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.     

Does a weak Euro signify poor competitiveness of the Euro zone?

The pronounced decline in the euro’s exchange rate since the currency’s launch at the start of 1999, especially against the US dollar, has rekindled the discussion surrounding the competitiveness of the euro zone. This marks quite a shift of focus within just a short period. When the new monetary union came into being, the emphasis was on the increased significance of the corresponding economic zone, given its economic muscle and its prominent position on world markets. This was taken to indicate that the EMU economies were highly competitive. On the other hand, the drop in the euro’s value since its launch is said by many to reflect a poor competitive position. This article will examine some possible explanations for the depreciation of the euro against the dollar, focussing on the competitiveness of the euro zone, particularly relative to the USA, by applying selected indicators.     

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.     

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.     

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...     

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.     

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...     

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.     

Move in the market without moving the market

CheMatch是化工行业第三方网站中颇具代表性的一家.它是全球最大的石化在线交易市场之一.CheMatch.com是由8家战略投资者共同设立的,包括杜邦、拜耳和通用塑料三家化工行业巨头,大型船运公司和其他风险投资商.     

Northwest：Enjoy the Comforts in the Sky

Northwest Airlines is the world‘s fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam and more than 1,500 daily departures. With its travel partners, Northwest serves nearly 750 cities in almost 120 countries on six continents. In 2002, consumers from throughout the world recognized Northwest‘s efforts to make travel easier. A 2002 J.D. Powers and Associates study ranked airports at Detroit and Minneapolis/St. Paul, home to Northwest‘s two largest hubs, tied for second place among large domestic airports in overall customer satisfaction. Readers of TFG Asia and TFG China named Northwest “Best North American airline.”     

Northwest: Enjoy the Comforts in the Sky

Northwest Airlines is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam and more than 1,500 daily departures. With its travel partners, Northwest serves nearly 750 cities in almost 120 countries on six continents. In 2002, consumers from throughout the world recognized Northwest's efforts to make travel easier. A 2002 J.D. Powers and Associates study ranked airports at Detroit and Minneapolis/St. Paul, home to Northwest's two largest hubs, tied for second place among large domestic airports in overall customer satisfaction. Readers of TTG Asia and TTG China named Northwest "Best North American airline."     

Who Will Trigger the Bomb of Price in the Auto Market in 2003 in China?

Despite China's auto market is till immersed in the afterglow of its "great eruption of oil well," as if every model of cars, costing a high price or low price, would all sell well on the market, yet it can be predicted that the year 2003 will, no doubt, be a year of price for China's auto industry. As soon as a big equivalent "bomb of price" would blow off in the beginning of the year, the pricing in China's auto market is sure to go through a sweeping reshuffle, and an effect of the theory of domino is inevitable to follow. No wonder, the market will be shaken by a price downslide of some key model of car produced by a solid-founded enterprise, with a drastic price down of RMB50000 for each car!     

Heart in China, Goal in the World

Founded in December 1988, Xiamen King Long United Automotive Industry Co., Ltd. is one of the joint ventures with the longest history in coach manufacturing industry. With the product policy of ＂full product category, high performance/cost ratio and fast development of new products＂, King Long has taken up a leading position among domestic coach manufacturers in the largest coach market in the world, as well as developed high technical contents passenger bus products one generation after another. In June 2004, with the brand value of RMB4.908 billion, ＂King Long Coach＂ was listed as one of China＇s 500 Most Valuable Brands released by World Brand Lab.     

Heart in China,Goal in the World

Targeting the Middle East market, King Long developed the 12-meter large luxury buses for pilgrimage and received favorable praises.     

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：