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The enlargement process, the creation of the Monetary Union and the need to promote further the political and economic integration of Europe have ignited an intense debate at the European level among researchers and policy-makers. Examining the effects that political, legal, and regulatory institutions have on economic development, this book provides new contributions on the political economy of the European constitution. It covers many issues including social protection, fiscal reform and regional policies that are on the table of European policy makers. Furthermore, it provides ideas and analysis of such issues as the problem of voting reform, the centralization and decentralization of the policy process and the allocation of new policy prerogatives at the EU level which are crucial for the design of a new European constitution.
Finland has transformed itself from an agriculture-based economy into one of the leading knowledge-based economies. Aiming to provide valuable lessons for other countries, the book presents key policies, elements, initiatives and decisions behind Finland s transformation into the Knowledge Economy of today.
This book brings together the experience of central banks and national statistical agencies in countries that focus their monetary policy on inflation targets. Inflation targeting has led to a close interface between these two sets of institutions. When the performance of a central bank is measured in terms of specified price indices, which are usually compiled and disseminated by the national statistical agency, the role of national statistical agencies becomes central to the credibility of monetary policy. Data needs and uses have also shifted, with implications for national and international statistics compilation: market data have gained in importance; less emphasis is placed on traditional monetary aggregates; and greater attention is paid to timeliness, adherence to sound economic accounting standards, and other aspects of data quality.
This book seeks to analyse the development of the European Union (EU), which was founded upon the principle of the free movement of capital, goods, services and people in 1957. Its central thesis is that, from a practical and theoretical point of view, such a basis is fundamentally at odds with the creation of an interventionist regime that the construction of a social Europe would require. The authors argue convincingly that - economically: the EU does not currently possess the budget or the economic tools to pursue such a strategy; politically: close to none of the institutions of the EU have backed such a policy; practically: conservative and neo-liberal forces (among member states and th...
This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or ratio...
The book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading. EAEPE Newsletter Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy. László Csaba, Acta Oeconomica This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU s budgetary framework by explor...
During the twentieth century the financial sector became possibly the most regulated area of the economy in many advanced and developing countries. The interwar years represented the defining moment for the escalation of governments' intervention, turning the State into the core of financial systems in its capacity of regulator, supervisor or owner. The essays in this collection shed light on different aspects of the experience of financial regulation, ownership and deregulation in Europe and the USA from a secular historical perspective. The volume's chapters explore how the political economy of finance changed in the nineteenth and twentieth centuries and how such changes were related to s...
This book provides a comprehensive understanding of Germany's economic performance at the turn of the twenty-first century. The period under observation and analysis stretches from Germany's unification in 1990 over the death of the German Mark to first experiences with the Euro, with particular attention given to East Germany.
In order to develop a suitable framework for the analysis of the European Court of Justice (ECJ) case law, it is first analysed what significance, if any, the concept of 'sovereignty' has in the contemporary supranational environment of the European Union. All too often, tax scholars equate 'sovereignty' with the concepts of 'competence' or 'jurisdiction'. It will be established in this thesis that a much more specific and higher-level meaning is to be attributed to the 'sovereignty' concept, which goes beyond the strictly legal concepts of 'competence' or 'jurisdiction'. The cornerstone of this thesis, however, is an extensive analysis of the case law of the ECJ in direct tax matters, including a comparison with its non-tax case law. A new kind of methodology is used in discussing the cases: they are categorized according to whether a discrimination - or a restriction - based analysis was applied by the ECJ.
During the current economic crisis recurring questions on the validity of the liberal economic system have resurfaced concerning the role of the state and the free market, the proactive use of fiscal policies, economic nationalism, and environmental sustainablity. This volume covers this subject.