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The present paper examines the impact of the current fiscal crisis in the euro area on the Greek banking system and the institutional, regulatory and supervisory measures adopted to preserve its stability. It is divided into two parts. The first part deals with the differentiated impact of the recent (2007–2009) international financial crisis and the current fiscal crisis in the euro area on the Greek banking system, and the measures adopted to safeguard its stability from 2008 (amidst the recent international financial crisis) until the establishment of the European Banking Union in 2014 (amidst the current fiscal crisis in the euro area). The second part overviews the main elements of the current institutional, regulatory and supervisory framework governing banking stability in Greece in the era of the European Banking Union and its implementation during the last 2 years after the establishment of the Single Supervisory Mechanism, the Single Resolution Mechanism and the Single Resolution Fund. The paper concludes with some remarks on the current challenges of the Greek banking system, the functioning of the Single Supervisory Mechanism and the need for a ‘regulatory pause’.

The importance of programs that facilitate the transition of students to elementary school in order to support both their academic success and healthy development is undeniable. Therefore, the Ministry of National Education developed the School Adjustment Program in cooperation with UNICEF for first graders and implemented it in all elementary schools in Turkey. The aim of the present study is to examine the contribution of this program to school adjustment, student-teacher relations, peer relations, and various behaviors of elementary school students in first grade. The participants of the study, which is based on ex-post facto design, include 110 classroom teachers working in schools in Ankara during the 2015–2016 and 2016–2017 academic years. While 48 of these teachers implemented the adjustment program activities in their classrooms in 2015; others did not implement these activities in their classrooms in 2016. All the teachers filled in the School Adjustment Teacher Rating Scale, Student–Teacher Relationship Scale, and Child Behavior Scale (683 students engaged in the activities and 520 students did not) to evaluate how various aspects of their students’ transition were affected by the program. One-way MANOVA analysis showed that the study group had higher mean scores for collaborative participation, liking school, self-directedness, and closeness to the teacher than the comparison group. Although the aggressive and prosocial behavior scores towards peers were higher in the study group, the partial effect sizes were found to be insignificant. While the scores of school avoidance and conflict with teachers were lower in the study group than in the comparison group, there was no difference between the groups in their scores for asocial behaviors towards peers, hyperactivity/distraction, anxiety/fear, and exclusion by peers. It was concluded that the program contributed to the establishment of close student–teacher relationships in the selected schools and the adjustment of the students to the schools. Öğrencilerin gerek akademik başarılarını gerekse sağlıklı gelişimlerini desteklemek için ilkokula geçişlerini kolaylaştırıcı programların önemi yadsınamaz. Türkiye'de bu amaçla ilkokul birinci sınıf öğrencilerine yönelik Okula Uyum Programı geliştirilmiş ve tüm ilkokullarda uygulanmaya başlanmıştır. Bu araştırmanın amacı uygulanan bu programın ilkokul birinci sınıf öğrencilerinin okula uyum, öğretmen - öğrenci ilişkileri, akran ilişkileri ve çeşitli davranışlarına olan katkısını incelemektir. Bu amaç doğrultusunda, ex-post facto desene dayalı yapılan bu araştırmanın katılımcıları, 2015-2016 ve 2016 - 2017 eğitim öğretim yıllarında Ankara ilinde aynı okullarda çalışan 110 ilkokul öğretmendir. Bu öğretmenlerden 48’i 2015 yılında uyum programında yer alan etkinlikleri sınıflarında uygularken; diğerleri 2016 yılında bu etkinlikleri sınıflarında uygulamamışlardır. Öğretmenlerin tümü öğrencilerinin uyumlarını değerlendirmek üzere Okula Uyum Öğretmen Derecelendirme Ölçeği, Öğrenci-Öğretmen İlişkileri Ölçeği ve Çocuk Davranışı Ölçeğini (etkinlik uygulanan grupta 683 öğrenci, uygulanmayan grupta 520 öğrenci) derecelendirmişlerdir. Tek yönlü MANOVA analizi, programa katılanların işbirlikçi katılım, okulu sevme, kendi kendini yönetme ve öğretmene yakınlık puan ortalamalarının karşılaştırma grubundan daha yüksek olduğunu göstermiştir. Çalışma grubunda akranlara yönelik saldırgan ve prososyal davranış puanları, karşılaştırma grubundan daha yüksek olmasına rağmen kısmi etki büyüklükleri önemsiz bulunmuştur. Çalışma grubunda okuldan kaçınma ve öğretmenlerle çatışma puanları karşılaştırma grubundan daha düşükken; akranlara yönelik asosyal davranışlar, hiperaktivite dikkat dağınıklığı, kaygı/korku duyma ve akranların dışlaması puanlarında gruplar arasında bir fark bulunmamıştır. Programın seçilen okullarda yakın öğretmen-öğrenci ilişkilerinin kurulmasına ve öğrencilerin okula uyum sağlamasına katkı sağladığı sonucuna varılmıştır.

This paper explores the following development questions that perplex most Africans: \"Why do African countries rely on foreign companies and foreign experts for almost all our development projects? Why can't we build our own roads, process our own food, and mine our own minerals, oil, and gas? Why don't we have world-class hospitals and industries? How can we have so much natural wealth and yet be so poor? Why do we invent so little?\" The answer lies in our failure to implement idea number two. There are two major ideas in educational policy. Idea number one is the obligation to educate all children because it is their fundamental human right as enshrined in the 1948 United Nations Declaration of Human Rights. Idea number two is the strategy of establishing and sustaining world class schools and universities for the education of the most highly gifted and highly talented citizens. Developed countries deploy both ideas aggressively. Underdeveloped countries in Africa have not implemented idea number two. Countries that have deployed idea number two have at least one university ranked among the top 200 in the world. The presence of great universities (top 200) in a country is a 21ˢᵗ century indicator of the presence of high levels of innovation, technology, development and wealth in that country. According to the three major rankings of world universities (Shanghai-ARWU, THE, and QS-topuniversities.com), none of the world's top 100 great universities is in Africa. Although Africa was a pioneer among the continents in innovations such as human language, domestication of fire, making of tools, invention of agriculture, development of writing, and creation of great centers of learning in ancient times, it has fallen behind other continents over the last 500 years and it has been disrupted by enslavement and colonization, and the structural adjustment programs (SAPs) of the IMF and the World Bank. Ancient African centers of innovation included the Ancient City of Benin and Timbuktu in Western Africa, the Kingdom of Kush and ancient Egypt in northern Africa, Axum in Eastern Africa, Mapungubwe and Great Zimbabwe in Southern Africa, and the Kingdom of Kongo in central-Africa. An African renaissance will only occur when we implement idea number two by establishing world class schools and at least one great university per African country. Cet article explore les questions de développement suivantes qui intriguent la plupart des Africains : « Pourquoi les pays africains s'appuient-ils sur des entreprises et des experts étrangers pour presque tous nos projets de développement ? Pourquoi ne pouvonsnous pas construire nos propres routes, transformer nos propres aliments et extraire nos propres minéraux, pétrole et gaz ? Pourquoi n'avons-nous pas d'hôpitaux et d'industries de classe mondiale ? Comment pouvons-nous avoir autant de richesses naturelles et pourtant être si pauvres ? Pourquoi inventons-nous si peu ? La réponse réside dans notre échec à mettre en œuvre l'idée numéro deux. Il y a deux idées majeures en politique éducative. L'idée numéro un est l'obligation d'éduquer tous les enfants, car il s'agit de leur droit humain fondamental tel que consacré dans la Déclaration des droits de l'homme des Nations Unies de 1948. L'idée numéro deux est la stratégie consistant à créer et à maintenir des écoles et des universités de classe mondiale pour l'éducation des citoyens les plus doués et les plus talentueux. Les pays développés déploient ces deux idées de manière agressive. Les pays sous-développés d'Afrique n'ont pas mis en œuvre l'idée numéro deux. Les pays qui ont déployé l'idée numéro deux comptent au moins une université classée parmi les 200 meilleures au monde. La présence de grandes universités (les 200 meilleures) dans un pays est un indicateur du XXIe siècle de la présence de niveaux élevés d'innovation, de technologie, de développement et de richesse dans ce pays. Selon les trois principaux classements des universités mondiales (Shanghai-ARWU, THE et QS-topuniversities.com), aucune des 100 meilleures universités mondiales ne se trouve en Afrique. Bien que l'Afrique ait été un continent pionnier en matière d'innovations telles que le langage humain, la domestication du feu, la fabrication d'outils, l'invention de l'agriculture, le développement de l'écriture et la création de grands centres d'apprentissage dans l'Antiquité, elle a pris du retard sur les autres continents au fil du temps. Ces 500 dernières années ont été perturbées par l'esclavage et la colonisation, ainsi que par les programmes d'ajustement structurel (PAS) du FMI et de la Banque mondiale. Les anciens centres d'innovation de l'Afrique comprenaient l'ancienne ville du Bénin et Tombouctou en Afrique de l'Ouest, le royaume de Kouch et l'Égypte ancienne en Afrique du Nord, Axum en Afrique de l'Est, Mapungubwe et le Grand Zimbabwe en Afrique australe et le royaume de Kongo en Afrique centrale.. Une renaissance africaine ne se produira que lorsque nous mettrons en œuvre l'idée numéro deux en créant des écoles de classe mondiale et au moins une grande université par pays africain.

Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek government has defaulted four times on its external creditors—with striking historical parallels. Each crisis is preceded by a period of heavy borrowing from foreign private creditors. As repayment difficulties arise, foreign governments step in, help to repay the private creditors, and demand budget cuts and adjustment programs as a condition for the official bailout loans; political interference from abroad mounts, and a prolonged episode of debt overhang and financial autarky follows. We conclude that these cycles of external debt and dependence are a perennial theme of Greek history, as well as in other countries that have been \"addicted\" to foreign savings. At present, there is considerable evidence to suggest that a substantial haircut on external debt is needed to restore the economic viability of Greece. Even with that, a policy priority for the country should be to reorient, to the extent possible, toward domestic sources of funding.

This article applies Antonio Gramsci’s understanding of organic and specialised intellectuals in the context of the struggles of the Zimbabwean working class between 1995 and 2000, including the formation of the Movement for Democratic Change (MDC). It explores Gramsci’s work on intellectuals in his Prison Notebooks with an interpretation of his notes on specialised intellectuals and organic intellectuals. New evidence about the period is introduced, drawn mainly from interviews with key rank-and-file workers’ leaders. Through their deep involvement in this period of intense class struggle, they established themselves as working-class leaders. Based on this, the article characterises them as organic intellectuals. Building on Zimbabwe’s labour history and the suffering stemming from the government’s neoliberal Economic Structural Adjustment Programme, these individuals are shown to have played a critical role in challenging ESAP and the government and calling for a workers’ party. The article’s originality lies in its reinterpretation of this important moment in Zimbabwe’s history using Gramsci’s discussion of the role of intellectuals, highlighting the important role organic intellectuals played in this history. A key lesson from this period is the need to guard against the risk of a working-class movement for radical change being outmanoeuvred again in future.

The study investigated the effect of monetary policy on economic growth during post structural adjustment programmer in Nigeria. It used the expo-facto design. Secondary data for the period of 1985-2015 were utilized. The data were extracted from the Central Bank of Nigeria (CBN) Statistical Bulletin and the National Bureau of Statistics (NBS). The linear regression with the application of Ordinary least Squares (OLS) technique was employed to estimate the parameters of the model numerically. Finding revealed that broad money supply had a positive and significant effect on economic growth in Nigeria during post structural adjustment programmer from 1986-2015. Interest rate had a negative and significant effect on economic growth in Nigeria during the same period and inflation rate had a positive and insignificant effect on economic growth in Nigeria at the same time. The study recommended that Central Bank of Nigeria should facilitate the emergence of market based interest rate that would attract both domestic and foreign investments, as well as create jobs, and promote non-oil export, while reviving industries that are currently operational, far below installed capacity. In order to strengthen the financial sector, the Central Bank has to encourage the introduction of more financial instruments that are flexible enough to meet the risk preferences and sophistication of operators in the financial sector.

PurposeAgricultural development still constitutes an integral part of Ghana's drive towards job creation, industrial development and economic growth with various growth policies placing the agricultural sector at the core. While there are likely environmental effects of agricultural activities, evidence in Ghana remains scanty. The study focused on examining, empirically, the effects of the development of the agricultural sector on carbon dioxide (CO2) emission in Ghana.Design/methodology/approachThe paper employed the Stochastic impacts by regression on population, affluence and technology (STIRPAT) framework to test for the environmental Kuznets curve (EKC) hypothesis for agriculture and carbon dioxide emission as well as the effect that the changing structure of Ghana's agricultural development has on carbon dioxide emission for the 1971–2018 period. Regression analysis, variance decomposition and causality analysis were performed.FindingsThe regression results revealed a U-shaped relationship between agricultural development and carbon emission, implying a rejection of the EKC hypothesis between the two variables. In addition, the Structural Adjustment Programme was found to positively moderate the effect agriculture has on carbon emission.Practical implicationsThe study recommends the need for policy-makers to facilitate the large-scale adoption and use of modern technology and environmentally friendly agricultural methods.Originality/valueThe study is among the few works to assess the EKC hypothesis between agriculture and carbon dioxide emission in Africa. The direct and indirect effect of structural adjustment programme on carbon emission is estimated.

Prior actions are measures that need to be implemented prior to Board approval of an IMFsupported program. This paper examines whether such prior actions can signal a willingness to implement reforms, especially when the member's track record is weak. We find some support for this signaling role, particularly for programs supported by the General Resources Account (GRA). Controlling for the member's previous track record, prior actions are associated with greater compliance with other structural conditions, suggesting their possible use as a screening device. Moreover, prior actions set at program approval serve as a useful screening device and strengthen the macroeconomic targets set out in the IMF-supported program. The results also reveal a demonstrable screening effect on growth over the medium term, since the growth impact of the ratio of prior actions at the outset versus the rest of the program is significantly positive while the total number of prior actions is not statistically significant.