René Smits: Are current fiscal rules credible?
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Are current fiscal rules credible? What is the role of fiscal rules and of independent fiscal councils? Rene Smit's slides from the ADEMU 'How much of a fiscal union for the EMU' conference.
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3) A court case involving the Italian FTT is analyzed, where the European Court of Justice ruled the Italian FTT did not violate the free movement of capital as the tax applied regardless of residence and was linked to assets issued in Italy. Compliance costs for non-residents could not be excessive.
THE EUROPEAN STABILITY MECHANISM
The EMS is an intergovernmental organisation created to provide financial assistance to Eurozone Members States in difficulty. It was introduced by the European Stability Mechanism Treaty signed on 2 February 2012. How does it work? How does it operate? What are ‘Dual limb CACs’?
le gouvernement économique for the EU: much ado about what?
this is my presentation for Prof.Chang course at the College of Europe.
the views expressed are the full responsibility
of the author alone and do not engage the College of Europe.
les éléments contenus dans cette présentation n’engagent que son auteur et ne peuvent en aucune façon etre attribués au College d’Europe
Debt reduction without default
This document summarizes and analyzes a policy paper that proposes a two-step market-based approach to debt reduction in the eurozone without default.
Step 1 involves the EFSF exchanging existing Greek, Irish, and Portuguese government debt for EFSF bonds at market prices over 90 days. Step 2 assesses debt sustainability and either writes down debt to market levels if sufficient, or agrees to lower interest rates with GDP warrants. The goal is to restore private market access without seniority over remaining private claims. The ECB would stop bond market interventions, and the IMF could provide bridge financing until fiscal adjustments are complete.
The European crisis and the challenge of efficient economic governance by Jue...
The European crisis and the challenge of efficient economic governance by Jue...Círculo de Empresarios
The document discusses the challenges of economic governance in the European Union and euro area. It argues that the euro area is not an optimal currency union due to too much economic divergence between member states. Past governance attempts relied on intergovernmental cooperation but lacked enforcement mechanisms. New governance agreements aim for more European oversight but it remains unclear if members will prioritize shared interests over national interests. The future of economic governance in Europe depends on effective implementation of new policies and cooperation between members.Emu political economy horvath class
The document analyzes the political economy of the European Economic and Monetary Union (EMU). It argues that EMU was a political project rather than economically justified, as countries did not meet the criteria for an optimal currency area. EMU risks increasing cyclical unemployment due to lack of independent monetary policy and inability to use exchange rate adjustments. While EMU may increase trade, these gains are outweighed by macroeconomic instability and potential for protectionism. Overall, EMU is assessed as an "economic liability" that could undermine relations and increase conflicts between European countries.
Similar to René Smits: Are current fiscal rules credible? (20)
Euro Area economy : A plane flying on only one engine: bank financing.
Euro Area economy : A plane flying on only one engine: bank financing.
Bruno Gabellieri, 1o Συνέδριο Επαγγελματικής Ασφάλισης
Bruno Gabellieri, 1o Συνέδριο Επαγγελματικής Ασφάλισης
Teodor Kalpakchiev. EU Economic Governance. Fiscal coordination.
Teodor Kalpakchiev. EU Economic Governance. Fiscal coordination.
Lecture eu economy in the context of the world crisis
Lecture eu economy in the context of the world crisis
Single market vs eurozone: financial stability and macro-prudential policies ...
Single market vs eurozone: financial stability and macro-prudential policies ...
Dealing with sovereign debt crises: a stronger European toolbox is needed
Dealing with sovereign debt crises: a stronger European toolbox is needed
Financial Transaction Tax as a Resource for the Covid-19 Crisis ?
Financial Transaction Tax as a Resource for the Covid-19 Crisis ?
le gouvernement économique for the EU: much ado about what?
le gouvernement économique for the EU: much ado about what?
The European crisis and the challenge of efficient economic governance by Jue...
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Discussion of fiscal policies in the euro area: revisiting the size of spillo...
1) The document discusses a study that estimates fiscal multipliers and spillover effects within and between major euro area countries.
2) The study uses a quarterly fiscal dataset and local projections to estimate multipliers for different types of government spending, finding domestic multipliers around 1 and larger multipliers for public investment.
3) The study also finds predominantly positive spillover effects between countries, though effects are largely insignificant and smaller for Germany as the origin country despite it having the largest domestic multipliers. Trade channels are found to be important for explaining spillover effects.
Fiscal rules and independent fiscal councils
This document discusses improving fiscal rules and independent fiscal councils. It proposes:
1. Making fiscal rules more symmetric by compensating for past deviations from targets and updating recommendations based on economic changes.
2. Strengthening enforcement of fiscal rules by expanding conditionality of EU funds to all member states.
3. Encouraging economic resilience by linking fiscal and macroeconomic policies.
4. Simplifying complex fiscal rules through independent judgment, with escape clauses triggered by independent institutions based on economic circumstances.
The document also reviews the proliferation of independent fiscal councils and rules globally and their empirical impact on fiscal outcomes. Design features are important to councils' effectiveness.
Discussion paper: The welfare and distributional effects of fiscal volatility...
The document summarizes a research paper that evaluates the welfare and distributional effects of fiscal volatility using a quantitative model. The paper uses a standard Krusell-Smith model with government spending and tax shocks, calibrated to match wealth inequality. It finds that eliminating government spending shocks increases welfare by 0.029%, with effects increasing for wealthier households. The key transmission is volatility in marginal tax rates affecting returns for wealthy agents. The summarized paper is praised for its clear execution and potential for further research on portfolio choice and longer-term fiscal shocks.
A minimal moral hazard central stabilization capacity for the EMU based on wo...
This document proposes an "export-based stabilisation capacity" (ESC) for the Eurozone that allows for cross-border transfers in response to changes in world trade across different sectors. The ESC would provide transfers from countries less affected by a decline in world trade in a given sector to countries more dependent on that sector. This is intended to cushion economic shocks while avoiding moral hazard concerns since the transfers are based on exogenous world trade factors. A simulation using historical export data finds the transfers would be countercyclical and stabilize over time, suggesting the risk of permanent transfers is low. However, timely availability of sectoral trade data could pose practical challenges to implementation.
Fiscal multipliers and foreign holdings of public debt - working paper
This paper explores the relationship between fiscal multipliers and foreign holdings of public debt. Using data from the US postwar period and a panel of 17 advanced economies, the paper finds that fiscal multipliers are larger when a higher share of public debt is held by foreign residents rather than domestic residents. This is because when debt is held by foreigners, fiscal expansions face weaker crowding-out effects on domestic private consumption and investment. The paper develops a model to explain this relationship and employs various empirical methods to estimate fiscal multipliers conditioned on the foreign share of public debt.
Sovereign risk and fiscal information: a look at the US state of default in t...
This document summarizes a paper that examines how fiscal information affects sovereign bond yields using historical fiscal data from U.S. states in the 1830s-1840s. It finds fiscal information indexes constructed for each state affected bond prices only during the crisis period after 1839. The paper rationalizes this using a costly information model. The document provides comments on identifying the direction of causality between fiscal information and bond prices, and measuring fiscal information and bond prices. It suggests exploring exogenous information components and using bond yields rather than prices in the analysis.
Hanging off a cliff: fiscal consolidations and default risk
Fiscal consolidations through tax increases may have a limited effect on reducing default risk. While tax increases improve the budget balance, they also induce economic distortions by lowering returns in the formal sector and increasing tax evasion. This impacts the government's future ability to raise revenues, which investors incorporate into debt prices. The model shows fiscal consolidations may only marginally reduce default risk when revenue raising ability is imperfect.
Fiscal rules and the sovereign default premium
This document summarizes a research paper on using fiscal rules and sovereign bond spreads to anchor fiscal policy expectations. It finds that a fiscal rule targeting a ceiling on sovereign bond spreads, or "spread brake", outperforms a rule targeting a ceiling on debt levels, or "debt brake". A spread brake provides a more robust policy anchor that is better suited for heterogeneous economies. It allows borrowing levels to vary appropriately with debt intolerance. A common spread brake threshold maximizes welfare gains compared to a common debt ceiling. Future work is needed to determine optimal spread thresholds and implementation of spread brakes.
Limited participation and local currency sovereign debt
This document summarizes a paper that builds economic models to explain the large increase in foreign holdings of local currency emerging market sovereign debt. The paper develops models with limited market participation and different investor types to show how foreign investor entry into local currency bond markets can increase when risk aversion is low. Simulation of the models using interest rate data suggests foreign holdings of local currency debt rose strongly after the Great Recession when developed country rates fell. The paper aims to understand the implications of changing currency composition and investor composition of emerging market government debt.
Optimal debt maturity management
This document discusses optimal debt maturity management. It presents a model where a sovereign can issue a continuum of bonds with arbitrary cash flows to examine debt dynamics. The model highlights the role of liquidity costs in shaping issuance and maturity choices. It shows that income and interest rate shocks can lead to cycles in issuance as the sovereign balances liquidity smoothing versus consumption smoothing. Longer maturity horizons and interest rate shocks emphasize consumption smoothing over liquidity smoothing in transitions following shocks.
Sovereign default in a monetary union
The document discusses sovereign default in a monetary union. It presents three motivating facts: (1) key interest rates falling to zero, (2) rising sovereign default risk and government borrowing costs, and (3) simultaneous increases in interest rates across euro area countries. The research questions examine how monetary policy and sovereign default influence each other. Key results show strong spillover effects between monetary policy and default. Default induces expansionary monetary policy and more default occurs in a monetary union. The zero lower bound prevents expansionary monetary policy and default causes large declines in demand.
Pre-emptive sovereign debt restructuring and holdout litigation
This document discusses pre-emptive sovereign debt restructuring and holdout litigation. It presents two research questions: 1) How does holdout litigation influence pre-emptive sovereign debt restructuring? 2) How would a Sovereign Debt Resolution Mechanism (SDRM) influence sovereign debt restructuring? The document then outlines a model to address these questions involving a sovereign issuing bonds, a risky project with uncertain output, and the sovereign's choice to repay or restructure its debts, which can involve holdout litigation that imposes costs. Equilibrium outcomes will depend on factors like the bankruptcy framework and secondary market conditions.
Debt, defaults and dogma
1) The document analyzes how political factors influence sovereign debt markets and default decisions in emerging economies. It builds a database covering macroeconomic, debt market, and political data for 63 countries over 22 years.
2) Empirically, it finds that left-leaning governments have higher taxes and spending, pay higher interest rates that are more volatile, and face more countercyclical interest rates than right-leaning governments.
3) It then develops a model of sovereign default with endogenous political turnover between left and right parties to rationalize these findings. The model explores how fiscal policy, debt levels, and the probability of political replacement influence repayment and default decisions.
Sovereign risk and fiscal information: a look at the US state of default in t...
This document summarizes research on the impact of fiscal information on U.S. state bond prices during the 1840s sovereign debt crisis. Key findings:
- Researchers constructed fiscal information indices from newspapers between 1830-1848, finding they followed state legislative activities.
- During the crisis, higher indices lowered bond prices for defaulting states like Pennsylvania and Maryland. No such impact was found before the crisis.
- Before the crisis, more fiscal information raised prices for "new" states like Indiana, suggesting investors found such information valuable when states had less established credit histories.
- The varying impact of information over time and across states provides evidence that costly information processing affected bond pricing during the 1840s state defaults.
Debt seniority and self-fulfilling debt crises
This paper examines how tranching, or issuing different classes of debt at different levels of seniority, can affect government incentives to default on debt and vulnerability to debt crises. The paper develops a model where a government chooses optimal tax rates and haircuts on debt to maximize welfare. It finds that tranching is only effective at reducing default risk when the senior tranche is large enough to push the government into a "corner solution" where it fully defaults on the junior tranche. With an intermediate senior tranche size, tranching has no effect due to risk neutrality and convex tax distortions. However, making default on the senior tranche sufficiently costly can enable tranching to eliminate self-fulfilling debt crises even with an
Sovereign default and information frictions
This document summarizes a model of sovereign default and information frictions in bond markets. The model introduces information frictions between traders who buy sovereign bonds. There are two types of traders: informed traders who receive private signals about future income growth, and noise traders who buy bonds randomly. In equilibrium, the market-clearing bond price acts as an endogenous public signal that is influenced by both private signals and noise trader demand. This noisy information aggregation can increase sovereign bond spreads, debt levels, and default incidence compared to standard models, helping resolve puzzles in sovereign debt markets. The model provides a potential resolution to puzzles around high and volatile sovereign bond spreads by introducing information frictions between bond market participants.
Breaking the feedback loop: macroprudential regulation of banks' sovereign ex...
Jorge Abad, Sovereign Debt in the 21st Century, ADEMU at Toulouse School of Economics, 5/6 April 2018
Costs of sovereign default: restructuring strategies, bank distress and the c...
This document discusses a research project analyzing how the costs of sovereign debt default, including impacts on economic growth, are affected by the restructuring strategy employed and whether the default triggers a bank crisis. The researchers aim to identify transmission channels through which defaults impact GDP, investment, bank credit, and capital flows, and whether these channels are influenced by the default strategy. They use a dataset of debt default and banking crisis events in 69 countries from 1970-2013. Local projections and augmented inverse probability weighting methods are employed to estimate effects on macroeconomic variables while addressing endogeneity concerns. Preliminary results suggest defaults negatively impact growth, investment, and credit by weakening the financial sector, and these effects depend on the restructuring strategy and whether a bank
Ademu at the European Parliament, 27 March 2018
ADEMU scientific co-ordinator Ramon Marimon joined Marco Buti, director general of DG-ECFIN, DG Economic and Financial Affairs, Roberto Gualtieri, MEP and chair of the Committee on Economic and Monetary Affairs at the European Parliament, Maria Kayamanidou, deputy head of DG Research and Innovation at the EC, and Vincenzo Grassi, secretary general of the European University Institute, to discuss ADEMU's proposals for the European Unemployment Insurance System (EUIS) and the European Stability Fund (ESF).
Revisiting tax on top income - discussion by Johannes Fleck
1. The document discusses a paper that models the effects of tax changes in response to the European debt crisis.
2. The paper uses an economic model with heterogeneous agents to examine four different tax policy experiments: increasing overall tax progressivity to maximize revenue or welfare, or increasing taxes only on the top 1% to maximize these objectives.
3. The model finds that increasing overall progressivity is best for maximizing welfare, while increasing taxes only on the top 1% is best for maximizing revenue.
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Discussion paper: The welfare and distributional effects of fiscal volatility...
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Fiscal multipliers and foreign holdings of public debt - working paper
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Hanging off a cliff: fiscal consolidations and default risk
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Ending stagnation: How to boost prosperity across Scotland
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
学校原件一模一样【微信：741003700 】《(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
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◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
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◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
原版定制【微信:bwp0011】《(nwu毕业证书)美国西北大学毕业证学位证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
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三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
How to Use Payment Vouchers in Odoo 18.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Labour Market Information Council | Conseil de l’information sur le marché du travail
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
原版一模一样【微信：741003700 】【美国迈阿密大学牛津分校毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
RMIT University degree offer diploma Transcript
澳洲RMIT毕业证书制作RMIT假文凭定制Q微168899991做RMIT留信网教留服认证海牙认证改RMIT成绩单GPA做RMIT假学位证假文凭高仿毕业证申请墨尔本皇家理工大学RMIT University degree offer diploma Transcript
Enhancing Asset Quality: Strategies for Financial Institutions
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
学校原件一模一样【微信：741003700 】《(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
原件一模一样【微信：bwp0011】《(RWTH毕业证书)德国亚琛工业大学毕业证》【微信：bwp0011】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问微bwp0011
【主营项目】
一.毕业证【微bwp0011】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【微bwp0011】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Labour Market Information Council | Conseil de l’information sur le marché du travail
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.Fabular Frames and the Four Ratio Problem
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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René Smits: Are current fiscal rules credible?
- 1. HOW MUCH OF A FISCAL UNION FOR THE EMU? Banco de España, Madrid, 18-19 May 2017 Policy Panel “Are current fiscal rules credible? What is the role of fiscal rules and of independent fiscal councils?” Some observations by René Smits Professor, Law of the Economic and Monetary Union, University of Amsterdam
- 2. Issues with current set-up - 1 1. Design faults in EMU: excessive reliance on markets; insufficient own EU competences to adopt discretionary economic policy stance for EA Europe’s opportunity to re-design is now (Macron) 2. Rules vs. discretion: EDP/SGP is rules-based but requires a lot of discretion and is applied differently among Member States 3. Discord: EDP/SGP sets EU against Member States and leads to perennial discord, pitting Brussels against nation State, North vs. South Europe should go beyond an adversarial economic governance system 4. ESM set-up strengthens North/South divide: creditor nations’ parliaments consent required sets them against debtor nations’ legislatives (Lorenzo Bini Smaghi) ESM needs to be incorporated in EU framework 18 May 2017 © 2017 René Smits 2
- 3. Issues with current set-up - 2 5. Lack of transparency byzantine rules spread over twelve documents, at least: Europe needs a Single Fiscal and Economic Governance Rulebook 6. Lack of transparency, enforcement and review (conditionality): conditionality originally spelled out in EU legal acts, subsequently merely indicated therein and elaborated in MoUs only; makes enforcement difficult (primacy of EU law) and judicial review almost impossible Euro Area in need of legislative enactments on economic policy subject to democratic control and judicial review 7. Policy bias: dominance of Northern budgetary restraints consensus Yearning for Europe-wide debate (cultural element of integration) 18 May 2017 © 2017 René Smits 3
- 4. Issues with current set-up - 3 8. Design fault (of EU, not ‘just’ EMU): hard to overcome entrenched interests through structural reforms as EU relies on State governments to implement EU measures Europe needs re-thinking its set-up and consider more republican arrangements (opportunity opening…) 9. Uneven application of economic policy across EU/EA: discrimination between EU citizens in respect of economic policy decisions enacted at EU/EA level After the crisis, a joint economic stance for the Euro Area is needed that affects citizens more evenly 10. Imaginative solutions are welcome instead of half-way houses (Mario Draghi) Joint unemployment insurance, VAT receipt sharing…. 18 May 2017 © 2017 René Smits 4