Suchergebnisse

International audience ; La gouvernance s'est imposée comme une notion permettant d'analyser l'évolution de l'Union européenne et de son fonctionnement. Depuis la crise des dettes souveraines et la réforme de UEM, elle est employée pour qualifier la coordination des politiques économiques nationales. Un tel choix peut laisser sceptique et l'article recherche à démontrer en quoi il est discutable, voire contestable. La première partie analyse les mécanismes de la gouvernance économique qui la conduisent à s'imposer aux gouvernements nationaux. Dans un premier temps, les choix des politiques économiques nationaux sont évalués par l'Union européenne sur la base de critères prédéfinis. Les réformes de la gouvernance économique ont conduit à la généralisation d'une telle technique. Dans un second temps, les choix nationaux sont soumis à l'approbation ex ante – notamment les budgets – des institutions de l'Union, sous peine d'une sanction ex post.La seconde partie s'intéresse aux caractéristiques de cette nouvelle gouvernance économique. Elle peut, tout d'abord, être qualifiée de technocratique. Elle conduit, au niveau national comme européen, à l'intervention d'experts pour juger les choix politiques des parlements et gouvernements. La multiplication des rapports et procédures rend la lisibilité d'un tel processus délicate. Or, cette apparence technique ne saurait cacher l'existence d'un véritable gouvernement économique, quasiment mécanique, conduisant à appliquer, parfois à l'aveugle et sans réelle cohérence, un dogme prédéfini. Il s'agit là du reflet de l'impossibilité d'instituer un véritable gouvernement économique de l'Union, qui risque à terme de remettre en cause les structures sociales et politiques nationales.

International audience ; La gouvernance s'est imposée comme une notion permettant d'analyser l'évolution de l'Union européenne et de son fonctionnement. Depuis la crise des dettes souveraines et la réforme de UEM, elle est employée pour qualifier la coordination des politiques économiques nationales. Un tel choix peut laisser sceptique et l'article recherche à démontrer en quoi il est discutable, voire contestable. La première partie analyse les mécanismes de la gouvernance économique qui la conduisent à s'imposer aux gouvernements nationaux. Dans un premier temps, les choix des politiques économiques nationaux sont évalués par l'Union européenne sur la base de critères prédéfinis. Les réformes de la gouvernance économique ont conduit à la généralisation d'une telle technique. Dans un second temps, les choix nationaux sont soumis à l'approbation ex ante – notamment les budgets – des institutions de l'Union, sous peine d'une sanction ex post.La seconde partie s'intéresse aux caractéristiques de cette nouvelle gouvernance économique. Elle peut, tout d'abord, être qualifiée de technocratique. Elle conduit, au niveau national comme européen, à l'intervention d'experts pour juger les choix politiques des parlements et gouvernements. La multiplication des rapports et procédures rend la lisibilité d'un tel processus délicate. Or, cette apparence technique ne saurait cacher l'existence d'un véritable gouvernement économique, quasiment mécanique, conduisant à appliquer, parfois à l'aveugle et sans réelle cohérence, un dogme prédéfini. Il s'agit là du reflet de l'impossibilité d'instituer un véritable gouvernement économique de l'Union, qui risque à terme de remettre en cause les structures sociales et politiques nationales.

Integration to the EU includes elimination of barriers to free movement of goods, services, capital and persons, implementation of general principles and specific rules of the EU policy, delegation of making decisions and supervision of their implementation to the EU institutions as well as the right to participate in structures of making common decisions and influence further development of the EU. Achievements of Lithuanian economics are concurrent with progressing economic integration into the EU. Lithuanian economic integration covers several stages: Free Trade Area, Customs Union, Single market as well as Economic and Monetary Union. Lithuania, after becoming member of the European Union, experienced fast social, economic and political transformation. Significant structural changes in economics took place, related to changes in foreign trade. Financial support of the EU allows Lithuania enhance its role on the European and international stage. From the economic point of view, participating in the single market of Europe helped to improve level of trade and welfare. Lithuania, after becoming member of the European Union, not only receives support from the European Union, but also has new possibilities in the market. The period of programming 2004-2006 was rather short, so we had to make significant change in economics during the short period, in order to achieve social and economic cohesion in Lithuania. During 2004-2006 and 2006-2013 great investments of Lithuanian and the EU assets were intended in the Single Programming Document. This plays the main role in creating conditions for growth, which will allow Lithuania to realize its potential. It is important to emphasize, that new members of the European Union experience pressure to learn the rules and intercept experience during very short time. Rules and experience of structural funds that exist today were developed since the end of the eighth decade, so the old EU members had more than ten years to adapt national systems to structural policy of the EU and to reforms of the changing system. It may be said that member states have almost "optimal", but different models of administration of structural and cohesion funds, whereas new members had to intercept system of implementation, which was used by member states of the EU for a rather long time.

Integration to the EU includes elimination of barriers to free movement of goods, services, capital and persons, implementation of general principles and specific rules of the EU policy, delegation of making decisions and supervision of their implementation to the EU institutions as well as the right to participate in structures of making common decisions and influence further development of the EU. Achievements of Lithuanian economics are concurrent with progressing economic integration into the EU. Lithuanian economic integration covers several stages: Free Trade Area, Customs Union, Single market as well as Economic and Monetary Union. Lithuania, after becoming member of the European Union, experienced fast social, economic and political transformation. Significant structural changes in economics took place, related to changes in foreign trade. Financial support of the EU allows Lithuania enhance its role on the European and international stage. From the economic point of view, participating in the single market of Europe helped to improve level of trade and welfare. Lithuania, after becoming member of the European Union, not only receives support from the European Union, but also has new possibilities in the market. The period of programming 2004-2006 was rather short, so we had to make significant change in economics during the short period, in order to achieve social and economic cohesion in Lithuania. During 2004-2006 and 2006-2013 great investments of Lithuanian and the EU assets were intended in the Single Programming Document. This plays the main role in creating conditions for growth, which will allow Lithuania to realize its potential. It is important to emphasize, that new members of the European Union experience pressure to learn the rules and intercept experience during very short time. Rules and experience of structural funds that exist today were developed since the end of the eighth decade, so the old EU members had more than ten years to adapt national systems to structural policy of the EU and to reforms of the changing system. It may be said that member states have almost "optimal", but different models of administration of structural and cohesion funds, whereas new members had to intercept system of implementation, which was used by member states of the EU for a rather long time.

La Unión Europea (UE) es una organización en continua evolución desde su creación a mediados del siglo XX. Su capacidad de adaptación a las necesidades generadas por el proceso de integración es encomiable. La UE ha superado obstáculos imponentes, como la crisis derivada del rechazo a la Comunidad Europea de Defensa y la Unión Política Europea; la activa oposición de un titán político como el presidente francés, De Gaulle; diversas crisis económicas y monetarias; el Brexit y el auge del populismo. Constantemente, la UE ha superado las crisis que le afectaban con la introducción de elementos estabilizadores comunes introducidos por el proceso de integración, creando más Europa. En la actualidad se enfrenta a un nuevo reto, la adaptación a un progreso tecnológico brutal que influirá en el modelo de sociedad imperante en las próximas décadas. Ante este reto, la UE pretende crear un Mercado Único Digital europeo, entre otras iniciativas, que evidentemente tendrá una influencia substancial en las relaciones económicas entre sus miembros y a escala internacional. Esta investigación se centra en el análisis del desarrollo europeo en torno al mundo digital y su influencia en la propia esencia de la organización. ; La Unió Europea (UE) és una organització en contínua evolució des de la seva creació a mitjan segle XX. La seva capacitat d'adaptació a les necessitats generades pel procés d'integració és encomiable. La UE ha superat obstacles imponents, com la crisi derivada del rebuig a la Comunitat Europea de Defensa i la Unió Política Europea, l'oposició activa d'un tità polític com el president francès, de Gaulle, diverses crisis econòmiques i monetàries, el Brexit i l'auge del populisme. Constantment, la UE ha superat les crisis que l'han afectat amb la introducció d'elements estabilitzadors comuns introduïts pel procés d'integració, creant més Europa. En l'actualitat, s'enfronta a un nou repte, l'adaptació a un progrés tecnològic brutal que influirà en el model de societat imperant durant les properes dècades. Davant aquest repte, la UE vol crear un Mercat Únic Digital europeu, entre altres iniciatives, que evidentment tindrà una influència substancial en les relacions econòmiques entre els seus membres i a escala internacional. Aquesta recerca se centra en l'anàlisi del desenvolupament europeu entorn del món digital i la seva influència en l'essència mateix de l'organització. ; The European Union (EU) is an organisation in continuous evolution since its creation in the middle of the 20th century. Its ability to adapt to the needs generated by the integration process is commendable. The EU has overcome imposing obstacles, such as the crisis derived from the rejection of the European Defence Community and the European Political Union, the active opposition of a political titan such as French President de Gaulle, various economic and monetary crises, the Brexit and the rise of populism. The EU has consistently overcome the crises that affected it by introducing common stabilising elements introduced by the integration process, creating more Europe. The EU is currently facing new challenges, the adaptation to the outstanding technological progress that will influence the prevailing model of society in the coming decades. Faced with this task, the EU wants to create a Digital Single Market for Europe, among other initiatives, which will obviously have a substantial influence on the economic relations between its members and also internationally. This research focuses on the analysis of European developments around the digital environment and its influence on the own essence of the organisation.

This thesis examines various types of financial risk in the context of empirical economic research and discusses the potential interrelationship between these risks and various aspects of social or economic inequality. In particular, the need for appropriate risk management measures is emphasized to prevent or minimize negative effects of the two variables on each other. Exemplarily, important transmission channels between risk and inequality at micro- and macroeconomic levels are presented and positive effects through risk management measures at the individual, institutional, and governmental level are discussed. This cumulative dissertation contributes a total of eleven research papers on risk management issues -- ten empirical essays and a literature review. The geographical scope of this thesis is predominantly on highly developed industrialized countries. For this reason, sub-analyses are conducted for some of the world's leading economies: the United States, Germany, the United Kingdom, and selected European Monetary Union 'core' and 'non-core' member countries. Basically, the eleven modules are organized into four research clusters, based on different financial risks at micro- and macroeconomic levels: The first cluster shows linkages of risk and inequality within the German pension system. In particular, the invalidity risk and impending funding problems within the statutory pension system will be examined. (Module 1-2) The second cluster highlights inequality as a major driver of the Global Financial Crisis and emphasizes, in particular, the importance of a forward-looking risk management in the real estate sector. (Module 3-6) The third cluster discusses aspects of inequality in the European Economic Union, caused by different credit risks of the member countries in a simultaneous single monetary policy, focusing mainly on the period around the European Sovereign Debt Crisis. (Module 7-9) The fourth cluster presents some thoughts on the linkage between private insurance activity and inequality. (Module 10-11) In summary, this thesis illustrates the need for appropriate risk management to prevent inequality from rising due to higher financial risks (or vice versa). Since those dynamic developments are difficult to control by politics and regulatory authorities alone, the importance of research on risk management issues further increases -- in particular in times of deepening economic inequality.

After the collapse of Communism in 1990, the European Union (EU) has immediately sustained in the process of democratization in the ex‐communists countries, and has provided necessary technical and financial assistance in order to place a market economy. The enlargement was (and always is) the most significant and the most ambitious European project since the signature of the Treaty of Rome1: it reconciles one of the economic projects of the united Europe with geo‐strategic vision of the European continent, which will allow the important position of the EU in the World. The 1st May 2004 the EU has passed to the twenty‐five member countries2, with accession of ten New Member States (NMS). The process of enlargement has continued on January the 1st, 2007 by accessing to the EU of Bulgaria and Romania. The "Single Market", Economic and Monetary Union (EMU) and the process of integration are the major points of the Europe of twenty‐seven member countries. The process of preparation of accession to the EU, has announced the preparation in the Central and East European Countries (CEEC) from the 1989, and it marked some difficulties for the CEEC – on the level of political integration but also economic and social. The present article show us, also, the importance of the introduction of the euro – which present the very important phase in the evolution of the EU, and the biggest monetary changement in the history of Europe…We consider euro as the concretization of the EU. It represents the success of the "Single Market" and contributes to the economic stability of the EU. Also, it is important to know that the euros play his important role to the politic and economic fields. The New Member States (NMS) are engaged to enter to the EMU in his future3. For the success of their entrance to the EMU, the NMS have to align their economies with these of the old member states of the EU. This economic alignment, so called "convergence", constitutes the supplementary phase on their aim toward European integration. The latest enlargements represent the most important moments in the history of the European continent. Today, the question is also the integration of the Balkan countries to the EU and their future toward European integration.

Book reviewed in this article: The New European Economy: The Politics and Economics of European Integration, by Loukas Tsoukalis The New European Community, edited by Robert Keohane and Stanley Hoffman Integration and Co‐operation in Europe, by Brigid Laffan The Idea of Europe: Problems of National and Transnational Identity, edited by Brian Nelson, David Roberts and Walter Veit The Shape of the New Europe, edited by Gregory F. Treverton The Annual Review of European Community Affairs, 1990. edited by Peter Ludlow Setting European Community Priorities, 1991–92, edited by Peter Ludlow The State of the European Community: Policies, Institutions and Debates in the Transition Years, edited by Leon Hurwitz and Christian Lequesne The European Community at the Cross‐roads. Major Issues and Priorities for the EC Presidency, edited by A. Pijpers Global Responsibilities: Europe in Tomorrow's World, edited by Werner Weidenfeld and Josef Janning A Constitution for Europe: A Comparative Study of Federal Constitutions and Plans for the United States of Europe, edited by Preston King and Andrea Bosco Legal Issues of European Integration, Law Review of the Europa Institute, University of Amsterdam European Monetary Integration: From the European Monetary System to European Monetary Union, by Daniel Gros and Niels Thygesen A Stable External Currency for Europe, by Jacques Riboud translated by S. Harrison with a foreword by Sir Alan Walters Industrial Relations in the New Europe, edited by Anthony Ferner and Richard Hyman European Financial Integration, edited by Alberto Giovannini and Colin Mayer Franchising in Europe, edited by Martin Mendelsohn European Advertising Strategies, by Rein Rijkens European Strategic Alliances: Co‐operative Corporate Strategies in the New Europe, by S. Urban and S. Vendemini European Economic Integration: The Role of Technology, edited by Gerald Faulhaber and Gualtiero Tamburini Die Industriepolitik der deutschen Bundesländer und die europäische Integration. Uniernehmen und Venvaltungen im erweiterten Binnenmarkt, by Roland Sturm Economic Aspects of German Unification: National and International Perspectives, edited by Paul J.J. Welfens The United Kingdom and EC Membership Evaluated, edited by Simon Bulmer, Stephen George and Andrew Scott The Government and Politics of France, by Anne Stevens Danish Neutrality: A Study in the Foreign Policy of a Small State, by Carsten Holbraad International Economic Institutions, by M.A.G. van Meerhaeghe

This paper examines the performance of monetary policy in eleven EMU countries for the whole period of the EMS. This is based on the trade-off between inflation variability & output-gap variability. To this end, we examine whether the introduction of an implicit inflation targeting by the EMU member countries after the Maastricht Treaty, changed the trade-off between inflation variability & output-gap variability. We employ a stochastic volatility model for two sub-periods of the EMS (ie before & after the Maastricht Treaty). We find that the trade-off varies amongst EMU countries. The implication of these findings is that there are asymmetries in the euro area, due to different economic structures among the member countries of the EMU. 2 Tables, 2 Figures, 32 References. Adapted from the source document.

[Conclusion]:The experience of the EU through the construction of the single market and meeting the challenges of globalisation and international competitiveness are not dissimilar to the experience of Australia over the past 10 to 15 years in dealing with the same issues. Furthermore, the problems we both still face, eg; in meeting the economic and social consequences of re-structuring our economies are also similar. More focus bilaterally in comparing respective experience and prospects for dealing with these problems could be to the benefit of both sides. Competition policy and consumer protection policy are two specific areas where closer dialogue between Australia and the EU on comparing shared experience could yield particularly fruitful results. Experience in dealing with the challenges of globalisation could also have an impact on positions being taken by both the EU and Australia in the Doha WTO negotiations eg; on services. The history of ''Economic Europe'' has been one of steady progress: Progress towards an open and liberal trade policy through; the strong relationship with the GATT/ WTO, reform of the CAP and close cooperation and competition with the United States Progress towards deep economic integration through the customs union, the single market program and monetary union Progress towards a position of trade and economic importance in the world second only to the United States through ; the powerful impetus to economic growth in Europe provided through the creation of a single integrated market in the EU and through the enlargement over the past 30 years from the original six to fifteen member states. These developments increasingly make the EU an ideal partner for Australia in closer cooperation. Closer cooperation would be of mutual benefit bilaterally. It would also be of mutual benefit multilaterally and regionally, especially with regard to our respective interaction with both the Asian region and with the United States.

Die vorliegende Dissertation zu makroökonomischen Themen beinhaltet einen einleitenden Literaturüberblick, drei eigenständige und voneinander unabhängige Kapitel sowie einen technischen Anhang. In Kapitel zwei wird ein Zwei-Länder Modell einer Währungsunion betrachtet, in dem die gemeinsame Zentralbank die Wohlfahrt der gesamten Währungsunion maximieren will, während die zwei fiskalpolitischen Akteure vergleichbare, aber minimal abweichende länderspezifische Verlustfunktionen zu minimieren suchen. Das Konkurrenzverhalten dieser drei Institutionen wird in sieben spieltheoretischen Szenarien analysiert. Beim Vergleich einer homogenen mit einer heterogenen Währungsunion lassen sich für letztere deutlich höhere Wohlfahrtsverluste relativ zum sozialen Optimum feststellen. Die Szenarien mit den geringsten Wohlfahrtsverlusten sind Kooperation aller drei Institutionen und eine Stackelberg-Führerschaft der Zentralbank. Kapitel drei untersucht, inwieweit das Verhältnis von Immobilienpreise zum Bruttoinlandsprodukt als langfristig konstant und nur auf Grund von Produktivitätsschocks von seinem Mittelwert abweichend angesehen werden kann. Hierzu wird ein Zwei-Sektoren RBC-Modell für den Immobiliensektor und einen Konsumgütersektor erstellt. Es wird gezeigt, dass ein antizipierter, zukünftiger Schock auf das Produktivitätswachstum im Konsumgütersektor eine sofortige, deutliche Erhöhung der Immobilienpreise relativ zum Bruttoinlandsprodukt zur Folge hat. In Kapitel vier wird gefragt, ob ein typisches Neukeynesianisches Modell "sechs große Rätsel der internationalen Makroökonomie" erklären kann. Die sechs Rätsel werden in Bedingungen für erste und zweite Momente übersetzt und fünf wesentliche Modellparameter geschätzt. Das Ergebnis ist erstaunlich gut: unter anderem können die empirischen Beobachtungen zur Heimatpräferenz wiedergegeben und die Schwankungsbreite des realen Wechselkurses deutlich erhöht werden. Handelskosten sind für dieses Ergebnis ein wesentlicher Faktor. ; This dissertation consists of an introductory chapter with an extended literature review, three chapters on individual and independent research topics, and an appendix. Chapter 2 uses a two-country model with a central bank maximizing union-wide welfare and two fiscal authorities minimizing comparable, but slightly different country-wide losses. The rivalry between the three authorities is analyzed in seven static games. Comparing a homogeneous with a heterogeneous monetary union, welfare losses relative to the social optimum are found to be significantly larger in a heterogeneous union. The best-performing scenarios are cooperation between all authorities and monetary leadership. The goal of Chapter 3 is to investigate whether or not it is possible to explain the house price to GDP ratio and the house price to stock price ratio as being generally constant, deviating from its respective mean only because of shocks to productivity? Building a two-sector RBC model for residential and non-residential capital, it is shown that an anticipated future shock to productivity growth in the non-residential sector leads to an immediate large increase in house prices relative to GDP. In Chapter 4, it is asked whether a typical New Keynesian Open Economy Model is able to explain "Six Major Puzzles in International Macroeconomics". After translating the six puzzles into moment conditions for the model, I estimate five parameters to fit the moment conditions implied by the data. Given the simplicity of the model, its fit is surprisingly good: among other things, the home bias puzzles can easily be replicated, the exchange rate volatility is formidably increased and the exchange rate correlation pattern is relatively close to realistic values. Trade costs are one important ingredient for this finding.

In Europe, exiting the crisis has itself become a crisis, for two reasons: imbalances in the international monetary system & in the euro area, along with contradictions in different national policies. Exiting the euro area is not a credible policy for member countries, & nor is accelerated monetary integration. This leaves progressive coordination as the only feasible scenario, in which Franco-German agreement will play a vital role. Adapted from the source document.