Ireland

Author:
Publisher:
ISBN:
Size: 46.20 MB
Format: PDF, Mobi
View: 1947
Download Read Online

Ireland from the Author: . This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF) arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFF arrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland's home-grown program and as part of a broader financing package of Ireland and its European partners. The program focused on addressing the Irish banking crisis to break the adverse feedback loop between banks, the sovereign, and the real sector. It aimed to restore the banking system to health, including by establishing a smaller banking sector with high capital buffers and more stable funding sources; and to secure fiscal sustainability while limiting the near-term demand drag from fiscal consolidation. Large external financing was a key element of the crisis response. Program implementation was very strong. The program succeeded in stabilizing the banking sector and reducing its size, and fiscal developments were also broadly as anticipated. Domestic demand was, however, weaker than programmed and unemployment remained high, amid a very challenging external environment. Program success, including regaining market access at low interest rates, benefitted also from actions at the wider euro area level. The Ex Post Evaluation draws several lessons from Ireland's experience under the EFF. The main lessons emerge from what worked well: Strong country ownership, setting (and meeting) realistic and tailored targets were key for success, combined with effective communication and pro-active engagement. Addressing a banking crisis requires strong and credible actions upfront.? Some areas offer lessons for future program design: While the main pillars of the financial sector program were sound, more proactive and stronger supervisory interventions and other supportive steps could have strengthened banks' balance sheets and bank profitability and helped resolve problem loans; bank recapitalization should be limited to those with viable medium-term business strategies; unsecured and non-guaranteed creditors of failed banks should be bailed in, provided a strategy to ring fence potential systemic risks can be put in place; macro-financial linkages require careful attention and timely steps to limit sovereignbanking sector feedback loops; fiscal policy has to be mindful of debt sustainability but also of domestic demand conditions, and it needs a clear anchor. There are also lessons related to Fund policies: Ireland's EFF underscores the importance of addressing shortcomings of the systemic exemption clause in Criterion 2 of the exceptional access criteria; and it suggests the need to explore ways to secure stronger upfront commitments from monetary union authorities, when those are critical for program success.

Ireland Ex Post Evaluation Of Exceptional Access Under The 2010 Extended Arrangement

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 149830401X
Size: 79.11 MB
Format: PDF, Mobi
View: 934
Download Read Online

Ireland Ex Post Evaluation Of Exceptional Access Under The 2010 Extended Arrangement from the Author: International Monetary Fund. Finance Dept.. This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF) arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFF arrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland’s home-grown program and as part of a broader financing package of Ireland and its European partners. The program focused on addressing the Irish banking crisis to break the adverse feedback loop between banks, the sovereign, and the real sector. It aimed to restore the banking system to health, including by establishing a smaller banking sector with high capital buffers and more stable funding sources; and to secure fiscal sustainability while limiting the near-term demand drag from fiscal consolidation. Large external financing was a key element of the crisis response. Program implementation was very strong. The program succeeded in stabilizing the banking sector and reducing its size, and fiscal developments were also broadly as anticipated. Domestic demand was, however, weaker than programmed and unemployment remained high, amid a very challenging external environment. Program success, including regaining market access at low interest rates, benefitted also from actions at the wider euro area level. The Ex Post Evaluation draws several lessons from Ireland’s experience under the EFF: ? The main lessons emerge from what worked well: Strong country ownership, setting (and meeting) realistic and tailored targets were key for success, combined with effective communication and pro-active engagement. Addressing a banking crisis requires strong and credible actions upfront. ? Some areas offer lessons for future program design: While the main pillars of the financial sector program were sound, more proactive and stronger supervisory interventions and other supportive steps could have strengthened banks’ balance sheets and bank profitability and helped resolve problem loans; bank recapitalization should be limited to those with viable medium-term business strategies; unsecured and non-guaranteed creditors of failed banks should be bailed in, provided a strategy to ring fence potential systemic risks can be put in place; macro-financial linkages require careful attention and timely steps to limit sovereignbanking sector feedback loops; fiscal policy has to be mindful of debt sustainability but also of domestic demand conditions, and it needs a clear anchor. ? There are also lessons related to Fund policies: Ireland’s EFF underscores the importance of addressing shortcomings of the systemic exemption clause in Criterion 2 of the exceptional access criteria; and it suggests the need to explore ways to secure stronger upfront commitments from monetary union authorities, when those are critical for program success.

Ireland Second Post Program Monitoring Discussions Staff Report And Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498330487
Size: 51.14 MB
Format: PDF, ePub, Docs
View: 450
Download Read Online

Ireland Second Post Program Monitoring Discussions Staff Report And Press Release from the Author: International Monetary Fund. European Dept.. Ireland’s recovery has strengthened yet political challenges to adjustment appear to have increased. The recovery is led by job creation and investment financed by retained earnings rather than lending. But uncertainties around medium-term prospects are wide given external risks and domestic crisis legacies. Sustaining recovery and rebuilding space for policy maneuver are therefore key policy priorities. However, weak polls for the governing coalition and adjustment fatigue—reflected in widespread protests against water charges—may constrain policy efforts, as seen in limited fiscal adjustment in 2015. A clear strategy to underpin reaching budget balance in the medium term is needed:Budget balance is a sound medium-term goal as it will put Ireland’s high public debt firmly on a downward path and enable fiscal policy to cushion the economy. As growth is likely to diminish over the medium term, steady structural adjustment of about ¾ percent of GDP annually is appropriate to avoid undue drag on growth.A strategy is needed to achieve the restraint envisaged by the authorities in the face of strong spending pressures. Such a strategy should include reforms to generate savings while protecting core services, flexibility in reallocating spending, and preparedness to implement new measures including on the revenue side if needed.Completing bank repairs and ensuring financial resilience are needed to ensure a revival of bank lending that supports a lasting recovery: Although bank capitalization, liquidity, and profitability are much improved, nonperforming loans (NPLs) remain exceptionally high. Priorities are further progress on durable resolution of distressed mortgages—supported by more timely repossession proceedings to motivate borrower engagement on restructures—and ensuring steady workouts or disposals of distressed commercial loans.Recent proposals by the Central Bank of Ireland (CBI) to strengthen regulation of mortgage loan origination are a welcome step to increase the resilience of banks and households to property cycles and help moderate such cycles in future.

Subnational Debt Management And Restructuring

Author: Kahkonen, Satu
Publisher: World Bank Publications
ISBN:
Size: 40.48 MB
Format: PDF, ePub
View: 6339
Download Read Online

Subnational Debt Management And Restructuring from the Author: Kahkonen, Satu . In the aftermath of the global financial crisis, policymakers around the world are focusing once again on government debt sustainability. In China, subnational government debt is an important part of total government debt, and therefore deserves the attention that policymakers have paid to the topic. Subnational debt has played an important role in financing China’s impressive infrastructure that is the envy of the world. It was instrumental in the economic stimulus that China so effectively staged after the global financial crisis, through which China maintained high levels of economic activity. This e-book reports on the proceedings of a joint P.R. China Ministry of Finance-World Bank international workshop on Subnational Debt Management held in Nanning, China in October 2015. Looking at both the Chinese perspective on this subject of subnational debt and selected international experiences along with experts’ perspectives together, we provide a syntheses of key issues which China needs to consider going forward in subnational debt management and restructuring. The roundtable discussion among international and Chinese experts oat the workshop on the way forward for China provided an illuminating discussion which highlighted the need for a transitional strategy for subnational financing, and the need to use debt sustainability as a guide for transition, which will involve tough fiscal policy choices and restructuring of the subnational economies concerned (not just debt restructuring alone). The urgency of strengthening budget and debt management prudent public investment prioritization and management in the subnational context cannot be emphasized enough.

Tangled Governance

Author: C. Randall Henning
Publisher: Oxford University Press
ISBN: 0192521950
Size: 49.62 MB
Format: PDF, ePub, Mobi
View: 6940
Download Read Online

Tangled Governance from the Author: C. Randall Henning. Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examines the institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study. The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift. States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.

Laid Low

Author: Paul Blustein
Publisher: McGill-Queen's Press - MQUP
ISBN: 1928096263
Size: 16.92 MB
Format: PDF, Docs
View: 3685
Download Read Online

Laid Low from the Author: Paul Blustein. The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.

Greece

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1484334779
Size: 70.10 MB
Format: PDF, Docs
View: 584
Download Read Online

Greece from the Author: International Monetary Fund. Greece adopted an ambitious program to eliminate fiscal and current account imbalances, regain competitiveness, maintain financial stability, and boost growth and employment. While significant fiscal adjustment occurred, critical objectives such as regaining confidence and restoring growth were not achieved. The program lacked in better tailoring of IMF lending policies, avoiding undue delays in debt restructuring, attention to the political economy of adjustment, and parsimony in fiscal structural reforms. The importance of streamlining the Troika process and effective risk-sharing arrangements within the euro area has been stressed by Executive Directors.

Saving Europe

Author: Carlo Bastasin
Publisher: Brookings Institution Press
ISBN: 0815726147
Size: 76.84 MB
Format: PDF
View: 2444
Download Read Online

Saving Europe from the Author: Carlo Bastasin. In this gripping narrative, Carlo Bastasin reconstructs the main political decisions of the euro crisis, unveiling the hidden interests and the secret diplomacy behind the scene. The European dream was both the rejection of war and the creation of a new spirit of peaceful cooperation. Yet confrontation has been the hallmark of the euro crisis, and national opportunistic gimmicks have driven the awkward attempts to solve the crisis itself. Today, Europe is in a crisis of democracy, which Bastasin has dubbed, "the first War of Interdependence of the global age." Praise for the first edition of Saving Europe Bastasin does an admirable job in analysing the euro-zone's economic challenges and is a sure-footed guide through the seemingly endless European Union summit meetings that were supposed to resolve them. He also has an eye for the human detail that makes his sad account of institutional muddle surprisingly compelling. — Financial Times Bastasin's book is worth reading for its detailed political narrative of the eurozone crisis to date, focusing on the interaction among decision-makers in Europe's capitals. — Foreign Affairs A reconstruction that may be considered definitive. Revelations on the European negotiations are written with talent and go hand in hand with no-esoteric economic analysis and with the right amount of realism to reach the political substance. —Corriere della Sera Anyone looking for general knowledge and deeper understanding of the crisis, I can recommend a formidable analysis by Carlo Bastasin: Saving Europe. The author is a very unusual combination of a qualified economist and driven journalism. —Svenska Dagbladet

Reconciliation After Violent Conflict

Author: David Bloomfield
Publisher: International Idea
ISBN:
Size: 78.25 MB
Format: PDF, ePub, Docs
View: 7044
Download Read Online

Reconciliation After Violent Conflict from the Author: David Bloomfield. This handbook presents a range of tools that can be, and have been, employed in the design and implementation of reconciliation processes. Most of them draw on the experience of people grappling with the problems of past violence and injustice. There is no 'right answer' to the challenge of reconciliation, and so the handbook prescribes no single approach. Instead, it presents the options and methods, with their strengths and weaknesses evaluated, so that practitioners and policy-makers can adopt or adapt them, as best suits each specific context.

Mediating The Message In The 21st Century

Author: Pamela J. Shoemaker
Publisher: Routledge
ISBN: 1135858284
Size: 73.23 MB
Format: PDF, Docs
View: 1525
Download Read Online

Mediating The Message In The 21st Century from the Author: Pamela J. Shoemaker. Hailed as one of the "most significant books of the twentieth century" by Journalism and Mass Communication Quarterly, Mediating the Message has long been an essential text for media effects scholars and students of media sociology. This new edition of the classic media sociology textbook now offers students a comprehensive, theoretical approach to media content in the twenty-first century, with an added focus on entertainment media and the Internet.