An aspect of globalization is the creation of macro-regions through integration. A macro-region is a territorial unit created through the process of cooperation, cohesion…
An aspect of globalization is the creation of macro-regions through integration. A macro-region is a territorial unit created through the process of cooperation, cohesion, and integration. Areas of integration can be political, economic, and social. An example of a macro-region is the European Union (EU). For EU member states and for acceding countries economic integration means accepting EU rules and regulations. The rationale behind these laws and rules is to increase economic, financial, and trade cooperation among partner countries. To increase the viability of this macro-region, the EU, has emphasized the need for social integration, which is the expansion of self-identification by individuals from viewing themselves as citizens of a country to a broader European identity, a citizen of Europe. This paper evaluates the impact of joining the European Union on the labor markets of Central and Eastern Europe countries, an economic integration; and the parallel expansion of the citizens’ identity expanding to include a European self-image, a social integration.
Although much of the debate about financial regulation tends to be focused at product, firm or market level, international trade agreements are of growing importance. This paper explains why these ‘macro’ rides have come into existence and examines some of the more important at a multilateral and at a regional level. Recent trade agreements have major consequences for trade in financial services, the rights of establishment and the way financial markets will develop. They provide a framework for nation states to affect both the pace and nature of linkages between domestic and international markets. As such this design of the rules for financial services is, in part at least, the design of markets by regulators. The paper examines some of the more important rides and comments on linkages to other areas of regulatory activity.
LIBECON2000 is a project to collect and publish library statistics of 29 European countries on a Web‐site, (www.libecon2000.org). The LIBECON‐2000 survey area comprises: states in Central and Eastern Europe (CEEC): Bulgaria; Czech Republic; Estonia; Hungary; Latvia; Lithuania; Poland; Romania; Slovak Rep; Slovenia. Member states of the European Union (EU): Austria; Belgium; Denmark; Finland; France; Germany; Greece; Ireland; Italy; Luxembourg; The Netherlands; Portugal; Spain; Sweden; UK. Other states within the European Free Trade Agreement (EFTA): Iceland; Liechtenstein; Norway; Switzerland. The work is funded by DG13 of the European Commission within the Telematics Applications Programme and has been in progress since mid‐1998 and will continue until the end of 2000. The primary objective is to provide a position statement on the state of European libraries at the turn of the century. This paper gives some account of the project’s initial progress and speculates about the future of the collection and publication of library statistics at the international level.
We have used the Michigan computable general equilibrium (CGE) model of World Production and Trade to calculate the aggregate welfare and sectoral employment effects of…
We have used the Michigan computable general equilibrium (CGE) model of World Production and Trade to calculate the aggregate welfare and sectoral employment effects of the menu of U.S.–Japan trade policies. The menu of policies encompasses the various preferential U.S. and Japan bilateral and regional free trade agreements (FTAs) negotiated and in process, unilateral removal of existing trade barriers by the two countries, and global (multilateral) free trade. The U.S. preferential agreements include the FTAs approved by the U.S. Congress with Chile and Singapore in 2003, those signed with Central America, Australia, and Morocco and awaiting Congressional approval in 2004, and prospective FTAs with the Southern African Customs Union (SACU), Thailand, and the Free Trade Area of the Americas (FTAA). The Japanese preferential agreements include the bilateral FTA with Singapore signed in 2002 and prospective FTAs with Chile, Indonesia, Korea, Malaysia, Mexico, Philippines, and Thailand. The welfare impacts of the FTAs on the United States and Japan are shown to be rather small in absolute and relative terms. The sectoral employment effects are also generally small in the United States and Japan, but vary across the individual sectors depending on the patterns of the bilateral liberalization. The welfare effects on the FTA partner countries are mostly positive though generally small, but there are some indications of potentially disruptive employment shifts in some partner countries. There are indications of trade diversion and detrimental welfare effects on nonmember countries for some of the FTAs analyzed. Data limitations precluded analysis of the welfare effects of the different FTA rules of origin and other discriminatory arrangements.
In comparison with the welfare gains from the U.S. and Japan bilateral FTAs, the gains from both unilateral trade liberalization by the United States, Japan, and the FTA partners and global (multilateral) free trade are shown to be rather substantial and more uniformly positive for all countries in the global trading system. The U.S. and Japan FTAs are based on “hub” and “spoke” arrangements. We show that the spokes emanate out in different and often overlapping directions, suggesting that the complex of bilateral FTAs may create distortions of the global trading system.
Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…
Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.
The Danes currently enjoy the second highest standard of living in the EC. Until very recently they have achieved strong economic growth, low inflation and low unemployment. Yet talk to people in Denmark about the future for their economy and they will often become despondent. This article seeks to explore how this can be and points out the opportunities for expansion that 1992 presents to Denmark.
The recent crisis in the ERM has meant EMU can no longer proceed along the lines proposed in the Maastricht Treaty. Proposes that a two or even multi‐speed EMU should emerge from the crisis. This would be based on a “hardcore” which would form the basis for exchange rate/macro policy management for “softer” countries.
To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border…
To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states.
Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU.
Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now.
Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business.
Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.