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Cover Page -- Title Page -- Copyright Page -- Contents -- List of Tables -- List of Figures -- List of Contributors -- Preface and Acknowledgements -- List of Abbreviations -- 1 Introduction, Observations, and Conclusions -- PART I: GENERATING GROWTH THROUGH PRODUCTIVITY, ICT, AND TRADE -- 2 Globalisation, International Competitiveness, the New Economy, and Growth in the G7 -- 3 Productivity Growth in Canada and the G7 -- 4 The Global Information Society and Development: Smoke without a Fire? -- 5 The World Trade Organization, Multinational Enterprise, and Civil Society -- 6 Globalisation, Growth, and Health: The Private Sector Perspective -- PART II: DESIGNING AFRICAN DEVELOPMENT THROUGH NEPAD -- 7 The New Partnership for Africa's Development and the G8's Africa Action Plan: A Marshall Plan for Africa? -- 8 Designing for Development in Africa: The Role of International Institutions -- 9 Is African Development through the New Partnership for Africa's Development Synonymous with Sustainable Development? -- PART III: CRITICAL CHALLENGES IN INTERNATIONAL FINANCE -- 10 The International Monetary Fund and Its Critics -- 11 Evaluating Koizumi's Reforms and the Implications for the Global Economy -- 12 The Chinese Crux of Monetary Union in East Asia -- PART IV: CONCLUSION -- 13 The G7/8 Contribution at Kananaskis and Beyond -- ANALYTICAL APPENDICES -- A Impressions of the Kananaskis Summit, 26-27 June 2002 -- B Summit Achievement Grades, 1975-2002 -- C Commitments by Summit, 1975-2002 -- D Summit Performance Assessment by Issue and Country, 2002 -- E Keeping Genoa's Commitments: The 2001-02 Compliance Report -- DOCUMENTARY APPENDICES -- F Statement of G7 Finance Ministers and Central Bank Governors -- G Statement of G7 Finance Ministers and Central Bank Governors -- H Statement of G7 Finance Ministers -- I G8 Africa Action Plan

When the 2007 global financial crisis hit financial markets, European leaders were quick to point the finger at US markets, excessive risk-taking, and insufficient regulation. However, it soon became apparent that European banks were more exposed than their Wall Street counterparts. With massive dollar liabilities, European banks were dependent on the US to act as a global lender of last resort. The crisis revealed a level of transatlantic interdependence that had been unknown to most observers and policymakers prior to the crisis. We argue that this represents a paradox, given that the project of the European Monetary Union was partly motivated by a desire to make Europe more independent from the US dollar. The euro was a response to the challenge of "it's our dollar, but it's your problem." In this article, we examine how the European vulnerability to the US dollar that began post-Bretton Woods did not, in fact, disappear with the creation of a European currency. Instead, through financialization and deregulation, European financial markets developed new, complex interactions with US financial markets. This financialization of transatlantic banking flows created a new type of interdependence. As European banks were so heavily invested in US markets, this gave the US authorities a direct interest in bailing them out. While cross-border banking flows have decreased since the crisis, the interdependencies remain, and currency swaps were used once again to handle the economic fallout from Covid-19. In the area of financial and monetary policy, the transatlantic relationship remains strong and stable within a dollar hegemony.

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.

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.

Countries outside of the euro zone are naturally asking themselves what the imminent deepening of this zone will mean for European Union membership in the future. At the same time, the question overarches the debate about EU reform. In these overlapping discussions, not every suggestion that comes unbidden is necessarily counterproductive. Quite the contrary.

The Republic of Serbia has already missed several historical chances to join the European Union but is currently in a a position to define and accelerate the process leading to a united Europe, and therefore confirming that it historically, economically, regionally and culturally belongs to the European family of nations. Accession to the EU is one of the most important goals of modern Serbia which realization Serbia will become an organized state, gain political stability and provide intensive economic development. Defining the development strategy of Serbia to join European Union includes the necessary political conditions (stability of democracy and its institutions, respect for fundamental human and minority rights), economic conditions (the existence of a functioning market economy that is able to withstand the pressure of competition in the internal market of the European Union) as well as administrative requirements (the ability of future members to take and apply the primary and secondary EU legislation and to implement the aims of political, economic and monetary union). Joining single market of the European Union opens up opportunities for marketing of domestic products and services, where it should be noted that the export of our companies in the EU amounts to over 50% of total domestic exports. This proves that the European Union is traditionally the most important export market for Serbia. Therefore, the integration of Serbia into the European Union is viewed as the headquarters of growth of the Serbian economy through the growth of export of domestic products to the EU market. The most positive effects are measurable in the area of agriculture, where our country has a surplus in agricultural trade with the EU. Serbia has preferential status for 90% of agricultural products, which should be taken advantage of, so that agrarian reform is going in the direction of maximum increase in production until joining the EU. There are also great chances in car industry, where most of the commercial reorientation is done under the auspices of the European Agreement.

International audience ; After the independences, some West African countries opted to unite within the framework of regional integration to face the multiple problems of their development. It is in this perspective that the West African Economic and Monetary Union (WAEMU) has been created in 1994. However, despite the creation of this Union, the Member States of the Union meet some difficulties in the implementation of their regional integration policy, the objective of which is to promote their development. Then they opted for the adoption of a Community territorial Planning Policy (PATC) in 2004. Thus, this theoretical research aims to study the foundations of the WAEMU community territorial planning policy. The study reveals that this Community policy is essentially based on factors linked to the evolution of the organization of the regional space, the missions of the Union, the weaknesses of national territorial planning policies and the need community solidarity. ; Au lendemain des indépendances, certains pays de l'Afrique de l'Ouest ont opté de s'unir dans le cadre de l'intégration régionale pour faire face aux multiples problèmes de leur développement. C'est dans cette optique que l'Union Economique et Monétaire Ouest Africaine (UEMOA) a été créé en 1994. Cependant, malgré la création de cette Union, les États membres de l'Union rencontrent des difficultés dans la mise en œuvre de leur politique d'intégration régionale dont l'objectif est de favoriser leur développement. Ils ont alors opté pour l'adoption d'une Politique d'Aménagement du Territoire Communautaire (PATC) en 2004. Ainsi, cette recherche théorique vise à étudier les fondements de la politique d'aménagement du territoire communautaire de l'UEMOA. L'étude révèle que cette politique communautaire est essentiellement fondée sur des facteurs liés à l'évolution de l'organisation de l'espace régional, aux missions de l'Union, aux faiblesses des politiques nationales d'aménagement du territoire et à la nécessité de la solidarité communautaire.

Cover -- Contents -- List of Figures -- List of Abbreviations -- Foreword -- Notes on Contributors -- Introduction: Key Controversies in European Integration -- 1 The European Union: Success or Failure? -- 1.1 Why Europe works -- 1.2 The rise and fall of the EU -- 2 The Political Efficiency of the EU -- 2.1 The EU as efficient polity -- 2.2 The EU: quick to regulate, slow to adapt -- 3 More Powers for Brussels or Renationalization? -- 3.1 A stronger, more supranational Union -- 3.2 The new intergovernmentalism - the next phase in European integration -- 4 How Democratic is the EU? -- 4.1 The inevitability of a democratic deficit -- 4.2 A democratic achievement, not just a democratic deficit -- 5 Too Much Power for the Judges -- 5.1 Understanding the European Court's political power -- 5.2 A strange institution -- 6 Can There Be a Common European Identity? -- 6.1 European identity formation in (the) crisis -- 6.2 A common European identity is an illusion -- 7 Lobbying in the EU: How much Power for Big Business? -- 7.1 Business as usual - the EU is (still) driven by corporate interests -- 7.2 The diminishing power of big business -- 8 The Future of the Euro: Union or Disintegration? -- 8.1 Why the euro is a functional necessity in the process of European integration -- 8.2 For a plurality of economic and social models! Against a monolithic euro state! -- 9 The Euro: Economic Success or Disaster? -- 9.1 Exit or differentiated monetary integration - saving the euro by making it more flexible -- 9.2 Unity in diversity: the unfulfilled promise of the euro -- 10 Can the EU Tame Big Finance? -- 10.1 The merits of adaptive governance: the regulation of financial services in the European Union -- 10.2 The pitfalls of EU governance in financial markets -- 11 The Big Waste? The Common Agricultural Policy.

Alain Parguez is right when he claims that the "euro" is a political failure and an economic disaster, in which French politicians and economists seem to have played a significant role. France's elite envisaged being a dominant political power on the Continent after the two military defeats of Germany in 1918 and 1945. The two strategies the elite tried were very different, but they both failed. A heavy war indemnity in 1919 and the common European currency in 1990 were seen by the French elite as instruments to suppress Germany's potential economic (and political) superiority. The French economic elite, represented by F. Perroux and Jacques Rueff, supported the elite's aspiration of being the leading power within a united Europe by academic arguments. The academic support for the Mitterrand government's European Union (EU) policy was organized by the former economics and finance minister (and later president of the European Commission), Jacques Delors. He headed the Committee for the Study of Economic and Monetary Union, which unanimously recommended a common European currency "to the benefit of European prosperity." According to Parguez, the resulting common currency created at a French initiative is the prime reason for the present European economic defeat, which has frustrated the French aspiration to play a leading role as primus inter pares on the Continent. This is so because the rules we are bound to follow make no economic sense for Europe as a whole, which is collectively denied by the European elites. This short commentary discusses whether the economic profession not only in France, but in general, is incompetent, ideologically biased, or simply a "rent seeking" profession. ; Alain Parguez is right when he claims that the "euro" is a political failure and an economic disaster, in which French politicians and economists seem to have played a significant role. France's elite envisaged being a dominant political power on the Continent after the two military defeats of Germany in 1918 and 1945. The two strategies the elite tried were very different, but they both failed. A heavy war indemnity in 1919 and the common European currency in 1990 were seen by the French elite as instruments to suppress Germany's potential economic (and political) superiority. The French economic elite, represented by F. Perroux and Jacques Rueff, supported the elite's aspiration of being the leading power within a united Europe by academic arguments. The academic support for the Mitterrand government's European Union (EU) policy was organized by the former economics and finance minister (and later president of the European Commission), Jacques Delors. He headed the Committee for the Study of Economic and Monetary Union, which unanimously recommended a common European currency "to the benefit of European prosperity." According to Parguez, the resulting common currency created at a French initiative is the prime reason for the present European economic defeat, which has frustrated the French aspiration to play a leading role as primus inter pares on the Continent. This is so because the rules we are bound to follow make no economic sense for Europe as a whole, which is collectively denied by the European elites. This short commentary discusses whether the economic profession not only in France, but in general, is incompetent, ideologically biased, or simply a "rent seeking" profession.

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.

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)