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European Monetary Union
The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of progressively closer economic integration. Only once a state participates in the third stage it is permitted to adopt the euro as its official currency. As such, the third stage is largely synonymous with the eurozone. The euro convergence criteria are the set of requirements that needs to be fulfilled in order for a country to be approved to participate in the third stage. An important element of this is participation for a minimum of two years in the European Exchange Rate Mechanism ("ERM II"), in which candidate currencies demonstrate economic convergence by maintaining limited deviation from their target rate against the euro. The EMU policies cover all European Union member states. All new EU member states must commit to particip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Nederlandsche Bank
De Nederlandsche Bank NV (DNB) is the central bank of the Netherlands. Founded by King William I in 1814, it is part of the European System of Central Banks (ESCB). De Nederlandsche Bank is a public limited company ( Dutch: '' naamloze vennootschap'', abbreviated NV) whose everyday policy is overseen by the Governing Board. Being a public limited company, DNB has a Supervisory Board (Dutch: ''Raad van Commissarissen''). In addition, there is an advisory body called the Bank Council (Dutch: ''Bankraad''). As a public entity the DNB has a function as both part of the European System of Central Banks (ESCB) and an independent public body (Dutch: zelfstandig bestuursorgaan). As a part of the ESCB, DNB is co-responsible for the determination and implementation of the monetary policy for the eurozone, besides being a link in the international payment system. As an independent public body, DNB exercises prudential supervision of financial institutions. History On 2 May 1998, the Eu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treaty Of Maastricht
The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and (with less precision) for common foreign and security policies. Although these were widely seen to presage a " federal Europe", the focus of constitutional debate shifted to the later 2007 Treaty of Lisbon. In the wake of the Eurozone debt crisis unfolding from 2009, the most enduring reference to the Maastricht Treaty has been to the rules of compliance – the "Maastricht criteria" – for the currency union. Against the background of the end of the Cold War and the re-unification of Germany, and in anticipation of accelerated globalisation, the treaty negotiated tensions between member sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Economic Community
The European Economic Community (EEC) was a regional organization created by the Treaty of Rome of 1957,Today the largely rewritten treaty continues in force as the ''Treaty on the functioning of the European Union'', as renamed by the Lisbon Treaty. 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 inaccuratelly 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. In 2009, the EC formally ceased to exist and its institutions were directly absorbed by the EU. This made the Union the formal successor institution of the Community. The Community's initial aim was to bring about economic integration, including a common market a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European System Of Central Banks
The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability throughout the EU, and improve monetary and financial cooperation between eurozone and non-eurozone member states of the EU. Organization The process of decision-making in the Eurosystem is centralized through the decision-making bodies of the ECB, namely the Governing Council and the Executive Board. As long as there are EU member states which have not adopted the euro, a third decision-making body, the General Council, shall also exist. The NCBs of the Member States that do not participate in the euro area are members of the ESCB with a special statuswhile they are allowed to conduct their respective national monetary policies, they do not take part in the decision-making with regard to the single monetary policy for the euro area a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spaak Method
The Spaak method of negotiation is named after Paul-Henri Spaak, a Belgian politician, who applied this method at the Intergovernmental Conference on the Common Market and Euratom in 1956 at Val Duchesse castle in preparing for the Treaties of Rome in 1957. During the negotiations leading to the conference at Val Duchesse, most of the real negotiations took place prior to the actual Intergovernmental Conference (IGC) within the Spaak Committee that was charged with setting the agenda for the Val Duchesse conference. The final report of the committee then formed the basis for the final treaty which was then approved in Rome. Within this negotiating method, the preparatory committee has a strong initiating and brokerage role in the phase preceding the conference, while the actual Intergovernmental Conference only deals with negotiating small changes in the original agenda prepared by the preparatory committee. This method was also applied to the preparation of the Economic and Monet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacques Delors
Jacques Lucien Jean Delors (born 20 July 1925) is a French politician who served as the 8th President of the European Commission from 1985 to 1995. He served as Minister of Finance of France from 1981 to 1984. He was a Member of the European Parliament from 1979 to 1981. As President, Delors was the most visible and influential leader in European affairs. He implemented the policies that closely linked the member nations together and promoted the need for unity. He created a single market that made the free movement of persons, capital, goods, and services within the European Economic Community (EEC) possible. He also headed the committee that proposed the monetary union to create the Euro, a new single currency to replace individual national currencies. This was achieved by the signing of the Maastricht Treaty in 1992. French politics Born in Paris in a family originating from Corrèze, Delors first held in the 1940s through the 1960s a series of posts in French banking and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Snake In The Tunnel
The snake in the tunnel was a system of European monetary cooperation in the 1970s which aimed at limiting fluctuations between different European currencies. It was the first attempt at European monetary cooperation. It attempted to create a single currency band for the European Economic Community (EEC), essentially pegging all the EEC currencies to one another. The ''tunnel'' collapsed in 1973 when the US dollar floated freely. The ''snake'' proved unsustainable, with several currencies leaving and in some cases rejoining; the French franc left in 1974, rejoined, and left again in 1976 despite appreciating against the US dollar. By 1977, it had become a Deutsche Mark zone with just the Belgian and Luxembourg franc, the Dutch guilder and the Danish krone tracking it. The Werner plan was abandoned. The European Monetary System followed the "snake" as a system for monetary coordination in the EEC. Background and implementation Pierre Werner presented a report on economic a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bretton Woods System
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 (or 0.88867 gram fine gold per dollar). 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. Preparing to rebuild the intern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Werner
Pierre Werner (29 December 1913 – 24 June 2002) was a Luxembourgian politician in the Christian Social People's Party (CSV) who was the 18th Prime Minister from 1959 to 1974 and from 1979 to 1984. Training and early activities Pierre Werner was born in Saint-André-lez-Lille, Nord, France to parents from Luxembourg. He studied at the ''Cours Supérieurs de Luxembourg'' (a forerunner to the University of Luxembourg) from 1933 to 1934 and continued his higher education at the Law Faculty of the University of Paris and the École libre des sciences politiques from 1934 to 1937. In 1938, he completed a PhD in Law in Luxembourg. He was involved in several student organisations, becoming chairman of the Association of Catholic Students from 1935 to 1937 and vice-president of the Pax Romana movement (The International Movement for Intellectual and Cultural Affairs) in 1937. In 1938 he became a lawyer in Luxembourg City, before becoming a banker instead. During the Nazi occupati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Hague
The Hague ( ; nl, Den Haag or ) is a city and municipality of the Netherlands, situated on the west coast facing the North Sea. The Hague is the country's administrative centre and its seat of government, and while the official capital of the Netherlands is Amsterdam, The Hague has been described as the country's de facto capital. The Hague is also the capital of the province of South Holland, and the city hosts both the International Court of Justice and the International Criminal Court. With a population of over half a million, it is the third-largest city in the Netherlands, after Amsterdam and Rotterdam. The Hague is the core municipality of the Greater The Hague urban area, which comprises the city itself and its suburban municipalities, containing over 800,000 people, making it the third-largest urban area in the Netherlands, again after the urban areas of Amsterdam and Rotterdam. The Rotterdam–The Hague metropolitan area, with a population of approximately 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body of about 32,000 European civil servants. The Commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. There is one member per member state, but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament. The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
