The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability
The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability
The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability
The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability
The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability
The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability
Trending Bestseller

The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability

Bob Lyddon

No reviews yet Write a Review
Paperback / softback
20 February 2023
$41.00
In Stock: Ships in 3-5 Days
In Stock: Ships in 7-9 Days
Hurry up! Current stock:
icon Share icon Share
Description  

The EU/Eurozone participate in the rules-based international order, but they break its financial rules in both letter and spirit. The global financial system is a cornerstone of this international order. Rules for its operation have been devised by several global bodies. The bedrock is a proper accounting for the scale of the liabilities of governments and the wider public sector. The EU and the Eurozone member states fail to adequately account for their liabilities, undermining Eurostat's 'General government gross debt' as a reliable figure. The discrepancy consists both of shadow debts and unrecognized contingent liabilities as guarantor. The EU's 'General government gross debt' is understated by 44% if one takes account of the shadow debts, and by 70% if one factors in the contingent liabilities as well. Incomplete accounting masks the degree to which member states are out-of-compliance with the Fiscal Stability Pact. It is a threat to global financial stability where a major set of participants in the system understate their liabilities, because that leads on to the public credit rating agencies over-rating the respective entities' debts, and in turn to other participants in the system setting aside too little capital to account for the risks they are running by doing business with these entities, and/or to other participants - like Central Counterparties running clearing houses for derivatives - requiring too thin a security margin. The Euro currency is structurally weaker than it is made to appear, and both Eurozone and non-Eurozone member states in the EU have higher liabilities than Eurostat reports. Central banks, monetary authorities and investors outside the EU should be pressing for disclosure of detailed information on these liabilities, as well as ensuring that their own financial markets and practices do not replicate the related practices. There are also important implications for the EU's plan to onshore - particularly from London - the clearing of Euro derivatives contracts, because a clearing house should enjoy an adequate collateral margin and the collateral itself ought to be of the highest quality.

Customer reviews  

This product hasn't received any reviews yet. Be the first to review this product!

Write a Reviews
Flat Rate Shipping  
Easy Returns  
$41.00
In Stock: Ships in 3-5 Days
In Stock: Ships in 7-9 Days
Hurry up! Current stock:
icon Share icon Share
Flat Rate Shipping  
Easy Returns  

The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability

$41.00

Description

The EU/Eurozone participate in the rules-based international order, but they break its financial rules in both letter and spirit. The global financial system is a cornerstone of this international order. Rules for its operation have been devised by several global bodies. The bedrock is a proper accounting for the scale of the liabilities of governments and the wider public sector. The EU and the Eurozone member states fail to adequately account for their liabilities, undermining Eurostat's 'General government gross debt' as a reliable figure. The discrepancy consists both of shadow debts and unrecognized contingent liabilities as guarantor. The EU's 'General government gross debt' is understated by 44% if one takes account of the shadow debts, and by 70% if one factors in the contingent liabilities as well. Incomplete accounting masks the degree to which member states are out-of-compliance with the Fiscal Stability Pact. It is a threat to global financial stability where a major set of participants in the system understate their liabilities, because that leads on to the public credit rating agencies over-rating the respective entities' debts, and in turn to other participants in the system setting aside too little capital to account for the risks they are running by doing business with these entities, and/or to other participants - like Central Counterparties running clearing houses for derivatives - requiring too thin a security margin. The Euro currency is structurally weaker than it is made to appear, and both Eurozone and non-Eurozone member states in the EU have higher liabilities than Eurostat reports. Central banks, monetary authorities and investors outside the EU should be pressing for disclosure of detailed information on these liabilities, as well as ensuring that their own financial markets and practices do not replicate the related practices. There are also important implications for the EU's plan to onshore - particularly from London - the clearing of Euro derivatives contracts, because a clearing house should enjoy an adequate collateral margin and the collateral itself ought to be of the highest quality.

Customers Also Viewed

Discover Books for Every Interest at BookLoop

Discover your next great read at BookLoop, Australia's trusted online bookstore offering a vast selection of titles across various genres and interests. Whether you're curious about what's trending or searching for graphic novels that captivate, thrilling crime and mystery fiction, or exhilarating action and adventure stories, our curated collections have something for every reader. Delve into imaginative fantasy worlds or explore the realms of science fiction that challenge the boundaries of reality.

Books on Hobbies, Crafts, Gardening, and More

For those with a green thumb, our comprehensive range of gardening books provides insights and tips for all levels of enthusiasts. If you're aiming to enhance your financial acumen, our selection of finance, business, and management books offers valuable knowledge from industry experts. Craft lovers will appreciate our assortment of handicrafts, decorative arts, and crafts books, perfect for inspiring your next project. Engage your mind with our collection of hobbies, quizzes, and games books, or explore the mystical with our fortune-telling and divination guides.

Transport, Contemporary Fiction, and Picture Books for Kids

Transportation aficionados can immerse themselves in our extensive transportation books, including detailed works on road and motor vehicles. Young readers are not left out, with a delightful array of picture books and early learning concepts designed to educate and entertain. Fans of contemporary narratives will find compelling stories in our contemporary fiction section. Embark on epic journeys with our fantasy and science fiction titles, or gain inspiration from real-life tales in our biographies and true stories collection. Health-conscious readers can explore our health and wholefood cooking books, focusing on specific diets and conditions.

School Books, Teacher Resources, and Academic Textbooks

Textbooks for Primary, Secondary, and Higher Education

BookLoop proudly supports the educational needs of students and schools across Australia. Our textbook collection includes school books and teacher resources for every phase from primary school books, secondary school books, and essential titles for TAFE courses, vocational training, and university study. Each book is selected to align with curriculum outcomes and classroom needs, making it easy for schools and teachers to plan ahead.

Teacher Resources and Classroom Support Materials

From structured lesson planning to engaging student activities, our wide range of school books and teacher resources provides essential tools for educators. You’ll also find dedicated school and preschool teacher materials designed for early years education, classroom support, and intervention. Teachers can access a reliable selection of workbooks, literacy and numeracy programs, assessment tools, and professional development guides all in one place.

Books for Early Learning Centres and Childcare Professionals

Support the earliest stages of education with our curated range of early childhood care and education books. These titles are ideal for early learning centres, preschools, and childcare settings, offering age-appropriate resources that build foundational skills in literacy, numeracy, and emotional development. Families and educators alike trust our resources for quality, clarity, and classroom effectiveness.

Bulk Book Orders for Schools and Educational Institutions

We make bulk school book orders simple and efficient. Schools, libraries, and early learning centres can rely on BookLoop for competitive pricing, fast shipping, and expert support when sourcing large quantities of textbooks and educational materials. Whether you’re restocking for a new term or ordering resources for an entire class, our bulk ordering system ensures convenience and accuracy every step of the way.

Stay Up to Date with Book Trends

Explore our new releases for the most recent additions in romance books, fantasy books, graphic novels, crime and mystery books, science fiction books as well as biographies, cookbooks, self help books, tarot cards, fortunetelling and much more. With titles covering current trends, booktok and bookstagram recommendations, and emerging authors, BookLoop remains your go-to local australian bookstore for buying books online across all book genres.

Explore the Latest and Most Loved Books

Stay updated with the literary world by browsing our trending books, featuring the latest bestsellers and critically acclaimed works. Explore titles from popular brands like Minecraft, Pokemon, Star Wars, Bluey, Lonely Planet, ABIA award winners, Peppa Pig, and our specialised collection of ADHD books. At BookLoop, we are committed to providing a diverse and enriching reading experience for all.