*** MALCOLM TOWNSEND: The Euro and Economic and Monetary Union. A historical, institutional and economic description. John Harper Publishing (27 Palace Gates Road, N22 7BW London. Tel: (44-1) 59991-0 - Fax: 59991-555 - Internet: http://www.johnharperpublishing.co.uk ). 2007, 30 pp. ISBN 978-0-955-11445-8.
The euro is now part of many European citizens' daily lives but most have only vague notions of the process required to introduce the single currency and the sheer complexity and importance of the European Union's economic and monetary policy. As Malcolm Townsend explains, it is as if "the very smoothness of its introduction has distracted attention from the size of the achievement". Most citizens simply live their lives with the euro without bothering too much about it, but those who are interested in the EU's economic and monetary policy and more specifically in Economic and Monetary Union, will find this book a first hand source of information. The author worked for many years at the Bank of England, the UK's central bank, and was one of the first British officials to be sent to work in the European Community. His experience leads him naturally enough to write about economic and financial issues. He was at the origin of pioneering work to estimate real exchange rates and also worked on the UK, Ireland and Greece and their monetary policies before joining the EU's Monetary Committee in the late 1980s. He spent a long time working at the European Commission, grateful for it giving him access to source documents for the book, but does not always share the Commission's views and conclusions. Likewise for the European Central Bank.
The euro, "the crowning element in the strategy of economic and monetary union", in Malcolm Townsend's opinion, is one of the EU's most visible real achievements and is probably the greatest area of progress in integration in recent years. Right from the preface onwards the author, whom one would like to become more politically integrated on a personal level, is careful to dot his i's, writing for example that "the EMU, including the single currency, is a set of economic arrangements, designed to respond to serious economic problems, or at least what were perceived to be such. EMU and the single currency must be judged on their capacity to address those concerns and it would be evasive to justify them on the grounds that they pave the way to political union.” Clear analysis then is required in speculation about the EU's future monetary policy and clear understanding of the genesis of Economic and Monetary Union and the elements that have influenced it, its legal foundations, the institutional framework and how the policy currently operates, not to mention the challenges it will face in the future. This list is very easy to compile compared with the sheer quantity of information provided in the book, information whose nature and density do not make this light reading but that was not the desired goal in any case. The first part of the book briefly describes the European Union, the treaties that set it up, its institutions, and the raison d'être and strategy of the European Community, explaining that "the Community's mandate stands in the best economic tradition of the eighteenth century Enlightenment. The concern is with human development and economic security for all the people". The author goes on to cover the EMU (the EU's monetary system, a European monetary snake …) before looking in more detail at economic and monetary issues and connections with other policies (like employment and foreign relations), ending with a discussion of future prospects. The broad guidelines and more marginal aspects like the impact of changing to the euro for contracts for the design and symbolism of national coins are dealt with in great depth. The book is based on solid fact, decanted and explained by the highly experienced Malcolm Townsend. Essential reading for anyone interested in monetary Europe.
(FRo)
(FRo)
*** FRITZ BREUSS: A Common Election Day for Euro Zone Member States? Europainstitut der Wirtschaftuniversität Wien (39-45 Althanstraße, A-1090 Vienna. Tel: (43-1) 313364135 - Fax: 31336758 - E-mail: europafragen@wu-wien.ac.at - Internet: http: //fgr.wu-wien.ac.at/institut/ef/home01de.html). "Working Papers", No. 75. 2008, 34 pp, €7-20.
This document on the twelve eurozone countries tests out and validates in practice the theoretical assumptions of Sapir and Sekkat that synchronising the national elections of several countries could improve well-being and back GDP growth (by 0.03% in Belgium for example) while reducing unemployment but at the risk of being expensive on the budget and increasing inflation.
(FRo)
*** L'économie française dans la compétition internationale au XXe siècle. Colloque des 3 et 4 octobre 2002. Comité pour l'histoire économique et financière de la France (ministère de l'Economie, des Finances et de l'Industrie, Paris). "Histoire économique et financière de la France" series. 2006, 434 pp, €35. ISBN 2-11-094801-9.
Following on from a conference, this book includes essays by leading historians and economists studying how France gradually moved from the position of being a great economic power in 1870 to being a medium-sized power seeking new inspiration in the European Community. During this timeframe, what impact did France's monetary decisions have with regard to its performance on the international stage? To what extent where France's decisions wise from the economic viewpoint compared with the decisions of its neighbours? Answers are provided in three different sections of the book on France's position at the start of the twentieth century; the crises and turning-inward in France from the 1914 world war to the 1950s; and opening up to trade again from the early 1960s onwards. The various monetary policies implemented in France (stability of the franc, depreciations, a strong franc and changing over to the euro) are put into perspective as are changes in French companies' attitude to trade. In the introduction, Maurice Lévy-Leboyer comments on the current period that the process launched with the establishment of the Common Market has been a major success story, whereas André Cartapanis analyses in detail the 1970-2000 period when France found itself a place in the world economy and converted to the cause of European Monetary Union, enabling the author to shed light on France's 'inevitable' changeover to the euro.
(MT)
*** JEROME LAMBERT, JACQUES MYARD: Pour le nécessaire renouveau de la politique industrielle française et européenne. Délégation de l'Assemblée nationale pour l'Union européenne (Boutique de l'Assemblée nationale, 7 rue Aristide Briand, F-75007 Paris. Tel: (33-1) 40630033 - Internet: http://www.assemblee-nationale.fr ). "Rapport d'information" series, No. 3747. 2007, 95 pp, €3-50. ISBN 2-11-122073-7.
The authors of this newsletter start from the fact that industrial employment is falling, which they see as a worrying sign of de-industrialisation in Europe that they would like to challenge. The two French parliamentarians start by taking a critical look at the EU's competition policy, slamming 'dogmatic application' of rules designed by the Commission. After an overview of industrial policy in Germany, France, the United Kingdom and the United States, the authors make several suggestions about how to stimulate a renaissance of industrial policy in Europe - drawing up a framework of conditions to stimulate industry; boosting R&D; state investment in certain companies when national interests are at stake; revising competition policy (restoring a balance of power in the control of mergers and acquisitions, introducing flexibility into the state aid system and ensuring competition policy takes account of industrial policy); increasing SME access to public procurement; keeping the derogation system for the arms industry; business intelligence and introducing reflection on industrial policy to the WTO.
(PBo)
*** Financial Integration in Europe. European Central Bank (Postfach 16 03 19, D-60066 Frankfurt am Main. Tel: (49-69) 13440 - Fax: 13446000 - Internet: http://www.ecb.int ). 2007., 21 pp.
This is the first annual report in a new series on the Eurosystem's contribution to the EU's objective of increasing financial integration in Europe and keeping the public informed about it. Alongside the current situation, it describes various points in greater detail like monetary policy, changes in cross-border banking rules and progress in the banking industry's plan for a single euro payment area.
(FRo)
*** Suivi de la situation de la France au regard des indicateurs de Lisbonne. Les éditions des journaux officiels (26 rue Desaix, F-75727 Paris cedex 15. Tel: (33-1) 40587979 - Fax: 45791784 - E-mail: info@journal-officiel.gouv.fr - Internet: http://www.journal-officiel.gouv.fr ). "Avis et Rapports du Conseil Economique et social" series. 2007, 188 pp., €13-20. ISBN 2-11-120737-0.
This publication publishes a new assessment by the French Economic and Social Council of France's success in contributing to the birth in the EU of the most competitive and dynamic knowledge-based economy in the world in line with the Lisbon Strategy and measured by fourteen structural indicators from the list drawn up by the European Council (paying particular attention to innovation and research on the one hand and cohesion on the other). Maps and illustrations provide a statistical snapshot of the situation in the 27 EU member states.
(PBo)
*** ANNE-MARIE COMPARINI: Préparer dès maintenant les médicaments du futur. Délégation de l'Assemblée nationale pour l'Union européenne (see above). "Rapport d'information" series, No. 3602. 2007, 43 pp, €3-50. ISBN 2-11-121860-4.
This newsletter backs the common legal framework for innovative therapies as unveiled by the Commission and endorsed a few days ago by the European Parliament. The author says it is important to avoid giving patients false hopes on the advances of such therapy, which are still only virtual. In order to ease concerns, Anne-Marie Comparini suggests giving the European Medicines Agency the ability to consult an ethical body where appropriate, observing that the bioethical impact of fundamental research is far greater than that of applied research.
(PBo)
*** JACQUES NAVEAU, MARC GODFROID, PIERRE FRUHLING: Précis de droit aérien. Bruylant (67 rue de la Régence, B-1000 Brussels. Tel: (32-2) 5129842 - Fax: 5119477 - Internet: http://www.bruylant.be ). "Précis de la Faculté de droit de l'Université libre de Bruxelles" series, No. 1. 2006, 498 pp, €90. ISBN 2-8027-2306-5.
This summary is a reference book providing information for universities and the general public on international air transport legislation which has been in a constant state of flux in recent years. This is the second edition of the book, taking account of changes until June 2006 on the international and European stages and in France and Belgium. The first part of the book looks at private aviation law, describing its history, historic conventions and competent international bodies. There is an important chapter on European aviation law, including the common air policy, the Common Market, competition rules and relations with non-EU states. Belgian and French national law is then reviewed, followed by issues surrounding new airline policies (privatisation, mergers, joint ventures and acquisitions) and international civil aviation safety. The second part studies the legal status of aircraft, airline liability for passengers, baggage and freight and areas of liability to third parties on the ground, including the problem for noise pollution and the responsibility of sellers and builders of aircraft, freight and the funding of aircraft.
(MT)
*** GUY LENGAGNE, DIDIER QUENTIN: L'Europe, figure de proue de la sécurité maritime? Délégation pour l'Union européenne de l'Assemblée nationale (see above). "Rapport d'information" series, No. 3594. 2007, 126 pp, €5. ISBN 2-11-121848-2.
In this newsletter two French parliamentarians argue the case for the third EU maritime safety package unveiled by the European Commission in November 2005. They believe the seven measures proposed will give the EU a genuine maritime safety policy to help it protect itself against damage from ships falling to meet EU standards and to move in the direction of an EU maritime area.
(PBo)
*** CHRISTIAN PHILIP: La politique commune des transports au service du développement et de la mobilité durables. Délégation pour l'Union européenne de l'Assemblée nationale (see above). "Rapport d'information" series, No. 3503. 2006, 55 pp €3-50. ISBN 2-11-121825-1.
In this newsletter French parliamentarian Christian Philip argues that the Commission is carrying out a voluntarist policy to strike new balance among the different modes of transport.
(PBo)