...Financial Crisis in the European Union: The Cases of Greece and Ireland Sara F. Taylor Thesis submitted to the faculty of the Virginia Polytechnic Institute and State University in partial fulfillment of the requirements for the degree of Master of Arts in Political Science Scott G. Nelson, Chair Karen M. Hult Deborah J. Milly September 7, 2011 Blacksburg, Virginia Keywords: EUROPEAN UNION, EUROZONE, GREECE FINANCIAL CRISIS, IRELAND BANKING CRISIS, EUROPEAN CENTRAL BANK Copyright 2011 Sara F. Taylor Financial Crisis in the European Union: The Cases of Greece and Ireland Sara Frances Taylor ABSTRACT The 2008 eurozone financial crisis has only worsened as of summer 2011 raising questions about the economic future of the eurozone and sending shock waves through economies around the world. Greece was the first state to receive a bailout from the European Union and the International Monetary Fund, surprisingly followed only six months later by Ireland. The goal of this thesis is to analyze the challenges posed to smaller, weaker economies within the eurozone, specifically Greece and Ireland, since the recent eurozone financial crisis. This study is based on the experiences of both Greece and Ireland as very different members of the single currency. How and why did these states meet the criteria for euro convergence? To what extent was there support for the euro in both countries in the past? To what extent is there support today after the near collapse...
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...Study and Research Skills Immigration to the European Union An issue or a solution? Polet Boglarka Julianna HPA8B6 BA in International Business, year 1 07\11\2013 Table of content Introduction…………………………………………………………………………………………… pg3 1. Immigration…………………………………………………………………………………………… pg3 2.1 What is migration?..............................................................................................................pg3 2.2 Reasons for migration……………………………………………………………………………pg4 2.3 European Policy about migration…………………………………………………………pg7 2. Immigration: Costs and Benefits………………………………………………………………..pg8 3.4 Analyze of the social-economic and political effects on the EU by migration ………………………………………………………………………………………………………….pg 8 3.5 Cost and Benefit Table………………………………………………………………………pg10 Conclusion……………………………………………………………………………………………...pg12 Introduction Migration is an actual...
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...and Answers Summary The European Union (EU) is a political and economic partnership that represents a unique form of cooperation among sovereign countries. The Union is the latest stage in a process of integration begun after World War II, initially by six Western European countries, to foster interdependence and make another war in Europe unthinkable. Today, the EU is composed of 27 member states, including most of the countries of Central and Eastern Europe, and has helped to promote peace, stability, and economic prosperity throughout the European continent. The EU has been built through a series of binding treaties, and over the years, EU member states have sought to harmonize laws and adopt common policies on an increasing number of economic, social, and political issues. EU member states share a customs union, a single market in which goods, people, and capital move freely, a common trade policy, and a common agricultural policy. Seventeen EU member states use a common currency (the euro). In addition, the EU has been developing a Common Foreign and Security Policy (CFSP), which includes a Common Security and Defense Policy (CSDP), and pursuing cooperation in the area of Justice and Home Affairs (JHA) to forge common internal security measures. EU member states work together through common institutions to set policy and to promote their collective interests. Key EU institutions include the European Council, composed of EU Heads of State or Government, which acts as the...
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...Running head: CASE STUDY 4 FINAL ESSAY Jessica Miller CJ430 Conflict Management March 4, 2012 CASE STUDY 4 FINAL ESSAY 1 What is this world all about? Is it the money, power, fame, intellect or politics? If you ask me, I believe that in terms, it is all the above. If you have a lot of money, which it basically says “money talks and bull crap walks” and to be power and politics goes hand in hand. There isn’t one without the other. This world that we live in today is all about politics, where it seems that you have to bend over and kiss butts just to get by or to keep your job. In order to get this or that in life, sometimes you have to know the “right” people in “higher” places. It’s not right but unfortunately that is how it is. With politics, comes along with conflicts. There are debates when it comes down to it. During the Presidential campaigning, there are debates between two people address the nation with a lot of problem solving concerning the issues of the world. One party is stating what they believe that is better for the world while the other party will beg the difference. Both parties will make each other out to be liars but in all reality, Politian’s are just that; liars. Debates are great to have to know which party will win, back down and which party will get caught up in a lie. My all time favorite of listening to Politian’s is that when they are debating, they will refuse to answer a question and will...
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...Greece and other Euro Area countries and the response of the national authorities, the EU institutions (including the ECB) and the IMF. We use economic and political economy perspectives and consider both positive and normative aspects of the crisis and the policy responses. Authors: Willem H. Buiter Chief Economist Citigroup Citi Investment Research and Analysis Citigroup Centre Canada Square, Canary Wharf London E14 5LB, UK Phone: +44 (0) 20 7986 5944 PA Phone: + 44 (0)20 7986 3213 Fax: +44 (0) 7986 3221 Mob: +44 (0)7540961927 Skype: willemhbuiter Web: http://www.nber.org/~wbuiter Ebrahim Rahbari Economist, Citigroup Citi Investment Research and Analysis Citigroup Centre Canada Square, Canary Wharf London E14 5LB, UK Phone: +44 (20) 7986-6522 Fax: +44 (0) 7986 3221 Key Words: Sovereign default, fiscal sustainability, bail-out, Euro Area JEL Classification: E42, E44, E58, E62, E65, G01, H62 2 1. Introduction The saga of the Greek public finances continues. But this time, Greece is not the only country that suffers from doubts about the sustainability of its fiscal position. Quite the contrary. The public finances of most countries in the Economic and Monetary Union (EMU) are in a worse state today than at any time since the industrial revolution, except for wartime episodes and their immediate aftermaths. And the problems are not confined even to the Euro Area (EA), but extend to EU member states not in the EA, like the UK and Hungary, and to Japan and the USA. This...
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...Local Economy http://lec.sagepub.com/ The euro crisis Andrew Jones Local Economy 2011 26: 594 DOI: 10.1177/0269094211421748 The online version of this article can be found at: http://lec.sagepub.com/content/26/6-7/594 Published by: http://www.sagepublications.com On behalf of: London South Bank University Local Economy Policy Unit Partner Organisation: Centre for Local Economic Strategies Additional services and information for Local Economy can be found at: Email Alerts: http://lec.sagepub.com/cgi/alerts Subscriptions: http://lec.sagepub.com/subscriptions Reprints: http://www.sagepub.com/journalsReprints.nav Permissions: http://www.sagepub.com/journalsPermissions.nav Citations: http://lec.sagepub.com/content/26/6-7/594.refs.html >> Version of Record - Nov 17, 2011 What is This? Downloaded from lec.sagepub.com at UNIV OF GUELPH on November 17, 2013 Review article The euro crisis Andrew Jones Local Economy Policy Unit, London South Bank University, UK Local Economy 26(6–7) 594–618 ! The Author(s) 2011 Reprints and permissions: sagepub.co.uk/journalsPermissions.nav DOI: 10.1177/0269094211421748 lec.sagepub.com ´ ˜ Marco Buti, Servaas Deroose, Vıtor Gaspar and Joao Nogueira Martins (eds), The Euro: The First Decade, Cambridge University Press: Cambridge, 2010; 1048pp: ISBN 978-9279098420, £95 (hbk); Roy H. Ginsberg, Demystifying The European Union: The Enduring Logic of Regional Integration (2nd edn), Rowman & Littlefield: Lanham, MD, 2010;...
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...48 Foreign-Market Entry Strategies in the European Union Kyle Stiegert, Archie Amir Ardalan, and Thomas Marsh This study utilized intra-firm, socio-cultural, geographical-proximity, and political-stability variables to explain bimodal foreign direct investment (FDI) patterns by agri-food and beverage multinational companies into and within the European Union. A logit framework incorporated a unique-count database of firm-level investment patterns from 1987–1998. The results showed the 1992 structural changes under the Maastricht Treaty increased the probability of wholly owned FDI modes such as greenfields and buyouts. The model also found that past modal strategies of firms, language barriers, and exchange-rate volatility all correctly explained modal investment patterns. The results provide important contributions toward understanding modal investment strategies including the role of macroeconomic changes within a custom union. A popular way for a firm to secure a business presence in a foreign nation is through foreign direct investment (FDI) in production, marketing, and/or distribution facilities. Formally defined, FDI is an investment in which a multinational enterprise (MNE) acquires a substantial controlling interest in a foreign firm or in some other manner establishes fixed assets on foreign soil. Prior to 1970, multinational operations were often characterized as an exclusively American institution (Erdilek 1985). However, during the 1970s the U.S. shifted from...
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...RIGA GRADUATE SCHOOL OF LAW THE IMPLEMENTATION OF INTERNATIONAL STATE RESPONSIBILITY NATIONAL SPACE LEGISLATION IN THE EU (title) INTO MASTER’S THESIS AUTHOR: DMYTRO CHYBISOV LL.M 2007/2008 year student student number LLM00703 JANE SMITH________________ (name, surname) TUTOR: Professor____________________ (academic title) DECLARATION OF HONOUR: I declare that this thesis is my own work, and that all references to, or quotations from, the work of others are fully and correctly cited. (Signed) …………………………………. RIGA, 2008 2 SUMMARY In Part I the general provisions of space treaties and principles of public international law briefly summarized. An overview of “appropriate state”, “launching state” terms and international responsibility and liability issues also discussed there. Part I is supposed to introduce current international legal tools available for the regulation of space activities. It explains what is international space law, why it is important and how does it work. Moreover, certain aspects of legal treatment of governmental and non-governmental entities are comprehensively discussed. The analogy between international space law and maritime law was also reiterated. Part I particularly examines each of three main space treaties and the problematic points arising from their interpretation. The enforcement mechanism is also analyzed. It was the idea to pick up an issue and then to analyze it using the common sense and legal logic with the view...
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...The Treaty of Lisbon: An Analysis After more than 50 years of European integration, the Treaty of Lisbon is a new step forward but also a deeply contested concept. This essay begins with an overview of how the new Treaty came about and why it was seen as necessary, followed by an analysis of its new developments structured into four parts. Firstly, it considers how the LT is supposed to increase the EU’s effectiveness through more qualified majority voting, the co-decision procedure and through institutional changes including the creation of new leadingpositions.Secondly,democraticvaluesaremoreclearlydefinedandrolesof theEuropeanand national parliaments are reinforced. Thirdly, the LT has attempted to improve citizen’s rights, for example by the new citizens’ initiatives, as well as by making the Charter of Fundamental Rights legally binding. Fourthly, the LT has introduced several political changes, including more cooperation on the common foreign and security policy and how to combat external threats as a global actor with a single voice. Moreover, this essay considers how the LT differs from the Constitutional Treaty, arguing that although no longer a formal constitution, it does maintain constitutional elements. It then looks at some specific issues; in particular, whether legitimacy, transparency and accountability have been improved, and takes the view that while this is the case to some extent, there remains much room to f urther improve. Finally, it also f ocuses on the...
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...INTRODUCTION ―The Union is founded on the principles of liberty, democracy, respect for human rights and fundamental freedoms, and the rule of law, principles which are common to the Member States.‖ - Article 6, Treaty on European Union The European Union is not a federation like the United States. Nor is it simply an organization for cooperation between governments, like the United Nations. Neither is it a State intended to replace existing states, but it is much more than any other international organization. The EU is, in fact, unique. Never before have countries voluntarily agreed to set up common institutions to which they delegate some of their sovereignty so that decisions on specific matters of joint interest can be made democratically at a higher, in this case European, level. All EU decisions and procedures are based on the treaties agreed to by all EU countries, under which sovereignty is shared in specified areas. The result is a union of 27 Member States covering 1.6 million square miles with roughly half a billion people producing almost a third of the world‘s gross national product and speaking more than 23 1 languages, bound together by a desire to promote peace, democracy, prosperity, stability, and the rule of law. The EU embraces the fundamental values shared by its Member States across a multitude of cultures, languages, and traditions. The Member States agree that democracy is the best form of government. They believe in societies that encourage...
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...countries using the euro as their only currency. It was created in 1999 and currently consists of 17 countries – not all part of the European Union (Investor Words). Within the Eurozone, the countries follow a monetary policy and controlled by the European Central Bank (in other words, the ECB controlled the supply of the euro within the 17 countries). In an attempt to control government debt levels and deficit spending the Maastricht Treaty was created. As years passed, some countries government deficit began to rise and increased debt levels. By 2010, Greece (3% of the Eurozone) had public debt around 100% of their GDP. In order to lower their debt levels, the Greek government had increased their taxes and their borrowing levels. Solutions for fixing this issue consisted of stronger countries paying off the Greek debt – however not everyone agreed to such methods. Eventually, the value of the euro went down in the exchange markets and other Eurozone countries such as: Portugal, Italy, Ireland and Spain faced the same problem as Greece. The International Monetary Fund (IMF) and the European Financial Stability Facility (EFSF) donated money to help reduce the amount of debt – however not enough (Krugman, Obstfeld, Melitz, 2011). Since the Eurozone is controlled by monetary rules and does not consist of fiscal union (government collection of tax’s), it has made it harder for countries to recuperate from the crisis. It has been said that this Eurozone crisis is like a currency crisis...
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...countries using the euro as their only currency. It was created in 1999 and currently consists of 17 countries – not all part of the European Union (Investor Words). Within the Eurozone, the countries follow a monetary policy and controlled by the European Central Bank (in other words, the ECB controlled the supply of the euro within the 17 countries). In an attempt to control government debt levels and deficit spending the Maastricht Treaty was created. As years passed, some countries government deficit began to rise and increased debt levels. By 2010, Greece (3% of the Eurozone) had public debt around 100% of their GDP. In order to lower their debt levels, the Greek government had increased their taxes and their borrowing levels. Solutions for fixing this issue consisted of stronger countries paying off the Greek debt – however not everyone agreed to such methods. Eventually, the value of the euro went down in the exchange markets and other Eurozone countries such as: Portugal, Italy, Ireland and Spain faced the same problem as Greece. The International Monetary Fund (IMF) and the European Financial Stability Facility (EFSF) donated money to help reduce the amount of debt – however not enough (Krugman, Obstfeld, Melitz, 2011). Since the Eurozone is controlled by monetary rules and does not consist of fiscal union (government collection of tax’s), it has made it harder for countries to recuperate from the crisis. It has been said that this Eurozone crisis is like a currency crisis...
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...Eurozone crisis (often referred to as the Euro crisis) is an ongoing crisis that has been affecting the countries of the Eurozone since late 2009. It is a combined sovereign debt crisis, a banking crisis and a growth and competitiveness crisis.[8] The crisis made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Moreover, banks in the Eurozone are undercapitalized and have faced liquidity problems. Additionally, economic growth is slow in the whole of the Eurozone and is unequally distributed across the member states.[8] In 1992, members of the European Union signed the Maastricht Treaty, under which they pledged to limit their deficit spending and debt levels. However, in the early 2000s, a number of EU member states were failing to stay within the confines of the Maastricht criteria and turned to securitising future government revenues to reduce their debts and/or deficits. Sovereigns sold rights to receive future cash flows, allowing governments to raise funds without violating debt and deficit targets, but sidestepping best practice and ignoring internationally agreed standards.[9] This allowed the sovereigns to mask (or "Enronize") their deficit and debt levels through a combination of techniques, including inconsistent accounting, off-balance-sheet transactions as well as the use of complex currency and credit derivatives structures.[9] From late 2009, fears of a sovereign...
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...Real Strength Comes From the Inside - A Constructivist Analysis of EU Actorness in the Context of UN Security Council Reform Supervisor: Name: Jonas Hirschnitz Claudia Engelmann Student ID: i6004017 j.hirschnitz@student.maastrichtuniversity.nl Pigeonhole: 336 Bachelor Paper I Version: Final Date: 22-July-2011 Word Count: 5,988 Structure: Introduction p.3 1. Actorness - the Construtivist Dimension p.4 2. Capability in EU’s Foreign Policy p.6 2.1 Institutional Settings p.6 2.2 The EU at the UN(SC) p.7 2.3 Institutional Capability p.8 3. Approaching Presence p. 8 3.1 Normative Values Approach p.8 3.2 Normative Values in EU Policy p.9 4. Presence in the Context of UNSC Reform p.10 4.1 The Reform of the UNSC p.10 4.2 EU Member States’ Attitudes p. 11 4.3 Two Positions – One Identity? p.13 Conclusion p.16 Illustrations: Table 1 p.11 Table 2 p.12 Introduction “Intellectually and conceptually, the European Union and the United Nations are built on the same foundations. If this ground becomes shaky, both structures are in danger.” (Fassbender, 2004, p.884) Different scholars have found that Europe only has two decades left – at best – to have an important impact on global political developments (Mayer, 2008, p.64; Schnabel, 2005, p...
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...1970s,” they still exhibited wide price differentials, diverse regulations, and a lack of inter-European investment and competition. Capital markets had moved further, as members of the European Union had dropped regulations and encouraged competition across national borders. But even here, prices and margins remained high, and inter-European rationalization had only just begun. Finally, the markets for labor had barely begun to integrate. Here, high minimum wages, payroll taxes, unemployment benefits and diverse restrictions on flexibility had pushed Europe toward an employment crisis. Unemployment for the EU-11 had exceeded 11% for more than six years (Exhibit 1). Do No Markets,” 1998. 1999, p. 2. 1 The European Commission, “Economic Reform: Report on the Functioning of Community Product and Capital 2 The European Commission, “Economic and Structural Reform in the EU (Cardiff II),” Brussels, February 17, Research...
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