Saturday, September 29, 2012

International Marketing

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International marketing is very important these days; it expands a firm’s market, makes production and distribution economies feasible, and allows companies to explore growth opportunities in other nations and makes them less dependent on the economy in their home base. For our company EDI we choose Europe more precisely European Union countries (England, Germany, Austria, France, Italy, Spain, Portugal, Netherlands, Belgium, Denmark, and Finland), as a target market. The main objective of international marketing in our case is to increase market share in Europe.


Successful businesses have extensive knowledge about their customers and their competitors. Acquiring accurate and specific information about our customers and competitors is a critical first step in market investigation and development of a marketing plan. The market impacts and direct all aspects of the company’s activities and ultimately will lead to success or failure of the business. In developing a market plan, our primary functions are to understand the needs and desires of our potential customers, selection and development of a product that will meet customer needs, development of promotional material that will make the customer aware and ensure of product delivery.


The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm. There are few main points why our company is attracted to the EU countries as a target market for foreign marketers.


1. Demography & Geography


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- European countries have relative large population,


- High market growth rate


- Urban/rural distribution


- Climate/weather patterns (5 market regions where we want to introduce our product have similar weather patterns, example Latin region � Spain, Italy, Portugal-have warm weather all year long)


- Shipping distance/cost, (1 countries are divided into a 5 regions where our bottling company TAUT would be located cutting shipping and distribution costs)


. Political environment


- Similar system of government (in Europe Code Law)


- All of the EU countries are politically stable


- Governmental role in business


- Similar regulations on foreign companies


. Economy


- Overall level of development


- High economic growth


- Currency (same in all 1 countries-Euro Dollar, therefore minimized inflation rate)


- High per capita income & purchasing power


- Involved in foreign trade already


- Balance of trade


4. Society/culture


- Relatively low/same literacy rate


- Very similar education level


- Different languages but all EU countries accepted English as a business language


- Similar business culture





5. Market Access


- Limitation on trade/trade barriers


- Local standards (that is one of the reasons why we divided countries in 5 similar to each other regions)


- Intellectual property protection laws


- Legal issues


6. Product Potential


- Future world wide market size


- Large market for potential growth


- Local production, producers, prices, terms of sales


- Europe has a very competitive environment





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Thursday, September 27, 2012

A significant experience

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A significant experience


Just as some background information, I am a very clumsy person, not withstanding this anecdote. One occurrence at the gym, after a good, full workout lifting chest, biceps, triceps, back, and shoulders, I felt like finishing a good workout with a hard run. I jogged to the locker room and grabbed my CD player. Returning to the treadmill area I tried to find an open treadmill because most were already in use. I picked one of the usual, basic treadmills and put my CD player on the small shelf area the treadmill had and started it and began to run. At first, I had a good, constant pace, but soon after a minute I decided to pick up the tempo. Now I had been jogging for about four good minutes and had a comfortable run going, when suddenly my CD player fell from the shelf. Unfortunately, when my CD player fell off the little shelf area my first intuition was to stop and pick it up. This wouldn’t have been a bad idea had I not been on a treadmill. The instant I stopped to pick up my CD player, my legs were taken quickly out from underneath me. This caused me to land on my face with a tremendous thud followed by me finally gliding off the treadmill, as its belt kept moving. I got up from the ground, physically fine, but with a massively hurt pride. So I did the only thing I could do to make it look natural and not like an accident picked up my CD player, stood up and wiped my knees off, stopped the treadmill, placed the CD player back on the rack area, and started running again. A good intuition should have said, “You’re on a treadmill, you can’t stop running to pick up your CD player. Stop the treadmill, then get it.” I’m lucky enough to have a bad intuition that makes me decide to stop on a moving treadmill, but through it all, I have a good sense of humor and also I’ve learned from my mistakes. Honestly, experiences like this are the most important because when the pride is hurt, it takes real intestinal fortitude to see if one can handle the pressure or if one will crack. I have a strong inner-sensation of pride, but I also have the ability to realize my imperfections and mistakes and to correct them so I can better myself. Furthermore, in being able to tell such a story shows a great amount of self-confidence since I’m telling complete strangers one of my more embarrassing moments. This may seem like a trivial event in life, but it taught me to be more self-confident and that everyone makes mistakes, it’s just how we react to them that matters. Throughout it all, the experience made me a better person; such a small event taught life lessons I’ve benefited from greatly.







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EDI

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SUMMARY


This report will focus on EDI (Electronic Data Interchange), its uses, and its users. In an attempt to learn why EDI is used. I will discuss how EDI works and its components. Because EDI is an integral part of any ERP system, I intend to do a short analysis about an ERP vendor and in conclusion compare two ERP vendors to CMS.


WHAT IS EDI?


Electronic Data Interchange electronic is the exchange of business information between organizations in a standardized structured format. EDI is an integral part of ERP systems. It eliminates the need to re-enter data at either end and does not require human intervention in order to work properly.


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Since its introduction, many companies that utilize EDI have benefited from improved productivity. Like most technological advances, EDI was developed to meet a need; the need for faster yet more accurate business information, an essential in today’s “Just in Time” production schedules. The Accredited Standards Committee(ASC), United Nations (UN) Economic Commission for Europe � Committee for Facilitation of International Trade Procedures and the American National Standards Institute (ANSI); were all integral in maintaining and developing EDI. Most of the Technical input/development was done in the United States.





COMPARISON OF THREE VENDORS


VENDORS COMPARISON


CMS PeopleSoft Compiere


Application Integration Yes Yes Yes


Barcode labelling Yes No No


E-BUSINES Yes Yes Yes


Financials Yes Yes Yes


Human Capital Management (HR) Yes Yes Yes


Inventory Control Yes Yes Yes


Product Configuration Yes Yes No


Production Control Yes Yes Yes


Production Scheduling Yes Yes No


Project Management Yes Yes Yes


Purchasing Control Yes Yes Yes


Quality Control Yes Yes No


Service Automation Yes Yes Yes


Supplier Relationship Management Yes Yes Yes


Supply Chain Management Yes Yes Yes


The chart above shows CMS, PeopleSoft and Compiere software vendors. Although the similarities between the vendors are expected, however PeopleSoft and CMS offer very similar modules. Compiere does not have as many modules but can be tailored to suit your business thanks to the nature of open source software.


CONCLUSION


The variety of ERP vendors offers ERP users a real choice. Determining which vendor is right for you company will take some research but will be well worth the effort. In order to choose the right vendor, make sure it has all the functionality you require and that it installs as seamlessly as possible with your current systems. Electronic Data Interchange has more powerful uses than simply data transfer, it can save you time, physical space, problems resulting from human error and most importantly, EDI’s can save you money.








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Tuesday, September 18, 2012

i guess

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Pearls have always held a great price to mankind, but no pearl had ever been earned at as high a cost to a person as Nathaniel Hawthorne’s powerful heroine Hester Prynne. Her daughter Pearl, born into a Puritan prison in more ways than one, is an enigmatic character serving entirely as a vehicle for symbolism. From her introduction as an infant on her mother’s scaffold of shame to the stormy zenith of the story, Pearl is an empathetic and intelligent child. Throughout the story she absorbs the hidden emotions of her mother and magnifies them for all to see, and asks questions nothing but a child’s innocence permit her to ask, allowing Hawthorne to weave rich detail into The Scarlet Letter without making the story overly narrative. Pearl is the purest embodiment of literary symbolism. She is, at times, a vehicle for Hawthorne to express the irrational and translucent qualities of Hester and Dimmesdale’s illicit bond, and at others a forceful reminder of her mother’s sin. Pearl Prynne is her mother’s most precious possession and her only reason to live, but also a priceless treasure purchased with her life. Pearl’s strange beauty and deeply enigmatic qualities make her an extremely powerful symbol.


The product of Hester’s sin and agony, Pearl was a painfully constant reminder of her mother’s violation of the Seventh Commandment Thou shalt not commit adultery. Hester herself felt that Pearl was given to her not only as a blessing, but also as a punishment worse than death or ignominy. She is tormented by her daughter’s childish teasing and endless questioning about the scarlet “A” and it’s relation to Minister Dimmesdale. After Pearl had created a letter “A” on her own breast out of seaweed, she asks her mother, “But in good earnest, now, mother dear, what does this scarlet letter mean? � and why dost thou wear it on thy bosom? � and why does the minister keep his hand over his heart?” In saying this Pearl implies that she knows much, much more about the scarlet letter than she lets on. Throughout the conversation Pearl is impish and teasing, saying one thing and contradicting it soon after. She refuses to say just what she means, which makes it hard for Hester to give a straight reply. Hester is shocked that her playful daughter has led their conversation to the topic of the scarlet letter, and even more disturbed that she has assumed Hester’s letter and Dimmesdale’s habit of pressing his hand to his heart branch from the same issue. Pearl, in bringing this forbidden and painful subject about, unwittingly inflicts agony upon her hapless mother. Hester cannot tell her daughter what has passed between the minister and herself. Pearl symbolizes a hidden part of her mother that has not, and will never be exposed and therefore washed free of sin. Pearl was always drawn to the ”A”, and seemed to twist the symbolic knife in Hester’s bosom every time she thought she was free of her weighty burden of sin by flippantly reminding her of the letter and the meaning it bore. Pearl is the only happiness in Hester Prynne’s lonely life. Without a child to care for, teach, and love, Hester would have long ago given her soul and life over to evil. When town authorities, shocked at Pearl’s apparent belief that she was plucked from a rose bush and not created by God, recommend she be taken from Hester and placed in a school, Hester responds “God gave me this child!...She is my happiness, she is my torture none the less! Pearl keeps me here in life!...Ye shall not take her! I will die first!” Hester understands that Pearl was God-given as a constant reminder of her sin, and that she is her only requited love and a friend that does not judge her by things past. Later, Hester comments that she would have “signed my name in the Black Man’s book too, and that with mine own blood!” if they had taken Pearl from her. Her daughter is her only earthly salvation, as well as her only friend. Pearl is a blessing upon Hester in that her light-heartedness and seeming innocence allow her mother to forget about her troubles. To see Pearl playing on the beach and creating a fascinating world of her own is to allow Hester to momentarily throw off the shackles imposed on her by Puritan society and be truly happy. Another important symbol that makes up Pearl is her significance as Hester’s only tie to Minister Dimmesdale, her partner in adultery. Pearl is imbued with an unearthly knowledge about the bond between her mother and the Minister. While this, in itself, frightens Hester, Pearl is all that she has of Dimmesdale and she treasures the girl for that. She is the one who repeatedly demands that he hold hands with Hester and herself in public and recognize them. Of course, this is the only thing that Dimmesdale can do to save himself from the misery of guilt, which only goes further to show that Pearl symbolizes the deep bond between Hester and the Minister. The Scarlet Letter overflows with masterfully wrought symbolism and representation, but Pearl Prynne is the purest and deepest symbol in the story. She was born not only out of utter sin, but out of the deepest and most absolute love imaginable. She serves as a messenger of God’s salvation through pain, and as a symbol of all that is blissful and content in Hester Prynne’s life. In the end, it is Pearl who kisses Arthur Dimmesdale as he lies dying on the scaffold, having admitted his sin. She breaks a spell that had lain over them in adultery and herself, the product of their sin, completing her service as a symbol of pain and hardship, but more importantly a symbol of love, salvation, and the deep bond between two lovers condemned by the strict decorum of the Puritan days.







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Thursday, September 13, 2012

i have poop on my butt

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ihave poop I believe that everyone has his or her own definition of depression. Let me first start of by giving you my definition of depression. Depression to me is my pretty much what happens in my every day life. I wake up in my small apartment. I bathe myself with products I bought from the dollar store, I get dressed with my small selection of clothing. and I eat the food that I have, not because I like it but because it’s what I have to eat. I go to a job every day that is completely boring and allows me to use absolutely none of my creative abilities and I go to college and have absolutely no direction what so ever.


I have a friend who always says that she is depressed; although when I look at her life I can’t see how she can be so miserable all the time. I mean she has a nice car, a decent job and always has enough money to buy expensive clothes. So I ask myself, what is it that makes her life filled with depression just like my own? So I compare our lives in hopes to determine, what is the true definition of depression? She has nice clothes, but I have a nice boyfriend. She spends time and money looking for a person to be with, when I make no effort at all and still wake up next to the same sexy guy everyday.


So what is depression? What does it mean to be depressed? Is being depressed not having someone to love? Is being depressed no having any money? Maybe I should be grateful that my definition of depression merely not having what I want. I think the true definition of depression is not being able to have the things that are necessary for basic survival. The poor people that are over in Ethiopia, lying in a small tent, infested with flies while dying from HIV and starvation. Are they ones that are truly depressed? Are they the ones that know the true definition of depression? I think so.


No matter what the situation is, being depressed can result of many things. Some which can be very stupid. For example someone could be depressed because he or she are not able to eat a chocolate sundae, or eat at McDonalds with the rest of their friend because of their weight issues. Someone could even be depressed because they want to be rich and live like a famous person.


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There is so much more to the word depression than just being sad. It is a psychological state of emotional existence. It is an imbalanced of chemicals in ones mind


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Saturday, September 1, 2012

International Economics

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International Economics


Enlargement and Deepening of EU


The original six members established the European Community in 157 West Germany, France, Italy, Netherlands, Belgium and Luxemburg. The main reason behind this unification was a specific response to a series of problems, which confronted a group of countries in Western Europe in the immediate aftermaths of 145. Unification offered Western Europe a means of strengthening itself against both super powers united states and USSR. Stanley (p.0) argued that “the main motivation for European Community integration…is the argument of scale, or put more bluntly, the attraction of sizeism” In 145 it was easy to relate size with success, Europe’s political failure could be attributed to smallness, which military victory against Germany could be accredited to the sheer size of the new super powers. “Economic studies of the advantages of scale, were simply taken as proven” Stanley (page ). From this we can understand that the development of the European Union is seen mainly in terms of enlarging and deepening, as we have seen the development in the last 45 years of the EU from six countries to fifteen, and from a Common Market Zone to a single market zone.


Enlargement is the process by which countries join the European Union. Article 4 of the Maastricht treaty specifies, “Any European State… may apply to become a member of the Union…” Timothy (p.148) Table .1 in Appendix A will show you the different stages of the enlargement process from application to accession.


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On balance, enlargement should be economically beneficial for the Union because “…it is likely to lead to better performances (economies of scale, higher growth and investment, more technological innovation, stronger global corporate players)” Avery & Cameron, 1, (p.141) not only that but the addition of more than 100 million people, in rapidly growing economies, will boost economic growth and create jobs in both old and new member states. “…Increased size of the internal market combined with the relatively higher growth of the CEECs (productivity gains over the medium term in the applicant countries will be higher than in the EC-15…)” (p.141) The extension of zone of peace, stability and prosperity in Europe will enhance the security of all its peoples and this is supposed to attract large volumes of portfolio investment. In the process of enlargement of the Union both group of countries joining, and the EU-15 are going to be faced with trade creation from a cheaper source and trade diversion from a cost producer. “the applicant countries trade mostly with existing members…” (p.14) so from this we can understand that the enlarged Europe is going to gain more through trade creation than loose by facing trade diversion. Andurton in 15, suggested that “existing countries are afraid that their markets will be swamped by cheap imports from these countries…specially the agriculture and textile markets, where the EU has traditionally imposed high tariff barriers to protect domestic economies”. It is not only the cheap imports they should be afraid of it is also the influx of cheap labour from CEECs which can create a disequilibria in the labour market. Another dynamic economic gain arises from enlarged Europe is increased competition between firms. An enlarged Europe will eliminate restrictions on trade between EU-15 and the new member countries. Domestic industries will therefore face greater competition than before from firms in other member countries. Competition is believed to encourage innovation, reduce costs of production and reduce prices. Anderton contradicts this point by saying “…competition is reduced in the long run. Competition will derive the least efficient firms out of business…over time, the oligopolistic nature of competition will be recreated” (p.561) Movement of labour and capital can also pose problems. According to Anderton “there is a fear that capital would move to newly joined cheap labour countries whilst workers would move in large numbers from these countries to existing member countries, attracted by much higher wages” After looking at several sources on advantages and disadvantages of enlargement, the threats to existing members are mirror images of the opportunities to applicant countries. Even Breuss (000) said in his report “the enlargement debate in the EU and in the Central and Eastern European countries centres on different priorities, the earlier the better…in the east, while the west takes cautious attitude towards enlargement”. Some economists like Avery and Cameron argue the point that “The Economic gain to be reaped from enlargement will depend primarily on the conditions in which the Single Market is enlarged”. According to Breuss time is an important factor in the process of enlargement, and his main argument is all in all earlier enlargement will bring the poor CEECs more rapidly to EU standards. Enlargement will involve an increase in EU budget expenditures and in receipts. It is too early to assess the overall impact on the EU budget. The greatest impact of enlargement is likely to occur in the common agricultural policy and in the structural funds, the two largest components of EU spending. But most economists like Henig (17) and Avery and Cameron (1) contradict this point by saying most of the structural fund is going to be raised by redistributing the current structural fund which is been given to Greece, Spain, Portugal and Ireland. Breuss (000) believes in the notion that “Integrating rich with poor is never an easy business”, so if the EU 15 wants a to become an EU 7 it has to withstand the consequences, and he believes that “deepening is one of the tools to have a successful enlargement”.


Deepening is the integration of the EU both in economic and political terms.The main aspects of deepening fall under six targets first one is Economic and Monetary Union (EMU), secondly The Common Agricultural Policy (CAP), thirdly Sectoral and Regional Adjustment, forthly Development of Freedom of Movement (Goods, Capital, Services, Labour), fifthly Competition Policy, and finally Tax Harmonisation.


The deepening framework consist of a single market and a single currency thoughtout all “euroland”.The common foreign and security policy (CFSP) that covers all matters relating to the security (internal security, immigration and asylum) of the Union, should aim on framing a common defence policy, an objective that the Treaty of Amsterdam defines clearly.


Enlargement is a priority and is indeed the current vision of the Union, clearly stated in the political Agenda 000. By increasing the number of the members of the EU


Major political benefits to the Union and to peace and security are expected. In the economic field too, although problems related to adjustment strains from the developing integration process, especially since acceding countries are at a lower level of economic development, have to be addressed. The objective must be to ensure that the full potential of enlargement is developed to strengthen the European model, i.e. “a Europe built on a set of values shared by all its societies and combining the characteristics of democracy with those of an open economy underpinned by market forces, internal solidarity and cohesion.”


It is quite obvious that enlargement and deepening although interdependent come at odds with each other. Common currency in so many different countries with different growth rates and developments could cause chaos. Even using fiscal policies wont be the remedy as inevitably Europe is going to be separated into “weak” member states absorbing all aids (in term of grants and credits) and powerful ones. BSE (mad cows disease) was an indication of the need of the EU to prioritise to matters like agriculture and trade freedom, as they could cause great damage..


Enlargement and Deppening are two different stategies that are based on the same factors but focus on different aspects. I believe that both are needed in order to make “euroland” an equal competitor land, it is asserted companies across Europe must be able to compete on equal basis; “for example germany imposes heavy obligations on employers on matters like health and safty while the spanish are less stringent” The Economist ed. Volume 57 number 800, this puts the German companies at disadvantsge. The playing field is not level, so enlargeing EU with its current situation might increase the imbalaced competition level. So to truly create a single market that works “harmonisation of economic policy” should be the first priority. The EU could become really massive and even reach 6 member states that would result to % increase in the current population and 4% increase in land occupied but if it not really united, there is no point. There is another contrasting debate by Avery & Cameron that “enlargment processes could actually speed up the process of integeration, or deepening” they drew this conclusion by looking at previouse enlargments which were followed by deepening of the community.


There is no one answer on which should take place first enlargement or deepening, because widening makes deepening more difficult; deepening in turn makes widening more difficult, since it makes the criteria for entry into the Union more demanding. Even if it can be shown that successive enlargement have on the whole quickened the pace of integration, but now the union is faced with enlargement on unpredicted scale. Sloman (000) said, “It is extremely difficult to assess this arguments. Also, many of the advantages and disadvantages are very long term, and depend on future attitudes institutions, policies and world events, which again can’t be predicted”


SINGLE CURRENCY


Economic and monetary union is the latest stage in the evolution of European integration; it is indeed the latest manifestation of deepening. It involves the replacement of local currencies in individual Member States with a single currency the euro. Basically from the first of January 1 the first 1 countries (see appendix B for list of countries) to join European Monetary Union (EMU) will have their local currency exchange rates fixed at set rates to euro. In order to achieve the transition that took place in January 1st 00, the economies of member states will be required to converge, financial prudence will be enforced, government debt reduced and low inflation maintained, Bainbridge argued that EMU is “…the boldest economic experiment of all times…”


The European single currency operates in a slightly different form than the European Currency Unit, the ECU, was introduced alongside the European Monetary System (EMS) to provide a weighted average of the EMS currencies. What made the ECU different than the euro is that ECU was not hard currency with coins or bank notes, and although one ECU will equal one euro, the ECU is the average of all EMS currencies, on the other hand euro is the average of the 1 countries that joined the EMU. After 1 January 00, if you are trading with an EMU member country you will be obliged to use the euro.


Prior 1 ERM the exchange rate mechanism was created to set bands for EMS. It only allowed currencies of member states to fluctuate with in certain bands. From January 1 it was replaced by EMU, which introduced fixed exchange rates for the 11-member states- so currencies will no longer fluctuate within set bands. As well as the single currency 1 is the year when the European Central Bank was created, the ECB is responsible for setting interest rates across the 1 countries which are in the EMU, their responsibility includes the right to authorize issues of bank notes and Member States can only issue euro coins with approval of ECB. “…the transfer of monetary power to ECB has raised issues of sovereignty” this is an understandable phenomena which is inevitable, according to Bainbridge “without EMU the Union’s economic future would have been dominated by its privileged access to central and eastern Europe.” What Bainbridge is saying is EMU is seen as the means of containing German economic hegemony in the longer term.


The single currency is said to provide the citizens of its members with many practical advantages, according to the European Commission it is believed to bring a more efficient single market, once the single currency is in place. For the single market to wok smoothly, exchange-rate adjustments must not be allowed to disrupt trade or investment through their unpredictable impacts on profitability. Even a slight adjustment of the exchange rate will affect the relative wealth of citizens and purchasing power of consumers. So now as the single currency is in place, there will be no more disruption caused by exchange rates. Not only that but for the first time it will permit a genuine comparison of the prices of goods and services across frontiers. This will benefit both consumers and businesses, it will increase competition and boost trade at the same time. This point about increased trade could be contradicted; it is true indeed the single currency will be very transparent on price differences


According to Chesworth and Pine-Coffin (18) “the single currency will promote investment and employment” this suggestion is drawn from the fact that the European Central Bank is going to have a close watch on inflation rates and interest rates, everything being equal this will create an environment where businesses and individuals are more likely to invest and save for the future.


Another obvious positive impact of the single currency is the elimination of transaction costs; this is the costs of foreign-exchange transactions or the cost of exchange-rate cover. According to euro website on European Monetary Union “…transaction costs are far from negligible they are estimated to be 0. to 0.4% of the Unions gross domestic product.” This elimination of exchange-rate cost is not only believed to lower cost for member countries, but also increase trade according to Anderton’s (15) expectations of the single currency.


The European Union is the world’s leading trading power. Now there is high expectation on the euro to become one of the main exchange and reserve currencies, like the dollar and the yen. It is expected that Europeans will be able to pay for their imports, and invoice their exports from third countries in euros. According to the European Commission “EU equipped with an internationally recognized currency, Europe will be better able, together with its US and Japanese parties, to strive for greater stability in the international monetary system.” The main question now lies in whether or not the EU is an optimal single currency area or not?


There is lots of scepticism on the benefits of the single currency, as Griffith and Wall (001) said, “the advantages of adopting the euro seem encouraging, but the advantages do not come without costs”. A single currency means irrevocably fixed exchange rate according to the European Commission. Some argue the point that exchange rate instruments cannot be used to deal with difficulties with in the EMU countries as the interest rate is in complete hands of ECB. Some economists like Anderton feel the trade and cost advantage of the single currency have been grossly over-estimated, they believe it is not much to be gained. Loss of sovereignty is also a political issue, which can’t be ignored; Anderton (15) argues the point “…independent central bank is undemocratic.” This argument has been supported by many other economies like Fishers “ Governments must be able to control the actions of the central banks because governments have been democratically elected by the people, whereas an independent bank will be controlled by a non-elected body.” This is loss of sovereignty, a transfer of power from London to Brussels, this could point could actually be contradicted again it doesn’t really matter if interest rates are set in UK by Bank Of England or by European Central Bank it doesn’t make a difference for the general public.


What we could actually support is the motion that if Britain joins the euro it will face loss of independent monetary policy. This basically mean countries with in the monetary union accept the monetary policy implemented by the ECB. However, this one size fit all monetary policy might implemented by the ECB might not suit all countries equally. Griffith and Wall support this point by giving an example “let us assume there is a recession in one country but not in the other. If that country is outside the euro (e.g. UK) the countries central bank could reduce interest rates and stimulate economic activity. However the ECB is unlikely to respond in this way if the recession is only country specific because this will raise inflation throughout the union.” The ECB will only alter its interest rates when target inflation rate with in the euro zone rises above %. This is one of the arguments why UK doesn’t join the single currency but sometimes it is difficult to understand why exactly, it is understandable that the UK wants to control its own interest rate but according to Griffith and Wall UK is one of the countries which change in interest rate will take up to three years before full impact in the economy is noticed. That is not the only reason why UK should not join the single currency, UK’s Business cycle is not entirely convergent with business cycle in Europe (see appendix C) So joining the euro area and accepting a Europe wide monetary policy might well impose heavy economic costs on the UK.





There is an interesting economic ideology, which is mentioned in Begg (001) it is an optimal currency area defined as “a group of countries better off with a common Currency than keeping separate national currencies”. Is the euro zone an optimal currency zone? Professor Robert Mundell has identified three attributes that might make countries suitable for an optimal currency area first one is countries that trade a lot with each other which is true for most EU countries, secondly the more similar the economic and industrial structure of partners the more likely it is they face common shocks, which can be dealt by a common monetary union, thirdly the more flexible the labour market with in the currency area, the more easily any necessary changes in competitiveness. Conversely, Begg suggested that “countries gain the most by keeping their monetary sovereignty when they are not that integrated” so it is best for UK to stay out of the euro, but is it really even thou Britain has control over interest rates can’t it really afford to increase interest rates any more as the sterling is already sky high.


Appendix A EU Membership-From Application to Accession


Table 1.1


1. A European country submits an application for membership to the council of the European Union.


. The Council asks the Commission to deliver and Opinion on the application.


. The Commission delivers its opinion on the application to the council.


4. The Council decides (unanimously) to open negotiations for accession.


5. Negotiations are opened between the member States on the one hand, and each applicant individually on the other hand.


6. The Commission proposes, and The Council adopts (unanimously), positions to be taken by the union vis-à-vis the applicants in accession negotiation.


7. Agreement reached between Union and applicant on a Draft Treaty of Accession.


8. Accession Treaty submitted to the Council and the European Parliament.


. The Commission delivers another Opinion, on the Accession Treaty.


10. European Parliament delivers its assent to the Accession Treaty (by absolute majority).


11. The Council approves the Accession Treaty (unanimously).


1. Member States and applicants formally sign the Accession Treaty.


1. Member States and applicants ratify the Accession Treaty.


14. After ratification, the Treaty comes into effect on the day of accession the applicants become Member States.


Appendix B


Twelve euro zone countries, source www.wilkiecollins.demon.co.uk/euro/eurocountries.htm


Members of the European Union in the euro


ɨ᠃Austria


ɨ᠃Belgium


ɨ᠃Finland


ɨ᠃France


ɨ᠃Germany


ɨ᠃Greece


ɨ᠃Ireland


ɨ᠃Italy


ɨ᠃Luxembourg


ɨ᠃Netherlands


ɨ᠃Portugal


ɨ᠃Spain


Appendix C


Source Griffiths andWall (001)


BIBLIOGRAPHY


Bainbridge T. (000) “The Penguin Company TP European Union”, nd Edition, Penguin Books


Henig S. (17), “The Uniting of EURPE”, ROUTLEDGE


Avery G. and Cameron F. (1), “The Enlargement of the European Union”, Sheffield Academic Press


Anderton A. (15), “Economics”, nd Edition, Causeway Press Limited


Begg D. (000), “Economics”, 6th Edition, McGraw-Hill


Chesworth N. and Pinne-Coffin (18), “The EMU Fact Book”,


Kogan Page Limited


Griffiths A. and Wall s. (001), “Applied Economics”, th Edition, Printice Hall


Sloman J. (000), “Economics”, 4th Edition, Printice Hall


Enlargement and the Finality of European Integration www.jeanmmonnetprogram.org/papers/00/00f0801.html


Basic Arguments of Enlargement www.europa.eu.int/comm/enlargement/arguments/index


European Monetary Union www.france.diplomatie.fr/frmonde/euro/eu.gb.html


The Single European Currency www.keele.ac.uk/socs/ks40/labeuro.htm


Where the EURO is used www.wilkiecollins.demon.co.uk/euro/eurocountries.htm


Breuss F ed; (Jul 000), “The role of time in EU enlargement”, Euromoney,


The Economist ed. (000), “Single Market In Question”, volume 57, Number 800





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