Suchergebnisse

The main objective of this thesis is to investigate the problematic of the viability of the European monetary union. This work is divided in three parts. In the first one, we analyse our object of research in order to precise several research axes to study in priority. We show that the European monetary union in mainly focused on the monetary stability without any formal adjustments mechanisms. The second part is focused on the question of the European members' economies synchronisation. We show that large heterogeneities remain. Two essays on the monetary policy pass-through compose the third part. We demonstrate that the interest rate pass-through was affected by the subprimes crisis and that the ECB's influence over the European stock markets is weak. This thesis insists on the fact that the European monetary and economic process of integration is incomplete and should be reinforced. ; Afin de répondre au questionnement général de cette thèse qui traite de la viabilité de l'union monétaire européenne, ce travail est divisé en trois parties. Dans la première, nous analysons notre objet d'étude à un niveau méta. Nous montrons ainsi que l'architecture institutionnelle de la zone euro est axée sur la stabilité monétaire sans proposer formellement des mécanismes d'ajustement aux chocs. La deuxième partie s'intéresse à la question de la synchronisation des économies européennes par l'intermédiaire de deux essais. Nous montrons que d'importantes hétérogénéités demeurent. La troisième partie analyse des questions relatives à la transmission de la politique monétaire. Cela se réalise avec deux essais qui montrent d'une part que la transmission de la politique monétaire dans la zone euro a été fortement perturbée par la crise des subprimes et, d'autre part, que l'influence de la BCE sur les actions des marchés européens est faible. Cette thèse insiste par conséquent sur le caractère incomplet du processus d'intégration économique et monétaire européen et sur sa nécessaire réforme.

As in 1994 on the question of European Union (EU) membership, there is a split between transnational sector unions supporting European Monetary Union (EMU) and national production sector unions rejecting it. Interestingly, however, transnational production sector unions, as well as trade union confederations, no longer combine their support for membership with a strong emphasis on Europe-wide cooperation and the demand for further development of the Social Dimension. A neo-Gramscian perspective amended with a strategic-relational approach to the state is used for the analysis. While the split in the labour movement on EMU can be explained through a reference to the impact of globalization, the renewed focus of transnational labour on the Swedish form of state is due to the re-strengthened cooperation with capital at the national level and a strong economic performance of Sweden in the late 1990s as well as in 2000 and 2001.

Especially with the Asian financial crisis of 1997–98, Asian countries have advocated a profound reform of the international financial architecture. Their proposals focused on two main axes: a reform of the global financial system, and stronger regional monetary integration in Asia. There are here significant parallels with the ideas of Robert Triffin (1911–1993). Triffin became famous with trenchant analyses of the vulnerabilities of the international monetary system. The Triffin dilemma is still present among international monetary policy-makers, also in Asia. Triffin put forward several proposals for reforming the global monetary system, but he also developed proposals for regional monetary integration. These were very much based on his experience with the European Payments Union, and focused on the creation of a (European) reserve fund and a (European) currency unit. In this paper we focus on Triffin's proposals for an Asian payments union in the late 1960s, giving special attention to Japan (in Triffin's time, the biggest Asian economy; moreover, Triffin had an important Japanese network).

The 'Five Presidents Report' cited in the title acknowledges that an important driver of the European economic crisis has been the faulty original design of the Monetary Union, and that substantial steps are urgently needed towards the creation of truly supranational institutions. Yet, economists tend to neglect that however compelling economic analyses may be, the stumbling block on the way of the reform of the Monetary Union is political will, and that in democracies the ultimate source of political will comes from electors. In this paper, first of all the authors wish to bring to the economists' attention some recent analyses of citizens' attitudes towards Europe from political science. Then, by cross-referencing the results of the 2014 elections of the European Parliament with Eurobarometer opinion polls eliciting judgements for the EU vis-à-vis home countries and an indicator of economic pain, the authors show the presence of a geo-economic-political cleavage across four groups of countries. This is more complex, and perhaps worse, than the simplistic divide between 'North' and 'South' or 'Core' and 'Periphery'. The main implication is that the EU experiences a stalemate between 'more Europe vs. less Europe' at the level of peoples, which seriously undermines support for further integration 'from below'.

The aim of the 'Five Presidents Report' cited in the title acknowledges that an important driver of the European economic crisis has been the faulty original design of the Monetary Union, and that substantial steps are urgently needed towards the creation of truly supranational institutions. Yet economists tend to neglect that however compelling economic analyses may be, the stumbling block on the way of the reform of the Monetary Union is political will, and that in democracies the ultimate source of political will comes from electors. In this paper, first of all the authors wish to bring to the economists' attention some recent analyses of citizens' attitudes towards Europe from political science. Then, by cross-referencing the results of the 2014 elections of the European Parliament with Eurobarometer opinion polls eliciting judgements for the EU vis-à-vis home countries and an indicator of economic pain, they show the presence of a geo-economicpolitical cleavage across four groups of countries. This is more complex, and perhaps worse, than the simplistic divide between 'North' and 'South' or 'Core' and 'Periphery'. The main implication is that the EU experiences a stalemate between 'more Europe vs. less Europe' at the level of peoples, which seriously undermines support for further integration 'from below'.

"Mitte der neunziger Jahre erreichte die europäische Arbeitslosenquote ihren
Höchststand in der Nachkriegsperiode. Hauptziel dieses Beitrags ist es,
alternative beschäftigungspolitische Optionen aufzuzeigen, die sich im Kampf
gegen die anhaltende Arbeitslosigkeit als konsensfähig unter den
Mitgliedsstaaten der Europäischen Währungsunion erweisen. Nach der Analyse
der europäischen Arbeitsmärkte und der Beurteilung konkreter
beschäftigungspolitischer Vorstellungen in der Europäischen Union wird die
Rolle der Europäischen Zentralbank, des Europäischen Rats für Wirtschaft und
Finanzen (Ecofin X) und der Tarifparteien im Kampf gegen die anhaltende
Arbeitslosigkeit eingehend untersucht. Es zeigt sich, daß keine der genannten
Parteien ein so komplexes interdependentes Problem alleine bewältigen kann.
Vielmehr erfordert es die gemeinsame Anstrengung aller Entscheidungsträger.
Anschließend wird die Frage aufgegriffen, ob Lohnzurückhaltung ein probates
Mittel zur Steigerung der Beschäftigung in Europa darstellt oder ob diese
Strategie vielmehr die Gefahr einer Deflation mit ihren negativen Folgen für
Produktion und Beschäftigung birgt. Zum Schluß wird das schwierige Verhältnis
zwischen den Tarifparteien und der Europäischen Zentralbank näher
beleuchtet. Ergebnis der Analyse ist, daß die Effektivität des Signal- und
Koordinations-Prozesses zwischen der Zentralbank und den Tarifparteien eine
Schlüsselfunktion bei der Entwicklung von Inflation und Arbeitslosigkeit in
Europa einnimmt und die sich daraus ergebenden Implikationen für
Deutschland aufgezeigt werden." (Autorenreferat)

In a single volume, this book treats the theoretical, empirical, and case studies approaches to the implementation of monetary reforms and discusses specific countries' experiences with these approaches. The analyses are not restricted to central bank or exchange rate reforms, but consider all the principal tools of monetary reforms in this volume. The first section surveys and examines the types of monetary reforms. The second and third sections examine the pros and cons of exchange rate management and central bank independence. The final section of the book presents case studies on monetary and central bank experiences in Germany, the United States, Canada and Hungary