The EU’s monetary and financial policies: The core and the periphery

The EU’s monetary and financial policies: The core and the periphery

Monday, 19 November 2018 - 5:00pm
Venue: 
Seminar Room, European Studies Centre, 70 Woodstock Road, Oxford OX2 6HR
Speaker(s): 
Charles Enoch (St Antony's College, Oxford)
Chair: 
Francisco Torres (LSE)
Convenor: 
Charles Enoch (St Antony’s College, Oxford)
Series: 
Political Economy of Financial Markets (PEFM)

Abstract: Much analysis of the European Union (EU) has focused on the process of “ever closer union”. The Junker 2022 plan is one example of this approach. The key question in the alternative strategies outlined is the speed at which integration occurs, with a presumption that the faster the integration the greater the benefits.  This study focuses instead on the fact that the EU is already a “spaghetti bowl” of different countries having different involvement in different parts of the integration process (for instance, some are outside the monetary union, and some outside the Schengen passport-free travel union). Indeed, many of those countries outside such a core have preferences to remain outside the core. This study looks at the relationships on the monetary and financial sides between the “ins” and the “outs”, where the “ins” are the countries that are in the Eurozone, while the periphery are those countries in the EU/EEA outside it—most of the countries in Scandinavia, Central, East and South-East Europe, and the UK, at least for the moment. What is the governance overlying the relationship that the Eurozone countries have on those countries outside the Zone? This study looks at the monetary institutions, as well as arrangements for macroprudential policies, where structures involving the periphery may also have helpful lessons for European institutions more generally.

Charles Enoch is Director of the Political Economy of Financial Markets Programme (PEFM Oxford) at St Antony's College, Oxford, and former Deputy Director in the Western Hemisphere Department of the IMF (2014-2017). A United Kingdom national, he has a total of 25 years experience in the Fund, after 12 years at the Bank of England, first as Alternate Executive Director for the United Kingdom, then on the IMF staff, working on more than 60 countries, mostly in the Monetary and Capital Markets department and its antecedents. Most recently, he has been leading an interdepartmental project on financial integration in Latin America. Since 2010 he has led the IMF’s Financial Sector Assessment Programs (FSAPs) for, amongst others, the European Union, Switzerland, Nigeria, and Netherlands. He has led seminars in China on exchange market liberalization, banking supervision, and macroprudential policies. He jointly led Fund/Bank missions to Myanmar to plan comprehensive transition strategies, and led an interdepartmental project on supervision of cross-border banks in Africa. He co-edited publications on “Fragmentation and Financial Integration in the European Union” and “Rapid credit growth in Central and Eastern Europe: Endless Boom or Early Warning?” Earlier he led the IMF team on bank restructuring in Indonesia, Mongolia, and Bulgaria, and represented the IMF on various inter-agency committees. He was in the lead in designing the currency board arrangement in Bulgaria. He has regularly participated in the SEESOX/Bank of Albania conferences in Tirana. Dr Enoch has an M.A. from Cambridge University and a Ph.D. from Princeton.