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The decision on IMF membership in the Financial Stability Board (as set forth above) was adopted by the IMF's Executive Board.

Financial Stability Board.

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The decision on IMF membership in the Financial Stability Board (as set forth above) was adopted by the IMF's Executive Board.

Financial Stability Board.

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Borrowing from the experience of environmental markets, this paper proposes a system of tradable deficit permits as an efficient mechanism for implementing fiscal constraints in the European Monetary Union: having chosen an aggregate target for the Union and an initial distribution of permits, EMU countries could be allowed to trade rights to deficit creation. The scheme exploits countries' incentives to minimize their costs, is transparent, flexible in accommodating idiosyncratic shocks and allows for adjustments in case of Europe-wide recessions. In addition, it need not treat all countries identically and can be designed to penalize countries with higher debt to GDP ratios. Finally, the scheme rewards countries for reducing their deficit below the initial allowance, lending credibility to the Stability Pact's goal of a balanced budget in the medium run.

Economic stabilization. --- Financial Stability Board.

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Economic stabilization --- Financial institutions --- International cooperation. --- Evaluation. --- Financial Stability Board.

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The European Union has evolved from a purely economic organisation to a multi-faceted entity with political, social and human rights dimensions. This has created an environment in which the concept of solidarity is gaining a more substantial role in shaping the EU legal order. This book provides both a retrospective assessment and an outlook on the future possibilities of solidarity's practical and theoretical meaning and legal enforcement in the ever-changing Union. Solidarity in EU Law examines the less explored topics of the European solidarity debate, such as the practical enforceability of solidaristic obligations in EU law and non-EU investment into the economic services of general interest via 'golden shares', at the same time contributing to the ongoing debates on solidarity in the context of European financial crisis and immigration, asylum and border checks. The expert editors bring these fields together to create a cohesive analysis of the ways in which solidarity is becoming a principle of EU constitutional law rather than merely a philosophical or political concept. Unique and insightful, this book is ideal reading for European law academics and research students. Its exploration of the current laws on solidarity regarding asylum and human rights would also benefit advisors in non-governmental organisations, as well as legal advice professionals working with EU citizens.

Law --- EU law --- general legal principle --- philosophy of law --- migration --- financial stability --- EU law. --- general legal principle. --- philosophy of law. --- migration. --- financial stability.