Suchergebnisse

From 2009 to 2015, the European Union's (EU) euro area experienced an existential socio-economic crisis. To secure its institutional integrity, the EU designed several new institutions to support member states in need but also to facilitate socio-economic adjustments. The European Stability Mechanism (ESM) lies at the centre of this strategy: it provides financial assistance to member states in severe crisis on an intergovernmental basis while demanding compliance with adjustment programs from program countries. Based on a comparative political economic analysis, Remaking European Political Economies shows that the EU's financial assistance programs focused strongly on reforms that led to a partial convergence of program countries based on market-based economic governance and reduced governmental influence in the economy. The book draws on extensive, empirically based case studies of two prominent euro area countries in crisis: Greece and Ireland. Dennis Zagermann illustrates that socio-economic models in the euro area can experience institutional change if exposed to severe crises in combination with financial assistance programs that include policy conditionality. In doing so, his book sheds light on the central question of whether there is a possible convergence of European models of capitalism - a question that has been at the centre of comparative political economic debates for over thirty years

This paper presents an updated meta-analysis of the effect of currency unions on trade, focusing on the euro area. Using meta-regression methods such as the funnel asymmetry test, evidence for strong publication bias is found. The estimated underlying effect for currency unions other than the eurozone reaches more than 60%. However, according to the meta-regression analysis, the euro's trade promoting effect corrected for publication bias is insignificant. The Rose effect literature shows signs of the economics research cycle: reported t-statistic is a quadratic concave function of the publication year. Explanatory meta-regression (robust fixed effects and random effects), that can explain about 70% of the heterogeneity in the literature, suggests that results published by some authors might consistently differ from the mainstream output and that study outcomes are systematically dependent on study design (usage of panel data, short- or long-run nature, number of countries in the data set).

"A fact-based treatise on the Eurozone crisis, with analysis of possible solutions The Incomplete Currency is the only technical -- yet accessible -- analysis of the current Eurozone crisis from a global perspective. The discussion begins by explaining how the Euro's architecture, the relationship between finance and the real economy, and the functioning of the Eurosystem in general are all at the root of the current crisis, and then explores possible solutions rooted in fact, not theory. All topics are analysed and illustrated, making extensive use of examples, tables, and graphics, and the ideas presented are supported by data sets and their statistical elaborations throughout the book. An extensive digital component includes numerical simulations of public debt dynamics for different Eurozone countries, evaluations of the sustainability of programmes like the Fiscal Compact, and stress tests on the ability of institutions like the ESM to cope with major liquidity crises, and the spreadsheets used to calculate data in the book is provided for readers to access for themselves. The survival of the European monetary union has been questioned due to the accumulation of structural imbalances and the negative effects of the global financial crisis. This book lays out the full extent of the problem, explains what caused it, and provides possible solutions backed by extensive data. Dig down to the root of the Eurozone crisis Learn why austerity doesn't fix anything Understand how the Euro has changed economies Consider possible strategies for recovery In a macroeconomic context where the monetary policy is the prerogative of the European Central Bank and fiscal policy, hopeless austerity works against the economic recovery of the Eurozone countries. A positive attitude is difficult, but necessary. The Incomplete Currency is an insightful, important resource that guides readers toward real solutions"--

In 1995 the newly enlarged European Union has proved to be capable to handle its problems and to take decisions in a large array of issues. The EU tried to cope with unemployment, continued the preparation of the third stage of the Economic and Monetary Union, adopted its 1996 budget decisions relatively smoothly, and intensified its relations with different parts of the world. On the other hand however, enlargement itself is increasingly affecting the Union as it preparing itself for the upcoming accession of some of its Central European and Mediterranean neighbors. The northern member states look with some suspicion at the budgetary consequences and already show a lot of restraint in paying more to the EU-budget, for the sake of their southern counterparts. Some member states are looking for a balanced enlargement in which the eastern enlargement would be counterbalanced by a Mediterranean one, and for a balance in the financial support that is provided by the EU to third countries. The biggest issue is however, the institutional adaptation of the European Union to a new enlargement. The preparations of the 1996 Intergovernmental Conferencethat took place in 1995, have shown however, that this process will be a difficult one. With the 1995 enlargement, the European Union has increased the number ofmember states that perceive the process of European integration primarily as an economic one. This will make institutional adaptations more difficult and risks to paralyze the Common Foreign and Security Policy of the Union even more than it already did in the past few years. Stated differently, 1995 has left a number of question marks on the EU's future. Whether these will disappear soon, 1996 will show.

Although addressing income inequalities is one of the main challenges in the European Union (EU), whether the EU has influenced income distributions, possibly causing a rise in inequalities, is still a heavily underexplored topic. Using the newest methodological developments associated with the counterfactual estimations, I assessed the distributional effects of the 2004 EU enlargement. The results indicate that EU accession cannot be held responsible for any significant changes in income inequalities in the New Member States. That finding is robust to changes in the method of estimation, and it is also supported by dynamic panel data methods.

This thesis proposes a theoretical reconstruction of the monetary debate that took place during the U.S. Reconstruction period by studying the writings of Henry Charles Carey, Hugh McCulloch, Simon Newcomb, and John Sherman. It traces the links between the policy proposals of each writer, their political economy, and their vision of economic development. A prerequisite to tracing those links was a clear identification of the main money question of the period: the greenback – the fiat, legal-tender, paper money issued by the Union as a means to finance the Civil War. Also necessary was an explanation of how the monetary debate became an arena for expressing antagonistic political visions. The first chapter offers both an identification and explanation. The following chapters then analyze the writings of the main participants of the debate. Chapter 2 focuses on Carey's monetary theory and shows that his theory led him to deduce that maintaining both a greenback monetary standard and protectionism would make it possible to build a permanent union, while establishing national independence. On the opposite side of the debate were those who advocated for a resumption of specie payments, among them McCulloch, Newcomb, and Sherman. Chapter 3 examines McCulloch and Sherman's position in the debate and provides evidence that it was informed by their vision of economic development, a vision that aimed to promote U.S. international integration. The fourth chapter centers on Newcomb's methodology and the monetary theory that results from its application, a theory that offers an analytical framework to those who defended the resumption of specie payments. ; Cette thèse propose une reconstruction théorique des débats monétaires de la période de la Reconstruction aux États-Unis en se focalisant sur les travaux de Henry Charles Carey, Hugh McCulloch, Simon Newcomb et John Sherman. Elle s'efforce d'identifier les liens entre les positions respectives de chacun, les politiques économiques préconisées et leurs visions du développement économique. Répondre à cette ambition implique au préalable d'expliquer pourquoi la question monétaire centrale est celle des greenbacks – le papier-monnaie inconvertible ayant cours légal émis afin de financer la guerre de Sécession – et de préciser comment la question monétaire a été le lieu privilégié d'affrontement entre des visions politiques antagonistes (chapitre 1). Les chapitres qui suivent se focalisent sur l'analyse des écrits des principaux participants aux débats. Le chapitre 2 s'intéresse à la théorie monétaire de Carey et montre comment elle vise à réunifier les États-Unis tout en établissant leur indépendance nationale à travers l'industrialisation par le maintien du système monétaire des greenbacks et du protectionnisme. Face à Carey se trouvent ceux qui favorisent un retour à la convertibilité, parmi ceux-ci McCulloch, Newcomb et Sherman. Le chapitre 3 examine la position de McCulloch et Sherman et établit que leur position dans le débat était dictée par leur vision du développement économique qui promouvait l'intégration internationale des États-Unis. Enfin, le chapitre 4 porte sur l'auteur qui constitue la référence théorique commune à ceux qui défendent le retour à la convertibilité : tant la méthodologie que la théorie monétaire de Newcomb y sont analysées.

Poslovni ciklusi su prikaz ekonomske aktivnosti u gospodarstvu. Usklađenost poslovnih ciklusa država članica Europske unije je ključna upravo zbog toga kako bi odricanje od monetarnog suvereniteta donijelo minimalne troškove za domaće gospodarstvo. Ovim je radom analizirana usklađenost poslovnih ciklusa unutar Europske unije koja se prema teoriji optimalnog valutnog područja smatra jednim od najvažnijih kriterija za uspješno provođenje zajedničke monetarne politike. Za procjenu razine usklađenosti poslovnih ciklusa korištene su tri metode: indeks podudarnosti, unakrsna korelacija te pomična unakrsna korelacija. Analiza usklađenosti provedena je na kvartalnim podacima o realnom BDP-u svih država članica Europske unije te EU27 kao agregiranog područja. Analiza obuhvaća razdoblje od prvog kvartala 1995. godine (1995Q1) do prvog kvartala 2021. godine (2021Q1), dok su radi uočavanja promjena u usklađenosti indeks podudarnosti i unakrsna korelacija izračunati i za dva podrazdoblja, 1995Q1 – 2008Q1 i 2008Q1 – 2021Q1. Na temelju rezultata dobivenih indeksom podudarnosti i unakrsnom korelacijom može se zaključiti kako su ciklusi svih država članica usklađeni s ciklusom Europske unije, pri čemu su nove države članice uglavnom slabije usklađene dok su stare države članice visoko usklađene. Isto tako, rezultati pokazuju da je viša razina usklađenosti postignuta u drugom podrazdoblju. Rezultati pomične unakrsne korelacije upućuju na zaključak da je zajednička monetarna politika najprikladnija za stare države članice te za Češku, Cipar, Poljsku i Sloveniju iz skupine novih država članica jer je njihova usklađenost s ciklusom Europske unije visoka i stabilna kroz cijelo promatrano razdoblje. ; Business cycles demonstrate economic activity in economy. Synchronization of business cycles of EU member states is crucial, precisely because the separation of monetary sovereignty would bring minimal costs to the domestic economy. This paper analyzes the synchronization of business cycles within the European Union, which, according to ...

The recent extensive package introduced by the Commission is the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and structural reforms are sought in the light of the shortcomings of the existing legislation. New enforcement mechanisms are foreseen for non-compliant Member States. In this very crucial and important package of 6 legislative dossiers this paper tries to identify critical missing or redundant and/or unworkable elements within the Commission package. Moreover, it checks what (if anything) is missing outside and beyond the proposals in order to make the whole package of governance reform complete and workable as, for instance, crisis resolution mechanisms and debt restructuring, EMF, project bonds and Eurobonds. ; Das am 29. September 2010 von der europäischen Kommission vorgestellte und dem Europäischen Parlament vorgelegte ausführliche Maßnahmenpaket stellt die umfassendste Verstärkung einer europäischen 'Economic Governance' seit Einführung der Wirtschafts- und Währungsunion dar. Angesichts der Mängel in der existierenden Gesetzgebung werden dabei eine weiter reichende und verbesserte Überwachung der Fiskalpolitiken, aber auch makroökonomischer Politiken sowie Strukturreformen angestrebt. Neue Durchsetzungsmechanismen für Mitgliedsstaaten, die gegen die Regeln handeln, sind geplant. Im Hinblick auf das sehr wichtige und entscheidende Paket der Kommission, das 6 Gesetzes-Dossiers umfasst, wird in diesem Beitrag versucht, fehlende oder überflüssige und/oder gar nicht verwendbare Elemente zu identifizieren. Weiterhin wird überprüft, was (wenn überhaupt) außerhalb und über diese Vorschläge hinaus noch fehlt, um das gesamte Paket der Governance-Reformen vollständig und durchführbar zu machen. Dies können potenziell Mechanismen zur Krisenlösung und Umschuldung, ein Europäischer Währungsfond, Projekt-Bonds und/oder Euro-Bonds sein.

Wie konnten die Ungleichgewichte entstehen, die zur europäischen Schuldenkrise geführt haben? Wie lassen sie sich überwinden und für die Zukunft vermeiden? Welche Lehren lassen sich aus den Erfahrungen anderer Währungsräume ziehen? Diese Fragen stehen im Mittelpunkt dieses Papiers. Die Analyse mündet in Überlegungen, inwieweit der gegenwärtigen Problemlage Konstruktionsfehler der Währungsunion zu Grunde liegen und wie diese korrigiert werden könnten. Neuen Formen der Governance, dem Nutzungspotential des EU-Haushalts und möglichen neuen Transfersystemen kommt eine besondere Aufmerksamkeit zu.

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase. - EMU will start with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the stability of EMU in the transition phase. Speculative attacks against currencies which are in economic distress due to asymmetric shocks can still happen. A speculative attack as such cannot force a country out of EMU. However, the country concerned might voluntarily decide to leave the system as the costs of staying inside EMU, e.g. due to further rising unemployment, become too large to bear.

Batı Afrika'nın ekonomik büyümesini hızlandırmak ve Euro'nun tek bir para birliği olarak elde ettiği başarı, Batı Afrika Devletleri Ekonomik Topluluğu'na (ECOWAS) üye devletler için ortak bir para birimi olarak hizmet etmek üzere "eko" önermesine ilham verdi. Bu tez, önerilen para birimi Birliğini ve yaratılmasının bölgenin ekonomik büyümesini nasıl etkileyeceğini inceledi. Tez, para birliği teorileri doğrultusunda betimsel bir istatistiksel analiz uygulamış ve aynı zamanda ortak bir para birliğinin öncü olan Avrupa da dikkate alınmıştır. Üye ülkeler arasında GSYİH, enflasyon oranı, faiz oranı ve ticaretler arası para birliği tesis eden faktörler göz önünde bulundurulmuştur. Şu ana kadar bazı ülkeler düşük enflasyon, düşük faiz ve döviz kuru gibi bazı yakınsama kriterleri elde edebilmişlerdir. Bir para birliği alanı oluşturmak için gereken ekonomik eğilimleri ve diğer kriterleri inceledikten sonra, Batı Afrika Devletleri Ekonomik Topluluğu önerilen eko para birliğiyle devam etmemeli ve mevcut dengesizlikleri gidermek için döviz kurunu, ticaret gelişimini, ve ayrica para birliğinin parasal egemenliğini ele geçirmeye çalışan Fransa meselesini dikkate almalıdır.to me İÇİNDEKİLER Teşekkür…………………………………………………………………………………………i Özet ………………………………………………………………………………………….….ii Özet …………………………………………………………………………………………….iii Şekiller Listesi………………………………………………………………………………….ix Tablolar Listesi ………………………………………………………………………………….xi Önsöz ………………………………………………………………………………………….xvi BÖLÜM 1 ……………………………………………………………………………………….6 1. Giriş ……………………………………………………………………………………….….1 1.1 Arka Plan …………………………………………………………………………………….1 1.2 Problemin Açıklaması ………………………………………………………………….…….2 1.3 Araştırma Hedefleri …………………………………………………………………….……3 1.4 Araştırma Hipotezi ……………………………………………………………………….….5 1.5 Analiz Yaklaşımı………………………………………………………………………….….5 BÖLÜM 2 ……………………………………………………………………………………….6 2.1 Optımum Para Alanı …………………………………………………………………………6 2.1.1 R. Mundell'in Perspektifi …………………………………………………………….……8 2.1.2 R.I. McKinnon'in Perspektifi ……………………………………………………….……10 2.1.3 Y.Ishiyama'in Perspektifi………………………………………………………………….11 2.1.4 Y.Ishiyama'nın Perspektifi …………………………………………….………………….13 2.1.5 G.S. Tavlas'ın Optimum Para Birliğinin 'Yeni' Teorisine Bakış Açısı………………. 25 2.2 Avrupa Birliği ……………………………………………………………… . ……….28 2.2.1 AB Tarihi …………………………………………………………………………………27 2.2.2 Maastrıcht Anlaşması……………………………………………………………………. 33 2.2.3 Avrupa Para Sistemi Krizi………………………………………………………………. 35 2.2.4 Neden Bazı Ülkeler Euro Kullanmıyor?. 36 2.2.5 Euro'nin Avantajları………………………………………………………………………37 2.2.5.1 Çeşitli Makroekonomik Faydalar …………………………………………………….37 2.2.5.2 Döviz Kuru İstikrarı……………………………………………………………………. 37 2.2.5.3 Daha Düşük Faiz Oranı………………………………………………………………….37 2.2.5.4 Yatırım ve Ticaret……………………………………………………………………….39 2.2.5.5 Uluslararası Para Birimi Olarak Hizmet Etmek………………………………………. 39 2.2.5.3 Daha Düşük Faiz Oranı………………………………………………………………….39 2.2.5.6 AB'de İstikrar, Hareketlilik ve Büyüme……………………………………………….39 2.2.5.7 Şeffaf ve Demokratik Kurumların Oluşturulması,……………………………………. 39 2.2.5.8 Ticareti Geliştirme, İnsani Yardım, Diplomasi ve Güvenlik…………………………. 40 2.2.6. Euro dezavantajları……………………………………………………………………….41 2.2.6.1 Teminat Para Birimi Olarak Euro…………………………………………………….41 2.2.6.2 Bazı Ülkeleri Avantajlı Bir Konumda Yerleştirmek…………………………………. 41 2.2.6.3 Avrupa İçi Ticaretin Düşüşü…………………………………………………………….42 2.2.6.4 Transfer Ödemelerindeki Düzensizlikler……………………………………………….43 2.2.6.5 Euro'nun Maliye Politikasını Kullanamaması………………………………………….43 2.2.6.6 Finansal İstikrarsızlık………………………………………………………………….44 2.2.7 Avrupa Bir Optımum Para Alanı mı?. 44 2.2.7.1 Enflasyon ……………………………………………………………………………….44 2.2.7.2. Döviz Kuru …………………………………………………………………………….46 2.2.7.3 Ticarette Açıklık………………………………………………………………………. 47 2.2.7.4 Ücretler ve Fiyat Esnekliği……………………………………………………………. 52 2.2.7.5 İşgücü Hareketliliği (Euro)……………………………………………………………. 53 2.2.7.6 Seçilmiş Euro Bölgesi Ülkelerinde GSYH'nin Payı Olarak Cari Açıklar…………….54 2.2.7.7 Seçilmiş Euro Bölgesi Ülkelerinde İşsizlik Oranları……………………………………54 2.2.8 Avrupa Birliğinde Dört Özgürlük……………………………………………………….55 2.2.8.1 Malların Serbest Dolaşımı………………………………………………………………55 2.2.8.2 Hizmetlerin Serbest Dolaşımı………………………………………………………….56 2.2.8.3 Euro Bölgesinde İşçilerin Serbest Dolaşımı…………………………………………….57 2.2.8.4 Sermayenin Serbest Dolaşımı 57 2.3 BATI AFRİKA DEVLETLERİ EKONOMİK TOPLULUĞU (ECOWAS)………………59 2.3.1 ECOWAS'a Genel Bakış………………………………………………………………….59 2.3.2 ECOWAS'nin Amaçları ve Hedefleri…………………………………………………….62 2.3.3 ECOWAS ün Temel Prensipleri………………………………………………………….64 2.3.4 ECOWAS'in İşlevleri…………………………………………………………………….65 2.3.5 ECOWAS'nın Başarıları………………………………………………………………….66 2.3.5.1 Siyasi İşler, Barış ve Güvenlik………………………………………………………….67 2.3.5.2 Gine Bissau'de Ekova'nın Rolü………………………………………………………….67 2.3.5.3 Fildişi Sahili'nde ECOWAS'ın Rolü…………………………………………………….68 2.3.5.4 Mali'de ECOWAS'ın Rolü………………………………………………………………69 2.3.5.5 Liberya'da ECOWAS'ın Rolü………………………………………………………….71 2.3.5.6 ECOWAS Yakınsama Konseyi Tarafından Makroekonomik Yakınsama Raporunun Kabulü……………………………………………………………………………………………73 2.3.5.7 ECOWAS Para Enstitüsü'nün kurulması (EMI).……………………………………….74 2.3.5.8 Tüm Devlet Mali İşlemlerinin Geçmiş Kayıtlarının Tutulması İçin Bir Kılavuzun Sağlanması . . .74 2.3.5.9 Sahel Bölgesinde Bölgesel Güvenliği Artırmak İçin Bir Eylem Planının Uygulanması.75 2.3.5.10 Tekdüzen Ticaret Geliştirme Stratejisine Giriş ………………………… …………….75 2.3.5.11 Ekonomik Kalkınma Belgesinin İmzalanması…………………………………………76 2.3.5.12 Ortak bir Dış Tarife Oluşturmak ……………………………. …………… ………….76 2.3.5.13 ECOWAS vatandaşlarının Bölgesel Güvenliği Artırmak ve Serbest Dolaşımını Kolaylaştırmak için Biyometrik Kart Tanıtımı………………………………………………….76 2.3.5.14 Sınır Yönetiminde Kılavuz Olarak Hizmet Verecek Bir El Kitabının Sağlanması……77 2.3.5.15 Ecolink 78 adlı Bölgesel Bağlantı Projesinin Başlatılması……………………………78 2.3.5.16 Tüm Finansal İşlemlerin Kaydını Tutmak için Entegre Finansal Yönetim Sisteminin Başlatılması . . .78 2.3.5.17 Üye Devletlerde Kalkınma için Çevre Yönetişimini, Genel Çevre Korumasını, Kapasite Oluşturmayı ve Sürdürülebilir Kaynak Yönetimini Geliştirmeye Yönelik Yenilenen Çabalar…79 2.3.5.18 Seme-Krake Ortak Sınır Karakolu İnşaatı Sözleşmesinin Yeniden İmzalanması (Benin - Nijerya)………………………………………………………………………………………….79 2.3.5.19 Nijerya ile Kamerun Arasındaki Bemenda Yolu ve Bir Joınt Sınır Karakolu (JBP) ve Mfum Sınırında Bir Sınırın İnşası……………………………………………………………….79 2.3.5.20 Batı Afrika Doğalgaz Boru Hattı Şebekesi Fizibilite Çalışması Sonuçlandı………….80 2.3.5.21 Düzenleyici ve Ekonomik Ortamın Düzenlenmesi İle Bölgesel Elektrik Piyasasının Gelişimi………………………………………………………………………………………….80 2.3.5.22 Yenilenebilir Enerji ve Enerji Verimliliği Teknolojileri ve Hizmetlerinin Teşviki….80 2.3.5.23 ECOWAS Üye Devletinde Enerji Verimliliği Binalarını Teşvik Etmeyi Amaçlayan Enerji Verimliliği Binası (EEB) Üzerine Bir ECOWAS Direktifi Ecree Tarafından Geliştirildi.81 2.3.5.24 Bölgesel Hastalık Merkezinin Kurulması…………………………………………….81 2.3.5.25 Bölgesel Güvenliği Güçlendirmek İçin Bir Eylem Planının Hazırlanması……………81 2.3.5.26 Ortak Pazar, Ticaret Liberalizasyon Şeması (TIS) ve Kişilerin, Malların ve Hizmetlerin Serbest Dolaşımı Protokolünün Uygulanmasının Konsolide Edilmesi………………………….81 2.3.5.27 Dakar-Abidjan Koridoru İçin Yardımcı Kanunun İmzalanması ve Bölgesel Elektrik Projesi için İlk Taşın Döşenmesi. Proje Cote D'ivoire, Gine, Liberya ve Sierra Leone'yi kapsıyor ……………………………………………………………………………………………………81 2.3.5.28 Abidjan-Lagos Koridor Otoyolu Uygulama Birimi……………………………………83 2.3.6. ECOWAS'ün Zorlukları………………………………………………………….………83 2.3.6.1 Ticaret Faktörü ve Üye Devletlerin Ekonomisi…………………………………………83 2.3.6.2 Mali Sektör Eşitsizlikleri ve Kötü Ödeme Sistemi…………………………………….84 2.3.6.3 Altyapı ve Düzenleyici Rejimin Zorlukları…………………………………………….84 2.3.6.4 Siyasi İrade Eksikliği……………………………………………………………………85 2.3.6.5 Yolsuzluk ve Siyasi İstikrarsızlık……………………………………………………….86 2.3.6.6 Koloni Aşılamasından Kaynaklanan Zorluklar…………………………………………86 2.3.7 EKO PARA BİRLİĞİNİN……………………………………………………………….87 2.3.8 FRANSA VS. ECO……………………………………………………………………….89 2.3.9 ECOWAS EKONOMİK GÖRÜNÜM……………………………………………………90 2.3.9.1 GSYİH………………………………………………………………………………….90 2.3.9.1.1 ECOWAS Bütçe Fazlası (+) Veya Açığı (-)………………………………………….92 2.3.9.2 Enflasyon……………………………………………………………………………….93 2.3.9.3 Faiz Oranı……………………………………………………………………………….94 2.3.9.4 Döviz Kurları……………………………………………………………………………96 2.3.9.5 Ticaret………………………………………………………………………………….97 2.3.9.6 Ecowas İstihdam Durumu…………………………………………………………….104 2.3.9.6.1 İstihdam………………………………………………………………………………104 2.3.9.6.2 İşsizlik……………………………………………………………………………….106 2.3.10 Eko ve Optimum Para Alanı……………………………………………………………107 3.BÖLÜM…………………………………………………………………………………….109 3. SONUÇ VE POLİTİKA ÖNERİLERİ…………………………………………………….109 REFERANSLAR………………………………………………………………………………112 --- In an attempt to accelerate the economic growth of West Africa, and the success made by the euro as a single currency inspired the Economic Community of West African States (ECOWAS) to propose "the eco" to serve as a common currency for member states. This thesis looked into the proposed currency Union and how its creation will impact on the economic growth of the region. The thesis applied a descriptive statistical analysis in line with the theories of the currency union, and also Europe being the pioneer of a common currency was also taken into consideration. Factors for establishing a currency union such as GDP, inflation rate, interest rate, and inter-trade between member countries were considered. So far, some countries have been able to achieve some convergence criteria like low inflation, low interest and exchange rate. After reviewing the economic trends and other criteria needed for establishing a currency union area, the Economic Community of West African States should not proceed with the proposed eco currency and should consider the exchange rate and trade development to remove the imbalances that exist and also should address the issue of France who is trying to hijack the monetary sovereignty of the currency. CONTENTSAcknowledgementsiAbstractiiÖzetiiiList Of FiguresixList Of TablesxiiPrefacexviiCHAPTER 171.Introductioni1.1 Background 11.2 Statement of the Problem 21.3 Research Objectives 31.4 Research Hypothesis 51.5 Analysis Approach 5CHAPTER 262.1Optımum Currency Area62.1.1 Perspective of R. Mundell……………………………………………………………….82.1.1 Perspective of R. I. McKinnon…………………………………………………….……102.1.1 Perspective of Kenan: An Electic View.…………………………………………………112.1.4 Perspective of Y.Ishiyama 132.1.5 Perspective of G.S. Tavlas On The 'New' Theory Of Optimum Currency Union 252.2 The European Union……………………………………………………………….……….282.2.1 History of the EU 282.2.2 The Maastrıcht Treaty 332.2.3 The European Monetary System Crisis 352.2.4 Why Some Countries are not Using Euro? 362.2.5 Advantages of Euro 372.2.5.1 Diverse Macroeconomic Benefıts 372.2.5.2 Exchange Rate Stability 372.2.5.3 Lower Interest Rate 372.2.5.4 Investment and Trade 392.2.5.5 Serving as an International Currency 392.2.5.3 Lower Interest Rate 392.2.5.6 Stability, Mobilıty And Growth Within the EU 392.2.5.7 Establishment of Transparent and Democratic Institutions 392.2.5.8 Trade Promotion, Humanitarian Aid, Diplomacy and Security 402.2.6. Disadvantages of the Euro 412.2.6.1 Euro As A Fiduciary Currency 412.2.6.2 Placing Some Countries in an Advantaged Position 412.2.6.3 The Decline of Intra-European Trade 422.2.6.4 Irregularities in Transfer Payments 432.2.6.5 Failure of the Euro to the use of Fiscal Policy 432.2.6.6 Financial Instability 442.2.7 Is Europe An Optımum Currency Area? 442.2.7.1 Inflation 442.2.7.2. Exchange Rate 462.2.7.3 Trade Openess 472.2.7.4 Wages And Price Flexibility 522.2.7.5 Labour Mobılıty (Euro) 532.2.7.6 Current Account Deficits as a Share of GDP in Selected Euro Area Countries 542.2.7.7 Unemployment Rates in Selected Euro Area Countrıes 542.2.8 Four Freedoms in the European Union 552.2.8.1 Free Movement of Goods 552.2.8.2 Free Movement of Servıces 562.2.8.3 Free Movement of Workers in the Eurozone 572.2.8.4 Free Movement of Capital 572.3 ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS) 592.3.1 Overview Of ECOWAS 592.3.2 Aims and Objectives Of ECOWAS 622.3.3 Fundamentals Prıncıples Of ECOWAS 642.3.4 Functions of ECOWAS 652.3.5 Achievements of ECOWAS 662.3.5.1 Political Affairs, Peace and Security 672.3.5.2 The Role Of Ecowas in Guinea Bissau 672.3.5.3 The Role of ECOWAS in Ivory Coast 682.3.5.4 The Role of ECOWAS in Mali 692.3.5.5 The Role of ECOWAS in Liberıa 712.3.5.6 The Adoption of the Macroeconomic Convergence Report by the ECOWAS Convergence Council 732.3.5.7 Establishment of the ECOWAS Monetary Institute (EMI) 742.3.5.8 Provision of a Guide to Keep a Track Record of all Government Financial Transactions.742.3.5.9 Implementation of an Action Plan to Boost Regional Security in the Sahel Region 752.3.5.10 Introduction of a Uniform Trade Development Strategy………………………….752.3.5.11 Signing of the Economic Development Document 762.3.5.12 Establishing a Common External Tariff…………………………….……………. 762.3.5.13 Introducing a Biometric Card to Boost Regional Security and Smooth the Free Movement of ECOWAS citizens……………………………………………………………762.3.5.14 Provision of a Manual to Serve as a Guide in Border Management 772.3.5.15 Launching of the Regional Link Project called Ecolink 782.3.5.16 Launching of an Integrated Financial Management System to Keep Record of all Financial Transactions.782.3.5.17 Renewed Efforts to Enhance Envıronment Governance, General Environmental Protection, Capacity Building as Well as Sustainable Resource Management for Development in the Member States 792.3.5.18 Re-Award of the Contract for the Construction of the Seme-Krake Joint Border Post (Benin – Nigeria) 792.3.5.19 Bemenda Road Between Nigeria and Cameroon and the Construction of a Joınt Border Post (JBP) and a Border at Mfum Border 792.3.5.20 Feasibility Study for the West African Gas Pipeline Network Concluded 802.3.5.21 Development Of Regıonal Power Market With the Settıng Up of Regulatory and Economic Environment 802.3.5.22 Promotion of Renewable Energy and Energy Efficiency Technologies and Services 802.3.5.23 An ECOWAS Directive On Energy Efficıency Building (EEB) Aimed at Promotıng Energy Efficency Buildings in the ECOWAS Member State has Been Developed By Ecree 812.3.5.24 Establishment of a Regional Centre for Disease 812.3.5.25 Provision of an Action Plan to Strengthen Regional Security 812.3.5.26 Consolidating the Implementation of the Common Market, Trade Lıberalızatıon Scheme (TIS) and the Protocol on Free Movement of Persons, Goods and Services 812.3.5.27 Signing of the Supplemantary Act on Dakar-Abidjan Corridor, and Laying of the Fırst Stone for the Regional Electrıcıty Project. The Project Covers Cote D'ivoire, Guinea, Liberia and Sierra Leone 812.3.5.28 Implementation Unit of the Abidjan-Lagos Corridor Highway 832.3.6. Challenges of ECOWAS 832.3.6.1 The Trade Factor and the Economy of Member States 832.3.6.2 Financial Sector Disparities and Poor Payment System 842.3.6.3 Challenges of Infrastructure and Regulatory Regime 842.3.6.4 Lack of Political Will 852.3.6.5 Corruption And Polıtical Instability . 862.3.6.6 Challenges Emanating from Colonıal Hang-Over 862.3.7 ECO CURRENCY 872.3.8 FRANCE VS. THE ECO 892.3.9 ECOWAS ECONOMIC OUTLOOK 902.3.9.1 GDP 902.3.9.1.1 ECOWAS Budget Surplus (+) Or Deficit (-) 922.3.9.2 Inflation 932.3.9.3 Interest Rate 942.3.9.4 Exchange Rates 962.3.9.5 Trade 972.3.9.6 Ecowas Employment Status 1042.3.9.6.1 Employment 1042.3.9.6.2 Unemployment 1062.3.10 Eco and the Optimum Currency Area 107CHAPTER 31093. CONCLUSION AND POLICY RECOMMENDATIONS109REFERENCES113

Peter Herzog's career-long interest in the European Communities makes it especially appropriate to include in this festschrift a contribution on what has become the principal mechanism for reforming the treaties that constitute those Communities. I refer of course to the "intergovernmental conferences," or "IGCs" for short. As this festschrift goes to press, the fifteen Member States are submitting the results of the latest IGC – the 1997 Treaty of Amsterdam – to their respective national ratification processes. As its name suggests, the intergovernmental conference is a gathering of representatives of the Member States to discuss and eventually agree upon amendments to the constitutive treaties as they then stand. The EC Treaty, by its own terms, requires that all treaty amendments be prepared by such an intergovernmental conference and be submitted to the Member States for their separate ratification, and the Treaty on European Union (the TEU or Maastricht Treaty) contains a parallel provision. In point of fact, the recent Amsterdam Treaty is little more than a set of amendments to the EC Treaty and the TEU.