Analysis of the Euro
opinion Essay
3729 words
Analysis of the Euro
Analyzing the process leading up to the euro and the looking at the possible advantages and disadvantages that will result from the new currency are the key issues of this essay. The first section looks at some of the requirements leading up to the euro, including some of the specific fiscal goals required by the EMU regarding prospective members in 1999. The second section looks at some of the economic reasons for European Union countries to adopt the euro, focusing on the elimination of exchange rate fluctuations, increase trade overseas and across borders, and expanding markets for business as some of the advantages of euro currency countries. Price transparency, another advantage of the euro, is the focus for section three. Price transparency is the ability to easily recognize price differences between countries, which was not possible pre-euro. The paper then points on some effects of the euro on American businesses its economy. The updating of financial and accounting IT systems was the main adjustment discussed that U.S. multinationals must deal with. The paper then briefly looks at tourism, and how that industry of Europe is affected by the euro. The paper then looks at the euro introduction from a political standpoint, explaining if the EU goal of “political unity” is actually possible. The essay finally discusses the future of the currency, asking the question “Can the euro survive?”
January 1, 1999 marked the beginning of the euro as an accepted currency in eleven European countries. Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain all adopted this single currency, becoming subdivisions of a common monetary policy. On this date, the exchange rates of each of the participating countries were set, and the euro was officially recognized as the legal currency. The push towards the development of a common currency began in 1957, when the Treaty of Rome stated a common European market as an objective, hoping that “an ever closer union among the peoples of Europe” would inevitably occur. The approval of the Single European Act in 1986 symbolized and cleared the way for accelerated European integration and the completion of a single European market. Consequently, European governments and industry began to place greater emphasis on the competitiveness of European industry and on the reduction of barriers within Europe that hindered industry’s global economic competitiveness. The European Union went a step farther in 1992 in the Treaty of European Union, creating the Economic and Monetary Union (EMU).
In this essay, the author
- Analyzes the process leading up to the euro and the possible advantages and disadvantages that will result from the new currency.
- Explains the beginning of the euro as an accepted currency in eleven european countries. the single european act in 1986 symbolized accelerated european integration and the completion of a single european market.
- Explains that january 1, 2001 was the official release of euro banknotes and coins, and the addition of greece as a member country. the european union, formed in 1946, was started with the overall purpose of one day allowing the free movement of people, goods, services and capital
- Analyzes the process leading up to the euro and the possible advantages and disadvantages that will result from the new currency.
- Explains the beginning of the euro as an accepted currency in eleven european countries. the single european act in 1986 symbolized accelerated european integration and the completion of a single european market.
- Explains that january 1, 2001 was the official release of euro banknotes and coins, and the addition of greece as a member country. the european union, formed in 1946, was started with the overall purpose of one day allowing the free movement of people, goods, services and capital
- Explains that countries were required to meet specific fiscal goals in the years leading up to 1999, when the euro was accepted as the single currency of the emu.
- Opines that the creation of the euro will eliminate exchange rate fluctuations, increase trade overseas and across borders, and expand markets for business for those countries adopting it.
- Opines that the euro will hold a much bigger weight in the world’s currency and may someday become the accepted currency to which commodities such as oil and gold are measured.
- Explains the advantages of adopting the euro as a currency and the risks of not changing to it.
- Explains the disadvantages of the euro, such as the cost of updating and changing financial and accounting systems, the training of employees, and the economic shock that countries may feel.
- Analyzes the impact of the single currency on price transparency on the emu region.
- Explains that a company's financial system must be able to accomplish two things if it is to fully support its conversion to the euro.
- Opines that the immediate effects of the euro on american businesses and the economy have been beneficial. stability in the european economy has limited exchange rate fluctuations for u.s. companies.
- Opines that the single currency should have substantial effects on the industry of tourism.
- Explains that the single currency is a political project with largely political aims. the emu was agreed upon and formed by the eu.
- Analyzes how paul tooher looked at the state of europe when the emu decision to release the currency came at a time when continent was struggling with high unemployment and minimal economic growth.
- Argues that the european union is an attempt to deepen the political cooperation and global power of its union, almost in a way by which it will model the us.
- Opines that if the economy of the eu is thriving, the opportunity for reduced tension and possible political harmony is enhanced.
- Opines that a long-term stabilized economy resulting from the euro is the hope of many europeans, but that can only happen through time.
- Cites ratz, tamara, and laszlo puczco. the future of tourism in the european monetary union.
- Explains that systems modelling ltd. website. "systems modeling euro implications." 6 nov. 2002.
- Explains szabo, stephen f., "the euro and the emergence of a new europe."
- Explains tooher, paul. "europe counts on new currency to form a more perfect union."
- Explains that the economic and monetary union (emu) includes the eu countries (11 countries) which are to adopt the single currency: the euro.
- Describes the 15 european countries that decided to participate in the integration project proposed by the treaties of rome and maastricht.
- Explains gdp (gross domestic product) is the monetary value of all the goods and services produced by an economy over a specified period.
- Explains procurement as the act of getting possession of something by particular care and effort (merriam-webster online).
- Describes ramification as something produced by a cause or necessarily following from conditions (merriam-webster online).
- Explains that the single european act of 1986, signed in luxembourg and the hague and came into force on 1 july 1987, was the first modification of the fundational treaties of european communities.
- Explains transparency as having the property of transmitting light without appreciable scattering so that bodies lying beyond are seen clearly.
- Explains the treaty of rome, ratified in 1957 by the six founding states of the european community. it lays down the bases of a process of european economic integration.
- Cites caffrey, brian, "euro’s impact on international procurement."
- Cites szabo, stephen f., "the euro and the emergence of a new europe."
- Explains tooher, paul, "europe counts on new currency to form a more perfect union."
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- Narrates how george was a smart and able man who took responsibility of lennie, who was mentally-challenged. george's dream was to be happy.
- Analyzes how curly's wife, who was born poor, dreamed of being a movie star. she married curly, whom she didn't love.
- Analyzes how john steinbeck demonstrates that man's dream is destined to be destroyed by a cruel reality.
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- Analyzes how curly's wife, who was born poor, dreamed of being a movie star. she married curly, whom she didn't love.
- Analyzes how crooks was the only black man in the story. he was lonely and treated worse than everyone else.
- Analyzes how life was unfair in the thirties. only a certain type of person could have lived how he wanted without being bothered or persecuted. george, curly’s wife, and crooks dreams were all destroyed
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- Opines that governments and investors have been reluctant to embrace the euro because of a series of missteps by the european central bank.
- Opines that europe will eventually learn to speak with one monetary voice, but political changes needed to make that level of financial solidarity possible will take many years to complete.
- Explains that the euro's debut is widely hailed as the most important event affecting the international monetary landscape since the breakup of the bretton woods system in 1971.
- Opines that governments and investors have been reluctant to embrace the euro because of a series of missteps by the european central bank.
- Opines that europe will eventually learn to speak with one monetary voice, but political changes needed to make that level of financial solidarity possible will take many years to complete.
- Opines that the euro area is the single largest importer and exporter in the world, accounting for 19 per cent of world exports, followed by 15 percent for the u.s.
- Opines that the long future of the euro is warranted by the increasing confidence of european citizens and international investors in the single currency.
- Analyzes how the wrong-headed government policies have convinced european investors to send their money to the u.s.
- Opines that the current relative weakness of the euro is more of a public relations problem for euroland or the single currency project.
- Opines that euroland is a relatively closed economy and output is currently well below potential — currency values are driven more by capital flows than by trade flows.
- Opines that there are still open questions, which will be decided in the next years.
- Analyzes how the european union's single currency has suffered another blow after danish voters said 'nej' to joining the euro.
- Explains that denmark's referendum on joining the euro is the fifth since the october 2, 1972 plebiscite that paved the way for membership of the then-european community.
- Opines that denmark's rejection of the euro is seen as a danish snub to more than just economic and monetary union.
- Opines that the ecb's monetary policy strategy has proved to be a valuable tool in supporting and explaining policy decisions to the general public.
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- Analyzes how john steinbeck introduces george and lennie in the novel. george is a small, sharp man, and lennie is closely related to the "gentle giant."
- Analyzes how george thinks of lennie as a chore and how easy his life would be if he wasn't responsible for him.
- Analyzes how candy backs his statement up by referring to the christmas that the boss gave a bottle of whiskey to farm-hands.
- Analyzes how curley's wife, a heavily made-up girl with sausage curls, arrives in the bunkhouse supposedly looking for her husband. slim is impressed by this rare combination.
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- Narrates how curley finds an easy target in lennie, who is frightened and confused. after much yelling, slim takes curly to the hospital.
- Analyzes how curley's wife scolds crooks when he gets out of line, and candy tells her that she is glad that lennie broke her hand. chapter five, "beginning of the end", opens with emotional scene.
- Analyzes how curley's wife, lennie, is frightened by the change in her attitude and puts his hand over her mouth in response to her screams. candy finds the body and runs to tell george.
- Analyzes how chapter six, "new found friend", opens with similar imagery from the first pages of the novel.
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- Describes the implications of the euro's overpowering currency on the united states economy and travelers to europe.
- Explains that the creation of the euro will be the most important development in the international monetary system since the installment of flexible exchange rates.
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- Opines that the euro is going to be around for a while and it may even take over as far as the world's banks are concerned.
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- Explains that having a fixed exchange rate facilitates the free movement of goods and services, people and capital.
- Explains the many benefits of the euro, a single currency. the euro was created in 1999 and has been one of its major successes.
- Opines that the euro is not functioning, especially in greece as a single currency of europe. the lower transaction costs reduce uncertainty affecting the profitability of international transactions.
- Explains that having a fixed exchange rate facilitates the free movement of goods and services, people and capital.
- Explains the benefits of the eurozone, such as greater transparency of prices, lower inflation, merging financial markets, and declining interest rates.
- Concludes that the euro as their single currency has other advantages, such as lower transaction costs, removing the uncertainty arising from the exchange, and encouraging people to travel and buy in other countries.
- Cites cenuse, melinda, and imola driga's article on the advantages and disadvantages of the euro.
734 wordsRead More - Theory X and Theory Yanalytical essayMcGregor (1960) described two views on human motivation: Theory X and Y. Theory X, the more conventional one, holds the view that people are in themselves not intrinsically motivated to work and even attempt to avoid it, that people have no ambition, are resistant to change, are not particularly intelligent and that people only work for money and security. Management’s objective is to direct employees efforts, motivating them, controlling them and modifying their behavior to ensure that they behave in line with the organization’s needs and goals.
In this essay, the author
- Analyzes how mcgregor links theory x and y to the hierarchy of human needs. the basic needs of maslow (1943) are represented as a pyramid.
- Argues that people will never stop trying to achieve more of these ego needs because they cannot be fulfilled. the work is an end in itself because it enables oneself and builds a reputation.
- Explains that society and people's expectations shifted toward y-motivation, which creates potential for organizations to profit from the advantages of y motivated employees. management gives freedom and trust to their subordinates enabling them to contribute more to the organization.
- Analyzes how mcgregor links theory x and y to the hierarchy of human needs. the basic needs of maslow (1943) are represented as a pyramid.
- Argues that people will never stop trying to achieve more of these ego needs because they cannot be fulfilled. the work is an end in itself because it enables oneself and builds a reputation.
- Explains that society and people's expectations shifted toward y-motivation, which creates potential for organizations to profit from the advantages of y motivated employees. management gives freedom and trust to their subordinates enabling them to contribute more to the organization.
- Explains that the average human is not by nature passive or resistant to organizational needs. he may become so as a result of experience in organizations.
- Explains that motivation, potential for development, capacity for assuming responsibility, and readiness to direct behavior toward organizational goals are all present in the average man.
- Explains that he is gullible, not very bright, the ready dupe of the charlatan and the demagogue.
- Analyzes how johnson translates mcgregor's ideas into the structural setting of an organization. he states that a feeling of dissonance is created in the worker when he is working under x-system conditions.
- Explains mcgregor's view that people are not intrinsically motivated to work and even attempt to avoid it. theory x and y are managerial theories, reflecting the propositions managers hold about their subordinates.
- Argues that organizations are still not fully changed into structures supporting y-motivated people and that this change is not going to happen in modern society.
- Explains that people in modern society are y-motivated. knowledge has increased since 1750, and dutch learning-institutes are advertising with it, "the netherlands are getting smarter."
- Explains that the dutch society was one of the societies with the highest welfare, spending 40% of its gdp on welfare in the 1980s. the prime minister of the netherlands, mark rutte, pointed out that public welfare is slowly diminishing.
- Analyzes mcgregor's argument that management provides people with the first two levels of the pyramid, shifting the need of people to the other levels.
- Opines that organizations need structure to be effective. organizations have organizational charts of how their control and coordination structure is designed.
- Analyzes how a manager's y management style shows trust in their employees and considers them to be hardworking, willing people who contribute to organizational goals.
- Explains that people with good intentions will be tempted to show opportunistic behavior by self enrichment at the expense of the organization.
2005 wordsRead More - Integration in the EU and Monetary Policyexplanatory essayEven before World War II, the dream of a unified Europe existed. This ideal emerged from the desire to guarantee peace, for a common political and economic system would, in theory, lower the chances of war. This is because by slowly erasing countries’ borders and making them intra-dependent, states are forced to work with each other rather than oppose one another. A unified economy would also turn Europe into one market and increase the continent’s role in the international monetary system. In March of 1979, eight countries officially participated in the European Monetary System (EMS) by pegging their currency to the German mark. By tying their monetary policy to the Bundesbank’s well known monetary targeting policy, they were able to import German credibility to reduce their own inflation. Indeed, EMS members considerably reduced their inflation by exchange-rate targeting, making Germany the anchor country. France reduced inflation from about 5% in 1987 to 2% ...
In this essay, the author
- Opines that the creation of the european union (eu) is a great political and economic feat. it is the ultimate sign of cooperation between nations that had been in constant rivalry.
- Explains that the dream of a unified europe emerged from the desire to guarantee peace.
- States that mishkin, frederic s., the economics of money, banking, and financial markets, sixth edition.
- Opines that the creation of the european union (eu) is a great political and economic feat. it is the ultimate sign of cooperation between nations that had been in constant rivalry.
- Explains that the dream of a unified europe emerged from the desire to guarantee peace.
- States that mishkin, frederic s., the economics of money, banking, and financial markets, sixth edition.
- Explains krugman, paul and obstfeld, maurice. international economics. reading, mass.: addison wesley longman.
- Explains that the maastricht treaty of 1991 set macroeconomic goals, or convergence requirements, for the countries to follow.
- Explains that the "eurosystem" refers to the ecb and the fifteen national central banks (ncbs) of eu members.
- Explains krugman, paul and obstfeld, maurice. international economics. reading, mass.
- Explains that it is necessary to measure the costs and benefits of joining a fixed exchange rate, which is related to how well integrated economies are and the "monetary efficiency gain for the joining country."
- Explains van aarle, bas, engwerda, and plasmanas's "monetary and fiscal policy interaction in the emu: a dynamic game approach."
- Explains that the labor market is one of the least flexible inputs needed for economic integration in europe.
- Explains that there has been a considerate increase in capital migration within the eu because of the removal of previews capital movement restrictions.
- Cites the economist's "survey: european business and the euro - work in progress".
- Cites belaisch, agnes, laura kodres, joaquim levy, and angel ubide. "euro-area banking at the crossroads" international monetary fund.
- Explains that in the eu, fiscal policy is not centralized, rather it is decided within each country individually.
- Explains cangiano, marco, and eric mottu's "will fiscal policy be effective under emu?" international monetary fund.
- Analyzes how a study by the bank of italy found that national information, rather than only area-wide variables, improves monetary policy decisions.
- Describes angelini, paolo, del giovane and terlizzase, saniele. "monetary policy rules for the area:
- Explains that a study by the university of leuven addresses the issue of divergent interests between countries and the decision-making process when determining monetary policy at the ecb.
- Cites aksoy, yunus, paul de grauwe, and hans dewachter. "do asymmetries matter for european monetary policy?"
- Concludes that political and economic integration should be the ultimate goals of the eu.
2298 wordsRead More - Is the European Monetary Union a disaster? ? Discussanalytical essayIn order to detect whether ‘EMU is a disaster’ one has first to establish the meaning and context in which the term ‘disaster’ is used in relation to this question. The Oxford Dictionary defines the term ‘disaster’ as a ‘complete failure’ . In accordance to this definition one would expect the European Monetary Union to have an utter negative impact on the Euro countries, this could include a weak currency and business activity, a high inflation rate, a refusal of acceptance of the new currency from the citizens and a counter effect on the aim towards deeper European integration. In order to fulfil the aims of this essay, it will try to analyse the impact of the introduction of the Euro with the following criteria: first, it will outline the intentions for the introduction of the Euro and the advantages economist and member states had hoped to gain from it. Next, the essay will look at the reaction the Euro has caused in the economic and business cycles of the euro-area states and assess the capability of the European Central Bank (ECB) to deal with economic fluctuation. The next step will be to analyse the reaction of the public to th...
In this essay, the author
- Evaluates the development of the emu, a system that only came into effect three years ago.
- Analyzes how the essay illustrates why the emu did not reach their targeted goals immediately and points out shortcomings in the maastricht treaty that should be reformed.
- Explains that a european monetary union has been part of the european union's aims for over thirty years. the emu was put into full effect in 2002.
- Evaluates the development of the emu, a system that only came into effect three years ago.
- Analyzes how the essay illustrates why the emu did not reach their targeted goals immediately and points out shortcomings in the maastricht treaty that should be reformed.
- Explains that a european monetary union has been part of the european union's aims for over thirty years. the emu was put into full effect in 2002.
- Explains that the oxford dictionary defines the term ‘disaster’ as a ‘complete failure’. they outline the intentions for the introduction of the euro and the advantages economist and member states had hoped to gain from it.
- Explains that the treaties of rome, which established the european economic community in 1957, were the cornerstones for the coherent currency.
- Opines that the benefits of a single currency include no distortion in production and investments through exchange rate fluctuations.
- Argues that the emu will cause the eu's greatest setback in history. the monetary union does not emerge simultaneously with a political union.
- Opines that a strong euro would cheapen the eu's imports, whereas weaker currencies would lower prices of european exports and make european goods more competitive.
- Explains that the ecb defines price stability as a year-on-year increase in the harmonised index of consumer prices for the euro area.
- Explains that the euro-area's economic growth performance has been unsatisfactory, with growth rates ranging from 3% in italy and germany to 10% in ireland.
- Analyzes how the euro declined steadily since 1995, but in 2002, the rate began to increase again. the exchange rate course of 2003 has recovered some of euro's former depresiion but still has its flaws.
- Explains that the sgp highlighted the politicised nature of the emu, as both france and germany saw it as an opportunity to demonstrate their hegemony.
- Analyzes whether the maastricht treaty is aim and function adequate.
- Argues that the european central bank, as a new institution created by the maastricht treaty, takes the coordinating role of this economic and monetary union.
- Explains that the ecb governing council has repeatedly had to contend with the accusation of a lack of transparency. the two-pillar strategy makes heavy demands on the euro system's communication policy.
- Explains that the ecb council follows a two-pillar strategy and judges inflation expectations over the medium term.
- Opines that the introduction of the euro has had far-reaching implications for the financial markets. however, a complete integration of financial systems is still hindered by regulatory, tax and legal obstacles.
- Explains how the 2002 cash changeover worked without a hitch, with banks supplied with notes and coins in advance, and banks in return supplied the retailers with new cash.
- Explains that the hicp does not cover a broad basket of goods. the changeover had given rise to fears of inflation.
- Opines that the outlook for emu in the medium term depends first and foremost on the enlargement process and the union's ability to cope with it.
- Analyzes how hankel argues that the test case poland shows how the monetary union without balance mechanisms as exchange rates and transfer services in an disintegrated, through national tariff systems as culture and language borders, compartmentalised, and labour market works.
- Opines that the emu has enhanced in terms of political and foreign policy, as the euro-area countries are forced to communicate even in an economic basis.
- Argues that the emu is not without problems, but it isn't a disaster in the sense of failure. its success is yet to be determined.
- Explains pearsall, j., the concise oxford dictionary, oxford university press.
- Opines that the euro-illusion, ist europa noch zu retten? rowohlt taschenbuch verlag, hamburg.
- Explains the european economic- and währungsunion between anspruch and wirklichkeit, peter lang, frankfurt.
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