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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 participate i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called the eurozone (EZ), is a Monetary union, currency union of 20 Member state of the European Union, member states of the European Union (EU) that have adopted the euro (Euro sign, €) as their primary currency and sole legal tender, and have thus fully implemented Economic and Monetary Union of the European Union, EMU policies. The 20 eurozone members are: : Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The seven non-eurozone members of the EU are Bulgaria, the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, although all but Denmark are obliged to join once they meet the euro convergence criteria. Bulgaria is targeting to join the eurozone on 1 January 2026. Bulgaria is expected to become the 21st eurozone member from January 1, 2026. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Nederlandsche Bank
De Nederlandsche Bank (, , abbr. DNB) is the national central bank for the Netherlands within the Eurosystem. It was the Dutch central bank from 1814 to 1998, issuing the guilder. Since 2014, it has also been the country's national competent authority within European Banking Supervision. It was originally founded by King William I, and has been since transformed into a state-owned public limited company (, abbreviated NV). History On 2 May 1998, the European heads of state or government decided that the Economic and Monetary Union (EMU) would begin on 1 January 1999 with eleven member states of the European Union (EU), the Netherlands included. As from 1 June 1998, the Dutch central bank, De Nederlandsche Bank, forms part of the European System of Central Banks (ESCB). On the same day, the new Bank Act (of 1998) came into force. Nearly 185 years into its existence, the Nederlandsche Bank entered a new phase. Tasks Under the 1998 Bank Act – replacing that of 1948 – the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Economic Community
The European Economic Community (EEC) was a regional organisation 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 Three pillars of the European Union, first pillar of the newly formed European Union (EU) in 1993. In the popular language, the singular ''European Community'' was sometimes inaccurately 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. The EEC was also known as the European Common Market (ECM) in the English-speaking countries, and sometimes referred to as the European Community even before it was officially renamed as such in 1993. In 2009, the EC formally ceased to ... [...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 eurozone 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 eurozone and th ... [...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 had a strong initiating and brokerage role in the phase preceding the conference, while the actual Intergovernmental Conference only dealt 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 M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacques Delors
Jacques Lucien Jean Delors (; 20 July 192527 December 2023) was a French politician who served as the eighth president of the European Commission from 1985 to 1995. Delors played a key role in the creation of the single market, the euro and the modern European Union. As president of the European Commission (EC), Delors was the most visible and influential leader in European affairs. He implemented 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 Delors Committee, which 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. Delors was a member of the French Socialist Party. Before becoming president of the EC, he was France's finance minist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Delors Committee
The Delors Committee, formally known as the Committee for the Study of Economic and Monetary Union, was an ''ad hoc'' committee chaired by European Commission President Jacques Delors in 1988–1989. It was set up in June 1988 upon a mandate from the European Council to examine and propose concrete stages leading to European Economic and Monetary Union; its report, commonly known as the Delors Report, was published in April 1989. The Delors Committee is widely viewed as having been the effective starting point of the process of European Economic and Monetary Union that led to the negotiation of the Treaty of Maastricht in December 1991 and adoption of the euro as the single currency of 11 of the 15 member states of the European Union on . Background The immediate context for the Delors Committee was the international monetary instability that followed the Louvre Accord of February 1987, punctuated by the so-called Basel-Nyborg Agreement on the European Monetary System (EMS) ... [...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 metaphorical name is explained in a European Parliament briefing: The Werner Report has a graph that resembles a snake in a tunnel on p.43, but does not use that expression. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bretton Woods System
The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia, after the 1944 Bretton Woods Agreement until the Jamaica Accords in 1976. 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 countries with balance of payments de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Werner
Pierre Werner (29 December 1913 – 24 June 2002) was a Luxembourgish politician of the Christian Social People's Party (CSV) who was the prime minister of Luxembourg 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 Luxembourgish parents. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Hague
The Hague ( ) is the capital city of the South Holland province of the Netherlands. With a population of over half a million, it is the third-largest city in 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 has been described as the country's ''de facto'' capital since the time of the Dutch Republic, while Amsterdam is the official capital of the Netherlands. The Hague is the core municipality of the COROP, Greater The Hague urban area containing over 800,000 residents, and is also part of the Rotterdam–The Hague metropolitan area, which, with a population of approximately 2.6 million, is the largest metropolitan area of the Netherlands. The city is also part of the Randstad region, one of the largest conurbations in Europe. The Hague is the seat of the Cabinet of the Netherlands, Cabinet, the States General of the Netherlands, States General, the Supreme Court of the Neth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informally known as "commissioners") corresponding to two thirds of the number of Member state of the European Union, member states, unless the European Council, acting unanimously, decides to alter this number. The current number of commissioners is 27, including the president. It includes an administrative body of about 32,000 European civil servants. The commission is divided into departments known as Directorate-General, Directorates-General (DGs) that can be likened to departments or Ministry (government department), ministries each headed by a director-general who is responsible to a commissioner. Currently, there is one member per European Union member state, member state, but members are bound by their oath of office to represent the genera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
