Tariffs for chilled boneless beef in the EU will decline from 20 per cent plus ECU 4700 per ton to 12.8 per cent plus ECU 3034 per ton bone in pork legs, from ECU 1215 per ton to ECU 778 per ton boneless chicken cuts from ECU 1600 per ton to ECU 1024 per ton.

Europe s Easy Money Endgame

He is a former Managing Director of the International Monetary Fund and has served as Chairman of the Paris Club and Chairman of the Monetary Committee of the European Economic Community.

The proportion of investments in North American currencies was increased to 54 per cent from 48 per cent, in European currencies it was increased to 33 per cent from 30 per cent, and investments in Asian currencies were decreased sharply to 11 per cent from 20 per cent.

The euro s current problems are, instead, a reflection of unresolved Europe wide and global problems. The common currency is the canary in the mine of the global exchange rate system.

After the war, you found the United Nations, you found the Organization for Economic Cooperation and Development, you found the IMF, you encouraged Europe to create the European Community all systems for mutual government support.

Some United Nations organizations located in Europe adopt their budgets in a European currency.

African Centre for Monetary Studies

With its loans to Hungary and Latvia, the European Commission has already revived a credit facility which was dormant since the European Monetary System crisis in 1992 and for countries outside EMU. The support is huge.

7. Governance of the international monetary, financial and trade systems

BRUSSELS The European Union s core countries these days, besides the original six founders, are the 15 member states that make up the European Monetary Union. They have converging economies and coordinated monetary and fiscal policies.

58. The European Community made available to the project a grant of 3.9 million European currency units (ECU), with an additional contribution of 1.52 million ECU from ESA in the form of data and training facilities.

The budget reserved for disaster preparedness activities in 1995 amounted to ECU 4.2 million.

The ECB can curb the euro s appreciation through purchases of foreign currency. But, ultimately, it would have to do so by inflating its own currency until confidence in the euro falls back to the level that it had before the assurances were made.

Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail. I agree with the critics conclusion, but not with their premise, for the success of the single currency so far has been due precisely to the political commitments of the Union s member countries.

Presumably, the eurobonds would be under the control of the eurozone finance ministers. The board would constitute the fiscal counterpart of the European Central Bank it would also be the European counterpart of the International Monetary Fund.

16. As mentioned in the report of the Secretary General, the United Nations was holding a retention bond and monies of ECU 1.25 million and ECU 250,000, respectively, pending completion of repairs by the contractor.

Richard Nixon s treasury secretary, John Connally, once told a group of European leaders that while the dollar was America s currency, its misalignment was Europe s problem. Today, the misalignment of the dollar and the euro against the renminbi and other Asian currencies is increasingly becoming Asia s problem.

In other words, it is not true that the European Union does not constitute a political union. European economic integration in all its aspects reflects the desire to integrate Europe politically, which, at least in my view, implies that European economic and monetary integration is irreversible.

The euro would, however, have to be accepted as legal tender in the UK, alongside the pound, and in the commonwealth countries, and this would demand close cooperation between the Bank of England and the ECB. Such a compromise would increase the EMU s weight both inside and outside Europe.

ACIS has been funded largely by the European Commission.

NEW YORK Both China and the United Nations Commission on Reforms of the International Monetary and Financial System have called for a new global reserve system. That issue should be at the top of the agenda when the IMF s International Monetary and Financial Committee next meet.

This is not the type of volatile monetary policy that Europe wants or needs.

Before the advent of the euro, there were many fiscal crises in individual nation states in southern Europe, which produced waves of high inflation. But, with the single currency in place, the road to solving a fiscal crisis through inflation has been closed, as the European Central Bank (ECB) now stands watch over monetary policy.

Regling also revealed that there is now increased and frequent coordination between monetary authorities in the United States, Germany, and China, drawing attention to the fact that the old Triad of the dollar, euro, and yen may now have been replaced by a new Triad of the dollar, euro, and Chinese renminbi. While Regling spoke of an emerging multipolar monetary system, his remarks clearly indicated the functioning of a tripolar system.

Proposal by the European Community.

For this reason, I do not agree with those who argue that Germany s support for European monetary integration was the price it paid for Europe s acceptance of German reunification. On the contrary, the historical record shows that Germany made the case for a parallel drive to monetary and political integration well before the fall of the Iron Curtain.

The single currency was conceived as an answer to the upheavals of the postwar period double digit inflation, high unemployment, and speculative attacks on the pound, the lira, and the French franc. It was the crisis of the European Monetary System that drove the euro s launch on January 1, 1999.

Cuban steel producer Antillana de Acero makes 80 per cent of its purchases on European markets, paying in euros and consequently losing over 25 per cent because of currency exchange costs.

Within the framework of the International Monetary Fund (IMF) and the Asia Development Bank (ADB)

European politicians who insisted on introducing the euro in 1999 ignored the warnings of economists who predicted that a single currency for all of Europe would create serious problems. The euro s advocates were focused on the goal of European political integration, and saw the single currency as part of the process of creating a sense of political community in Europe.

But the euro is no longer a strong common currency that reinforces a shared European identity. On the contrary, it is now a source of deep resentment among European peoples resentment that, 70 years after the end of World War II, was supposed to have been eliminated.

There have, of course, been many examples in history in which currency unions or single currency states have broken up. Although there are technical and legal reasons why such a split would be harder for an EMU country, there seems little doubt that a country could withdraw if it really wanted to.

The issue is not merely one of fairness. According to the Belgian economist Robert Triffin, an international monetary system based on a national currency is inherently unstable, owing to the resulting tensions among the inevitably divergent interests of the issuing country and the international system as a whole.

Coupled with all this is northern European discontent with the central bankers, specifically with the ECB and the euro. It is not that the end of European Monetary Union is on the agenda it is merely that people have begun thinking about possible low probability futures in which the end of EMU might be placed on the agenda.

Centre for Latin American Monetary Studies

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.

When I consider the European economy, the ECB s failure to provide more monetary support for economic growth appears to be directly analogous to Europe s disastrous monetary policies in the 1930 s. The political consequences could be similarly devastating.

At their June summit, Europe s leaders finally recognized the need to rectify this situation, transferring responsibility for banking supervision in the eurozone to the European Central Bank. Given that financial integration is particularly strong within the monetary union, putting the ECB in charge was an obvious choice.

But this will require a shift in the ECB s attitude. Europe needs a monetary policy that views aiding employment growth in northern Europe as more important than continental price stability.

But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among European Union countries and sharing a single currency deepens that integration.

Work proceeded on the 8.6 million ECU project to improve sewerage, drainage and water supply systems in eight refugee camps in Lebanon.

Moreover, wage flexibility meant that substantially slower wage growth in the states that lost industries helped to attract and retain other industries. And the US fiscal system collects roughly two thirds of all taxes at the national level, which implies an automatic and substantial net fiscal transfer to states with temporarily falling incomes.

A Devaluation Option for Southern Europe

Modern electronic technology will not eliminate paper notes and coins soon, so there is still plenty of time to make use of the symbolic value of a common currency. Indeed, even if the eurozone breaks up, each European country could adopt a different currency but retain common symbols.