Suchergebnisse

This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technological innovations, such as the movement towards electronic money, will undoubtedly change how we operate. However, the conclusion in this paper is less sanguine regarding the prospects of a global currency, regional monetary unions, or states' exit from or central banks' control of money. This paper also sees poor prospects for cryptocurrencies at the moment, given their focus on the decentralisation and politicisation of money, because money requires a backstopping force, making it inherently political. Finally, this paper considers how regulators may seek to ensure that money in its digital form is not taken advantage of and applied in malevolent activities. The study used correlation to establish the level of association among variables. A multiple regression analysis was used to draw an econometric model explaining the relationship between the independent and dependent variables. The following variables were used as independent variables: monetary aggregate (M1), harmonised index of consumer prices (HICP), Euro Interbank Offered Rate (EURIBOR), US dollar/euro, and the USD value of Bitcoin. Multiple regression predicted that when inflation rises, the money supply will decrease. M1 includes cash in circulation, current deposits, and other than demand deposits. The study concludes that price increases encourage people to keep their money in longer-term deposits, including in cryptocurrency. Additionally, an increase in EURIBOR and US dollar/euro reduces the supply of money. Otherwise, an increase in the price of bitcoin in the economy would increase the overall money supply.

L'obbiettivo della ricerca è l'analisi del riassetto istituzionale dovuto alla crisi economica. Il progetto di ricerca parte da un'analisi della formazione della moneta unica e dell'Unione economica e monetaria, per proseguire attraverso l'analisi dello stato di avanzamento delle politiche economiche e monetarie mediante la ridefinizione degli assetti giuridici ed istituzionali, come diretta conseguenza della crisi economica. Si prende infine in considerazione l'accelerazione di alcuni processi d'integrazione che hanno messo in discussione il ruolo di alcune Istituzioni partendo dalla natura stessa del metodo comunitario e del processo di legittimità democratica alla base del consolidamento e dello sviluppo dell'Unione economica e monetaria. Fino ad arrivare allo statuto speciale ottenuto dal Regno Unito che mette in discussione l'assetto stesso del progetto europeo, decretando un Europa a più velocità, frutto di una specifica visione di un Europa regolatori. ; The propose of this research is to analyze the future of the European project due to the changes of the economic crisis. The research is based on a deep analysis of European economic and monetary policies, starting from the creation of the single currency through the construction of the Economic and Monetary Union, until the impact of the debt crisis on the European Governance and institutions. The research project analyses the legal and political arrangements that have queries the Community method in favor of the intergovernmental method. It is analyzed the acceleration of certain processes of integration/desegregation of the European project that have questioned the role of some institutions, their accountability and legitimacy, until the UK special status that have create de facto a legal multi-speed Europe.

The passage to the economic and monetary Union as far as every country remains sovereign has no equivalent in the history. The European Central Bank thus had to set up an effective cooperation with the national central banks in a new institutional and economic context. The convergence of member countries does not have to be the only fact of given moment, but must be sustainable to guarantee the perpetuity of the Eurozone. We wondered about the heterogeneousness which the European Central Bank has to face and if this one questions the efficiency of the unique monetary policy. Following to this questioning we tried to determine if certain member countries take a bigger advantage of the policy such as it is led by the European Central Bank. ; Le passage à l'Union économique et monétaire dans la mesure où chaque pays demeure souverain n'a pas d'équivalent dans l'histoire. La banque centrale européenne a donc dû mettre en place une coopération efficace avec les banques centrales nationales dans un contexte institutionnel et économique nouveau. La convergence des pays membres ne doit ainsi pas être le seul fait d'un instant donné, mais doit être durable pour garantir la pérennité de la zone euro. Nous nous sommes interrogés sur l'hétérogénéité à laquelle doit faire face la banque centrale européenne et si celle-ci remet en cause l'efficacité de la politique monétaire unique. Suite à ce questionnement, nous avons tenté de déterminer si certains pays membres tirent un plus grand avantage de la politique telle qu'elle est menée par la banque centrale européenne.

The passage to the economic and monetary Union as far as every country remains sovereign has no equivalent in the history. The European Central Bank thus had to set up an effective cooperation with the national central banks in a new institutional and economic context. The convergence of member countries does not have to be the only fact of given moment, but must be sustainable to guarantee the perpetuity of the Eurozone. We wondered about the heterogeneousness which the European Central Bank has to face and if this one questions the efficiency of the unique monetary policy. Following to this questioning we tried to determine if certain member countries take a bigger advantage of the policy such as it is led by the European Central Bank. ; Le passage à l'Union économique et monétaire dans la mesure où chaque pays demeure souverain n'a pas d'équivalent dans l'histoire. La banque centrale européenne a donc dû mettre en place une coopération efficace avec les banques centrales nationales dans un contexte institutionnel et économique nouveau. La convergence des pays membres ne doit ainsi pas être le seul fait d'un instant donné, mais doit être durable pour garantir la pérennité de la zone euro. Nous nous sommes interrogés sur l'hétérogénéité à laquelle doit faire face la banque centrale européenne et si celle-ci remet en cause l'efficacité de la politique monétaire unique. Suite à ce questionnement, nous avons tenté de déterminer si certains pays membres tirent un plus grand avantage de la politique telle qu'elle est menée par la banque centrale européenne.

This study investigates whether and to what extent political factors drive disagreement within the allegedly consensual monetary committee of the European Central Bank. Absent voting data, the article assesses disagreement based on the semantic distance between the policy positions publicly articulated by the European Central Bank President and the central banks of Eurozone member states. The empirical analysis shows that the disagreement articulated by national central bankers is affected by the ideological inclinations of the governments of the countries they represent. Our findings thus suggest that central bankers' position-taking is shaped not only by economic conditions but also by domestic political considerations. This result challenges the European Central Bank's projected image of itself as an institution whose members are impermeable to domestic political pressures as a way to defend the independence of the institution to which they belong.

Globalization, financial liberalization and neo-liberal economic policy thinking have been seen as contributors to the demise of social partnership in Western Europe. Recent examples of the re-emergence of social pacts have challenged these assumptions. The book offers a theoretical understanding of the challenges that increasing monetary integration posed for existing modes of adjustment in the political economies of EU member states, and explains why many governments have chosen to negotiate with trade unions over economic adjustment.

Der 100. Band der Schriftenreihe zeigt eine Sammlung von Gesamtbetrachtungen ausgewählter Kernelemente des Zusammenhalts der Europäischen Union, verfasst von besonders engagierten Mitgliedern des Arbeitskreises aus den Politik-, Rechts-, Wirtschafts- und Sozialwissenschaften sowie der Geschichtswissenschaft.

Die Autorin, eine Journalistin aus Minsk, erörtert die Motivation und die wirtschaftlichen Implikationen, die mit der Währungsunion zwischen Belarus und der Russischen Föderation verbunden sind. Einen der wichtigsten Gründe für die Integration beider Staaten sieht sie darin, daß Belarus sich den Zugang zu russischen Rohstoffen zu niedrigen Preisen sichern und die Einführung notwendiger makroökonomischer Reformen aufschieben möchte. Sie ist der Auffassung, daß der Weg zu einer tatsächlichen Währungsvereinigung gerade einmal zur Hälfte zurückgelegt ist. Effizienz der Volkswirtschaft und Einbindung in den Welthandel, die weit mehr zur Stabilität der Währung und zur wirtschaftlichen Erholung des Landes beitragen würden, werden durch die Integrationsbemühungen jedoch nicht gefördert. Gleichzeitig ist der Einigungsprozeß durch eine asymmetrische Erwartungshaltung der Länder, Divergenzen der makroökonomischen Parameter und zwei schwache Währungen gekennzeichnet. Damit verspricht die Währungsunion für Belarus keine wirtschaftlichen Impulse. (BIOst-Dok)

Die Parlamentswahl in Griechenland ist überstanden, die befürchteten Turbulenzen an den Märkten blieben aus. Aber das verschafft Europa nur eine kurze Atempause. Noch hat die EU keine überzeugende Antwort auf ihre Krise gefunden, ein halbherziges Programm zur Linderung der Symptome folgt auf das nächste. Stattdessen wäre es an der Zeit, auf eine umfassende und langfristige Lösung zu setzen. Ein Entwurf dafür liegt mit dem Schuldentilgungspakt längst vor.

1.: Fachgespräch mit Vertretern europäischer und internationaler Organisationen zu den Hilfeleistungen für die MOEL. - 2000. - 67 S. - (... ; Bd. 6).; 2.: Gespräch mit den Botschaftern der zehn mittel- und osteuropäischen Beitrittskanidatenländer sowie Zypern und Malta. - 2000. - 45 S. - (... ; Bd. 7)