...B1-144 Workshop #3 November 10, 2011 European Union David McKeen Chris Deisher Twyla Dillard Brenda Rogers Flecia Williamson European Union 1 Introduction The precursor to the European Union was established after World War II in the late 1940s in an effort to unite the countries of Europe and end the period of wars between neighboring countries. These nations began to officially unite in 1949 with the Council of Europe. In 1950 the creation of the European Coal and Steel Community expanded the cooperation. The six nations involved in this initial treaty were Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. Today these countries are referred to as the "founding members." During the 1950s, the Cold War, protests, and divisions between Eastern and Western Europe showed the need for further European unification. In order to do this, the Treaty of Rome was signed on March 25, 1957, thus creating the European Economic Community and allowing people and products to move throughout Europe. Throughout the decades additional countries joined the community. In order to further unify Europe, the Single European Act was signed in 1987 with the aim of eventually creating a "single market" for trade. Europe was further unified in 1989 with the elimination of the boundary between Eastern and Western Europe - the Berlin Wall. Throughout the 1990s, the "single market" idea allowed easier trade, more citizen interaction on issues such as the environment...
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...Throughout the past 60 years the European Union has established itself as a leader in dismantling national level economic and cultural barriers in return for a meso-scale regional framework which has gone on to become a key feature of globalization. In wake of the atrocities committed during World War II, Europe sought to establish a community of peace, stability, and prosperity with the common interest of humanity (De Vasconcelos, 2005). This unification has been achieved through the liberalization of four essential freedoms of movement: goods, service, capital, and labour (Molchanov, 2007). Even reconciliation between former enemies, such as France and Germany, came from the understanding that new world order has dampened the ability of nations to solve their problems on their own. Integration at a regional level can be thought of as integral part of globalization as it has become Europe’s primary defense amidst rising global competition (Murray, 2011). In fact, Peter Schmitt-Egner identified the process undertaken by the EU as transnational regionalism, as it seeks to 1: Utilize European integration as arena for transnational learning to foster internal regional development and; 2: Enhance regional competence to create a ‘Europe of Regions of Citizens’ (Schmitt-Egner, 2002). For Europe, regional integration has presented itself as a window of opportunity that allows for: “outward looking trade policy, internal competitiveness and involvement in cross-border agreements” (Downs...
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...Article Introduction: Causes, consequences and cures of union decline European Journal of Industrial Relations 17(2) 97–105 © The Author(s) 2011 Reprints and permission: sagepub. co.uk/journalsPermissions.nav DOI: 10.1177/0959680111400893 ejd.sagepub.com Alex Bryson NIESR and Centre for Economic Performance, London, UK Bernhard Ebbinghaus Universität Mannheim, Germany Jelle Visser Universiteit van Amsterdam, The Netherlands In 2000 the political leaders of the European Union declared that strong economic growth and advance towards a knowledge society, together with a high degree of social cohesion, would be the pre-eminent goals for the subsequent decade. A question never asked was what would happen, and what remedial action would be taken, should the conditions conducive to growth and the knowledge economy conflict with the political and institutional underpinnings of social cohesion. What if strong employment growth turned out to be founded on the destabilization of the standard employment contract, or if the advance towards a knowledge economy brought about a sharp rise in social inequality and polarization between skilled and unskilled workers and between those with and without stable jobs? Would trade unions be willing and able to counteract or attenuate such trends and bridge the differences between the new haves and have-nots? Or would they be marginalized, slowly but irreversibly, together with the stable employment relationships...
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......................... 7 Rules governing union (Stability and Growth Pact and Maastricht Treaty) ........................... 7 Faultlines ......................................................................................................................................... 7 current SCENARIO ........................................................................................................................ 8 WHY SAVE EURO? .................................................................................................................... 10 4.1 ALTERNATIVES................................................................................................................. 11 Split ............................................................................................................................... 11 Institutionalised austerity and ECB bailing out ............................................................ 13 ECB lends money to IMF and latter disburses loans with stiff conditionality’s ........... 13 Creation ofEuropean treasury/ EmpoweringEFSF ........................................................ 13 United States of Europe and issuance of Euro bonds: .................................................. 14 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 5. WAY FORWARD ........................................................................................................................ 15 TABLE OF FIGURES Figure 1: Prospects of the financial sector and sovereign spreads...
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...INTRODUCTION ―The Union is founded on the principles of liberty, democracy, respect for human rights and fundamental freedoms, and the rule of law, principles which are common to the Member States.‖ - Article 6, Treaty on European Union The European Union is not a federation like the United States. Nor is it simply an organization for cooperation between governments, like the United Nations. Neither is it a State intended to replace existing states, but it is much more than any other international organization. The EU is, in fact, unique. Never before have countries voluntarily agreed to set up common institutions to which they delegate some of their sovereignty so that decisions on specific matters of joint interest can be made democratically at a higher, in this case European, level. All EU decisions and procedures are based on the treaties agreed to by all EU countries, under which sovereignty is shared in specified areas. The result is a union of 27 Member States covering 1.6 million square miles with roughly half a billion people producing almost a third of the world‘s gross national product and speaking more than 23 1 languages, bound together by a desire to promote peace, democracy, prosperity, stability, and the rule of law. The EU embraces the fundamental values shared by its Member States across a multitude of cultures, languages, and traditions. The Member States agree that democracy is the best form of government. They believe in societies that encourage...
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...| 2013 | | Department of Management Studies IIT Roorkee | [Country report: france] | The report contains an overall analysis of France as a business destination for trade and new business ventures. We have adopted the PESTEL Analysis methodology to arrive to our conclusion. | INDEX 1. Introduction 2. Timeline: France 3.1 History 3.2 Present 3.3 Future 3. PESTEL Analysis 4.4 Political 4.5 Economic 4.6 Social 4.7 Technological 4.8 Environmental 4.9 Legal 4. Summery 5. Conclusion 6. Bibliography Introduction France – officially known as the ‘French Republic’, is one of the most influential nations and has dominated the world with its art, culture, fashion, economy and military. Located in Western Europe, France is spread over an area of 640,000 Sq. Kms and shares its borders with Spain in south and Belgium, Luxemburg, Germany, Italy, Switzerland, Italy, Monaco and Andorra in north. Capital city of France is Paris, and other major cities and industrial centres include, Bordeaux, Strasbourg, Valence and Nimes. Paris, the capital city of France is one of the four fashion capitals of the world, also famous for Eiffel Tower – One of the seven wonders, this city boasts of hosting some of the biggest fashion related events of the world. France is a major player in political affairs of the world and is of the permanent members of UN Security Council. Economy of France...
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...Export and Trading Partners…………………………………………………………….. 5 2.2 Germany’s Main Economic Sector – The Automotive Industry…………………….. 8 3. The Global Financial Crisis and its effects on Germany……………………….. 9 3.1 What are the origins of the 2008 financial crisis?............................................. 9 3.2 The financial crisis plunged Germany in an economic crisis………………………….11 3.3 Government’s Action to Combat Crisis ………………………………………………………. 16 4. Future Challenges and Outlook for Germany…………………………………...19 5. Conclusion……………………………………………………………………………………….21 6. References……………………………………………………………………………………….22 2 Executive Summary This report provides a concise summary of Germany’s main economic features. It starts off by describing the key sectors and trade patterns that make up German economy. From there, it will further examine how one of the strongest economy in the world was affected by the global financial crisis in 2009, and critically analyze the extensive use of policies used by the German government to counter the crisis. The report will conclude by looking at Germany’s long term key challenges and the prospect of sustainability within the economic context. Germany is Europe’s most industrialized and populous country, accounting for 20% GDP in the EU. Historically Germany is one of the strongest, most advanced economies in the world – branded the lead exporter of machinery, vehicles, chemicals, high-tech household equipment. Among which, the automotive...
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...application. * Nearly all Icelandic politicians were convinced that EU membership would place constraints on the country, particularly in the fisheries and agrarian sectors, rather than provide benefits * Iceland is already a member of the European Free Trade Association(EFTA) * Iceland must resolve its debt disputes before becoming a member of the EU, according to rules of the EFTA. Meaning, they must pay back GB and the Netherlands IceSave * Icesave, an online subsidiary of Landsbanki bank, collapsed along with its parent and Iceland's other major banks in October 2008, leaving 340,000 British and Dutch citizens out of pocket. * Both Britain and The Netherlands reimbursed their citizens' deposits and have since been seeking repayment from Iceland. The U.K. is owed about 2.3 billion pounds ($3.6 billion) in compensation and The Netherlands euro1.3 billion ($1.7 billion). * Should the taxpayers of Iceland have to pay for the Hubris of a few bankers? * Iceland's failure to settle the dispute has delayed payments from a $4.6 billion loan from the International Monetary Fund. Some legislators believe Britain and the Netherlands could also block Iceland's application to join the European Union until an Icesave deal is signed into law. The Financial Crisis * Under-estimation of the risk of a foreign currency shortage, and a subsequent lack of access to foreign currency, contributed significantly to the financial crisis * In the first week of...
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...crisis 4. European debt crisis 5. Conclusion 6. References I. Introduction The PIIGS is a group that composed of five countries that have some commonality in location and economic environments. In this case, PIIGS includes Portugal, Italy, Ireland, Greece and Spain. The countries which be mentioned are all part of European Union members and have been noted for having weak economics and bad situation of financial problems. In 2008, economic crisis came to all over the world, during the worldwide economic crisis, Portugal, Italy, Ireland, Greece and Spain began to come out the grave and serious concern in the European Union refer to the enormous amount of sovereign debt that they were carrying. The problem with the PIIGS is that speculators dropped, compounding their debt issues and the situation might be much more worse. Many European Union members were also unwilling to rescue these struggling nations although when it became very clear that assistance would be needed. The sovereign debt crisis sparked a number of conversations about reforming financial policy in the European Union to prevent similar problems in the future. The members of PIIGS felt displeasure at the negative allusions and some have deny the use of the term altogether. Though each member has already caught media’s attention, many organizations have tried hard to reduce or get rid of the infamy itself due to its negative implication. While some of their individual GDP growth rates are impressively...
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...Account Plan 19 7. Choosing the most suitable fair for Anur to exhibit on 23 8. Trade Fair Concept 29 9. Return on investment 46 List of resources 47 Annexes 49 Interview with a person in the Muslim community 50 Observations Anuga Food Tec, Cologne 51 Interviews Anuga Food Tec, Cologne 61 Observations Ethnic Foods Europe, Brussels 79 1. Case study of Anur Anur is a Dutch food company, specialized in frozen food products which focus on Muslim consumers. In the Netherlands, Anur has become one of the market leaders in Halal snacks. Anur has decided to internationalise their activities. The primary goal is to achieve a higher market share in one European country. Anur has selected a consulting firm to help them make two major choices: 1. The selection of a European country in which they can reach a growing market-share, including strategic advice of how to set up international activities. 2. Which trade fair should be visited to prepare and support their international activities. This advice should be included with a worked out and detailed Trade Fair plan for the fair to be visited. 2. Choosing the most suitable country for Anur to expand in To advice Anur on which countries they have to expand in, we drew up a few minimal requirements: - The country has to be a member of the European Union We advice Anur to expand to a country who is a member of the European Union, due to the fact that it makes the trading easier because if the open borders...
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...Special class A special class is a class consisting of students with disabilities who have been grouped together because of similar individual needs so that they can receive specially designed instruction. In special classes, the content, methodology, or delivery of instruction is adapted to ensure the student has access to the general curriculum and the opportunity to meet the educational standards that apply to all students. Special Class Services serve students with disabilities whose needs cannot be met within a general education class, even with the use of supplementary aids and services. Supplementary aids and services are aids, services and other supports that are provided in the general education classroom so that a student with a disability can be educated with his or her peers to the maximum extent appropriate. Some examples include a notetaker, instructional materials in other formats (e.g., Braille or large print), special seating arrangements, books on tape, highlighted work, study guide outlines of key concepts, paraprofessional support, a behavior management plan. Prior to the special education reform, placement in a special class was usually an all-or-nothing proposition. Under the reform, schools are encouraged to program students on an individual subject basis according to their strengths, needs, preferences and interests and maximize time spent with their non-disabled peers. Schools, in turn, have been encouraged to improve fluidity between general and...
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...of the European Monetary System (EMS), the forerunner of the Economic and Monetary Union (EMU). The Maastricht Treaty (1992) made EMU a part of EU law and set out a plan to introduce the single currency (the Euro) by 1999. The Maastricht Treaty also established certain budgetary and monetary rules for countries wishing to join the EMU (known as the convergence criteria). In 1998, 11 member states (Germany, France, Italy, Belgium, Luxembourg, the Netherlands, Spain, Portugal, Ireland, Austria and Finland) undertook the final stage of EMU when they adopted a single exchange rate, which was set by the European Central Bank (Britain, Sweden and Denmark negotiated an opt-out from this final states of EMU). The new Euro notes and coins were launched on 1 January 2002. There are currently 16 EU states in the Eurozone. Greece joined the initial 11 members in 2001, Slovenia joined in 2007, Cyprus and Malta in 2008, and Slovakia joined in 2009. Estonia is due to join the Eurozone in 2011. All future members of the EU must adopt the Euro when they fulfil the convergence criteria. Economic and Monetary Union (EMU) Step 1: a country loses a degree of economic sovereignty when it enters a trade bloc or single market as a necessary step towards being part of an EMU. Stage 2 – Joining a trade bloc or single market: to join a single market, or a trade bloc, a country must give up a degree of power over trade. Such powers can include: import and export tariffs, product regulations and free movement...
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... Is a Greek exit from the European Union inevitable? 0909512 Table of Contents Pg. List of Illustrations 3 Executive Summary 4 1.0 Introduction 5 2.0 The Economic Cost and Benefit for State Membership of the EMU 5 2.1 Benefits of EMU Membership & Mechanisms 5 2.2 Costs of EMU Membership 7 3.0 Contextual Factors: The Profusion of Dept 10 3.1 The Eurozone Crisis 10 3.3 Greece- The Forefront of the Euro Area Crisis 13 4.0 Alternate Policies and the Effective Consequences 15 4.1 Predicament 15 4.2 Abetting Dependent on Austerity 16 4.3 Creditor-Led Default 17 4.4 Debtor-led Default and Greek Haircuts 19 4.5 Greek Exit 20 5.0 Recommendation 21 Appendices: Appendix 1: Preferential liberalization References List of Illustrations Pg. Illustration 1: The cost of EMU- Diminishing Domestic Flexibility to Asymmetric Macro Shocks 7 Illustration 2: Cost and benefit of Monetary Unions 9 Illustration 3: Evolution of Nominal Unit Labor Costs in the Eurozone Pre to the US Credit Crunch 9 Illustration 4: Current Account Balances in Percentage GDP 10 Illustration 5: Core Bank Exposure to the Weaker Eurozone Member States 12 Illustration 5: Holders of Greek Government Bonds and Dept (in billion Euro) 16 Executive Summary The standing Economic and Finance minister of Germany has commissioned the policy paper for...
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...E SSAY COLLECT ION Crisis in the Eurozone Transatlantic Perspectives ESSAY COLLECTION Crisis in the Eurozone Transatlantic Perspectives This publication is a part of CFR’s International Institutions and Global Governance (IIGG) program and has been made possible by the generous support of the Robina Foundation. The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government officials, business executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries. Founded in 1921, CFR carries out its mission by maintaining a diverse membership, with special programs to promote interest and develop expertise in the next generation of foreign policy leaders; convening meetings at its headquarters in New York and in Washington, DC, and other cities where senior government officials, members of Congress, global leaders, and prominent thinkers come together with CFR members to discuss and debate major international issues; supporting a Studies Program that fosters independent research, enabling CFR scholars to produce articles, reports, and books and hold roundtables that analyze foreign policy issues and make concrete policy recommendations; publishing Foreign Affairs, the preeminent journal...
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...actively managed, having at least an active risk of 3% when compared to the benchmark. To achieve this, I followed a three step top-down approach for our investment decision process. Firstly, I started with an analysis of the macroeconomic environment in Europe, followed by forming opinions on the relative strengths and weaknesses of the constituent countries and sectors, using the macro-analysis to determine which are most likely to perform well, given the long-run trends identified. Finally, I invested in all mid-cap companies within the selected countries and sectors, based on our judgement that middle sized firms are poised to prosper the most in this difficult economic environment, which I predict to remain tough for the foreseeable future. After finalising the initial portfolios in this way, I used BarraOne to optimise them. Following optimisation, I compared the risk profile of each portfolio to the benchmark. Our findings show that an actively managed portfolio, especially one constrained to 150 assets, will necessarily be less diversified than the benchmark. For the country portfolio, the lack of diversification materialised in a high level of currency risk, which I purposely limited using a constraint during the optimisation process. This was to be expected when considering that the exclusion of some countries from the portfolio would also change the mixture of...
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