Ligjërata master 2012-2013 syllabusi 2012-2013

The mission of the European Central Bank

The European Central Bank and the national central banks together constitute the Eurosystem, the central banking system of the euro area. The main objective of the Eurosystem is to maintain price stability: safeguarding the value of the euro.

We at the European Central Bank are committed to performing all central bank tasks entrusted to us effectively. In so doing, we strive for the highest level of integrity, competence, efficiency and transparency.

Misioni i Bankës Qendrore Evropiane

Banka Qendrore Europiane dhe bankat qendrore kombëtare, së bashku, përbëjnë Eurosistemin, sistemin qendror bankar të Eurozonës. Objektivi kryesor i Eurosistemit është ruajtja e stabilitetit të çmimeve: ruajtja e vlerës së euros.

Ne në Bankën Qendrore Europiane jemi të angazhuar për të kryer të gjitha detyrat e bankës qendrore, që i janë besuar në mënyrë efektive. Duke bërë këtë, ne përpiqemi për të mbajtur nivelin më të lartë të kompetencës, integritetit, efikasitetit dhe transparencës.

The mission of the Eurosystem

The Eurosystem, which comprises the European Central Bank and the national central banks of the Member States whose currency is the euro, is the monetary authority of the euro area. We in the Eurosystem have as our primary objective the maintenance of price stability for the common good. Acting also as a leading financial authority, we aim to safeguard financial stability and promote European financial integration.

In pursuing our objectives, we attach utmost importance to credibility, trust, transparency and accountability. We aim for effective communication with the citizens of Europe and the media. We are committed to conducting our relations with European and national authorities in full accordance with the Treaty provisions and with due regard to the principle of independence.

We jointly contribute, strategically and operationally, to attaining our common goals, with due respect to the principle of decentralisation. We are committed to good governance and to performing our tasks effectively and efficiently, in a spirit of cooperation and teamwork. Drawing on the breadth and depth of our experiences as well as on the exchange of know-how, we aim to strengthen our shared identity, speak with a single voice and exploit synergies, within a framework of clearly defined roles and responsibilities for all members of the Eurosystem.

Misioni i Eurosistemit

Eurosistemi, i cili përbëhet nga Banka Qendrore Europiane dhe bankat qendrore kombëtare të shteteve anëtare, monedha e të cilave është euro, është autoriteti monetar i zonës së euros. Ne në Eurosistemi, si objektiv kryesor, kemi ruajtjen e stabilitetit të çmimeve për të mirën e përbashkët. Duke vepruar, gjithashtu, si një autoritet kryesor financiar, e kemi për qëllim ruajtjen e stabilitetit financiar dhe promovimin e integrim financiar Europian.

Në ndjekjen e objektivave tona, ne i japim rëndësi të madhe kredibilitetit, besueshmërisë, transparencës dhe llogaridhënies. Ne synojmë për një komunikim efektiv me qytetarët e Europës dhe mediat. Ne jemi të angazhuar për kryerjen e marrëdhënieve tona me autoritetet Europiane dhe kombëtare, në përputhje të plotë me dispozitat e Traktatit dhe me kujdesin e duhur për parimin e pavarësisë.

Ne së bashku kontribuojnë, nga aspekti strategjik dhe operativ, në realizimin e qëllimeve tona të përbashkëta, me respektin për parimin e decentralizimit. Ne jemi të përkushtuar për qeverisjen e mirë dhe për kryerjen e detyrave tona në mënyrë efektive dhe efikase, në një frymë të bashkëpunimit dhe punës ekipore. Duke u mbështetur në gjerësinë dhe thellësinë e përvojave tona si dhe në shkëmbimin e ‘know-how’, ne kemi për qëllim për të forcuar identitetin tonë të përbashkët, të flasin me një zë të vetëm dhe të shfrytëzojmë sinergjitë, brenda një kornize që përcakton qartë rolet dhe përgjegjësitë për të gjithë anëtarët e Eurosistemit.

The strategic intents of the Eurosystem

1. First strategic intent

Acknowledged authority in monetary and financial matters

Building on its solid constitutional basis, its independence and its internal cohesion, the Eurosystem, the central banking system of the euro area, shall act as the monetary authority of the euro area and as a leading financial authority, fully recognised inside and outside Europe. In pursuing its primary objective, the maintenance of price stability, the Eurosystem shall undertake the necessary economic and monetary analyses and adopt and implement appropriate policies. It shall also properly and effectively respond to monetary and financial developments. back to top

2. Second strategic intent

Financial stability and European financial integration

The Eurosystem shall aim to safeguard financial stability and promote European financial integration in cooperation with the established institutional structures. To this end, it shall contribute to policies providing for a sound European and global architecture for financial stability.back to top

3. Third strategic intent

Accountability, credibility and trust. Closeness to the citizens of Europe

The Eurosystem attaches utmost importance to credibility, trust, transparency and accountability. It aims for effective communication with the citizens of Europe and the media. It is committed to conducting its relations with European and national authorities in full accordance with the Treaty provisions and with due regard to the principle of independence. To this end, the Eurosystem will keep abreast of the transformations affecting money and financial markets and will be sensitive to the public interest and market needs. back to top

4. Fourth strategic intent

Shared identity, clarity of roles and responsibilities and good governance

The Eurosystem shall aim to strengthen its shared identity within a framework of clearly defined roles and responsibilities for all its participants. To this end, the Eurosystem will build on the potential and deep involvement of all its members, as well as on their commitment and willingness to work towards agreement. Furthermore, the Eurosystem is committed to good governance and to applying effective and efficient organisational structures and working methods.

In performing its activities, the Eurosystem shall be guided by a number of  organisational principles.

Organisational principles for the fulfilment of Eurosystem functions by all members of the Eurosystem

With due respect to the principle of decentralisation which is at the root of the System:

1. Participation

All members of the Eurosystem shall contribute strategically and operationally to the goals of the Eurosystem.

2. Cooperation

All Eurosystem functions shall be performed in a spirit of cooperation and teamwork by the members of the Eurosystem.

3. Transparency and accountability

All members of the Eurosystem shall act transparently and be fully responsible and accountable for the effectiveness of all Eurosystem functions.

4. Distinguishing Eurosystem activities

Eurosystem activities performed by national central banks shall be clearly identified and distinguished – to the extent possible – from those pertaining to national responsibilities.

5. Cohesion and unity

While respecting the legal status of its members, the Eurosystem and its staff shall act and appear as a cohesive and unified entity. In that spirit and working as a team, the Eurosystem shall speak with a single voice and be close to the citizens of Europe.

6. Exchange of resources

The exchange of personnel, know-how and experience shall be promoted by and among all members of the Eurosystem.

7. Effectiveness and efficiency in decision-making

All Eurosystem decision-making and deliberative processes need to pursue effectiveness and efficiency. Decision-making shall focus on analysis and arguments as well as on expressing views in their variety.

8. Cost efficiency, measurement and methodology

The Executive Board of the ECB and the Governors of the national central banks shall manage all resources prudently and shall promote effective and cost-efficient solutions in all parts of the Eurosystem.

The ECB and the NCBs shall develop control systems and performance indicators to measure the fulfilment of Eurosystem functions and their alignment with the objectives of the Eurosystem.

Comparable cost evaluation and cost-reporting methods should be elaborated.

9. Exploit synergies and avoid duplications

Potential synergies and economies of scale shall be identified and exploited to the extent feasible.

Unnecessary duplication of work and resources at functional levels and over-extensive and inefficient coordination shall be avoided. To this end, the Eurosystem shall energetically pursue organisational options that ensure effectiveness, efficiency and prompt action, taking advantage of the experience available both at the ECB and at the NCBs through intensified use of existing resources.

The outsourcing of Eurosystem support functions and activities shall be considered against the same criteria and shall take security aspects into account.

Literatura e përdorur

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  Safet Merovci, Tregjet financiare, Prishtinë, Botimi i dytë, 2008.
  
• 
  Anders Grath, The Handbook of International Trade and Finance, Kogan Page Limited, 2008.
  
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  Roy E. Bailey, The Economics Of Financial Markets, Cambridge University Press, 2005.
  
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  Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, Columbia University, Seventh Edition, 2004.
  
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  Viral Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini; The Financial Crisis of 2007-2009: Causes and Remedies, New York University Salomon Center and Wiley Periodicals, Inc.; 2009.
  
• 
  Ligjërata shtesë në Master - 2012/2013 (Shqip dhe Anglisht).
  

Shtesë:

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  Hendrik S. Houthakker, Peter J. Williamson, The Economics of Financial Markets, Oxford University Press, New York, Oxford, 1996.
  
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  Frank J. Fabozzi, Franco Modigliani, Michael G. Ferri, Foundations of Financial Markets and Institutions, Prentice Hall, Englewood Cliffs, New York, 1994.
  
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  Alfred Steinherr, The New European Financial Market Place, Longman Group UK Limited, New York, New York University Press, 1992.
  
• 
  Raghuran Rajan and Luigi Zingales, University of Chicago, Banks and Markets: The Changing Character of European Finance, Second ECB Central Banking Conference, October 2002, Frankfurt, Germany, European Central Bank, May 2003; http:// www. ecb.int
  
• 
  Martin Hellwig (2000), Corporate Governance: Theoretical and Empirical Perspectives, Cambridge University Press, Cambridge.
  
• 
  Jean Dermine, Banking in Europe: Past, Present and Future, 2003, ECB, Frankfurt.
  
• 
  Padoa-Schioppa, Tommaso, (2001), Adapting to Financial Globalization: Is a Euroland Banking System Already Emerging? Routledge International Studies in Money and Banking, London, New York.
  
• 
  http://www.ecb.int/
  

1^ The International Organization of Securities Commissions (IOSCO) is an association of organisations that regulate the world’s securities and futures markets. (Organizata Ndërkombëtare e Komisioneve të Letrave me Vlerë (IOSCO) është një shoqatë e organizatave të cilat rregullojnë botën e tregjeve të letrave me vlerë në të ardhmen).

2^ http://au.answers.yahoo.com/question/index?qid=20070707064529AAm4Jsd

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4^ Simon Kuznets. "How To Judge Quality". The New Republic, October 20, 1962.

5^Argjentina, Australia, Brazili, BM, Kanadaja, Kina, Franca, Gjermania, India, Indonezia, Japonia, Italia, Meksikoja, Rusia, Arabia Saudite, Afrika e Jugut, Koreja Jugore, Turqia, SHBA-ja dhe BE-ja.

6^ Technological Change, Financial Innovation, and Diffusion in Banking, W. Scott Frame and Lawrence J. White, Working Paper 2009-10, March 2009, http://www.frbatlanta.org/filelegacydocs/wp0910.pdf

7^ Ilaç për të gjitha të këqijat

8^ Lere bishen pa ngene.