Greece and the Euro: The chronicle of an expected collapse

Ten years after Greece’s accession to EMU, the venture has proved to be almost a complete failure. Obviously, the country joined EMU disappointingly unprepared. After EMU accession, Greece failed to seek the necessary adaptations. Its economic policy was inconsistent with the economic logic and rules of the game of a monetary union. EMU did not in itself lead to the Greek crisis. Nevertheless, the supervisory arrangements clearly failed to work. Moreover, the unfolding of the crisis was assisted by EMU’s inherent weakness in managing asymmetric disturbances and the absence of early warning and rapid intervention mechanisms.     

不仅为出差访欧--新条例将推动中国的欧洲旅游业

2002年1月,当中国旅行社代表团访问德国法兰克福及缅因州时,德国国家旅游局主席乌苏拉·苏尔切尔女士评论道,"中国是我们稳定增长的市场资源."1994年,中国游客在德国各大小旅馆饭店度过280865个夜晚;2001年这个数字增加至51万,翻了将近一倍,中国游客在所有访德的外国游客中人数增长最快.尽管访欧的中国人多是为商务而来,以出差为目的,但随着中欧之间经济往来日趋增多,越来越多的中国游客将对欧洲的文化、艺术和历史产生兴趣.     

The Euro at 20: A New Deal to Save the Euro

Intereconomics - “In its present set-up, the EMU could be expected to follow its historical predecessor, the Latin Monetary Union, which was founded in 1865 and in effect ended in 1914. Then...     

Consumer Adaptation Strategies: From Austrian Shilling to the Euro

On 1st January 2002, in 12 countries of the European Union, euro notes and coins replaced existing national currencies. The currency changeover required citizens to adapt in various ways. They had to learn to handle new coins and notes, and evaluate prices in the new currency. Data on how these tasks were performed by Austrians are presented. In particular, Austrian consumers applied four different strategies to establish price intuition for the euro: a conversion strategy, an intuitive strategy, an anchor strategy, and a marker value strategy. Data on these strategies show that their application varies across socio-demographic characteristics, differs with purchase situations, relates to euro attitudes, and changes over time. Although the introduction of the euro took place about 5 years ago, the adaptation process is still ongoing.     

Country of Origin Effects on Industrial Products Coming from Eastern Europe

Summary

Industrial buyers and consumers may have opinions about the general quality of products and companies from different nations and use such opinions as informational cues in their buying processes. This article presents a comparative study of the industrial profile of a “New European nation” and Western European nations. Tentative implications of the differences in industrial profile are suggested for international marketing strategy.     

Prelude to the Coming Victory

On May 18, 2007, the Pressing Conference ＆ Flag Presenting Ceremony on the 5th China Auto International （Russia） Exhibition Tour was convened in the Main Hall of China Council for the Promotion of International Trade （CCPIT）. Leaders of the state and relevant departments and organizations attended the conference, including H.E. Mr. Sun Fuling, former Vice Chairman of CCPCC National Committee; H.E. Mr. Yu Zhen, President of China Machinery Industry Federation（CMIF）; H.E. Mr. Zhang Xiaoyu, Executive VP of CMIF; and H.E. Ms. Wang Qinhua, Director of Machinery and Electronics Industry Department of Ministry of Commerce.[第一段]     

The Transition to the Euro: Some Perspectives from Economic Psychology

The reactions of EU consumers to the arrival of the euro are likely to be far more complex than people's typical pragmatic and expedient adaptations to everyday economic change. This article discusses the major problems and psychological issues that are likely to arise in domains where the euro can be expected to have a major impact. More specifically, the domains considered include the following: the symbolic meanings of money; learning, remembering and information- processing; judgement and decision-making; expectations, concerns, and beliefs of EU citizens (consumers); and, propaganda, communication and attitude change. The article concludes with a number of tentative policy recommendations.     

Domesticating the Euro

Intereconomics - „We find the litmus test is whether governments gain access to a safe source of funding in a ‘domestic’ currency. Of the list of solutions considered, both Purple...     

China: Coming to Grips with the New Global Player

This paper analyses China's economic performance in the last 25 years and discusses its prospect for growth in the future. Exports and investment have been the two driving forces for the high annual GDP growth rates. FDI plays an important role. However, structural issues such as the loss‐making state‐owned firms and the fragile banking industry have to be solved. Monetary policy is complicated by the accumulation of reserves which, however, provide an insurance for the fragile banking system. Property rights, a crucial element in transforming a communist society, are far from being clearly developed. Major policy issues in the future include the correction of the distorted growth process and of the institutional deficits, especially with respect to the rule of law and the lack of democracy.     

The United Kingdom and the stability of the Euro area: From Maastricht to Brexit

The two key events expected to mark the year 2019 were the 20th anniversary of the euro and Brexit. This paper examines the role of the United Kingdom on the stability of the euro area. We study stability from the perspective of synchronisation of economic activity in a core and periphery framework. We show the UK, since 1990, has become significantly more integrated with the EU economy. The UK moved from the periphery before 1990 to the core afterwards. We also find that the level of synchronisation of the UK economy has had the highest variability over time among all countries.     

The UK and the Euro: Debating the British Decision

This article seeks to inform and enliven the debate on whether or not Britain should join the euro. The central focus of the article involves interviews with two leading economists, Professor Willem Buiter (Chief Economist and Special Counsellor to the President, European Bank for Reconstruction and Development) who strongly supports the case for joining, and Professor Patrick Minford (Professor of Applied Economics, Cardiff Business School) who takes the opposite stance. The article begins with an introduction which places the interviews in context and concludes with a final section summarising the central points of commonality and departure arising in the interviews with Professors Buiter and Minford.     

任务艰巨的欧元转换

今年年底要把新货币欧元送到近3亿的欧洲人手中--这对欧盟各国中央银行、商业银行和商人而言,是一个极大的物流上的挑战.重兵把守的运输车辆,私营保安公司和警方,正严阵以待地将数十亿欧元运送到欧洲各国,尽可能防范对欧元抢劫和偷窃活动发生.为了让所有欧盟居民了解欧元,欧洲央行已经投入4千万欧元进行宣传.     

汉堡:面向中国的欧洲大门--德国工商巨头访谈录

正值"2005世界旅游资源博览会"展出前夕,记者应邀来到上海浦东香格里拉酒店宴会大厅.这里,德国工商代表大会和汉堡代表团的工作人员正在为"汉堡之夜"晚会忙碌着.赶在晚会举行之前,记者对德国自由汉莎城汉堡经济劳工部执行总裁弗兰克斯·克莱恩、汉堡旅游局局长迪特里希·冯·阿尔贝杜尔进行了采访.     

The Socio-Political Dimensions of the Currency: Implications for the Transition to the Euro

In the first section of this paper, the author demonstrates the crucial significance of anchoring symbolically a currency in the representation of a social whole, not least when practical and technical problems bound up with the creation of a new unit of account and the associated means of payment have to be addressed. In the second section of the paper, on the basis of this analysis, a number of practical implications for the transition to the euro are drawn. The analysis starts with the irreducible political and social dimensions of money related to its traditional public functions. The differentiation of modern societies gives to national currencies a regulatory role in insuring the social bond, as the same currency must be accepted in the public economy as well as in the private one. A series of conditions of legitimacy and confidence in the currency can then be drawn from its participation in the social regulation. To achieve legitimacy, every currency must on the one hand be an instrument that can provide the necessary credit for the development of production and trade and allow people to pay their debts to the public authorities, but it must also serve as a symbol of political belonging to a community. This last dimension of the currency is very often overlooked precisely because it is taken for granted. It is these political and symbolic dimensions of money which the transition to the euro now puts squarely on the centre stage.     

Unintentional child home injury incidence and patterns in six countries in Europe

This study investigates the incidence and patterns of child home injuries in six European Union countries. Emergency department and inpatient injury data on injuries to children aged 0-18 years in the home (n = 88,567) for the years 2003-2004 were extracted from the European Injury Database in Austria, Denmark, France, Netherlands, Portugal and Sweden. The incidence of child home injuries was 44.9/1000 inhabitants Six age-dependent injury patterns were identified using cluster analysis: 1) open wound head injuries; 2) hospital admissions for bruises, contusions, abrasions; 3) falls on stairs indoors; 4) fractures and sprains of the upper extremities; 5) crush/cut/piercing of the fingers; 6) miscellaneous injuries. Child home injuries are a considerable public health problem, particularly in the ages 0 to 4 years. The findings are useful for injury surveillance at the European level yet do not allow for designing testable countermeasures for prevention within home safety initiatives.     

Effects of the Euro Changeover on Consumer Behaviour: Introduction to the Special Issue

This paper introduces the special issue “Effects of the euro changeover on consumer behaviour” by briefly reviewing the contents of the included papers. The introduction follows the organization of the papers in three sections each focusing on a common set of issues. In the first section, research revealing the perceived and actual problems consumers face after the euro changeover is described. Research illuminating learning and adaptation to the euro changeover is the focus of the second section. A special problem is the misperception of inflation after the euro changeover. Research on this problem is addressed in the third section. In a final section, the main findings and their policy implications are summarized.     

Challenges of the Euro

Intereconomics - „The lesson from previous episodes of trade reform is in part a story of political framing as well as a story of compensatory deals. Countries can calculate that they might...