EMU

The global economic crisis of 2007 revealed a number of weaknesses in the Economic and Monetary Union (EMU). The Member States, together with the European Union institutions have made an effort to save the euro area by introducing a number of reforms for the functioning of the EMU. This article focuses on the analysis of legislative changes introduced to the euro area after 2007 in the fields of fiscal, economic, banking, and financial assistance. The documents constituting the EMU legislative changes package were a subject of a detailed examination. The main research questions were focused on the essence of weaknesses in the functioning of the EMU and the future of the euro area. Zmiany legislacyjne w ramach unii gospodarczo-walutowej po 2007 roku Ogólnoświatowy kryzys ekonomiczny z 2007 roku ujawnił szereg słabości unii gospodarczo-walutowej (UGW). Państwa członkowskie wraz z instytucjami Unii Europejskiej podjęły wysiłek ratowania strefy euro wprowadzając szereg reform w funkcjon...

Breeding biology of the Australasian Gannet was studied over three breeding seasons (1978-80). The nest sites and density, first date and duration of egg-laying, median date of laying, clutch size and replacement laying, incubation period and egg dimensions, were measured. Similar information is available for the Atlantic Gannet and the Cape Gannet, allowing comparisons between the three Gannets to be made. The Australasian Gannet varies more in the first and median dates of laying than the Atlantic Gannet. This is thought to be related to weather and food supply. Most Australasian Gannet eggs that are lost are lost and replaced after three- quarters of the spread of laying has elapsed. In the Atlantic Gannet eggs are mostly lost and replaced before the mid-laying date. The Australasian Gannet has a proportionally larger egg than the Atlantic Gannet. These differences probablv result from the Australasian Gannet exoeriencing a less seasonal and predictable environment than the Atlantic Gannet.

As a result of the macroeconomic convergence process in the light of the 1991 Maastricht Treaty, the monetary union between most of the EU countries started on January 1, 1999. Meanwhile, ten formerly eastern block countries and the Southern Section of Cyprus are preparing their economy for a full-membership to the EU while Turkey, as an associate- member of the Union since 1963 and as a part of customs union between Turkey and the EU since 1996, seems to be excluded from the next EU enlargement process. Therefore, this paper mainly intends to discuss the following two interrelated questions: (1) How far is Turkey different than the 11 membership candidate countries and the EU countries in terms of the ten selected macroeconomic indicators (1973-1997)? (2) To what extent will the introduction of the euro affect the balance-of-payments accounts and foreign exchange rates in Turkey?

Large-scale patterns of Amazonian biodiversity have until now been obscured by a sparse and scattered inventory record. Here we present the first comprehensive spatial model of tree α-diversity and tree density in Amazonian rainforests, based on the largest-yet compilation of forest inventories and bolstered by a spatial interpolation technique that allows us to estimate diversity and density in areas that have never been inventoried. These data were then compared to continent-wide patterns of rainfall seasonality. We find that dry season length, while only weakly correlated with average tree α-diversity, is a strong predictor of tree density and of maximum tree α-diversity. The most diverse forests for any given DSL are concentrated in a narrow latitudinal band just south of the equator, while the least diverse forests for any given DSL are found in the Guayana Shield and Amazonian Bolivia. Denser forests are more diverse than sparser forests, even when we used a measure of diversity that corrects for sample size. We propose that rainfall seasonality regulates tree α-diversity and tree density by affecting shade tolerance and subsequently the number of different functional types of trees that can persist in an area.

... Lloyd, CS (1977). The ability of the Razorbill Alca rordu to raise an additional chick to fledging. Omis Scund 8, 155-159. Nelson, JB (1964). ... Macmillan, London. Reilly, PN & Cullen, JM (1979). The Little Penguin Eudyptukc tnitlor in Victoria 1: Mortality of Adults. Etnu 79, 97-102. ...

[If you are interested in obtaining a hard copy of my paper, please contact me: frederic.allemand@cvce.eu]

Dans sa version originale, le régime communautaire de discipline budgétaire conserve aux Etats membres la liberté de s'endetter, à charge pour eux d'en assurer l'exclusive responsabilité. Dans ce système, le Pacte de stabilité et de croissance rappelle chacun à ses obligations et l'insolvabilité d'un Etat ne se pose pas. La crise des dette souveraines remet en cause cette approche. Dans un contexte économique dégradé, l'insuffisance des efforts de consolidation budgétaire et de réformes structurelles réalisés par plusieurs Etats membres les prive d'accès aux marchés financiers. La mutualisation des dettes souveraines entend répondre à cette difficulté, en même temps qu'elle favoriserait l'émergence d'un grand marché européen des dettes souveraines comparable à celui nord-américain. Epousant des formes multiples (eurobond, union bond, blue/red bond,...) l'idée suppose une dilution de la responsabilité individuelle au niveau de la collectivité et heurte les principes structurels de l'UEM. Sauf à réviser les traités, seule une forme abâtardie de mutualisation confinant à une émission coordonnée de titres de dettes nationaux saurait prospérer.

Economic governance is a tradename: it relates only to fiscal governance. The effectiveness of this incomplete governance is questioned, as national authorities are used to pursue policies contrary to the individual common guidelines and the European Union fails to impose sanctions on Member States when violations of budgetary requirements of the Treaty are recorded . Despite these very large and regular critics against the economic governance, the constitutional and legal framework of Economic and Monetary Union remained quite unchanged since its inception in 1990-1. Since 2010 resolving the sovereign debt crisis calls for a significant reform of the EU legislation through a deep rebalancing of governance. The reform does not lead to a further transfer of powers to the EU, but moves the economic governance from the cooperation method to the integration one... but the redline between them remains uncrossed.

The article discusses the structural weaknesses of the Economic and Monetary Union (EMU), key reforms introduced after the financial crisis and the most important proposals of further EMU reforms present in the public debate. Reforms introduced during the last decade should be deemed to have positive results, however the EMU reform process has not yet been finished. Its successful completion depends on an agreement between Germany and France, which is hindered by conflicting economic interests and by different views on economic policy. The main purpose of this article is to demonstrate how public policy makers attempt to respond to the structural weakness of the Economic and Monetary Union and to identify the key factors, which impede an agreement between France and Germany

Strefa euro dziesięć lat po kryzysie – strukturalne słabości, wdrożone reformy, przyszłość procesu reform

Artykuł zawiera omówienie słabości strukturalnych Unii Gospodarczej i Walutowej, kluczowych reform wprowadzonych po kryzysie finansowym oraz najważniejszych propozycji dalszych reform UGW obecnych w debacie publicznej. Wprowadzone w ciągu ostatniej dekady reformy należy ocenić pozytywnie, jednakże proces reformy UGW nie został jeszcze zakończony. Jego pomyślne zakończenie zależy od porozumienia między Niemcami a Francją, które utrudniane jest przez sprzeczność interesów ekonomicznych i różnice poglądów w dziedzinie polityki gospodarczej. Głównym celem niniejszego artykułu jest wskazanie, w jaki sposób twórcy polityk publicznych starają się odpowiedzieć na słabości strukturalne Unii Gospodarczej i Walutowej, oraz zidentyfikowanie kluczowych czynników utrudniających osiągnięcie porozumienia pomiędzy Francją a Niemcami.