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The European Coal and Steel Community (ECSC) was a European organization created after World War II to regulate the coal and steel industries. It was formally established in 1951 by the Treaty of Paris, signed by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany. The ECSC was an international organization based on the principle of supranationalism, and started a process of integration which ultimately led to the creation of the European Union.
The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957, aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the first pillar of the newly formed European Union in 1993. In the popular language, however, the singular European Community was sometimes inaccurately used in the wider sense of the plural European Communities, in spite of the latter designation covering all the three constituent entities of the first pillar.
The European Currency Unit was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979 and was assigned the ISO 4217 code. The ECU replaced the European Unit of Account (EUA) at parity in 1979, and it was later replaced by the euro (EUR) at parity on 1 January 1999.
Robert Alexander Mundell was a Canadian economist. He was a professor of economics at Columbia University and the Chinese University of Hong Kong.
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold. It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
The Triffin dilemma or Triffin paradox is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies. This dilemma was identified in the 1960s by Belgian-American economist Robert Triffin, who pointed out that the country whose currency, being the global reserve currency, foreign nations wish to hold, must be willing to supply the world with an extra supply of its currency to fulfil world demand for these foreign exchange reserves, leading to a trade deficit.
The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher conceptualised in the years 1940–1942 and which the United Kingdom proposed to introduce after World War II. The name was inspired by the French banque or. This newly created supranational currency would then be used in international trade as a unit of account within a multilateral clearing system—the International Clearing Union—which would also need to be founded.
Monetary hegemony is an economic and political concept in which a single state has decisive influence over the functions of the international monetary system. A monetary hegemon would need:
Robert, Baron Triffin was a Belgian-American economist best known for his critique of the Bretton Woods system of fixed currency exchange rates. His critique became known later as Triffin's dilemma.
Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measures may be economy-wide, sector-specific, or industry specific. They may apply to all flows, or may differentiate by type or duration of the flow.
The history of the European Communities between 1958 and 1972 saw the early development of the European Communities. The European Coal and Steel Community (ECSC) had just been joined by the European Atomic Energy Community (Euratom) and the European Economic Community (EEC), the latter of which soon became the most important. In 1967 the EEC's institutions took over the other two with the EEC's Commission holding its first terms under Hallstein and Rey.
The 2008 G20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G20 on how to cooperate in key areas so as to strengthen economic growth, deal with the 2008 financial crisis, and lay the foundation for reform to avoid similar crises in the future. The Summit resulted from an initiative by the French and European Union President, Nicolas Sarkozy, Australian Prime Minister Kevin Rudd, and the British Prime Minister, Gordon Brown. In connection with the G7 finance ministers on October 11, 2008, United States President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the economic crisis. Since many economists and politicians called for a new Bretton Woods system to overhaul the world's financial structure, the meeting has sometimes been described by the media as Bretton Woods II.
Johan Willem "Wim" Beyen was a Dutch politician and diplomat of Liberal signature and businessman. Beyen played an important role in the creation of the European Economic Community and is regarded as one of the Founding fathers of the European Union.
The flag of the European Coal and Steel Community was a horizontal bicolour flag defaced with stars which represented the European Coal and Steel Community (ECSC) between 1958 until 2002 when the Community was merged into the European Union (EU). Prior to 1958 the ECSC did not have a flag, and no other flag has been used by a historical part of the European Union other than the flag of Europe.
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have different currencies. It should provide means of payment acceptable to buyers and sellers of different nationalities, including deferred payment. To operate successfully, it needs to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade, and to provide means by which global imbalances can be corrected. The system can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, it can arise from a single architectural vision, as happened at Bretton Woods in 1944.
The Nomenclature of Territorial Units for Statistics (NUTS) is developed by Eurostat, and employed in both Portugal and the entire European Union for statistical purposes. The NUTS branch extends from NUTS1, NUTS2 and NUTS3 regions, with the complementary LAU sub-categorization being used to differentiate the local areas, of trans-national importance.
The European Unit of Account (EUA) was a unit of account most notably used in the European Communities from 1975 to 1979, when it was replaced at parity by the European Currency Unit, in turn replaced at parity in 1999 by the euro.
In the United Kingdom, the green pound was the common name for an exchange rate that was used to calculate the value of financial support within the European Union's Common Agricultural Policy until 1999.
References
- 1 2 European Union Public Finance [ permanent dead link ], European Commission, ISBN 92-894-1620-3, published 2002, accessed 20112-01-09
- 1 2 Council Directive 78/669/EEC of 2 August 1978 EUR-Lex, accessed 20112-01-09
- ↑ Of Snakes in the Tunnell, Green ECU's and the EMU Archived 2021-01-23 at the Wayback Machine B Steiner, University of Reading, published 1993, accessed 2012-01-09
- 1 2 3 La situación de la agricultura en la Unión Europea : Informe 2001 [ permanent dead link ] Published 03-02-12, accessed 20112-01-09
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