Bulletln of the EUROPEAN COMMUNIT!ES

Total Page:16

File Type:pdf, Size:1020Kb

Bulletln of the EUROPEAN COMMUNIT!ES rssN 0378.3693 Bulletln OF THE EUROPEAN COMMUNIT!ES Commission \ No 3 1983 Volu rn,e 1 6 The Bulletin of the European Communities reports on the activities of the Commission and the other Community institutions. lt is edited by the Secretariat-General of the Commission (rue de la Loi 200, 8-1049 Brussels) and published eleven times a year (one issue covers July and August) in the official Community languages and Spanish. Reproduction is.authorized provided the source is acknowledged. The following relerence system is used: the first digit indicates the part number, the second digit the chapter number and the subsequent digit or digits the point number. Citations should therefore read as follows: Bull. EC 1-1979, point 1.1.3 or 2.2.36. Supplements to the Bulletin are published in a separate series at irregular intervals. They contain official Commission material (e.9. communications to the Council, programmes, reports and proposals). The Supplements do not appear in Spanish. Pdnted in Belgium Bulletin OF THE EUROPEAN COMMUNITIES ECSC_EEC_EAEC Commission of the European Communities Secretariat-General Brussels No3 Sent to press in May 1988 1983 Volume'l 6 co nte nts PART ONE PEifIfl!' 1. Development policy: Commission guidelines 7 2. The currency realignment of 21 March 't2 3. lntegratsd Mediterranean programmes 13 4. Commission response to Greek memorandum 15 5. European Council in Brussels 18 PART TWO II.'J'IITi",'' 1. Building the Community 24 24 - Economic and monetary PolicY lnternal market and industrial atfairs 25 - 29 - lndustrial lnnovation and the information market Customs union 31 - 32 - Competition Financial institutions and taxation 35 - policy 37 - Employment, education and social Regional policY 39 - 41 - Environment and consumers Agriculture 49 - 50 - Fisheries - Transport 51 Energy 53 - 55 - Research and develoPment 2. Enlargement and external relations 60 - Enlargement and bilateral relations with applicant countries 60 - Commercial policy 61 - Relations with industrialized countries 62 - Relations with other countries and regions 6i, r Mediterranean cpuntries 63 r Countries of the Gulf and the Arabian peninsula 65 o Asian countries 65 r Latin-Americancountries 66 r State-trading countries 67 - Development 67 - lnternational organizations and conferences 71 - Diplomatic relations 73 3. Financing Community activities 74 4. lnstitutional and polilical matters 76 - European political cooperation 76 - European policy and relations between the institutions 76 - lnstitutions and organs of the Gommunilies 77 o Parliament 77 . Council 82 r Commission u e Court of Justice 85 o Economic and Social Gommittee 92 o ECSC Consultative Committee 93 o European lnvestment Bank 94 PART THREE DOCUMENTATION 1. ECU 98 2. Additional references in the Official Journal 99 3. lnfringement procedures 99 4. General features of the integrated Mediterranean programmes 100 Publications of the European Communilies Supplements 1982 1182 A new Community action programme on the promotion of equal opportunities for women, 1982-85 2182 Dratt of a convention on bankruptcy, winding-up, arrangements' compositions and similar proceedings gl82 The institutional system of the community-Restoring the balance 4t82 A CommunitY PolicY on tourism 5/8Z Memorandum on the Communities'development policy '6182 Stronger Community action in the cultural sec'tor 7BZ European Union-Annual reports for 1982 8182 Problems of enlargement-Taking stock and proposals 'lnpreparalion. \ PART @NE SPECIAL FEATURES \ of Standardized abbreviations tor tho designation ot certain rnonotary units in the ditlerent languages the cornmunity: ECU = European currancy unit BFB = B'elgische frank / Franc belge DKR = Dansk krono DM = Deutsche Mark DR : Greek drachma FF = Franc frangais HFL = Nededandse guldon (Hollandse floriin) IRL = lrish pound / punt LFR = Franc luxembourg€ois LIT = Lira italiana UKL = Pound sterling USD = Unitod Statos dollar 1. Development policy: Commission guidelines 1.1.1. The Commission sent two important means of underlining both the importance of communications policy on development to the political gesture and the fiith of all the Council on 24 and 29-Marchi the'first concerned in the durabiliry of the existing proposes guidelines for the negotiations- cooperation system. This basic ponvention, scheduled open to in Septemberlon a new which would lay down the ultimate aims, convention berween the EEC and 53 African, objectives and principles of cooperation in Caribbean (ACp) and Pacific counrries olus the fields of trade (iccess to t6e market), Angola and Mozambique (which have'de- finance and commodities, would have clared they are ready-to take part);l the implementation protocols which would be second establishes new guidelineJ for Com- renegotiable every five years. muniry food aid to facilitate its incorporation in an overall policy and^ adapt if to the present economic situation.z The Commission's proposals These communications are directly in line 1.1.4; The idea behind the Commission's with the guidelines adopted by the'Commis- proposals is to keep what has been attained in sion in its memorandum last Septembed and the previous Yaound6 and Lom6 Conventions represent their practical applicition in rwo while at the same time improving cooperation essential areas of Europiin development instruments and practice where neceisary to policy. suit the presenr situation of the ACP couniries and their international environment. As Mr Edgard Pisani pointed our, the main idea behind this reshiping of cooperation The Commission paper outlines the present policy is to give peasani faimers the central situation and suggests the objectives and role in ensuring the nutritional balance of ultimate aims on which agreemenr should be each country and each region. Mr Pisani also sought with the ACP Statei and which should referred to the need for-Europe to adopt a be included in the basic convenrion: to find generous- approach under the new policy, in ways of improving people's living conditions spite of the present recession. and making development more autonomous and self-sustained; to give priority to agricul- EEC-ACP cooperafion: tural developmenr and food self-sufficiency; the lmportance of to give mo.i support to regional cooperation the forthcomlng negotlailons and regional integration efforts made by the ACP countries; and to take more account of 1.1.2. The second Lom6 Convention, which the long-term consrraints and possibilities of came into force on 1 January 1981, is due to development (fight against desertification expire on 28 February 1983. For fEC-nCp and large-scale endemic diseases, scientific cooperation to continue beyond that date, research, etc.). negotiations for a new convention have to be In line with the guidelines set out in the opened in the second half of 1983. memorandum, the document then proposes On 29 March the Commission sent a the renewals, adjustments or improue-ents- communication to the Council containing which are needed in the main areas and guidelines to enable the Community to worf instrume,nts of cooperation: trade regulations out its approach ro rhe negotiations in good and trade promotion; principles, procedures tlme. 1.1.3. Instead of a convention that would I have_to be negotiated afresh every five years, The ACP countries include 22 of rhe 3l leasr- the Commission is proposing .onr.ntion of zdeveloped countries. indefinite " coM(83)14l final. duration, a genuine treaty between r EC_9-1982, points -Bull. 1.1.1 to l.l.1l; Supplement the Community and the RCp Stites, a 5182 as - Bull. EC. Bull. EC 3-1983 Development policy and instruments of financial cooPeration; 1.1.7. The negotiations will not be €asy' commodity measures; and cooPeration because it will te difficult, in the depths of institutions. recession, to think ahead into the distant future, to come to terms with the fact that for the countries of the Third'World development A political approach does not mean copying the industrialized countries and that food aid is not primarily a policy set out in 1.1.5. When presenting the way of disposing of surpluses; to get it across the Commission document' Mr Pisani said thal a million fuel-efficient stoves are worth that the Commission would like to see more than one monster dam; to explain to given a new dimen- EEC-ACP cooperation certain governments that the fault lies in their more than an sion, so that ii would be iust methodl or the priorities they have adopted; adaptation of the Present Lom6 Convention. it will be difficult to turn the welfare cases He urged that the first phase of negotiation into productive economies and foster their reach broad consensus should endeavour to growth step by step. on the objectives, ultimate aims and means of achieving cooperation. 1.1.8. However, the CommunitY must accept this challenge. In September 1981 it already started in developing The discussions oublished a plan to combat world hunger; a countries (OAU's Lagos Plan) and in the later ift. Commission presented its mem- ,."r Community (based on the Commission iMemorandum on the Community's develop- policy)1 indicate orandum Ln development ment policy', and it has adopted a communi- an agreement do that the elements of such cation- to the Council on 'Food aid for exist. development'. These three papers outline or extent the ideas to be 1.1.6. The negotiations will oPen in amplify to some enshrined in the convention. September in circumstances less encouraging than those of five years ago' The facts of international life have changed and East-West confrontation has come to replace North- Food aid for development South dialogue as the issue of central concern. The Second Development Decade has shown Chronological summary us, in retrospect, that aid has been inadeqlate 1979: or'inappropiiate, and that many Third World October .o.,.rtriis hive been unable to derive any real The European Parliament holds its first maior benefit from what they did get. The Poorest debate on world hunger.2 countries' debts are eating their substance aw^y and stand in the way of fresh Nouember 1981: inveitment.
Recommended publications
  • European and International Constraints on Irish Fiscal Policy, By
    2. EUROPEAN AND INTERNATIONAL CONSTRAINTS ON IRISH FISCAL POLICY Patrick Honohan* 2.1 In a world of increasing interdependence, fiscal autonomy of individual Introduction nations has increasingly been constrained. Ireland is no exception. Yet it is possible to exaggerate the degree to which fiscal autonomy has been lost. The purpose of my talk today is to explore some of the dimensions of external constraints on fiscal policy, focusing on the role of the European Union, other international governmental pressures, and international market pressures. It is convenient to distinguish between two rather different types of constraint: those that limit a government's flexibility in setting tax rates, and those that limit a government's ability to run a temporary deficit.1 I will argue that, despite the considerable recent focus on our European Union commitments as a constraint on aggregate fiscal policy, these have so far been of much less importance than the EU's influence on tax rates and tax design. International governmental pressures on tax rates are also growing in importance. Market forces can provide the most decisive of constraints but, so far as policy on the overall budgetary stance is concerned, these may have reached their full extent – indeed may have actually declined – though they will continue to grow so far as tax rates are concerned. The most spectacular European Union initiative in the area of fiscal 2.2 policy has undoubtedly been the Maastricht criteria for Economic and Deficits Monetary Union (EMU) membership. Suddenly, and more or less out of * The views expressed are strictly personal and do not reflect those of the World Bank.
    [Show full text]
  • Why Brexit Should Be Accompanied by Irexit (Ireland Exit)
    Why Brexit Should Be Accompanied by Irexit (Ireland exit) Report of a Private Study Group Drafted by Anthony Coughlan Why Brexit Should Be Accompanied by Irexit (Ireland exit) Report of a Private Study Group Drafted by Anthony Coughlan Published in February 2017 by The Bruges Group, 214 Linen Hall, 162-168 Regent Street, London W1B 5TB www.brugesgroup.com Follow us on twitter @brugesgroup Find our facebook group: The Bruges Group Bruges Group publications are not intended to represent a corporate view of European and international developments. Contributions are chosen on the basis of their intellectual rigour and their ability to open up new avenues for debate. Table of Contents Executive Summary ...................................................................................................................................5 Introduction ................................................................................................................................................6 Ireland now a net financial contributor to the EU ......................................................................................8 Adding new dimensions to the North-South Irish border ........................................................................11 Trade and FDI in Ireland geared to English-speaking markets ................................................................13 The drawbacks of Irish Eurozone membership .......................................................................................16 Need for an Anglo-Irish free trade
    [Show full text]
  • Explanatory Memorandum
    ÐÐÐÐÐÐÐÐ ECONOMIC AND MONETARY UNION ACT, 1998 ÐÐÐÐÐÐÐÐ EXPLANATORY MEMORANDUM ÐÐÐÐÐÐÐÐ [This Memorandum is not part of the Act and does not purport to be a legal interpretation] General The purpose of this Act is to provide for certain matters relating to the introduction of the single currency, the euro. In particular, the Act declares that, by virtue of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro(1), from 1 January 1999 the currency of the State will be the euro. It also removes incompati- bilities between Irish monetary law and the EU legal framework for the use of the euro, which comprises the above Regulation and Council Regulation (EC) No 1103/97 of 17 June 1997 on certain pro- visions relating to the introduction of the euro(2); it gives effect to enabling provisions in the EU legal framework, for example in relation to the redenomination into euro of outstanding Government debt; and it facilitates companies which wish to redenominate their capital structure into euro before the final changeover to the euro on 1 January 2002. The Act also provides for the design, issue and sale of commemorative legal tender coinage. Provisions Section 1 contains the short title and commencement provisions. Section 2 sets out how references in the Act are to be interpreted. Section 3 is a standard provision concerning expenses incurred in administration. Section 4 deals with the laying of regulations and orders before the Houses of the Oireachtas. Section 5 defines certain terms used in Part II of the Act.
    [Show full text]
  • A Whole New Ball Game
    international IRELAND A WHOLE NEW BALL GAME AS IRELAND PREPARES FOR THE INTRODUCTION OF THE EURO PAT LEAVY OF FTI EXPLORES THE ISSUES FACING COMPANIES IN THE CHANGEOVER PROCESS. reland, particularly Dublin, has become the premier location for government and its agencies, the Euro Changeover Board of establishing corporate treasury operations in Europe over the Ireland, financial institutions, professional associations and the past 15 years. Dublin has built up an excellent capability and press have all played an active role in providing information about infrastructure for corporate treasury management through the the euro to the business community so treasurers have been kept IInternational Financial Services Centre (IFSC). The region offers an well informed about the euro project. attractive and robust corporate tax rate, which is available for profits from finance and treasury activities, and costs of its financial centres EFFECT OF THE EURO ON STRATEGIC ISSUES. The impact of the are still attractive compared with other European financial centres. euro on corporate treasury in Ireland has been significant but not This has meant that Ireland is recognised as an attractive location necessarily in the areas expected. While currency risk has reduced and it continues to attract many new corporate treasury operations. for some euro base companies, the overall reduction in currency Consequently, the euro changeover project has been a critical issue risk is limited because 63% of Irish exports and 71% of Irish for both international and regional treasury centres located in imports are with non-euro participating countries. Ireland, as well as indigenous Irish companies. However, there has been an improvement in the availability and maturities of financial instruments for currency risk management THE EURO PROJECT.
    [Show full text]
  • The Irish Banking Crisis and European Monetary Union
    The Irish Banking Crisis and European Monetary Union: Opening Statement Philip R. Lane Trinity College Dublin 7 January 2015 Opening Statement prepared for 21st January 2015 Meeting of the Joint Committee of Inquiry into the Banking Crisis. Email: [email protected]. In this opening statement, I focus on how the Irish economy and …nancial system was a¤ected by the creation of the euro. In turn, I also address the implications of the single currency for the conduct of domestic macro-…nancial policies and crisis management. 1 Structural Changes in the Global Economy and the International Financial System From the outset, it is vital to understand that there were several structural changes in the international economy and international …nancial system from the mid-1990s onwards, so that the creation of the single currency cannot be viewed as the sole (or even primary) factor behind the extraordinary growth in international …nancial ‡ows during the pre-crisis period. Globally, the growing share of emerging Asia (especially China) in output and in- ternational trade was associated with a recon…guration of comparative advantage, with asymmetric e¤ects across individual European economies. Some countries (especially Germany) gained from the rising international demand for capital goods; other countries (Portugal, Greece, Italy) saw increasing competition in lower-skill industries such as tex- tiles and footwear. At a European level, a similar dynamic also was in train in terms of the integration of Central and Eastern Europe into the wider European economy. In relation to the international …nancial system, the counterpart to growing trade sur- pluses in emerging Asia was a surge in international …nancial ‡ows into the US …nancial system, which was concentrated on the purchase of super-safe US Treasury securities.
    [Show full text]
  • 'Foreign Exchange Markets Welcome the Start of the EMS' from Le Monde (14 March 1979)
    'Foreign exchange markets welcome the start of the EMS' from Le Monde (14 March 1979) Caption: On 14 March 1979, the day after the implementation of the European Monetary System (EMS), the French daily newspaper Le Monde describes the operation of the EMS and highlights its impact on the European currency exchange market. Source: Le Monde. dir. de publ. Fauvet, Jacques. 14.03.1979, n° 10 612; 36e année. Paris: Le Monde. "Le marché des changes a bien accueilli l'entrée en vigueur du S.M.E.", auteur:Fabra, Paul , p. 37. Copyright: (c) Translation CVCE.EU by UNI.LU All rights of reproduction, of public communication, of adaptation, of distribution or of dissemination via Internet, internal network or any other means are strictly reserved in all countries. Consult the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/foreign_exchange_markets_welcome_the_start_of_the_ems _from_le_monde_14_march_1979-en-c5cf1c8f-90b4-4a6e-b8e8-adeb58ce5d64.html Last updated: 05/07/2016 1/3 Foreign exchange markets welcome the start of the EMS With a little more than three months’ delay, the European Monetary System (EMS) came into force on Tuesday 13 March. The only definite decision taken by the European Council, it was announced in an official communiqué published separately at the end of Monday afternoon. In the official text, the European Council stated that ‘all the conditions had now been met for the implementation of the exchange mechanism of the European Monetary System.’ As a result, the eight full members of the exchange rate mechanism, i.e. all the EEC Member States except for the United Kingdom, which signed the agreement but whose currency will continue to float, have released their official exchange rates.
    [Show full text]
  • V. Exchange Rates and Capital Flows in Industrial Countries
    V. Exchange rates and capital flows in industrial countries Highlights Two themes already evident in 1995 persisted in the foreign exchange market last year. The first was the strengthening of the US dollar, in two phases. In spite of continuing trade deficits, the dollar edged up for much of 1996 as market participants responded to its interest rate advantage, and the prospect of its increasing further. Then, towards the end of the year, the dollar rose sharply against the Deutsche mark and the Japanese yen as the US economic expansion demonstrated its vigour. A firming of European currencies against the mark and the Swiss franc accompanied the rise of the dollar. This helped the Finnish markka to join and the Italian lira to rejoin the ERM in October and November respectively. Stronger European currencies and associated lower bond yields both anticipated and made more likely the introduction of the euro, the second theme of the period under review. Market participants clearly expect the euro to be introduced: forward exchange rates point to exchange rate stability among a number of currencies judged most likely to join monetary union. Foreign exchange markets thereby stand to lose up to 10¤% of global transactions, and have begun to refocus on the rapidly growing business of trading emerging market currencies. Possible shifts in official reserve management with the introduction of the euro have preoccupied market commentators, but changes in private asset management and global liability management could well prove more significant. Even then, it is easy to overstate the effect of any such portfolio shifts on exchange rates.
    [Show full text]
  • Tragedy of the Euro 2Nd Edition
    Th e TRAGEDY of the EURO Th e TRAGEDY of the EURO PHILIPP BAGUS SECOND EDITION MISES INSTITUTE © 2010 Ludwig von Mises Institute © 2011 Terra Libertas © 2012 Ludwig von Mises Institute Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama, 36832, U.S.A. Mises.org ISBN: 978-1-61016-249-4 To Eva Contents Acknowledgments . Contents. xi Foreword . xiii Introduction . xviii Acknowledgments ..................................................................xi 1. Two Visions of Europe . 1 Foreword ................................................................................xiii 2. IntroductionThe Dynamics ........................................................................ of Fiat Money . xviii. 13 3. 1.The TwoRoad Visions Toward forthe EuropeEuro . ....................................................1. 29 2. The Dynamics of Fiat Money .........................................13 4. Why High Inflation Countries Wanted the Euro . 43 3. The Road Toward the Euro ............................................29 5. Why Germany Gave Up the Deutschmark . 59 4. Why High Infl ation Countries Wanted the Euro ........43 6. 5.The WhyMoney Germany Monopoly Gave of the Up ECB the . .Deutschmark . ..................59 . 73 7. 6.Differences The Money in the Monopoly Money Creation of the of ECB the Fed................................ and the ECB . 81 73 7. Diff erences in the Money Creation of the Fed 8. The andEMU the as aECB Self-Destroying ......................................................................81 System . 91 9. 8.The TheEMU EMU
    [Show full text]
  • The Irish Pound from Origins To
    Quarterly Bulletin Spring 2003 The Irish Pound: From Origins to EMU by John Kelly* ABSTRACT The history of the Irish pound spans seventy-five years, from the introduction of the Saorsta´t pound in 1927 to the changeover to euro banknotes and coin in 2002. For most of this period, the Irish pound had a fixed link to sterling. It was only in the 1970s that this link was seriously questioned when it failed to deliver price stability. This article provides a brief overview of the pound’s origins, before looking in more detail at the questioning of the sterling link and events leading up to Ireland joining the EMS. Although early experiences in the EMS were disappointing, membership eventually delivered low inflation, both in absolute terms and relative to the UK, and laid the foundations for the later move to EMU. The path to EMU is followed in some detail. This covers practical preparations, assessment of benefits and costs and necessary changes in monetary policy instruments and legislation. Finally, the completion of the changeover encompasses the huge tasks of printing and minting sufficient amounts of euro cash, of distributing this to banks and retailers, and of withdrawing Irish pound cash, as well as the efforts of all sectors to ensure that the final changeover from the Irish pound to the euro was smooth and rapid. 1. Introduction The Irish pound ceased to be legal tender on 9 February 2002. This brought down the final curtain on a monetary regime which had its origins some 75 years earlier with the introduction of the Saorsta´t pound in 1927.
    [Show full text]
  • FAO Country Name ISO Currency Code* Currency Name*
    FAO Country Name ISO Currency Code* Currency Name* Afghanistan AFA Afghani Albania ALL Lek Algeria DZD Algerian Dinar Amer Samoa USD US Dollar Andorra ADP Andorran Peseta Angola AON New Kwanza Anguilla XCD East Caribbean Dollar Antigua Barb XCD East Caribbean Dollar Argentina ARS Argentine Peso Armenia AMD Armeniam Dram Aruba AWG Aruban Guilder Australia AUD Australian Dollar Austria ATS Schilling Azerbaijan AZM Azerbaijanian Manat Bahamas BSD Bahamian Dollar Bahrain BHD Bahraini Dinar Bangladesh BDT Taka Barbados BBD Barbados Dollar Belarus BYB Belarussian Ruble Belgium BEF Belgian Franc Belize BZD Belize Dollar Benin XOF CFA Franc Bermuda BMD Bermudian Dollar Bhutan BTN Ngultrum Bolivia BOB Boliviano Botswana BWP Pula Br Ind Oc Tr USD US Dollar Br Virgin Is USD US Dollar Brazil BRL Brazilian Real Brunei Darsm BND Brunei Dollar Bulgaria BGN New Lev Burkina Faso XOF CFA Franc Burundi BIF Burundi Franc Côte dIvoire XOF CFA Franc Cambodia KHR Riel Cameroon XAF CFA Franc Canada CAD Canadian Dollar Cape Verde CVE Cape Verde Escudo Cayman Is KYD Cayman Islands Dollar Cent Afr Rep XAF CFA Franc Chad XAF CFA Franc Channel Is GBP Pound Sterling Chile CLP Chilean Peso China CNY Yuan Renminbi China, Macao MOP Pataca China,H.Kong HKD Hong Kong Dollar China,Taiwan TWD New Taiwan Dollar Christmas Is AUD Australian Dollar Cocos Is AUD Australian Dollar Colombia COP Colombian Peso Comoros KMF Comoro Franc FAO Country Name ISO Currency Code* Currency Name* Congo Dem R CDF Franc Congolais Congo Rep XAF CFA Franc Cook Is NZD New Zealand Dollar Costa Rica
    [Show full text]
  • “An Empirical Study of the Effectiveness of Irish Banks’ Lending Regulations”
    “AN EMPIRICAL STUDY OF THE EFFECTIVENESS OF IRISH BANKS’ LENDING REGULATIONS” By Michael Doocey Submitted in partial fulfilment of the requirements for achieving a Master of Business in Strategy and Innovation Management 1st September 2011 Acknowledgements I have been indebted in the preparation of this thesis to my supervisor, Mr. Shane Moran whose patience and guidance, as well as his academic experience, have been invaluable to me. I wish to express my gratitude to Mr Fearghal McHugh who was always available to guide me with his expertise in the area of research. His support was crucial in completing the thesis. I would also like to thank all of the academic staff within the G.M.I.T School of Business, especially Maureen Melvin, Kevin Heffernan & Marie Finnegan for their unwavering support throughout the academic year. Lastly, and most importantly, I wish to thank my parents, Anthony & Maureen Doocey who have been a pillar of support and encouragement throughout my entire Masters year. To them I dedicate this thesis. 2 Declaration of Authenticity I hereby declare that, except where daily acknowledged, this thesis is entirely my own work and has not been submitted for any degree in any other institute or university. Michael Doocey ______________________________ September 1st 2011 3 Table of Contents Acknowledgements ...................................................................................................... 2 Executive Summary ....................................................................................................
    [Show full text]
  • The Irish Currency Report of 18041
    THE IRISH CURRENCY REPORT OF 18041 G.E. BOYLE AND P.T. GEARY DEPARTMENT OF ECONOMICS, NATIONAL UNIVERSITY OF IRELAND, MAYNOOTH 1 A version of this paper was delivered as a special series of lecturers to mark the bicentenary of the establishment of Saint Patrick’s College, Maynooth, 1995. 1 THE IRISH CURRENCY REPORT OF 1804 Introduction May 2004 marks the 200-year anniversary of the publication of the House of Commons report of "The Committee on the Circulating Paper, the Specie, and the Current Coin of Ireland"2. The report of this committee – the 1804 Report – has rightly been hailed by economic historians as "... a milestone in the history of monetary theory"3. The significance of this report has, however, been overshadowed by the Bullion Report of 1810. It addressed essentially similar issues, and indeed cites with approval significant tracts of the Irish Report and was produced by a committee which contained some of the most influential members of the Irish Currency Committee of 18044. The Bullion report probably assumed iconic status for the modern equivalent of bullionists, namely, monetarists, by the pivotal involvement of the great economist David Ricardo in its deliberations. The decade preceding the publication of the Irish Report was an eventful one, both for Ireland and Britain. Witness Britain's declaration of war on France in 1793, the resulting alarms about a French invasion, the growing pressure for political and social rights, the insurrection of 1798 in Ireland and finally the move to the union of Ireland and Britain. It was also an eventful decade for the Irish economy.
    [Show full text]