Download or read book The New EU Member States Convergence and Stability written by and published by . This book was released on 2005 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New EU Member States written by Carsten Detken and published by . This book was released on 2005 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Five Years After written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2009-03-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Download or read book Ruling Europe written by Martin Heipertz and published by Cambridge University Press. This book was released on 2010-03-18 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painstaking reform in 2005. After a period of economic prosperity and falling budgetary deficits, the global economic crisis put the system under renewed stress. Ruling Europe presents a comprehensive analysis of the political history of the SGP as the cornerstone of EMU. It examines the SGP through different theoretical lenses, offering a fascinating study of European integration and institutional design. One cannot understand the Euro without first understanding the SGP.
Download or read book The Pursuit of Stability of the Euro Area as a Whole written by Luca Lionello and published by Springer Nature. This book was released on 2019-10-14 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.
Download or read book European States and the Euro written by Kenneth Dyson and published by OUP Oxford. This book was released on 2002-03-07 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: With Economic and Monetary Union, the European Union has embarked on one of the biggest projects in its history. Previous literature has focused on how EMU came into being and on the policy issues that it raises. European States and the Euro seeks to move the discussion forwards by offering the first systematic evaluation of how it is affecting EU states, both members and non-members of the Euro-Zone. It is the first book to explicitly situate EMU in the growing literature on Europeanization. It examines the effects on public policies, political structures, discourses, and identities. The book seeks to identify the scope of EMU's effects, the direction that it imparts to political and policy changes, the mechanisms by which it produces its effects, and the role of domestic institutions, political leadership and specific forms of discourse in shaping responses. In addition, the book assesses how, and with what effects, EMU is affecting key policy sectors labour markets and wages, welfare states, and financial market governance. What conditions the degree of convergence discernible in these sectors? Finally, the book seeks to 'contextualize' EMU by assessing its effects both in comparison with other variables like globalization and in a historical perspective of the European Monetary System as a 'training ground'. The book combines sectoral and country case studies with a thematic treatment by recognized experts in their fields. It moves from globalization, through EU-level changes, to member states and finally to specific sectors. The main conclusions are that EMU is most important in affecting the timing, tempo and rhythm of domestic change that these changes are experienced pre-eminently at the level of policy; that it strengthens pressures for convergence; but that different domestic institutional arrangements and discourses lead to variations in policy processes and effects and in the way change is 'framed'. In particular, whilst EMU contains a neo-liberalizing tendency exhibited most clearly in financial market effects, it is not to be characterized as a neo-liberal project by means of which the EU is becoming an economic and social space simply converging around Anglo-American market capitalism.
Download or read book Ability of the New EU Member States to Fulfill the Exchange Rate Stability Convergence Criterion written by Daniel Stavarek and published by . This book was released on 2007 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses exchange rate development and volatility in six new EU member states (Cyprus, Czech Republic, Hungary, Poland, Slovakia, and Slovenia) during the period November 1996 - April 2006. The study is motivated by the unavoidable participation of the new member states' currencies in the Exchange Rate Mechanism II and fulfillment of the exchange rate stability convergence criterion. The development of exchange rates is examined by the calculation of various rates of return and the exchange rate volatility is analyzed using moving average standard deviations of the annualized daily returns of the nominal bilateral exchange rates. The results suggest that the dilemma of quot;participation or non-participation in ERM IIquot; have been solved properly so far by all countries analyzed. The three ERM II participating currencies (SIT, CYP, SKK) entered into the mechanism at the optimal time of stable exchange rate development and low volatility. On the other hand, the admissible fluctuation band plusmn; 2.25% seems to be still too narrow for the remaining three currencies (CZK, HUF, PLN), thus the currencies should remain out of ERM II for some time.
Download or read book The 2018 Stability and Convergence Programmes written by and published by . This book was released on 2018 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the 2018 Stability and Convergence Programmes of EU Member States and an assessment their implications for the euro area’s fiscal stance.
Download or read book The 2020 Stability Convergence Programmes written by and published by . This book was released on 2020 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the 2020 Stability and Convergence Programmes of EU Member States and an assessment of their implications for the euro area’s fiscal stance.
Download or read book Convergence Criteria for Joining the Euro written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Agreed in Maastricht by the EU Member States in 1991 as part of the preparations for introduction of the euro, the convergence criteria are defined as a set of five economic and legal indicators designed to ensure economic convergence between interested non-euro area countries with the Member States of the euro area. The criteria include price stability, sound and sustainable public finances, long-term interest rate and exchange rate stability. Exchange rate stability is demonstrated if the Member State concerned has participated in the Exchange Rate Mechanism (ERM II) for a period of least two years without severe tensions. These legal conditions must be met by EU countries, in order to adopt the euro. Convergence reports are issued every two years, or when there is a specific request from a Member State to assess its readiness to join the euro area. The next one is expected in spring 2018. All EU Member States, euro and non-euro countries, take part in the European Semester of policy coordination which is also a vehicle to achieve real economic convergence.
Download or read book Adjusting to EU Enlargement written by Constantine A. Stephanou and published by Edward Elgar Publishing. This book was released on 2006 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before the latest EU enlargement, substantial changes in the integration process were predicted as a result of the accession of 10 new Member States, with some forecasting cataclysmic consequences. This book, one of the first ex post assessments of EU enlargement, provides evidence to the contrary, while also providing examples in which the new Members have been able to influence EU policy output with their liberal attitudes on economic and social policy. This book will be of great interest to EU policymakers, including officials of European institutions whose primary concerns are 'policy adjustment' and EU external relations. It will also be of interest to academics and students specialising in EU affairs, especially European integration, organisation, governance and public policy.
Download or read book The 2019 Stability Convergence Programmes written by and published by . This book was released on 2019 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the 2019 Stability and Convergence Programmes of EU Member States and an assessment of their implications for the euro area’s fiscal stance.
Download or read book Stability and Growth Pact Reform and Public Expenditure Structure in the European Union Member States written by Kristina Petrova and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the problems of convergent and divergent tendencies in the functional allocation and structure of public expenditure in the EU Member States and the effect of the Stability and Growth Pact reform of year 2011 on them. The study is based on sigma convergence analysis. The dispersion between the countries is measured via the coefficient of variation. The dispersion is calculated as an average value for each of the two periods under examination - before and after the reform of the Stability and Growth Pact. The empirical results show that the reform leads to greater convergence between the Member States in terms of the structure of public expenditure.
Download or read book Intergovernmental Fiscal Relations in the New EU Member States written by William Dillinger and published by World Bank Publications. This book was released on 2007 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title evaluates reforms in the structure of intergovernmental relations in Eastern Europe since the breakup of the Soviet Union, focusing on eight recent EU accession countries: the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia. It reviews each country's response to the economic and political upheavals of the immediate post-Soviet era and their gradual convergence on a commmon "eastern European model" of intergovernmental relations.
Download or read book Europe in 12 Lessons written by Pascal Fontaine and published by . This book was released on 2017 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Missing Convergence in Innovation Capacity in the EU written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the medium- to longer term, trends in total factor productivity growth and innovation will determine the growth and convergence trajectories of the EU economies. However, already before the crisis, Europe has suffered from disappointing innovation performance and productivity growth, and developments since then have only reinforced this trend. Persistent innovation and productivity growth divergences among EU countries, and in particular euro area countries, raise concerns of rising income differentials and long-term cohesion across countries. In this contribution we will start with describing the major trends of total factor productivity growth in the EU and EURO member countries and compared to its major global competitors. As the creation and adoption of innovations is seen as a major driver of TFP, we will describe the major trends and convergence/divergence in innovation capacity and its components directly. How big are the differences and they diminishing over time, establishing convergence? Are the laggards catching up? Or the leaders forging ahead? The analysis finds that there is substantial heterogeneity in innovation capacity among EU Member States. This heterogeneity is very stable, avoiding strong divergence, but also no consistent convergence signs. The divide between the Innovation Leaders in the North and the Innovation Laggards from the South and the East proves to be difficult to address.
Download or read book Convergence Report 2022 written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro is meant to be the single currency of the European Union as a whole. It is now used every day by around 343 million people in 19 Member States in the euro area. The practical benefits include stable prices, lower transaction costs for people and businesses, more transparent and competitive markets and increased intra-EU and international trade. The euro is also the second most used currency worldwide. Article 140(1) of the Treaty on the Functioning of the European Union (TFEU) requires the Commission and the European Central Bank (ECB) to report to the Council, at least once every 2 years, or at the request of a Member State with a derogation, on the progress made by Member States in fulfilling their obligations on the achievement of economic and monetary union. The latest Commission and ECB Convergence Reports were adopted in June 2020. The 2022 Convergence Report covers the following seven Member States with a derogation: Bulgaria, Czechia, Croatia, Hungary, Poland, Romania and Sweden. The staff working document accompanying this report provides a more detailed assessment of the state of convergence in these Member States. Article 140(1) TFEU requires the reports to include an examination of the compatibility of national legislation, including the statutes of the national central bank, with Articles 130 and 131 TFEU and the Statute of the European System of Central Banks and of the European Central Bank ('the ESCB/ECB Statute'). The reports must also examine whether a high degree of sustainable convergence has been achieved in the Member State concerned by reference to the fulfilment of the convergence criteria (price stability, public finances, exchange rate stability, long-term interest rates), and by taking account of other factors relevant to economic integration and convergence mentioned in the final sub-paragraph of Article 140(1) TFEU. The four convergence criteria are developed further in a protocol annexed to the Treaties (Protocol No 13 on the convergence criteria). The outbreak of the COVID-19 pandemic in March 2020 led to a severe economic downturn for the EU as a whole and in all Member States. Unprecedented action taken at EU level and by the individual Member States cushioned the impact of the crisis and led to a robust recovery in 2021. In particular, swift activation of the general escape clause of the Stability and Growth Pact, coupled with the temporary framework on State aid, enabled large-scale fiscal support in all Member States. The ECB also took a broad set of monetary policy measures to preserve favourable financing conditions for all sectors of the economy in order to support economic activity and safeguard medium-term price stability. The roll-out of the Recovery and Resilience Facility, which is the centrepiece of NextGenerationEU, is further bolstering the EU's resilience. At the same time, the strong recovery in 2021, supply chain bottlenecks and a surge in energy prices contributed to a sharp rise in inflation throughout 2021 and into 2022.
