Economic thought at the European Commission and the creation of EMU (1957-1991)

2011 ◽  
pp. 63-80
Author(s):  
Ivo Maes
Keyword(s):  
European Commission ◽  
Analytical Framework ◽  
Policy Coordination ◽  
Economic Thought ◽  
Monetary Integration ◽  
Structural Elements ◽  
Anglo Saxon ◽  
Medium Term ◽  
Monetary Cooperation ◽  
Stabilisation Policies

To understand macroeconomic and monetary thought at the European Commission, two elements are crucial: firstly, the Rome Treaty, as it determined the mandate of the Commission and, secondly, the economic ideas in the different countries of the European Community, as economic thought at the Commission was to a large extent a synthesis and compromise of the main schools of thought in the Community. Initially, economic thought at the Commission was mainly a fusion of French and German ideas, with a certain predominance of French ideas. Later, Anglo-Saxon ideas would gain ground. At the beginning of the 1980s, the Commission's analytical framework became basically medium-term oriented, with an important role for supply-side and structural elements and a more cautious approach towards discretionary stabilisation policies. This facilitated the process of European integration, in the monetary area too, as consensus on stabilityoriented policies was a crucial condition for EMU. Over the years, the Commission has taken its role as guardian of the Treaties and initiator of Community policies very seriously, not least in the monetary area. It has always advocated a strengthening of economic policy coordination and monetary cooperation. In this paper, we first focus on the different schools which have been shaping economic thought at the Commission. This is followed by an analysis of the Rome Treaty, especially the monetary dimension. Thereafter, we go into the EMU process and the initiatives of the Commission to further European monetary integration. We will consider three broad periods: the early decades, the 1970s, and the Maastricht process.

scholarly journals Bosnia and Herzegovina

2021 ◽  
Vol 21 (43) ◽  
Author(s):  
Keyword(s):  
Eastern Europe ◽  
Bosnia And Herzegovina ◽  
Program Implementation ◽  
State Level ◽  
Policy Coordination ◽  
Growth Trajectory ◽  
Medium Term ◽  
Economic Space ◽  
Second Wave

Pre-pandemic, Bosnia and Herzegovina’s (BiH) economy was growing, but at a pace below the more successful countries in Eastern Europe. The pandemic generated a substantial output contraction in 2020. Early in the pandemic, the authorities successfully implemented restrictions to prevent the spread of the virus and took measures to support firms and households. However, the ongoing second wave poses additional challenges. A gradual recovery is expected for the second half of 2021. Political disagreements about policy coordination at the BiH State level have hampered program implementation under the 2016 EFF arrangement and the deepening of the single economic space. The challenge is to deal with the pandemic and put the economy on a higher medium-term growth trajectory.

scholarly journals Supranational Currency Regulation: Theoretical and Practical Approaches

2020 ◽  
Vol 25 (1) ◽  
pp. 87-104
Author(s):  
A.V. Kuznetsov
Keyword(s):  
World Economy ◽  
Systems Approach ◽  
Integrated Approach ◽  
Monetary Integration ◽  
Scientific Methods ◽  
Balanced Development ◽  
Monetary Cooperation ◽  
The World ◽  
Currency Cooperation ◽  
Fully Functioning

Subject. The article deals with the issues of supranational currency regulation, deeming it a prerequisite for the return of the world economy to a sustainable, confident and balanced growth path. Objectives. The article aims to study theoretical and practical approaches to the organization of supranational monetary cooperation of sovereign States at the global and regional levels. Methods. For the study, I used scientific methods of systems approach, analogy, modeling, and abstraction. Results. The article shows that in current conditions of development of the world economy the euro, being the only fully functioning project of supranational monetary integration, has not yet created conditions for the participating countries for harmonious and stable development. The practice of transferable ruble circulation proved the possibility of simultaneous expansion of mutual trade and balanced development of all participants of supranational currency cooperation. Conclusions and Relevance. To enter a new level of supranational currency cooperation, sovereign States are required to develop an integrated approach to solving a number of economic, technical and political problems. The results of the research can be useful in the development of theoretical and practical approaches to supranational currency regulation.

scholarly journals EU Merger Control and Harm to Innovation—A Long Walk to Freedom (from the Chains of Causation)

2018 ◽  
Vol 64 (1) ◽  
pp. 11-30
Author(s):  
Mario Todino ◽  
Geoffroy van de Walle ◽  
Lucia Stoican
Keyword(s):  
European Commission ◽  
Product Market ◽  
Analytical Framework ◽  
Merger Control ◽  
Traditional Theory ◽  
Control Analysis ◽  
The Novel ◽  
Specific Product ◽  
Eu Merger Control ◽  
Novel Theory

In a string of recent merger decisions, culminating in the Dow/DuPont case, the European Commission has profoundly revisited its traditional analysis of innovation and, ultimately, introduced what some authors have labeled “a novel theory of harm in EU merger policy.” According to this theory, the Commission does not look at harm to innovation on a specific product market in which parties are developing similar pipeline products, but adopts a general assessment of harm to innovation, unrelated to a specific product market and without considering potential anticompetitive effects on this basis. The purpose of this article is to show that over the last few years, the European Commission has been progressively departing from a “traditional” theory of harm in its assessment of mergers affecting innovation. In particular, we argue that the novel theory of harm developed in Dow/DuPont, based on a generic prejudice to innovation, is the landing place of a long journey through which the Commission has progressively altered the analytical framework applicable to traditional cases affecting pipeline products/potential competitors. And while this stance may be inspired by a legitimate policy goal, it brings the Commission on a collision route with the principles of causation and symmetry governing European Union merger control analysis.

Reforming EU merger control to capture ‘killer acquisitions’ – the case for caution

2020 ◽  
Vol 19 (2) ◽  
pp. 51-67
Author(s):  
Nicholas Levy ◽  
Henry Mostyn ◽  
Bianca Buzatu
Keyword(s):  
European Commission ◽  
Review Process ◽  
Digital Age ◽  
Analytical Framework ◽  
Merger Control ◽  
Digital Platforms ◽  
Control Rules ◽  
Eu Merger Control ◽  
Start Ups

This article examines whether EU merger control rules should be recalibrated to address concerns said to arise from acquisitions of innovative start-ups by established digital platforms – commonly referred to as ‘killer’ or ‘nascent’ acquisitions. It assesses various proposals designed to remedy two failings: a perceived failure to review anti-competitive transactions due to inadequate jurisdictional thresholds and a perceived failure to detect competition problems during the merger review process. It argues that, given the large number of transactions already subject to merger control, any expansion of existing rules should occur only where there is clear evidence of a significant enforcement gap. In the view of the authors, there is no persuasive evidence that a material number of anti-competitive digital acquisitions are escaping antitrust scrutiny, that the analytical framework applied by the European Commission should be significantly changed, or that the methodological tools employed to review concentrations are unfit for purpose. The authors therefore disfavour wide-ranging changes to the EU's rules and instead propose a series of incremental improvements to ensure that EU merger enforcement is tailored to the digital age.

Systemic Conflict and Regional Monetary Integration: The Case of Europe

1998 ◽  
Vol 52 (3) ◽  
pp. 537-573 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
United States ◽  
Open Economy ◽  
Domestic Politics ◽  
International Monetary System ◽  
The United States ◽  
System Stability ◽  
Monetary Integration ◽  
The European Union ◽  
Monetary Cooperation ◽  
Monetary System

Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integration. This article then tests the international thesis with reference to monetary integration within the European Union by examining four periods in which the United States acted to stabilize the international monetary system and seven episodes in which it disrupted the system. European governments and central banks reduced regional monetary cooperation when the United States supported system stability and strengthened it after each episode of disruption. The evidence thus strongly supports the inference that the link is causal.

EU Mobility Partnerships: A Model of Policy Coordination?

2009 ◽  
Vol 11 (4) ◽  
pp. 327-345 ◽  
Author(s):  
Roderick Parkes
Keyword(s):  
Social Development ◽  
European Commission ◽  
Policy Coordination ◽  
Cape Verde ◽  
The Political ◽  
Positive Contribution ◽  
European Level ◽  
Eu Policy ◽  
Policy Context

AbstractAs migration cooperation has grown in stature at the European level, a premium has been set on its conceptual coordination with related areas of EU policy. The Mobility Partnerships which the bloc recently signed with Moldova and Cape Verde appear as a model of this kind of coordination. Indeed their advocates believe they can regulate migration in such a way that the Union’s economic, social, development and neighbourhood policies all benefit. A simple tri-partite method is here employed to gauge the complementarity of one of the Partnerships, that with Moldova, with its broader policy context. The present analysis suggests that the political exigencies involved in realising the agreement led to conceptual overstretch. Although the Partnership seldom clashes with its broader policy context, the considerable demands placed on its coordinators in the European Commission mean that the Partnership’s positive contribution to related policy areas remains bitty and lacking in coherence.

scholarly journals The China-Italy Comprehensive Strategic Partnership: Overview and Pathways to Progress

2021 ◽  
pp. 1-23
Author(s):  
Men Honghua ◽  
Jiang Pengfei
Keyword(s):  
50Th Anniversary ◽  
Analytical Framework ◽  
Policy Coordination ◽  
Strategic Partnership ◽  
Global Public Health ◽  
Strategic Partnerships ◽  
Public Health Emergencies ◽  
Belt And Road ◽  
Common Interests ◽  
Global Arena

2020, the year that the world was engulfed by the Covid-19 pandemic, was also the 50th anniversary of diplomatic relations between China and Italy. The China-Italy comprehensive strategic partnership plays an important role in deepening China-EU cooperation, advancing the Belt and Road Initiative, and building a community with a shared future for humanity. China-Italy relations should be studied within the analytical framework of strategic partnership which has gained traction in China’s foreign policy narrative. Beijing’s pursuit of strategic partnerships aims at forging stable and enduring relations that are driven by common interests in a world of proliferating challenges and geopolitical uncertainties. While making steady progress, the partnership is also facing multi-dimensional challenges. China and Italy should strengthen strategic dialogue to build mutual trust and constantly improve their institutionalized cooperation. Economically, they should work out broader areas for collaboration and better manage their competition to achieve win-win results. At the level of people-to-people exchange, mutual understanding and trust should be enhanced to eliminate misconception and prejudice. At the regional level, the China-EU-Italy trilateral relationship should be consolidated to shield bilateral cooperation from the volatility of China-EU relations. In the global arena, China and Italy should also step up efforts to catalyze international financial reforms and address global challenges such as climate change, economic governance, and global public health emergencies by improving policy coordination and aligning global strategies.

scholarly journals Toward a Race-Conscious Critique of Mental Health-Related Exclusionary Immigration Laws

2021 ◽  
pp. 87
Author(s):  
Monika Kashyap
Keyword(s):  
Mental Health ◽  
Critical Race Theory ◽  
Analytical Framework ◽  
The United States ◽  
Analytical Tool ◽  
Immigration Law ◽  
Anglo Saxon ◽  
White Supremacist ◽  
Immigration Laws ◽  
Health Related

This Article employs the emergent analytical framework of Dis/ability Critical Race Theory (DisCrit) to offer a race-conscious critique of a set of immigration laws that have been left out of the story of race-based immigrant exclusion in the United States—namely, the laws that exclude immigrants based on mental health-related grounds. By centering the influence of the white supremacist, racist,and ableist ideologies of the eugenics movement in shaping mental health-related exclusionary immigration laws, this Article locates the roots of these restrictive laws in the desire to protect the purity and homogeneity of the white Anglo- Saxon race against the threat of racially inferior, undesirable, and unassimilable immigrants. Moreover, by using a DisCrit framework to critique today’s mental health-related exclusionary law, INA § 212(a)(1)(A)(iii), this Article reveals how this law carries forward the white supremacist, racist, and ableist ideologies of eugenics into the present in order to shape ideas of citizenship and belonging. The ultimate goal of the Article is to broaden the conceptualization of race-based immigrant exclusion to encompass mental health-related immigrant exclusion, while demonstrating the utility of DisCrit as an exploratory analytical tool to examine the intersections of race and disability within immigration law.

IMF deal will have mixed impact in Argentina

2018 ◽  
Keyword(s):  
Central Bank ◽  
Policy Coordination ◽  
Medium Term ◽  
Treasury Bonds ◽  
Monetary Policies ◽  
Foreign Investors ◽  
Content Type ◽  
Investor Confidence ◽  
Combined Operation ◽  
The Government

Significance Driven by the currency run that saw a depreciation of 24.1% in just three weeks, the government has begun talks with the IMF in a bid to restore investor confidence. The peso run ended on May 15 owing to a combined operation by the Central Bank and the Finance Ministry: the Central Bank put a floor under the exchange rate by offering 5 billion dollars at 25 pesos to the dollar while the Finance Ministry reopened its tender of Treasury bonds to attract foreign investors. Impacts The sharp peso depreciation will boost inflation; workers will demand a reopening of wage negotiations. Falling real incomes will undermine economic recovery. Investors will demand more policy coordination and coherent fiscal and monetary policies. IMF funds will ease medium-term default fears, but fiscal tightening will be required to lower dependence on foreign finance.

Sign in / Sign up

Export Citation Format

Share Document