The Eurozone s Strength in Disunity

The new rates are effective from the school year in progress on 1 January 2005. The currency areas where increases were approved are as follows Austria (euro), Belgium (euro), Denmark (krone), France (euro), Germany (euro), Ireland (euro), Italy (euro), Japan (yen), Netherlands (euro), Spain (euro), Sweden (krona), Switzerland (Swiss franc), United Kingdom (pound sterling), United States dollar in the United States and the United States dollar outside the United States.

(In euros)

Exchange rate euro to United States dollar

US 000's 000's

MANNHEIM The European Union s policy of saving the euro at all costs is enough to guarantee the euro s survival. But is preserving the one size fits all euro really worth sacrificing the eurozone s competitiveness and, ultimately, European solidarity?

In order to estimate the required budgetary amounts in euros, the January to December 2004 average United Nations euro dollar exchange rate, i.e. 1 US 1.2341, has been applied to those items.

Balance as at 31 December 2004 12.2

Similarly, the budgetary requirements represent a euro based calculation, with a rate of exchange corresponding to 0.901 US 1.

As a result, southern Europe adopted an economic configuration in which its wage, price, and productivity levels made sense only so long as it spent 13 for every 12 that it earned, with northern Europe financing the missing euro. Northern Europe, meanwhile, adopted wage and productivity levels that made sense only as long as it spent less than one euro for every euro that it earned.

Euro area

000's

Consequently, distributions of 789,415 ( 985,537) and 832,467 ( 1,039,285) were made to the Industrial Development Fund and trust funds, respectively.

Building on the Euro

Farewell to the Euro?

The Euro Ark

The Non Crisis of the Euro

The Poetry of the Euro

Budgeting

as at 31 December 2004

Will the Euro Dethrone the Dollar?

For the biennium 2002 2003, 1,895,208 has been collected and 1,378,052 was collected against prior bienniums' assessments, totalling 3,273,260, as shown in the table.

But rescuing banks is not the same as rescuing the euro. Moreover, rescuing the euro is not the same as rescuing the European project.

Therefore, all assets, liabilities, reserves and fund balances of the General Fund and other Headquarters funds were converted to euros on 1 January 2002, using the exchange rates approved by the General Conference (GC.9 Dec.15), i.e. ATS 13.7603 1 and 1 1.123 (or 1 0.890472).

The rate for Hamburg was raised in July 2004 to 284 or 233 and stands at 308 or 233 for March 2005.

Thus, payments of first and second instalments of 18,693 and 18,691 each have been received, thereby reducing the arrears to the current status of 53,941.

B. Introduction of the euro

Scotching the Eurozone

Optimizing the Eurozone

Germany versus the Euro

The Euro Grows Up

The Naked Euro

Original Spanish

Original Spanish 3 June 2005

(In thousands of euros)

(In thousands of euros)

It is said to have reached staggering 3.1billion ( 3.6bn) up from initial 2.2 billion.

This represents an increase over the estimated level applied for the biennium 2004 2005 ( 143,365,453 after revaluation at US 1 0.8103).

As the budgetary requirements represent a euro based calculation, UNIDO's share, at an exchange rate of 0.901 US 1 (the official United Nations rate of exchange at the time of submitting the requirements to the United Nations General Assembly), would represent 1.22 million of the 7.6 million total.

One example is Eurobonds, which Merkel has declared taboo. Yet they are the obvious solution to the root cause of the euro crisis, which is that joining the euro exposed member countries government bonds to the risk of default.

(b) Recommended to the General Conference the approval of estimates of gross expenditures of 154,009,800 to be financed from assessed contributions in the amount of 150,785,600 and other income of 3,224,200

The budgetary provision for the 2005 2006 audit totals 32,800 for the financial period ( 16,400 provided for in 2005 and 16,400 provided for in 2006).

2 Equivalent to euro 1,022,584, based on the prevailing United Nations average rate of exchange for the six months ended October 2005 (EUR 1 US 1.2256).

Jacques Delors, one of its architects, once called the single currency the jewel in Europe s crown. Abandoning it would be tantamount to declaring the entire European integration project a failure.

Lame Ducks in Love