Overviewing The Four Main European Union Institutions Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2717 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? There are four main institutions of the European Union (EU), three political and one judicial. The four main EU institutions are made up of the Council of the EU, the European Commission, the European parliament and the European Court of Justice. The Council of the EU forms, along with the European Parliament, the legislative arm of the EU. Don’t waste time! Our writers will create an original "Overviewing The Four Main European Union Institutions Finance Essay" essay for you Create order The Council of the EU is made up of ministers from the governments of each of the EU member states and meets in Brussels or Luxembourg to agree legislation and policy. It is sometimes referred to in official EU documents as the Council or the Council of Ministers. It is the EUs main decision-making body and on certain issues, the Council shares its legislative power in what is known as co-decision with the European Parliament. The two institutions act jointly as the EUs budgetary authority. The Council also makes decisions concerning the EUs common foreign and security policy and with co-coordinating the activities of member states and adopting measures in the field of police and judicial co-operation in criminal matters. The Council of the European Union has a President and a Secretary-General. The President of the Council is a Minister of the state currently holding the Presidency of the Council of the European Union. For the period of June to December 2010 Belgium holds this po sition. The European Commission is the executive body of the European Union. Alongside the European Parliament and the Council, it is one of the three main institutions governing the Union. Its main roles are to propose and implement draft legislation, which provides the legal basis for the EU. The role of the European Commission is similar to that of any national government. The Commission consists of 25 Commissioners, one from each member state of the EU. The term the Commission is used to refer to both to the administrative body and to the team of Commissioners who lead it. Unlike the Council of the EU, the Commission is intended to be a body that acts independently of member states. Commissioners are therefore not allowed to take instructions from their own government, and should represent the concerns and interests of the citizens of the EU as a whole. The Commission is headed by a President (this is currently Josà © Manuel Barroso). Its headquarters are located in Brussels and its working languages are English, French and German. The Commission is the EUs administrative and executive body. It is headed by a president currently Josà © Manual Barroso, the former Portuguese prime minister and has a further 24 commissioners. Each member state appoints a commissioner who must be approved by the European Parliament. It also represents the EU on the international stage and negotiates international agreements, mainly in the field of trade and co-operation. The European Parliament is the parliamentary body of the EU, and is directly elected by EU citizens once every five years. Ireland currently has 12 MEPs and they were elected in June 209. When the EU enlarged to include 10 new countries in May 2004, the European Parliament increased from 626 to 732 members. As previously stated, the Parliament shares, with the Council of Ministers, the power to legislate and acts as the EUs budgetary authority. The Parliament also manages the democratic supervisio n of the EU Commission. The Parliament acts as a watchdog of sorts and evaluates the various activities of the other EU institutions, questioning proposals and actions of both the Council and the Commission. In terms of decision making the European Parliament has quite restricted legislative powers. It cannot initiate legislation, the Commission can only do this, but it does have the power to veto the legislation in many policy areas. In certain other policy areas, it can only be consulted. The Parliament also supervises the European Commission and must approve all appointments to it, and can dismiss it with a vote of censure. It also has the right to control the EU budget. Its involved in the budgetary process from the preparation stage, notably in laying down the general guidelines and the type of spending. When the EU budget is being debated, it has the power to table amendments to any non-compulsory expenditure but only to propose amendments to compulsory expenditure. Finally it is responsible for adopting the budget and it monitors its implementation. The Court of Justice of the European Communities, usually called the European Court of Justice (ECJ), is the supreme court of the European Union (EU). It is based full time in Luxembourg, unlike most of the rest of the European Union institutions, which are based in Brussels or Strasbourg (or both). The Court has a judge from each member state that sits for a term of six years. The Irish judge currently sitting on the Court of Justice is Aindrias Ó Caoimh. Prior to this he was judge of the High Court of Ireland. The Court adjudicates on all legal issues and disputes involving EU law and must ensure that Community law is uniformly interpreted and effectively applied. It deals with two main types of actions: those referred to it by national courts for rulings of interpretation of Community law; and those started by one of the other institutions. Responses of the EU: In October 2008, when the true extent of the global economic financial crisis was being realized, the EU leaders set up a crisis management team and also committed to set up a monthly forum where they could have oversight of all financial structures across the EU. The EU Commission urged all European governments to adopt a common set of principles to address the economic crisis. The measures the nations supported were largely in line with those that had already been implemented in the UK and Ireland. Recapitalisation: Governments promised to provide funds to banks that might be struggling to raise capital and pledged to pursue wide-ranging restructuring of the leadership of those banks that are turning to the government for capital. State ownership: governments indicated that they would buy shares in the banks that are seeking Recapitalisation. Government debt guarantees: guarantees offered for any new debts, including inter-bank loans, issued by the banks in the euro zone area. Improved regulations: the governments agreed to encourage regulations to permit assets to be valued on their risk of default, instead of their current market price. The EU president of the Commission had called out the need to ensure that the member states developed an integrated solution to the ongoing crisis. The EU council was involved in advocating the need for much tougher supervision of the financial sector. It would take two years before a plausible and realistic roadmap was put in place, (but even then, it is a plan for progression rather than a completed body of doctrine). The EU Leaders at least agreed that a common set of rules and regulations was required to regulate the EU wide financial markets, and to change the previously held soft touch regulation. At the start of 2009 5 main areas of discussion were mapped out; Enhanced transparency and accountability Implementing proper regulation Building integrity in the financial markets Strengthenin g cooperation between member states Total reform of international financial institutions. These areas would go on to form the basis for the October 2010 road map for change. The crisis had exposed the vast difference between the EU member states and reaching a common agreement on how best to reform the policies and process of the EU proved to be difficult. This was mainly due to the reason that many individual states had taken measures to protect their own economies. EU members were forced to retrospectively support measures to increase the guarantees on bank accounts for depositors in response to actions taken by some Governments, namely Ireland, Greece and Germany. Some EU members were also considering procedures to deal with the bad loans of banks within their jurisdictions, which had pushed the EU as a whole to follow suit and consider the best approach to deal with these toxic loans. This and other issues exposed the many differences among the EU members as to what was the best approach to deal with financial market reforms and economic stimulus measures. The European Central Bank decided to cut interest rates to improve liquidity. It is responsible for setting interest rates for the 16 members of the Euro zone, and cut its interest rates by half a percentage point to 3.25%, (it would go on to be cut several more times to its current low of 1%). The cut in rates came as the IMF published an emergency update of its economic forecasts, predicting that the economies of the developed countries would shrink further in 2009. In response to these cuts, the Bank of England also cut its key interest rates by 1.5 percent points to 3%. The cut was three times larger than any seen since the central banks monetary policy committee was established. As previously stated, Ireland, Greece, and Germany had also increased their guarantees to deposit holders to improve liquidity in their own financial systems, a move that was adopted by the EU as a whole, to c urtail a form of regulatory competition for depositors. There was a very real fear that foreign depositors would flood Irish banks with funds, thereby increasing the Irish Governments commitment to unmanageable levels. The IMF also approved a short-term liquidity facility to assist banks facing liquidity problems. The way forward: The roadmap for progression has now been put in place. I will now set out what it aims to cover, to address what happened and to ensure it doesnt happen again. It can be broken down into four main areas: Transparency Responsibility Supervision Crisis prevention and management 1. Transparency: The EU Commission aims to ensure that no institution is exempt from regulation and appropriate supervision. The aim of the transparency measures will ensure that all appropriate information is made available to Governments and to the General public. The following initiatives aim to achieve this. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ AIFM Directive proposal: this will ensure that all Alternative Investment Fund Managers (AIFM) comply with a comprehensive set of rules and regulations before being allowed access to EU markets. This means that hedge funds and private equity firms, who increase the risk within the market place, are governed by a set of common rules ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Derivatives and short selling: Derivatives are financial contracts that are linked to the future value of an asset (currency values, interest rates) and covers the purchaser given any loss and Short-selling is the process whereby shares can be sold without even being owned. This involves shar es being loaned from a third party and then subsequently sold, on the promise that the shares are returned (when bought at a lower price sometime in the future). It plays on the principal that share prices will decline and allows for a profit to be made now. Clearly both of these practices increase risk in the market place and the Commission is now proposing to increase the transparency in these markets so that regulators have the power to monitor and control the overall risk Markets in Financial Instruments Directive (MiFID): The Commission wants to ensure more transparency in the trading of financial instruments, detailing what price was paid for which asset and when. This will allow Member states and regulators to have a more accurate overview of the way different instruments trade across Europe. 2. Responsibility: The Commission is proposing that action needs to be taken against those that played and abused the market. They aim to implement stiffer penalties and accountability for actions taken. Prevention of Market abuse: In this instance the Commission has set out a plan to increase the powers of state regulators to allow them to investigate and penalise accordingly those who have blatantly abused the system. Corporate governance: The Commission plans to bring in better supervision of senior management of banks and financial institutions. This will include limits on the number of mandates board members may hold and will improve the fit and proper test to make sure that those holding certain roles with a financial institution are properly qualified to do such a job. (I do find a slight irony with this plan, as there is no minimum qualification a TD in Ireland needs to have to become a member of the Dail. Ex GAA managers are being chased by the main government parties to run for electi on and basically govern the country and implement national policy, yet at a EU community level the Commission is implementing rules to ensure that company heads within the states are properly qualified). The risk culture within financial institutions will be strengthened under this aim also, to ensure that proper risk and credit committees are in place to make the credit decisions. Wages and general remuneration policies are also under review 3. Supervision: In any EU member state the majority of Banks that operate there are foreign owned. What the financial crisis has exposed is that there are very blurred lines of supervision in existence. The supervisory framework that exists is to be reviewed and strengthened. European supervisory framework: This new supervisory framework is due to be in place for 2011, and will consist of a new European Systemic Risk Board to ensure that macro-economic risks are detected early. Three different Supervisory authorities will fulfil this role: a European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and a European Securities and Markets Authority (ESMA). Credit rating agencies: The whole process and role of CRAs is a personal gripe of mine and a line I roll out time and time again is; who rates the ratings agencies. These agencies issue ratings and opinions based on their own assessment of an institutions or a countrys creditworthiness. New rules are al ready in place that forces these agencies to register with the EU (or rather with ESMA within the EU) before they can issue reports and also to report data to Regulators. ESMA will have exclusive supervisory powers will be able to make information requests of the agencies and investigate any issues that they feel is appropriate. I believe this is a particularly beneficial proposal of the Commission. I detest turning on the news and hearing how a renowned agency has downgraded my Institutions or even Irelands creditworthiness and labelling us with a rather arbitrary rating. 4. Crisis Prevention and management: It goes without saying that the Commission wants to have plans in place to ensure that a crisis of this magnitude does not happen again or least that they have the ability ot predict when it may be imminent. The following initiatives aim to achieve this. Capital Requirements Directive (CRD): A big factor in the economic crisis was the inadequacy of the Basel 2 requirements, whereby institutions were allowed to use their own internal models to determine capital requirements. To improve and correct these inadequacies the CRD proposes that financial institutions hold a buffer amount of capital in reserve, to be added to during times of economic growth and stability on the premise that it can be used during downturns and recessions. This will limit institutions reliance on bailouts and ultimately save the taxpayer from having to take the hit. Accounting standards: The EU is working to reach a global agreement on accounting standards. It will ensure that accounting standards, whic h are primarily intended to provide useful information to users for their decisions, better reflect the fundamental value of a company. This will link in with other public policy objectives, including prudential regulation and financial stability. Resolution funds: the Commission is proposing to establish an EU network of pre-financed bank resolution funds. This will mean that the costs involved in transferring assets and liabilities from a failed bank will not be borne by the taxpayer. This is not intended to be an insurance policy for banks to be used for bailouts, but will act as a safety net to ensure that if a bank does fail that is well managed and does not cause a failure in the overall financial system. Lehman Brothers springs to mind here. No bank should be too big to fail. Consumer confidence: in line with what the Irish Government did in , by providing the bank Guarantee scheme, the commission is proposing to review the Guarantee scheme directive and to increase the protection available to depositors, who ate most likely to be at risk should a failure occur.

Security And Integrity Of Electronic Health Records

Ethical Dilemma Paper: Security and Integrity of Electronic Health Records According to Ethical Dimensions in the Health Professions, â€Å"an electronic health record (EHR) is an electronic record of patient health information†¦information about the patient that is true and is relevant to his or her health care ought to be recorded there. At the same time, harm can be done if faulty, erroneous, speculative, or vague information is included because it can be duplicated and spread to several locations in both paper and electronic medical records.† (Purtilo, 2011) Due to advancements in technology, the hospital healthcare system (including Preventative, Secondary, Tertiary, Respite, Restorative and Continuing) cannot function without EHRs. To†¦show more content†¦Ã¢â‚¬Å"One of the challenges facing the United States national adoption of electronic medical records is ensuring the privacy of electronically accessed information. It is essential that both patients and a variety of health pro fessionals participate in these policy discussions so that important ethical issues can be contemplated and decisions regarding health record databases and their approved usage can be articulated nationally and globally.† (Purtilo, 2011) According to Management Issue 9: Integrity and Security of Health Information Systems and Data, the Officer of Inspector General (OIG) performed a series of audits, it was discovered that some hospitals were deficient in security features allowing patients medical records to become vulnerable through unsecure wireless access, inadequate encryption, and authentication failures. (OIG, 2015) Some moral issues that were raised are the misuse of an EHR system and how it has a significant impact on the organizations strategic plan. As previously studied, according to the Balanced Scorecard Institute, a strategic plan is a document used to communicate with the organization the goals, the actions needed to achieve those goals, and all of the other critical elements developed during the planning exercise. To that end, disrupting

How do terrorist organizations succeed Free Essays

Terrorism seeks to unify their population to the goal objectives and principles to stop hangs being caused by the government or outsiders or to institute their values and culture. Some terrorist groups based on religion like AH Qaeda have clear stated goals like driving out IIS troops or the destruction of another country that is not of their religion, like Israel. Attacks on property and using tampering hoaxes to cause expensive recalls of some products in the US is terrorism hitting at a target group economically. We will write a custom essay sample on How do terrorist organizations succeed or any similar topic only for you Order Now Terrorist groups may have more limited objectives that guide their actions or which they seek to achieve. These shorter term goals, of course, could aid the group in terms of achieving longer term objectives, and consider its performance to be successful if they simply survive to continue to pursue their longer term goals (Hoffman, 2002, p. 31 1 Just the perception that violence can work is enough as long as groups believe that such-?even if they are wrong-?they will be tempted to adopt the technique in pursuance of their goals (Lutz, 2014, p. 17). Sing the information above of current terrorist activities a comparison to Strategic Quality Management may reveal why terrorist organizations succeed. There are five main variables in SUM with many parts, Purpose, Principles, Processes, People, and Performance. Five Up’s of Terrorism Purpose: to pursue an objective through some form of violence to induce fear in an opponent. Terrorism requires some degree of secrecy in its preparat ion, as the inducement of fear is typically predicated on the element of surprise, but once the organization strikes public exposure is desired. Reminisces: As funny as this is going to sound the intellectual roots Of terrorism lie in three philosophical ideas which, ironically, are peculiarly Western: popular sovereignty, self-determination and ethical consequentiality (Phillips, 2014). Processes: Various strategies that may include political and reformist actions, cultural struggle, strengthening of the community of believers, and through missionary work. If violence is not part this process it is not terrorism. People: Because anyone who believes in the principles and purpose of a terrorism group for whatever reason is why the group can be consistently effective. These people in their own working in their culture are not bad. It is very simple: if Robin Hood steals and keeps all the goodies, then it is a crime If Robin Hood steals from the rich and gives the goodies to the poor, then he would be a terrorist to one side and a hero to the other side. Performance: Performance is based on the purpose of each organization. From performance to purpose represents the feedback mechanism for guiding an organization toward their objectives (Prior, White, Tombs, 2007, up. 1-5). With terrorist groups after action the objective may not be reached, but any results still works in their favor. How to cite How do terrorist organizations succeed, Papers

Financial Problems of International Students in the United States free essay sample

This paper analyzes and examines the multitude of issues related to financial problems international students in the United States experience, focusing on the Immigration and Naturalization Service limitations. The following paper outlines the financial difficulties commonly experienced by international students in the United States, focusing on educational restrictions. It also discusses potential solutions to these financial problems and finally it concludes with recommendations for eliminating and/or reducing the financial difficulties commonly experienced by international students in the United States. There are a variety of potential solutions to financial problems of international students in the United States. First, before deciding to study in the United States and before actually arriving in the United States, international students and their families need to realistically evaluate their ability to finance their education abroad. Next, the Immigration and Naturalization Service should either diminish or totally eliminate the policy that limits international students to taking 12 credits per semester. We will write a custom essay sample on Financial Problems of International Students in the United States or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Likewise, the Immigration and Naturalization Service should allow international students to work outside campus and should eliminate and/or revise current limitations on the number of hours international students may work per week. Doing so will give international students adequate time to study and legally earn money without resorting to jobs where they are generally paid in cash.