Complementary currency as an instrument for economic development in the western Balkans

SEER ◽  
2020 ◽  
Vol 23 (1) ◽  
pp. 77-90
Author(s):  
Ela Golemi ◽  
Klodian Muço

Regional economic integration is regarded as a priority task for western Balkans countries in order to prepare them for integration into the European Union. Given the under-performance between these countries in terms of trade, we propose the creation of a complementary supranational currency that would serve the common market of the western Balkans and also intensify trade exchanges between them. We support the idea that structural reforms and the technical provisions proposed in this adopted Keynes Plan may, at least in principle, provide the necessary solutions to avoid imbalances between the countries; serve as an incentive to intensify trade exchanges; and curb inflationary and deflationary pressures in the joint western Balkans market. Our research makes a solid contribution to the debate on international monetary systems. We believe that a complementary currency would make regional integration more effective within the western Balkans but, furthermore, would also call into question the international monetary system were it to be as effective in practice as we think it would be.

2019 ◽  
Vol 15 (2) ◽  
pp. 61-68
Author(s):  
Renato Saraiva ◽  
Thaís Dutra Fernández

The International Monetary System does not reflect transformations in the global economy. Being impossible to reform it, economic integration processes may be a “second-best” alternative. By analyzing the European Monetary Union we conclude that MERCOSUR and UNASUR should conceive regimes in less restrictive forms and develop fiscal and political integration.


2017 ◽  
Vol 133 (1) ◽  
pp. 295-355 ◽  
Author(s):  
Emmanuel Farhi ◽  
Matteo Maggiori

AbstractWe propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.


Author(s):  
Fabrício José Rodrigues de Lemos

A INTEGRAÇÃO ECONÔMICA E O REGIME JURÍDICO DO EURO  ECONOMIC INTEGRATION AND THE LEGAL REGIME OF THE EURO  Fabrício José Rodrigues de Lemos* RESUMO: Em um mundo de relações econômicas cada vez mais complexas, as nações se veem compelidas a formalizar uniões em torno de objetivos comuns, de maneira a fazer frente à acirrada concorrência internacional. Nesse sentido, buscam a formação dos chamados espaços econômicos integrados. Para isso, são necessários diversos requisitos, tais como a livre circulação de mercadorias, a liberdade de estabelecimento, a livre circulação de trabalhadores e de capitais. Entretanto, para que seja atingido o estágio mais aprofundado da integração econômica, além das exigências já exemplificadas, se constata imprescindível a instituição de moeda única. Nesse sentido, o artigo pretende, a partir de reflexões históricas e filosóficas acerca da implantação da zona do Euro, fazer apontamentos sobre a integração econômica existente na União Europeia, detalhando o regime jurídico da moeda única europeia, para, ao final, tecer considerações sobre o futuro do mercado comum europeu. PALAVRAS-CHAVE: Integração econômica. Zona do Euro. Regime jurídico. União Europeia. ABSTRACT: In a world of increasingly complex economic relations, nations find themselves compelled to formalize unions around common goals, in order to cope with the fierce international competition. In this sense, they seek the formation of the so-called integrated economic spaces. Thereunto, several requirements must be met, such as the free movement of goods, freedom of establishment, free movement of workers and capital. However, in order to achieve the furthest stage of economic integration, in addition to the requirements already explained, the institution of a single currency is imperative. In this sense, the article intends to give pointers, from historical and philosophical reflections about the implementation of the Euro zone, on the existing economic integration in the European Union, detailing the legal regime of the single European currency, to, at the end, weave considerations about the future of the common European market. KEYWORDS: Economic integration. Eurozone. Legal regime. European Union. SUMÁRIO: Introdução. 1 Reflexões Históricas e Filosóficas acerca da Implantação da Zona do Euro. 1.1 Implantação da Zona Monetária Comum e o Critério de Convergência. 1.2 Conceito de eficiência em Richard Posner e a maximização da riqueza e do bem-estar social. 2 Regime Jurídico na Zona do Euro. 2.1 Integração regional e o Mercado Comum Europeu. 2.2 Considerações sobre o futuro do Mercado Comum Europeu. Considerações Finais. Referências.  * Mestrando em Direito Público, na Linha de Pesquisa Sociedade, Novos Direitos e Transnacionalização, pela Universidade do Vale do Rio dos Sinos (UNISINOS). Bacharel em Direito pela Universidade do Vale do Rio dos Sinos (UNISINOS). Integrante do Núcleo de Direitos Humanos da Unisinos (NDH). Advogado. 


1989 ◽  
Vol 3 (1) ◽  
pp. 69-71
Author(s):  
F.V. Meyer

Transnational Monopoly Capitalism: Keith Cowling and Roger Sugden; Wheatsheaf Books Ltd, Brighton, 1987, pp. 178, ISBN 0-7450-0191-2 (cloth) £22.50 and 0-7450-0267-6 (Pbk) £8.95. Trade Theory and Policy: Ali M. El-Agraa; Macmillan Press, London, 1984, pp. 118, ISBN 0-333-36020-6, £33.00. The Stability of the International Monetary System: W.M. Scammell; Macmillan Education Ltd., London, 1987, pp. 162, ISBN 0-333-38577-2 (hardcover) £20.00 and 0-333-38578-0 (Pbk) £6.95. The Economics of the Common Market, Sixth Edition: Dennis Swann; Pelican Books, London, 1988, pp. 326, ISBN 0-14-022781-4, £6.95.


1998 ◽  
Vol 52 (3) ◽  
pp. 537-573 ◽  
Author(s):  
C. Randall Henning

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.


2008 ◽  
Vol 33 (3) ◽  
pp. 257-294 ◽  
Author(s):  
Ljiljana Biuković

AbstractAmendments made to the Central European Free Trade Agreement (CEFTA) in 2006 mark significant developments in the economic integration of the Western Balkans. Among those amendments were changes to the Agreement's dispute resolution mechanism. This article analyzes the latest developments in economic integration in the Western Balkans and examines the nature and operation of the dispute resolution mechanisms used in CEFTA. Explanations for important changes to the dispute settlement process in CEFTA are suggested by examining the context of the members' economic, political, social and legal surroundings. The article surveys ongoing tendencies in the development of dispute resolution mechanisms in other regional trade agreements, in particular those utilized by the European Union (EU), as a means of exploring the rationale behind the new CEFTA. It argues that the EU practice—developed in EU association agreements with third countries—has inspired the 2006 amendments to the CEFTA dispute resolution mechanism.


2019 ◽  
Vol 65 (3) ◽  
pp. 265-281
Author(s):  
Diamond Ashiagbor

Underpinning this article is the proposition that regional integration with a social dimension has the potential to engender a more equitable pattern of globalisation. The empirical focus of the article is on the extent to which the insights of ‘embedded liberalism’ associated with regional economic integration between the industrialised nations of the European Union (EU) can be applied to regional economic integration within sub-Saharan Africa. The article contends that EU market liberalisation has been embedded within labour market institutions and institutions of social citizenship at the domestic level. These have served as social stabilisers to counter the far-reaching effects of the internal market and global trade. Less industrialised nations have never enjoyed adjustment mechanisms of this sort, raising the question for this article, and for further research: in which legal and institutional structures can these nascent forms of market integration at regional and sub-regional level be embedded?


2020 ◽  
Vol 6 (2) ◽  
pp. 48
Author(s):  
Emi Malaj

The European Union countries and institutions have constantly contributed to the European integration process of the Western Balkan countries. Albania, Serbia, Montenegro and the Republic of North Macedonia are official candidates for EU membership. Chapters and accession negotiations have been opened with Montenegro and Serbia, whereas Kosovo and Bosnia and Herzegovina are potential candidate countries. Poverty, unemployment and corruption are probably the most common problems that Western Balkan citizens face. Corruption, in itself, does not lead to poverty, but it stimulate poverty through indirect channels by affecting economic, social, political and administrative conditions. Both, the enhancement of business climate for private investors, and a higher level of integration with the European Union will decrease unemployment and will boost economic growth. Authorities should follow concrete policies in order to encourage private sector investment, increase regional integration, and create new jobs. The future of the Western Balkans is in the European Union.


1993 ◽  
Vol 14 (1) ◽  
pp. 167-182
Author(s):  
Jacques Le Cacheux

On February 7, 1992, the twelve leaders of the European Community (EC) countries met and solemnly signed the European Union Treaty --the so-called Maastricht Treaty. Earlier agreements amongst European states reinforcing their economic integration --such as the creation of the European Monetary System (EMS) in 1979 and the Single European Act, which, in 1986, provided for the dismantling of intra-EC borders and the completion of the European common market on January 1st, 1993. However the Maastricht Treaty was deemed to contain such radical amendments of the Community's founding treaties that it had to be submitted to ratification by the various national legislatures or constituencies.


2010 ◽  
Vol 55 (01) ◽  
pp. 185-206 ◽  
Author(s):  
SISIRA JAYASURIYA ◽  
NEPHIL MATANGI MASKAY

Though SAARC has the stated goal of an economic union and a common currency, after a quarter of a century, these remain distant goals as political tensions between India and Pakistan have hindered any real progress on a regional scale. Barriers to trade and factor mobility are high in the region as a whole, though considerable liberalisation has been achieved through various bilateral agreements involving India and some of its neighbours. The conventional economic conditions for a common currency are also currently absent as patterns of shocks are non-synchronised, trade links are weak and factor mobility much constrained. Deeper intraregional economic integration requires much more comprehensive trade and investment liberalisation among member nations. While the political conditions for a single currency are unlikely to emerge in the foreseeable future, steps towards closer monetary cooperation through a South Asian Monetary System — building on the existing SAARCFINANCE network — may provide an institutional framework for enhancing regional integration. However, such cooperation will have to be conceived as a component of a sustainable transitional strategy which commits to a serious programme of deeper trade liberalisation to facilitate greater integration with the rest of the world, and most importantly, with East Asia.


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