Договор об учреждении Европейского стабилизационного механизма (перевод с английского языка)
The world’s financial crisis made worth an effort to rethink the existing model of global economic governance. One of the striking things among the others – is the insufficient level of global financial regulation. Experts do not share a common view on the functioning of the system. Some of them consider the system of global governance was not ready to react to the new challenges and to sustain the pressure of critical events. Others will defend the system, admitting that only some slight changes into it would make possible to cope with the current problems. The truth, as very often, is probably somewhere in between. The necessity to modify the pattern of functioning of the global financial institutions is clear. The institutions themselves should be made more viable and efficient and their competences to manage different aspects of global economy should be substantially enlarged. How useful could an EU experience be in achieving the new global governance goals?
The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and broader economies from the developing world. This outcome owes much to the bitter experience and economic strategies developed and implemented at both a national and international level following the Asian Financial Crisis of 1997-1998. The objective of this volume is to investigate and assess the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation. Our hope is that the assembled papers will offer clear insights into the complex financial arrangements that now link emerging and developed financial markets in the current economic environment. The volume spans four dimensions: first, a series of background studies offer explanations of the causes and impacts of the crisis on emerging markets more generally; then, implications are considered. The third and final sections provide insights from regional and country-specific perspectives.