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This paper describes the specifics of the current development of the world economy and discusses implications for new member states of the European Union, the EU NMS, with a small case study on the Czech Republic. The paper is divided into four parts: the trends, the EU NMS and the effects of the trends in the EU NMS and in the Czech Republic. The paper is based on a general economic analysis of data provided by the World Bank (WB), the International Monetary Fund (IMF), Eurostat, the European Central Bank (ECB) and by the Czech Statistical Office (CZSO). Being familiar with recent macroeconomic trends is nowadays important for Central and Eastern European managers in order to efficiently adapt their strategies to the constantly changing business environment.

Exchange rate arrangements for emerging East Asia / Duck-Koo Chung and Barry Eichengreen -- Global imbalances and East Asian monetary cooperation / Masaru Yoshitomi -- Toward East Asian monetary and financial cooperation : a Chinese perspective / Yongding Yu -- The linkage between trade agreements and monetary cooperation / Kwanho Shin and Yunjong Wang -- Dollar, yen, or renminbi bloc? / Masahiro Kawai -- Toward an exchange rate mechanism for emerging Asia / Gongpil Choi -- Parallel processes? monetary integration in Europe and Asia / Barry Eichengreen

AbstractThis article analyses from a law and policy perspectives the measures adopted by the European Union (EU) to address the devastating economic effects of COVID‐19, assessing their implications for Europe's economic and monetary union (EMU). The article first sets the background by exploring the main features of EMU before COVID‐19. Subsequently, it examines the multiplicity of policies deployed by the EU institutions to contain the socio‐economic damages of the pandemic – including, most crucially, the EU recovery fund "Next Generation EU" – and underlines their transformative effect on the EU architecture of economic governance. As the article argues, the responses to COVID‐19 have produced a significant rebalancing of EMU, bridging the asymmetry between EU monetary and economic policy. Finally, the article considers whether the COVID‐19‐related responses are likely to be only temporary, or rather a new normal for EMU, and sheds light on further constitutional adaptations which are needed to sustain this unprecedented transfer of fiscal power to the EU level.

Extensive prior research on the economics of European monetary union highlighted some potential risks (the known unknowns) but overlooked others (the unknown unknowns). Asymmetries among participating countries, the potentially destabilising character of a one-size-fits all monetary policy, the weakness of adjustment mechanisms, the lack of incentives for fiscal discipline, the possibility of sovereign solvency crises and their adverse consequences were all known and understood. But policymakers often relied on a complacent reading of the evidence. The potential for financial disruption was vastly underestimated. Economists generally did not consider, or underestimated, the possibility of balance of payment crises such as those experienced by southern European countries, or the risk of a feedback loop between banks and sovereigns. Remedying EMU's systemic deficiencies is on the policy agenda. Banking union would go a long way towards addressing the fault lines. The urgent question for economists is if it is going to be enough and, if not, what else should complement the 'bare-bones' EMU of Maastricht.

This section examines the differentiated effects of the COVID-19 pandemic on growth across the euro area. Persistent sharp cross-country divergences complicate the functioning of the economic and monetary union (EMU), and may weaken the socio-economic and political support for EMU. Based on a reduced-form econometric analysis of macro-data and an empirical analysis of turnover patterns and prospects for recovery, the section identifies the economy's sectoral composition and the strictness of the lockdown measures as important factors driving the divergent impact of the pandemic on economic growth. More specifically, the analysis suggests that countries with a larger share of contact-intensive activities have experienced stronger negative growth, and that a higher level of trade openness generally amplified the negative impact of the lockdown measures. A brief overview of monetary and fiscal conditions suggests that the forceful responses of monetary and fiscal policies have helped to dampen the economic shock generated by the pandemic and the related lockdown measures and in so doing have helped contain the divergence forces triggered by the crisis. The risk exists that cross-country divergence will persist well after the pandemic has subsided and the exceptional policies have ended.

This section examines the differentiated effects of the COVID-19 pandemic on growth across the euro area. Persistent sharp cross-country divergences complicate the functioning of the economic and monetary union (EMU), and may weaken the socio-economic and political support for EMU. Based on a reduced-form econometric analysis of macro-data and an empirical analysis of turnover patterns and prospects for recovery, the section identifies the economy's sectoral composition and the strictness of the lockdown measures as important factors driving the divergent impact of the pandemic on economic growth. More specifically, the analysis suggests that countries with a larger share of contact-intensive activities have experienced stronger negative growth, and that a higher level of trade openness generally amplified the negative impact of the lockdown measures. A brief overview of monetary and fiscal conditions suggests that the forceful responses of monetary and fiscal policies have helped to dampen the economic shock generated by the pandemic and the related lockdown measures and in so doing have helped contain the divergence forces triggered by the crisis. The risk exists that cross-country divergence will persist well after the pandemic has subsided and the exceptional policies have ended.

This section examines the differentiated effects of the COVID-19 pandemic on growth across the euro area. Persistent sharp cross-country divergences complicate the functioning of the economic and monetary union (EMU), and may weaken the socio-economic and political support for EMU. Based on a reduced-form econometric analysis of macro-data and an empirical analysis of turnover patterns and prospects for recovery, the section identifies the economy's sectoral composition and the strictness of the lockdown measures as important factors driving the divergent impact of the pandemic on economic growth. More specifically, the analysis suggests that countries with a larger share of contact-intensive activities have experienced stronger negative growth, and that a higher level of trade openness generally amplified the negative impact of the lockdown measures. A brief overview of monetary and fiscal conditions suggests that the forceful responses of monetary and fiscal policies have helped to dampen the economic shock generated by the pandemic and the related lockdown measures and in so doing have helped contain the divergence forces triggered by the crisis. The risk exists that cross-country divergence will persist well after the pandemic has subsided and the exceptional policies have ended.

This section examines the differentiated effects of the COVID-19 pandemic on growth across the euro area. Persistent sharp cross-country divergences complicate the functioning of the economic and monetary union (EMU), and may weaken the socio-economic and political support for EMU. Based on a reduced-form econometric analysis of macro-data and an empirical analysis of turnover patterns and prospects for recovery, the section identifies the economy's sectoral composition and the strictness of the lockdown measures as important factors driving the divergent impact of the pandemic on economic growth. More specifically, the analysis suggests that countries with a larger share of contact-intensive activities have experienced stronger negative growth, and that a higher level of trade openness generally amplified the negative impact of the lockdown measures. A brief overview of monetary and fiscal conditions suggests that the forceful responses of monetary and fiscal policies have helped to dampen the economic shock generated by the pandemic and the related lockdown measures and in so doing have helped contain the divergence forces triggered by the crisis. The risk exists that cross-country divergence will persist well after the pandemic has subsided and the exceptional policies have ended.

Introduction : Germany and European integration / Mark Gilbert, Eva Oberloskamp, Thomas Raithel - Contemporary theory and the beginning of European integration / Ludolf Herbst - Theory, trade and European integration : a comment on Ludolf Herbst's "Contemporary theory and the beginning of European integration" / Lucia Coppolaro - The Deutscher Bauernverband from 1945 to 1990 : from uncompromising stance to rescue through Europe / Kiran Klaus Patel - Stepchildren of integration : the West German länder and the emergence of the European system of multilevel governance from 1950 to 1985 / Guido Thiemeyer - Twelve years of the euro : from calm waters to turbulent seas / Werner Becker - Helmut Kohl and the Monetary Union / Wilfired Loth - The euro at twenty : reflections / Matthias Matthijs.

The German Stability Culture is frequently pointed to in the literature as the source of the country's low inflationary policies and, at the European Union (EU) level, the design of Economic and Monetary Union (EMU). In Germany, the term was regularly wielded by central bankers and Christian Democrat (CDU-CSU) politicians to legitimise the move to EMU in the face of a large majority of public opinion opposed, and subsequent EU-level policy developments, particularly in the context of the eurozone debt crisis that erupted in 2009. An ordered probit analysis is used to demonstrate the depth of the German Stability Culture, showing that support for low inflation cuts across all party and ideological lines. Despite this ubiquity, the term has been wielded with regularity only by the centre-right Christian Democrats and is strongly associated with this party. A strategic constructivist analysis is employed to explain this uneven but persistent usage in German domestic politics.

EUROPEAN ECONOMIC INTEGRATION (4A. ED.) -- PÁGINA LEGAL -- BRIEF CONTENTS -- DETAILED CONTENTS -- CONTRIBUTORS -- PREFACE TO THE FOURTH EDITION -- ACKNOWLEDGEMENTS -- ABBREVIATIONS -- INTRODUCTION. THE ORIGINS AND DEVELOPMENT (...) -- INTRODUCTION -- WHAT IS THE EUROPEAN UNION? -- THE EUROPEAN UNITY MOVEMENT -- THE ORIGINS OF THE EUROPEAN UNION -- THE DEVELOPMENT OF THE EUROPEAN UNION -- THE INSTITUTIONAL STRUCTURE OF THE EUROPEAN (...) -- THE MAIN CHALLENGES FACING THE EUROPEAN (...) -- DEMOCRATIC DE CIT -- POLITICAL UNION -- CONCLUSION -- REFERENCES -- FURTHER READING -- PART 1. THE FOUNDATIONS OF THE EUROPEAN (...) -- CHAPTER 1. MARKET INTEGRATION IN THE EUROPEAN (...) -- INTRODUCTION -- DE NING ECONOMIC INTEGRATION -- TYPES OF SINGLE MARKETS -- TRANSACTION COSTS AND SINGLE MARKETS -- CUSTOMS UNION -- THE SINGLE EUROPEAN MARKET -- THE ECONOMIC EFFECTS OF ESTABLISHING FREE (...) -- PROBLEMS WITH EMPIRICAL STUDIES -- EMPIRICAL STUDIES -- THE 1996 REVIEW OF THE SINGLE EUROPEAN (...) -- EVIDENCE ON THE EFFECTS OF THE SEM SINCE (...) -- PLANS TO IMPROVE THE EFFECTIVENESS OF THE (...) -- CONCLUSION -- REFERENCES -- CHAPTER 2. MACROECONOMIC POLICY COORDINATION -- INTRODUCTION -- POLICY INTERDEPENDENCE BETWEEN MEMBER STATES -- THE CASE FOR POLICY COORDINATION -- MONETARY POLICY COORDINATION THROUGH MANAGED (...) -- EU MACROECONOMIC POLICY COORDINATION SINCE (...) -- CONCLUSION -- REFERENCES -- CHAPTER 3. ECONOMIC AND MONETARY UNION -- INTRODUCTION -- WHAT IS EMU? -- THE MAASTRICHT TREATY AND THE ROAD TO EMU -- THE THEORETICAL BENE TS AND COSTS OF EMU -- THE PERFORMANCE OF THE EURO SINCE 1999 -- CONCLUSION -- REFERENCES -- CHAPTER 4. THE BUDGET OF THE EUROPEAN UNION -- INTRODUCTION -- THE BUDGET: MAIN CONCEPTS, STRUCTURE AND (...) -- THE REVENUE SIDE: WHERE THE MONEY COMES (...) -- THE EXPENDITURE SIDE: HOW THE MONEY IS (...)

"The economies of the Eurozone countries are plagued by multiple crises, which cast major doubts over the future of the Euro. In this engaging new book, leading heterodox economist Malcolm Sawyer argues that the entire policy framework of the Eurozone was fundamentally flawed from its foundation. He shows how these ‘design faults’ intensified the effects of the crisis, made an effective response to the crash almost impossible, and are now locking in perpetual self-defeating austerity.Sawyer proposes a bold alternative agenda for reviving the continent’s economic prosperity and saving the Euro, centred on a Federal fiscal policy and deep reform of the European Central Bank. He argues, however, that these solutions would require a fundamental transformation that is almost certain to encounter huge ideological and political obstacles. He therefore concludes that Europe faces a bleak economic future, blighted by low growth, high unemployment and social division. This major contribution to one of the key economic and political issues of our time will be essential reading for everyone interested in Europe's future."

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes can admit the same equilibrium outcome if certain spillover effects vanish at the common solution of these games. We provide a detailed discussion of these spillovers, showing that, in general, commitment and cooperation are non-trivial issues. Yet, in linear-quadratic models with multiple policymakers commitment and cooperation schemes are shown to become irrelevant under certain assumptions. The framework is sufficiently general to cover a broad range of results from the recent literature on policy interactions as special cases, both within monetary unions and among fully sovereign nations.