The EEC's first banking directive (77/780/EEC) established the authorization system for credit institutions in each member state in 1977. Twelve years later, the single authorization system and the home country control were adopted through the second banking directive (89/646/EEC). In the financial services sector, the integration of a single market has made great strides forward.
The universal banking model which the EU adopted came from the German banking system, however such a system had never existed in France until 1984. The German banking system has served as a basis for the regulatory structure of the common market of the EU. Under the influence of this system in neighboring countries, the French banking system underwent various reforms. The universal banking system was introduced by the Banking Act of 24 January 1984.
In the 1990s, each member state liberalized their financial services markets and brought on competition in an open-market system under a single currency, the euro. The regulatory harmonization of the EU financial services market was further brought to fruition via the Financial Services Action Plan (FSAP).
Despite freer competition and many examples of state enterprises being privatized, there still appears to be low competition from outside players in each domestic market, which is confirmed by an EU Commission report which showed that cross-border M & A activity is still very low.
This report suggests that measures up to now, such as single-nationality or regulatory harmonization may not be enough to spur cross-border competition. Further policies that encourage freer competition across the EU may be needed. For example, one area in need of improvement may be changing policies that continue to allow local governments to protect and favor their regions' public or legal institutions. Private institutions have long protested against such protectionism.
In Germany, as a result, the guarantees for the saving banks (Sparkasse) and its central institutions (Landesbank) from their public owner were abolished in July of 2005. In France some parts of the largest state-owned credit institution, CDC, were separated and privatized, leading the savings bank division, known as Caisses d'épargne, to be spun out as a cooperative bank.
From the viewpoint of the traditional German economic model, which is known as “Soziale Marktwirtschaft” (social market economy), the privatization of state-owned institutions might be interpreted as the demise of Germany's long-held social market economy. However, there is still great inheritance in many of the EU member countries under such privatization moves. These cases on Germany and France in EU give some suggestions to the recent economic policies in Japan under the globalization.

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This considers the evolution of economic ideas in France before and after the Second World War, relating it to the reception of Keynesianism. In France, criticism of the “Laissez-Faire” and of Liberalism was primarily made not by university economists but by planist and économiste-ingénieur who professed the ideas of Economie Dirigée (Managed Economy). In this period, small groups espousing Keynesian principles emerged among them. As a result, the theoretical debate was less important and the main aspect of the reception was rather practical.
They were concerned with the American New Deal, and under its influence, supported the financial and fiscal policy, devaluation and public works by a deficit spending, to stimulate the recovery until “Blum Experiment”. With the fall of the Blum cabinet, they were more concerned by the relative retardation in technologie and productive equipment which caused low supply capacity of French industry.
The defeat against Germany in 1940 accelerated the consciousness of economic retardation. Many leaders, conscious of a crisis of National Power, accepted Keynesianism as means for achieving a Managed Economy. During the War, leaders of the Resistance and Vichy officials introduced Keynesianism as means to the Planning. The Monnet Plan formulated after the War was strengthened in this way, while in France Keynesianism inspired supply-side actions and basis for economic modernization.

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The purpose of this article is to describe international order designed by French neoliberalism through European integration and Atlanticism and its effects on the French government’s external policies.

French neoliberalism was born in the late 1930s in the struggle to retrieve the credibility of liberal economy and fight against fascism and communism by searching for a third way. In most of the literature, the birth of new economic norms and new economic policy in the 1930s is explained by the emergence of Keynesian economics and economic policies, and ‘neo-liberalism’ is often placed as a contrasting concept to Keynesian policies. However, the original neoliberalism was, like Keynesian ideas, more socially oriented. After the Second World war, French neoliberals gradually lost common ground regarding economic principles, dividing between the left (neoliberals seeking a way to reconcile liberalism and socialists) and the right (trying to return to orthodox liberal economics). However, the two groups were still united as long as it concerned European integration and Atlanticism. These two ideas on the international order maintained the unity of the French neoliberalism from its birth to after the Second World War.

With regard to the European integration, its support was based on the expectation that European integration become a framework to establish an ‘institutional market’ in which liberal competition was coordinated by the rules and interventions by the international institutions.

The institutional market come to reality when the EEC was established in 1957 by the initiatives of the neoliberals. Not only did they develop a campaign for the Rome Treaty, they also desired for the French economy to really participate in the liberalisation processes in Europe with financial reform to contain inflation – which was finally achieved in the Rueff Plan in 1958.

The influence of the Atlanticism of the neoliberals to the French external policy was limited. In 1936, when the Popular Front government adopted the devaluation of the franc as suggested by the neoliberals in the Tripatite Agreement between France, United States, and United Kingdom, this situation represented as a French decision to unite with liberal countries, denying fascism. However it was too late and the changing international circumstances made it meaningless.

In the 1960s, the neoliberal’s Atlanticism was reflected in their critiques to the international monetary system centered on US dollars. Their critical attitude to the dollar did not mean their support for Atlanticism was lost, rather, they tried to consolidate the economic basis of the Atlantic cooperation by reforming the international monetary system. However, when their call for return to the gold standard was adopted by the General de Gaulle, it was used as a tool to attack Atlanticism.

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The author examines the European sovreign debt crisis from an economic point of view, clarifying its structural causes, expansion process and bailout package.
The main focus is on snch questions as: Why did the euro crisis break out long after the global financial crisis rooted in American financial market erros? What are specific differences between these two crises? What was the main structural cause that has given rise to the euro crisis? If it was heterogeneity between southern eurozone countries and northern ones, what has brought about this North-South divide? Why has the crisis been intensified and prolonged so far beyond all expectations? Why have austerity measures been inevitably adopted by all eurozone countries as the golden rule forced by Germany? Who are the main saviors of the euro system?
Speculation about the breakup of the eurozone hastened member countries to implement such ambitious governance reforms that they couldn’t be commonly accepted. The new triangle of the Monetary Union illustrates the following institutional set-up. The responsibility for price stability lies with the ECB; the responsibility for fiscal sustainability lies with individual governments under joint oversight; financial stability is both an individual and a collective responsibility of government; and the safety net of the EFSF/ESM covers the triangle firmly.

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本稿は，オルタナティブ・バンキングの歴史とその意義を明確にしようとしたものである．オルタナティブ・バンキングは，貨幣の貯蔵機能を減退させ，より貨幣が社会の中で循環するように，預金は基本的にゼロ利子等の特徴を持ったものである．今回は，その事例として，北欧のJAK銀行とスイスのWIR銀行を取り上げる．両銀行とも1929年から始まる世界大恐慌の中で生み出されたものであり，シルビオ・ゲゼルが創出した自由貨幣論を理念の中心に置いている．無利子貯蓄－貸付銀行であるJAK銀行は，デンマークで1931年に，スウェーデンで1965年に設立された．中小企業のための銀行であるWIR銀行は，1934年に設立された．土地に根付く中小企業や人々の活性化の潜在的な可能性を引き出すものとしてのオルタナティブ・バンキングは，主としてインフォーマルな経済を活性化させる地域と並んで，地域コミュニティにおいて注目すべき存在である．

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