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Most studies about the influence of the euro for tourism calculate the savings of transaction costs of ½‐3% and assume that these amount will increase tourism demand. This paper argues, that the influence of the euro on tourism is much smaller. The transaction costs would have been falling even without the euro due to technological developments (cash‐cards etc) and a part of the costs (of credit cards) will not be diminished. Also, the costs for the tourism industry of fluctuations of the exchange rates would become smaller in the future even without the euro. In addition, the costs of the introduction of the euro will have to be born lastly by the households and therefore by tourists.

Examines the implications of European Monetary Union (EMU) for property managers of operational and investment property portfolios. In the first section, the background to the introduction of a single currency is reviewed and the proposed timetable and method of introducing the Euro is discussed. The next section analyses the property management areas which may be affected by EMU. It is argued that the costs and benefits of the introduction of the Euro will be unequally distributed. Key factors will include the pattern of property interests and liabilities in potential member countries. A key variable will be the rate at which the existing currency is converted to the Euro. This will be a determinant of the future value of assets and liabilities and will, therefore, impact on corporate costs, profitability and competitiveness. The degree to which a firm benefits from the elimination of exchange rate uncertainty and transaction costs will depend on its financial structure. Firms which meet liabilities in non‐sterling currencies from revenues raised in such currencies will not benefit to a great extent. The paper argues that the legal implications for continuity of contract will be minimal for property managers. It is suggested that the need to amend information systems and records will be the major cost to many organisations.

The Maastricht inflation criterion has influenced the choice of disinflation strategies of prospective euro area member countries. Some historically high‐inflation countries chose the fiat disinflation strategy of “low inflation now, reforms later,” bringing inflation down quickly. Their inflation rates increased immediately after their euro applications were assessed positively and stayed significantly higher than inflation in France and Germany, two historically low‐inflation countries. The inflation differentials reflect both structural rigidities inherited from the past and higher inflation expectations stemming from the chosen disinflation strategy. This paper seeks to address these issues.

The paper highlights the inflation consequences of the choice of compliance policies with the Maastricht inflation criterion. To this end, the paper estimates costs of future disinflations in six high‐inflation countries for which well‐established stylized facts are held.

The Maastricht inflation criterion has been an influential nominal rule. While it swayed the public stance toward low inflation, it biased the choice of the disinflation strategy toward fiat measures. Inflation in these countries declined only temporarily, giving these countries a pronounced V‐shaped pattern of inflation. These countries tended to opt for “low inflation now, reforms later” approach, which yielded low inflation quickly at the cost of postponing long‐term structural reforms. While the ERM II process can be made relatively painless by fiat measures, such a strategy results in inefficient transmission mechanisms and costly disinflations.

The paper highlights the long‐run inflation consequences of the choice of compliance policies with the Maastricht inflation criterion. While inflation was low prior to the euro and stayed low afterward in inflation‐averse countries, a V‐shaped inflation path in high‐inflation countries is seen. The countries that expect to benefit the most from a fast adoption of the euro are likely to opt for fiat‐driven compliance. The choice of compliance policies has consequences for future disinflations – monetary transmission distortions and inefficiencies of fiat policies increase the cost of future disinflations and will complicate ECB policymaking for years to come.

In the recent decades, research and industry on city logistics have tried to seek for environment-friendly solutions that are efficient enough to satisfy both society and suppliers’ needs. One of the potential solutions is the use of small-size electric vehicles (SEVs), due to their improved energy efficiency, local zero emissions, and lower traffic disturbance.

In spite of all the benefits of SEV for society, advertised through experimental trials focused on social and environmental benefits, research on these vehicles’ impacts seems to overlook the effects on private stakeholders operations, namely, disregarding the replacement rate needed to assure the same delivery patterns and their purchasing and battery charging implications.

In this chapter, the authors contribute in filling this research gap by considering private interests, related to operation costs levels (running and driving costs), service levels, and efficiency in the promotion of SEV. Simultaneously, its balance with public interests, related with sustainability, quality of life, mobility, and environmental issues are also addressed.

The authors aim to evaluate the usage of SEV in this research and to estimate the effects of replacing conventional vans by SEV on city logistics operations. The results of this quantitative analysis enlighten if SEVs are indeed a viable solution to satisfy public and private stakeholders, when operational and external costs are fully accounted.

The chapter presents a case study that addresses the effects of replacing vans by SEV on city logistics operations in the city of Oporto (Portugal), considering public and private stakeholders’ interests. The study compares four scenarios of 5%, 10%, 30%, and 70% of SEVs replacing diesel vans used in transport and unloading operations. The four scenarios are tested on different geographical scales: street and city levels. First, the authors estimate how the use of SEV in city logistics affects traffic, energy consumption, and emissions. Second, the respective operating and external costs are quantified and the acquisition and battery issues are discussed.

When considering the goal of promoting SEV as a sustainable city logistics policy, under a methodology focused on mobility, operational performance, and environmental externalities, the authors concluded (a) the replacement rate SEV:van is determinant to make a decision on whether or not to use SEVs replacing vans, (b) SEVs are economically competitive with conventional vans if the replacement rate is 1:1, (c) SEVs have a better performance at the street level rather than at the city level, (d) SEVs can be used with normal traffic as a niche of market (lower than 5%), and (e) SEVs benefits exist, but they are not significant enough to drive suppliers for their adoption.

Monetary unification within Europe appears to be on target. Eleven nations pegged their currency to the euro in 1999. The euro‐zone is experiencing varying levels of growth related to GDP. Balancing policy for 11 nations will be difficult. The true test will take place when asymmetric shocks hit one or several of the nations and unemployment rises to unmanageable levels forcing the European Union and European Central Bank to make tough decisions. Cultural issues and national identities are ever present. Optimum currency areas and comparative advantage discussed. The paper is divided into four major sections – reasons for unification, benefits, issues and conclusion.

The purpose of this paper is evaluate the public value of municipal Wi-Fi networks by examining their costs and benefits. Increasing attention has been focused on the digital divide, i.e. inequalities in digital access, use and benefits, to a lesser extent on technologies providing opportunities to overcome these inequalities. Different theoretical traditions have approached the problem of the digital divide, this research represents a synthesis by combining a bottom-up approach to calculating the benefits of municipal Wi-Fi networks with an in-depth analysis of the digital divide in Europe.

After a systematic literature review, the paper uses a bottom-up methodology to evaluate the public value of a municipal Wi-Fi network by quantifying its potential benefits and costs. In addition, it includes different types of users based on the access opportunities available to them. It develops different scenarios for these users depending on the connection alternatives and the digital skills available across European countries.

By using data from the euro-28, the paper shows that, in general, the private value of a municipal Wi-Fi network is negative, the public value is positive. However, a greater public value is depending on the extent to which the benefits can be attributed to expectations about the arrival and usage of e-government services.

Based on the quantitative analysis, the authors suggest that municipal Wi-Fi networks can provide the potential to bridge the digital divide. To generate public value, these networks have to be driven by a strong need for e-government services.

However, important factors in the adoption of these services are related to digital skills available in the particular region.

In addition, public investment is required to stimulate the growth of broadband infrastructure in a complementary manner to enable public wireless networks.

The paper combines new insights into the cost calculations of municipal Wi-Fi networks with socioeconomic data on digital skills to examine different types of users.

Considers the likely microeconomic effects of European Monetary Union (EMU) and the European Central Bank (ECB), i.e. impact on firm‐level incentives and performance. Believes that firms’ uncertainty will be reduced by “a more stable and prudent macroeconomic environment”, and that a strong euro will lead to lower interest rates, reduced transaction costs, the elimination of exchange rate risk within the EMU and therefore increased output, investment and competition. Accepts that firms may find transition costs expensive and that opportunities for fraud and errors will increase in the transition period. Identifies the sectors and types of firm most likely to benefit in the short term and recognizes the possibility of longer term problems which may reverse the competitive advantages.

Considers the macroeconomic effects of European monetary union and the launch of the euro, suggesting that it offers major advantages to European traders, investors and consumers by reducing transaction costs, currency risks and information costs. Recognizes some problems, e.g. transition costs, increased competition in financial services; and the uncertainty surrounding the powers of the European Central Bank (ECB) and effects on national economic policies. Discusses the pros and cons of remaining outside the euro zone; and the likelihood that governments will push the ECB into accelerating monetary growth in order to reduce unemployment.

Asks whether the introduction of the euro has added value to firms, noting that it has reduced imports, exchange rate volatility and transaction costs in member states; and stimulated European mergers and acquisitions and cross‐border deals, even though these may be hampered by nationalism, tax/legal differences and problems with language and culture. Constrasts trens towards consolidation with restructuring, divestment and downsizing in some companies; and looks at the effect of changes in euro values on manufacturing industry, prices and margins. Believes that uniform pricing will not be achieved until the euro is used by all firms in the region, buyers are able to act on price differentials and obstacles to eliminating differentials are removed; and explains why none of these conditions are met at present. Suggests that businesses should prepare for the greater complexity in themarketplace which also represents an opportunity for value creation.