Topic
Complete economic integration
About: Complete economic integration is a research topic. Over the lifetime, 14 publications have been published within this topic receiving 59 citations.
Papers
Posted Content•
TL;DR: In this paper, Courant et al. give an overview of the major trends in the EEC budget for the next several years, since only a few main initiatives account for the bulk of EEC expenditures.
Abstract: As is widely known, the EEC has gone through some troubling budgetary difficulties in recent years. Disputes have revolved around the growth of agricultural subsidies and about the contributions to be made to the EEC by various member countries; in particular, the U.K. These problems have been brought under control for the short run. However, the implementation of the Single European Act could be greatly complicated, and might falter, if policymakers again became intensely involved in acrimonious budgetary disputes. Maintaining budgetary control for the next several years, and for that matter in the longer term as well, is thus a matter of considerable tactical importance within the context of the overall progress of European economic affairs. In view of the fact that the threat of acute budgetary crisis has receded somewhat, and in view of the prospect of a significant step forward toward more complete economic integration associated with the 1992 initiative, it seems appropriate to give some thought to the budgetary problems that the EEC is likely to confront in the medium term. At a time of enormous political change in Eastern Europe, it is exceptionally hazardous to attempt projections about economic affairs in the EEC. It is easy to visualize scenarios in which significant amounts of resources, whether from the EEC itself or from individual member states, are directed toward promoting economic and other reform in the East, forcing new choices with respect to the commitment of resources by member countries to the EEC. However, to limit the scope of this paper, attention is restricted to developments within the EEC itself. The major trends in the EEC budget are easily delineated, since only a few main initiatives account for the bulk of EEC expenditures. First, agricultural subsidies through the European Agricultural Guidance and Guarantee Fund (EAGGF) have entailed large expenditures. Through the 1980s, these outlays accounted for about two-thirds of EEC expenditures. Another major category of EEC expenditures are for the so-called "structural funds," in particular the European Regional Development Fund (ERDF) and the European Social Fund (ESF). The ERDF funds economic development projects in specially targeted low-income regions. The ESF funds programs that promote the training and employment of workers, especially youth and long-term unemployed persons. These and related expenditures have accounted for about 10-15 percent of expenditures during the 1980s. Altogether, then, agricultural and structural expenditures account for about 85 percent of the total budget. The U.K. has repeatedly protested against what it regards as excessive contributions to the EEC relative to the return that it gets in the form of structural fund outlays, and it has garnered a partial rebate of its contributions to the EEC, equal to two-thirds of the difference between the U.K. VAT contribution and EEC expenditures allocable to the U.K. These rebates account for roughly 5 percent of the EEC budget. As a result of decisions taken in 1988, the outline of the EEC budget for the next sevtDiscussants: Paul Courant, University of Michigan; Rudolph Penner, The Urban Institute; John Yinger, Syracuse University.
34 citations
1 Dec 2009
TL;DR: In this article, a systematic study of financial integration following the degree of trade integration according to Balassa's (1961) classification, from preferential trading area to complete economic integration is presented.
Abstract: This paper proposes a systematic study of the degree of financial integration following the degree of trade integration according to Balassa’s (1961) classification, from preferential trading area to complete economic integration. To this end, we exploit all the information contained in interest rates and rely on the expectations hypothesis of the term structure of interest rates and real interest rate parity. These two conditions are empirically investigated on various regional trade agreements, using cointegration techniques by paying a special attention to potential breaks. Our results show that customs unions, corresponding to step 3 of the Balassa’s classification, seem to be a decisive threshold after which financial integration robustly takes place. (This abstract was borrowed from another version of this item.)
10 citations
TL;DR: The consequences for the developing countries of these far-reaching policy changes in East and West are likely to be negative, at least in the immediate future as discussed by the authors, and this is true for the volume of development assistance given by both the East and the West, as well as for the export prospects of developing countries.
Abstract: Increasing strains on self-sufficiency within the block of East European command economies resulted in the dramatic decision to change over to an economic system largely based on market forces. The painfulness of the ensuing transformation process will be mitigated somewhat by supportive economic policies of the West, including the European Community which is itself aiming at complete economic integration by the end of 1992. The consequences for the developing countries of these far-reaching policy changes in East and West are likely to be negative, at least in the immediate future. This is true for the volume of development assistance given by East and West, as well as for the export prospects of developing countries. Favourable effects might at best be expected in the longer run.
10 citations
3 Jan 2007
TL;DR: In this article, a set of key issues arising in the context of the prospective monetary integration of West African countries into a single currency zone are reviewed, and the authors conclude that, on balance, if the intermediate arrangements such as the convergence criteria set and the establishment of independent supranational central bank work out well, then complete economic integration of the sort as envisaged in the original ECOWAS treaty could possibly ensue.
Abstract: This paper reviews a set of key issues arising in the context of the prospective monetary integration of West African countries into a single currency zone. It examines the economic arguments relating to the timing of a future adoption of a single currency by the West African states. In doing so, the analysis pertains to the prospects for meeting the convergence criteria set in a sustainable manner, particularly highlighting on the, contemporary parameters that can be considered instrumental in the strategic decision to introduce a single currency in the sub-region. The paper concludes that, on balance, if the intermediate arrangements, such as the convergence criteria set and the establishment of independent supranational central Bank work out well, then complete economic integration of the sort as envisaged in the original ECOWAS treaty could possibly ensue. However, looked at from the perspective of the West African economies, as relatively weak with fragile structures and almost all these countries depend on donor funds to finance their budgets, the risk that member states of Eco could turn inward in a way that is destructive of the monetary union is quite real and hence limits the success of monetary integration in the sub-region. This means that participating member states must work diligently to achieve a high degree of sustainable convergence in terms of low inflation and sound public finances. Macroeconomic policy surveillance and peer group pressure should follow provided guidelines and sufficient political will should override national short-term interest.
8 citations
1 Jan 2003
TL;DR: In this article, the authors found that demographic changes and the creation of a single currency in Europe have compelled greater EU influence in Spanish pension reform, and that the uniqueness of the EU and its political and economic importance have facilitated Brussels taking an important role in the context of pension reform.
Abstract: The following suggests that demographic changes and the creation of a single currency in Europe have compelled greater EU influence in Spanish pension reform. Although pension reform has remained the domain of the domestic realm, increased European integration has necessitated lifting the issue of pension reform to the EU level. The economic dependence among members of EMU and the unique institutional structure o£ the EU has facilitated increased attention at the EU level regarding pension reform. Particularly, the creation of the "open method of coordination" introduced at the Lisbon Summit has created an institutionalized way for the EU to play an oversight function in pension reform as well as provide a formalized avenue for countries to share policy ideas. As a result, greater EU activity in pension policy has directly influenced pension reform agenda setting with Spain. Politically, the EU presents a unique condition. For instance, accountability is quite distinct from democratic configurations within member states whereby constituencies can place greater political pressure to inhibit change. In addition, national governments are able to use the EU as a scapegoat to implement needed yet unpopular or highly contested policies such as pension reform. Economically, the almost complete economic integration after the introduction of the Euro, means that countries are ever more dependent on policy choices in other member states. This study concludes that the uniqueness of the EU and its political and economic importance have facilitated Brussels taking an important role in the context of pension reform.
2 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2016 | 1 |
| 2012 | 1 |
| 2011 | 1 |
| 2010 | 2 |
| 2009 | 2 |
| 2007 | 2 |