1. Dr. Joern C. GottwaldUniversity Trier Germany1 European Union 欧盟 Transition of Financial Markets in the European Union 欧盟金融政策 Lecture given at the University of Xiamen, 12 -20 July 2005 Dr. habil. J.C. Gottwald Trier University Germany

2. Dr. Joern C. GottwaldUniversity Trier Germany2 European Union 欧盟 The Program First Session, Tuesday 12 July 2005 Introducing the European Union Second Session, Wednesday, 13 July 2005 The Economic and Political Importance of Financial Markets Third Session, Friday, 15 July 2005 The Transition of European Financial Markets I: From National to European Fourth Session, Tuesday, 19 July 2005\ Written Exam The Transition of European Financial Markets II: Creating A Financial Services Action Plan Fifth Session, Wednesday, 20 July 2005 The Transition of European Financial Marktes III:European Financial Markets in the Global Economy Dr. habil. J.C. Gottwald Trier University Germany

3. Dr. Joern C. GottwaldUniversity Trier Germany3 European Union 欧盟 The Member States 1.Austria 2.Belgium 3.The Chech Republic 4.Cyprus 5.Denmark 6.Estonia 7.Finnland 8.France 9.Germany 10.Greece 11.Hungary 12.Ireland 13.Italy 14.Latvia 15.Lithuania 16.Luxemburg 17.Malta 18.Netherlands 19.Poland 20.Portugal 21.Slovakia 22.Slovenia 23.Spain 24.Sweden 25.United Kingdom Dr. habil. J.C. Gottwald Trier University Germany

4. Dr. Joern C. GottwaldUniversity Trier Germany4 European Union 欧盟

5. Dr. Joern C. GottwaldUniversity Trier Germany5 European Union 欧盟 The Organs of the European Union and other Institutions 欧盟机构及其他组织 European Council 欧洲理事会 Council of the European Union 欧盟理事会 European Parliament 欧洲议会 European Commission 欧盟委员会 Court of Justice 欧盟法院 Court of Auditors 欧盟审计院 Dr. habil. J.C. Gottwald Trier University Germany

6. Dr. Joern C. GottwaldUniversity Trier Germany6 European Union 欧盟 European Economic and Social Commitee 欧洲经济和社会委员会 Committee of the Regions 地区委员会 European Central Bank 欧洲中央银行 European Investment Bank 欧洲投资银行 European Ombudsman 欧盟监察员  The Rule of Law is fundamental to the European Union. 欧盟建立在法治的基础上。 Dr. habil. J.C. Gottwald Trier University Germany

7. Dr. Joern C. GottwaldUniversity Trier Germany7 European Council 欧洲理事会 ( 首脑会议 ) Heads of State and Government of EU Member States, and the President of the European Commission. 各成员国国家或政府首脑以及欧盟委员会主席定期会晤。 to define the general political guidelines of the European Union. 负责确定欧盟发展的大 政方针。 European Union 欧盟 德国外长和总理，荷兰外长， 奥地利总理 ( 从左到右 ) 。 Dr. habil. J.C. Gottwald Trier University Germany

8. Dr. Joern C. GottwaldUniversity Trier Germany8 Council of the European Union 欧盟理事会 ( 部长会议 ) Member of Council: one Minister from each of the national governments. 各成员国的部长。 9 Council configurations altogether. 共有九个专业部 长会议组成理事会。 Presidency: in rotation every six months. 主席 : 成员国轮任, 任期六个月。 2005 年轮值主席国 卢森堡, 英国 ( 左 ) 。 European Union 欧盟 Dr. habil. J.C. Gottwald Trier University Germany

9. Dr. Joern C. GottwaldUniversity Trier Germany9 European Union 欧盟 Six Key Responsibilites: 六项主要职责 To pass European Laws 批准欧盟的法律 To co-ordinate the broad economic policies 协调成员 国的经济政策 To conclude international agreements 缔结国际条约 To approve the EU‘s Budget 批准欧盟财政预算案 To develop the EU‘s Common Foreign and Security Policy (CFSP) 推动欧盟共同的外交和安全政策 To co-ordinate co-operation between the national courts and police forces in criminal matters 协调成员 国之间法院和打击刑事犯罪的合作 Dr. habil. J.C. Gottwald Trier University Germany

10. Dr. Joern C. GottwaldUniversity Trier Germany10 European Union 欧盟 European Parliament 欧洲议会 议员 (2004-2007): 732 全体大会在斯特拉斯堡 (Strasburg) 委员会在布鲁塞尔 (Brussels) 秘书处在卢森堡 (Luxemburg) 议长 : 何塞 · 博雷利 (Josep Borrell) 布鲁塞尔欧盟总部 Dr. habil. J.C. Gottwald Trier University Germany

11. Dr. Joern C. GottwaldUniversity Trier Germany11 European Union 欧盟 European Elections 欧洲议会选举 directly elected every 5 years. 直选， 5 年一届。 Seats in the EP (2004) 2004 大选结果 PES 欧洲社会民主党 EPP-ED 欧洲人民党 - 欧洲民主党 ALDE 欧洲自由民主同盟 Dr. habil. J.C. Gottwald Trier University Germany

12. Dr. Joern C. GottwaldUniversity Trier Germany12 European Union 欧盟 Three main Functions: 三个主要职权 The power to legislate ("co-decision“ with Council) 与理事会共同行使立法权 Supervising the European Institutions, in particular the Commission 监督其他机构，特别是欧盟委员会工作 „Power of the Purse“ („co-decision“ with Council) 与理事会共同批准欧盟预算案并监督执行 Dr. habil. J.C. Gottwald Trier University Germany

13. Dr. Joern C. GottwaldUniversity Trier Germany13 European Union 欧盟 European Commission 欧盟委员会 Commissioners (2004-2009): 25 (one per state) 委员 : 25 名 President (2004-2009): José Manuel Barroso 委员会主席 : 诺泽 · 曼努埃尔 · 巴罗佐 „Seat“ in Brussels 总部设在布鲁塞尔 巴罗佐 Dr. habil. J.C. Gottwald Trier University Germany

14. Dr. Joern C. GottwaldUniversity Trier Germany14 European Union 欧盟 Appointment of the Commission 委员会任命程序 President: appointed by the Council with qualified majority, then approved by the European Parliament 主席 : 由理事会任命 ( 有效多数 ), 经议会批准。 Commissioners: choosed by President-elect from lists of three nominees per Member State, approved by the Parlament, appointed by the European Council with qualified majority. 委员 : 由主席从各成员国提名的三个候选人中选一名，经议会批准，再由欧洲 理事会以有效多数通过任命。 →The College is collectively submitted to a vote of approval by the European Parliament 欧盟委员会作为一个集体可被议会弹劾。 Dr. habil. J.C. Gottwald Trier University Germany

15. Dr. Joern C. GottwaldUniversity Trier Germany15 European Union 欧盟 Four main Functions: 四项主要职能 To propose legislation to Parliament and the Council 向欧洲议会和欧盟理事会提出立法动议 To manage and implement EU policies and the budget 管理和实施欧盟的政策和财政预算案 To enforce European Law 执行欧盟的法律 To represent the European Union on the international stage 在国际上代表欧盟 Dr. habil. J.C. Gottwald Trier University Germany

16. Dr. Joern C. GottwaldUniversity Trier Germany16 European Union 欧盟 Court of Justice 欧盟法院 Member: one judge per member state, and eight ‘advocates-general’ 一个成员国一名法官, 以及八名总检察官。 Job: to make sure that EU legislation is interpreted and applied in the same way in all EU countries 负责解释欧盟法律以及确保各成员国统一执行法律。 Dr. habil. J.C. Gottwald Trier University Germany

17. Dr. Joern C. GottwaldUniversity Trier Germany17 European Union 欧盟 Court of Auditors 欧盟审计院 One member from each EU country, appointed by the Council 由各成员国派出一名代表组成，经理事会任命。 To check that the EU budget is correctly implemented 负责检查欧盟财政预算的执行 Dr. habil. J.C. Gottwald Trier University Germany

18. Dr. Joern C. GottwaldUniversity Trier Germany18 European Union 欧盟 European Economic and Social Commitee 欧洲经济和社会委员会 Advisory body representing social groups. 欧盟的顾问机构, 代表各社会团体的权益。 Committee of the Regions 地区委员会 Advisory body composed of representatives of Europe’s regional and local authorities. 欧盟顾问机构, 代表地方和基层政府的利益。 Dr. habil. J.C. Gottwald Trier University Germany

19. Dr. Joern C. GottwaldUniversity Trier Germany19 European Union 欧盟 Three Pillars of the European Union 1.The European Communities (supra-national) 2.The Common Foreign and Securty Policy (inter-governmental) 3.Political Co-operation in Judicial and Internal Affairs (inter- governmental) Dr. habil. J.C. Gottwald Trier University Germany

20. Dr. Joern C. GottwaldUniversity Trier Germany20 European Union 欧盟 立法程序 Co-decision procedure (Article 251 of the EC Treaty) 合作立法程序 ( 欧盟条约第 251 条 ) Co-operation procedure (Single European Act) 协作立法程序 ( 欧洲单一法令 ) 表决机制 Unanimity: 一致通过 absolute majority: 简单多数 (1/2 + 1 票 ) Qualified majority: 有效多数 (3/4 票数 ) Dr. habil. J.C. Gottwald Trier University Germany

21. Dr. Joern C. GottwaldUniversity Trier Germany21 European Union 欧盟 The co-decision procedure (Article 251 of the EC Treaty) 合作立法程序 ( 欧盟条约第 251 条 )

22. Dr. Joern C. GottwaldUniversity Trier Germany22 European Union 欧盟

23. Dr. Joern C. GottwaldUniversity Trier Germany23 European Union 欧盟 The Co-operation procedure (Single European Act) 协作立法程序 ( 欧洲单一法令 )

24. Dr. Joern C. GottwaldUniversity Trier Germany24 European Union 欧盟

25. Dr. Joern C. GottwaldUniversity Trier Germany25 Financial Markets Session II: The Political And Economic Importance of Financial Markets Dr. habil. J.C. Gottwald Trier University Germany

26. Dr. Joern C. GottwaldUniversity Trier Germany26 Financial Markets What is a Market? a place where demand and supply meet; goods are exchanged at true prices by homines oeconomici a spontanous order (Hayek) a set or formal and informal rules for rational actors to pursue their interests Dr. habil. J.C. Gottwald Trier University Germany

27. Dr. Joern C. GottwaldUniversity Trier Germany27 Financial Markets The Structure of Financial Markets 1.Money Markets (Markets for Short-Term Credits) 2.Capital Markets (Bonds and Securities) 3.Market for Derivatives 4.Markets for Foreign Currencies Dr. habil. J.C. Gottwald Trier University Germany

28. Dr. Joern C. GottwaldUniversity Trier Germany28 Financial Markets 10 Trends on the International Financial Markets since the 1970s 1.Liberalisation (End of Bretton-Woods; Open Markets) 2.Computerisation, Automatisation and Profession- alisation: Reduction in Transaction Costs 3.Multinationalisation 4.Securitisation 5.Institutionalisation 6.Disintermediation 7.Increase in Financial Markets Crises 8.Rise of Market-Fundamentalism 9.Competition among Financial Centres 10.Anglo-American Dominance? Dr. habil. J.C. Gottwald Trier University Germany

29. Dr. Joern C. GottwaldUniversity Trier Germany29 Financial Markets Financial Markets: A Public Choice Perspective Financial Markets Need Regulation Regulation is Re-Distribution Regulation is the Outcome of Politcal and Economic Competition Cui bono? Who reaps the benefits? Dr. habil. J.C. Gottwald Trier University Germany

30. Dr. Joern C. GottwaldUniversity Trier Germany30 Financial Markets The Economic Importance Financing Economic Activity Promoting Economic Development Major Growth Sector in Established Market Economies Promoting Efficiency Providing Information Providing Venture Capital Transformation of Time and Risk Spreading State of the Art Knowledge and Organisational Structures (Corporate Governance) Dr. habil. J.C. Gottwald Trier University Germany

31. Dr. Joern C. GottwaldUniversity Trier Germany31 Financial Markets The Political Importance Distribution of Wealth Diustribution of Political Bargaining Power Financing Public Expenditure Limiting Public Expenditure Financing Political Campaigns Financing Social Security Symbolic Performance (Systemic) Risk: Financial, Social, and Political Crises Providing Global Leverage Dr. habil. J.C. Gottwald Trier University Germany

32. Dr. Joern C. GottwaldUniversity Trier Germany32 Financial Markets Regulation of Financial Markets as Setting, Implementation and Revision of Rules Crisis Prevention and Crisis Management State Interventions Against Market Failure Market Creation Promotion of National Champions Dr. habil. J.C. Gottwald Trier University Germany

33. Dr. Joern C. GottwaldUniversity Trier Germany33 Financial Markets Theories of Regulation Normative Theory of Regulation –Efective State Interventions Aganst Market Failure Positive or Public Choice Theory of Regulation –Research on Regulatory Capture –Different Regulatory Regimes (Organisation / Orientation) –Different Modes of Regulation Dr. habil. J.C. Gottwald Trier University Germany

34. Dr. Joern C. GottwaldUniversity Trier Germany34 Financial Markets Modes of Regulation Hard Regulation by Law Soft Regulation by Bargaining, Consensus Self Regulation Regulatory Capture „Disguised/Camouflage“ Regulation („Keeping the Shotgun behind the Door“) No Regulation / Regulation through Competition Dr. habil. J.C. Gottwald Trier University Germany

35. Dr. Joern C. GottwaldUniversity Trier Germany35 Financial Markets Important Private Actors Investors: Private, Funds, Investment Banks, Pension Funds Hedge Funds (Listed) Companies (Universal / Specialized) Banks; Stock Exchanges Clearing and Settlement Accountants; Consultants; Rating-Agencies Providers of Information/ News Agencies Providers of Indices Lobby Groups Dr. habil. J.C. Gottwald Trier University Germany

36. Dr. Joern C. GottwaldUniversity Trier Germany36 Financial Markets Important Public Actors National/Regional Governments/Administrations ； Parliaments Political Parties Supervisory Organisations; Regulatory Bodies Courts International Organisations Interest Groups Dr. habil. J.C. Gottwald Trier University Germany

37. Dr. Joern C. GottwaldUniversity Trier Germany37 European Union 欧盟 感 谢 听 讲欢 迎 指 正感 谢 听 讲欢 迎 指 正 Dr. habil. J.C. Gottwald Trier University Germany