European Economic and Monetary Integration, and the Optimum Currency Area Theory
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A Comparative Historical Study of the Development of a European Army Written by Snezhana Stadnik
A Comparative Historical Study of the Development of a European Army Written by Snezhana Stadnik This PDF is auto-generated for reference only. As such, it may contain some conversion errors and/or missing information. For all formal use please refer to the official version on the website, as linked below. A Comparative Historical Study of the Development of a European Army https://www.e-ir.info/2016/05/12/a-comparative-historical-study-of-the-development-of-a-european-army/ SNEZHANA STADNIK, MAY 12 2016 Has the Time Come? – A Comparative Historical Study of the Obstacles Facing the Development of a European Army Almost 70 years ago, a polity was created which instituted a legacy of peace among incessantly warring states. This remarkable feat, a collection of nation-states called the European Union (EU), has been the object of much research and observation. Starting off as an economic community, then growing into a new kind of federalist suprastate, 28 countries today have come together to participate in the blurring of national borders, achieving more success in market integration than foreign and security policy. This hybrid system of supranationalism and intergovernmentalism is incrementally evolving as decision-makers create and refine institutions and mechanisms to respond to needs, ultimately moving the Union forward. One such decision-maker, European Commission President Jean-Claude Juncker, recently re-surfaced an important issue: the need for a European army.[1] This has not been the first time that an influential European official has called for such a development. Every decade, the issue is revisited, with German Chancellor Angel Merkel recently wishing for a European army on her birthday.[2] Despite many developments in defense and security policy in the last several decades, one thing remains certain: the same underlying reasons that historically precluded the development of a supranational European army remain relevant today. -
Does a Currency Union Affect Trade? the Time Series Evidence
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a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
Currency Unions
Currency Unions The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Alesina, Alberto, and Robert J. Barro. 2002. Currency unions. Quarterly Journal of Economics 117(2): 409-436. Published Version http://dx.doi.org/10.1162/003355302753650283 Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:4551795 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA CURRENCY UNIONS* ALBERTO ALESINA AND ROBERT J. BARRO Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability (if a committed anchor is selected) against the loss of an independent stabilization policy. We show that the type of country that has more to gain from giving up its own currency is a small open economy heavily trading with one particular large partner, with a history of high infiation and with a business cycle highly correlated with that of the potential "anchor." We also characterize the features of the optimal number of currency unions. I. INTRODUCTION In 1947 there were 76 countries in the world; today there are 193. The growth of the numher of countries has led to a large increase in the numher of currencies in circulation; un- less one helieves that a country is, hy definition, an "optimal currency area," either there were too few currencies in 1947, or there are too many today. -
The Theory of Optimum Currency Areas and Business Cycle Synchronization in Central and Eastern European Countries
TALLINN UNIVERSITY OF TECHNOLOGY Tallinn School of Economics and Business Administration Department of Finance and Economics Chair of Finance and Banking Natalia Levenko THE THEORY OF OPTIMUM CURRENCY AREAS AND BUSINESS CYCLE SYNCHRONIZATION IN CENTRAL AND EASTERN EUROPEAN COUNTRIES Master’s thesis Supervisor: Professor Karsten Staehr Tallinn 2014 I declare I have written the master’s thesis independently. All works and major viewpoints of the other authors, data from other sources of literature and elsewhere used for writing this paper have been referenced. Natalia Levenko …………………………… (signature, date) Student’s code: 122351 Student’s e-mail address: [email protected] Supervisor: Professor Karsten Staehr The paper conforms to the requirements set for the master’s thesis …………………………………………… (signature, date) Chairman of defence committee: Permitted to defence …………………………………………… (title, name, signature, date) TABLE OF CONTENTS ABSTRACT ............................................................................................................................... 4 1. INTRODUCTION .................................................................................................................. 5 2. THEORETICAL STUDIES ................................................................................................... 8 2.1. The theory of the optimum currency areas ........................................................................ 8 2.1.1. The original theory ................................................................................................... -
The European Commissioner for Trade in 2010-2014 (Barroso II Commission) Cecilia Malmström
Торговельна політика ЄС Що Карел залишає Сесилії? Роберт Хорольський, к.ю.н., радник Юридичної фірми «ОМП» 24 вересня 2014 року, м. Київ Karel De Gucht • Born 1954, a Belgian politician • Alliance of Liberals and Democrats for Europe Party (ALDE), liberal • In 2009-2010, European Commissioner for Development and Humanitarian Aid (Barroso I Commission) • The European Commissioner for Trade in 2010-2014 (Barroso II Commission) Cecilia Malmström • Born 1968, a Swedish politician • Alliance of Liberals and Democrats for Europe Party (ALDE), liberal • In 2010-2014, European Commissioner for Home Affairs (Barroso II Commission) • The European Commissioner for Trade in 2014-2019 (Juncker Commission) European Commissioners for Trade since 1957 Jean Rey Belgium 1957–1962 Hallstein Commission I 1962–1967 Hallstein Commission II Jean-François Deniau France 1968–1970 Rey Commission Ralf Dahrendorf W.Germany 1970–1972 Malfatti Commission 1972–1973 Mansholt Commission Christopher Soames UK 1973–1977 Ortoli Commission Wilhelm Haferkamp W.Germany 1977–1981 Jenkins Commission 1981–1985 Thorn Commission Willy De Clercq Belgium 1985–1988 Delors Commission I Frans Andriessen Netherlands 1989–1992 Delors Commission II Leon Brittan UK 1993–1995 Delors Commission III 1995–1999 Santer Commission Pascal Lamy France 1999–2004 Prodi Commission Danuta Hübner Poland 2004 Prodi Commission Peter Mandelson UK 2004–2008 Barroso Commission I Catherine Ashton UK 2008–2009 Barroso Commission I Benita Ferrero-Waldner Austria 2009–2010 Barroso Commission I Karel De Gucht Belgium -
The Ever-Changing Union: an Introduction to the History
The Ever-Changing Union An Introduction to the History, Institutions and Decision-Making Processes of the European Union CEPS Special Report/January 2009 Christian Egenhofer Sebastian Kurpas Louise van Schaik Abstract The Ever-Changing Union gives a concise overview of the EU’s history, its institutional structures and decision-making processes at the European level. It looks at the fundamental principles of European integration and describes the progress of this integration from its beginnings. The Reader also covers the EU’s main institutions and how they interact in the decision-making process as a whole, offering a comparison between the EU and federalist systems. In addition the basic features of the EU budget are described, as are the key innovations to be introduced by the Treaty of Lisbon. ISBN-13: 978-92-9079-851-4 Available for free downloading from the CEPS website (http://www.ceps.eu) © Christian Egenhofer, Sebastian Kurpas and Louise van Schaik, 2009 Unless otherwise indicated, the views expressed are attributable only to the authors in a personal capacity and not to any institution with which they are associated. This publication may be reproduced or transmitted in any form for non- profit purposes only and on condition that the source is fully acknowledged. About the Authors Christian Egenhofer is a Senior Research Fellow at the Centre for European Policy Studies (CEPS), Brussels and a Visiting Professor at the College of Europe, the LUISS University in Rome and the Solvay Business School in Brussels. E-mail: [email protected] Sebastian Kurpas is Head of the ‘Politics and Institutions’-section and a Research Fellow at the Centre for European Policy Studies (CEPS), Brussels. -
Currency Union As a Panacea for Ills in Africa: a New Institutional Framework and Theoretical Consideration
Munich Personal RePEc Archive Currency Union as a Panacea for ills in Africa: A New Institutional Framework and Theoretical Consideration Abban, Stanley Kwame Nkrumah University of Science and Technology 11 December 2020 Online at https://mpra.ub.uni-muenchen.de/105459/ MPRA Paper No. 105459, posted 25 Jan 2021 20:11 UTC 1.0 INTRODUCTION A currency union is a union to which two or more countries agree to surrender their monetary sovereignty to adopt an official currency issued by a Central Bank tasked with formulating and implementing monetary policy. Currency union came to light when there was a need for choosing a suitable exchange rate regime as an improvement on the fixed exchange rate. Comparatively, currency union is superlative to fixed exchange rate due to equalization of price through the laid down nominal convergence criteria and the introduction of a common currency to ensure greater transparency in undertaking transactions (Rose, 2000; Abban, 2020a). Currency union is touted to emanate several gains and has the potential to be disastrous based on the conditionality among member-states. Empirical studies emphasize the main advantages of currency union membership lies with the elimination of exchange rate volatility to increase savings, relaxation of policies that hinder the free movement of persons and capital to improve trade and tourism, price transparency to intensify trade, and the ability to induce greater Foreign Direct Investment (FDI) to stimulate intra-trade flows (Rose, 2000; Micco et al., 2003; Aristotelous & Fountas, 2009; Rodriguez et al, 2012). The key areas that benefit from currency union membership include production, the financial market, the labour market, tourism, the private sector, the political environment among others (Karlinger, 2002; Martinez et al, 2018; Formaro, 2020). -
The Bank of the European Union (Sabine Tissot) the Authors Do Not Accept Responsibility for the 1958-2008 • 1958-2008 • 1958-2008 Translations
The book is published and printed in Luxembourg by 1958-2008 • 1958-2008 • 1958-2008 1958-2008 • 1958-2008 • 1958-2008 15, rue du Commerce – L-1351 Luxembourg 3 (+352) 48 00 22 -1 5 (+352) 49 59 63 1958-2008 • 1958-2008 • 1958-2008 U [email protected] – www.ic.lu The history of the European Investment Bank cannot would thus mobilise capital to promote the cohesion be dissociated from that of the European project of the European area and modernise the economy. 1958-2008 • 1958-2008 • 1958-2008 The EIB yesterday and today itself or from the stages in its implementation. First These initial objectives have not been abandoned. (cover photographs) broached during the inter-war period, the idea of an 1958-2008 • 1958-2008 • 1958-2008 The Bank’s history symbolised by its institution for the financing of major infrastructure in However, today’s EIB is very different from that which 1958-2008 • 1958-2008 • 1958-2008 successive headquarters’ buildings: Europe resurfaced in 1949 at the time of reconstruction started operating in 1958. The Europe of Six has Mont des Arts in Brussels, and the Marshall Plan, when Maurice Petsche proposed become that of Twenty-Seven; the individual national 1958-2008 • 1958-2008 • 1958-2008 Place de Metz and Boulevard Konrad Adenauer the creation of a European investment bank to the economies have given way to the ‘single market’; there (West and East Buildings) in Luxembourg. Organisation for European Economic Cooperation. has been continuous technological progress, whether 1958-2008 • 1958-2008 • 1958-2008 in industry or financial services; and the concerns of The creation of the Bank was finalised during the European citizens have changed. -
Euro Zone Debt Crisis: Theory of Optimal Currency Area
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by UGD Academic Repository UDC 339.738(4-672EU) Original scientific paper Vesna GEORGIEVA SVRTINOV1) Diana BOSKOVSKA 2) Aleksandra LOZANOSKA3) Olivera GJORGIEVA-TRAJKOVSKA4) EURO ZONE DEBT CRISIS: THEORY OF OPTIMAL CURRENCY AREA Abstract Creation of a monetary union, carries along certain costs and benefits. Benefits of monetary union mainly stem from reducing transaction costs and eliminating exchange-rate uncertainty. On the other side, a country that joins a currency union, therefore gives up the opportunity to select a monetary policy, that it regards as optimal for its own circumstances. In this paper we explain the criteria of optimum currency area (OCA): degree of trade, similarity of business cycles, degree of labor and capital mobility and system of risk sharing. Viewed through the prism of these criteria, EMU is currently far from being an optimal currency area, especially in fulfillment criteria of labor mobility and fiscal integration. The aim of the paper is to highlight certain shortcomings of the EMU, such as its vulnerability to asymmetric shocks and its inability to act as predicted by the theory of optimum currency areas. Furthermore, we explain the reasons behind the difficulties that the euro area faced, and the problems that led to the outbreak of the sovereign debt crisis. At 1) PhD, “Ss. Cyril and Methodius University” in Skopje, Institute of Economics- Skopje, Republic of Macedonia, e-mail: [email protected]. 2) PhD, “Ss. Cyril and Methodius University” in Skopje, Institute of Economics-Skopje, Republic of Macedonia, e-mail: [email protected] 3) PhD, “Ss. -
The Historical Development of European Integration
FACT SHEETS ON THE EUROPEAN UNION The historical development of European integration PE 618.969 1. The First Treaties.....................................................................................................3 2. Developments up to the Single European Act.........................................................6 3. The Maastricht and Amsterdam Treaties...............................................................10 4. The Treaty of Nice and the Convention on the Future of Europe..........................14 5. The Treaty of Lisbon..............................................................................................18 EN - 18/06/2018 ABOUT THE PUBLICATION This leaflet contains a compilation of Fact Sheets provided by Parliament’s Policy Departments and Economic Governance Support Unit on the relevant policy area. The Fact Sheets are updated regularly and published on the website of the European Parliament: http://www.europarl.europa.eu/factsheets ABOUT THE PUBLISHER Author of the publication: European Parliament Department responsible: Unit for Coordination of Editorial and Communication Activities E-mail: [email protected] Manuscript completed in June, 2018 © European Union, 2018 DISCLAIMER The opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice -
France À Fric: the CFA Zone in Africa and Neocolonialism
France à fric: the CFA zone in Africa and neocolonialism Ian Taylor Date of deposit 18 04 2019 Document version Author’s accepted manuscript Access rights Copyright © Global South Ltd. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. Citation for Taylor, I. C. (2019). France à fric: the CFA Zone in Africa and published version neocolonialism. Third World Quarterly, Latest Articles. Link to published https://doi.org/10.1080/01436597.2019.1585183 version Full metadata for this item is available in St Andrews Research Repository at: https://research-repository.st-andrews.ac.uk/ FRANCE À FRIC: THE CFA ZONE IN AFRICA AND NEOCOLONIALISM Over fifty years after 1960’s “Year of Africa,” most of Francophone Africa continues to be embedded in a set of associations that fit very well with Kwame Nkrumah’s description of neocolonialism, where postcolonial states are de jure independent but in reality constrained through their economic systems so that policy is directed from outside. This article scrutinizes the functioning of the CFA, considering the role the currency has in persistent underdevelopment in most of Francophone Africa. In doing so, the article identifies the CFA as the most blatant example of functioning neocolonialism in Africa today and a critical device that promotes dependency in large parts of the continent. Mainstream analyses of the technical aspects of the CFA have generally focused on the exchange rate and other related matters. However, while important, the real importance of the CFA franc should not be seen as purely economic, but also political. -
State Transformation and the European Integration Project Lessons from the Financial Crisis and the Greek Paradigm Evangelos Venizelos No
State Transformation and the European Integration Project Lessons from the financial crisis and the Greek paradigm Evangelos Venizelos No. 130/February 2016 Abstract The financial crisis that erupted in the eurozone not only affected the EU’s financial governance mechanisms, but also the very nature of state sovereignty and balances in the relations of member states; thus, the actual inequalities between the member states hidden behind their institutional equality have deteriorated. This transformation is recorded in the case law of the Court of Justice of the European Union and the member states’ constitutional courts, particularly in those at the heart of the crisis, with Greece as the most prominent example. It is the issue of public debt (sovereign debt) of the EU member states that particularly reflects the influence of the crisis on state sovereignty as well as the intensely transnational (intergovernmental) character of European integration, which under these circumstances takes the form of a continuous, tough negotiation. The historical connection between public debt (sovereign debt) and state sovereignty has re-emerged because of the financial crisis. This development has affected not only the European institutions, but also, at the member state level, the actual institutional content of the rule of law (especially judicial review) and the welfare state in its essence, as the great social and political acquis of 20th century Europe. From this perspective, the way that the Greek courts have dealt with the gradual waves of fiscal austerity measures and structural reforms from 2010 to 2015 is characteristic. The effect of the financial crisis on the sovereignty of the member states and on the pace of European integration also has an impact on European foreign and security policy, and the correlations between the political forces at both the national and European level, thus producing even more intense pressures on European social democracy.