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The failure of key EU Member States to respect the provisions of the Stability and Growth Pact (SGP) a few years after its inception triggered a heated debate on how to reform the framework of fiscal policy coordination in the Economic and Monetary Union (EMU). This paper analyzes 101 reform proposals presented by professional academic and non-academic economists prior to March 2005, when the Council of the European Union adopted a revised version of the SGP. Roughly four different schools of thought concerning the reform of the SGP are identified. In line with the main findings of the political economy literature, all four schools of thought share the view that in the absence of specific rules fiscal policy would lead to excessive deficits and hence affect the conduct of the common monetary policy. However, beyond this common denominator, there is no consensus on how best to co-ordinate fiscal policy. We present several explanations for the multitude of proposals, the most important being the present lack of a consensus in the economics profession concerning the role of fiscal policy. Economists hold diverging views on the goals, instruments, efficiency and institutions for fiscal policy-making. This state of affairs is in sharp contrast to the case of monetary policy. Also, the euro area is the first case where monetary policy-making is centralized while fiscal policy-making is decentralized to national governments. [ABSTRACT FROM AUTHOR]

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Purpose – The purpose of this paper is to explain the European Market Infrastructure Regulation, known as EMIR, adopted on July 4, 2012 as the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories. Design/methodology/approach – The paper explains EMIR's clearing and reporting requirements, who is within the scope of those requirements, who is a financial and non-financial counterparty, the clearing thresholds, the clearing and reporting obligations, when those obligations will begin, the risk mitigation obligations, and a range of potential questions anyone trading in OTC derivatives should consider. Findings – EMIR requires that all standardized OTC derivatives contracts be cleared through a central counterparty and reported to a trade repository. Originality/value – The paper provides practical guidance by experienced financial services lawyers. [ABSTRACT FROM AUTHOR]

This paper examines some of the main geo-economic and geo-political inter-dependencies which are structuring Europe’s relations with the wider world and how various European and European Union (EU) policy frameworks work to create relations of increasing yet uneven inter-dependency between Europe and that wider world. The paper begins with an examination of the economic and financial crisis and its role in transmitting crisis across inter-dependent space, and the consequences for political and urban struggles across Europe and beyond. This is followed by discussion of the entanglement of Europe with the forces which gave rise to the so-called “Arab Spring” in North Africa and the Middle East. The paper then turns to a discussion of the relocation of economic activity outside of Europe to “emerging economies”, of geographical shifts within Europe of elements of value chains in order to cope with increasing competitive pressures from other parts of the global economy by reducing labour costs but ensuring proximity to the main EU markets, and the emergence of new economic players with their origins in emerging economies within European value chains. The paper concludes with a consideration of the primary geo-economic and geo-political dimensions structuring Europe’s urban and regional inter-dependencies with the wider world. [ABSTRACT FROM AUTHOR]

This paper draws on the experience of emerging Europe and argues that foreign capital is an enviable development opportunity with tail risks. Financial integration and foreign savings supported growth in the EU12 and EU candidate countries. We argue that this was possible because of EU membership (actual or potential) and its role as an anchor for expectations. In contrast, the eastern partnership states did not benefit from the foreign savings-growth link. But financial integration also led to a buildup of vulnerabilities and now exposes emerging Europe to prolonged uncertainty and financial deleveraging due to eurozone developments. Nonetheless, we believe that external imbalances should not be eradicated--nor should emerging Europe pursue a policy of self-insurance. Instead, what we refer to as an acyclical fiscal policy stance could serve to counterbalance private sector behavior. Going forward, a more proactive macroprudential policy will also be needed to limit financial system vulnerabilities when external imbalances are large. [ABSTRACT FROM AUTHOR]

The paper examines the pattern of regional convergence and the determinants of regional growth in Europe, providing a discussion of the issues that are of relevance to the theoretical conceptions and the subsequent design of regional development policy, supported by an illustrative empirical analysis. The analysis covers 249 NUTS II regions of the European Union in the period 1990–2003. Using as its basis the standard framework of (absolute) β-convergence, the paper detects a mirror-image J-shaped relationship between regional growth and regional development levels. This type of relationship indicates that regional divergence factors are getting stronger, and, eventually, dominate, at more advanced levels of development. On the basis of a regional growth model, factors such as agglomeration economies, geography, economic integration and economic structure seem to create an overall unfavourable economic environment for lagging (and, possibly, less favoured) regions. Such an environment generates dilemmas and questions concerning the mix of policies that may promote growth and at the same time reduce regional inequalities in the European Union. [ABSTRACT FROM AUTHOR]

This paper explores the roots of territorial cohesion thinking in the 'European model of society'. There is much to do about this model. Some regard it as a liability for European competitiveness. The Barroso Commission wants to safeguard the model by, albeit temporarily, giving priority to growth. There are those - not only in Europe, but also on the other side of the Atlantic - arguing that the European model forms a solid basis for a highly competitive economy. In these debates, 'European model' stands for moderating the pursuit of economic growth with concerns for social welfare and equity, sustainability and good governance. Before elaborating, the paper summarises the discussion about territorial cohesion and the struggle over current EU policy. Then the paper backtracks to the ideas of Jacques Delors responsible for injecting the European model into the integration discourse. What follows is an account of four reports in the wake of the hapless Lisbon Strategy, all invoking the European model. The paper concludes with reflections on territorial cohesion policy and the European model. [ABSTRACT FROM AUTHOR]

This paper addresses the question of the reform of the Stability and Growth Pact (SGP). More and more authors and policymakers are bringing to light the negative impacts of the European deficit rule on the countries and their ability to respond asymmetric economic shocks, and some are asking for a redefinition of the pact. If the focus of the SGP is only fiscal, and two of the biggest countries in Europe have failed to abide by the pact since its implementation, it seems clear that the SGP needs at least a re-examination. Yet, on the contrary, if we introduce into the analytical framework the SGP's impacts on the European Union's structural policies, the conclusions are far different. Abolishing the SGP could hinder the presently up-to-date convergence prospective. This paper proposes a theoretical analysis of the SGP that emphasizes a new feature of the SGP: a strong incentive to structural reforms. [ABSTRACT FROM AUTHOR]

The euro crisis made visible the omitted stage in the European integration process. The EU jumped from the common market straight to the monetary union, neglecting the formation of the economic union. The new EU economic governance is a combination of a vertical shift of competences, i.e. from one level of government to another level, and a horizontal shift of powers and competences, i.e. from elected governments to unelected government bodies entrusted with (parts of) government policies, from discretionary policy towards rules. The purpose of this paper is to analyze the new EU economic governance within the conceptual framework of these vertical and horizontal shifts. This two-dimensional approach offers a better analytical tool than the more traditional one-dimensional fiscal federalism approach. In the first part of the paper the focus is on the policy domains that are the objects in the shifting process. Budgetary policy mainly is at stake, but also banking regulation and monetary policy are partly involved. The second part of the paper deals with the relevant aspects of the theories on the division of powers along vertical and horizontal lines. The fiscal federalism approach to vertical separation and the time consistency theory on the horizontal distribution of power are briefly exposed. In the third part the relevant aspects of the new EU economic governance of the European semester, six-pack, two-pack and fiscal compact are presented and put into our framework of vertical and horizontal power shifts. [ABSTRACT FROM AUTHOR]

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Purpose - The purpose of this paper is to investigate the relationship between growth, investment and military expenditure in the case of the European Union-15. Design/methodology/approach - The paper uses fixed panel models, random coefficient models and a trivariate VAR model to examine empirically the relationship between these three macroeconomic variables. Findings - The results obtained and reported herein show a significant positive effect of the growth rate on the share of military expenditure and on the share of investment. However, on the whole, the findings do not seem to point to any consistent quantitative relation between defence spending and either growth or investment. Thus, they appear to be in line with the findings of other studies. Originality/value - The economic effects of military spending have drawn considerable attention. Demand side effects on capacity utilisation are one possible channel through which the economy can be positively affected by such expenditure. On the other hand however, reduced investment and capital stock have been reported as a possible negative economic impact of defence outlays that can more than offset any growth inducing effective demand stimulation. The paper attempts a simultaneous assessment of the impact of defence expenditure on both growth and investment for the EU-15, something that has not been tried before. [ABSTRACT FROM AUTHOR]

The paper estimates an empirical model that is consistent with a variety of Research and Development (R&D)-driven models of growth where technology is transmitted via trade to other industries, both domestically and internationally, by being embodied in differentiated intermediate goods. The evidence is based on data from 21 manufacturing industries in six European Union countries for the period 1980–1997. The contribution of the paper lies in showing how by including human capital in the model and employing suitable econometric procedures the magnitude of R&D spillovers reported in the existing literature can be affected, while pointing to a major role of human capital in economic growth process. [ABSTRACT FROM AUTHOR]

Purpose - This paper seeks to contribute to the study of the link between financial intermediation and economic growth in the context of the European Union and particularly in the context of the integration of new member-states. Design/methodology/approach - Panel fixed and dynamic Arellano-Bond estimates (with balanced panels) were used to explain and compare the influence of financial intermediation with the real per-capita GDP growth in two sub-sets of EU countries: the first one takes into account the availability of quarterly data and comprises 11 "old" EU countries, excluding Luxembourg, Denmark, Ireland and Sweden, for the period between Q2 1980 and Q4 1998; the second panel includes 24 EU countries (excluding only Luxembourg) for the period between Q2 1999 and Q4 2002. The existing empirical evidence was enhanced by introducing some financial variables to explain the real per-capita GDP growth, namely, the real domestic credit growth, the real foreign liabilities growth, the real growth of the sum of the bonds and money market instruments, in addition to two ratios: bank assets/bank liabilities and domestic credit/bank deposits. Findings - The results obtained confirm the importance of these variables to th~ real per-capita GDP growth and allow one to draw conclusions on some differences in the behaviour and the level of -integration of the two groups of EU countries. There is a relatively more homogeneous behaviour in the first panel, while the results for the second panel indicate that, in spite of the relative heterogeneity and the differences in their historical evolution, all the countries have had to adapt rapidly to the increasing competition and to the new EU market conditions. Originality/value - The paper confirms the influence of financial systems on output growth, as well as the efforts of financial institutions to adapt to the new conditions of the European and global markets in spite of all the differences in the historical evolution and initial conditions among EU member-states. [ABSTRACT FROM AUTHOR]

Eight Central European and Baltic countries have joined the European Union in May 2004. Transitioning economies need to develop a business environment with a healthy financial sector to realize economic growth. This paper uses two classification methods, the discriminant analysis and taxonomic measure, to investigate the possibility of the South Eastern European and Commonwealth of Independent transitional countries to develop an enterprise and business environment that is compatible with the newest European Union (EU8) members. This paper found that the EU8 countries are correctly classified as having transitioned successfully in their business development. Bulgaria and Croatia have transitioned closely to the EU8. However, Romania, Ukraine, and the Commonwealth of Independent countries are not close to the EU8 in achieving a compatible business environment. [ABSTRACT FROM AUTHOR]

This paper compares commercial banks' efficiency in four relatively homogenous groups of countries, though with different levels of economic development and involvement in the process of European integration. The first group consists of Portugal and Greece; the second group of the Czech Republic, Hungary, Poland, and Slovakia; the third of Estonia, Latvia, and Lithuania; and the fourth of Bulgaria and Romania. The paper aims to reveal whether the differences among regions and countries in their stages of European integration and economic development are also visible in banking efficiency. Thus, the hypothesis that a higher degree of European economic integration and economic development goes hand in hand with higher banking efficiency is tested. Employing data envelopment analysis on unconsolidated data, we evaluate the efficiency of financial intermediation from 2001 to 2003. Results suggest that differences in banking efficiency exist among the regions analyzed, and the hierarchy corresponds with the hierarchy of regions in terms of economic development and degree of integration. However, the rapid growth of banking intermediation efficiency recorded in Central and East European countries could trade off the actual efficiency gap compared to traditional EU members. [ABSTRACT FROM AUTHOR]

Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper analyzes broad performance-based measures of intangibles in European Union countries to find new sources of growth and shows that intangible capital (IC)-driven growth was halted in European industries during the 2008-2013 financial crisis period. Much of this IC, such as purchased organizational, research and development (R&D) and information and communication technology capital, is unaccounted for in systems of national accounts, so that total IC investment is 29.6% of value added, with R&D having the lowest gross domestic product share at 5.0%. On average, deteriorating IC growth has decreased labor productivity by −2.9% annually. Policies fostering multifactor productivity growth have been strongly biased and have ignored the loss of those skills necessary for long-term growth. During 2008-2013, innovation thus failed to compensate for Europe’s dwindling fixed-capital-intensive manufacturing and job losses, but broad-based IC offers a roadmap for recovery by relying on an increasing role for IC-producing services. [ABSTRACT FROM AUTHOR]

The recent developments of the economic theory suggest that due attention to territorial context increases efficiency and improves delivery of the policies. This in turn calls for better linkages between spatial and socio-economic efforts. The paper analyses the concept of policy territorialization and proposes policy tools for that purpose. The relevant theoretical models are used, mainly evolutionary economics and new economic geography. The key outcome is a set of territorial keys supposed to enhance territorial approach in developmental policies. Also some plausible ways of making use of those keys are proposed and then tested using Polish territory as a case study. [ABSTRACT FROM AUTHOR]

This paper explores the role of micro, small and medium size enterprises in the growth of per capita gross domestic product at European Union level between 2005 and 2010. Using a panel of data from 25 Member States the results show a positive connection between the prevalence of SME in terms of created value added and GDP per capita growth. When investigating the aforementioned relationship at enterprise size class level the results differ considerably. While microenterprises prevalence in terms of created value added does not appear to cause more growth in per capita income at EU level, small and medium sized enterprises are some of the main drivers of the annual per capita GDP growth. [ABSTRACT FROM AUTHOR]

The current European policy agenda strongly accentuates the importance of research and development (R&D) as a driver of economic growth. The basic assumption is that high European wage levels make it unlikely that less research-intensive parts of the economy can withstand competition from low-wage countries with increasingly skilled labour forces. Thus, the inferior growth of the European Union (EU) in the 1990s compared with the USA has been explained by the latter’s higher rate of R&D investments. The paper challenges this rather simplistic view of innovation and examines the regional consequences of such policies. EU growth has caught up with that of the USA during recent years and low-tech industries continue to have considerable economic importance in Europe in terms of jobs and value added, especially outside the main growth regions, but also in the major urban regions. Empirical evidence from Denmark and the UK provided in the paper suggests that low- and high-tech industries are closely interconnected because low-tech firms play important roles both as partners in the innovation processes of high-tech firms and as buyers of high-tech products. Therefore, EU industrial policy is not appropriate because it overlooks the continuing significance of low-tech industries. Furthermore, the rather uniform focus on R&D is associated with a strong emphasis on large city-regions where research-intensive industries are concentrated and, thus, increasing regional inequality in Europe is being produced. [ABSTRACT FROM AUTHOR]

The paper, based on recent EU-SILC data, investigates the patterns of income inequalities in "old" and "new" EU member states. We describe income inequality within countries as well as income differences between states and test our results using different methodological assumptions. Our results show that the group of new member states was no less heterogeneous in terms of inequality and poverty than the EU15 at the time of EU enlargement. The most important difference between the two country groups is found in their GDP levels and in some measures that are directly related to economic development. We observed that sensitivity to changes in the equivalence scales is not systematically related to membership status; thus for overall inequality comparisons of countries, a standard scale seems appropriate. The possibility of a difference between "old" and "new" EU member states in the role of incomes in generating overall welfare of households calls, however, for caution in interpretation. [ABSTRACT FROM AUTHOR]

The objective of this paper is to summarise what is known about key trends and developments in working time across Europe. The European Region analysed in this paper includes not only the 27 current member states of the European Union (EU), but extends even beyond its borders. This paper review trends and patterns in working hours in the broadest range of countries possible given data limitations (especially outside the EU), with a focus on: average weekly hours of work and the proportion of workers working ‘excessively long hours’ (defined as usual working hours of 48 or more per week); developments regarding one unique form of working time arrangement, part-time work, with a focus on the incidence of part-time work in each country, changes in this incidence over time, the female share of part-time employment and issues related to the quality of part-time jobs; and finally considers trends in the organisation of working time across Europe, with a focus on the incidence of non-standard work schedules (e.g. night work and weekend work) and shift work, as well as the extent to which various types of flexible working time arrangements are being deployed in individual enterprises. Finally, the paper presents some policy suggestions within a broad framework designed to advance the International Labour Organisation (ILO) concept of decent work in the area of working time. [ABSTRACT FROM AUTHOR]

The fiscal cost of the financial and economic crisis in Europe is huge. The paper provides provisional estimates of this cost and looks at its implications for the sustainability of public finances, taking into account also the impact of aging populations. The historical experience suggests that economic growth is persistently lowered in the aftermath of financial crisis, making fiscal consolidation more difficult yet all the more essential. Meanwhile the timing of the exit from fiscal stimulus and subsequent fiscal consolidation must reconcile sustainability and stabilisation goals-a delicate balancing act. The paper will argue in favour of structural reform to boost the economic growth potential alongside fiscal consolidation. The fiscal coordination framework in the EU, together with the Europe 2020 strategy, is seen to underpin this approach. [ABSTRACT FROM AUTHOR]

This paper focuses on the influence of military spending on European economic growth. The estimated regressions are based on Barro's (1991) growth model, which controls for economic institutional variation across countries. The cross-section and panel data analyses cover the period 1960-2000. The empirical findings indicate that military spending has an overall net negative influence on economic growth. Furthermore, the magnitude of this negative impact tends to increase over time, as cross-section regression results indicate. Given the development of a Common European Security and Defence Policy (CESDP), these findings suggest that enhanced defence spending may hinder European economic growth. [ABSTRACT FROM AUTHOR]

The first part of this paper describes the small but constant expansion of the cross-state mobile population within the EU in the two decades preceding the 2004 enlargement. This expansion is puzzling in the light of the economic growth and the income convergence of member states over the same period. While the level of geographical mobility within the EU is frequently held to be 'low', data show that it should have been even lower given the rise of prosperity and the decline of income differentials in the EU15. In fact, it is argued that pro-mobility policies and the rise of non-labour migration have countered the diminishing appeal of intra-EU mobility that might be expected on the basis of purely economic conditions. The second part of the paper discusses the rationales and reasons of mobility. A distinction is drawn between observers' and social actors' views of the benefits of free movement. While the former usually put an emphasis on economic rewards, the latter are more likely to stress emotional and identity-linked returns. Survey data on Western European citizens who have resettled in another EU member state are revealing of the multifaceted causes and consequences of geographical mobility. In particular, these data show that identification with Europe and support for EU institutions in the mobile population are strikingly higher than among the general population. While it is true that cross-state mobility can entail economic benefits raising productivity and innovation, its political dividends are possibly even clearer. [ABSTRACT FROM AUTHOR]

A relevant share of the theoretical and empirical analysis on economic growth has been devoted to finding a specific role for international trade in reinforcing countries' growth rates. Not as much attention has been dedicated to the role of sectoral composition of export in influencing the effect of trade on income convergence. In this paper we look at this issue along the line of research on multiple regimes and convergence clubs, considering how openness and similarity in export composition among countries can induce convergence in income levels among the same countries. We apply our analysis to the catching-up of income levels of Central and Eastern Europe Countries to the EU benchmark. We explicitly consider the sectoral export patterns of the CEECs by comparing them to those of the 15 old members of the EU, focusing on countries' specialization as suppliers for the EU market. Our main result is that similarity in export composition has a positive, significant and nonlinear impact on catching-up. Results are robust to controlling for openness and country-size and for investment, schooling, and the quality of institutions. [ABSTRACT FROM AUTHOR]

Many transition economies are characterised by a relatively rudimentary institutional framework. Weak legislative structures and the absence of effective market regulation and property right enforcement rules diminish the chance of mutually profitable business transactions and-more generally-restrict the chances for innovation and sustainable growth. Against this background, we analyse the extent to which more efficient governance mechanisms can contribute to a more favourable business environment. In doing so, we adopt a network perspective. We argue that both in developed market economies as well as in centrally planned economies much of economic exchange takes place in networks. However, the characteristics of these networks, in particular the concept of trust, can differ significantly. This leads us to conclude that the real challenge of the process of economic transition is connected to building new economic exchange networks. In this paper, we discuss this argument and analyse how the current enlargement of the EU into Eastern Europe may favourably affect this process of institutional change in the accession countries. [ABSTRACT FROM AUTHOR]

Between 1980 and 1997, municipal waste in OECD countries increased by around 40%. This paper outlines the very real negative effects of this increase and then introduces the two main European Union policies that have been established to address this problem: a landfill directive and legislation on extended producer responsibility (EPR). The paper then describes and compares the four alternative strategies to reducing end-of-life waste within the context of extended producer responsibility: namely repairing, reconditioning, remanufacturing or recycling. It also introduces a more robust definition of remanufacturing, validated by earlier research, which differentiates it from repair and reconditioning. From a consideration of the different factors involved, it concludes that remanufacturing may well be the best strategy. This is because it enables the embodied energy of virgin production to be maintained, preserves the intrinsic ‘added value’ of the product for the manufacturer and enables the resultant products to be sold ‘as new’ with updated features if necessary. Copyright © 2005 John Wiley & Sons, Ltd and ERP Environment. [ABSTRACT FROM AUTHOR]

Globalization is frequently assumed to be responsible for creating the economic environment in which a much greater degree of European Union (EU) economic integration is deemed necessary. In contrast, this paper argues that globalization, in conjunction with neo-liberal growth, has led to autonomization as well as integration. The term autonomization designates both that economic governance is increasingly delegated to autonomous regions, and that neo-liberal economic policies tend to fragment and divide in their pursuit of growth. The paper investigates the tension between the role in which globalization has cast the region, and the region as a central player in the EU's cohesion strategy. Cohesion policy-measures to combat underdevelopment and backwardness-plays a key role in integration and growth strategies. It is argued that cohesion has become detached from its redistributive origins and incorporated in a discourse of competitiveness and growth. The region has emerged as both the site upon which the global acts upon the EU, and the level at which the EU has determined that the processes of globalization can best be accommodated. It is suggested that the tension between cohesion and autonomization introduced by globalization is a central dynamic at work in the contemporary EU. [ABSTRACT FROM AUTHOR]

The insurance industry plays an important role for European economic stability and the threats and opportunities it faces should be carefully determined. In this paper we highlight the main challenges by using a Political, Economic, Social and Technological (PEST) analysis. This work applies conventional actuarial thought on this area by focusing strictly on the European sector. [ABSTRACT FROM AUTHOR]

The fight against unwanted sea migration in Southern Europe has triggered the territorial redefinition of European Union (EU) borders and transformed the relationship between sending and receiving countries in the region. This paper focuses on the strategies that the EU and Spain adopted to seal the maritime border around the Canary Islands between 2005 and 2010. According to the primary and secondary data used here, the closure of the Atlantic route that happened in this period was the result of the combination of defensive and preventative measures along and beyond this section of the EU border. Initiatives aimed at promoting economic development, creating jobs at origin, and temporary migration programs paved the way for cooperation among governments, thus making possible the deployment of military resources along the border, the return/deportation of unwanted EU-bound migrants, and the externalization of migration control responsibilities. Cooperation and the mixture of proactive and reactive initiatives seen in this case study are likely to become the hallmark of a new kind of global anti-immigration border that extends beyond the territory of the state. [ABSTRACT FROM AUTHOR]

The objective of this paper was aimed at understanding the importance of SMEs in the market economy as the economic engine continues to be the factor that motivates both business and human existence. The yield and quality of the results of a national economy depend largely on the ability to determine the creation and operation of a large number of businesses which provide products and services of quality, cost and reduced prices and quantities and of appropriate requirements domestic and foreign market. The article deals with the content and structure, activities that are specific to SMEs and how they operate in the market, and how these types of companies influence the economy of the European Union and Romania. [ABSTRACT FROM AUTHOR]

The European Union project initially started as a peaceful solution for war reconstruction in Europe. European countries decided to cooperate rather than compete in an aggressive way. At the beginning, this project supposed (involved) market liberalization, trade barriers removals, market access improvement (initially for coal, steel, energy and, later, for all goods, services, workforce and capital). Unfortunately, in the last decades, all these Single Market facilities have been backed by redistributive schemes, protectionist mechanisms, social engineering, subsidies and facilities packed in so-called "EU policies". New "European" institutions have been created, more and more funds have been involved to financially support this very complex redistributive intervention. The political dimension of the European Union project enhanced the economic dimension and constantly suffocated private markets and the economy. The "incomes" of the European Union that fuel its financial support are coming from taxes and/or inflation (better administered after the introduction of a Single Currency - the Euro). This paper will discuss the relevance of European Funds for economic development, especially for new members in this project. [ABSTRACT FROM AUTHOR]

Europe's GDP growth is gathering pace as a consequence of both sound policies and external factors. Forecasts are being revised upwards even though they keep potential growth estimates low. This article argues that there are good reasons to expect a scenario with higher medium term growth, where reforms are accelerated, and increases in investment, productivity, and labor participation offset the decline in population and temporary legacies from the crisis. Several studies show the big growth gains from this scenario. Moreover, experience in various European countries confirms that it is feasible. Reforms are underpinned by the current accommodative monetary policy and by a responsible, but more flexible, fiscal policy stance that smoothens adjustment, improves fairness, and supports demand in countries with fiscal space. Successes in growth-enhancing reforms, better awareness of their potential net benefits, and more attention to prevent or reduce negative distributional effects, may restore trust and garner citizens' support for this growth model. They may also help overcome the obstacles to further integration that should make this model more robust. [ABSTRACT FROM AUTHOR]

This article critically assesses the claims of the European Neighbourhood Policy (ENP) to support the economic development of ‘southern rim’ states. By amending Putnam's two-level game analysis, the paper exposes the interactions between domestic, national and supranational actors and demonstrates the outcomes of the ENP reforms in the agricultural and industrial sectors. Particular attention is given to the contribution of the ENP to the development of a dual agricultural market in these countries and to the effects of standardization for North African businesses. The article concludes by arguing that in both case studies, and despite the changes brought by the ‘Arab Spring’, (recalibrated) elites still retain established vertical ties with domestic businesses (especially small and medium-sized enterprises)—a situation that benefits certain EU industrial and agricultural companies as well. [ABSTRACT FROM AUTHOR]

By 2020 Europe has to increase its energy efficiency and share of renewables in 20%. However, even accomplishing these challenging objectives Europe will be effectively wasting energy as we demonstrate in this paper. In our way towards a fully renewable scenario, we need at least to stop wasting energy in order to guarantee the energy supply needed for growth and comfort. We waste energy when we employ more primary energy than the final energy we ultimately use and this excess cannot be reutilized. In this paper we propose the WE (wasted energy) as a novel metric to measure the performance of energy systems and set up appropriate targets. The WE incorporates information about energy efficiency and renewable sources. Unlike European legislation, the WE considers them in an integrated way. This approach will help Member States to exploit their intrinsic capabilities and design their optimum strategy to reach their objectives. Using the information in Eurostat, we calculate the WE of Member States in EU-28 and their evolution. We also analyze illustrative examples to highlight strategies to reduce the WE, study the connection between economic development and WE, and provide a tool to diagnose the potential of improvement of an energy system. [ABSTRACT FROM AUTHOR]

ABSTRACT The migration-development nexus has been of increasing importance in international relations between African and European countries since 2000. Linking migration to development has spurred political interest in the development potential of migrants as a substitute for official development assistance. This paper analyses the convergence in discourse and practices on migration and development in the context of migration policies formulated to manage migration between Africa and Europe. The discourse on migration and development is mobilised by different actors to justify their actions; it stems from different migration management concepts and frameworks advocated by the European Union, particularly in its Global Approach to Migration. The migration and development discourse is sustained by increased funding from the European Union and some member states to instil a particular view of the nexus between migration and development. The case of Senegal in this paper illustrates the application of the dominant discourse. The first section provides an analysis of the discourse mobilised by different actors at the European and African levels to justify the promotion of the migration-development nexus. The second section scrutinises the practices and roles of the actors involved in the design and implementation of recent programmes in Senegal. Copyright © 2013 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Copyright of Business Consultant / Poslovni Konsultant is the property of FINconsult Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Analysis of 18 emerging European economies finds domestic financial reforms to be positively associated with net capital inflows. Controlling for standard determinants of capital flows, we find banking sector reforms in particular to be consistent with higher net financial inflows, whereas no such correlation is found for security market reforms or for indicators of financial depth. Additional net inflows are reaped by the EU accession countries. Countries with more reformed banking sectors receive significantly higher FDI and 'other' investment net inflows; this is also found for gross financial inflows, but not for gross outflows. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of International Law is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)