The aim of submitted thesis Supervision in banking is to define the nature and the importance of banking supervision, to justify its existence and to analyze the applicable mechanisms while the system of banking regulation and supervision in this thesis is primarily examined in the European context, with a focus on the Czech Republic. The thesis is divided into five main chapters. The first chapter is devoted to the financial system and the importance of banks in this system, it defines the characteristics of banking systems, provides the definition of the term bank and describes the banking system and the banking environment in the Czech Republic. The second chapter focuses on general aspects of banking regulation and supervision, it defines and distinguishes these concepts; furthermore, it specifies its objectives and deals with the arguments against banking regulation and supervision. The third chapter analyzes the various instruments of banking regulation, in particular the banking license, and other particular requirements, including but not limited to capital adequacy requirement. The chapter also deals with the compulsory deposits insurance and the position of the central bank as a lender of last resort. The fourth chapter focuses on banking supervision, which involves mainly the examination...

The thesis studies the determinants of trust in the European Central Bank by employing various indicators. The main objective has been to assess the most significant determinants of trust and to study the impact of the Great Crisis on trust in the European Central Bank. First, the socio-demographic and macroeconomic variables have been studied as the predictors and socio-demographic ones have been confirmed to be more significant. We have also extended the regressions by two new variables: monetary policy transparency index and financial stability transparency index. Whereas the monetary policy transparency index has not been significantly correlated with trust, it has been proved that the financial stability transparency index has positive impact on the trust in the European Central Bank. Secondly, we have employed the bias-reduced linearization procedure for computation of the standard errors in order to account for clustering and serial correlation problems. After comparison with the robust standard errors, we have concluded that the robust standard errors are not able to completely deal with the clusters and serial correlation in data. Thirdly, it has been proved that the trust in the European Central Bank decreases during the crisis occurrence.

RESUMÉ - THE STATUS AND THE ROLE OF CENTRAL BANKS IN THE EU This diploma thesis compares the Czech National Bank, the Slovak National Bank, the Bundesbank and the European Central bank. Central banks play a significant role in every state and they have big influence on economy of each state. Therefore, their legal regulation as well as precise definition of their competencies are essential. The thesis focuses on their establishment, legal base and legal form, organisation and independence (institutional, financial, personal and functional). Its aim is also to compare tasks, monetary policy, issuance of banknotes and coins, banking and financial regulation and supervision. Establishment of a central bank depends significantly on the historical background of the given state (or union). All of the described banks are settled in regulations of the highest legal importance on the particular state (or union), which is not usual, and also in many other legal acts. Members of the highest body are selected after the agreement of the legislative and executive powers. The Czech National Bank is an exception, since the members of its Bank Board are appointed by the president without a counter signature. The budgets of the central banks are separated from the states' budgets and they are approved by the central banks....

The central bank, its activities and position Abstract Central banks are in today's global banking system an indispensable part of a stable functioning market economies. I was always interested in these issues. I studied these issues in another master's degree course. The subject of this thesis is the central banking system in the Czech Republic and in the European Union. In the first chapter I focus on definition of banking and on the characteristics of three models of the banking system (single-stage, two-and three-stage banking system). The second chapter is the largest of all chapters. In this chapter I deal with the formation of Monetary Union, the creation of the European central banking system and the foundation of the European Central Bank. I analyze the legal base of European Central Bank, its organizational structure, issuing of legal acts, the capital. I deal with the introduction of the euro in member and non-member countries too. Special attention is paid the independence of the European Central Bank. I analyze its institutional, personal, financial, material and budgetary independence. The conclusion of this chapter deals with the preparations for the introduction of the euro in the Czech Republic. In the third chapter I describe the historical development of European central banking and the...

Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.

L’intégration européenne des marchés financiers semble se heurter de manière répétée à un certain type de problèmes concernant la substance et les limites conceptuelles de ce « marché » en cours d’intégration, ainsi que le statut et le rôle qu’y revêtent la monnaie, les infrastructures et la gouvernance publique. Ces problèmes et les controverses qu’ils soulèvent présentent un parallélisme avec des débats classiques de théorie économique tels que celui qui oppose les conceptions du marché comme espace sans frottements et comme processus de concurrence. Ce parallélisme est attribué ici à une « conception concurrentielle du marché » car celle-ci implique l’idée contradictoire d’une « intégration de la fragmentation ». La thèse repère ces thèmes et ces parallèles dans un grand projet récent d’intégration des infrastructures de marché financier : la plateforme paneuropéenne de règlement-livraison de titres Target2Securities (ou T2S), censée surmonter la fragmentation des systèmes qui réalisent les transferts de monnaie et de titres lors de transactions financières. L’analyse de ce projet permet en outre d’avancer une réponse à une énigme que les approches habituelles de l’intégration européenne en sociologie et en économie politique (political economy) – principalement centrées sur les intérêts et idées des acteurs les plus puissants – sont bien en peine d’éclaircir : à savoir la raison pour laquelle T2S sera de facto un monopole de la Banque centrale européenne, alors que les institutions européennes privilégient depuis le début l’intégration par les acteurs privés. La notion foucaldienne de « formation discursive » est mise à contribution pour conceptualiser ces thèses. / European integration of financial markets appears to repeatedly encounter specific kinds of problems about the substance and limits of the notion of “the market” undergoing integration, and about the status and role of money, market infrastructures, and government within it. Moreover, these problems and the controversies around them parallel classical discussions in economic theory such as that between conceptions of the market as a frictionless space and as a process of competition. A “competitive conception of the market” is identified as producing these parallel problems and controversies in European market integration and economic theory because it implies a contradictory “integration of fragmentation.” These themes and parallels can be specifically identified in a recent major project to integrate financial market infrastructures: a pan-European settlement platform – “Target2-Securities (T2S)” – to overcome existing fragmentation between the systems that perform the actual delivery of money and securities from financial transactions. Moreover, a close analysis of T2S answers a question that existing sociological and political economy approaches to European integration – focusing primarily on the interests and ideas of powerful players – struggle with: why T2S will become de facto a monopoly for the European Central Bank when early on in the integration process EU institutions emphasized an industry-led integration. Foucault’s notion of “discursive formation” is employed to conceptualize these arguments.

Afin de répondre au questionnement général de cette thèse qui traite de la viabilité de l'union monétaire européenne, ce travail est divisé en trois parties. Dans la première, nous analysons notre objet d'étude à un niveau méta. Nous montrons ainsi que l'architecture institutionnelle de la zone euro est axée sur la stabilité monétaire sans proposer formellement des mécanismes d'ajustement aux chocs. La deuxième partie s'intéresse à la question de la synchronisation des économies européennes par l'intermédiaire de deux essais. Nous montrons que d'importantes hétérogénéités demeurent. La troisième partie analyse des questions relatives à la transmission de la politique monétaire. Cela se réalise avec deux essais qui montrent d'une part que la transmission de la politique monétaire dans la zone euro a été fortement perturbée par la crise des subprimes et, d'autre part, que l'influence de la BCE sur les actions des marchés européens est faible. Cette thèse insiste par conséquent sur le caractère incomplet du processus d'intégration économique et monétaire européen et sur sa nécessaire réforme. / The main objective of this thesis is to investigate the problematic of the viability of the European monetary union. This work is divided in three parts. In the first one, we analyse our object of research in order to precise several research axes to study in priority. We show that the European monetary union in mainly focused on the monetary stability without any formal adjustments mechanisms. The second part is focused on the question of the European members' economies synchronisation. We show that large heterogeneities remain. Two essays on the monetary policy pass-through compose the third part. We demonstrate that the interest rate pass-through was affected by the subprimes crisis and that the ECB's influence over the European stock markets is weak. This thesis insists on the fact that the European monetary and economic process of integration is incomplete and should be reinforced.

Legal aspects of the single European currency adoption in the Czech Republic The Czech Republic as a member state of the European Union is obliged to adopt the single European currency as soon as possible. This commitment is connected with plenty of tasks that have to precede the euro adoption. The fulfilment of convergence and legal criteria belongs to main assignments. The purpose of my thesis is to define the main aspects connected with the adaptation process of the Czech legal environment according to demands of the European law that have to precede the euro introduction and prepare a suitable environment for its troublefree functioning. The thesis consists of five chapters, each of them dealing with different aspects of the single European currency adoption. First chapter is introductory and outlines the main questionable issues that I deal with in my thesis. Second chapter brings general aspects of the single European currency introduction, especially explains briefly a history of the constitution of the economic and monetary union, further specifies legal and economic conditions necessary for euro adoption. A brief appraisal of the functioning of this unique concept is included at the end of this chapter. Third chapter focuses at the beginning on evaluation of fulfilment of legal and...

Aiming to speak to broader debates about the nature of state power in relation to the economy this thesis concentrates on central bank agency and monetary governability. More specifically, it focuses on a single case: The agency of the European Central Bank (ECB) and the making, unmaking, and re-making of monetary governability in the euro area from 1999 through 2014. This choice is motivated by the euro area representing a unique ‘natural experiment’ in establishing monetary governability from scratch under conditions of 21st century financialised capitalism. The thesis is divided into two parts. Chapters one and two develop an original analytical and conceptual framework for the study of central bank agency. Starting out from the premise that governability is not a natural feature of the economy but needs to be actively established, I argue that any attempt to answer the question of the ECB’s role in that process has to account for the fundamental hybridity of central bank agency both as a central bureaucratic authority and as a bank, as well as for its multidimensionality as it addresses different governability challenges posed by different audiences. It is on the basis of these inductively won observations that I embrace the theoretical vocabulary of performativity, conceptualising governability as a performative effect of the interactions between the ECB and its audiences. The arrangements that govern these interactions are described, using a Foucauldian concept, as ‘apparatuses’. On that basis, the second part of the thesis comprises three empirical chapters on the financial apparatus of monetary policy implementation, the communicative apparatus of expectation management, and the ideological apparatus of monetary trust. The sixth chapter brings the analysis of the three apparatuses up to date by focusing on three key episodes from the recent financial and economic crisis. / Doctorat en Sciences politiques et sociales / info:eu-repo/semantics/nonPublished

The accession to the European Monetary Union is fundamentally changing the role of the Czech national bank. Aim of this work is to describe and evaluate this new role of the CNB in connection with the transfer of its former powers to the ECB. The theoretical part of the work deals with the role of central banking in general, the role of the CNB before the accession to the EMU and the role of ECB in monetary union. The work reviews compliance with the conditions required for the accession to the EMU. Further it focuses on the analysis of CNB monetary policy in recent years, particularly its interest rates policy. In view of the future situation in the field of monetary policy the work draws on the experience of Slovakia after its entry into the euro zone and respondes to the question of whether uniform monetary policy is equally applicable to all member states of the euro area by using the Theory of Optimum Currency Area. The work also analyzes the actions of the ECB and the CNB caused by the current economic crisis.