Importance The article focuses on measures the EU authorities undertake to sustain the financial stability in Europe and respective regional financial mechanisms. Objectives The research overviews and evaluates methods to maintain the financial stability in Europe, and relevant supporting structures. Methods The research applies formal logic, systems approach and grouping of statistical data. Results I determined premises for creating regional financial stabilization mechanisms in Europe and describe the European stability mechanism, illustrating principles of its operation and statistical data. The article presents the current drafts of the European stability mechanism and their efficacy. Conclusions and Relevance As the 2008–2009 economic crisis shows, some EU economies are vulnerable, thus requiring supranational financial mechanisms, which would sustain the financial position of crisis-battered economies. The continuing regional financial mechanism became a cornerstone for the European countries to ensure the financial stability of the euro area. European countries set up the stabilization mechanism to preserve the currency union and further integrate economies, unify budgetary, fiscal and financial systems. As it interacts with the International Monetary Fund, it will help overcome crisis phenomena in the EU economies. The EU practices of the financial stability maintenance can be a good basis for similar mechanisms in other regions.
Keywords: debt crisis, Europe, euro area, IMF, European stability mechanism, regional financial mechanism
References:
Sant S.V. Bank BRIKS rassmatrivaetsya kak konkurent MVF [The BRICS Bank viewed as an IMF competitor]. Mezhdunarodnaya ekonomika = International Economics, 2014, no. 10, pp. 42–43.
Volkov A.M. [Practical aspects and prospects of the European financial stability foundations' operations]. Ekonomika i upravlenie v XXI veke: tendentsii razvitiya: materialy mezhdunarodnoi konferentsii [Proc. Int. Sci. Conf. Economics and Management in the 21st Century: Development Trends]. Novosibirsk, Tsentr razvitiya nauchnogo sotrudnichestva Publ., 2012, pp. 19–24.
Krylova N.S. Global'nyi ekonomicheskii krizis: novye mekhanizmy regulirovaniya finansovykh i byudzhetnykh otnoshenii [The global economic crisis: new mechanisms for regulating financial and fiscal relations]. Pravo. Zhurnal Vysshei shkoly ekonomiki = Law. Journal of Higher School of Economics, 2014, no. 2, pp. 4–16.
Levashov R.O., Belyaev E.V. Bank razvitiya stran BRIKS kak element mezhdunarodnoi finansovoi arkhitektury [The BRICS Development Bank as a constituent of the international financial architecture]. Sovremennye naukoemkie tekhnologii. Regional'noe prilozhenie = Modern High Technologies. Regional Application, 2014, no. 4, pp. 92–99.
Lipkova B. Rol' ETsB v razreshenii dolgovogo krizisa evrozony. Chasti 1 i 2 [The role of the European Central Bank in resolving the debt crisis of the euro zone. Parts 1 and 2]. Upravlenets, 2013, no. 3, 4, pp. 4–11, 60–68.
Maistrovich E.V. Vliyanie mezhdunarodnogo valyutnogo fonda i Vsemirnogo banka na suverenitet gosudarstv [Influence of the International Monetary Fund and the World Bank on the sovereignty of States]. Pravozashchitnik, 2015, no. 1, p. 15.
Pazyna E.O. Osobennosti pravovykh nadnatsional'nykh mekhanizmov finansirovaniya evropeiskogo soyuza v usloviyakh mirovogo finansovo-ekonomicheskogo krizisa [Specifics of legal supranational financial mechanisms of the European Union during the financial and economic crisis]. Mezhdunarodnoe publichnoe i chastnoe parvo = Public International and Private International Law, 2015, no. 6, pp. 6–10.
Poliduts S.A. Osobennosti dolgovogo krizisa v Evrozone [Specific features of the debt crisis in the euro zone]. Novyi universitet. Ser. Ekonomika i pravo = New University. Series Economics and Law, 2013, no. 12, pp. 40–44.
Sukharev A.N. Al'ternativy finansovoi politiki: gosudarstvennyi dolg ili gosudarstvennye sberezheniya? [Alternatives to a financial policy: sovereign debt or public savings]. Problemy ekonomiki = Problems of Economy, 2009, no. 6, pp. 123–125.
Sukharev A.N. Evropeiskie instituty finansovoi stabilizatsii: sozdanie i sovremennoe sostoyanie [European financial stabilization institutions: their establishment and current state]. Finansy = Finance, 2014, no. 1, pp. 52–55.
Topornin N.B. Nekotorye aspekty pravovogo statusa i deyatel'nosti mekhanizmov finansovoi pomoshchi v evropeiskom soyuze [Some aspects of legal status and activities of financial assistance mechanisms in the European Union]. Den'gi i kredit = Money and Credit, 2015, no. 10, pp. 58–61.
Ulyukaev S.S., Sheryai K.I. Sovremennoe sostoyanie i perspektivy razvitiya regional'nogo finansovogo sotrudnichestva stran EvrAzES [The current state of regional financial cooperation among EurAsEC member countries and prospects for its development]. Den'gi i kredit = Money and Credit, 2013, no. 11, pp. 26–29.
Khlebnikova D.V. Reforma upravleniya Mezhdunarodnym valyutnym fondom v svete reshenii sammitov ‘gruppy 20’ [IMF governance reform in the light of decisions of G20 Summits]. Den'gi i kredit = Money and Credit, 2014, no. 4, pp. 60–66.
Shatalov S.I. Regional'noe finansovoe sotrudnichestvo v Evrazii: antikrizisnyi fond EvrAzES [Regional financial cooperation in Eurasia: the anti-crisis fund of the Eurasian Economic Community (EurAsEC)]. Den'gi i kredit = Money and Credit, 2012, no. 4, pp. 3–10.
Mikhailova Yu. Mezhdunarodnyi valyutnyi fond v preodolenii krizisa evrozony [The International Monetary Fund as part of overcoming the euro zone crisis]. Mezhdunarodnaya ekonomika = International Economics, 2013, no. 4, pp. 31–40.
Yakubovskii G.S. Reformirovanie finansovogo sektora ekonomiki Ispanii: prichiny, strukturno-institutsional'nye izmeneniya, pozitivnye rezul'taty [Reforming the financial sector of the Spanish economy: reasons, structural and institutional changes, positive results]. Fundamental'nye issledovaniya = Fundamental Research, 2014, no. 12-2, pp. 369–378.
Yankevich S.V. Mirovoi finansovyi krizis i razvitie byudzhetnogo prava ES: k zaklyucheniyu dogovora ob uchrezhdenii evropeiskogo stabilizatsionnogo mekhanizma [The global financial crisis and development of the EU budgetary law: towards the conclusion of the Treaty establishing the European Stability Mechanism]. Reformy i pravo = Reforms and Law, 2012, no. 4, pp. 72–73.
Tanasie A., Netoiu L., Cîrciumaru D., Netoiu T. European Union's Post Crisis Financial Regulatory System – A Brief Analysis of Existing Options. Procedia – Economics and Finance, 2015, vol. 22, pp. 552–559.
