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Comprehensive Assessment
The Single Supervisory Mechanism (SSM) is the first pillar of the European banking union and is the legislative and institutional framework that grants the European Central Bank (ECB) a leading supervisory role over banks in the EU. The ECB directly supervises the larger banks while it does it indirectly for the smaller ones. Eurozone countries are required to participate, while participation is voluntary for non-eurozone EU member states. In October 2020, two non-Eurozone countries joined the European banking supervision mechanism through a process known as close cooperation: Bulgaria and Croatia. As of early 2021, the SSM directly supervises 115 banks across the Union, representing almost 82% of banking assets of these countries. The SSM, along with the Single Resolution Mechanism are the two central components of the European banking union. Genesis The question of supervising the European banking system arose long before the financial crisis of 2007-2008. Shortly after t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of The European Union
The Council of the European Union, often referred to in the treaties and other official documents simply as the Council, and informally known as the Council of Ministers, is the third of the seven Institutions of the European Union (EU) as listed in the Treaty on European Union. It is one of two legislative bodies and together with the European Parliament serves to amend and approve or veto the proposals of the European Commission, which holds the right of initiative. The Council of the European Union and the European Council are the only EU institutions that are explicitly intergovernmental, that is, forums whose attendees express and represent the position of their Member State's executive, be they ambassadors, ministers or heads of state/government. The Council meets in 10 different configurations of national ministers (one per state). The precise membership of these configurations varies according to the topic under consideration; for example, when discussing agri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supranational Union
A supranational union is a type of international organization that is empowered to directly exercise some of the powers and functions otherwise reserved to states. A supranational organization involves a greater transfer of or limitation of state sovereignty than other kinds of international organizations. The European Union (EU) has been described as a paradigmatic case of a supranational organization, as it has deep political, economic and social integration, which includes a common market, joint border control, a supreme court, and regular popular elections. Another method of decision-making in international organisations is intergovernmentalism in which state governments play a more prominent role. Origin as a legal concept After the dropping of atomic bombs on Hiroshima and Nagasaki in August 1945, Albert Einstein spoke and wrote frequently in the late 1940s in favour of a "supranational" organization to control all military forces except for local police forces, i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Angela Merkel
Angela Dorothea Merkel (; ; born 17 July 1954) is a German former politician and scientist who served as Chancellor of Germany from 2005 to 2021. A member of the Christian Democratic Union (CDU), she previously served as Leader of the Opposition from 2002 to 2005 and as Leader of the Christian Democratic Union from 2000 to 2018. Merkel was the first female chancellor of Germany. During her tenure as Chancellor, Merkel was frequently referred to as the ''de facto'' leader of the European Union (EU), the most powerful woman in the world, and since 2016 the leader of the free world. Merkel was born in Hamburg in then-West Germany, moving to East Germany as an infant when her father, a Lutheran clergyman, received a pastorate in Perleberg. She obtained a doctorate in quantum chemistry in 1986 and worked as a research scientist until 1989. Merkel entered politics in the wake of the Revolutions of 1989, briefly serving as deputy spokeswoman for the first democratically elected Go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chancellor Of Germany
The chancellor of Germany, officially the federal chancellor of the Federal Republic of Germany,; often shortened to ''Bundeskanzler''/''Bundeskanzlerin'', / is the head of the federal government of Germany and the commander in chief of the German Armed Forces during wartime. The chancellor is the chief executive of the Federal Cabinet and heads the executive branch. The chancellor is elected by the Bundestag on the proposal of the federal president and without debate (Article 63 of the German Constitution). The current officeholder is Olaf Scholz of the SPD, who was elected in December 2021, succeeding Angela Merkel. He was elected after the SPD entered into a coalition agreement with Alliance 90/The Greens and the FDP. History of the office The office of Chancellor has a long history, stemming back to the Holy Roman Empire, when the office of German archchancellor was usually held by archbishops of Mainz. The title was, at times, used in several states of German-spea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herman Van Rompuy
Herman Achille, Count Van Rompuy (; born 31 October 1947) is a Belgian politician, who served as the prime minister of Belgium from 2008 to 2009 and then as the first permanent president of the European Council from 2009 to 2014. A politician from Belgium's Christian Democratic and Flemish party, Van Rompuy served as the 49th prime minister of Belgium from 30 December 2008 until Yves Leterme (who was also his predecessor) succeeded him on 25 November 2009. On 19 November 2009 Van Rompuy was selected by the members of the European Council, which is the institution of the European Union (EU) comprising the heads of state or government of the EU member states, as the first full-time President of that Council under the Treaty of Lisbon. He was appointed for the period from 1 December 2009 until 31 May 2012, though he only took up his position officially on 1 January 2010. On 1 March 2012 he was re-elected for a second (and last) term, to last from 1 June 2012 until 30 November ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brussels
Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Brussels Hoofdstedelijk Gewest), is a region of Belgium comprising 19 municipalities, including the City of Brussels, which is the capital of Belgium. The Brussels-Capital Region is located in the central portion of the country and is a part of both the French Community of Belgium and the Flemish Community, but is separate from the Flemish Region (within which it forms an enclave) and the Walloon Region. Brussels is the most densely populated region in Belgium, and although it has the highest GDP per capita, it has the lowest available income per household. The Brussels Region covers , a relatively small area compared to the two other regions, and has a population of over 1.2 million. The five times larger metropolitan area of Brusse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro Summit
The Euro summit (also referred to as the eurozone summit or euro area summit) is the meeting of the heads of state or government of the member states of the eurozone (those EU states which have adopted the euro). It is distinct from the ''EU summit'' held regularly by the European Council, the meeting of all EU leaders. History The Euro summit began as an offshoot of the Euro Group, which is the meeting of the eurozone member's finance ministers. French President Nicolas Sarkozy called for the Euro summit to replace the Euro Group as a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to continue without it. The eurozone economic government would discuss issues with the European Central Bank, which would remain independent. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BNP Paribas
BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the group's parent entity is BNP Paribas S.A. With 190,000 employees as of February 2021, the bank is organized into three major business areas: Commercial, Personal Banking & Services (CPBS), Investment & Protection Services (IPS) and Corporate & Institutional Banking (CIB). The group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index, while it also included in the French CAC 40 index. BNP Paribas is the largest banking group in Europe, after HSBC, and ninth largest Banking group in the world, essentially a bulge bracket. It became one of the five largest banks in the world following the 2008 financial crisis. Despite some legal difficulties in 2014, including being fined the largest ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Bank For Reconstruction And Development
The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially focused on the countries of the former Eastern Bloc it expanded to support development in more than 30 countries from Central Europe to Central Asia. Similar to other multilateral development banks, the EBRD has members from all over the world (North America, Africa, Asia and Australia, see below), with the biggest single shareholder being the United States, but only lends regionally in its countries of operations. Headquartered in London, the EBRD is owned by 71 countries and two European Union institutions, the newest shareholder being Algeria since October 2021. Despite its public sector shareholders, it invests in private enterprises, together with commercial partners. The EBRD is not to be confused with the European Investment Bank (EIB), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of France
The Bank of France ( French: ''Banque de France''), headquartered in Paris, is the central bank of France. Founded in 1800, it began as a private institution for managing state debts and issuing notes. It is responsible for the accounts of the French government, managing the accounts and the facilitation of payments for the Treasury and some public companies. It also oversees the auctions of public securities on behalf of the Eugenian Central Bank. Today, it is an independent institution, and it has been a member of the Eurosystem of central banks since 1999. This consists of the European Central Bank (ECB), and the national central banks (NCBs) of all European Union (EU) members. Its three main missions, as defined by its statuses, are to drive the French monetary strategy, ensure financial stability and provide services to households, small and medium businesses and the French state. François Villeroy de Galhau has served as Governor of the Banque de France since 1 Novembe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacques De Larosière
Jacques de Larosière de Champfeu (born 12 November 1929) is a French former civil servant who served as the president of the European Bank for Reconstruction and Development from 1993 to 1998. He previously served as the governor of the Banque de France from 1987 to 1993. Before that appointment, he was also the sixth managing director of the International Monetary Fund (IMF) from 1978 to 1987 Family and education Larosière descends from Joseph Thebaud. He studied at Lycée Louis-le-Grand and Institut d'Etudes Politiques de Paris. He graduated from École nationale d'administration in 1958 and entered the elite French Finance Ministry internal inspectorate known as the ''Inspection générale des finances''. Career From 1965 to 1974 Larosière worked at the within the French Finance Ministry. He then briefly joined the private office (''cabinet'') of Finance Minister Valéry Giscard d'Estaing, and following the latter election as French President, was appointed Director of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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