Dr. Joern C. GottwaldUniversity Trier Germany1 European Union 欧盟 Transition of Financial Markets...

Dr. Joern C. Gottwald University Trier Germany 1

European Union 欧盟

Transition of Financial Markets in the European Union

欧盟金融政策

Lecture given at the University of Xiamen, 12 -20 July 2005

Dr. habil. J.C. Gottwald Trier University Germany



The Program

First Session, Tuesday 12 July 2005Introducing the European Union

Second Session, Wednesday, 13 July 2005The Economic and Political Importance of Financial Markets

Third Session, Friday, 15 July 2005The Transition of European Financial Markets I: From National to European

Fourth Session, Tuesday, 19 July 2005\Written ExamThe Transition of European Financial Markets II: Creating A Financial Services Action

Plan

Fifth Session, Wednesday, 20 July 2005The Transition of European Financial Marktes III:European Financial Markets in the

Global Economy




The Member States

1. Austria2. Belgium3. The Chech Republic 4. Cyprus5. Denmark6. Estonia7. Finnland8. France9. Germany10. Greece11. Hungary12. Ireland

13. Italy

14. Latvia

15. Lithuania

16. Luxemburg

17. Malta

18. Netherlands

19. Poland

20. Portugal

21. Slovakia

22. Slovenia

23. Spain

24. Sweden

25. United Kingdom




The Organs of the European Union and other Institutions

欧盟机构及其他组织• European Council 欧洲理事会• Council of the European Union 欧盟理事会• European Parliament 欧洲议会• European Commission 欧盟委员会

• Court of Justice 欧盟法院• Court of Auditors 欧盟审计院




• European Economic and Social Commitee

欧洲经济和社会委员会• Committee of the Regions 地区委员会• European Central Bank 欧洲中央银行• European Investment Bank 欧洲投资银行• European Ombudsman 欧盟监察员

The Rule of Law is fundamental to the European Union. 欧盟建立在法治的基础上。



European Council 欧洲理事会 ( 首脑会议 ) • Heads of State and Government of EU Member States,

and the President of the European Commission.

各成员国国家或政府首脑以及欧盟委员会主席定期会晤。• to define the general political guidelines of the European

Union. 负责确定欧盟发展的大政方针。


德国外长和总理，荷兰外长，奥地利总理 ( 从左到右 ) 。



Council of the European Union 欧盟理事会( 部长会议 )• Member of Council: one Minister from each of the

national governments. 各成员国的部长。 • 9 Council configurations altogether. 共有九个专业部

长会议组成理事会。• Presidency: in rotation every

six months.

主席 : 成员国轮任 , 任期六个月。2005 年轮值主席国卢森堡 , 英国 (左 ) 。





Six Key Responsibilites: 六项主要职责• To pass European Laws 批准欧盟的法律• To co-ordinate the broad economic policies 协调成员

国的经济政策• To conclude international agreements 缔结国际条约• To approve the EU‘s Budget 批准欧盟财政预算案• To develop the EU‘s Common Foreign and Security

Policy (CFSP) 推动欧盟共同的外交和安全政策• To co-ordinate co-operation between the national

courts and police forces in criminal matters 协调成员国之间法院和打击刑事犯罪的合作




European Parliament 欧洲议会• 议员 (2004-2007): 732

• 全体大会在斯特拉斯堡 (Strasburg)

• 委员会在布鲁塞尔 (Brussels)

• 秘书处在卢森堡 (Luxemburg)

议长 : 何塞 · 博雷利 (Josep Borrell)

布鲁塞尔欧盟总部




European Elections 欧洲议会选举• directly elected every 5 years.

直选， 5 年一届。 • Seats in the EP (2004)

2004 大选结果

PES 欧洲社会民主党

EPP-ED欧洲人民党 - 欧洲民主党

ALDE欧洲自由民主同盟




Three main Functions: 三个主要职权• The power to legislate ("co-decision“ with Council)

与理事会共同行使立法权 • Supervising the European Institutions, in

particular the Commission

监督其他机构，特别是欧盟委员会工作• „Power of the Purse“ („co-decision“ with Council)

与理事会共同批准欧盟预算案并监督执行




European Commission 欧盟委员会• Commissioners (2004-2009): 25 (one per state)

委员 : 25 名• President (2004-2009): José Manuel Barroso

委员会主席 : 诺泽 · 曼努埃尔 · 巴罗佐• „Seat“ in Brussels

总部设在布鲁塞尔

巴罗佐




Appointment of the Commission 委员会任命程序• President: appointed by the Council with qualified majority, then approved

by the European Parliament

主席 : 由理事会任命 ( 有效多数 ), 经议会批准。• Commissioners: choosed by President-elect from lists of three nominees

per Member State, approved by the Parlament, appointed by the European Council with qualified majority.

委员 : 由主席从各成员国提名的三个候选人中选一名，经议会批准，再由欧洲理事会以有效多数通过任命。

→ The College is collectively submitted to a vote of approval by the European Parliament

欧盟委员会作为一个集体可被议会弹劾。




Four main Functions: 四项主要职能• To propose legislation to Parliament and the Council

向欧洲议会和欧盟理事会提出立法动议• To manage and implement EU policies and the

budget 管理和实施欧盟的政策和财政预算案• To enforce European Law 执行欧盟的法律• To represent the European Union on the international

stage 在国际上代表欧盟




Court of Justice 欧盟法院• Member: one judge per member state, and eight

‘advocates-general’

一个成员国一名法官 , 以及八名总检察官。• Job: to make sure that EU legislation is interpreted

and applied in the same way in all EU countries

负责解释欧盟法律以及确保各成员国统一执行法律。




Court of Auditors 欧盟审计院• One member from each EU country, appointed by the

Council

由各成员国派出一名代表组成，经理事会任命。• To check that the EU budget is correctly implemented

负责检查欧盟财政预算的执行




European Economic and Social Commitee欧洲经济和社会委员会• Advisory body representing social groups.

欧盟的顾问机构 , 代表各社会团体的权益。

Committee of the Regions 地区委员会• Advisory body composed of representatives of

Europe’s regional and local authorities.

欧盟顾问机构 , 代表地方和基层政府的利益。




Three Pillars of the European Union

1. The European Communities (supra-national)

2. The Common Foreign and Securty Policy (inter-governmental)

3. Political Co-operation in Judicial and Internal Affairs (inter-governmental)




立法程序• Co-decision procedure (Article 251 of the EC Treaty)

合作立法程序 ( 欧盟条约第 251条 )

• Co-operation procedure (Single European Act)

协作立法程序 ( 欧洲单一法令 )

表决机制• Unanimity: 一致通过• absolute majority: 简单多数 (1/2 + 1票 )• Qualified majority: 有效多数 (3/4 票数 )




The co-decision procedure (Article 251 of the EC Treaty) 合作立法程序 ( 欧盟条约第 251条 )

欧盟委员会

欧洲议会(一读)

第 1 步

欧盟理事会

议会没有修改意见或理事会接受所有的修改意见,

通过法案

发表意见

提出立法动议

经济和社会委员会地区委员会第 2 步

第 3 步

不接受修改意见

欧洲议会(二读)

表达共同立场



欧盟委员会

欧盟理事会


接受理事会意见简单多数通过修改意见简单多数拒绝修改

立法程序终止

第 4 步

第 5 步

欧盟理事会(二读)

采纳议会修改意见

第 6 步

不采纳议会修改意见

有效多数接受修改

调解委员会(理事会/议会)

一致同意修改

调解成功调解失败

立法程序终止理事会和议会确认结果 (三读)

第 7 步

第 8 步

有效多数接受共同立场

拒绝修改



The Co-operation procedure (Single European Act)

协作立法程序 (欧洲单一法令 )

欧盟委员会

提出立法动议

地区委员会欧洲议会 (一读) 经济和社会委员会

发表意见

欧盟理事会

发表共同立场


第 1 步

第 2 步

第 3 步




接受法案简单多数要求修改简单多数拒绝法案

欧盟委员会

欧盟理事会欧盟理事会

有效多数接受共同立场一致通过接受共同立场

第 4 步

第 5 步

接受议会修改意见不接受议会修改意见

欧盟理事会

有效多数接受法案一致通过接受法案


Financial Markets

Session II:The Political And Economic

Importance of Financial Markets



Financial Markets

What is a Market?

• a place where demand and supply meet; goods are exchanged at true prices by homines oeconomici

• a spontanous order (Hayek)• a set or formal and informal rules for

rational actors to pursue their interests



Financial Markets

The Structure of Financial Markets

1. Money Markets (Markets for Short-Term Credits)

2. Capital Markets (Bonds and Securities)3. Market for Derivatives4. Markets for Foreign Currencies



Financial Markets

10 Trends on the International Financial Markets since the 1970s

1. Liberalisation (End of Bretton-Woods; Open Markets)

2. Computerisation, Automatisation and Profession-alisation: Reduction in Transaction Costs

3. Multinationalisation4. Securitisation5. Institutionalisation6. Disintermediation7. Increase in Financial Markets Crises8. Rise of Market-Fundamentalism9. Competition among Financial Centres10. Anglo-American Dominance?



Financial Markets

Financial Markets: A Public Choice Perspective

• Financial Markets Need Regulation• Regulation is Re-Distribution• Regulation is the Outcome of Politcal and

Economic Competition• Cui bono? Who reaps the benefits?



Financial Markets

The Economic Importance

• Financing Economic Activity• Promoting Economic Development• Major Growth Sector in Established Market

Economies• Promoting Efficiency• Providing Information• Providing Venture Capital• Transformation of Time and Risk• Spreading State of the Art Knowledge and

Organisational Structures (Corporate Governance)



Financial Markets

The Political Importance

• Distribution of Wealth• Diustribution of Political Bargaining Power• Financing Public Expenditure• Limiting Public Expenditure• Financing Political Campaigns• Financing Social Security• Symbolic Performance• (Systemic) Risk: Financial, Social, and Political

Crises• Providing Global Leverage



Financial Markets

Regulation of Financial Markets as

• Setting, Implementation and Revision of Rules • Crisis Prevention and Crisis Management• State Interventions Against Market Failure• Market Creation• Promotion of National Champions



Financial Markets

Theories of Regulation• Normative Theory of Regulation

– Efective State Interventions Aganst Market Failure

• Positive or Public Choice Theory of Regulation– Research on Regulatory Capture– Different Regulatory Regimes (Organisation /

Orientation)– Different Modes of Regulation



Financial Markets

Modes of Regulation

• Hard Regulation by Law• Soft Regulation by Bargaining, Consensus• Self Regulation• Regulatory Capture• „Disguised/Camouflage“ Regulation („Keeping the

Shotgun behind the Door“)• No Regulation / Regulation through Competition



Financial Markets

Important Private Actors

• Investors: Private, Funds, Investment Banks, Pension Funds

• Hedge Funds• (Listed) Companies• (Universal / Specialized) Banks; • Stock Exchanges• Clearing and Settlement• Accountants; Consultants; Rating-Agencies• Providers of Information/ News Agencies• Providers of Indices• Lobby Groups



Financial Markets

Important Public Actors

• National/Regional Governments/Administrations ；• Parliaments• Political Parties• Supervisory Organisations; Regulatory Bodies• Courts• International Organisations• Interest Groups




感谢听讲

欢迎指正


Dr. Joern C. GottwaldUniversity Trier Germany1 European Union 欧盟 Transition of Financial Markets...

Documents

Transcript of Dr. Joern C. GottwaldUniversity Trier Germany1 European Union 欧盟 Transition of Financial Markets...