«Νέες μορφές ρύθμισης και χρηματοδότησης του τραπεζικού συστήματος στην Ε.Ε και στην Ελλάδα : Ευρωπαϊκό και Ελληνικό Ταμείο Χρηματοπιστωτικής Σταθερότητα

Abstract

Greek public administration is going through important changes. The necessary and major reforms needed must make it effective, outward-looking and oriented to citizen’s interest and service. Furthermore, public administration should function as the necessary change operator for the development model of the country by adopting best practices, promoting information and communication technologies, facilitating economic development and removing unnecessary administrative burden. For a smooth transition to this new era a holistic change approach is needed in three main pillars of the State: the political one, the economic and the social one. Their piecemeal approach is doomed to fail because of their high correlation. The world economic crisis, which started in 2008, highlighted the vulnerability of national economies against speculative attacks and the failure of states to effectively cope with economic risks at national level as well as at the level of supranational entities such as within the European Union and the Eurozone. Both European and national banking systems being unfenced against the characteristics of economic crisis such as strong asymmetry and rapid contagion, revealed the necessity of governmental assistance for their survival leading to a clear trend of public debt accumulation in countries such as Spain, Greece, Portugal and Ireland. The present thesis intends to highlight the necessity for a strong and robust financial system which will be effective and competitive in the contemporary globalized economy while at the same time will be audited and accountable for the citizens who finance it through modern and reliable control mechanisms both at national and supranational level such as within the Eurozone or the European Union. Such a transition could and should create a launching path for further widening and deepening of the E.U. A point of view which is being endorsed by Paul De Grauwe (2005), professor of economics at the University of Leuven, who supports that: “The long-term success of the Eurozone depends on a continuous process of political integration in order to reduce the range of economic disturbances and to mitigate the conflicting economic positions within the Eurozone.” In particular, in the present thesis are being analysed the new forms of regulation and financing of the banking system in the E.U and in Greece with emphasis on the European and the Hellenic Financial Stability Fund. In the first chapter, the problems created by financial crisis are being pointed out as well as the creation of the European Banking Union as a first move for halting them in the Single Economic Space of E.U. Regulatory mechanisms and supervision policy are being presented while at the same time the medium-term strategy for the European Monetary Union is being analysed in a form of questions and answers. In the second chapter, the emergency financing mechanisms which followed the euro crisis, such as EFSF and EFSM, are being presented while the permanent European Stability Mechanism (ESM) is separately emphasized by being examined and evaluated through a SWOT analysis. Furthermore, the new financial programme for Greece which followed the agreement of July 2015 is being examined. In the third and last chapter the Hellenic Financial Stability Fund (HFSF) is being analysed through a chronological order of its capital structure and change as well as particular reference is being made to its participation in the Hellenic systemic banks recapitalization. Given the nature of the subject, in the present thesis is being followed a conventional methodological approach with study of existing literature, extracting quantative data from national and international organizations, composing and analyzing them and concluding with the final results with a parallel presentation of proposals as far the future of E.U banking system and the challenges to be addressed are concerned. Common ground is the premise that the present financial crisis should be used as an occasion for a European Integration based on the principles of equity, democracy and solidarity