scholarly journals Testing Real Convergence as a Prerequisite for Long Run Sustainability

2021 ◽  
Vol 13 (17) ◽  
pp. 9943
Author(s):  
Marta Christina Suciu ◽  
Adrian Petre ◽  
Laura Gabriela Istudor ◽  
Mircea Ovidiu Mituca ◽  
Gheorghe Alexandru Stativa ◽  
...  
Keyword(s):  
Euro Area ◽  
Convergence To Equilibrium ◽  
Economic Convergence ◽  
The European Union ◽  
The Czech Republic ◽  
Income Disparities ◽  
Real Convergence ◽  
Long Run ◽  
Equilibrium Level ◽  
Convergence Cluster

The main objective of this research is to estimate the degree of real convergence of the countries that joined the European Union between 2004–2013 as an essential precondition for sustainable accession to the Euro Area. Through this study, we tried to create a clear, real and comparative image for the downward trend in the dispersion of the GDP/capita and the speed by which countries with different integration stages achieve the real economic convergence to equilibrium level. In this respect, we tested real convergence by regression models. Further, in order to verify the robustness of the results we applied a cluster analysis. The main results show that non-Euro Area countries have a tendency to individually reduce income disparities with the Euro Area average, but do not register a convergent economic growth and do not form a homogeneous convergence cluster, unlike the newer Euro Area Member Countries. Another representative result is that the Czech Republic seems to be the best prepared country to adopt the single currency in a sustainable way, while Bulgaria is at the opposite pole.

scholarly journals The Fiscal Compact and the European Constitutions: ‘Europe Speaking German’

2012 ◽  
Vol 8 (1) ◽  
pp. 1-7 ◽  
Author(s):  
LB ◽  
JHR
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Monetary Union ◽  
Euro Area ◽  
Economic And Monetary Union ◽  
Economic Policies ◽  
The European Union ◽  
The Czech Republic ◽  
The United Kingdom ◽  
Fiscal Compact

In between the writing of this editorial and the publication of this issue of EuConst, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in everyday parlance the ‘Fiscal Compact’, will have been signed by the representatives of the governments of the contracting parties — the member states of the European Union minus the United Kingdom and the Czech Republic. The Fiscal Compact is intended to foster budgetary discipline, to strengthen the coordination of economic policies and to improve the governance of the euro area.

scholarly journals Nominal, Structural and Real Convergence of the EU Candidate Countries’ Economies

2021 ◽  
Vol 10 (3) ◽  
pp. 59-78
Author(s):  
Daniela Bobeva
Keyword(s):  
Euro Area ◽  
Positive Relationship ◽  
Economic Convergence ◽  
Economic Cycle ◽  
The Real ◽  
Sectoral Structure ◽  
Current State ◽  
Real Convergence ◽  
Eu Candidate Countries ◽  
The Eu

Abstract Despite the significant academic interest in the economic cohesion, the various aspects of convergence and the ways they can be measured still remain theoretically unclear. These are issues of extreme political significance, especially for countries aspiring for EU and euro area membership. The goal of this paper is to consolidate a variety of theoretical views on the convergence and its measurement and use it as the basis to assess the progress and the current state of economic convergence to the EU of the four candidate countries. The interrelation between the three forms of convergence in the different phases of the economic cycle is studied and the slobs in the ways the convergence is measured are outlined. The study reveals large differences between the candidate countries in achieving convergence with the EU. Their experiences do not confirm the positive relationship between nominal and real convergence. The structural convergence considered as convergence of sectoral structure has but little impact on the real convergence.

scholarly journals The Importance of the Sustainability of the Romanian Convergence Process to the Euro Zone

2018 ◽  
Vol 13 (3) ◽  
pp. 161-170
Author(s):  
Ioana Raluca Sbârcea
Keyword(s):  
European Union ◽  
Euro Area ◽  
The European Union ◽  
Convergence Criteria ◽  
Euro Zone ◽  
Euro Adoption ◽  
Real Convergence ◽  
Convergence Process ◽  
The Moment

Abstract Since 2007, Romania has been under the under the glance of experts in the European Union, but also under the strict monitoring of the NBR and also under the pressure of citizens and investors' expectations about the moment of euro adoption. My research concerns have also been channeled to this point of maximum interest, impact and timeliness, which is why I have proposed through this paper to highlight a synthetic situation regarding the fulfillment of the convergence criteria from the moment of accession to the European Union, to the present. The objective of this paper is to reflect, in dynamics and correlation, the degree of fulfillment of the nominal and real convergence criteria, the sustainability of the levels achieved for certain indicators, so necessary for joining the single currency, without shocks. Romania is a country subject to frequent fluctuations at all levels: economic, political, legislative, also reflected in the fluctuations in meeting the convergence criteria. The lack of medium and long-term sustainability of the criteria considered necessary for joining the euro area will make this desiderate ever more remote.

scholarly journals Real convergence of the European Union members states – evaluation attempt

Management ◽  
2013 ◽  
Vol 17 (1) ◽  
pp. 393-404
Author(s):  
Aleksander Grzelak ◽  
Marlena Kujaczyńska
Keyword(s):  
European Union ◽  
Economic Development ◽  
Economic Convergence ◽  
The European Union ◽  
Member States ◽  
New Member States ◽  
Eu Member States ◽  
Development Level ◽  
Real Convergence ◽  
The Eu

Summary The key aim of the article is to verify the hypothesis concerning convergence in the economic development of the EU member states, which is reflected in evening out differences in the economic development level of the EU member states. New member states develop faster than old member states. In the light of the presented results, economic convergence of the member states seems not to be homogenous. Thus, it can be provisionally stated that progress has been recorded as regards convergence of the member states economies, in particular since 2007, although it needs to be emphasised that differences between them are still significant.

Resources provision of woodworking industries in Ukraine: cross-national and inter-regional comparisons

2019 ◽  
pp. 145-154
Author(s):  
Svitlana Ishchuk ◽  
Lyubomyr Sozanskyy
Keyword(s):  
Raw Materials ◽  
Dynamic Assessment ◽  
Timber Harvesting ◽  
Necessary Condition ◽  
The European Union ◽  
Environmental Aspects ◽  
Fuel Wood ◽  
Significant Deterioration ◽  
The Czech Republic ◽  
Wood Processing

Sufficient supply of woodworking with raw materials while preserving the ecology and rational use of wood is a necessary condition for the functioning of the woodworking industry as one of the key segments of the national economy. The issue is of particular importance given the deepening of world integration processes and the introduction of a moratorium on timber exports from Ukraine. It actualizes the study of the state and dynamics of the formation of raw materials potential of domestic woodworks. The purpose of the article is a structural and dynamic assessment of the economic and environmental aspects of formation of the resource potential of Ukrainian woodworks in comparison with the countries of the European Union, as well as in the regional section by types of wood. In the structure of merchantable wood harvested in Ukraine, fuel wood share increased by 4.3 pp. during 2011-2016, whereas in 2017 it increased by 3.8 pp. compared to 2016 and amounted to 61.4%. Unlike in Ukraine, in the vast majority of EU countries business timber is the basis of the structure of harvested merchantable timber. Thus, in the neighboring countries with similar forest landscape – Poland and the Czech Republic – the share of fuel wood in 2017 was 11.6% and 12.3%, in Slovakia – only 6.3%, and in the EU as a whole – 23. 2%. Hence, the significant deterioration of the structure of the harvested merchantable timber in Ukraine can be interpreted as a threat to environmental, and therefore to national security. On the other hand, the results of the assessments revealed an increase in the volume of commercial timber harvesting in Ukraine (in 18 regions) in 2018, as well as in the level of forest reproduction in the leading regions from the harvesting of merchantable timber (Zhytomyr, Kyiv and Rivne regions) and a decrease in the death rate. The restoration of the logical patterns between the dynamics of the loss of stands and the harvesting of commercial and fuel wood are signs of the beginning of positive tendencies in ensuring the preservation and rationalization of raw potential of domestic woodworks and, at the same time, improving the conditions for deepening the level of wood processing. Further authors’ research in this area will be devoted to the search for effective forms of wood industry development in Ukraine, in particular in the Western region.

Czech Republic, Hungary, and Slovakia

2018 ◽  
Author(s):  
Michal Onderco
Keyword(s):  
Czech Republic ◽  
Actual Process ◽  
Iron Curtain ◽  
The European Union ◽  
The Czech Republic ◽  
Civil Military Relations ◽  
Military Forces ◽  
Joint Procurement ◽  
Military Relations ◽  
The Cold War

This chapter focuses on defence transformations in the Czech Republic, Slovakia, and Hungary since the end of the cold war. The three lesser powers of Central Europe all eventually joined NATO and the European Union, following the fall of the Iron Curtain. The process they underwent completely transformed their security strategies and military doctrines, but the plans to transform their military forces have developed slowly, and the actual process has been interrupted and incomplete. This chapter addresses the development of civil–military relations, the main milestones in the development of the respective states’ national security policies, and the main changes in the structure of military forces in each of these countries. Finally, the chapter looks at the nascent trends towards military cooperation between the three countries, including military sharing and joint procurement.

Dramatis Institutiones

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
European Union ◽  
Central Bank ◽  
International Monetary Fund ◽  
Euro Area ◽  
European Central Bank ◽  
The European Union ◽  
European Central ◽  
Regime Complex ◽  
Basic Facts ◽  
Institutional Conflict

The regime complex for crisis finance in the euro area included the European Council, Council of the European Union, and Eurogroup in addition to the three institutions of the troika. As the member states acted largely, though not exclusively, through the council system, these bodies stood at the center of the institutional mix. This chapter reviews the institutions as a prelude to examining the dilemmas that confronted them over the course of the crises. It presents a brief review of some of the basic facts about their origins, membership, and organization. Each section then delves more deeply into these institutions’ governance and principles to understand their capabilities and strategic challenges. As a consequence of different mandates and design, the European Commission, European Central Bank, and International Monetary Fund diverged with respect to their approach to financing, adjustment, conditionality, and debt sustainability. This divergence set the stage for institutional conflict in the country programs.

Eurobonds: Three Lessons from China’s “Debt Centralization/Decentralization” Experience

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Zhiyong An
Keyword(s):  
Moral Hazard ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Budget Constraint ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
Member States ◽  
Institutional Mechanism ◽  
Previous Series

Abstract Eurobonds, dubbed as Coronabonds in the context of the current coronavirus crisis, are being hotly debated among the euro area member states amid the COVID-19 pandemic. The debate is in many ways a retread of the euro area sovereign debt crisis of 2011–2012. As China’s “debt centralization/decentralization” experience is comparable with the introduction of Eurobonds in the European Union (EU) in terms of institutional mechanism design, we review our previous series of studies of China’s “debt centralization/decentralization” experience to shed some light on the Eurobonds debate. We obtain three key lessons. First, the introduction of Eurobonds in EU is likely to soften the budget constraint of the governments of the euro area member states. Second, it is also likely to strengthen the moral hazard incentives of the governments of the euro area member states to intentionally overstate their budget problems. Finally, the magnitudes of the moral hazard effects generated by the introduction of Eurobonds in EU are likely larger than their respective counterparts in China.

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