European Monetary Union: No field for political compromise

European Economic and Monetary Union is currently in the course of preparation by an inter-governmental conference. What are the benefits and risks associated with European monetary union? What essential requirements need to be fulfilled when the agreements are concluded?     

European environmental policy between decentralisation and uniformity

Does the European Union require a common environmental policy? While there are a number of arguments in favour of shifting competences for environmental policy to the European level, there are also fields in which decentralised policies appear to make more sense. The following article reviews the pros and cons of centralism and decentralism in European environmental policy and concludes that the Union must integrate elements of both options into its constitutional order.     

The Euro's place in the world monetary system

The European Union is striding ahead on schedule towards European monetary union (EMU). Eleven member states will introduce the euro for book-keeping purposes on 1.1.1999, assigning responsibility for monetary policy to the European System of Central Banks. On 1.1.2002, the euro will also be in circulation as notes and coins, and the participating countries will abandon their national currencies by 30.6.2002 at the latest. But what part will the euro play in the world monetary system? And what conclusions do we need to draw?     

Ein fiskalpolitischer Pakt als Brücke in die Stabilit?tsunion?

For more than two years, the global financial and economic crisis has put the European Union to one of its hardest tests. Until now, no end is foreseeable. In 2011, the Union initiated the implementation of the reform package ?Economic Governance”. A deepening of budgetary integration was carried out in March 2012 with the signing of the ?Treaty on Stability, Coordination and Governance in the Economic and Monetary Union”, the so-called fiscal compact. This contribution deals with the scope of the budgetary regulatory capacity of the new instruments and analyses their interaction.     

Towards an economic and monetary union

One of the most important results of the Paris Summit of the nine EEC-members was the decision taken to establish a European Monetary Union until April 1, 1973. Will the Economic Union be now approached more rapidly than in the past?     

EMU: Experiences to date and challenges for the future

Have the first two years of European Monetary Union fulfilled the expectations of its supporters? Or have the fears of the critics been confirmed? What challenges will EMU have to face in the years ahead?     

Still in democratic deficit

The rejection of the Lisbon Treaty by the Irish electorate has given new vigour to the debate on the European Union’s widely perceived democratic deficit. Does the EU indeed have a serious democracy problem? What are the options open to the European political leadership and which of these should be acted upon?     

Eastward enlargement of the EU: Will agricultural policy be an obstacle?

The political preparations for enlarging the European Union to include the Central European countries are in full swing, but economic policy preparations have not yet begun. There is a need for adjustment primarily in the Central European countries, but also in sensitive areas in the EU itself, particularly the Common Agricultural Policy. Will agricultural policy be an obstacle to eastward enlargement?     

Waste without frontiers?

The transfrontier recovery, treatment and disposal of waste in the European Union is governed by regulations both at the union level and in the individual states. Do these various regulations make economic sense? What are the arguments for and against national export bans and import restrictions over and above the EU regulations?     

EU integration of transition countries: Overlap of requisites and remaining tasks

Transition and reorientation towards Western Europe have been the two decisive challenges for the Central and Eastern European countries (CEECs) since 1989. Whereas in the early 1990s the transition from the central planning system to a market economy was the main goal of economic policies, the requirements for closer integration with the Western European countries have since then increasingly gained in importance. How do the two processes overlap? What requirements remain to be met before the candidate countries can join the European Union?     

A European perspective on public debt

Public debt in Europe has risen continuously over the last two decades. How is the transition to European Economic and Monetary Union, with the increasing economic interdependence between individual member states which it involves, likely to affect this situation? Which policy issues are of particular relevance in this setting?     

The advantages of a small European Monetary Union

The question whether European Monetary Union should include all the EC countries from the start or should initially be limited to a few core countries is again being discussed more intensely. What advantages would a small EMU have from an economic point of view? Which countries should be its founder members?     

Flying the flag for subsidies—Prospects for Airline Deregulation in Europe

Whereas the Airline Deregulation Act of 1978 put an end to airline subsidization in the USA, things look quite different in the European Union: after more than a decade of discussions about liberalization and the advent of the single market, most European routes are still monopolies or duopolies with state aid to airlines featuring prominently. Why has air transport liberalization made so little progress? What are the prospects for the future?     

欧盟东扩后的贸易效应对我国纺织品出口的影响和挑战

欧盟是世界上第二大纺织品服装进口市场，每年进口的纺织品占全球总进口量的31％，就进出口贸易总量来说，欧盟是全球纺织品服装的最大贸易方，在世界纺织品服装贸易中扮演着非常重要的角色。中国是对欧盟纺织品和服装出口最多的国家，是欧盟纺织品最大的供应国。欧盟东扩的实现将对我国纺织产品的出口产生重大影响，因此本通过对欧盟东扩后产生的贸易效应的分析来说明东扩后可能对我国纺织业出口产生的一定影响。     

Trans-European networks: The white paper and beyond

The desire to enhance the gains from the internal market programme has led the European Union (EU) to emphasize the importance of the development of a coherent set of infrastructure networks in the telecommunication, transport and energy sectors. What steps must be taken to realise such trans-European networks? How can the massive financing problems be overcome?     

Soviet natural gas — A threat to Western Europe’s security?

The gas-pipeline deal planned between the Soviet Union and several Western European countries has met with objections from the US government, which fears that Western Europe could be politically blackmailed as a result of its increasing dependence on energy supplies from the USSR. Are these fears justified? Are there any realistic alternatives open to the countries concerned?     

The role of member states as rule-makers in the European Union

Although the Treaty of Amsterdam has not lived up to the expectations of those who wanted a substantially stronger and more active European Union, it has expanded considerably the competences of the Union. In some policy areas such as social policy, it has added significantly to the obligations of the member states. By implication, the policy discretion of member states has been reduced further. The reasonable question that arises is whether the Union will and whether it should keep encroaching on the policy discretion (some use the word sovereignty) of its member states? The aim of this paper is to provide an answer to that question with respect to the economic functions of member states.     

Convergence,trade and factor mobility in the European Union — Implications for enlargement and regional policy

The accession of ten new members in May 2004 means a considerable increase in income disparities in the European Union. At what speed has income converged in the past and what role have changes in trade relations and factor mobility played in this? What projections can be made for the catching-up process of the new member states? And what conclusions should be drawn for the future of EU regional policy?     

Treaty Reform: Consequences for Monetary Policy

The proposed reform treaty, aimed at enhancing the efficiency and democratic legitimacy of the enlarged Union as well as its position on the global stage, has a number of important implications for monetary policy and the status of the European Central Bank. Can the reforms be expected to make euro area governance more efficient? Could they potentially jeopardise the ECB's independence and European monetary policy? Member of the Panel of Experts of the Committee on Economic and Monetary Affairs of the European Parliament, to which the article was first presented as a Briefing Paper for the Monetary Dialogue with the President of the European Central Bank in October 2007. The author gratefully acknowledges the helpful comments of Edin Mujagic and the excellent research assistance of Rob Nijskens.