Suchergebnisse

Globalisation is the penetration of the global market into the life of the countries, caused by the strengthening international financial markets, rising world trade, creation of multinational businesses and progress in telecommunications.The present analysis of globalisation and the new opportunities and challenges it presents to businesses and the population attempts to take a broader view of the issue. We have tried to take a look at both sides of the globalisation process and assess not only the huge changes it brings to the world but also to review the contradictory impact it makes on man and the world inhabited by him.The benefits of globalisation are obvious: it is faster growth, higher standards of life and new opportunities. Yet far from all countries and all people are able to use the advantages offered by globalisation.Globalisation does not give heed to borders; it progresses every day and involves an increasing number of people. President Thabo Mbeki of South Africa, speaking at the World Summit for Sustainable Development held from August 26 to September 4, 2002, in Johannesburg, called the wealthy countries "islands of welfare", surrounded by an "ocean of poverty", and urged to stop the "global apartheid" of the poor countries. "Poverty, underdevelopment, inequality among countries and within countries together with the aggravating global ecological crisis throw a dark shadow on the whole world," said President Mbeki.In analysing the new environment and the changes that are brought about by the unstoppable phenomena of globalisation spread more or less throughout the whole world, we have only two possibilities: we may rejoice at the new breathtaking prospects of new discoveries, or cringe in fear of drowning.The experience of most developed countries clearly indicates that the speed of social and economic development in any country is directly dependent on the education of its people, on the focused and constructive, creative energy in developing business and accumulating financial expertise. This is why education should doubtlessly be the priority in Lithuania.While the results of the ongoing changes may become evident only in several months or even several years, we should be always prepared to new challenges. The time has come to make use of what we have already accumulated, assess our strengths and weaknesses and model our actions, our place and ability of our business and people to compete in the European Union and other markets of the increasingly globalised world. ; Straipsnyje nagrinėjama globalizacijos kaip naujos, nuolat besikeičiančios aplinkos ir jos teikiamų verslui bei žmonėms naujų galimybių ir iššūkių tema. Bandoma šią problemą apžvelgti plačiau, siekiant apčiuopti abi globalizacijos proceso esmės puses, ne tik vertinant pasauliui atnešamus milžiniškus pokyčius, bet ir bandant atsižvelgti į prieštaringą jų poveikį žmogui bei pasauliui. Jame plačiai apžvelgiami pasaulio finansų sektoriuje vykstantys pokyčiai ir Lietuvos finansų sektoriaus veiklos ypatumai. Straipsnio pabaigoje pateikiamos išvados, paremtos įsitikinimu, kad gilesnis globalizacijos ir jos įtakos aplinkai įvertinimo požiūris leidžia tiksliau įdentifikuoti vykstančius procesus, realiau vertinti jų keliamus pokyčius ir iššūkius bei geriau modeliuoti ir koreguoti savo veiksmus.

The article presents a concise review of the potential development of the Bank of Lithuania and the litas within the context of Lithuania's further integration in the European Union and the Economic and Monetary Union.The paper mostly focuses on the Exchange Rate Mechanism II as a period of transition from the litas to the euro and the preparation of the Bank of Lithuania and other national institutions for that step. The authors deal with theoretical and practical aspects of ERM n, present a review of European Central Bank requirements and analyse the Danish experience of its participation in the Mechanism. In addition, the article stresses the possibilities for the practical application of the Exchange Rate Mechanism and the expected impact on the future of the litas.From the starting date of their membership in the EU, the new Member States undertake a commitment of adopting the euro in due course. During the period of the participation in ERM II, these countries have to pursue such macroeconomic policies that would facilitate real and nominal convergence and would allow a country, wishing to adopt the euro, to meet Maastricht criteria.ERM II is an exchange rate policy system of euro area countries and EU Member States that have not adopted the euro. The key feature of the system is the central parity between the national currency of a country that has not adopted the euro vis-a-vis the euro. and the allowed exchange rate fluctuation band of ± 15 per cent in relation to that central parity. However. the European Commission and. more recently, the European Central Bank, have sought to narroW down the fluctuation band within ERM II (± 2,25%) with regard to the new EU Member States.The central bank of Denmark has managed to maintain a very stable exchange rate of the nacional currency against the euro throughout the whole period of its participation in ERM II since 1999 by using a significantly narrower fluctuation band than the adopted ± 2,25%. Lithuania is onc of the few EU candidate countries that already meets Maastricht requirements for the adoption of the euro. It is expected that Lithuania will join ERM II soon after assuming membership in the EU.The position of the Bank of Lithuania is that the present fixed exchange rale regime and the current official exchange rate between the litas and the euro of LTL 3.4528 for EUR I with a zero band is suitable for partiCipation in ERM II and the adoption of the euro.Regardless of certain differences between the operation of the currency board arrangement and the interventions undertaken in ERM II, the currency board arrangement is deemed to he an acceptable exchange rate regime for this Mechanism. After becoming a EU member from 1 May 2004, immediately joining ERM II and staying in it for at least two years, Lithuania will he meeting the requirements for the adoption of the euro. Thus, Lithuania would be in a position to give up the litas and adopt the euro in late 2006 or early 2007. ; Straipsnyje glaustai apžvelgiama galima Lietuvos centrinio banko ir lito raida, atsižvelgiant į tolesnę Lietuvos integraciją į Europos ekonominę sąjungą bei Europos ekonominę ir pinigų sąjungą. Daugiausia dėmesio skiriama valiutos kurso mechanizmui Nr. 2 (VKM II - Exchange-rate mechanism II) kaip tarpiniam etapui pereinant nuo lito prie euro bei Lietuvos banko ir kitų šalies institucijų pasirengimui šiam žingsniui. Jame pateikiami teoriniai bei praktiniai VKM II aspektai, apvelgiami Europos centrinio banko reikalavimai, nagrinėjama šio mechanizmo taikymo Danijoje patirtis. Straipsnyje taip pat akcentuojamos šio valiutos kurso mechanizmo praktinio taikymo Lietuvoje galimybės bei tikėtinas poveikis lito ateities gairėms nubrėžti.