Relevant bibliographies by topics / Economic and Monetary Union – Economic aspects

Academic literature on the topic 'Economic and Monetary Union – Economic aspects'

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Published: 10 March 2023

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Journal articles on the topic "Economic and Monetary Union – Economic aspects"

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Merdić, Alem, and Hasan Mahmutović. "SOME THEORETICAL ASPECTS OF ECONOMIC INTEGRATION." Journal Human Research in Rehabilitation 7, no. 2 (September 2017): 97–105. http://dx.doi.org/10.21554/hrr.091711.

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One of the basic links of the process of globalization are economic integrations. The aim of this paper is to systematize theoretical achievements and to review the forms, effects and conditions for connecting countries motivated by economic benefits. In addition to the theoretical review of the conceptual definition of economic integration, the focus is on the levels of economic integration from the free-trade zone to the monetary and fiscal union, explaining the specificity of each of the mentioned levels. Considering that the connection between countries always raises the question of the benefits and costs of connection, the special emphasis in this paper is placed on the potential effects for free trade. Finally, the greatest contribution of this paper is the systematization and theoretical review of the theory of optimal currency area and monetary integration, which is especially significant for the European soil, taking into account the already established European Monetary Union.
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Igorevna, Kuzmenko Valentina, Mukhametgalieva Safiya Khamitovna, Sitdikov Farit Foatovich, Fardeeva Irina Nikolaevna, and Ageev Vyacheslav Nikolaevich. "Trade and economic cooperation of the member countries of the Eurasian Economic Union." Laplage em Revista 6, Extra-A (December 14, 2020): 162–66. http://dx.doi.org/10.24115/s2446-622020206extra-a575p.162-166.

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The Eurasian Economic Union (EAEU) was formed by the heads of Russia, Belarus and Kazakhstan in 2014. Since January 1, 2015, the agreement on the formation of the association entered into force. On January 2, 2015, Armenia joined the union, and on August 12, 2015, Kyrgyzstan became a member of the EAEU. For this economic community, the priority is to develop a single policy in the field of trade, economic, monetary and tax policies. The given article considers the main aspects of trade and economic cooperation of the participating countries of the EAEU integration group. Within the framework of these union countries is developing regional integration cooperation, creating certain agreements for the implementation of long-term projects to improve partnerships. The text of the work identifies the main goals and priorities for the effective work of the union.
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Wołowiec, Tomasz. "LEGAL AND ECONOMIC ASPECTS OF PROPERTY TAXATION IN THE EUROPEAN UNION." International Journal of Legal Studies ( IJOLS ) 1, no. 3 (June 30, 2018): 231–78. http://dx.doi.org/10.5604/01.3001.0012.2179.

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A property tax (or millage tax) is a levy on real estate that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the real estate property is located; it may be paid to a national government, a federated state, a county or geographical region, or a municipality. Multiple jurisdictions may tax the same property. This is in contrast to a rent and mortgage tax, which is based on a percentage of the rent or mortgage value. There are four broad types of property: land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects), and intangible property. Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions. Real property is often taxed based on its classification. Classification is the grouping of properties based on similar use. Real estate properties in different classes are taxed at different rates. Examples of different classes of property are residential, commercial, industrial and vacant real property. In Israel, for example, property tax rates are double for vacant apartments versus occupied apartments.
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Ganguli, Subhadra. "An economic analysis of sustainability of a potential GCC economic and monetary union during 2005-2014." World Journal of Entrepreneurship, Management and Sustainable Development 12, no. 3 (July 11, 2016): 194–206. http://dx.doi.org/10.1108/wjemsd-01-2016-0005.

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Purpose – Gulf Cooperation Council (GCC) was set up in 1981 between Bahrain, Oman, Qatar, Saudi Arabia, United Arab Emirates and Kuwait for strengthening cooperation and economic development in the region. The GCC has made strides towards economic consolidation by forming a customs union and a common market. The long-term vision is to create an Economic and Monetary Union (EMU) with a single currency. Progress towards the EMU has been slow and the recent oil price plunge has led to concerns regarding sustainable growth of member countries due to their significant dependence on oil and lack of diversification. The purpose of this paper is to analyse the scope of an EMU in the GCC against the backdrop of current oil crisis and examine sustainability of such a union. The paper studies convergence criteria similar to the ones followed by the accession countries of the European EMU in the 1990s preceding the introduction of the single currency Euro. Design/methodology/approach – The paper draws its practical approach from the experience of the European Monetary Union, though the original idea of the single currency in Optimum Currency Areas was conceived by Mundell (1961). The present paper analyses macroeconomic time-series variables (e.g. GDP, budget deficits, debt, growth rates, inflation rates, exchange rates) for GCC during the period 2005-2014. Data has been sourced from United Nations Conference on Trade and Development (UNCTAD), The World Bank and International Monetary Fund (IMF) databases to study the convergence criteria adopted by the EMU countries for the introduction of the Euro. Findings – The paper concludes that GCC economies are similar in terms of their structural and economic fundamentals. Most elements of the convergence criteria that were followed by the accession countries in Europe are fulfilled by the GCC member states, particularly during 2011-2014. The GCC states look similar in terms of sustainable growth, price stability and exchange rate stability – three aspects of convergence met by the European Union states. However, heavy dependence on oil and lack of diversification from oil and hydrocarbon-related products in the gross domestic product (GDP) composition of GCC states pose severe risks to the potential union. Fiscal vulnerabilities of these economies to oil price shocks, such as the current oil price crisis, create concerns for such a union during oil price lows. Widely divergent fiscal deficit-to-GDP ratios and rising debt-to-GDP ratios during periods of low oil prices imply the lack of sound and unsustainable public finances for some of the GCC states. The divergence has stemmed from widely different break-even oil prices for government budgets within the GCC and also due to varying degrees of oil dependencies between the member states. The scope of a successful and more sustainable EMU can be further explored once the GCC economics have achieved adequate diversity from oil. Originality/value – The study is useful to policy makers, central banks, businesses and researchers since it highlights the EMU as a feasible option for the GCC states. The sustainability of the EMU is contingent on diversification of these economies in the future from oil and oil-related products. The study can be utilized by policy makers as a strategy to further restructure GCC economies towards greater resilience and integration prior to accession to the GCC EMU.
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Vorona, Anastasiуa, Lyudmila Kopteva, and Anna Trushevskaya. "The Eurasian economic union: trends and prospects for development in digital economy." E3S Web of Conferences 210 (2020): 13025. http://dx.doi.org/10.1051/e3sconf/202021013025.

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Currently the Eurasian Economic Union defines its main tasks as the creation of an image of the significant center for the development of international trade, enhancement of mutually beneficial partnership with member states and other countries, the creation of new formats for international cooperation. At the present days the Eurasian Economic Union is filled with real economic content. Multilateral projects are being implemented, primarily in key sectors of the economy, that are energy and transport. In the long run, the formation of a monetary union is possible. Development of currency integration, as a component of economic unity, presupposes the process of implementing a coordinated policy of the EAEU countries, as well as the creation and functioning of the organizations performing interstate currency regulation. In the article the dynamics of the main economic indicators of the Eurasian Economic Union functioning is considered. The data on the trade turnover of the EAEU member countries for 2019 is provided. The main directions of EAEU cooperation with third countries and integration associations are revealed, with particular attention being paid to the creation of free trade zones with Vietnam and Singapore. In the context of the organization and functioning of interstate unions, each of the member states of such unions, while ensuring their own security, also needs to manage both the threats to the security of other partners that have an indirect adverse effect and the threats that directly impact the whole union. The directions of digital transformation of the economies of the Eurasian Economic Union member states are considered. The problematic aspects of its functioning are highlighted.
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Vojtaššák, Marek. "The Selected Aspects of Application of Monetary Policy in the Economic and Monetary Union Pre-And-Post 2008." Creative and Knowledge Society 5, no. 1 (July 1, 2015): 36–46. http://dx.doi.org/10.1515/cks-2015-0004.

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Abstract Purpose of the article is to present in two parts the selected aspects of application of monetary policy in the euro area pre and post 2008 as well as insitutional adaptations brought by the EU legislator. Methodology/methods In order to better explain these points, the article relies partially on a comparison with the framework and application of the monetary policy by the Federal Reserve as well as on a historic method when outlining the influence of definition of financial stability from the ECB/Eurosystem towards other prominent central banks. Scientific aim The article presents selected aspects of the monetary policy in the part of the EU where single currency was introduced in order to outline state of the art governance structure as well as a certain institutional creativity in application of powers conferred upon the central banks by the Treaty on the Functioning of the European Union and Protocol on the Statute of the European System of Central Banks and of the European Central Bank. The goal is to prove (i) the hypothesis of robustness of the framework and (ii) present the limits that can only be pushed further by the legislative power. The conclusions confirm on the one hand that the framework of monetary policy based on strong institutional safeguards such as legislative power and independence is very resilient and can prove efficient and creative enough to stabilise an innovative monetary system, however, on the other hand, validate the hypothesis that certain adaptations can only be performed on the basis of a legislative adaptations.
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Beloborodko, A. "Transformation of financial institutions of the states-members of the Eurasian economic union during the COVID-19 pandemic." Siberian Financial School, no. 2 (June 10, 2021): 42–51. http://dx.doi.org/10.34020/1993-4386-2021-2-42-51.

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The search for a balance between reproduction and consu-mption, the need to correct expenditures and the interconnection of national financial institutions have become one of the aspects of further economic integration of the EAEU countries in the period 2020-2021. The governing body of the Eurasian Economic Union (EAEU), the Eurasian Economic Commission (EEC), proposed a fiscal reform to increase the economic growth rate of the union, which predetermined the need for a structural transformation of financial institutions aimed at stimulating innovation in the countries of the Eurasian region. The article analyzes the forecasts of experts from the Bank of Russia, the International Monetary Fund, the World Bank for the period 2021-2022 for the EAEU member states and assesses measures to restructure their financial institutions.
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Kasumović, Merim, and Erna Heric. "Nominal and Real Convergence as a Determinant for Joining the European Monetary Union." ECONOMICS 5, no. 1 (June 1, 2017): 52–71. http://dx.doi.org/10.1515/eoik-2017-0011.

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Summary The thematic framework of this work is the nominal and real convergence as a determinant for joining the European monetary union. The focus of the work is to prove that realising the criteria of the convergence affects the stability of the European monetary union, that is, that the cause of destabilisation is exactly the fact that certain member nations have not realised the assigned convergence criteria. The financial integration is an important question because it contributes to the economic growth affecting free exchange with the goal of a more efficient allocation of capital; it is the result of the economic theory and the empirical research. Introducing the Euro as a single payment method while losing the monetary sovereignty of the countries which have accepted it is the main reason for forming the European Central Bank. The mission of the European Central Bank is to define and conduct a single monetary policy within the Eurozone. Because of the already mentioned facts, the challenges of conducting the fiscal policy within the Eurozone as well as the key aspects of the monetary unification of Europe have been analysed. The results of this analysis should point out the stability of the EMU by the convergence degree of the member nations from a single monetary area.
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Huerta De Soto, J. "In Defense of the Euro: Austrian School Approach (Critics of ECB Errors and Brussel’s Interventionism)." Voprosy Ekonomiki, no. 11 (November 20, 2012): 78–100. http://dx.doi.org/10.32609/0042-8736-2012-11-78-100.

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The mechanism of euro functioning is analyzed in the article from the standpoint of limiting the autonomy of monetary authorities of the European monetary union members, which precludes them from manipulating national currency for the short sighted political interests and postponing painful structural reforms under crises aimed at liberalizing the economy. In some aspects euro excels the classical gold standard, which fell under monetary nationalism attack in the 1930s. Motives and arguments of critics and adversaries are analyzed and the reasons for euro defense are exposed. Real economic and social problems of Europe and ECB errors are described.
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van Riet, Ad. "Twenty Years of European Central Bank Monetary Policy: A Keynesian and Austrian Perspective." Jahrbücher für Nationalökonomie und Statistik 239, no. 5-6 (September 25, 2019): 797–840. http://dx.doi.org/10.1515/jbnst-2018-0078.

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Abstract This article reviews how the European Central Bank (ECB) implemented its monetary policy for the euro area from 1999 to 2018 from two perspectives. Taking a Keynesian point of view, the euro area economy was beset for a long time by secular stagnation and required the ECB to ensure a protracted period of relatively low interest rates to provide continuous support to aggregate demand at the level of the Economic and Monetary Union (EMU). By contrast, the Austrian School of Economics argues that the low-interest rate bias of the ECB caused financial excesses and prevented a more rapid reallocation of unviable resources necessary for a sustainable expansion of aggregate supply. Both the Keynesian and the Austrian paradigm appear relevant when examining the monetary and financial aspects of the euro area business cycle and the secular decline of interest rates over the past 20 years. For most of the time, ECB monetary policy was the ‘only game in town’ and the EMU architecture was unable to deliver the balanced macroeconomic and financial policy mix required for a sustainable path of the euro area economy.
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Dissertations / Theses on the topic "Economic and Monetary Union – Economic aspects"

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Mavrikiou, Petros Andreas. "Aspects of European economic integration : the single market and the single currency." Thesis, McGill University, 1995. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23724.

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This paper considers two major issues in the evolution of the European Union, the Single Market and the Single Currency. The first chapter deals with the projected effects of the 1992 Programme, and the second chapter deals with the collapse of the Exchange Rate Mechanism of the European Monetary System and examines the prospects for European Monetary Union given this collapse. The third chapter revolves around the concept of Central Banking under Monetary Union and focuses on the European Monetary Institute and the European System of Central Banks. Chapter four presents data regarding the progress of the European Union towards the target of the Single Currency, as well as other macroeconomic indicators.
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Alouini, Olfa. "Country size, growth and the economic and monetary union." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2012. http://dx.doi.org/10.18452/16609.

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Der Zweck dieser Arbeit ist es, die Beziehung zwischen die Größe des Landes und das Wachstum auf internationaler Ebene und vergleichsweise in der Wirtschafts-und Währungsunion zu untersuchen und erarbeiten ihre Folgen für das Verhalten der wachstumsorientierte Finanzpolitik. Um ein globales Verständnis des Zusammenhangs zwischen Größe des Landes und das Wachstum in der EWU weiter verfolgen wir einen interdisziplinären Ansatz, einschließlich der makroökonomischen Modellierung (DSGE), Ökonometrie und Analyse der politischen Ökonomie. Die Kombination dieser Untersuchungen schließen wir, dass die Größe des Landes einen Einfluss auf die wirtschaftlichen Strukturen der Nationen, die Auswirkungen ihrer Politik und damit auf ihre Wachstumsdynamik hat. Aus diesem Grund ist es notwendig, die Bedeutung der Größe des Landes und ihre Folgen für die WWU wieder.
The purpose of this dissertation is to investigate the relationship between country size and growth at the international level and comparatively in the Economic and Monetary Union, and to draw up its consequences for the conduct of growth-orientated fiscal policies. To further a global understanding of the link between country size and growth in the EMU, we follow an interdisciplinary approach, including macro-economic modelling (DSGE), econometrics and political economy analysis. Combining these analyses, we conclude that country size has an incidence on the economic structures of nations, the effects of their policies and therefore on their pace of growth. For this reason there is a need to reinstate the importance of country size and its consequences for the EMU.
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Ouedraogo, Daniel. "Economic issues in a monetary union : the case of the West African Economic and Monetary Union." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED004.

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La formation d'une union monétaire prive les États membres de l'utilisation unilatérale de l'outil monétaire. Dès lors, une orientation efficace des politiques économiques s'impose à travers (i) une hiérarchisation des cibles macroéconomiques, (ii) une identification des instruments appropriés et (iii) une mise en œuvre adaptée. Cette thèse fournit des réponses à cette orientation afin d'assurer une plus grande efficacité des politiques économiques à travers une analyse théorique et empirique appliquée au cas de l'UEMOA qui constitue un laboratoire exemplaire d'analyse des problématiques économiques en union monétaire
The creation of a monetary union deprives the member States of the unilateral use of the monetary instrument. Therefore, an effective orientation of economic policies is required through (i) a hierarchy of macroeconomic targets, (ii) identification of appropriate instruments, and (iii) appropriate implementation. This PhD thesis provides answers to this orientation in order to ensure greater effectiveness of economic policies through a theoretical and empirical analysis applied to the case of the WAEMU which constitutes a singular analytical laboratory through which to study the economic policy of a monetary union
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Kasparova, Diana. "Economic and monetary union and its housing consequences." Thesis, University of Glasgow, 2004. http://theses.gla.ac.uk/3899/.

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This research aims to investigate possible consequences of the adoption of a single monetary policy for five European housing markets. It brings together comparative housing research and research on optimum currency areas. The research addresses two issues. First, it assesses whether real house price cycles will become synchronised following the convergence in nominal interest rates. Secondly, it explores the implications of stability in nominal interest rates and low inflation in the Euro-zone for the stability of real house prices in the member-countries. The existing members of the European Union are grouped according to characteristics of the transmission mechanism by which changes in interest rates translate into changes in house prices. These elements comprise monetary policy developments (i.e. the level and volatility of interest rates), type (i.e. fixed or variable) of mortgage rates, house price movements (i.e. volatility of house price cycles) and the degree of countries’ involvement in such exchange rate arrangements as the “snake in the tunnel” and ERM. One the basis of these criteria, Germany, the Netherlands, Sweden, the UK and Spain are selected as case studies and time period covers 1972 (when the “snake” was established) up to and including 1999 (the year in which EMU was launched). The approach adopted in the research allows for consideration of the transmission mechanism in the context of structural changes in systems and policies that determine housing demand and supply. Therefore, the thesis investigates macro-level trends drawing on secondary sources, statistics as well as interviews with informed commentators and key actors. The analysis is conducted in the following order: first, for each case study country, the importance of monetary policy for house price changes is examined, and secondly, the possible impact of a single monetary policy on economic convergence and synchronisation of house price cycles across the countries is investigated. The research suggests that the adoption of the single monetary policy per se is unlikely to lead to significant synchronisation of real house price cycles because the relationship between changes in interest rates and changes in real house prices is likely to continue to differ across the countries. The pursuit of a single monetary policy might not ensure economic convergence between the countries either, and in this case differnces in GDP fluctuations would lead to the divergence of real house price cycles. The study also demonstrates that recent developments in the systems and policies that determine housing demand and supply might lead to an increase in house price volatility in all countries bar Germany. It concludes that countries need to manage their housing markets using non-monetary instruments regardless of whether or not they are within EMU. These measures might help reduce the likelihood of asymmetry in economic developments in EMU arising from the importance of changes in the housing markets to economic developments.
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Kimbrough, Karin Janel. "Monetary union, real exchange rates and trade in the West African Economic and Monetary Union." Thesis, University of Oxford, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.313551.

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Markakis, Menelaos. "Political and legal accountability in economic and monetary union." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:5a9a0090-1dca-4461-8733-e09dd617d183.

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This thesis looks at the constitutional implications of the Euro crisis for the European Union and its Member States, which entails consideration of comparative public law as well as EU law. It focuses on political and legal accountability in Economic and Monetary Union, and examines three sets of issues: the revised EU economic governance framework and its bearing on national economic and fiscal policy; the respective roles of the EU and national institutions within this multi-level system of economic governance; and judicial review of economic and monetary policy measures at national and EU level. The new EU economic rules could potentially have a great impact on fundamental rights, the horizontal and vertical division of power in the EU, and the welfare state. It is hoped that the policy proposals put forward in this thesis will, if implemented, serve to strengthen political and legal accountability and bolster legitimacy in this pluralistic landscape.
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Bumtaia, Ahmed Jassim. "GCC monetary union prospective effects on trade and economic growth." Thesis, Kingston University, 2014. http://eprints.kingston.ac.uk/30593/.

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This thesis empirically investigates two important aspects of the benefits of currency (monetary) union - the beneficial impact of eliminating exchange rate volatility on trade and the possibility of consequent economic growth - in the context of the Gulf Cooperation Council (GCC) countries. Researchers on the GCC monetary union have mostly been busy in analyzing the viability of the proposed GCC monetary union and they focus on convergence criteria. In contrast to those studies, empirical estimates obtained in this study would provide valuable information to the policy makers who have been working towards the realization of the GCC monetary union. As such this study provides significant contribution to the literature of the GCC monetary union. Chapter 2 thoroughly reviews the optimum currency areas (OCA) literature (both theoretical and empirical) starting with the theories advocated by the pioneers of the OCA. Literature on the European Monetary Union (EMU), monetary unions and integration from African, Latin America, Asian and the prospects from the GCC countries are also reviewed. Chapter 3 empirically investigates convergence criteria and shock synchronization of the GCC countries. Results show positive correlation of the structural shocks (synchronized shocks) among the countries except Qatar. Chapter 4 estimates the impact of exchange rate volatility on bilateral trade between the GCC countries. Results obtained using the panel Generalized Method of Moments (GMM) estimator indicates that the bilateral trade among the GCC countries will increase about 6.2 - 8.7 percent (depending on the volatility measure used) with the elimination of the exchange rate volatility. In the second part of the chapter 4 discusses the role of trade on economic growth (income) of a country and estimates the impact of trade on per capita growth rates of the GCC countries. Results based on the preferred sample period and using the panel GMM estimator indicate that a one-standard deviation increase in the trade (or openness) ratio would increase the growth rate per capita on impact by 2 - 3%. Based on these results we may conclude that the monetary union of the GCC countries would enhance trade which in turn would promote economic growth of the region.
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Shpitontsev, Leonid. "Dealing with potential break up of Economic and Monetary Union." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114044.

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The main principle of the thesis is to address issues concerning structural problems of Economic and Monetary Union (EMU) and assess economical impact of its potential break up. This in turn implies the need to discuss certain issues. Firstly, since the EMU is based on the concept of Optimal Currency Area (OCA); I start my research with the test whether EMU in its current structure fits the definition of OCA. Secondly, I provide the extensive study on the reasons of current crisis in order to understand the root causes. Thirdly, I assess the potential implications of different ways out of the current sovereign debt crisis.
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Quaglia, Lucia. "Italy and economic and monetary union : domestic politics and European union policy-making." Thesis, University of Sussex, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.390828.

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Jones, Basil Morris. "Growth, convergence and economic integration in West Africa : the case of the Economic Community of West African States (ECOWAS)." Thesis, University of Hull, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.342964.

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Books on the topic "Economic and Monetary Union – Economic aspects"

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Commission of the European Communities. Directorate-General for Economic and Financial Affairs., ed. External aspects of economic and monetary Union. Brussels: European Commission, 1997.

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Marcussen, Martin. Ideas and elites: The social construction of economic and monetary union. Aalborg: Aalborg University Press, 2000.

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S, Feldstein Martin. The political economy of the European Economic and Monetary Union: Political sources of an economic liability. Cambridge, MA: National Bureau of Economic Research, 1997.

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Chemain, Régis. L' Union économique et monétaire: Aspects juridiques et institutionnels. Paris: A. Pédone, 1995.

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Aspects of European monetary integration: The politics of convergence. Basingstoke: Macmillan, 1997.

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Aspects of European monetary integration: The politics of convergence. New York: St. Martin's Press, 1997.

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Golubović, Srđan. Evropska monetarna unija: Institucionalni aspekti. Niš: Pravni fakultet, 2007.

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Golubović, Srđan. Evropska monetarna unija: Institucionalni aspekti. Niš: Pravni fakultet, 2007.

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Kubin, Tomasz. Polityczne implikacje wprowadzenia unii walutowej w Europie. Katowice: Wydawn. Uniwersytetu Śląskiego, 2007.

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Josef, Homeyer, and Commission of the Bishops' Conferences of the European Community., eds. L' euro et l'Europe: Un regard chrétien sur les implications politiques et sociales de l'Union monétaire. Louvain-la-Neuve: Academia-Bruylant, 1999.

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Book chapters on the topic "Economic and Monetary Union – Economic aspects"

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Van Den Bempt, Paul. "The Political Aspects of Economic and Monetary Union: A View from Brussels." In The Politics of Economic and Monetary Union, 19–54. Boston, MA: Springer US, 1997. http://dx.doi.org/10.1007/978-1-4615-6085-2_2.

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Haiss, Peter R. "Monetary Union and Enlargement — Constrained by the Financial Sector?" In Institutional, Legal and Economic Aspects of the EMU, 279–344. Vienna: Springer Vienna, 2003. http://dx.doi.org/10.1007/978-3-7091-6038-1_10.

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Mahlberg, Bernhard, and Ralf Kronberger. "Eastern Enlargement of the European Monetary Union: An Optimal Currency Area theory view." In Institutional, Legal and Economic Aspects of the EMU, 243–77. Vienna: Springer Vienna, 2003. http://dx.doi.org/10.1007/978-3-7091-6038-1_9.

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Szász, André. "Economic Union." In The Road to European Monetary Union, 154–64. London: Palgrave Macmillan UK, 1999. http://dx.doi.org/10.1057/9780230599475_17.

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Atkinson, Brian, Peter Baker, and Bob Milward. "Economic and Monetary Union." In Economic Policy, 293–309. London: Macmillan Education UK, 1996. http://dx.doi.org/10.1007/978-1-349-24876-6_14.

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Chang, Michele. "Monetary Integration." In Economic and Monetary Union, 35–63. London: Macmillan Education UK, 2016. http://dx.doi.org/10.1007/978-1-137-34295-9_3.

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Chang, Michele. "Economic and Monetary Union." In European Union Enlargement, 184–98. London: Macmillan Education UK, 2004. http://dx.doi.org/10.1007/978-1-137-08143-8_13.

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Dinan, Desmond. "Economic and Monetary Union." In Ever Closer Union, 453–81. London: Macmillan Education UK, 1999. http://dx.doi.org/10.1007/978-1-349-14819-6_17.

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Chang, Michele. "Economic Policy Coordination." In Economic and Monetary Union, 142–63. London: Macmillan Education UK, 2016. http://dx.doi.org/10.1007/978-1-137-34295-9_7.

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Hix, Simon, and Bjørn Høyland. "Economic and Monetary Union." In The Political System of the European Union, 245–72. London: Macmillan Education UK, 2011. http://dx.doi.org/10.1007/978-0-230-34418-1_10.

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Conference papers on the topic "Economic and Monetary Union – Economic aspects"

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Jerković, Emina. "LEGAL ASPECTS OF THE INTRODUCTION OF THE EURO AS THE OFFICIAL CURRENCY IN THE REPUBLIC OF CROATIA." In The recovery of the EU and strengthening the ability to respond to new challenges – legal and economic aspects. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2022. http://dx.doi.org/10.25234/eclic/22414.

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The 1992 Maastricht Treaty defined the conditions for the introduction of the euro as a common currency in the European Union. These are macroeconomic indicators that measure the level of nominal convergence achieved and thus the state’s readiness to participate in monetary union. These conditions (convergence criteria) relate to price stability, stability and sustainability of public finances, which includes budget deficits and public debt, exchange rate stability and convergence of long-term interest rates. In addition to nominal convergence, the degree of legal convergence is also assessed - the provisions of national legislation relating to the independence of the central bank, the ban on monetary financing and preferential access to state financing, and integration into the European System of Central Banks are assessed. Among the member states that have not yet adopted the euro, only the Republic of Croatia is fully harmonized in this regard. On July 10, 2020, the Croatian kuna was included in the European Exchange Rate Mechanism (ERM II). Accessing the ERM II mechanism is often referred to as the euro waiting room. Despite the fact that the pandemic caused by the COVID-19 virus has not abated, the Republic of Croatia has not stopped its efforts to become a full member of the euro area. The paper will present the benefits of the introduction of the euro, but also the inevitable costs incurred during the conversion process. As the pandemic has not slowed down the conversion process and the moment of conversion is approaching, on the other hand, there are conflicting views on the introduction of the euro as the official currency, which are trying to be implemented through a referendum. The paper will discuss the legal aspects of Croatia’s accession to the euro area and what measures are envisaged when exchanging the Croatian kuna for the euro, especially from the aspect of consumer protection, given the fact that Croatia has one of the highest euroization rates of all non-euro area EU member states.
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Stojkov, Stefan, Emilija Beker Pucar, Olgica Glavaški, and Marina Beljić. "Exchange Rate Pass-Through Asymmetry: The Case of the Euro-Zone." In 27th International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management. University of Novi Sad, Faculty of Economics in Subotica, 2022. http://dx.doi.org/10.46541/978-86-7233-406-7_218.

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An essential aspect of deepening the level of economic integration between European economies is the reduction of mutual economic disparities, which is especially emphasized by the formation of the supranational monetary authority of the Euro-zone member states. However, fixing the currency for the euro and losing monetary sovereignty in the circumstances of a structurally heterogeneous system meant that the same monetary policy provoked different repercussions for member states. This research aims to point out the differences in the exchange rate transmission mechanism between the representatives of two groups of Euro-zone member states: the core of the EZ (Germany, Finland, Belgium, and France) and the periphery of the EZ (Greece, Spain, Portugal, Ireland), in the 1999M1-2021M1 time horizon. Empirical findings are based on estimates of the VAR model, i.e. derived impulse response functions in the circumstances of shock transmission (nominal effective exchange rate) to inflation (consumer price index). The results of the research indicate the asymmetry of the exchange rate transmission mechanism in terms of a more pronounced and longer degree of exposure of peripheral economies to shocks of the nominal exchange rate compared to the representatives of the core of the Euro-zone. Empirical findings confirm the asymmetry of the exchange rate transmission mechanism as one of the indicators of the weakness of the Euro-zone, given the inflationary diversity and the consequent anomalies of the monetary union with heterogeneous membership.
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Popova, Nelly. "FISCAL RISK SHARING IN THE ECONOMIC AND MONETARY UNION." In 13th Economics & Finance Virtual Conference, Prague. International Institute of Social and Economic Sciences, 2020. http://dx.doi.org/10.20472/efc.2020.013.011.

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Gündoğdu Odabaşıoğlu, Fatma. "Path to the Common Monetary Authority: An Assessment on Banking Sector of the Eurasian Economic Union Countries during the Economic Integration Proces." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01269.

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Monetary union is one of the advanced stages of international economic integration and involves shared monetary and exchange rate policies that are executed collectively across union members. This common policy warrants price stability and requires a common supranational monetary authority. Existence of an established banking sector is crucial for effective execution of policy decisions taken by said monetary authorities. Eurasian Economic Union (EAEU) is officially established on January 1st of 2015 and is an example for a regional economic integration. Aim of the Union, which is comprised of Russia, Kazakhstan, Belarus and Republic of Armenia; is to increase collaboration among economies, to improve the living standards of the participating nations and to promote stable development. This study is based on assessment banking industries of member countries, working towards common monetary authority during the transition to EAEU economic integration between years 1995 and 2014. Data acquired from World Bank and member countries' central banks is used to determine the capabilities and limitations of partaking economies based on generally accepted financial strength indicators. In conclusion; Russian Federation and the Republic of Kazakhstan are observed to be the principal EAEU members due to their advanced and strong banking industries. Increasing fragilities over the years, amplified also by developments in global markets, are evident in member countries; especially in Belarus and Armenia. Significance of achieving price stability in founding country Russian Federation is emphasized for successfully establishing a common monetary authority.
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Ponamorenko, V. E. "Development Trends Of Legal And Institutional Frameworks Of Economic And Monetary Union." In 18th International Scientific Conference “Problems of Enterprise Development: Theory and Practice”. European Publisher, 2020. http://dx.doi.org/10.15405/epsbs.2020.04.117.

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Kravchenko, Aleksandr. "Economic And Social Aspects Of Food Security In The European Union." In SCTCMG 2019 - Social and Cultural Transformations in the Context of Modern Globalism. Cognitive-Crcs, 2019. http://dx.doi.org/10.15405/epsbs.2019.12.04.245.

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Adamowicz, Mieczyslaw. "Normative aspects of rural development strategy and policy in the European Union normative aspects of rural development strategy and policy in the European Union." In 19th International Scientific Conference "Economic Science for Rural Development 2018". Latvia University of Life Sciences and Technologies. Faculty of Economics and Social Development, 2018. http://dx.doi.org/10.22616/esrd.2018.001.

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Čaušević, Mirza, and Tanja Gavrić. "LEGAL AND ECONOMIC ASPECTS OF INTEGRATION OF BOSNIA AND HERZEGOVINA IN THE EUROPEAN UNION." In EU AND MEMBER STATES – LEGAL AND ECONOMIC ISSUES. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2019. http://dx.doi.org/10.25234/eclic/8996.

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Pirimbaev, Jusup, and Anara Kamalova. "Economic Cooperation Development Issues between the EAEU." In International Conference on Eurasian Economies. Eurasian Economists Association, 2021. http://dx.doi.org/10.36880/c13.02595.

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The Organization of the Eurasian Economic Union (EAEU) is the first real attempt to conduct integration processes in the post-soviet space among several states. However, the question of its expansion at the expense of other states remains open, as well as the further deepening of relations within the Union and the improvement of the mechanisms for integrating the economies of the member states. In this regard, the analysis of the state of economic relations is carried out and the ways of solving some aspects of the coming period are shown. The main idea of solving the problems of the Union is the gradual and effective development of standards for economic relations.
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Milea, Camelia. "Some directions of action in the management of public debt meant to minimize the risks of a debt crisis in Romania." In 4th Economic International Conference "Competitiveness and Sustainable Development". Technical University of Moldova, 2022. http://dx.doi.org/10.52326/csd2022.39.

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In the article, the author aims to highlight some directions of action in the management of the public debt meant to minimize the risks of the outburst of a debt crisis in Romania, in the domestic and international context. The analysis shows that the evolution of Romania's total public debt in the period 2015-2019 is positive, in the sense of improved sustainability. The economic literature suggests that there are two conditions whose implementation could prevent a financial and a debt crisis from occurring (an early warning system and a regulatory scheme with "teeth"). Comparing the fiscal policy in Japan and Greece, the author presents some features for minimizing the risks of a debt crisis and shows that the rules of fiscal policy change fundamentally when a country becomes a member of a monetary union. Starting from the main economic problems of Romania and from the experience of the public debt crises in some countries of the European Union, there are made proposals for actions aimed at leading to the minimization of the risks of a debt crisis in Romania. The methodology used consists in comparative and descriptive analyses, drawing of conclusions and literature review.
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Reports on the topic "Economic and Monetary Union – Economic aspects"

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Feldstein, Martin. The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability. Cambridge, MA: National Bureau of Economic Research, February 1998. http://dx.doi.org/10.3386/w6150.

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Belke, Ansgar H. Towards a Genuine Economic and Monetary Union—Comments on a Roadmap. Librello, May 2013. http://dx.doi.org/10.12924/pag2013.01010048.

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Giovannini, Alberto. The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions. Cambridge, MA: National Bureau of Economic Research, November 1991. http://dx.doi.org/10.3386/w3917.

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Romero, Antonio. The Political Dialogue and Cooperation Agreement and relations between European Union and Cuba. Fundación Carolina, February 2022. http://dx.doi.org/10.33960/issn-e.1885-9119.dtff01en.

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This document makes an assessment of the Political Dialogue and Cooperation Agreement (PDCA) between Cuba and the European Union (EU) in its four years of validity, and of the evolution of political and economic relations between both parties. The analysis is structured in five headings that address the background, determinants and significance of the PDCA between Cuba and the EU; the main elements discussed in the political dialogue —and in thematic dialogue— between the two parties since 2018, and the central aspects of trade, investment and cooperation relations between Cuba and the EU. The report concludes that, unlike the United States, the EU is able to support the complex process of economic and institutional transformations underway in Cuba, in four fundamental areas: i) technical assistance and advice for the design and implementation of public policies, macroeconomic management, decentralisation and local development; ii) cooperation to fight climate change and transform Cuba’s productive and technological structure; iii) the promotion and encouragement of foreign investment flows from Europe, targeting key productive sectors; and iv) the exploration of financial opportunities for Cuba through the European Investment Bank (EIB) under the current PDCA.
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Jones, Emily, Beatriz Kira, Anna Sands, and Danilo B. Garrido Alves. The UK and Digital Trade: Which way forward? Blavatnik School of Government, February 2021. http://dx.doi.org/10.35489/bsg-wp-2021/038.

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The internet and digital technologies are upending global trade. Industries and supply chains are being transformed, and the movement of data across borders is now central to the operation of the global economy. Provisions in trade agreements address many aspects of the digital economy – from cross-border data flows, to the protection of citizens’ personal data, and the regulation of the internet and new technologies like artificial intelligence and algorithmic decision-making. The UK government has identified digital trade as a priority in its Global Britain strategy and one of the main sources of economic growth to recover from the pandemic. It wants the UK to play a leading role in setting the international standards and regulations that govern the global digital economy. The regulation of digital trade is a fast-evolving and contentious issue, and the US, European Union (EU), and China have adopted different approaches. Now that the UK has left the EU, it will need to navigate across multiple and often conflicting digital realms. The UK needs to decide which policy objectives it will prioritise, how to regulate the digital economy domestically, and how best to achieve its priorities when negotiating international trade agreements. There is an urgent need to develop a robust, evidence-based approach to the UK’s digital trade strategy that takes into account the perspectives of businesses, workers, and citizens, as well as the approaches of other countries in the global economy. This working paper aims to inform UK policy debates by assessing the state of play in digital trade globally. The authors present a detailed analysis of five policy areas that are central to discussions on digital trade for the UK: cross-border data flows and privacy; internet access and content regulation; intellectual property and innovation; e-commerce (including trade facilitation and consumer protection); and taxation (customs duties on e-commerce and digital services taxes). In each of these areas the authors compare and contrast the approaches taken by the US, EU and China, discuss the public policy implications, and examine the choices facing the UK.
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Monetary Policy Report - July 2022. Banco de la República, October 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr3-2022.

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In the second quarter, annual inflation (9.67%), the technical staff’s projections and its expectations continued to increase, remaining above the target. International cost shocks, accentuated by Russia's invasion of Ukraine, have been more persistent than projected, thus contributing to higher inflation. The effects of indexation, higher than estimated excess demand, a tighter labor market, inflation expectations that continue to rise and currently exceed 3%, and the exchange rate pressures add to those described above. High core inflation measures as well as in the producer price index (PPI) across all baskets confirm a significant spread in price increases. Compared to estimates presented in April, the new forecast trajectory for headline and core inflation increased. This was partly the result of greater exchange rate pressure on prices, and a larger output gap, which is expected to remain positive for the remainder of 2022 and which is estimated to close towards yearend 2023. In addition, these trends take into account higher inflation rate indexation, more persistent above-target inflation expectations, a quickening of domestic fuel price increases due to the correction of lags versus the parity price and higher international oil price forecasts. The forecast supposes a good domestic supply of perishable foods, although it also considers that international prices of processed foods will remain high. In terms of the goods sub-basket, the end of the national health emergency implies a reversal of the value-added tax (VAT) refund applied to health and personal hygiene products, resulting in increases in the prices of these goods. Alternatively, the monetary policy adjustment process and the moderation of external shocks would help inflation and its expectations to begin to decrease over time and resume their alignment with the target. Thus, the new projection suggests that inflation could remain high for the second half of 2022, closing at 9.7%. However, it would begin to fall during 2023, closing the year at 5.7%. These forecasts are subject to significant uncertainty, especially regarding the future behavior of external cost shocks, the degree of indexation of nominal contracts and decisions made regarding the domestic price of fuels. Economic activity continues to outperform expectations, and the technical staff’s growth projections for 2022 have been revised upwards from 5% to 6.9%. The new forecasts suggest higher output levels that would continue to exceed the economy’s productive capacity for the remainder of 2022. Economic growth during the first quarter was above that estimated in April, while economic activity indicators for the second quarter suggest that the GDP could be expected to remain high, potentially above that of the first quarter. Domestic demand is expected to maintain a positive dynamic, in particular, due to the household consumption quarterly growth, as suggested by vehicle registrations, retail sales, credit card purchases and consumer loan disbursement figures. A slowdown in the machinery and equipment imports from the levels observed in March contrasts with the positive performance of sales and housing construction licenses, which indicates an investment level similar to that registered for the first three months of the year. International trade data suggests the trade deficit would be reduced as a consequence of import levels that would be lesser than those observed in the first quarter, and stable export levels. For the remainder of the year and 2023, a deceleration in consumption is expected from the high levels seen during the first half of the year, partially as a result of lower repressed demand, tighter domestic financial conditions and household available income deterioration due to increased inflation. Investment is expected to continue its slow recovery while remaining below pre-pandemic levels. The trade deficit is expected to tighten due to projected lower domestic demand dynamics, and high prices of oil and other basic goods exported by the country. Given the above, economic growth in the second quarter of 2022 would be 11.5%, and for 2022 and 2023 an annual growth of 6.9% and 1.1% is expected, respectively. Currently, and for the remainder of 2022, the output gap would be positive and greater than that estimated in April, and prices would be affected by demand pressures. These projections continue to be affected by significant uncertainty associated with global political tensions, the expected adjustment of monetary policy in developed countries, external demand behavior, changes in country risk outlook, and the future developments in domestic fiscal policy, among others. The high inflation levels and respective expectations, which exceed the target of the world's main central banks, largely explain the observed and anticipated increase in their monetary policy interest rates. This environment has tempered the growth forecast for external demand. Disruptions in value chains, rising international food and energy prices, and expansionary monetary and fiscal policies have contributed to the rise in inflation and above-target expectations seen by several of Colombia’s main trading partners. These cost and price shocks, heightened by the effects of Russia's invasion of Ukraine, have been more prevalent than expected and have taken place within a set of output and employment recovery, variables that in some countries currently equal or exceed their projected long-term levels. In response, the U.S. Federal Reserve accelerated the pace of the benchmark interest rate increase and rapidly reduced liquidity levels in the money market. Financial market actors expect this behavior to continue and, consequently, significantly increase their expectations of the average path of the Fed's benchmark interest rate. In this setting, the U.S. dollar appreciated versus the peso in the second quarter and emerging market risk measures increased, a behavior that intensified for Colombia. Given the aforementioned, for the remainder of 2022 and 2023, the Bank's technical staff increased the forecast trajectory for the Fed's interest rate and reduced the country's external demand growth forecast. The projected oil price was revised upward over the forecast horizon, specifically due to greater supply restrictions and the interruption of hydrocarbon trade between the European Union and Russia. Global geopolitical tensions, a tightening of monetary policy in developed economies, the increase in risk perception for emerging markets and the macroeconomic imbalances in the country explain the increase in the projected trajectory of the risk premium, its trend level and the neutral real interest rate1. Uncertainty about external forecasts and their consequent impact on the country's macroeconomic scenario remains high, given the unpredictable evolution of the conflict between Russia and Ukraine, geopolitical tensions, the degree of the global economic slowdown and the effect the response to recent outbreaks of the pandemic in some Asian countries may have on the world economy. This macroeconomic scenario that includes high inflation, inflation forecasts, and expectations above 3% and a positive output gap suggests the need for a contractionary monetary policy that mitigates the risk of the persistent unanchoring of inflation expectations. In contrast to the forecasts of the April report, the increase in the risk premium trend implies a higher neutral real interest rate and a greater prevailing monetary stimulus than previously estimated. For its part, domestic demand has been more dynamic, with a higher observed and expected output level that exceeds the economy’s productive capacity. The surprising accelerations in the headline and core inflation reflect stronger and more persistent external shocks, which, in combination with the strength of aggregate demand, indexation, higher inflation expectations and exchange rate pressures, explain the upward projected inflation trajectory at levels that exceed the target over the next two years. This is corroborated by the inflation expectations of economic analysts and those derived from the public debt market, which continued to climb and currently exceed 3%. All of the above increase the risk of unanchoring inflation expectations and could generate widespread indexation processes that may push inflation away from the target for longer. This new macroeconomic scenario suggests that the interest rate adjustment should continue towards a contractionary monetary policy landscape. 1.2. Monetary policy decision Banco de la República’s Board of Directors (BDBR), at its meetings in June and July 2022, decided to continue adjusting its monetary policy. At its June meeting, the BDBR decided to increase the monetary policy rate by 150 basis points (b.p.) and its July meeting by majority vote, on a 150 b.p. increase thereof at its July meeting. Consequently, the monetary policy interest rate currently stands at 9.0% . 1 The neutral real interest rate refers to the real interest rate level that is neither stimulative nor contractionary for aggregate demand and, therefore, does not generate pressures that lead to the close of the output gap. In a small, open economy like Colombia, this rate depends on the external neutral real interest rate, medium-term components of the country risk premium, and expected depreciation. Box 1: A Weekly Indicator of Economic Activity for Colombia Juan Pablo Cote Carlos Daniel Rojas Nicol Rodriguez Box 2: Common Inflationary Trends in Colombia Carlos D. Rojas-Martínez Nicolás Martínez-Cortés Franky Juliano Galeano-Ramírez Box 3: Shock Decomposition of 2021 Forecast Errors Nicolás Moreno Arias
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Financial Stability Report - Second Semester of 2021. Banco de la República, September 2022. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2021.

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Banco de la República’s main objective is to preserve the purchasing power of the currency in coordination with the general economic policy that is intended to stabilize output and employment at long-term sustainable levels. Properly meeting the goal assigned to the Bank by the 1991 Constitution critically depends on preserving financial stability. This is understood to be a general condition in which the financial system assesses and manages the financial risks in a way that facilitates the economy’s performance and efficient allocation of resources while, at the same time, it is able to, on its own, absorb, dissipate, and mitigate the shocks that may arise as a result of adverse events. This Financial Stability Report meets the goal of giving Banco de la República’s diagnosis of the financial system’s and its debtors’ recent performance as well as of the main risks and vulnerabilities that could affect the stability of the Colombian economy. In this way, participants in financial markets and the public are being informed, and public debate on trends and risks affecting the system is being encouraged. The results presented here also serve the monetary authority as a basis for making decisions that will enhance financial stability in the general context of its objectives. In recent months, several positive aspects of the financial system have preserved a remarkable degree of continuity and stability: the liquidity and capital adequacy of financial institutions have remained well above the regulatory minimums at both the individual and consolidated levels, the coverage of past-due loans by loan-loss provisions remains high, and the financial markets for public and private debt and stocks have continued to function normally. At the same time, a surge in all the types of loan portfolios, a sharp downturn in the non-performing loan portfolio, and a rise in the profitability of credit institutions can be seen for the first time since the beginning of the pandemic. In line with the general recovery of the economy, the main vulnerability to the stability of the Colombian financial system identified in the previous edition—uncertainty about changes in the non-performing loans portfolio—has receded and remains on a downward trend. In this edition, the main source of vulnerability identified for financial stability in the short term is the system’s exposure to sudden changes in international financial conditions; the results presented in this Report indicate that the system is sufficiently resilient to such scenarios. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Leonardo Villar Gomez Governor Box 1 -Decomposition of the Net Interest Margin in Colombia and Chile Wilmar Cabrera Daniela Rodríguez-Novoa Box 2 - Spatial Analysis of New Home Prices in Bogota, Medellín, and Cali Using a Geostatistical Approach María Fernanda Meneses Camilo Eduardo Sánchez Box 3 - Interest Rate Model for the SYSMO Stress Test Exercise Wilmar Cabrera Diego Cuesta Santiago Gamba Camilo Gómez Box 4 - The Transition from LIBOR and other International Benchmark Rates Daniela X. Gualtero Briceño Javier E. Pirateque Niño
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