Nobody downloaded yet

Accountability, Representation and Control and the Euro crisis - Essay Example

Comments (1) Cite this document
Summary
Analysts and economic scholars have assessed the Euro crisis from a variety of angles including the impact of accountability, representation, and control on the creation or resolution of the crisis…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.9% of users find it useful
Accountability, Representation and Control and the Euro crisis
Read TextPreview

Extract of sample
"Accountability, Representation and Control and the Euro crisis"

Download file to see previous pages Some of the common perspectives on the crisis suggest that the weaknesses in the accountability processes, compromised systems of control, and poor representation are at the core of the Euro crisis (Hopwood, 2009, p. 797). Those who hold onto this view contend that revamping the structural basis of the three features is fundamental to resolving the crisis. The banking sector, the government spending practices, and the corporate world remain some of the areas that have received significant focus by analysts of the Euro crisis. Poor controls feature in the manner in which governments have failed to put in place regulatory systems to stem bad spending practices, which lead to increased deficits that imperil economic growth. Weak accountability systems encouraged unethical accounting practices that threatened the collapse of the banking sector in the region attracting large amounts of bailouts that burdened the taxpayers. The genesis of the Euro crisis stems from failure of some member states to regulate their sovereign debt. The sovereign debt, which had been capped at the 60 percent of the gross domestic product GDP, determines the state of stability of the economic stability of the member states (Arnold, 2012). Proposals for austerity measures, which have been suggested by countries like Germany have incurred the displeasure of some of the most affected countries such as Greece and Poland. The central thinking of the affected countries is that austerity measures will stunt economic growth and leading to states of economic instability, which would expose the affected countries to more damage from the systems. It is important to consider some of the reasons of the economic crisis in terms of the structural germ of their causes. At the bottom of the debt crisis is the need for stronger and reliable regulatory frameworks that would enable accountability, control, and representation in order to shield the Eurozone from the adverse consequences of the crisis. Pursuit of economic self-interest among the Eurozone member states remains one of the challenges facing efforts of addressing the Euro crisis (Lynn, 2011, p. 31). Entry into the Eurozone necessarily required member countries to cede some control of their economic structures to a centralized operational framework without mortgaging their sense of autonomy. Further, the challenge also involves the question of competition, which drove some countries to practice subjective accounting practices with the intention of protecting certain self-interests. According to some economic policies, the Euro crisis would have been averted had the member countries adjusted their accounting policies and operations in ways that embrace the aspect of representation as understood within the framework of fair trading practices (Arestis, 2012). Such structures would have provided the necessary points of economic convergence, which would have shielded the countries from the threats posed by the crisis. Much of the focus of the Euro crisis has involved unqualified accounting practices in the corporate world (Knight, 2012, p. 13). A number of banks, for instance, presented unqualified audit reports, which gave hints of growth based on misrepresentation of certain disclosures on assets and mortgages. Such banks later encountered numerous operational challenges that led to their being declared bankrupt. On this account, many banking institutions led to massive government expenditure in terms of bailouts, which were necessitated by the fact that failure to put in place appropriate regulatory mechanisms would expose the banking sector to the threat of collapse, which would then touch of a series of economic challenges that ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Accountability, Representation and Control and the Euro crisis Essay”, n.d.)
Accountability, Representation and Control and the Euro crisis Essay. Retrieved from https://studentshare.org/management/1403691-discuss-whether-the-concepts-of-accountability
(Accountability, Representation and Control and the Euro Crisis Essay)
Accountability, Representation and Control and the Euro Crisis Essay. https://studentshare.org/management/1403691-discuss-whether-the-concepts-of-accountability.
“Accountability, Representation and Control and the Euro Crisis Essay”, n.d. https://studentshare.org/management/1403691-discuss-whether-the-concepts-of-accountability.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
an
annabeljakubows added comment 2 months ago
Student rated this paper as
I didn’t know how to start my text. "Accountability, Representation and Control and the Euro crisis" helped me out a lot! Especially the list of content was valuable.
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
The reserch paper on The Euro Crisis
...economic problems in the European nations (Arestis & Sawyer, 2012). Considering this aspect, the review will emphasize on the factors accountable for crisis in the European nations. The objective of the review is to recognise the reasons for Euro crisis. Moreover, review will also focus on remedies necessary for minimising the effects of Euro crisis in the European nations and other countries. The review includes other aspects related to the Euro crisis along with economic problems faced by the European nations. Background The Euro system of the European countries consists of ECB and 11 central...
16 Pages(4000 words)Essay
Accountability, representation & control
...?Accountability, Representation & Control Inserts His/Her Inserts Grade Inserts 11 Introduction Accounting is the means to measure performance and maintain control in the organization. All organizations and businesses utilize some form of accounting whether it is basic ledgers or management and cost accounting. Accounting is the means to identify elements of sales, expenditure and profit as well as budgets, inventory and forecasts. Thus it is a method of achieving accountability as it monitors and accounts for every financial transaction and thus keeps a check on fraud, embezzlement and suspicious acts within the firm. However, accounts focuses on quantitative rather than qualitative data. It does not measure qualitative performance data... of their...
5 Pages(1250 words)Essay
Economic Crisis in Greece and its Impact on the Euro
...from unemployment and higher rates of inflation. The situation clearly demands for strict measures to bring the situation under control. The EU is concerned that the position of the euro may get diminished owing to the crisis in Greece. The concern comes for both Greece as well the other countries that might be equally affected. The situation might be expected to improve by the new plans in the short term, but the results would depend on the performance of the Greek government. (Mohtashami) The difficulties faced by Greece reflect problems for managing the euro, as well as likely uncontrollable performance in foreign-exchange markets, which threaten to broaden uncertainty and...
8 Pages(2000 words)Essay
The Euro Debt Crisis and Consequences for the Developing Nations
...Due The Euro Debt Crisis and Consequences for the Developing Nations From the great depression of 1930s, the world economy came to its knees in 2008 with crossing cutting consequences that not only knocked steady institutions down but left other strong ones like AIG Corporation begging for assistance to stand on their feet once again. Just as the world economy was showing some signs of recovery from the worst recession in nearly a century, the global economy once again got hit by the Euro debt crisis. Even with austerity measures in place, growth prospects within the Euro zone has been downgraded to 1.5 percent this year. As an important trading block, there is no...
3 Pages(750 words)Essay
Debt Crisis in the Euro-zone
...in the economy. The three main issues that may arise would be loss of monetary independence, loss of adaptability to export changes and extraneous volatility (Hailu et al, 2011). Crisis within a country would lead to imbalances. These imbalances within an economy usually lead to different results such as current accounts deficits, negative balance of trade, reduction in government funding, minimum wages, higher taxes and all of these factors would result in slow economic growth and this would thus reduce the aggregate demand. For example, if there would be a crisis within a country such as unemployment, the currency of the country implementing the fixed exchange policy would not with respect to...
10 Pages(2500 words)Essay
The Sovereign Debt Crisis in the Euro Region
...? The Sovereign Debt Crisis in the Euro Region The European dent crisis started in the late 2009, wherethe European countries had a fear of defaulting. There are many reasons, which made this issue turn into a huge one. There was an agreement that had been signed by all the European countries that said that all of them would have to limit their spending and also reduce their funding of new business and existing markets through debt. For this purpose they created an enormous pool of money, and the countries used to draw from them. There were many European countries that agreed to pay out to potential investors on loan so that they could build their business or create a boom in their existing...
5 Pages(1250 words)Essay
The Euro Crisis in Portugal ( European Union)
...eurozone countries with itself if Greece has separate individual currency. In fact, if all of the PIIGS countries had individual currencies then they would have been able to solve their problems in their own way without disturbing the economies of other member countries like each country could have participated in selling goods in the global market until their respective situations came under control. Also, in this era of globalization economy of one region of the world is interconnected with other regions. That is why, if stronger countries like Germany or Spain leaves the EU to save their skins, the reverberation will be felt by the entire world (Eichler, 2011). The impact of the euro crisis on...
30 Pages(7500 words)Essay
Discuss how new technology companies (e.g. Apple, Facebook, Amazon, Google) have changed their accounting practices to influence their market valuation: what are the issues of accountability, representation and control in these changes Use the read
...Leadership in Nursing Contents Introduction 3 Discussion 4  Financial and Management accounting practices followed at the chosen companies 4 Analysisof accountability 5 Analysis of representation 7 Analysis of control 9 Google Inc. 9 Amazon 10 Conclusion 11 References 12 Introduction Accounting and management disclosures are used by investors and other stake holders to get a picture of the company. These documents provide various important and relevant information’s about the general and financial health of the company. The documents provide a brief representation of the company to the stakeholders. However fact that should always be kept in mind...
11 Pages(2750 words)Essay
Discuss the role of accounting in recent banking scandals: what were the issues of accountability, representation and control that led to these scandals
.... 251-261. Hopwood, A. G. (2009). The economic crisis and Accounting: Accounting, Organizations, and Society 34. Pp. 797–802. Hoskin, K. W. & Macve, R. H. (1988). The Genesis of Accountability: Accounting Organizations and Society, Vol. 13(1). Pp. 37-73. Lehman, G., (2005). A critical perspective on the harmonization of accounting in a globalizing world: Critical Perspectives on Accounting 16. Pp. 75–992 McSweenn, B. (1997). The Unbearm3le Ambiguity of Accounting: Accounting, Organizations and Society, Vol. 22(7). Pp. 691-712. Roberts, J. (1991). The Possibilities Of...
12 Pages(3000 words)Essay
Euro crisis
24 Pages(6000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Accountability, Representation and Control and the Euro crisis for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us