Avrupa tek para birimine giden yolda Avrupa parasal entegrasyonunun analizi
Başlık çevirisi mevcut değil.
- Tez No: 355118
- Danışmanlar: PROF. DR. İLHAN ULUDAĞ
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, Banking
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Bankacılık Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 116
Özet
Özet yok.
Özet (Çeviri)
The European Monetary System (EMS) is an economic and political concept which was created on the European Community Leaders summit that took place in Brussels on the 4th and 5th of December 1978. Then European Monetary System officially lunched in March, 1979. Contrary to some expectations it has helped to the monetary stability of the Europe. Although there are some questionmarks in people's minds, the success of the EMS mainly depends adaptability of the procedures and strong political commitment. in European Monetary System ECU (European Currency Unit) plays an important role. The ECU was officially created through Regulation of the European Commission Council of Ministers no 3180/78 of December 18,1978. The ECU will be replaced by European Single Currency (EURO) when Economic and Monetary Union is achieved. In our paper,first of all we will analyze the history of the European Monetary System(politic and economic events), and then the legal aspects of the Union will be analyzed starting from the European Coal and Steel Company (9 May 1950).The analysis of Treaty of the Rome, The Werner Report, The Delors Committee Report and Maastricht Treaty will be followed. At the end we try to give an idea about the implementation process of Economic and Monetary Union and implementation process of the Single Currency also we try to understand political, economical or practical difficulties that lie in their path. European Monetary Integration can only be assessed as a part of the evoluation of the international monetary system. For understanding the idea behind the European Monetary Integration we should analyze the improvements of the international monetary system. The idea of Monetary Union is not new idea, it roots come from the monetary history. Latin Monetary Union could be an historical example for the monetary unions. The establishment of the Latin Monetary Union among France, Italy, Switzerland, and Belgium (later joined by Greece, Spain, Rumenia and by Austria) there was a first attempt to create a type of monetary arrangement in Continental Europe. This interesting experience disappered with the spreading of the gold standart. 1876 can be considered as the begining of the classic gold standard in Europe. Around 1870, the United Kingdom was on the gold standard; Germany, The Netherlands, Skandinavian, Latin American and the Asian countries were on the silver standard; and some others like Russia, Austria, Hungary and Greece were using paper money which could not be converted to one of these metals. These interdependent economic systems were using more than one monetary standard. At this period , technical improvements of the production methods and discoveries of large new silver deposits increased the supply of the silver. The price of the silver decreased relative the price of the gold. Most of the countries ceased to use silver standard and they adapted gold standart. At that time London was the financial centre of the world. From 1876 until 1913 all major industrialized countries of the world were operating under the rules of the gold standart. During this period, the central exchange rates between the currencies of major countries were not changed and there were not any expectations that there would be change in the exchange rates. The gold standart was far from a perfect system. The world price level was too dependent on gold discoveries. The gold standard collapsed in 1914 when the internal convertibility of notes into gold was abolished. The system which was emerged after the First World War can hardly be called the gold standard. Internal convertibility of notes into gold was not reintroduced in most countries. The instability of exchange rates in Europe at the end of the 1920's forced many central banks to convert theIr foreign exchange reserves in to gold in order to minimize the risk against exchange rate fluctuations . At the begining of 1941, United Kingdom and United States were planning a new international monetary order. In Britain, John Maynard Keynes, in the United States, Harry Dexter White had been given the task for preapering their proposals for an international economic order. After the negotiations between United States, Britain and other countries, the agreement was reached on the new international monetary order and new international monetary organizations (International monetary Fund, International Bank for Reconstruction and Development) on April 21,1944. Member countries agreed to maintain the parity of their currency within a narrow margin of a par value. The major goal of the Bretton Woods Agreement had been the attainment of a global system of international trade and payments. In 1960's serious crises affected the USD, DEM and Sterling. General de Gaulle called for a return to the gold standard system, the remaining countries rejected this proposal. Between September 1967 and March 1968, the United States lost about USD 2.4 billion gold, an amount of representing 20% of the American gold stock in Sept 1967. Due to the external deficits of United States, the other countries lost their confidence to the American Dollar. Bretton Woods International monetary system was not working properly. French and German monetary authorities cooperated in the preparation of a system of fixed exchange rates. The Smithsonian Agreement which is signed on December 17-18,1973 between Germany, England, France, USA, Canada, Japan, Italy, Holland, Belgium widened the margin of fluctuation to 2.25% from 1%. The“snake”system had experienced difficulties during the oil crises of 1973, around this time, neither the EEC countries,nor the snake participating countries had made a serious effort to coordinate their economic policies. The heads of government participating in the European Council meetings at Brussels on December 5-6,1978, were able to agree on the establishment of a new monetary system (EMS) that would replace the“snake”system. EMS involves certain similarities and certain differences with the prior snake system . The new system provides two major types of central bank interventions to maximize exchange rate stability among EEC countries. First type of intervention is compulsory - if the exchange rate between a pair of participating currencies fluctuate by more than + -.25% from the official rate, the central bank issuing“strong”currency, must purchase the weak currency, and the“weak”currency central bank must sell the strong currency. The second type of interventions are intra margin interventions. Central bank voluntarily intervene if any of exchange rate approaching the intervention limit, the other one is that, Central bank may intervene if the exchange rate of currency approaching the divergence indicator limits. Economic Integration can be defined as a process of economIC unification of national economics. Important examples of economic integration include the Latin American Free Trade Area, European Economic Community, and North American Free Trade Area. The formal economic theory of integration began with the publication of Viner's study in 1950. The basic theory of integration is concerned with the effects of the removal of tar ifs barriers. Around 1956, Lipsey and Lancaster developed the 'second best' theory. A primary objective of economic integration is to increase the output, income level and social warfare of the countries. Five stages of integration can be defined as follows; 1) Free Trade Area. 2) Customs Union = Free Trade Area + Common External Tariffs. 3)Common Market = Customs Union - Non Tariffs Barriers + Factor Mobility. 4) Economic Integration = Common market + Fixed Exchange Rates + Macro Economic Policy Coordination. 5) Economic and Monetary Union = Economic Integration + Single Currency + Single Central Bank + Unified Economic Policy. Analyzing the legal aspects of European Monetary Integration, we should start with the European Coal and Steel Community. It is the first stone in the building of the European Community. Jean Monet sugested a plan to Robert Schuman, the French foreign minister, for France and Germany to pool all their coal and steel production under a joint high authority within an organization open to any European country. This was also a plan for binding Germany politically and economically. The treaty establishing the European Coal and Steel Community (ECSC) was signed between Belgium, Germany, France, Italy, Luxemburg and Netherlands on 18 April 1951, and came into force on 23 July 1952. The foreign Ministers of the six founder members of the ECSC came together at the Messina conference they decided to return to the goal of greater European Unity. Treaty of Rome was signed on 25 March 1957. The most well known provision of the Treaty of Rome is for the creation of common market with no internal tariffs, with a common external tariff and with internal free movement of labour, capital, goods and services. Pierre Werner, the Prime Minister and minister of finance of the Luxembourg Government and a group present a report to the Council of ministers on 6 March 1970 on the realization of economic and monetary union in the Community. The report, first analyze the present situation, define fundamental principals and proposals for starting and developing the process, and define the basic principles of economic and monetary union. in December 1990 the community's leaders formally conveyed two intergovernmental conferences, the first, to establish ecconomic and monetary union ; the second to deal with the obstacles standing in the way of political union. The outcome of the two conferences was the Treaty on European Union, signed by the member states in Maastricht on 7 February 1992. The criteria Member States must meet to qualify to enter phase three of EMU are tough ones. They are set out in the Treaty on European Union. Few EU countries would qualify if the criteria were applied today. They concern price stability, public finances, exchange rates and interest rates. Price stability : qualifying countries must show that their inflation over the last year preceding the start of phase three was within 1.5 percentage points of the three EU countries with the lowest rates of inflation. Public finances: they must also demonstrate that their budget deficits are no more than 3% of GDP and that their outstanding government debt is less than 60% of GDP. Exchange rates: they must not have devalued their currency in the two years prior to phase three and must have kept their currency within normal ERM margins during this period. Interest rates: qualifying countries must also have average nominal long-terms interest rates that are within 2 percentage points of the three EU States with the lowest rates. The ECU plays a central role in the system. It comprises a basket of the currencies of the member states. The definition of the ECU reflects the economic strength of the member countries. A change in the definition of ECU can only be decided by council of ministers of the European Commission . The protection of the value of the ECU is a safeguards for the stability of the ECU and this stability is very curicial point for the international and commercial transactions. European Commission and European Community Institutions such as the European Investment Bank, have encouraged and stimulated the private use ofECU . Today, trade between member states are reached 60% of their total trade. The increasingly closer integration of the European economies calls for greater monetary coordination. Single currency is logical result of common market and liberalisation of capital movements and close economic integration. But single currency cannot be imlemented through a decree. The European Union Currency (EURO) will be one of the main exchange and reserve currency. Transaction costs will disappear within the monetary union. European Central Bank will bring together the central banks of the member states and it will not receive any instruction from member ststes or the European Institutions and its task is to guarantee price stability. The Commission, in the green paper, provides a reference scenario for implementation of the single currency. A three phase reference scenario could be summerized as follows; - launch of economic and monetary union. - effective start of European Monetary Union - Final changeover to the single currency. The developments concerning economic and monetary union should be published clearly and also decision which is taken by monetary authority should be accepted by firms, households, labour union other economic units. Firms, household, banks and financial institutions should be convinced that the decision would not be reversed.
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