Euro auf Bewährung

2011 war das Jahr der Krisengipfel, die es jedoch kaum vermocht haben, das verloren gegangene Vertrauen in die W?hrungsstabilit?t und die Schuldentragf?higkeit der Euro-Mitgliedstaaten wiederherzustellen. 2012 kann als Jahr der Bew?hrung angesehen werden, in dem sich das Schicksal der europ?ischen Gemeinschaftsw?hrung entscheiden k?nnte. Michael Heinrich diskutiert verschiedene Auswege aus der Krise.     

Welcher Euro wird überleben?

Auf ihrem letzten Gipfeltreffen Ende M?rz haben die europ?ischen Staats- und Regierungschefs einen Europ?ischen Stabilisierungsmechanismus für die Zeit nach 2013, eine Sch?rfung des Stabilit?ts- und Wachstumspaktes und einen Euro-Pakt-Plus beschlossen. Dies soll dazu führen, dass die Wirtschaftspolitik der Eurol?nder besser koordiniert wird. Der Autor ist allerdings skeptisch, ob eine gelenkte Koordinierung die richtige Strategie ist. Für die L?sung der europ?ischen Probleme h?lt er den Marktmechanismus für geeigneter.     

Ist der Euro jetzt gerettet?

The paper analyses the German Federal Constitutional Court??s ruling on the ESM Treaty and the Fiscal Pact in the framework of the interim measures and provides an outlook on the decision in the main action. The material scope of the judgment and the standards of review are identified as well as the possible effects on the political scope of further euro bailout policy. The current crisis does not allow sufficient time for making the required changes to the EU treaties and to the German constitution. In view of the expected decision on the monetary policy strategy of the ECB, legal and economic aspects are considered, and the role of the central bank is critically reflected.     

奥美与Euro赢得东风标致比稿

8月12日,广告大户东风标致进行了竞争激烈的比稿,10家广告公司参与了此次竞标。最终结果是：Euro拿到线上业务,北京奥美行动拿到行动营销业务,OgilvyOne拿到数字战略业务。北京奥美行动因此获得了第一个汽车客户,奥美行动将展开一系列市场活动帮助东风标致调整在大陆零售市场战略。代理公司的业务总监兼执行合伙人ArthurYu说：     

The Euro Illusion in Consumers’ Price Estimation: An Italian–Irish Comparison in the Third Year of the Euro

The euro illusion is a transient phenomenon that consists of currency-related asymmetries in the intuitive judgment of product prices made by consumers. The results of a cross-country study in the third year after the introduction of the euro show a strong price estimation asymmetry in a country with an extreme exchange rate (Italy) and a weaker effect in a country in which the nominal values of the new and the old currency are much closer (Ireland). These results rule out proposed explanations of the euro illusion in price estimation that assume the sole influence of plausible anchors (reference prices stored in memory within the plausible price range), supporting instead accounts also endorsing the role of implausible anchors (reference prices outside the plausible price range). Beyond contributing to our theoretical understanding of the euro illusion, this research starts to unveil the interplay between structural factors (i.e., the currency exchange rate) and psychological mechanisms that produce long-lasting difficulties for consumers after a monetary changeover.

Konjunkturschlaglicht: Slowenien—Fit für den Euro

HWWA-FORUM

Konjunkturschlaglicht: Slowenien—Fit für den Euro     

The Euro Area in Between Crises? Considerations on Fiscal Policies and Rules

Intereconomics - Credibility of the revised fiscal rules will be crucial so that vulnerable countries can benefit from confidence effects. National ownership will be key in that respect and can be...     

Steering the Unsteerable? Aggregate Fiscal Stance and Spillover Effects in the Euro Area

The concept of aggregate euro area fiscal stance and the underlying assumption of significantly positive cross-country fiscal spillovers is a highly debated topic. The European Commission seems intent on using this concept as a basis for introducing top-down coordination of European fiscal policies. This article argues that the spillover effects of fiscal impulses in one country to the rest of the euro area would be rather limited. Introducing fiscal top-down coordination would require a substantial shift of political competencies from member states to the European level. A discussion of potential changes to the current fiscal framework would need to be part of a wider debate on the future of the European Economic and Monetary Union.     

How Can European uses and Consumers Have Confidence in the Euro? Six Socio-Economic Hypotheses

Chronologically speaking, greater European unity is being established through the introduction of a new monetary and financial instrument. However, this does not mean that the arrival of the euro should be seen as a merely technical operation.The phasing out of national currencies and the acceptance, both intellectual and pragmatic, of a common monetary unit shared by a number of different societies is no simple matter, even in times of peace. The identification and analysis of the major categories of obstacles encountered and of concerns voiced by different groups and populations should guide the different governments in their choice of policies to accompany the transfer to the euro, with attention focused on the most economically, socially or physically isolated individuals. By taking account of the psycho-sociological impact of this monetary changeover, the political authorities will ensure that the spheres of information, communication and "education" are not left entirely in the hands of the commercial and financial institutions.Each citizen will need to build up a feeling of trust with respect to the euro, to learn how to use this new monetary code by creating a new scale of prices and a new set of monetary references. The adaptation phase, whose length will vary for each individual and in each country, will need to be specifically adapted to suit particular national, regional and even local characteristics.     

The Stabilising Role of US Federal Fiscal Institutions — What Lessons for the Euro Area?

The classic argument for a euro area “fiscal capacity”, understood in this contribution as a centralised fiscal stabiliser, revolves around the need to dampen the effects of asymmetric shocks. According to those preaching this conventional wisdom, a common fiscal stabiliser designed along the lines of the US federal fiscal system would have stabilised incomes in member states hit the hardest, thereby avoiding the divergence that has unfolded in the aftermath of the financial crisis between the South, led by Italy and Greece, and the North, led by Germany and the Benelux countries.     

中国汽车安全技术进步的一座丰碑——吉利帝豪EC7首获Euro NCAP四星评价

2011年11月23日,欧洲新车安全评价组织(Euro New Car Assessment Program,简称Euro NCAP),在其官方网站上发布了2011年最后一期新车安全评价结果,其中最引人瞩目的是来自中国"土生土长"的汽车品牌吉利帝豪EC7(GEELY EMGRAND EC7),一举取得了安     

Correction: The Bill,Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro

Intereconomics - In the article “The Bill, Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro” by Marc-Peter Radke and Manuel Rupprecht in...     

在人人沉浸于科技时,我们迷失了吗？——访BETC Euro RSCG总裁兼执行创意总监Stephane Xiberras

Stéphane Xiberras,他从当一个撰稿人开始了其职业生涯。在1999年,他作为一名创意总监加入了BETC,在BETC他不但负责了像麦当劳,Loto,标志等重要客户,而且也被授予负责像CANAL＋这样的客户的权力,