Forthcoming in Journal of Policy Modeling, special issue on adoption of the euro by new members of the EU.

Size: px
Start display at page:

Download "Forthcoming in Journal of Policy Modeling, special issue on adoption of the euro by new members of the EU."

Transcription

1 Forthcoming in Journal of Policy Modeling, special issue on adoption of the euro by new members of the EU. Abstract The ten countries that acceded to the European Union on May 1, 2004, must now decide how and when to adopt the euro. All do so eventually, and their self-declared deadlines range from 2006 to This paper analyzes tradeoffs, controversies and dilemmas that are likely to face such countries over the next six years, and in closing offers brief conjectures about future adoption of the euro by countries still outside the EU. Adopting the Euro: Dilemmas and Tradeoffs Facing EU Accession Countries James W. Dean Simon Fraser University The ten countries that acceded to the European Union on May 1, 2004 must now decide how and when to accede to European Monetary Union. All must join EMU 1 eventually, and their self-declared deadlines for accession range from 2006 to This paper analyzes tradeoffs, controversies and dilemmas that are likely to face such countries over the next six years, and in closing offers brief conjectures about future adoption of the euro by countries still outside the EU. State of play On May 1, 2004, ten countries Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia joined the European Union (EU). Unlike their predecessors in the EU, these countries must adopt the euro, but not immediately. That is, they must join European Monetary Union (EMU), but with derogation. In euro-speak this means a grace period before they join the hardening-up process of Exchange Rate Mechanism (so-called ERM II ), and then at least two years in ERM II before they re allowed into EMU. Recall that EMU now includes all EU countries except Denmark, Sweden and the UK. These three Parts of this manuscript draw from Dean (2002a,b). I am grateful to Elinor Johansen and Inna Golodniuk for comments, and in particular to Maria Silgoner of the National Bank of Austria for drawing my attention to a variety of facts that I got wrong in an earlier draft. 1 Throughout this paper I use the term EMU to mean European Monetary Union, by which I mean countries that have withdrawn their national currencies and adopted the euro as their sole official currency. Usage in the European bureaucracies is different: EMU means Economic and Monetary Union, to which all 25 EU members belong. I prefer the vernacular and use the phrase accession to EMU interchangeably with adopt the euro. 1

2 countries opted out 2, but 2004 entrants cannot. Recall also that Norway and Switzerland are not in the EU. Box 1 is a wish list : it contains recent statements from the accession countries about their intended dates of accession to EMU. These dates range from Estonia s 2006 to Czech Republic s INSERT BOX 1 Conditions for joining EMU - To join the EU, accession countries had to meet many economic criteria, the most basic of which was to create market economies. Before adopting the euro they must join ERM II and commit to maintaining exchange rates within +/- 15% (de jure) or +/- 2.25% (de facto) bands around a parity peg to the euro for at least two years. In addition, they must have met the following Maastricht criteria during the year before they want to adopt the euro (i.e., at the earliest, during the second year of their period in ERM II): - Inflation and long term interest rates within 1.5% and 2% respectively of the three EU countries 3 with the lowest inflation rates - Public debt at or below 60% of GDP, and budget deficits at or below 3% of GDP States of preparation Most of these criteria are already met by the new member states. In fact they are much closer to convergence than the current EMU countries were in Their inflation average is just below the required reference value, their long-term interest rates are also below reference, and their average debt/gdp ratio is only 40%. However for several, their Achilles heal is fiscal deficits: in 2002 and 2003 these averaged over 5% of GDP, well above the required 3%. While fiscal deficits are perhaps the most fundamental challenge to adoption of the euro, there are others: The Czech Republic, as a by-product of rapid productivity growth and strong investment inflows, has until recently faced a rapidly appreciating nominal exchange rate, and may experience further increases that could push the limits allowed under ERM II. 2 Technically, only Denmark and Britain have been granted opting out, but it would seem unlikely that Sweden will ever be expelled from the EU or even penalized for repeatedly voting against adopting the euro. 3 Note that in this context EU countries means all 25 existing members, including all 10 new members as well as the 3 old members that have not adopted the euro. 2

3 Hungary until mid-2003 experienced currency instability, and still suffers from inflation that exceeds ERM II criteria, not to mention high budget deficits (5.6% of GDP in 2003). Also, net FDI outflows in 2003 forced increased reliance on financing the substantial current account deficit via debt. Latvia has made the slowest transition from central planning and will be under pressure from Brussels and Frankfurt to reduce privileged access of the public sector to financial institutions. Lithuania maintains conflicts of interest among central bank board members. Poland has successfully reduced inflation to less than 2%, but at the cost of a strong zloty and high interest rates, policies that have exacerbated unemployment. Slovakia suffers from both high inflation and high deficits. Slovenia suffers from high inflation. In these contexts it should be noted that high (inflation, deficits, etc.) means simply too high to meet Maastricht criteria, not necessarily too high for the good of the country. Indeed, even in countries that are in the late stages of transition to market systems, there may be good grounds for tolerating stable but relatively high inflation and deficits. To impose prematurely low inflation and deficits may reduce real growth, increase unemployment, and exacerbate income differentials. This is partly because structural rigidities take time to break down, and partly because productivity growth in these Central and Eastern European Countries is typically well above the Western European average. In short, some ERM II and Maastricht conditions may be too onerous. States of controversy Indeed, several aspects of the route to adoption of the euro are currently controversial in Warsaw, Prague, Budapest, Bratislava, Ljubljana etc., and even, soto voce, in Brussels and Frankfurt. Here are six of the most controversial: Should the three best EU countries or the over-all EU average dictate inflation reference levels for inflation and long term interest rates? If the latter, reference levels would, of course, be higher. Should +/- 2.25% or +/- 15% be allowable as a band for exchange rate fluctuations? The band was officially widened to +/- 15% after the Western European currency crises of 1992/93, but in mid-2003 Pedro Solbes, the EU 3

4 Monetary Affairs Commissioner, startled putative accession countries by proclaiming that de facto the band expected within ERM II will be +/- 2.25%. More generally, should ERM II relax its inflation ceilings and/or relax nominal exchange stabilization to allow real exchange rates to appreciate as productivity catches up to the EU? Does the European Central Bank ever contemplate acting as a centralized lender of last resort? If so, might it not also want to centralize banking supervision? Bad bank debt is particularly problematic in the Czech Republic, in Slovakia and in Poland. Is it manageable at country levels? Should the new member states with currency boards abandon them before joining ERM II? This would seem pointless unless re-alignment of parity with the euro is contemplated. This last controversy raises a broader issue. How do countries that already fix to the euro or to baskets these countries are relatively small - loosen up, or will that be necessary? And how do the countries that currently float these countries are relatively large tighten up? Current currency regimes of the ten acceding countries are described in Box 2. The ten divide neatly into six small country peggers and four large country floaters. INSERT BOX 2 Small peggers Slovenia, which is small in size and population (albeit top of the ten in terms of per capita GDP), will have to move from its current peg with a downward sloping band (i.e. gradual depreciation versus the euro), to a peg with a horizontal band. This is a potential problem for trade competitiveness if inflation persists above the EU average. The smallest five - Cyprus, Estonia, Lithuania, Latvia and Malta - all have hard pegs to external currencies: the first three to the euro, Latvia to the SDR, and Malta to a basket that is 70% euro-weighted. It makes no sense for the euro-peggers to loosen up unless their pegs are seriously misaligned: in any case they lack feasible exit strategies. But the other two must make an explicit decision about whether to maintain the parity rate with the euro that is implicit in their baskets. Moreover they face the problem that their new pegs to the euro will conform less to their trade patterns to the extent that their current baskets are de facto trade weighted. This is not likely to be a problem for Latvia, whose trade is overwhelming with euro-land. Malta, however, still does considerable trade with Britain, its former 4

5 colonial master: tourism in particular may suffer slightly from increased exchange rate uncertainty. But the previous problems are minor by comparison with the benefits likely to be reaped from tighter integration with euro-denominated capital markets. Indeed, many of these benefits have already been reaped. The small-country peggers have very open economies but very thin foreign exchange markets. Their pegs have served them well in terms of access to international financial markets, low inflation and strong output growth. Moreover they have not needed to intervene or use interest rates to maintain the pegs. Long term domestic-currency rates have converged toward euro-levels; to exit and then re-enter their hard pegs would unnecessarily cost them credibility. In short, Estonia and Lithuania will likely maintain their currency board pegs to the euro and Cyprus will likely maintain its narrow peg to the euro, whereas Latvia and Malta will need to move from their basket pegs (with euro-weights of 35% and 70%) toward sole pegs to the euro. Large floaters The larger new member states have moved recently toward more flexibility. The Czech Republic has a managed float with inflation targeting; Hungary pegs to the euro but with a +/- 15% band, and also inflation-targets: i.e. it runs a managed float with two targets; Slovakia has a managed float with hybrid targets; Poland runs a free float with inflation targeting. Larger countries will have to harden their regimes, but they should be permitted to harden gradually. Under ERM II, de jure they can fluctuate within a +/- 15% band. But as already mentioned, in mid-2003 Pedro Solbes, the EU Monetary Affairs Commissioner, expressed preference for the much narrower, traditional +/- 2.25% band. The wider band would be wiser since these countries still face transition challenges: Czech Republic s koruna rose by 25% 1999 mid-2002, and since then has fallen by more than 10%; Hungary s forint has also been volatile, as has Poland s zloty and Slovakia s koruna. This volatility reflects both Balassa- Samuelson effects due to rapid productivity growth, and large changes in capital inflows. Exchange rate flexibility versus stability is one of several tradeoffs and even dilemmas that will face new member states in the transition process toward adopting the euro. Tradeoffs, dilemmas and challenges How much flexibility? As suggested, among the large floaters a continued history of volatility against the euro suggests that transitional restructuring and/or volatile capital flows may necessitate continued flexibility for several years. The Czech 5

6 Republic, Hungary, Poland, and Slovakia have already been mentioned. Latvia might be added to the list. As the poorest of the new member states it has the longest way to go to catch up to EU productivity levels; moreover, capital inflows are likely to increase sharply. Recall that Latvia pegs to the SDR; hence unlike other small floaters, flexibility against the euro can be introduced without abandoning a preexisting fixed parity. What central parity, and when? A second challenge facing new member states that do not already fix to the euro is whether to lock in to a central parity rate now or later. Rapid productivity growth relative to the EMU causes appreciation of real exchange rates. This can occur via inflation in non-tradeables prices (the Balassa - Samuelson effect) that is not offset by deflation in tradeables prices, or via appreciation of the nominal exchange rate: in short via inflation that is higher than the EU average, or via increases in the nominal exchange rate. In any case, the central parity consistent with current account balance may be higher in, say, 2007, than now, especially if new member states are constrained by the Maastricht criteria to inflation rates no higher than the lowest three EMU countries. The EU Commissioner s declaration last year of a de facto ERM II exchange rate band of only +/- 2.25% could force countries to make a premature choice of parity. An additional consideration in the choice between fixing parity now or later is that secular growth in capital inflows can cause real exchange rate appreciation, again via inflation or via nominal appreciation. This can also delay the date for fixing parity. In both cases (catch-up productivity growth and rapid capital flows), the parity rate consistent with current account balance is a moving target. A final complication is that the medium term parity rate is not necessarily one that is consistent with current account balance. On the contrary, continuing current account deficits are appropriate as long as productivity growth and returns on capital are above EMU and world averages. The European Central Bank itself (ECB, Feb 2004, p. 22) regards the two-year participation requirement in ERM II as a testing phase, both for readiness for reduced exchange rate volatility, and for fixing the correct parity rate. However in practice the ECB is likely to confront tradeoffs and dilemmas. Continued real and financial restructuring may warrant continued flexibility; moreover premature exchange rate stability may cause excessive current account deficits (in case of undervaluation), or excessive inflation (in case of overvaluation). Fiscal challenges A third set of challenges is fiscal. First, in recent years fiscal deficits have widened in Czech Republic, Hungary, Poland and Slovakia. Even in Cyprus and Malta, deficits are above 3% of GDP. These deficits may prove more intransigent than in Western Europe, given long socialist traditions and the consequent likelihood of continued pressure for government spending on both infrastructure and transfer payments. Second, given a reluctance to cut spending, 6

7 the scope for contractionary counter-cyclical fiscal policy may be more limited in the Central and Eastern European Countries than in Western European countries like Ireland; so too the scope for stimulatory fiscal policy will be limited if the Growth and Stability Pact s 3% deficit ceiling is enforced. Next to adopt the euro? Bulgaria and Romania hope to join the EU in Croatia has just applied, and Macedonia may do so soon. All four could, in principle, officially euroize by 2010, although Croatia and Macedonia are likely to accede to both the EU and EMU later than Bulgaria and Romania. Turkey has had official EU-candidate status since 1999, but is not expected to be admitted until at least Several countries could unofficially euroize: that is, withdraw their domestic currency and adopt the euro without permission from Brussels or Frankfurt. Kosovo and Montenegro have already done so. Bosnia and Serbia could be next, especially if they hold out no hope to join the EU in the foreseeable future and therefore have no particular incentive to jump through hoops devised by Brussels and Frankfurt. It is not, however, crystal clear that abandonment of local currencies is typically immanent. Although many if not most countries in Eastern Europe and Central Asia already use the euro or the dollar informally for transactions and/or store of value purposes (Feige & Dean, 2004), the number of national currencies in the region has multiplied over the last decade with the creation of new nation states (Pomfret, 2003). It is not clear that widespread formal dollarization, euroization, or currency union is likely in the near future except in countries that accede to the EU. 7

8 BOX 1 Self-declared Intentions to Join European Monetary Union Cyprus: 2007 despite recent fiscal slippages (Pre-Accession Economic Programme [PEP] 2003) Czech Republic: as soon as plausible economic conditions have been created (PEP 2003) [More concrete statements by CZ point to ] Estonia: as soon as 2006 (PEP 2003) Hungary: 1 January 2008 (PEP 2003) Latvia: earliest 1 January 2008 (PEP 2003) Lithuania: Realistically start of 2007 (Governor Sarkinas, March 2003) Malta: second half of 2007 or Jan 2008 latest (Governor Bonello, Feb 2004) Poland: only when macro conditions make it possible [given projected gov t deficits] 2008 or 2009 (PEP 2003) Slovakia earliest realistic target 2008 (Strategy of the Slovak Republic for adoption of the euro, June 2003) Slovenia Both the Bank and the Government judge it will be possible at the beginning of 2007 (Joint programme of the Slovenian Government and Bank of Slovenia for ERM II entry and adoption of the euro, November 2003) In short, declarations of the new member states range from 2006 (Estonia) to Jan 2010 (Czech Rep.) Most optimistic (2007 or earlier) are Cyprus, Estonia, Lithuania, Malta, and Slovenia Least optimistic (2008 or later) are Czech Republic, Hungary, Latvia, Poland and Slovakia Source: European Central Bank (2004), pp BOX 2 Cyprus: De jure: Peg to euro with +/- 15% band. De facto: Narrow range of fluctuation Czech Republic: Managed float; 2 4% inflation target by end 2005 Estonia: CBA fix to euro since 1992 Hungary: Peg to euro with +/- 15% band; inflation target of 3 5% by end 2005 Latvia: Peg to SDR with +/- 1% band Lithuania: CBA fix to dollar in 1994, then to euro in February Malta: Peg to basket of 70& euro, 30% dollar and pound sterling Poland: Free float with inflation target of % Slovakia: Managed float: hybrid strategy; implicit infl. targeting Slovenia: Crawling band with monetary, real, external and financial indicators Source: European Central Bank (2004), pp

9 REFERENCES Dean, James W. (2002a) The Economic Case Against the Euro Revisited In Patrick Crowley, Before and Beyond EMU. Routledge. Dean, James W. (2002b) Exchange Rate Regimes in Central and Eastern European Transition Economies, with Lessons for Ukraine CASE, Kyiv, Ukraine and Warsaw, Poland. European Central Bank (2004), The Acceding Countries Strategies Towards ERM II and the Adoption of the Euro: An Analytical Review, Occasional Paper Series No. 10, February. Feige, Edgar and James W. Dean (2004) Dollarization and Euroization in the Transition Countries: Asset Substitution, Network Externalities and Irreversibility In Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability, George M. Von Furstenberg, Volbert Alexander and Jacques Melitz, eds., New York: Oxford University Press, March, Oesterreichische Nationalbank (2002) Focus on Transition 2. Pomfret, Richard (2003) Currency Areas in Theory and Practice Working Paper, School of Economics, University of Adelaide. 9

The EMU: A Challenging Goal for the New Member States of the European Union?

The EMU: A Challenging Goal for the New Member States of the European Union? meow From the SelectedWorks of Roberta De Santis 2007 The EMU: A Challenging Goal for the New Member States of the European Union? roberta De Santis Available at: https://works.bepress.com/roberta_de_santis/6/

More information

A2 Economics. Enlargement Countries and the Euro. tutor2u Supporting Teachers: Inspiring Students. Economics Revision Focus: 2004

A2 Economics. Enlargement Countries and the Euro. tutor2u Supporting Teachers: Inspiring Students. Economics Revision Focus: 2004 Supporting Teachers: Inspiring Students Economics Revision Focus: 2004 A2 Economics tutor2u (www.tutor2u.net) is the leading free online resource for Economics, Business Studies, ICT and Politics. Don

More information

After the crisis: what new lessons for euro adoption?

After the crisis: what new lessons for euro adoption? After the crisis: what new lessons for euro adoption? Zsolt Darvas Croatian Parliament 15 November 2017, Zagreb Background and questions Among the first 15 EU member states, Mediterranean countries experienced

More information

GDP per capita in purchasing power standards

GDP per capita in purchasing power standards GDP per capita in purchasing power standards GDP per capita varied by one to six across the Member States in 2011, while Actual Individual Consumption (AIC) per capita in the Member States ranged from

More information

Comparative Economic Geography

Comparative Economic Geography Comparative Economic Geography 1 WORLD POPULATION gross world product (GWP) The GWP Global GDP In 2012: GWP totalled approximately US $83.12 trillion in terms of PPP while the per capita GWP was approx.

More information

Eastern Europe: Economic Developments and Outlook. Miroslav Singer

Eastern Europe: Economic Developments and Outlook. Miroslav Singer Eastern Europe: Economic Developments and Outlook Miroslav Singer Governor, Czech National Bank Distinguished Speakers Seminar European Economics & Financial Centre London, 22 July 2014 Miroslav Význam

More information

From Europe to the Euro

From Europe to the Euro From Europe to the Euro Presentation ti by Eva Horelová Deputy Spokesperson, Deputy Head of Press and Public Diplomacy Delegation of the European Union to the United States Florida Student Orientation,

More information

The Boom-Bust in the EU New Member States: The Role of Fiscal Policy

The Boom-Bust in the EU New Member States: The Role of Fiscal Policy The Boom-Bust in the EU New Member States: The Role of Fiscal Policy JVI Lecture, Vienna, January 21, 216 Bas B. Bakker Senior Regional Resident Representative for Central and Eastern Europe Outline The

More information

WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA?

WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA? ECA Economic Update April 216 WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA? Maurizio Bussolo Chief Economist Office and Asia Region April 29, 216 Bruegel, Brussels,

More information

Challenges for Baltics as for the Eurozone countries having Advanced Economy status

Challenges for Baltics as for the Eurozone countries having Advanced Economy status Challenges for Baltics as for the Eurozone countries having Advanced Economy status 4th European High-level Panel Discussion on Banking Vilnius, February 4, 216 Bas B. Bakker Senior Regional Resident Representative

More information

THE CZECH REPUBLIC AND THE EURO. Policy paper Europeum European Policy Forum May 2002

THE CZECH REPUBLIC AND THE EURO. Policy paper Europeum European Policy Forum May 2002 THE CZECH REPUBLIC AND THE EURO Policy paper 1. Introduction: Czech Republic and Euro The analysis of the accession of the Czech Republic to the Eurozone (EMU) will deal above all with two closely interconnected

More information

From Europe to the Euro. Delegation of the European Union to the United States

From Europe to the Euro. Delegation of the European Union to the United States From Europe to the Euro Delegation of the European Union to the United States www.euro-challenge.org What is the European Union? A unique institution Member States voluntarily cede national sovereignty

More information

Session III Financial Markets Discussion

Session III Financial Markets Discussion Six Years After EU Enlargement Austria and Its Eastern Neighbors Session III Financial Markets Discussion Claire Waysand, Assistant Director European Department International Monetary Fund *copyright rests

More information

From Europe to the Euro Student Orientations 2014 Euro Challenge

From Europe to the Euro Student Orientations 2014 Euro Challenge From Europe to the Euro Student Orientations 2014 Euro Challenge www.euro-challenge.org 1 What is the European Union? A unique institution Member States voluntarily cede national sovereignty in many areas

More information

The Economies in Transition: The Recovery

The Economies in Transition: The Recovery Georgetown University From the SelectedWorks of Robert C. Shelburne October, 2011 The Economies in Transition: The Recovery Robert C. Shelburne, United Nations Economic Commission for Europe Available

More information

Mark Allen. The Financial Crisis and Emerging Europe: What Happened and What s Next? Senior IMF Resident Representative for Central and Eastern Europe

Mark Allen. The Financial Crisis and Emerging Europe: What Happened and What s Next? Senior IMF Resident Representative for Central and Eastern Europe The Financial Crisis and Emerging Europe: What Happened and What s Next? Seminar with Romanian Trade Unions Bucharest, November 2, 21 Mark Allen Senior IMF Resident Representative for Central and Eastern

More information

Evolution of the European Union, the euro and the Eurozone Sovereign Debt Crisis

Evolution of the European Union, the euro and the Eurozone Sovereign Debt Crisis Evolution of the European Union, the euro and the Eurozone Sovereign Debt Crisis Brexit? Dr. Julian Gaspar, Executive Director Center for International Business Studies & Clinical Professor of International

More information

"The European Union and its Expanding Economy"

The European Union and its Expanding Economy "The European Union and its Expanding Economy" Bernhard Zepter Ambassador and Head of Delegation Speech 2005/06/04 2 Dear Ladies and Gentlemen, I am delighted to have the opportunity today to talk to you

More information

Economics of European Integration Lecture # 10 Monetary Integration II

Economics of European Integration Lecture # 10 Monetary Integration II Economics of European Integration Lecture # 10 Monetary Integration II Fall Semester 2008 Gerald Willmann Gerald Willmann, Department of Economics, KU Leuven The EMS: Past and Present The EMS was originally

More information

Real Convergence of Central and Eastern Europe Economic and Monetary Union

Real Convergence of Central and Eastern Europe Economic and Monetary Union Bulletin UASVM Horticulture, 68(2)/2011 Print ISSN 1843-5254; Electronic ISSN 1843-5394 Real Convergence of Central and Eastern Europe Economic and Monetary Union Roxana PIRVU, Mihai BUDURNOIU University

More information

The Economies in Transition: The Recovery Project LINK, New York 2011 Robert C. Shelburne Economic Commission for Europe

The Economies in Transition: The Recovery Project LINK, New York 2011 Robert C. Shelburne Economic Commission for Europe The Economies in Transition: The Recovery Project LINK, New York 2011 Robert C. Shelburne Economic Commission for Europe EiT growth was similar or above developing countries pre-crisis, but significantly

More information

Central and Eastern European Countries : their progress toward accession to the European Union

Central and Eastern European Countries : their progress toward accession to the European Union www.asmp.fr - Académie des Sciences morales et politiques Discours de M. Jacques de Larosière en date du 15 octobre 2002 Central and Eastern European Countries : their progress toward accession to the

More information

Through the Financial Crisis

Through the Financial Crisis Comments on: How Latvia Came Through the Financial Crisis Mark Griffiths (mgriffiths@imf.org) European Department International Monetary Fund Outline 1. Economic performance under the program Program succeeded

More information

From Europe to the Euro

From Europe to the Euro From Europe to the Euro 2012 Euro Challenge Student Orientation Florida International University December 6 th, 2011 Kasper Zeuthen Delegation of the European Union Washington, DC www.euro-challenge.org

More information

Is the transition countries reliance on foreign capital a sign of success or failure?

Is the transition countries reliance on foreign capital a sign of success or failure? Is the transition countries reliance on foreign capital a sign of success or failure? Christoph Rosenberg IMF Regional Office for Central Europe and the Baltics UNECE FfD Regional Consultation Expert Meeting

More information

Letter prices in Europe. Up-to-date international letter price survey. March th edition

Letter prices in Europe. Up-to-date international letter price survey. March th edition Letter prices in Europe Up-to-date international letter price survey. March 2014 13th edition 1 Summary This is the thirteenth time Deutsche Post has carried out a study, drawing a comparison between letter

More information

Migration Report Central conclusions

Migration Report Central conclusions Migration Report 2012 Central conclusions 2 Migration Report 2012: Central conclusions Migration Report 2012 Central conclusions The Federal Government s Migration Report aims to provide a foundation for

More information

EUROPEAN UNION CURRENCY/MONEY

EUROPEAN UNION CURRENCY/MONEY EUROPEAN UNION S6E8 ANALYZE THE BENEFITS OF AND BARRIERS TO VOLUNTARY TRADE IN EUROPE D. DESCRIBE THE PURPOSE OF THE EUROPEAN UNION AND THE RELATIONSHIP BETWEEN MEMBER NATIONS. VOCABULARY European Union

More information

From Europe to the Euro Student Orientations 2013 Euro Challenge

From Europe to the Euro Student Orientations 2013 Euro Challenge From Europe to the Euro Student Orientations 2013 Euro Challenge www.euro-challenge.org 1 What is the European Union? A unique institution Member States voluntarily cede national sovereignty in many areas

More information

The economic outlook for Europe and Central Asia, including the impact of China

The economic outlook for Europe and Central Asia, including the impact of China ECA Economic Update April 216 The economic outlook for and, including the impact of China Hans Timmer Chief Economist and Region April 7, 216 Kiev, Ukraine 1 Overview Low growth is expected in and (ECA),

More information

EuCham Charts. October Youth unemployment rates in Europe. Rank Country Unemployment rate (%)

EuCham Charts. October Youth unemployment rates in Europe. Rank Country Unemployment rate (%) EuCham Charts October 2015 Youth unemployment rates in Europe Rank Country Unemployment rate (%) 1 Netherlands 5.0 2 Norway 5.5 3 Denmark 5.8 3 Iceland 5.8 4 Luxembourg 6.3... 34 Moldova 30.9 Youth unemployment

More information

Migration Report Central conclusions

Migration Report Central conclusions Migration Report 2013 Central conclusions 2 Migration Report 2013 - Central conclusions Migration Report 2013 Central conclusions The Federal Government s Migration Report aims to provide a foundation

More information

what are the challenges, stakes and prospects of the EU accession negotiation?

what are the challenges, stakes and prospects of the EU accession negotiation? 17/10/00 CENTRAL AND EASTERN EUROPE EUROPE : ECONOMIC ACHIEVEMENTS, EUROPEAN INTEGRATION PROSPECTS Roadshow EMEA Strategy Product London, October 17, and New York, October 25, 2000 The European Counsel

More information

The Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen

The Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen The Impact of the Global Economic Crisis on Central and Eastern Europe Fourth Central European CEMS Conference Warsaw, February 25, 211 Mark Allen Senior IMF Resident Representative for Central and Eastern

More information

THE DEVELOPMENT OF ECONOMIES OF THE EUROPEAN UNION MEMBER STATES IN THE PERIOD OF

THE DEVELOPMENT OF ECONOMIES OF THE EUROPEAN UNION MEMBER STATES IN THE PERIOD OF THE DEVELOPMENT OF ECONOMIES OF THE EUROPEAN UNION MEMBER STATES IN THE PERIOD OF 2003-2014. Mariusz Rogalski Maria Curie-Sklodowska University, Poland mariusz.rogalski@poczta.umcs.lublin.pl Abstract:

More information

What is The European Union?

What is The European Union? The European Union What is The European Union? 28 Shared values: liberty, democracy, respect for human rights and fundamental freedoms, and the rule of law. Member States The world s largest economic body.

More information

European Tourism Trends & Prospects Executive Summary

European Tourism Trends & Prospects Executive Summary 1 European Tourism Trends & Prospects Executive Summary Turkey Iceland Montenegro Serbia Slovenia Malta Cyprus Finland Croatia Latvia Netherlands Belgium Portugal Poland Romania Czech Rep Bulgaria Spain

More information

8193/11 GL/mkl 1 DG C I

8193/11 GL/mkl 1 DG C I COUNCIL OF THE EUROPEAN UNION Brussels, 25 March 2011 8193/11 AVIATION 70 INFORMATION NOTE From: European Commission To: Council Subject: State of play of ratification by Member States of the aviation

More information

Debt market turmoil : impact on Central Europe?

Debt market turmoil : impact on Central Europe? Debt market turmoil : impact on Central Europe? discours prononcé par M. Jacques de Larosière le vendredi 16 novembre 2007, à Londres à l occasion d une manifestation organisée par Mideuropa The dislocation

More information

Chapter 21 (10) Optimum Currency Areas and the Euro

Chapter 21 (10) Optimum Currency Areas and the Euro Chapter 21 (10) Optimum Currency Areas and the Euro Preview The European Union The European Monetary System Policies of the EU and the EMS Theory of optimal currency areas Is the EU an optimal currency

More information

European patent filings

European patent filings Annual Report 07 - European patent filings European patent filings Total filings This graph shows the geographic origin of the European patent filings. This is determined by the country of residence of

More information

9 th International Workshop Budapest

9 th International Workshop Budapest 9 th International Workshop Budapest 2-5 October 2017 15 years of LANDNET-working: an Overview Frank van Holst, LANDNET Board / RVO.nl 9th International LANDNET Workshop - Budapest, 2-5 October 2017 Structure

More information

Chapter 20. Preview. What Is the EU? Optimum Currency Areas and the European Experience

Chapter 20. Preview. What Is the EU? Optimum Currency Areas and the European Experience Chapter 20 Optimum Currency Areas and the European Experience Slides prepared by Thomas Bishop Copyright 2009 Pearson Addison-Wesley. All rights reserved. Preview The European Union The European Monetary

More information

TOWARDS A STRONGER EURO: EMU ENLARGEMENT AND EUROIZATION (VS. DOLLARIZATION)

TOWARDS A STRONGER EURO: EMU ENLARGEMENT AND EUROIZATION (VS. DOLLARIZATION) TOWARDS A STRONGER EURO: EMU ENLARGEMENT AND EUROIZATION (VS. DOLLARIZATION) Annamaria Viterbo, Ph.D. Faculty of Law University of Torino, Italy anna.viterbo@unito.it Please do not quote without permission.

More information

Curing Europe s Growing Pains: Which Reforms?

Curing Europe s Growing Pains: Which Reforms? Curing Europe s Growing Pains: Which Reforms? Luc Everaert Assistant Director European Department International Monetary Fund Brussels, 21 November Copyright rests with the author. All rights reserved.

More information

EUROPEANS, THE EUROPEAN UNION AND THE CRISIS

EUROPEANS, THE EUROPEAN UNION AND THE CRISIS Standard Eurobarometer 80 Autumn 2013 EUROPEANS, THE EUROPEAN UNION AND THE CRISIS REPORT Fieldwork: November 2013 This survey has been requested and co-ordinated by the European Commission, Directorate-General

More information

OLLI 2012 Europe s Destiny Session II Integration and Recovery Transformative innovation or Power Play with a little help from our friends?

OLLI 2012 Europe s Destiny Session II Integration and Recovery Transformative innovation or Power Play with a little help from our friends? OLLI 2012 Europe s Destiny Session II Integration and Recovery Transformative innovation or Power Play with a little help from our friends? Treaties The European Union? Power Today s Menu Myth or Reality?

More information

Gender pay gap in public services: an initial report

Gender pay gap in public services: an initial report Introduction This report 1 examines the gender pay gap, the difference between what men and women earn, in public services. Drawing on figures from both Eurostat, the statistical office of the European

More information

The United Kingdom in the European context top-line reflections from the European Social Survey

The United Kingdom in the European context top-line reflections from the European Social Survey The United Kingdom in the European context top-line reflections from the European Social Survey Rory Fitzgerald and Elissa Sibley 1 With the forthcoming referendum on Britain s membership of the European

More information

A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA. April 17, 2015 Spring Meetings

A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA. April 17, 2015 Spring Meetings A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA April 17, 2015 Spring Meetings A Rebalancing Act in Emerging Europe and Central Asia ECA is expected to be the slowest growing region worldwide with

More information

Regional Economic Integration : the European Union Process.

Regional Economic Integration : the European Union Process. INTERNATIONAL AFFAIRS Regional Economic Integration : the European Union Process. IAE - Paris, April 21 st 2015 Marie-Christine HENRIOT 1 INTERNATIONAL AFFAIRS United in diversity 2 INTERNATIONAL AFFAIRS

More information

The global and regional policy context: Implications for Cyprus

The global and regional policy context: Implications for Cyprus The global and regional policy context: Implications for Cyprus Dr Zsuzsanna Jakab WHO Regional Director for Europe Policy Dialogue on Health System and Public Health Reform in Cyprus: Health in the 21

More information

Monthly Inbound Update June th August 2017

Monthly Inbound Update June th August 2017 Monthly Inbound Update June 217 17 th August 217 1 Contents 1. About this data 2. Headlines 3. Journey Purpose: June, last 3 months, year to date and rolling twelve months by journey purpose 4. Global

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline January 31, 2013 ShadEcEurope31_Jan2013.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline by Friedrich Schneider *) In the Tables

More information

2nd Ministerial Conference of the Prague Process Action Plan

2nd Ministerial Conference of the Prague Process Action Plan English version 2nd Ministerial Conference of the Prague Process Action Plan 2012-2016 Introduction We, the Ministers responsible for migration and migration-related matters from Albania, Armenia, Austria,

More information

A Case for the Euro. presented to the Graduate School of Business of the University of Stellenbosch

A Case for the Euro. presented to the Graduate School of Business of the University of Stellenbosch presented to the Graduate School of Business of the University of Stellenbosch in partial fulfilment of the requirements for the degree of Master of Business Administration by FLORIAN BÖHLANDT Subject:

More information

The first decade of transition for the

The first decade of transition for the ACCESSION OF TRANSITION ECONOMIES TO THE EUROPEAN UNION: PROSPECTS AND PRESSURES The first decade of transition for the countries of central and eastern Europe and the Baltics (CEECs) was marked by a substantial

More information

Chapter 20. Optimum Currency Areas and the European Experience. Slides prepared by Thomas Bishop

Chapter 20. Optimum Currency Areas and the European Experience. Slides prepared by Thomas Bishop Chapter 20 Optimum Currency Areas and the European Experience Slides prepared by Thomas Bishop Preview The European Union The European Monetary System Policies of the EU and the EMS Theory of optimal currency

More information

European Parliament Eurobarometer (EB79.5) ONE YEAR TO GO UNTIL THE 2014 EUROPEAN ELECTIONS Institutional Part ANALYTICAL OVERVIEW

European Parliament Eurobarometer (EB79.5) ONE YEAR TO GO UNTIL THE 2014 EUROPEAN ELECTIONS Institutional Part ANALYTICAL OVERVIEW Directorate-General for Communication Public Opinion Monitoring Unit Brussels, 21 August 2013. European Parliament Eurobarometer (EB79.5) ONE YEAR TO GO UNTIL THE 2014 EUROPEAN ELECTIONS Institutional

More information

The European Union Economy, Brexit and the Resurgence of Economic Nationalism

The European Union Economy, Brexit and the Resurgence of Economic Nationalism The European Union Economy, Brexit and the Resurgence of Economic Nationalism George Alogoskoufis is the Constantine G. Karamanlis Chair of Hellenic and European Studies, The Fletcher School of Law and

More information

International Summer Program

International Summer Program University of Ulm International Summer Program European Integration European Union An Overview Prof. Dr. Werner Smolny, Tuesday, June 21, 2005 University of Ulm, International Summer Program 2005, June

More information

LMG Women in Business Law Awards - Europe - Firm Categories

LMG Women in Business Law Awards - Europe - Firm Categories LMG Women in Business Law Awards - Europe - Firm Categories Welcome to the Euromoney LMG Women in Business Law Awards submissions survey 1. Your details First Name Last Name Position Email Address Firm

More information

Chapter 9. Regional Economic Integration

Chapter 9. Regional Economic Integration Chapter 9 Regional Economic Integration Global Talent Crunch The Global Talent Crunch Over the next decade, it is estimated that the growth in demand for collegeeducated talent will exceed the growth in

More information

The Future of European Integration

The Future of European Integration Center for Social and Economic Research Marek Dąbrowski The Future of European Integration Two dimensions of discussion: widening and deepening. This presentation mostly on widening Plan of my presentation:

More information

INVESTING IN AN OPEN AND SECURE EUROPE Two Funds for the period

INVESTING IN AN OPEN AND SECURE EUROPE Two Funds for the period INVESTING IN AN OPEN AND SECURE EUROPE Two Funds for the 2014-20 period COMMON ISSUES ASK FOR COMMON SOLUTIONS Managing migration flows and asylum requests the EU external borders crises and preventing

More information

HEADING TO THE EURO-ZONE Hopes and Fears about the Euro in the New Member States

HEADING TO THE EURO-ZONE Hopes and Fears about the Euro in the New Member States HEADING TO THE EURO-ZONE Hopes and Fears about the Euro in the New Member States A recent poll by the Gallup Organization reveals that a large majority of the people in the ten New Member States think

More information

Brexit. Alan V. Deardorff University of Michigan. For presentation at Adult Learning Institute April 11,

Brexit. Alan V. Deardorff University of Michigan. For presentation at Adult Learning Institute April 11, Brexit Alan V. Deardorff University of Michigan For presentation at Adult Learning Institute April 11, 2017 Brexit Defined: The exit of the United Kingdom from the European Union What that actually means

More information

Economic Effects in Slovenia within Integration in European Union

Economic Effects in Slovenia within Integration in European Union Journal of Empirical Research in Accounting & Auditing ISSN (2384-4787) J. Emp. Res. Acc. Aud. 2, No. 2 (Oct. -2015) Economic Effects in Slovenia within Integration in European Union Amir Imeri AMA International

More information

3. EUROPEAN INTEGRATION (PART II)

3. EUROPEAN INTEGRATION (PART II) 3. EUROPEAN INTEGRATION (PART II) 01.12.2017 1 01.12.2017 2 Maastricht Criteria Source: http://ec.europa.eu 01.12.2017 3 Stability and Growth Pact Rule-based framework for the coordination of national

More information

Gertrude Tumpel-Gugerell: The euro benefits and challenges

Gertrude Tumpel-Gugerell: The euro benefits and challenges Gertrude Tumpel-Gugerell: The euro benefits and challenges Speech by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, at the Conference Poland and the EURO, Warsaw,

More information

Participation in the EU Internal Market: the experience of NMS and its relevance to the ENP

Participation in the EU Internal Market: the experience of NMS and its relevance to the ENP Center for Social and Economic Research Marek Dabrowski Participation in the EU Internal Market: the experience of NMS and its relevance to the ENP Presentation prepared for the 10th Euro-Med Economic

More information

The Outlook for EU Migration

The Outlook for EU Migration Briefing Paper 4.29 www.migrationwatchuk.com Summary 1. Large scale net migration is a new phenomenon, having begun in 1998. Between 1998 and 2010 around two thirds of net migration came from outside the

More information

This document is available on the English-language website of the Banque de France

This document is available on the English-language website of the Banque de France JUNE 7 This document is available on the English-language website of the www.banque-france.fr Countries ISO code Date of entry into the euro area Fixed euro conversion rates France FR //999.97 Germany

More information

European Parliament Eurobarometer (EB79.5) ONE YEAR TO GO TO THE 2014 EUROPEAN ELECTIONS Economic and social part DETAILED ANALYSIS

European Parliament Eurobarometer (EB79.5) ONE YEAR TO GO TO THE 2014 EUROPEAN ELECTIONS Economic and social part DETAILED ANALYSIS Directorate-General for Communication Public Opinion Monitoring Unit Brussels, 18 October 2013 European Parliament Eurobarometer (EB79.5) ONE YEAR TO GO TO THE 2014 EUROPEAN ELECTIONS Economic and social

More information

The EU on the move: A Japanese view

The EU on the move: A Japanese view The EU on the move: A Japanese view H.E. Mr. Kazuo KODAMA Ambassador of Japan to the EU Brussels, 06 February 2018 I. The Japan-EU EPA Table of Contents 1. World GDP by Country (2016) 2. Share of Japan

More information

THE EUROPEAN UNIFIED PATENT SYSTEM:

THE EUROPEAN UNIFIED PATENT SYSTEM: THE EUROPEAN UNIFIED PATENT SYSTEM: Information Needed Today; in 2014 (or 2015) A generation from now, it may be expected that the new European unified patent system will be widely popular and provide

More information

European Union Expansion and the Euro: Croatia, Iceland and Turkey

European Union Expansion and the Euro: Croatia, Iceland and Turkey International Journal of Business and Social Science Vol. 5, No. 13; December 2014 European Union Expansion and the Euro: Croatia, Iceland and Turkey Cynthia Royal Tori, PhD Valdosta State University Langdale

More information

Macroeconomic Outlook and Challenges for the CEE Region. Luboš Komárek CFO Executive Summit Prague, 29 th April 2015

Macroeconomic Outlook and Challenges for the CEE Region. Luboš Komárek CFO Executive Summit Prague, 29 th April 2015 Macroeconomic Outlook and Challenges for the CEE Region Luboš Komárek CFO Executive Summit Prague, 29 th April 2015 Outline I. Mapping out the current situation and economic forecast United States Euro

More information

wiiw Workshop Connectivity in Central Asia Mobility and Labour Migration

wiiw Workshop Connectivity in Central Asia Mobility and Labour Migration wiiw Workshop Connectivity in Central Asia Mobility and Labour Migration Vienna 15-16 December 2016 Radim Zak Programme Manager, ICMPD Radim.Zak@icmpd.org The project is funded by the European Union What

More information

Lecture # 3 Economics of European Integration

Lecture # 3 Economics of European Integration Lecture # 3 Economics of European Integration Fall Semester 2008 Gerald Willmann Gerald Willmann, Department of Economics, KU Leuven Facts: Population Facts: Population 6 big nations: > 35 million (Germany,

More information

WORLDWIDE DISTRIBUTION OF PRIVATE FINANCIAL ASSETS

WORLDWIDE DISTRIBUTION OF PRIVATE FINANCIAL ASSETS WORLDWIDE DISTRIBUTION OF PRIVATE FINANCIAL ASSETS Munich, November 2018 Copyright Allianz 11/19/2018 1 MORE DYNAMIC POST FINANCIAL CRISIS Changes in the global wealth middle classes in millions 1,250

More information

Are Labour Markets in the New Member States sufficiently flexible for EMU?

Are Labour Markets in the New Member States sufficiently flexible for EMU? ECB/CEPR Labour Market Workshop 2005 Are Labour Markets in the New Member States sufficiently flexible for EMU? Frankfurt am Main, Eurotower 20-21 June 2005 Tito Boeri and Pietro Garibaldi Fondazione RDB,

More information

Collective Bargaining in Europe

Collective Bargaining in Europe Collective Bargaining in Europe Collective bargaining and social dialogue in Europe Trade union strength and collective bargaining at national level Recent trends and particular situation in public sector

More information

Austerity and Gender Equality Policy: a Clash of Policies? Francesca Bettio University of Siena Italy ( ENEGE Network (

Austerity and Gender Equality Policy: a Clash of Policies? Francesca Bettio University of Siena Italy (  ENEGE Network ( Austerity and Gender Equality Policy: a Clash of Policies? Francesca Bettio University of Siena Italy (www.unisi.it) ENEGE Network (www.enege.eu) highlights Disentangling the impact of the crisis versus

More information

THE NOWADAYS CRISIS IMPACT ON THE ECONOMIC PERFORMANCES OF EU COUNTRIES

THE NOWADAYS CRISIS IMPACT ON THE ECONOMIC PERFORMANCES OF EU COUNTRIES THE NOWADAYS CRISIS IMPACT ON THE ECONOMIC PERFORMANCES OF EU COUNTRIES Laura Diaconu Maxim Abstract The crisis underlines a significant disequilibrium in the economic balance between production and consumption,

More information

ECONOMIC SURVEY OF EUROPE

ECONOMIC SURVEY OF EUROPE Economic Commission for Europe Geneva ECONOMIC SURVEY OF EUROPE 2005 No. 2 Prepared by the SECRETARIAT OF THE ECONOMIC COMMISSION FOR EUROPE GENEVA UNITED NATIONS New York and Geneva, 2005 NOTE The present

More information

History Over the past decades, US relations have been mostly positive either with the EU and its predecessors or the individual countries of western E

History Over the past decades, US relations have been mostly positive either with the EU and its predecessors or the individual countries of western E US EU Relations: redefining win-win By Frank Owarish, Ph.D., International Business, Ph.D., Computer Science, Executive Director International Institute for Strategic Research and Training (think tank)

More information

Is economic convergence in New Member States sufficient for an adoption of the Euro?

Is economic convergence in New Member States sufficient for an adoption of the Euro? The European Journal of Comparative Economics Vol. 5, n.2, pp. 133-154 ISSN 1722-4667 Is economic convergence in New Member States sufficient for an adoption of the Euro? Abstract Marie-José Rinaldi-Larribe

More information

Labour market of the new Central and Eastern European member states of the EU in the first decade of membership 125

Labour market of the new Central and Eastern European member states of the EU in the first decade of membership 125 Labour market of the new Central and Eastern European member states of the EU in the first decade of membership 125 Annamária Artner Introduction The Central and Eastern European countries that accessed

More information

CENTRE FOR THE STUDY OF ECONOMIC & SOCIAL CHANGE IN EUROPE SCHOOL OF SLAVONIC & EAST EUROPEAN STUDIES

CENTRE FOR THE STUDY OF ECONOMIC & SOCIAL CHANGE IN EUROPE SCHOOL OF SLAVONIC & EAST EUROPEAN STUDIES CENTRE FOR THE STUDY OF ECONOMIC & SOCIAL CHANGE IN EUROPE SCHOOL OF SLAVONIC & EAST EUROPEAN STUDIES Sustainability of the Estonian Macroeconomic Performance in the Light of the EU Membership Katrin Olenko

More information

NFS DECENT WORK CONFERENCE. 3 October RIGA

NFS DECENT WORK CONFERENCE. 3 October RIGA NFS DECENT WORK CONFERENCE 3 October RIGA STRUCTURES TO ENSURE FAIR CONDITIONS FOR MOBILE WORKERS Analysis: where we are with free movement. Legal aspects Economic aspects What to do HOW MANY? 45 000 000

More information

European International Virtual Congress of Researchers. EIVCR May 2015

European International Virtual Congress of Researchers. EIVCR May 2015 European International Virtual Congress of Researchers P a g e 18 European International Virtual Congress of Researchers EIVCR May 2015 Progressive Academic Publishing, UK www.idpublications.org European

More information

Italy Luxembourg Morocco Netherlands Norway Poland Portugal Romania

Italy Luxembourg Morocco Netherlands Norway Poland Portugal Romania 1. Label the following countries on the map: Albania Algeria Austria Belgium Bulgaria Czechoslovakia Denmark East Germany Finland France Great Britain Greece Hungary Iceland Ireland Italy Luxembourg Morocco

More information

EU Expansion: Central and Eastern Europe. Ainius Lašas

EU Expansion: Central and Eastern Europe. Ainius Lašas EU Expansion: Central and Eastern Europe Ainius Lašas Context (1) 1989 - Year of Revolutions: Poland, Czechoslovakia, East Germany, Hungary, Romania, and Bulgaria. - The Baltic Way - EU assistance program

More information

Standard Eurobarometer 85. Public opinion in the European Union

Standard Eurobarometer 85. Public opinion in the European Union Public opinion in the European Union Fieldwork: May 2016 Survey conducted by TNS opinion & social at the request of the European Commission, Directorate-General for Communication Survey coordinated by

More information

Special Eurobarometer 461. Report. Designing Europe s future:

Special Eurobarometer 461. Report. Designing Europe s future: Designing Europe s future: Trust in institutions Globalisation Support for the euro, opinions about free trade and solidarity Fieldwork Survey requested by the European Commission, Directorate-General

More information

Did you know? The European Union in 2013

Did you know? The European Union in 2013 The European Union in 2013 On 1 st July 2013, the number of countries in the European Union increased by one Croatia has joined the EU and there are now 28 members. Are you old enough to remember queues

More information

Migration Challenge or Opportunity? - Introduction. 15th Munich Economic Summit

Migration Challenge or Opportunity? - Introduction. 15th Munich Economic Summit Migration Challenge or Opportunity? - Introduction 15th Munich Economic Summit Clemens Fuest 30 June 2016 What do you think are the two most important issues facing the EU at the moment? 40 35 2014 2015

More information

EU Regulatory Developments

EU Regulatory Developments EU Regulatory Developments Robert Pochmarski Postal and Online Services CERP Plenary, 24/25 May 2012, Beograd/Београд Implementation Market Monitoring Green Paper International Dimension 23/05/2012 Reminder

More information

Asylum Trends. Appendix: Eurostat data

Asylum Trends. Appendix: Eurostat data Asylum Trends Appendix: Eurostat data Contents Colophon 2 First asylum applications in Europe (EU, Norway and Switzerland) Monthly asylum applications in the EU, Norway and Switzerland 3 First asylum applications

More information