The Establishment of a Monetary Union among the Member States of the Gulf Cooperation Council

2017 ◽  
pp. 185-210
Author(s):  
Erwin Nierop ◽  
Gabriela Lippe-Holst
Keyword(s):  
Monetary Union ◽  
Gulf Cooperation Council ◽  
Member States

scholarly journals Dealing fairly with trade imbalances in monetary unions

2021 ◽  
Vol 20 (1) ◽  
pp. 45-66
Author(s):  
Marco Meyer
Keyword(s):  
Economic Policy ◽  
Monetary Union ◽  
Trade Deficit ◽  
Current Situation ◽  
Institutional Arrangements ◽  
Monetary Unions ◽  
Member States ◽  
Trade Imbalances ◽  
Theories Of Justice ◽  
The Impact

Politicians around the globe wrangle about how to deal with trade imbalances. In the Eurozone, members running a trade deficit accuse members running a surplus of forcing them into deficit. Yet political philosophers have largely overlooked issues of justice related to trade imbalances. I address three such issues. First, what, if anything, is wrong with trade imbalances? I argue that in monetary unions, trade imbalances can lead to domination between member states. Second, who should bear the burden of rebalancing trade? I argue that surplus and deficit countries should share that burden. The current situation placing the burden squarely on deficit countries is unjust. Third, which institutional arrangements should monetary unions adopt to regulate trade balances? Monetary unions can either reduce trade imbalances within the monetary union, neutralise the impact of trade imbalances on the economic sovereignty of member states, or delegate economic policy affecting trade balances to a legitimate supranational institution. The Eurozone must adopt one of these options to prevent member states from domination. Which option protects members best against domination depends on what makes interference between members arbitrary, an unresolved question in republican theories of justice.

Trends in the European Monetary Union. An Overview

2021 ◽  
pp. 097215092110161
Author(s):  
Papageorgiou Christos ◽  
Anastasiou Athanasios ◽  
Liargovas Panagiotis
Keyword(s):  
Monetary Union ◽  
European Monetary Union ◽  
Inflation Rate ◽  
European Monetary ◽  
Member States ◽  
Eu Member States ◽  
Average Value ◽  
General Government ◽  
Government Deficit ◽  
The Mean

Four indicators corresponding to the four targets of the European Monetary Union were calculated. The study showed that: (a) concerning the deviation of state’s general government deficit/surplus from 3% of gross domestic product (GDP), all member states had reached their target, with the exception of Cyprus, which was slightly under the target, (b) concerning the deviation of state’s general government debt from 60% of GDP, half of all European Union (EU) member states did not reach their targets, and there was a lot to be done, especially from the EU15 member states, (c) concerning the deviation of state’s inflation rate from the mean of the three states with best results of +1.5%, it was observed that the average value of EU28 member states had reached the final target, mainly due to the performances of the EU15 member states, (d) and concerning the deviation of state’s interest rate from the mean of the three states with the best results of +2%, it was observed that the average value of EU28 member states had reached the final target.

Impact of Macroeconomic Variables on Exchange Rate Uncertain

2021 ◽  
Vol 17 (3) ◽  
pp. 47-55
Author(s):  
Jane Kaboro ◽  
Naftaly Mose
Keyword(s):  
Exchange Rate ◽  
Monetary Union ◽  
Empirical Studies ◽  
Ordinary Least Squares ◽  
Exchange Rate Uncertainty ◽  
Member States ◽  
East African Community ◽  
Macroeconomic Variables ◽  
Explanatory Variables ◽  
Negative Effect

Abstract Macroeconomic convergence is critical for member states to achieve the level of harmonization required for establishing a stable and resilient monetary union. The East African Community (EAC) member states, therefore, established set targets for macroeconomic convergence, intending to eliminate exchange rate uncertainty within the bloc and reduce the costs of the monetary union. However, recent empirical studies indicate that the rate of convergence of the member states to the set macroeconomic targets has been very slow, resulting in high exchange rate uncertainty within the region. It is against this backdrop that this research was conceptualized to examine the influence of convergence in macroeconomic variables on the exchange rate uncertainty of EAC states using secondary panel data. The study made use of standard deviation and the Levin Lin Chu (LLC) test to determine convergence and unit root respectively. The panel ordinary least squares (OLS) regression findings showed that all the explanatory variables had a negatively significant effect on exchange rate uncertainty. This implies that convergence in macroeconomic variables among the member countries slows exchange rate uncertainty. Thus, policy should be made towards controlling this negative effect resulting from macroeconomic variables as East Africa bids for monetary union.

The Role of Gulf Cooperation Council in Conflict Management, 1981–2019: A Comparative Study

2021 ◽  
pp. 234779892110573
Author(s):  
Amira Ahmed Elsayed Abdelkhalek
Keyword(s):  
Middle East ◽  
Comparative Study ◽  
Gulf Cooperation Council ◽  
North African ◽  
Mena Region ◽  
Member States ◽  
Intrastate Conflicts ◽  
Self Interest ◽  
Border Conflicts ◽  
The Comparative Study

The Gulf Cooperation Council (GCC) is considered one of the most important regional organizations in the Middle East and North African (MENA) region, which effectively solves some of the crises in the sub-region and the wider Middle East. GCC has employed many diplomatic procedures to address regional crises, including mediation, negotiation, and arbitration. Undoubtedly, GCC has successfully resolved some intrastate conflicts, particularly border conflicts among its member states. However, despite these achievements, the GCC has failed to resolve several regional disputes, and the continuation of such crises threatens the region’s security and stability. This article seeks to explore why the GCC institutions are ineffective in resolving some regional crises. In doing so, it addresses the comparative study by focusing on two case studies (the Iraq–Iran War and the ongoing Yemen Crisis) and provides three main results: first, the GCC has not directly intervened as an institution to resolve certain disputes; however, some GCC members have acted on its behalf and represented it. Second, despite the GCC member states’ efforts, they are still unable to resolve and settle some disputes because they prioritize self-interest over collaboration. Third, the conflict of interest of various regional actors contributes to the lack of significant progress in resolving crises.

The Crisis-Induced Developments in the Economic and Monetary Union

2020 ◽  
pp. 18-65
Author(s):  
Menelaos Markakis
Keyword(s):  
Economic Integration ◽  
Monetary Union ◽  
Euro Area ◽  
Economic And Monetary Union ◽  
Member States ◽  
Legal Principle ◽  
Democratic Control ◽  
Economic Developments ◽  
Eu Economic Governance ◽  
The Eu

This chapter looks at the crisis-induced legal, institutional, and economic developments within the Economic and Monetary Union. It consists of two parts. First, there will be a brief sketch of the crisis-related developments. These include the setting-up of financial mechanisms, the European Central Bank’s interventions to combat the crisis, the enhanced oversight of national fiscal and economic policy, and the increased supervision over the financial sector. Second, there will be a ‘first assessment’ of their constitutional and structural implications. Two sets of issues will be examined here: issues of legal principle; and the bearing of the enacted measures on European economic integration. Three key arguments will be made in this chapter. First, it will be argued that the measures enacted have led to legislative fragmentation and have exacerbated problems of transparency and complexity which already existed in this area. Second, it will be shown that the chosen form of action has consequences for institutional balance in the EU, democratic control, and judicial review. Third, it will be argued that the enactment of measures which are only applicable to Euro area Member States has served to deepen economic integration within the Euro area and to further differentiate it from economic integration in non-Euro area Member States. Further, certain areas of the single market have integrated more deeply in the Euro area. It will be concluded that the various reforms which have been implemented have strengthened the EU economic governance framework from a legal, institutional, and economic perspective.

The Business of Sports in the Gulf Cooperation Council Member States

2019 ◽  
pp. 183-204 ◽  
Author(s):  
Simon Chadwick
Keyword(s):  
United Arab Emirates ◽  
Oil And Gas ◽  
Gulf Cooperation Council ◽  
Member States ◽  
Central Focus ◽  
Sports Events ◽  
Football Clubs ◽  
Sport Industry ◽  
Naming Rights ◽  
Mega Sports Events

This chapter presents an overview of sports business in the six Gulf Cooperation Council (GCC) states. GCC member states stage mega-sports events and invest in global sports through the acquisition of football clubs, for example. Shirt sponsorship and stadium naming rights deals of the region’s national airlines aim to create favorable perceptions of the companies and their nations as well as to diversify economies beyond oil and gas. This chapter also provides a statistical profile of sport in each GCC member state and shows that Bahrain, Kuwait, and Oman are lagging far behind Saudi Arabia, the United Arab Emirates, and Qatar in terms of sport industry size. Fluctuating oil prices, political tensions between GCC states, and weak attendance at games are serious threats to the future growth of the sport industry. Our conclusion is that the private sector needs to develop extensively in order to replace the state as the industry’s central focus.

scholarly journals Ordoliberalism, European Monetary Union and State Power

2019 ◽  
Vol 45 (7-8) ◽  
pp. 995-1010
Author(s):  
Werner Bonefeld
Keyword(s):  
Monetary Union ◽  
World Market ◽  
Member States ◽  
Contemporary Debate ◽  
Democratic State ◽  
History Of ◽  
Capitalist State ◽  
The Many ◽  
Market Relations

The capitalist state is the indispensable power of a free labor economy. Its class character is not founded on a national basis. Rather it is founded on the world market relations of capitalist wealth and includes a history of suffering. This article scrutinizes ordoliberalism as a veritable statement about the character of capitalist society and its state. In the contemporary debate about the ordoliberalization of Europe, the ordoliberal argument about capitalist labor economy as a practice of government is put aside and instead it is identified with a certain ‘German’ preference for austerity and seemingly also technocratic governance, undermining the European democracies and leading to calls for the resurgence of the national democratic state that governs for the many. In this argument illusion dominates reality. In distinction, the argument attempted here scrutinizes the role of the member states in monetary union as executive states of the bond that unites them. Monetary union strengthens the member states as ‘planners for competition’ and is entirely dependent upon their capacity to govern accordingly.

EU Institutions Representing Member States’ Governments

2020 ◽  
Author(s):  
Eugenia Dumitriu Segnana ◽  
Alberto de Gregorio Merino
Keyword(s):  
European Union ◽  
Monetary Union ◽  
Euro Area ◽  
Central Place ◽  
Common Interest ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Member States ◽  
National Policies ◽  
Greek Crisis

The Council of the European Union (EU) occupies a central place in the Economic and Monetary Union (EMU), even more so than in any other Union policies. It exercises in this area a variety of roles going from a forum for coordination of national policies to legislative functions and executive powers. The different crises that affected the Union and in particular the euro area in the last ten years have strengthened its prominent position, in no small part due to the Council’s ownership by the Member States. Alongside the Council, the Euro Group, which is presided by a fixed-term president, has developed itself as the informal forum where Ministers from the Member States whose currency is the euro discuss matters of common interest. Its role has been decisive, in particular in the Cypriot and Greek crisis, which could have put into question the very existence of the euro area as a whole.

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