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Category Archives: Financial System

CJEU and the Social Market Economy Goal of the EU

Šmejkal, Václav, CJEU and the Social Market Economy Goal of the EU (October 22, 2014). Charles University in Prague Faculty of Law Research Paper No. 2014/I/1. Available for download at SSRN: http://ssrn.com/abstract=2513377

“From the entry into force of the Lisbon Treaty the EU has among its constitutional objectives the goal of achieving a highly competitive social market economy. It is for the first time in the history of integration, that the concept of social market economy found its way into the Treaty objectives. At the same time, however, the EU has not been given any specific powers to actively develop social policies. The social market economy objective is therefore largely seen as a requirement for a more balanced approach in situations where liberalizing logic of the internal market and its economic freedoms collides with social rights and security systems, which are traditionally strong in many EU countries. Such understanding of the social market economy objective increases the role of European Court of Justice (CJEU), as the Member States, through the legislative process, have not shown so far any willingness to modify by legislative acts the relationship between economic freedoms and social rights. In the pre-Lisbon period the CJEU disappointed the left side of the EU´s political spectrum by several of its judgments in which the judges gave priority to economic freedoms over social rights. It is therefore interesting to review whether the CJEU has accepted the signal brought about by changes in the primary law of the EU and whether it has approached differently the balance between economic freedoms and social rights in the name of achieving the EU´s objective of social market economy.”

FDIC Releases Economic Scenarios for 2015 Stress Testing

“The Federal Deposit Insurance Corporation (FDIC) today released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The baseline, adverse, and severely adverse scenarios include key variables that reflectContinue Reading

Regional and State Employment and Unemployment Summary – September 2014

BLS news release: “Regional and state unemployment rates were generally little changed in September. Thirty-one states had unemployment rate decreases from August, 8 states had increases, and 11 states and the District of Columbia had no change, the U.S. Bureau of Labor Statistics reported today. Forty-two states and the District of Columbia had unemployment rateContinue Reading

The impact of liquidity regulation on banks

Ryan Banerjee and Hitoshi Mio, Working Papers No 470. October 2014: “To the best of our knowledge, this is the first study to estimate the effect of liquidity regulation on bank balance sheets. It takes advantage of the fact that not all banks were made subject to tighter liquidity regulation by the UK Financial Services Authority (FSA)Continue Reading

New GAO Report – Individual Retirement Accounts

Preliminary Information on IRA Balances Accumulated as of 2011 [Reissued on October 22, 2014]. GAO-14-878T: Published: Sep 16, 2014. Publicly Released: Sep 16, 2014. “For tax year 2011 (the most recent year available), an estimated 43 million taxpayers had individual retirement accounts (IRA) with total reported fair market value of $5.2 trillion. About 99 percent ofContinue Reading

The Unequal Mortgage Market Is No Coincidence

Michela Zonta, Center for American Progress: “Persistent racial and ethnic inequality in the mortgage market is not a coincidence. Nearly 50 years after the adoption of the Fair Housing Act, newly released federal data indicate that people of color continued to lose ground in the homeownership market in 2013. In particular, black and Hispanic households continued toContinue Reading

IG – Lessons Learned From the Federal Reserve’s Supervision of JPMorgan Chase

The Board Should Enhance Its Supervisory Processes as a Result of Lessons Learned From the Federal Reserve’s Supervision of JPMorgan Chase & Company’s Chief Investment Office “Our report contains four findings. First, as part of its continuous monitoring activities at JPMC, FRB New York effectively identified risks related to the CIO’s trading activities and plannedContinue Reading

Enhancing Financial Stability by Improving Culture in the Financial Services Industry

William C. Dudley, President and Chief Executive Officer – Remarks at the Workshop on Reforming Culture and Behavior in the Financial Services Industry, Federal Reserve Bank of New York, New York City, October 20, 2014. As prepared for delivery: “As I noted earlier at the start of today’s workshop, improving culture in the financial services industry isContinue Reading

Government Debt Management at the Zero Lower Bound

This paper re-examines government debt management policy in light of the U.S. experience with extraordinary fiscal and monetary policies since 2008. Brookings – Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph and Lawrence H. Summers: “We first document that the Treasury’s decision to lengthen the average maturity of the debt has partially offset the Federal Reserve’sContinue Reading

Payday Lending in America

“Pew’s Payday Lending in America series sheds light on the experience of borrowers. The research also details fundamental problems with payday loans, and suggests how policymakers can help solve these problems.” Includes the following resources: Payday Lending in America: Fraud and Abuse Online Payday Lending in America: Overview of Policy Recommendations Payday Lending in America:Continue Reading

Conflict Minerals and Resource Extraction: Dodd-Frank, SEC Regulations, and Legal Challenges

Conflict Minerals and Resource Extraction: Dodd-Frank, SEC Regulations, and Legal Challenges. Michael V. Seitzinger, Legislative Attorney; Kathleen Ann Ruane, Legislative Attorney. October 15, 2014. “Two sections of the Dodd-Frank Wall Street Reform and Protection Act (Dodd-Frank) require that the Securities and Exchange Commission (SEC or Commission) issue regulations to make public the involvement of U.S. companies in conflict minerals and inContinue Reading

Global Economic Prospects: Commodity Markets Outlook, October 2014

Baffes, John. 2014. Global Economic Prospects: Commodity Markets Outlook, October 2014. World Bank Group, Washington, DC. © World Bank. “Commodity prices are expected to remain weak for the remainder of 2014 and, perhaps through much of 2015. Crude oil has seen one of the sharpest declines, down more than 20 percent to $83/barrel (bbl) onContinue Reading