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The European economy is emerging from its deepest recession since
the 1930s. This volume, which brings together economic analysis
from the European Commission services, explains how swift policy
response avoided a financial meltdown; but turning the ongoing
recovery into sustained growth requires action on five challenges:
boosting potential output, enhancing labour market flexibility,
preparing fiscal consolidation, facilitating intra-EU adjustment,
and unwinding global imbalances. Europe also needs an improved
co-ordinated crisis-management framework to help it respond to any
similar situations that may arise in the future. Economic Crisis in
Europe shows that the beginnings of such a crisis-management
framework are emerging, building on existing institutions and
legislation and complemented by new initiatives. Naturally, initial
EU policy efforts, such as fiscal stimulus, focused on crisis
control and mitigation. But first steps have also been taken to
redesign financial regulation and supervision with crisis
prevention in mind. The design of crisis resolution policies is now
becoming a main task. While any premature withdrawal of policy
stimulus should be avoided, exit strategies should be ready for
implementation, embedded in a broader policy framework that also
includes growth-enhancing structural reforms.
The Fifth Enlargement that took place in 2004 and 2007 was a
milestone in the history of the European Union. Not only because of
the large number of acceding countries but also because of their
recent political and economic experience. Ten of them had undergone
a profound transition from a totalitarian regime to democracy, and
from a centrally planned economy to a market-based system. Most of
them had income levels signi?cantly below those of the then EU-15.
Now, 6 years later, we can clearly see that the process of European
integration, both before and after 2004, was what enabled Europe to
overcome the gaps between various parts of the continent. The
enlargement made Europe a better and wealthier place and streng-
ened its position in the world. Integration into the European Union
has always been one of the strongest incentives for reform in the
new Member States. Particularly important in my view have been the
development of ?nancial markets through foreign direct investment
and capital in?ows, and the opening of labour markets - which was a
two-way phenomenon, with markets being opened up in acceding as
well as the incumbent Member States. The Fifth Enlargement was thus
an exercise of glo- lisation in miniature, a practice run for the
Union to tackle the challenges of the ever smaller world.
The Fifth Enlargement that took place in 2004 and 2007 was a
milestone in the history of the European Union. Not only because of
the large number of acceding countries but also because of their
recent political and economic experience. Ten of them had undergone
a profound transition from a totalitarian regime to democracy, and
from a centrally planned economy to a market-based system. Most of
them had income levels signi?cantly below those of the then EU-15.
Now, 6 years later, we can clearly see that the process of European
integration, both before and after 2004, was what enabled Europe to
overcome the gaps between various parts of the continent. The
enlargement made Europe a better and wealthier place and streng-
ened its position in the world. Integration into the European Union
has always been one of the strongest incentives for reform in the
new Member States. Particularly important in my view have been the
development of ?nancial markets through foreign direct investment
and capital in?ows, and the opening of labour markets - which was a
two-way phenomenon, with markets being opened up in acceding as
well as the incumbent Member States. The Fifth Enlargement was thus
an exercise of glo- lisation in miniature, a practice run for the
Union to tackle the challenges of the ever smaller world.
The economic transformation of Hungary has reached a critical
stage. Hungary has succeeded in attracting foreign capital, and has
achieved its first current account surplus in convertible currency
since 1984, despite upheavals, but the privatization process has
reached a crucial stage. It is clear that it will be a lengthy and
difficult process, with significant repercussions for the future of
the economy and profound social and welfare consequences. This book
presents some of the local arguments and perceptions informing the
debate, and critical examination of these ideas from an
international panel of scholars. The chapters address
privatization; financial, tax and legal systems; integration into
the international financial and monetary systems; labour markets,
unemployment and the social safety net; and the political economy
of the current economic transformation.
The economic transformation of Hungary has reached a critical
stage. Hungary has succeeded in attracting foreign capital, and has
achieved its first current account surplus in convertible currency
since 1984, despite upheavals, but the privatization process has
reached a crucial stage. It is clear that it will be a lengthy and
difficult process, with significant repercussions for the future of
the economy and profound social and welfare consequences. This book
presents some of the local arguments and perceptions informing the
debate, and critical examination of these ideas from an
international panel of scholars. The chapters address
privatization; financial, tax and legal systems; integration into
the international financial and monetary systems; labour markets,
unemployment and the social safety net; and the political economy
of the current economic transformation.
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Loot
Nadine Gordimer
Paperback
(2)
R398
R330
Discovery Miles 3 300
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