25 resultados para process of damage creation


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In March 2011, the governments of Kosovo and Serbia started a dialogue that was intended to lead to the normalisation of mutual relations. This process, launched under the pressure of the EU, was aimed at building up confidence between the parties and resolving the everyday problems of the Serbian and Albanian communities, and as a consequence, reducing tension in the Western Balkans. The start of talks between representatives of the antagonist countries was the breakthrough that led to the Kosovo government gaining control over the whole of its territory, the establishment of a border (or ‘administrative boundary line’, as Belgrade calls it), and the start of the process of subordinating the Kosovo Serbian institutions to the authorities in Prishtina. Serbia also lifted its trade blockade on Kosovo, and allowed Prishtina to join the regional organisations. As a result, progress has been made in the process of integration of both states with the EU: Serbia has started accession negotiations, and Kosovo has signed a Stabilisation and Association Agreement (SAA).

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For more than 10 years after the signature of the Treaty of Rome in 1957, the question of the protection of human rights had never been in issue. The emphasis was on the creation and consolidation of the common market establishing the free movement of persons, of services, of goods and of capital. Neither the initial Treaties nor the jurisprudence of the Court made any reference to the protection of human rights in the process of the creation of the common market. It all started in 1969 in the Stauder case with this very short sentence: “Interpreted in this way the provision at issue contains nothing capable of prejudicing the fundamental human rights enshrined in the general principles of Community law and protected by the Court”. Forty years later, with the adoption of the Treaty of Lisbon, which came into force on 1 December 2009, fundamental rights are part of primary law. The achievement has been remarkable if we consider the very beginning of the process. It is not an exaggeration to say that the Court with its jurisprudence has been the driving force and the source of inspiration for this achievement.

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The financial crisis has exposed the need to devise stronger and broader international and regional safety nets in order to deal with economic and financial shocks and allow for countries to adjust. The euro area has developed several such mechanisms over the last couple of years through a process of trial and error and gradual enhancement and expansion. Their overall architecture remains imperfect and leaves areas of vulnerabilities. This paper provides an overview of the recent financial stability mechanisms and their various shortcomings and tries to brush the outline of a more comprehensive safety net architecture that would coherently address the banking, sovereign and external imbalances crises against both transitory and more permanent shocks. It aims to provide a roadmap for further improvements of the current mechanism and the creation of new devices including a banking resolution mechanism and amore powerfulmechanismto provide financial assistance addressing both the sovereign and external dimensions of the shocks thereby reducing the need for the ECB to fill the current void.