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The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.
This book provides an original and wide-ranging analysis of the impact of Economic and Monetary Union (EMU) on economic governance in the EU and in several key Member States within and outside the Euro area. Its emphasis is on adaptation: how EMU encourages change in national and EU institutions and in national economic regimes. It brings together economic, political science and legal perspectives to explain how national economies adapted, the dynamics of policy-making and the complex web of laws, processes and actors in the EMU.
This book showcases the best new international relations research on hierarchy and moves the discipline forward in this new direction.
Leading writer Boris Kagarlitsky offers an ambitious account of 1000 years of Russian history.
States, Debt, and Power argues for the importance of situating our contextually influenced thinking about European states and debt within a commitment to historically informed and critical analysis. It teases out certain broad historical patterns. The book also examines the inescapably difficult and contentious judgements about 'bad' and 'good' debt; about what constitutes sustainable debt; and about distributive justice at times of sovereign debt crisis. These judgements offer insight into the nature of power and the contingent nature of sovereign creditworthiness. Three themes weave through the book: the significance of creditor-debtor state relations in defining asymmetry of power; the context-specific and constructed character of debt, above all in relation to war; and the limitations of formal economic reasoning in the face of radical uncertainty. Part I examines case studies from Ancient Greece to the modern Euro Area and brings together a wealth of historical data that cast fresh light on how sovereign debt problems are debated and addressed. Part II looks at the conditioning and constraining framework of law, culture, and ideology and their relationship to the use of policy instruments. Part III shows how the problems of matching the assumption of liability with the exercise of control are rooted in external trade and financial imbalances and external debt; in financial markets and vulnerability to banking crisis; in the character of the 'private governance of public debt'; in who has power over indicators of sustainability; in domestic institutional and political arrangements; and in sub-national fiscal governance. Part IV looks at how the problems of mismatch between liability and control take on an acute form within the historical context of European monetary union, above all in Euro Area debt crises.
This comprehensive reference combines the technological know-how from five centuries of industrial-scale brewing to meet the needs of a global economy. The editor and authors draw on the expertise gained in the world's most competitive beer market (Germany), where many of the current technologies were first introduced. Following a look at the history of beer brewing, the book goes on to discuss raw materials, fermentation, maturation and storage, filtration and stabilization, special production methods and beermix beverages. Further chapters investigate the properties and quality of beer, flavor stability, analysis and quality control, microbiology and certification, as well as physiology and toxicology. Such modern aspects as automation, energy and environmental protection are also considered. Regional processes and specialties are addressed throughout the entire book, making this a truly global resource on brewing.
EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
The end of the millennium has always held the world in fear of earthquakes, plague, and the catastrophic destruction of the world. At the dawn of the 21st millennium the world is still experiencing these anxieties, as seen by the onslaught of fantasies of renewal, doomsday predictions, and New Age prophecies. This fascinating book explores the millenarianism that flourished in western Europe between the eleventh and sixteenth centuries. Covering the full range of revolutionary and anarchic sects and movements in medieval Europe, Cohn demonstrates how prophecies of a final struggle between the hosts of Christ and Antichrist melded with the rootless poor's desire to improve their own material conditions, resulting in a flourishing of millenarian fantasies. The only overall study of medieval millenarian movements, The Pursuit of the Millennium offers an excellent interpretation of how, again and again, in situations of anxiety and unrest, traditional beliefs come to serve as vehicles for social aspirations and animosities.
Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime. The lessons of this experience are especially valuable for countries in Eastern Europe, as they face major political and economic decisions. Economists and political scientists from the United States and Latin America detail in this volume how and why such programs go wrong and what leads policymakers to repeatedly adopt these policies despite a history of failure. Authors examine this pattern in Argentina, Brazil, Chile, Mexico, Nicaragua, and Peru—and show how Colombia managed to avoid it. Despite differences in how each country implemented its policies, the macroeconomic consequences were remarkably similar. Scholars of Latin America will find this work a valuable resource, offering a distinctive macroeconomic perspective on the continuing controversy over the dynamics of populism.
The impact of political lobbyists remains highly controversial. No-one has explored when they matter. This book tells readers when lobbyists count and analyses the relationship between lobbying, policy outcomes and the impact of external factors to reveal the professional lobbyist's limited effect on policy. On most policy issues lobbyists simply do not matter. But, on rare occasions lobbyists can make a difference and this book explains when they matter and why.