EU Institutions: the European Central Bank

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来自 HEC Paris 的课程

了解欧洲：欧洲的重要性以及它对于您的价值

144 个评分

HEC Paris

了解欧洲：欧洲的重要性以及它对于您的价值

144 个评分

Regardless of where you live, the European Union not only affects your life, but may also transform it. By learning how Europe works, a new world will open up to you and discover new jobs you never heard of. The European Union has a large, yet often unnoticed, impact on many aspects of everybody’s life. We will analyze what the EU is doing for YOU regardless of where you live. We will also look at what YOU can do for and in Europe. Whether you are traveling, eating, working, doing business, shopping, surfing the Internet or breathing, all these activities are largely shaped by the EU. As a result no global citizen, business leader, lawmaker, lobbyist or student can effectively operate in Europe or in the world without a solid understanding of this unique laboratory of integration. While the EU is often depicted as a monstrous bureaucratic creature, condemned to irrelevance by the emerging economies, in 50 years it accomplished what other countries took centuries to realize. The EU remains the most accomplished experiment of economic, social and political integration in human history. Given its inherent complexities, this Course aims at empowering you on what Europe can offer and will enable you to discover jobs and opportunities you were not aware of. Indeed, throughout the whole course, participants will be confronted with real-life examples of EU action. EU affairs professionals will share their personal EU experiences and tell us about their EU jobs. You will also be able to interact with the instructor and other participants, share your opinions, question the instructor’s assumptions and hence shape the course’s content.

从本节课中

Who is the European Union?

Putting a face on the EU. Who is it? Who are its main actors? By whom is it composed? You will identify who decides in Europe and learn how to interact with its main actors.

EU Institutions: the Court of Justice of the European Union6:16

EU Institutions: the European Central Bank5:03

EU Institutions: the European Court of Auditors2:51

The EU Member States7:35

The EU Citizens6:54

The EU Civil Society11:39

与讲师见面

Alberto Alemanno
Jean Monnet Professor of EU Law and Risk Regulation

[MUSIC]

The European Central Bank is the European institution in charge

of monetary policy in the Eurozone.

It sits in Frankfurt, Germany.

The Eurozone also called the Euro area goes a step further

in the stages of economic integration than a mere economic union.

All it's members have agreed to adopt the same monetary policy and

form as such an economic and monetary union.

This entity goes well deeper than the customs area in the single market

presented in the first class.

I have a quiz for you,

how many members of the EU today are also members of the Eurozone?

10, 15, 18, 22, 28.

The answer is 18 at least today.

Since it's inception in 99, the European Zone, the Eurozone, keeps expanding.

And generally, in 2014,

Latvia was the latest member to join the group, that's why we have 18 today.

Lithuania could follow as soon as 2015.

All other member states committed to joining the club eventually

except the UK and Denmark was to stay outside.

So we may expect more countries joining the Eurozone over the years.

You know that to administer the European single currency, the ECB,

the European Central Bank, has been entrusted with two major tasks,

keep prices stable and thus ensuring conditions for a balanced economic growth.

But also authorizing the issuance of your banknotes.

In discharging this task, the ECB is fully independent, and

somehow supervises the activities by the different central banks.

This means that members of the executive board were monetary experts

appointed by the member states as well as members of the government council,

composed of the executive board, then the governance of the national central banks

of the Euro area cannot receive any instructions from member states or

other European institutions regarding the decisions they shall take.

The ECB is also ensuring that customers and companies that can make always faster,

safer and easier cash lists your payments throughout Europe.

As you may know, in the aftermath of the financial in Europe crisis,

which slapped Euro countries like Greece and

Ireland, the ECB received new missions from the national governments.

Notably, the ECB was asked to supervise international banks, and indirectly

fund European countries struggling to sustain their national budget.

It formed with their European Commission and the International Monetary Fund,

the so called Troika, which organize a lending to the governments of Greece,

Ireland, Portugal and Cyprus under very controversial conditions.

You might have heard about conditionality attached to those particular lots.

But let's go back to the ECB itself, and I have a quiz for you.

Why did the ECB choose to take unprecedented actions during

the Euro crisis?

Because interest rates for public bonds in some States were so

high that these countries could not afford to borrow anymore.

This is the first answer.

The second answer is, because banks lost confidence in the functioning of their

financial markets, some requesting State aid or even failing.

Third answer, because the financial turmoil threatened to triggered a crisis

in the real economy, leading to massive depression and record unemployment.

And last answer,

because risks existed that the Euro area would break into pieces.

There's a fifth answer, all of the above.

And the answer is, all of the above.

You must observe that although none of these reasons were linked to concern about

the inflation target, the first mandate entrusted to the ECB.

You remember the first I mentioned.

The bank decided, however to step in.

Such an interpretation of the ECB's prerogatives led to criticism from

economists and politicians, mostly in Germany.

We believe that the ECB should have stick to it's traditional and

more conventional role.

Like other institutions the ECB role has been and is still evolving.

Maybe more than any other European bodies.

The European Central Bank can be depicted as a player who continuously

changes its face, strategy, and mission within the Euro game.

No surprise, then, it's current president,

Mario Draghi, has received the nickname of Super Mario.

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