scholarly journals The Impact of the COVID-19 Pandemic on the Macroeconomic Aggregates of the European Union

ECONOMICS ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 91-108
Author(s):  
Aleksandar Đukić ◽  
Mirjana Štaka ◽  
Dajana Drašković
Keyword(s):  
Economic Crisis ◽  
Global Economy ◽  
Economic Losses ◽  
The European Union ◽  
The Us ◽  
Economic Migration ◽  
The One ◽  
The Impact ◽  
The Eu ◽  
Macroeconomic Aggregates

Abstract Economic experts’ predictions of a slowdown in the EU’s global economy and economic growth in the year 2020 were based on various risks and uncertainties existing on a world scale, ranging from the US-China trade war, traditionally strained relations of the EU and the US on the one hand and the Russian Federation on the other, all the way to BREXIT and economic migration to developed EU countries. However, the COVID-19 pandemic has further aggravated those forecasts, so that the entire EU is recording a historic decline in all macroeconomic aggregates. The beginning of the pandemic in the EU was accompanied by the complete border lockdown of the entire Union, which greatly affected the economies of the member states. The EU is experiencing a decline of both real and nominal GDP, declining incomes, employment decline and unemployment increase. This paper will investigate the impact of COVID-19 onto GDP, unemployment, and EU public debt. Correlation-regression analysis confirms the positive correlation between these variables and the economic crisis caused by the COVID-19 pandemic. In addition to the economic crisis, a crisis of EU health systems, which requires huge economic investments. A more prominent economic recovery is hard to expect until the global pandemic ends. One thing is for certain, this economic crisis will continue in 2021, whereby a more significant recovery is expected only in the year 2022. Certainly, it will take years to make up for the economic losses caused by the pandemic.

scholarly journals L’invalidità del Safe Harbor Agreement

2018 ◽  
Author(s):  
Fabiana Accardo
Keyword(s):  
European Union ◽  
Data Protection ◽  
Personal Data ◽  
Safe Harbor ◽  
The European Union ◽  
Court Of Justice ◽  
The Us ◽  
Data Protection Law ◽  
The Impact ◽  
The Eu

The purpose of this article is that to explain the impact of the landmark decision Schrems c. Data Protection Commissioner [Ireland] - delivered on 7 October 2015 (Case C-362/2014 EU) by the Court of Justice - on the European scenario. Starting from a brief analysis of the major outcomes originated from the pronunciation of the Court of Justice, then it tries to study the level of criticality that the Safe Harbor Agreement and the subsequently adequacy Commission decision 2000/520/EC – that has been invalidated with Schrems judgment – have provoked before this pronunciation on the matter of safeguarding personal privacy of european citizens when their personal data are transferred outside the European Union, in particular the reference is at the US context. Moreover it focuses on the most important aspects of the new EU-US agreement called Privacy Shield: it can be really considered the safer solution for data sharing in the light of the closer implementation of the Regulation (EU) 2016/679, which will take the place of the Directive 95 /46/CE on the EU data protection law?

scholarly journals TRADE POLICY OF THE EUROPEAN UNION AND THE UNITED STATES OF AMERICA UNDER THE COVID-19 PANDEMIC

2021 ◽  
Vol 2 (1) ◽  
pp. 53-59
Author(s):  
Viktoriya Mashkara-Choknadiy ◽  
Yuriy Mayboroda
Keyword(s):  
Foreign Trade ◽  
Trade Policy ◽  
Social Life ◽  
The United States ◽  
The European Union ◽  
Foreign Trade Policy ◽  
The Us ◽  
The Usa ◽  
The Impact ◽  
The Eu

The pandemic of COVID-19 has influenced all sectors of social life, including the global economy and trade relations. The year of 2020 was marked with significant changes in internal and foreign economic policy of almost all nations. The purpose of the paper is to study the measures taken by the EU and the USA as the world's leading economies to regulate their foreign trade in the global crisis caused by the COVID-19 pandemic. The tasks of the study are to show the influence of the crisis on changes of global trade policy in front of the threat to national security. Methodology. The study is based on the results of statistical analysis of data provided the WTO and the UNCTAD. The authors show an analytical assessment of the foreign trade indicators of the EU and the USA. Methods of comparison and generalization were used to formulate conclusions on regulatory trends in foreign trade of the US and the EU. Results allowed identifying specific features and changes in the regulation of foreign trade of the EU and the US, assessing the impact of the pandemic on their foreign trade. It was found that both mentioned players of the world economy have actively introduced both deterrent and liberalization measures during 2020, which were aimed at providing the domestic market with scarce COVID-related goods. The study shows the transition from export restricting to import liberalizing measures in foreign trade policies from the start of pandemic to the late 2020. Practical implications. Understanding and predicting the possible actions of partners (the US and the EU in this case) in the field of foreign trade regulation is an important practical aspect, which has to be taken into account when developing Ukraine's foreign trade policy. Value/originality. The study of foreign trade policy of the world's leading countries allows us to understand the behavior of governments of the countries that are largely dependent on participation in international trade in their development, to draw conclusions about the most common instruments of foreign trade policy in the time of humanitarian and economic crises.

scholarly journals The Impact of Hard Brexit on Polish Exports

2018 ◽  
Vol 54 (2) ◽  
pp. 99-109
Author(s):  
Jakub Borowski ◽  
Jakub Olipra ◽  
Paweł Błaszyński
Keyword(s):  
Economic Integration ◽  
Global Economy ◽  
Interesting Case ◽  
First Year ◽  
The European Union ◽  
Trade Relations ◽  
The United Kingdom ◽  
The Uk ◽  
The Impact ◽  
The Eu

Abstract The decision of the United Kingdom (UK) to leave the European Union (EU) is unprecedented, especially considering the recent trend in the global economy toward economic integration. There is a multitude of research concerning the implications of economic integration; however, research in the field of disintegration is scarce. Brexit serves as an interesting case study to investigate the effects of economic disintegration. The implications for trade are especially fascinating as trade liberalization is one of the most important benefits of economic integration. Existing studies focus mainly on Brexit’s impact on the UK’s exports and imports, while less attention has been paid to Brexit’s effects on the trade of other countries. The main objective of our research is to estimate Brexit’s influence on Polish exports. We present several possible scenarios of future trade relations between the UK and the EU and assume that, at least in the nearest-future post-Brexit scenario, trade under the World Trade Organization rules is most likely. This will result in the imposition of tariffs on trade between the UK and the EU members, including Poland. In our research, we used the real exchange rate of the Polish zloty against the British pound as a proxy for the changes in price competitiveness of Polish exports due to the imposition of tariffs. We find that in the first year after Brexit, the dynamics of Polish exports to the UK will decrease due to the imposition of customs duties by 1.3 percentage points (pp) and by 0.1 pp when it comes to total Polish exports. This paper contributes to the discussion on the effects of disintegration on trade. We propose a new method for assessing changes in trade volume due to increase of trade barriers.

scholarly journals What's behind GM food trade disputes?

2005 ◽  
Vol 4 (2) ◽  
pp. 203-228 ◽  
Author(s):  
LEE ANN JACKSON ◽  
KYM ANDERSON
Keyword(s):  
Global Economy ◽  
Dispute Settlement ◽  
Empirical Studies ◽  
The United States ◽  
The European Union ◽  
Trade Disputes ◽  
Gm Food ◽  
Wto Dispute Settlement ◽  
The Us ◽  
The Eu

Over the past decade, the United States (US) and the European Union (EU) have implemented widely divergent regulatory systems to govern the production and consumption of genetically modified (GM) agricultural crops. In the US, many GM varieties have been commercially produced and marketed, while in the EU few varieties have been approved: a de facto moratorium limited EU production, import and domestic sale of most GM crops from late 1998 to April 2004, and since then strict labelling regulations and a slow approval process are having a similar effect. The EU policies have substantially altered trade flows and led in September 2003 to the WTO establishing a WTO Dispute Settlement panel to test the legality of European policy towards imports of GM foods. This paper seeks to better understand the economic forces behind the different regulatory approaches of the US and the EU. It uses a model of the global economy (GTAP) to examine empirically how GM biotechnology adoption would affect the economic welfare of both adopting and non-adopting countries in the absence of alternative policy responses to this technology, and in their presence. These results go beyond earlier empirical studies to indicate effects on real incomes of farm households, and suggest the EU moratorium on GM imports helps EU farmers even though it requires them to forego the productivity boost they could receive from the new GM biotechnology.

scholarly journals Impact of BREXIT Referendum on Indian Stock Market

2016 ◽  
Vol 5 (1) ◽  
pp. 104 ◽  
Author(s):  
S. Sathyanarayana ◽  
Sudhindra Gargesha
Keyword(s):  
European Union ◽  
Stock Market ◽  
Global Economy ◽  
Abnormal Returns ◽  
Subprime Crisis ◽  
The European Union ◽  
Political Event ◽  
The Impact ◽  
Adf Test ◽  
The Eu

<div><p><em>Immediately after World War II, many European nations felt it was important to unite the European nations to form a union for the economic and social benefits.  However, the dream of a “Common European Union” is still quite far from reality.  The EU is the England’s largest business partner.  Almost fifty percent of Britain’s trade is with the EU. Now, Britain’s decision to leave the EU is a death blow to the EU.  Today, the Brexit is viewed as the next big financial event since 2008 subprime crisis causing dent on the global economy.  History has exhibited that stock market plays a major role in any economy. Stock markets have been impacted by various macro and micro economic factors. Therefore, the main objective of this empirical paper is to investigate the pricing behaviour of the chosen benchmark indices (Sensex and Nifty) with respect to a major political event (Brexit referendum) and its implications for regulators, researchers and market participants.  For the purpose of the study the data has been collected from 24-06-2015 to 19-07-2016 and the collected data has been tested for stationarity by applying ADF test. The event study methodology has been employed to determine the impact of Brexit referendum on India stock market.  In order to capture the historical volatility the standard deviation of the abnormal returns of the selected indices has been computed.  GARCH (1,1) model have been employed to ascertain the existence of ARCH/GARCH effect in the indices. We found a significant impact of Brexit referendum on both the chosen indices on the event day.  Nobody knows the actual impact of the Brexit on the world economy in the long run. The bulk of studies on Brexit referendum have concluded that the impact on the Britain’s economy would be significant and adverse. However, the shock on the European Union would be smaller, although no extensive macroeconomic assessment has been published.</em></p></div>

scholarly journals PROBLEMS OF EU-CHINA RELATIONS IN SOLVING THE IRANIAN NUCLEAR PROGRAM'S ISSUE

2021 ◽  
pp. 151-166
Author(s):  
O.Y. Cheban ◽  
A.S. Kraskova
Keyword(s):  
Nuclear Weapons ◽  
The United States ◽  
The European Union ◽  
European Security ◽  
Nuclear Program ◽  
Republic Of China ◽  
The Us ◽  
History Of ◽  
The Impact ◽  
The Eu

It is proven in the paper that the chosen topic is relevant due to the impact of China and the EU on the negotiations about the regulation of the Iranian nuclear program’s issue. In the article, it is done a comparative analysis of the policy of the EU and China regarding the regulation of the Iranian nuclear program’s problem. It is also mentioned in the paper that since the time of the US presidential administration of Donald Trump, the EU and China have been seen as valuable actors in resolving the Iranian nuclear program’s issue. For this reason, the main purpose of the work is a review of the influence that China’s and EU’s policies regarding the development of the nuclear program of the Islamic Republic of Iran (IRI) exert on European security. The history of China-Iran relations in the nuclear sphere and the important role of China in the development of the Iranian nuclear program is mentioned in the paper. It is also noted that the fact that the EU countries are partners or allies of the United States, which is the main rival of the IRI, has complicated the dialogue between the European Union and Iran. It is shown in the paper that during Mahmud Ahmadinejad’s presidency, the Iranian nuclear program was not controlled by the international community, and because of that China supported sanctions of the UN Security Council against Iran. As it is mentioned in the article, until the end of the 2000s, the EU, as well as the People’s Republic of China (PRC), did not support the US policy toward Iran. The Iranian-Chinese relations in the nuclear field were studied. It is mentioned that despite the fact that China is interested in exporting Iranian energy resources, Beijing will never accept Iran’s possession of nuclear weapons. It is assumed that the fact that China does not support the nuclear weapons status of Iran gives it the opportunity to cooperate with the EU in case Iran decides to acquire nuclear weapons. It is noticed that China had a major impact on the negotiations related to signing the Joint Comprehensive Plan of Action (JCPOA), i. e. the nuclear agreement with Iran. The further actions of the EU and the PRC after the dissolution of the JCPOA are mentioned in the paper. The scenarios of further development of the situation around the Iranian nuclear program were reviewed. As a result of the research, it is concluded that China and the EU have played a significant role in achieving the JCPOA and conducting diplomatic negotiations with Iran. The strengthening of Beijing’s role as a key partner of Teheran and the decrease of the EU’s impact on Iran’s foreign policy were mentioned in the paper.

Beyond the Bosphorus?

2009 ◽  
Vol 8 (2) ◽  
pp. 223-243 ◽  
Author(s):  
Andreas Wimmel
Keyword(s):  
European Union ◽  
Public Sphere ◽  
The Other ◽  
The European Union ◽  
Public Spheres ◽  
The One ◽  
The Impact ◽  
Interpretation Patterns ◽  
The Eu

This article examines the impact of national borders on public discourses, based on a case study of the struggle surrounding Turkey’s application to join the European Union (EU). Comparing opinions, reasons and interpretation patterns in quality press commentaries about enlarging the EU beyond the Bosphorus, the article confirms the importance and robustness of national cleavages between the German and the French public spheres on the one hand and the British public sphere on the other. Whereas Turkish membership was predominantly rejected on the continent, the British commentators strongly and almost unanimously supported Ankara’s request. These similarities and divergences, I argue, are first and foremost the result of competing visions of Europe’s finality, especially regarding various constitutional ideas and cultural principles. Against this background, the Turkey question was partly exploited as an instrument to advance or to suppress different concepts on the future of European integration.

Administrative Law and Multi-Level Administration: An EU and US Comparison

2009 ◽  
Vol 11 ◽  
pp. 211-246
Author(s):  
Catherine Donnelly
Keyword(s):  
The United States ◽  
Administrative Law ◽  
The European Union ◽  
Member States ◽  
Us States ◽  
The Us ◽  
Multi Level ◽  
Eu And Us ◽  
The Impact ◽  
The Eu

AbstractThe aim of this chapter is to assess what, if anything, administrative law can demonstrate about multi-level administration in the European Union and the United States. The particular focus of the examination is not on the content of administrative law in each legal order, but rather on the impact of EU and US federal administrative law on the Member States and US States respectively. It will be seen that, while US federal administrative law has primarily only influential effect on US States, EU administrative law is often binding on Member States. This observation challenges presumptions often made, particularly in political science, as to the degrees of inter-penetration in administration in the EU and the US. It will be argued that the cause of divergence is largely derived from differing judicial attitudes as to the fundamental tenets of the co-operation between the different levels of administration, and indeed, more general understandings of federalism in the two jurisdictions. In this way, this study also provides a useful prism through which to consider integration in the EU and US more broadly.

Administrative Law and Multi-Level Administration: An EU and US Comparison

2009 ◽  
Vol 11 ◽  
pp. 211-246
Author(s):  
Catherine Donnelly
Keyword(s):  
The United States ◽  
Administrative Law ◽  
The European Union ◽  
Member States ◽  
Us States ◽  
The Us ◽  
Multi Level ◽  
Eu And Us ◽  
The Impact ◽  
The Eu

Abstract The aim of this chapter is to assess what, if anything, administrative law can demonstrate about multi-level administration in the European Union and the United States. The particular focus of the examination is not on the content of administrative law in each legal order, but rather on the impact of EU and US federal administrative law on the Member States and US States respectively. It will be seen that, while US federal administrative law has primarily only influential effect on US States, EU administrative law is often binding on Member States. This observation challenges presumptions often made, particularly in political science, as to the degrees of inter-penetration in administration in the EU and the US. It will be argued that the cause of divergence is largely derived from differing judicial attitudes as to the fundamental tenets of the co-operation between the different levels of administration, and indeed, more general understandings of federalism in the two jurisdictions. In this way, this study also provides a useful prism through which to consider integration in the EU and US more broadly.

scholarly journals Covid-19 Pandemic Impact on World Economy

2021 ◽  
Vol 7 (3) ◽  
pp. 402-415
Author(s):  
Zunaira Zahoor
Keyword(s):  
Economic Crisis ◽  
Global Economy ◽  
World Economy ◽  
Economic Downturn ◽  
Corona Virus ◽  
The World ◽  
The One ◽  
The Impact ◽  
The Universe ◽  
The International Monetary Fund

This study is being conducted when the Corona virus spreads around the world and becomes an economic major crisis in 2020. Researchers explain the impact of the Corona virus on the world economy by getting information from Standard & poverty agencies (S&P), Organization of Economic Cooperation and Development (OECD), and from different websites and reports. moreover, researchers obtain information from the International Monetary Fund (IMF). In addition, Explain the losses from one industry to another and concluded that the global economy is confronted by dual crises in nature. The deaths of millions of people are on the one hand and the economy crisis on the other. The first problem comprises saving people from death, and the second in saving the universe against economic crises. But both challenges are inconsistent. If individuals want to preserve lives, a remain at home and a social distance policy are imposed, and the country is shut down. However, we can rescue our citizens living, but the economy collapses fast because all the companies in the country have been shut down. If economic crisis is saved, people are supposed to go out and work as normal, the global economy would boost but soon millions or billions of people are lost who will also have an impact on the economic downturn. Policymakers, doctors and manufacturers of health should work together to identify solutions to benefit both individuals living and saving economic crisis.

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