Why Reforms Fail
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The Scandinavian Argument for Multi-Level Economic and Monetary Union (EMU)
Running head: THE SCANDINAVIAN ARGUMENT FOR MULTI-LEVEL EMU Looking North: The Scandinavian Argument for Multi-Level Economic and Monetary Union (EMU) Malcolm Thomson University of Victoria Paper Submitted for the “Claremont-UC Undergraduate Research Conference on the European Union” Scripps College, Claremont, California April 5-6, 2018 THE SCANDINAVIAN ARGUMENT FOR MULTI-LEVEL EMU 1 The European Union (EU) is undergoing a significant period in its existence marked by various crises at both member state and supranational levels. While previous literature has stated, “it is difficult to remember a time when the EU or its predecessors were not facing a crisis of one sort or another” (Hodson & Puetter, 2016, p. 365), it can be argued that the various crises that the European Union has faced over the past fifteen years have shifted the collectively-held conception of an integrated and cooperative European Union into a splintered and divided institution. The global financial crisis, the subsequent sovereign debt crisis, and the migrant crisis are causing member states to re-evaluate their position within the EU (Verdun, 2016). This re- evaluation is taking form in multiple iterations and at various levels of intensities, and is forcing the EU to look at ways in which it can adapt and evolve in order better accommodate the quickly changing needs of the elements that compose it. One of the most visible occurrences of this evolution in European integration is seen within the EU’s Economic and Monetary Union (EMU). EMU played a large role in the sovereign debt crisis, as its “incomplete” structure not only helped to create the crisis, but also prevented quicker action from being taken in order to help those most affected (Verdun, 2016, p. -
From Points of View of Monetary Integration Maturity) 1
THE EURO AND CENTRAL EUROPE (FROM POINTS OF VIEW OF MONETARY INTEGRATION MATURITY) 1 TIBOR PALANKAI1 1Emeritus Professor of Corvinus University of Budapest E-mail:[email protected] The paper discusses the frameworks and development of the introduction of the Euro in Central Europe, with a focus on pre-entry countries (Czechia, Hungary, Poland, Romania and Croatia). The main elements of monetary integration maturity are the state of real-integration (possibilities of large saving in transaction costs), meeting the criteria of functioning market economy and the single market; macro-economic stability and meeting the Maastricht criteria; and shortcomings of absorption (integration) capacities of the EU. Controversial questions are also discussed, such as requirements concerning inflation, the budget deficit or exchange rate stability. The paper argues that the countries under scrutiny show diverging courses of action and policies, public support is also unclear, and the interests of TNCs and political elites contradict each other. Cultural, legal, security or emotional factors will pay a key role in eventual adoption, and prospects also depend on the solution of the current debt and migration crises. Keywords: Euro and Central Europe, monetary maturity, diverging interests, attitudes, policies, and prospects. JEL-codes: F2, F3 1. FRAMEWORK OF MONETARY INTEGRATION FOR THE CENTRAL AND EASTERN EUROPEAN NEW MEMBERS The full EU membership of CEE countries assumes their full EMU participation. This corresponds to the Copenhagen accession criteria, namely they should have the “ability to take on the obligations of membership, including adherence to the aims of political, economic and monetary union”. They have no possibility of opting out, like the United Kingdom and Denmark. -
Appendix: List of Interviews
Appendix: List of Interviews The unification of Germany 1) APELT Andreas, Berlin, 23 October 2007. 2) BERGMANN-POHL Sabine, Berlin, 13 December 2007. 3) BIEDENKOPF Kurt, Berlin, 5 December 2007. 4) BIRTHLER Marianne, Berlin, 18 December 2007. 5) CHROBOG Jürgen, Berlin, 13 November 2007. 6) EGGERT Heinz, Dresden, 14 December 2007. 7) EPPELMANN Rainer, Berlin, 21 November 2007. 8) GAUCK Joachim, Berlin, 20 December 2007. 9) GLÄSSNER Gert-Joachim, Berlin, 7 November 2007. 10) HELBIG Monika, Berlin, 5 November 2007. 11) HOFMANN Gunter, Berlin, 30 July 2007. 12) KERWIEN Antonie, Berlin, 31 October 2007. 13) KLINGST Martin, Cambridge, Massachusetts, 7 December 2006. 14) KLOSE Hans-Ulrich, Berlin, 31 October 2007. 15) KRAA Detlev, Berlin, 31 October 2007. 16) KRALINSKI Thomas, Potsdam, 16 October 2007. 17) LENGSFELD Vera, Berlin, 3 December 2007. 18) LIPPERT Barbara, Berlin, 25 July 2007. 19) MAIZIÈRE Lothar de, Berlin, 4 December 2007. 20) MAIZIÈRE Thomas de, Berlin, 20 November 2007. 21) MECKEL Markus, Berlin, 29 November 2007. 22) MERTES Michael, Boston, Massachusetts, 17 November 2006. 23) MEYER Hans Joachim, Berlin, 13 December 2007. 24) MISSELWITZ Hans, Berlin, 6 November 2007. 25) MODROW Hans, Berlin, 28 November 2007. 26) MÜLLER Hans-Peter, Berlin, 13 November 2007. 27) NOOKE Günther, Berlin, 27 November 2007. 28) PAU Petra, Berlin, 13 December 2007. 29) PLATZECK Matthias, Potsdam, 12 December 2007. 30) SABATHIL Gerhard, Berlin, 31 October 2007. 31) SARAZZIN Thilo, Berlin, 30 November 2007. 32) SCHABOWSKI Günther, Berlin, 3 December 2007. 33) SCHÄUBLE Wolfgang, Berlin, 19 December 2007. 34) SCHRÖDER Richard, Berlin, 4 December 2007. 35) SEGERT Dieter, Vienna, 18 June 2008. -
3 Issuing Activity and Currency Circulation
CHAPTER 3 3 ISSUING ACTIVITY AND CURRENCY CIRCULATION 3.1 CUMULATIVE NET ISSUANCE Euro banknotes accounted for almost the en- tire value of the CNI (98.5%), but only for 19% of The cumulative net issuance (CNI)10 of euro the CNI in terms of volume. Euro coins (includ- banknotes and coins in Slovakia had a total ing euro collector coins) made up the remaining value of €11.02 billion as at 31 December 2016, 81%. with euro banknotes accounting for €10.9 billion of that amount. The CNI increased in The cumulative net issuance as at 31 Decem- 2016 by 7.9% year on year (by €807.2 million), ber 2016 comprised almost 157.2 million euro which represented a slight acceleration com- banknotes and approximately 654 million euro pared with the previous year. The value of the coins, including collector coins. For the first item currency in circulation, corresponding to time, the €100 denomination had the largest Národná banka Slovenska’s allocated share in share of the total number of banknotes includ- the Eurosystem’s production of euro banknotes ed in the CNI, at 24%. The €50 denomination, (Banknote Allocation Key), amounted to around which had held that position in all the previ- €11.4 billion as at 31 December 2016.11 The dif- ous years following Slovakia’s adoption of the ference in value between the euro banknotes euro, saw its share drop to 23%. The coins is- issued in Slovakia and the currency in circulation sued in the highest volumes are the two low- item was €515 million. -
The EU's Normative Power
The EU’s Normative Power – Its Greatest Strength or its Greatest Weakness? By Tornike Metreveli The Starting Point The growing influence of the European Union (EU) on the international political arena and at the same time its “particular kind” of characteristics as an international player appears to be a widely debated issue among various scholars of social sciences over the last decades. During this period a wide range of theories and concepts have attributed various epithets to the EU and tried to explain its power in different, sometimes controversial ways. Consequently the descriptions of the EU in international relations vary from it being a “Kantian paradise” (Kagan, 2004), a “vanishing mediator” (Manners, 2006:.174) to “an economic giant, a political dwarf, and a military worm” (Eyskens, 1991). For some scholars the concept of the EU goes beyond the bold epithets and is analyzed from the critical-social theoretical perspective, where the latter was hypothesized as an actor that spread its own norms beyond its borders and whose power lies in its system of values and forms of relations with the outer world (Manners, 2002). Having said this, the article tries to focus on this theoretical approach while addressing this “unique political animal” (Piris, 2010: 337). Thus, the concept pioneered by Ian Manners, particularly the idea of Europe’s “normative power” (NPE hereafter), is the central point of departure of this paper; and the critical analysis of its greatest strengths and weaknesses is the article’s main objective. Divided in three parts, the paper firstly focuses on the conceptual analysis of the NPE, and its definitions. -
235 Million 917 Million Euro Banknotes in Euro Coins in the Bank’S Cumula- Slovakia’S Cumulative Tive Net Issuance Net Issuance
B Issuing activity 4 and cash circulation more than more than 235 million 917 million euro banknotes in euro coins in the Bank’s cumula- Slovakia’s cumulative tive net issuance net issuance almost 231 million 177 million banknotes euro coins processed processed by NBS by the Bank 6 17,523 precious metal counterfeit euro collector coins banknotes and issued coins recovered by the Bank in Slovakia 73 B Issuing activity 4 and cash circulation 2020 saw a year-on-year increase in euro cash issuance growth and a rise in the number of counterfeit banknotes and coins withdrawn from circulation in Slovakia 4.1 Cumulative net issuance developments Euro cash issuance growth was higher in 2020 than in the previous year In 2020 cash circulation in Slovakia was affected by the COVID-19 pan- demic crisis, which when it broke out in March triggered a brief surge in euro cash issuance. Immediately after Slovakia reported its first case of COVID-19, it saw increasing demand for euro banknotes, mainly for the €200 and €100 denominations. As a result, the cumulative net issuance (CNI)12 of euro in Slovakia increased by €0.8 billion during March. In sub- sequent months, the CNI maintained a steady trend. Once the cash started to be returned from circulation to Národná banka Slovenska, cash circula- tion stabilised. Despite a year-on-year reduction in the volume of the cash cycle (the volume of cash issued and returned from circulation), the value of the CNI of euro in Slovakia in 2020 represented a year-on-year increase of 13.2% (€1.96 billion). -
The Recognition of Diplomas and the Free Movement of Professionals in the European Union: Fifty Years of Experiences
The Recognition of Diplomas and the Free Movement of Professionals in the European Union: Fifty Years of Experiences HILDEGARD SCHNEIDER SJOERD CLAESSENS MAASTRICHT UNIVERSITY 1. INTRODUCTION This year we celebrate in Europe the 50th anniversary of the entering into force of the Treaty of Rome establishing the European Economic Community. After half a century of European integration it is an appropriate moment to look back on the achievements realized in this period. This paper wants to address specifically the issues of professional mobility, qualification recognition and the developments towards a European Space of Education. Special attention will be given to the increasing international mobility of the legal profession and the consequences of this development for the legal education on academic as well as professional level in the Member States of the European Union. One of the main goals of the E(E)C Treaty from its very beginning has been the creation a common market for all economic activities. This includes the free movement of professionals. National rules which had the effect of preventing persons from providing cross border professional services or establishing themselves in another Member State had to be progressively abolished. Barriers to mobility, such as the requirement of a national diploma or language requirements, can as much constitute obstacles to the completion of the internal market as e.g. the use of different safety standards for technical goods. As there is no common educational system in Europe and the routes to professional and trade activities vary significantly between the Member States these differences can cause serious barriers to the free movement of persons. -
Czech Economic Outlook on Thin Ice
ECONOMIC & STRATEGY RESEARCH 04 February 2019 Quarterly report Extract from a report Czech Economic Outlook On thin ice © iStock Czech economy set to continue on a sustainable growth path While strong investment drove growth in 2018, we expect much more balanced growth supported by domestic and external demand this year. We expect tension on the labour market to persist, creating more inflationary pressure, keeping inflation above the CNB’s 2% target. CNB to gear down rate hikes We believe the CNB will take a breather from hiking at the beginning of the year, owing to global uncertainty, but we expect two hikes over the year. Koruna set to appreciate gradually Ongoing excess CZK liquidity likely will impede the koruna’s appreciation, especially given external economic weakness and other looming risks. We expect the CZK to reach EUR/CZK25.20 towards end-2019. Yield curve to stay inverted in near future We see only limited potential for an increase in CZK IRS, with the short end supported by CNB hikes in 2019. In 2020, rates are expected to come under pressure again on the back of a global slowdown. Jan Vejmělek Viktor Zeisel Jakub Matějů Jana Steckerová (420) 222 008 568 (420) 222 008 523 (420) 222 008 524 [email protected] [email protected] [email protected] Please see back page for important disclaimer Date and time of the compilation: 4 February 2019, 7:37 AM Economic & Strategy Research Czech Economic Outlook Let’s cross that bridge when we come to it Jan Vejmělek Investors will not exactly remember 2018 as a good year because they had difficulty finding (420) 222 008 568 jan [email protected] assets that could offer a positive full year performance. -
Case Study of Czech and Slovak Koruna
International Journal of Economic Sciences Vol. VI, No. 2 / 2017 DOI: 10.20472/ES.2017.6.2.002 BRIEF HISTORY OF CURRENCY SEPARATION – CASE STUDY OF CZECH AND SLOVAK KORUNA KLARA CERMAKOVA Abstract: This paper aims at describing the process of currency separation of Czech and Slovak koruna and its economic and political background, highlights some of its unique features which ensured smooth currency separation, avoided speculation and enabled preservation of the policy of a stable exchange rate and increased confidence in the new monetary systems. This currency separation was higly appreciated and its scenario and legislative background were reccommended by the IMF for use in other countries. The paper aims also to draw conclusions on performance of selected macroeconomic variables of the two successor countries with impact on monetary policy and exchange rates of successor currencies. Keywords: currency separation, exchange rate, monetary policy, economic performance, inflation, payment system, central bank JEL Classification: E44, E50, E52 Authors: KLARA CERMAKOVA, University of Economics in Prague, Czech Republic, Email: [email protected] Citation: KLARA CERMAKOVA (2017). Brief History of Currency Separation – Case study of Czech and Slovak Koruna. International Journal of Economic Sciences, Vol. VI(2), pp. 30-44., 10.20472/ES.2017.6.2.002 Copyright © 2017, KLARA CERMAKOVA, [email protected] 30 International Journal of Economic Sciences Vol. VI, No. 2 / 2017 1. Introduction Last decade of 20th century was an important period either from political either from economic aspects. Developed market economies mainly in Western Europe and Northern America were on the margin of recession, and in most centrally planned economies the political regimes were collapsing, starting a period of crucial political changes, which resulted, in some cases, into separation of multinational federations and birth of new states. -
Guidelines Approximation with Eu
Funded by Implemented by a Consortium led by the European Union GFA Consulting Group GUIDELINES FOR UKRAINIAN GOVERNMENTAL ADMINISTRATION ON APPROXIMATION WITH EU LAW Алан Делькамп, експерт Як підвищити ефективність парламентських комітетів? Приклади передового міжнародного досвіду Вступ Комітети є найважливішими робочими органами у парламенті. Це не означає, що публічні засідання є менш важливими, але їхня функція відрізняється: публічно GUIDELINESобговорювати рішення та приймати остаточні рішення у церемоніальний спосіб. Це не означає, що парламентські комітети не відіграють політичну роль, але їхня робота відбувається на попередньому етапі, за винятком деяких конкретних обставин (законодавчі ініціативи комітету, якщо це конституційно можливо, або деякі особливі аспекти, такі як парламентські запити чи контрольні повноваження). FOR UKRAINIAN GOVERNMENTALНасправді, історично створення комітетів стало прагматичною відповіддю на очевидну потребу: зібрати депутатів парламенту в менші групи для забезпечення більш ефективної роботи. Вони також дають парламенту більше часу для підготовки своїх відповідей на урядові ініціативи. Створення комітетів є загальною тенденцією в парламентах, незалежно від того, яка може бути політична система (їх можна знайти в президентських, парламентських чи ADMINISTRATION будь-яких інших системах) і завжди є прагматичним ON (способи їхнього заснування були різні внаслідок різного історичного досвіду). Вони з'явилися в найрозвинутіших демократіях на початку 19-го століття (а часом і раніше1) і були закріплені сторіччя по тому в різних формах і на різних рівнях ієрархії норм (у регламенті чи навіть у конституції). Тим не менш, «мати» парламентської демократії, Англія, завжди мала застереження щодо розвитку повноважень комітетів. Вважалося, що підготовчі роботи APPROXIMATION1 Наприклад, можна знайти спеціальні комітети в англійському парламенті з кінця XVI століття, а також у французьких Генеральних штатах (але на відміну від англійського парламенту вони не були постійною установою у Франції). -
Implementation of the Euro in the Czech Republic
Implementation of the Euro in the Czech Republic Thesis by Nguyen Le Zuzana Submitted in Partial Fulfillment of the Requirements for the Degree of Bachelor of Science in Business Administration State University of New York Empire State College 2016 Reader: Tanweer Ali I, Zuzana Nguyen Le, hereby declare that the material contained in this submission is original work performed by me under the guidance and advice of my mentor, Tanweer Ali. Any contribution made to the research by others is explicitly acknowledged in the thesis. I also declare that this work has not previously been submitted in any form for a degree or diploma in any university. Zuzana Nguyen Le, 24.4.2016 Acknowledgement I would like to express my deepest gratitude to my mentor, Mr. Tanweer Ali, for his precise guidance and his patience. I also want to thank all of my close friends who had to listen to my complaints during this stressful period. Especially, I am most grateful for my Thesis-writing-buddy, Dinh Huyen Trang, without whom I would have spent much more time writing the thesis. Our sessions full of food and concentration gave me the needed motivation to finish the work. So thank you. Last but not least, I owe my big thank to my family that supported me and gave me the most possible comfort environment to concentrate. Table of Contents Introduction ........................................................................................................................... 1 History ..................................................................................................................................... -
Czech Republic
CZECH REPUBLIC Capital: Prague Language: Czech Population: 10.5 million Time Zone: EST plus 6 hours Currency: Czech Koruna (CZK) Electricity: 220V. 50Hz Fun Facts • Czech people are the world's greatest consumers of beer pro capita • The Czech Republic became a member of N.A.T.O. in 1999 and of the European Union in 2004 • The Czech Republic is the second-richest country (after Slovenia) of the former Communist Bloc The Czech Republic boasts a magnificent heritage of castles, medieval towns, palaces, churches, and above all, its romantic capital, "Golden" Prague. It is a relatively small country in Central Europe (30,000 sq. miles) composed of Moravia with its endless fields and vineyards, Bohemia, which is highly industrialized but also famous for its beers, and Moravian Silesia with its iron industry and coal mines. All over the Czech Republic you can visit many elegant spa cities. For over 1,500 years, the history of the Slavic Czechs (the name meaning "member of the clan") was influenced by contacts with their western, German neighbors. According to popular belief from ancient times, the Slavic Premysl royal family was replaced by the Luxemburg family in the first half of the 14th century after assassination of the king Wenceslas III. Charles IV, the Holy Roman Emperor, brought prosperity to the land. Jan Hus, the early church reformer who was burned at the stake for heresy, founded the first Reformed church here almost 100 years before the Lutherans. The Hapsburgs started to rule the state from the first half of the 16th century; they managed to quell the Protestant spirit of the nation temporarily but were powerless against the surge of national feelings in the 19th century, which resulted in the foundation of Czechoslovakia following WWI—a foundation which lasted for 74 years (until the end of 1992).