Monetary Union

In: Business and Management

Submitted By fykjata
Words 368
Pages 2
Европейският паричен съюз или с други думи „Еврозоната“, представлява група от страни-членки на Европейския съюз, които са приели еврото за своя официална валута. Идеята за единна валута в рамките на европейската интеграционна общност датират от 70-те години на 20 век като част от плана Вернер, но стават реалност като съставна част от плана Делор – план за изграждане на Икономически и валутен съюз и Единен вътрешен пазар. На 1 Януари 1999 год. обменният курс на валутите на 11 от 15-те членки на Европейския съюз бива фиксиран към еврото, като от тази дата всички банкови операции се осъществяват в тази валута. През 2001 год. Гърция също се присъединява към Еврозоната и приема за официална валута еврото. На 1 Януари 2002 год. в обръщение влизат първите евро монети и банкноти, което слага край на съществуването на националните валути на страните-членки на Европейския паричен съюз.
Към 2013 година Еврозоната се състои от 17 държави-членки на Европейския съюз (Монако, Сан Марино и Ватикана), представлявани от финансовите си министри, както и президентът на ЕЦБ и вицепрезидентът на Комисията по икономическите и паричните въпроси. Понастоящем председател на Еврогрупата е Йерун Дейселблум.
Предимства на функционирането на единна валута
1. Единната валута премахва необходимостта от извършване на обмяна между валутите на страните-членки на Еврозоната. По този начин се премахват и разходите за арбитраж – таксите, комисионните и маржовете между курс купува и курс продава или с други думи реализиране на разходни икономии. В допълнение, горепосоченото обстоятелство изравнява условията за конкуренция на единния вътрешен пазар.
2. Появата на еврото елиминира валутния риск – рискът, който може да възникне поради колебанията на курсовете на валутите. Логично, еврото премахва и разходите за застраховка от колебания на валутните курсове.
3. Еврото осигурява ново равнище на…...

Similar Documents

The Rising Tide of Monetary Unions

...Accession into a monetary union has implications that reach far below the surface of the requirements outlined by a simple agreement or membership criteria. While there are undeniable benefits to some member states, great sacrifices must be made before, during, and after the integration process which eventually render a nation powerless over its monetary policy. Currently, every European nation is faced with the question of whether to join European Monetary Union; however, the eagerness with which new member states join is paralleled by the resistance of several holdouts to adoption of the common currency. With the unprecedented growth rate of the Euro-zone over the past decade and the number of nations currently making the required policy adjustments, core members need to be aware of the motivating factors fueling the growth in the number of new member states. The European Union is experiencing an adverse selection scenario in which nations seeking increased stability are willing to make the sacrifices that membership entails while the redistributive effect of wealth from existing to new relatively poorer member states is an implicit benefit of the current system. When Paul Henri Spaak of Belgium, Christian Pineau of France, Joseph Luns of the Netherlands, Antonion Segni from Italy, Joseph Bech from Luxemburg, and Konrad Adenauer from the Republic of Germany signed the Treaty of Rome in 1957 creating the European Economic Community(EEC), their long-term objective was......

Words: 5031 - Pages: 21

Union or Not Union

...Union or unionized companies are businesses that hire employees that belong to a union, a legal organization that represents the employees and manages, at least in part, the hiring process. There are different types of unions, based on the industries they work within, and companies that work with unions have several common qualities that differentiate them from businesses that do not use unions. 1. Rules and Guidelines ◦ Unions are responsible for creating many different rules in the industries they are a part of. Some of these rules apply to employees and the training they must go through, but many also apply to the companies that hire union workers. These companies must provide workplaces that promote worker safety and health. Of course, good companies will work toward these aims anyway, and state or federal governments have their own safety rules. But unions often add extra guidelines to make sure that workers will not be mistreated or put in danger.

 2. Compensation ◦ Union workers, on average, are paid more than employees who are not part of unions. This means that union companies must expect to pay more in compensation. Many companies balance this by offering fewer benefits to employees, but only up to a point; most unions also require companies to offer certain benefits, such as health insurance. This is one reason that unions are popular among employees, and it is also a key point of negotiation between companies and unions.

 3. Pricing ◦ In general, companies...

Words: 289 - Pages: 2

Monetary

...the internet and digital stored value systems. Electronic Funds Transfer (EFT), direct deposit, digital gold currency and virtual currency are all examples of electronic money. Electronic money is an online representation, or a system of debits and credits, used to exchange value within another system, or within itself as a stand alone system. Main focuses in electronic money development are being able to use it through a wider range of hardware such as secured credit cards and to be able to linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations (PayPal). The Bank for International Settlements (BIS,1996), has defined electronic money as the monetary value measured in currency units stored in electronic form on an electronic device in the consumer's possession. The initiation of electronic money in the Malaysian context is including electronic purse initiatives such as MEPS cash and stored value cared such as Touch ‘n Go cards. The first attempt at electronic money implementation in Malaysia was in 1999 with the introduction of MEPS cash in the Klang Valley. The initial response was not encouraging at all. The facilities to reload the cards with cash was limited, the outlets where MEPS cash was accepted was also few in numbers. However, the situation is quite different today where almost every ATM machine in the country is equipped with the ability to reload MEPS......

Words: 1671 - Pages: 7

Monetary Policy

...treated the monetary policy of USA and Europe, what institutions they have and what the objectives are. It will be compared the first one with the second one. On the second part of this report, it will speak about the last news about raising the legal limit of USA debt and how this affects to the rest of the world. Finally, when the each monetary policy is clear, it will be given my own opinion. First of all, it should start defining what monetary policy is: Monetary policy is a central bank’s use of either the money supply and/or interest rates to influence economic activity (Froyen, Richard (2009). Macroeconomics Theories and Policies. Pearson Prentice Hall). Monetary policy is run by the Federal Reserve in the United States and by the European Central Bank (ECB) in Europe. The mean objective of the first institution is to insure price stability and full employment; meanwhile, for the second one is price stability. They are the responsible institutions for issuing Money. The ECB focus on price stability because, accordingly with this institution, it cannot control anything more. However, I do not believe that. Everything is linked and, by economics decisions (interest, taxes…), is possible to change different variables which influence, for example, the employment. Even so, it is true that the ECB have in consideration the employment and a sustainable and non-inflationary growth. The European Central Bank by fixing interest rates in the short-term, monetary policy......

Words: 341 - Pages: 2

Unions

...creation of Unions……………………………………………………………….…………6-7 Pros and Cons of Union Membership…………………………………………..…………….....7-9 Today’s need for Unions ……………..…………………………………………………..…...9-10 Conclusion ……………………………………………………………………………………....10 References ……………………………………………………………………………………….11 Abstract This paper will examine whether or not there exist a current need for labor unions. ? During the 1700’s to early 1800’s, men, women, and children were treated to unbearable working conditions, low wages, and long hours. Over time the workers became fed up of the abuse and decide to unite and make changes. This change resulted in the creation of labor unions. Through, the creation and use of these unions, workers have enjoyed perks such as 40 hour work days, certain benefits and better working conditions. Over the years, the labor force has undergone multiple changes. Laws were enacted to protect employees and hold employers accountable for their abuse of personnel. With the creation and passing of the multiply employment laws, one must ask, does the need for unions still exist? Do they still serve a function or have they out served their purpose? You may associate the names Ronald Reagan, Susan B. Anthony, and Melissa Gilbert with acting, the Civil Rights movement and the presidency of the United States. However, all three individuals had one thing in common. At one point in their lives, they were union......

Words: 2898 - Pages: 12

Unions

...Legislations That Shaped Labor Unions For centuries, the divide between laborers and their controllers have come with a high price. From wealthy farmers to corporate presidents, their subordinates have had to work hard to achieve their personal goals and that of employers. At times, employees have been exploited by working outrageous hours under horrible conditions for a measly pay. Such abuse was absorbed by the needy and continued for years, until the government stepped in and demanded labors to be implemented. Such laws gave the rights and freedom that many were looking for in order to work stable hours and for reasonable pay. Like many laws, it took time and effort but such laws came to fruition by legislations such as The Wagner Act, The Taft-Hartley Act, and the Civil Rights Act of 1964. The Wagner Act, also known as The National Labor Relations Act of 1935, is the foundation for all unions that are now in existence in the United States. Prior to The Wagner Act, employees had no say as to whether or not they wanted to come together and agree on proposals for better and healthier work environments by being represented by unions. The Wagner Act gave employees the ability to work together, unionize and designate employee representatives that would be the voice of the employees when it came to collective bargaining (Department of Labor (DOL), 2014). This act specifically required employers to bargain in good faith over mandatory bargaining issues such as wages, hours,...

Words: 1636 - Pages: 7

Unions

...ABSTRACT Unions were formed because of the less than human treatment, implorable working conditions, and slave labor maneuvers that employers used to run their company and handle their employees. Labor unions have been considered by many to be an organization that defends and helps the working class people in America. Introduction A Union is constituted by a group of workers who link together to create a strong partnership against the company they currently are employed by. These partnership are created so that these groups of workers will have the requirements to quietly negotiate with their employers for better and safer working conditions, equal opportunity in the place of work regarding salaries and health benefits, and outstanding rights regarding discrimination due to religion, race, disability, sexual orientation, and other discrimination. Late in the 1800’s unions originated and took shape, nevertheless Unions became influential in the early 19th century. Unions had a significant influence on passing laws protecting children that had to work. These laws made sure that children would not be able to work with any type of machinery (heavy), would not work long hours, and that at least they got paid minimum wage. Additionally, unions worked to have workers reduced their demanding 12 hour shifts and reduce them to an 8 hour shifts. Every influential union, permits workers to negotiate in opposition to the company they worked for and use the following tools......

Words: 2303 - Pages: 10

Monetary

...MONETARY POLICY 1.GREETINGS & TOPIC Good afternoon everyone. My name is Candy and this is my partner Carrie. Today we are going to introduce a topic of monetary policy. 2. OUTLINE For the beginning, let me introduce our presentation outline. Our presentation is included 7 sections. Firstly, I will introduce the definition of monetary policy. Then, I’m going to talk about the justification which is why we choose this topic. After that, I will present the category of monetary policy which a EMP and CMP. For the next part, I will hand over to Carrie, she will present what are the objectives and tools of monetary policy. Then, Carrie will continue to give us a conclusion. At the end of our presentation, there will be time to discuss questions. Now let’s get started. 3.DEFINITION First of all, I will talk about, what is monetary policy. Monetary policy has been defined by many scholars, and most of them have the same understanding. So here, I cite one of the definition which is presented by Senn(1999,p 339), he defines that monetary policy is the actions of a central bank which involves management of money supply and interest rate to guide healthy economic growth and to achieve macroeconomic objectives. I want to point out that all the actions of policy are executed by the central bank or a set of banking system which closely connect with the central bank. They have the right to publish money, to change the supply and demand of money and......

Words: 1027 - Pages: 5

Why the European Monetary Union Is so Controversial

...According Balassa (1962) there are five stages of economic integration: the free trade area, the customs union, the common market, the economic junction and the complete economic integration. The European Union is on the penultimate stage, which is the economic union. The objective of this essay is to know more about the European monetary union and other touch points that are to be the EMU, the process, countries belonging to the European Union but not part of the EMU and its reasons. Economic union is a common market that removes restrictions on trade between countries. The currency is the same and a central authority controls fiscal policies. It has a single currency and monetary policy. The objective of this stage is that members actually are formed as one nation and its features are a common fiscal common currency, harmonized tax rates, the pooling of foreign exchange reserves, and monetary policy. (Cerdeira, 2009) The EMU is a major step in the integration of the economy of the European Union. It involves the coordination of economic and fiscal policy of the same coin policies, some countries took the next step to the next stage and adopted the euro as its currency, and these countries are part of the euro area. (EC, 2014) " One Market, One Currency " is what the European Commission defined as a geographical area where the economy is a single currency and where risks can be managed and has flexibility among country. This would make cuts of a country being......

Words: 1912 - Pages: 8

Unions

...chapter provides a brief background of the Zambia National Union of Teachers (ZNUT) and the genesis of teachers’ education on the effectiveness of grievance handling procedure in ZNUT. It begins by looking at the history of the Zambia National Union of Teachers and later it discusses the beginnings of teachers’ education of grievance handling procedure in the teacher union. Other items covered are the statement of the problem, the purpose of the study and the significance of the study. Lastly, the chapter further covers limitations of the study, delimitation of the study, operational definitions of terms and finally the organisation of the study. 1.1 Brief Background of Zambia National Union of Teachers (ZNUT). ZNUT was formed in 1950 when it was then called Northern Rhodesia African Teachers Association (NORATA). There is dearth of information on workers’ education training programmes for teachers during the period of (NORATA). In 1962, the name then changed to Northern Rhodesia Africa Teachers Union (NORATU). Similarly, there is dearth of information regarding workers’ education during the period of (NORATU). In 1964 again the name changed to Zambia National Union of Teachers (ZNUT) and the recognition agreement was signed between ZNUT and the Ministry of Education (ZNUT 2006). ZNUT is affiliated to the largest Teachers’ and Educational Personnel Union in the world. In 1995, as an affiliate to the Educational Personnel Union, ZNUT sent representatives to attend an......

Words: 2827 - Pages: 12

Monetary Economics

...What is Monetary Stability? According to the Bank of England, monetary stability, also referred to as financial stability, refers to stable prices and currency confidence attained by the monetary policies of the central bank. Stable price comes as a result of inflation control. Monetary stability is important in maintaining sustainable economic growth. For this to be possible, economics agents must be confident in the continuance of a stable monetary value in the economy. This requires that the purchasing power of money be maintained and that money continue to perform its main functions through time. This translates into low and stable interest rates, which is an important factor for stimulating investment and capital accumulation and facilitating savings decisions and portfolio allocation. (Bini Smaghi, 1993). Exchange rate stability can be defined in nominal or in real terms, i.e. with respect to the rate of exchange between two currencies or their relative purchasing power. When examining the impact on economic activity, it is the latter definition which matters, while the former is relevant only to the extent that it affects the latter. The effect of real exchange rate instability on economic activity depends on the degree of openness of an economy. This needs to be measured in terms not only of the country's trade in goods and services with the rest of the world but also of its ability to influence relative prices. For instance, the absence or removal of......

Words: 516 - Pages: 3

International Financial Markets: European Monetary Union

...analyse the current state of the European Monetary Union. The European Monetary Union or the European Economic and Monetary Union (EMU) is the successor to its predecessor: The European Monetary System, and attempts to deliver an economic system which is unified and cohesive for all the members of the European Union. Perhaps the most notable and drastic change implemented under this systematic collection of policies is the adoption of the Euro currency over the national currencies of the member states out of which only the United Kingdom and Denmark have chosen to not follow in the footsteps of their fellow member countries. The European Monetary Union is essentially a complex but involved coordination of a common monetary policy amongst all members of the European union, accommodating fiscal and economic policies and most notably the currency common to all members, the Euro. This decision to form an exclusive and unified front was undertaken in December, of 1991, in the city of Maastricht in Netherlands and was later more firmly integrated in the Maastricht Treaty on the European Union. It has been designed as a tool to implement the full economic integration of the European Union and to complete the integration as one system, which started in 1957. Through this integration, the European Union hopes to gain the benefits of having a larger sized failsafe net, internal and cohesive efficiency combined together with the European Monetary Union, it would provide a robust......

Words: 2658 - Pages: 11

Union

...collectively.” “Theoretically, the rationale for unionisation appears sound. However, in practice, ensuring the solidarity of workers and controlling the supply of labour is problematic.” (Finnemore, 2013). Based on the statements above, present a detailed discussion on trade unions. Your discussion should include reasons why employees join trade unions, goals on trade unions, trade union structure and organisational effectiveness and closed shop and agency shop agreements. Darryl John Iyaloo Human Resource Management 311 (BBA) 28 April 2016 ABSTRACT This paper provides a detailed discussion on the South African Trade Union Movement. Using the case study of The Marikana Fallout, this paper will attempt to unpack why employees join trade unions, goals of the trade unions, trade union structure and organisational effectiveness, closed shop and agency shop agreements. 1. Introduction 2. The South African Trade Union Movement: A Brief History 3. The Case of The Marikana Fallout 4. The Reasons Why Employees Join Trade Unions 5. Goals Of The Trade Unions 6. Trade Unions Structure and Organisational Effectiveness 7. Closed Shop and Agency Shop Agreements 8.1 Closed Shop Agreements 8.2 Agency Shop Agreements 8. Conclusion 9. References 1. Introduction As an upper middle-income country within Africa and the continent’s largest economy,......

Words: 3906 - Pages: 16

Union

...Name of the Organization: United Auto Workers Union Brief background information Aside from the union that employs almost half the employees of the company I’m currently employed by, the only other union I am aware of that is still unionized is the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). The UAW website classifies the Union as "one of the largest and most diverse unions in North America, with members in virtually every sector of the economy. It represented workplaces ranging from multinational corporations, small manufacturers and state and local governments to colleges and universities, hospitals and private non-profit organizations". What's more, the Union "has more than 390,000 active members and more than 600,000 retired members are in the United States, Canada and Puerto Rico". (UAW, 2012) Legal issues and obstacles that this organization could encounter In the beginning years of the union, the union was faced with work stoppages and strikes. These occurrences affected the output of a company, the worker’s salary and the economy in general. Determine which federal, state, or local laws could be broken because of these legal issues and why. Laws violated by wildcat strikes and work stoppages: The Norris–La Guardia Act (also known as the Anti-Injunction Bill) was a 1932 United States federal law that banned yellow-dog contracts, prevented federal courts from issuing injunctions......

Words: 781 - Pages: 4

Unions

...Unions Fay Stewart Human Capital Management HRM/531 February 28, 2012 Dennis Heins Unions Unions began to form in the United States in the mid-19th century. During this time unions were seen as criminal that engaged in violence and vandalism. Two centuries later, unions are seen as a force for employees receiving what is just due. In 2011 Wisconsin Governor Scott Walker introduced a bill that became law to strip public workers of some or all of their collective bargaining rights. Unions have many benefits and the process to become unionized is long. Once a union is established they will use collective bargaining to assist their members in receiving a labor contract. The relationship between the union and employer is a continuous process. Wisconsin Public Workers The State of Wisconsin public workers unions came in to fire when Governor Scott Walker took office. Walker campaigned on fighting for the everyday normal residents; the people who do not have a taxpayer supplied union mechanism. Governor Walker took notice that Wisconsin and other states have public employee pension plans that have escalated out of control and the disruptions to the governments it has and will cause in the form of fiscal damage. Wisconsin’s budget problems started when a series of tax cuts began in 2003 and in 2011 bills passed to provide additional tax cuts and deductions for businesses. Tax cuts have led to a budget shortfall, which led to the Governor introducing the Budget......

Words: 1468 - Pages: 6

The Night Manager | Campark Sports Camera WiFi HD 4K Action Cam TouchScreen 20MP Video Helmet Camera | Funko Pop! Make-a-wish Metallic Superhero Freddy Funko *confirmed Shipping*