National Systemic Risk Management
In order to manage systemic risk in an organization, such as a state, three points of reference must be established, that is a micro-organizational (households, companies), a macro-organizational (the state institutional system, the socioeconomic system of a country), and a mega-organizational one (global relationships). The most important in this case is the macro-organizational point, as looking at the executive of the state institutional system allows to assume a holistic perspective on risk within the framework of shaping the immediate systemic environment and neutralizing the threats posed by a distant systemic environment. In turn, any human activity, especially if related to trade, is connected with taking risks and the possibilities of incurring potential losses, particularly in legal and financial terms. There is also a global perspective on top of that, which should not only be taken into account but perpetually born in mind as it may pose both opportunities and threats. This is because every type of risk, systemic or incidental in nature, assumes its own significance or generates cyclical or stable costs that must be incurred in order to regain the efficiency of operation chiefly in economic terms.
KeywordsEuropean Union Risk Management Euro Area Systemic Risk Public Debt
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