By Philip Arestis, Malcolm Sawyer (eds.)
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Additional resources for Alternative Perspectives on Economic Policies in the European Union
Example text
In spite of its moderate size, the sector is extremely important, because together with the European System of Central Banks (ESCB) it forms the basic financial infrastructure necessary for the functioning of the European economy. Since the beginning of the 1990s, the financial sector has been affected by the overall and world-wide neo-liberal strategy of counter-reform envisaging a comprehensive roll-back against the social achievements of the post-war period. e. the removal of capital controls and other non-tariff barriers to cross-country capital flows.
There are wellknown difficulties with the use of credit controls. They can be evaded (legally or otherwise) through switching from regulated to unregulated forms of credit including the development of products which fall outside the range of regulation and the switch of lending to overseas sources. Credit controls may have some effect in restraining credit and thereby expenditure, but the relaxation of credit controls may do little to stimulate expenditure during a downswing. Credit controls may have a role to play in slowing down the development of asset price bubbles, which may be worthwhile in so far as the extent of the subsequent downturn is a function of the extent of ‘irrational exuberance’.
These swings in the euro–dollar exchange rate do not only impact on the USA and the euro area countries, since many countries link their currency with either the dollar or the euro, and consequently their own exchange rate position is much affected by the euro–dollar exchange rate oscillations. These large movements in the exchange rate are not conducive to decision-making with regard to participation in trade or to undertaking foreign investment. The volatility of the exchange rates not only discourages trade but also exacerbates the vulnerability of national economies to external events.
