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theauthortoexhaustivelyspecifytheriskstotheeurozoneaswellasthe
NationalBankofSlovakia.Thatiswhyweanalysethefundamentalsof
paymentsinthefirstplace.Afterclosingthedebatewithaprospective
lossanalysis,wedismantletherealimplicationsofimbalancedpayments,
evaluatingtheexperienceoftheNationalBankofSlovakia.
PatrykToporowski
TheEuropeanSemesterandtheCompetitiveness
oftheSouthernEUMemberStatesandtheVisegradStates.........99
Thispaperaddressestheissueofbuildingcompetitivenessthrough
implementingtheEuropeanSemester’scountryspecificrecommendations
(CSRs)intheV4countries(CzechRepublic,Hungary,PolandandSlovakia)
andthesoutherneurozonestates(Portugal,SpainandItaly).Asfarasthe
V4areconcerned,theyexperiencedlargeandpersistentexternalimbalances
(i.e.,measuredbythemagnitudeofthebalanceofpaymentsdeficit)untilthe
beginningofthecrisis,aswiththeMediterraneanEUMemberStates.This
pointsatsomesimilarstructuralproblemsthataffecttheircompetitiveness.
Later,amongtheV4,theimbalanceswereinPolandandCzechRepublic
only.
StijnVerhelst
CohesionPolicyandSoundEconomicGovernance:
ALovelessMarriage......................................113
TheappellationHmacroeconomicconditionality”itselfdidnotmakethe
finallegaltexts,astherulesnowrefertoHsoundeconomicgovernance.”
Nonetheless,thecontentofexpandedmacroeconomicconditionalityremains.
Incontrasttopreviousrules,macroeconomicconditionalitynowappliesto
allcohesionpolicyfundsandeventoagricultureandfisheryfunds,i.e.,all
theEuropeanStructuralandInvestmentFunds(ESIFunds).Inaddition,
conditionalityappliestoalleconomicgovernanceprocedures.Toappeasethe
EuropeanParliament,theCommission’soriginalproposalwasnonetheless
substantiallyamended.Theresultisaformofconditionalitywithagreat
dealofcapsandsafeguards.Duetothelargeoppositiontomacroeconomic
conditionality,therelationbetweencohesionpolicyandsoundeconomic
governancegotofftoarockystart.Thisarticleaimstoevaluatethese
expandedmacroeconomicconditionalityrules.First,thearticledescribes
thefunctioningofmacroeconomicconditionality,bothitssanctioningpart
(thestick)andincentivepart(thecarrot).Subsequently,thepotentialimpact
ofthesenewrulesisassessed.
JolantaZombirt
BankingUnion:AnEffectiveInstrumentfortheEurozone
BankingSectororaUsefulDistractionfromOtherIssues?........127
TheongoingreviewperformedbyEuropeaninstitutionswithcloserand
closercooperationwithMemberStatessincethebeginningofthecrisis
hasrevealedthatnowadays,withglobalisationandthegreaterpresenceof
trans-borderbanks,suchasituationcanjeopardisenotonlytheprocessof
economicintegrationandthecompletionofthesinglemarketforfinancial
servicesbutalso,accordingtothedirective,Hcontinuationofthecritical
