":"5-20"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76655515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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