Economic, Monetary and Industrial Comittee

Referat, Hausaufgabe, Economic, Monetary and Industrial Comittee
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ECONOMIC, MONETARY AND INDUSTRIAL COMMITTEE I. General conditions for firms and enterprises 1. What is the economic and monetary union? In concluding the Treaty on European Union the Heads of State or Government took the historic decision to introduce the ecu as the single European currency before the end of the decade. This finishes the European economic and monetary union. In this union the currencies of the Member States are tied to one another at the same exchange rate. There can be no more devaluations or revaluations of individual currencies. Because of this enterprises are able to reap the benefits of the large internal markets. The frontier- free single market established at the start of 1993 is part of economic union. Competition between companies must be guaranteed by a strict competition policy. 2. The benefits of economic and monetary union: An economic and monetary union will mean a saving on currency conversion costs. The prospects for economic growth and thus for employment and prosperity will be better. In general prices will be more stable. If the ecu - like the US dollar and the yen - becomes an important international currency, banks and other enterprises will be able to conduct a large proportion of their international business in the European currency. The economic and monetary union has been a goal of the Community since the 1969 Hague Summit. 3. The main elements of economic and monetary union: Priority for a stable currency Europe s future currency ...

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