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--1. Introduction Francisco Torres and Francesco Giavazzi; --2. Economic and monetary union: critical notes on the Maastricht Treaty revisions Niels Thygesen; Discussion Lorenzo Bini Smagha, Victor Gaspar, Jose Vinals; --3. The design of optimal fiscal rules for Europe after 1992 Giancarlo Corsetti and Nouriel Roubini; Discussion Axel A. Weber; --4. Contracts, credibility and common knowledge: their influence on inflation convergence Marcus Miller and Alan Sutherland; Discussion David Backus, Michael Dooley; --5. Inflation in fixed exchange regimes: the recent Portuguese experience Sergio Rebelo; Discussion Michael Moore, Guido Tabellini; --6. Models of economic integration and localised growth Giuseppe Bertola; Discussion Joao Cesar das Neves, Charles Wyplosz; --7. Shocking aspects of European monetary integration Tamim Bayoumi ...
In Portugal, as in most other European Union (EU) countries, the challenge of Economic and Monetary Union (EMU) has worked as a mechanism for economic stabilisation. However, the political consensus on the participation in EMU did not develop with respect to the need for implementing structural reforms and abolishing many of the policy distortions affecting the economy and to other goals of European integration, such as environmental quality, consumer protection or internal social cohesion, all of them pre-conditions for long-term development. Moreover, the objectives of EMU price stability and sound public finances were also not internalised in that consensus, although they were behind some crucial policy decisions, such as to join the EMS in 1992. During the entire macroeconomic convergence phase European monetary reform was regarded...
Apesar das diferenças nas estruturas produtivas dos vários participantes na moeda única, uma maior integração económica poderá reduzir a sua vulnerabilidade a choques assimétricos. Por outro lado, embora a mobilidade do trabalho seja baixa na Europa, os salários respondem rapidamente aos movimentos de preços; nalguns países, como por exemplo em Portugal, a elasticidade dos salários ao desemprego é elevada. Portugal deve por isso reduzir as suas fraquezas estruturais na união monetária em vez de ficar à espera de mais fundos estruturais, um fundo para transferências automáticas ou ajustamentos cambiais. No longo prazo o BCE só será democraticamente responsabilizável uma responsabilização demasiadamente informal - o que acontece quando as instituições não são à prova de renegociação - não garante uma reforma duradoura. Para assegurar a i...
This paper aims to examine whether the economic and political reasoning behind Maastricht is consistent with earlier approaches to monetary integration. In doing so, it revisits the intellectual debate on monetary integration in Europe at different stages. It concludes that Economic and Monetary Union (EMU) as agreed at Maastricht reflected a compromise between two different but converging preferences, in the context of the experience of the European Monetary System (EMS) and other developments in national and European politics as well as in economic thought, on the role of monetary policy and institutions; the fall of the Berlin Wall may have added a new political dimension that might have made it easier to agree on the blueprint and on the calendar for the realisation of EMU. The various (political and economic) motivations for the c...
This paper addresses the question whether the process of European monetary integration implies efficiency-legitimacy trade-off. The paper considers that the process of monetary policy delegation to the European Central Bank (ECB), ratified by all European Union (EU) parliaments, was a non-zero-sum game, increasing both the efficiency and the legitimacy of monetary policy in the eurozone. There was however a change in the nature of delegation: the initial principal (EU national governments and/or parliaments) delegated to the agent (the ECB) control over its behaviour in regard to monetary policy. The paper distinguishes two types of constraints for monetary policy: credibility constraints and political constraints. The change in the nature of delegation of monetary policy (tying the hands of the principal) was a means of dealing with c...
Los Bifenilos Policlorados son químicos industriales que están clasificadas como parte de los Contaminantes Orgánicos Persistentes – COP’s prohibidos en el mundo desde hace mas de 30 años. En nuestro país aun se los sigue usando en los aceites dieléctricos de los transformadores de Potencia y de Distribución. Las Empresas Eléctricas del país conocen del problema pero no saben que hacer con estos tóxicos, debido a la desinformación que existe en todos los niveles. Por tal motivo se ha diseñado un Plan de Gestión Ambiental para el manejo y almacenamiento de los Bifenilos Policlorados – PCB’s, cumpliendo con el Convenio de Estocolmo que el Ecuador ha firmado y ratificado. Las Empresas Eléctricas contarán con un documento de gestión que las ayudará a determinar la existencia de PCB’s en sus sistemas, con métodos adecuados con los que ah...
Se presenta un catálogo de 306 táxones epífitos, 7 de los cuales son especies nuevas para la ciencia y 9 son citas nuevas para la península Ibérica. Se estudia la corología de las especies y su abundancia, ofreciendo una lista roja de las especies amenazadas. Se estudian las comunidades epífitas y se diferecian 18 asociaciones fitosociológicas, 4 de las culaes son nuevas para la ciencia. Se clarifican las relaciones dinámicas entre estas comunidades y la gestión forestal o ganadera practicada. Se determina las zonas de mayor continuidad ecológica y se propone un nuevo índice de continuidad ecológica y se propone un nuevo índice de continuidad ecológica para el área estudiada, a contrastar en la región Mediterránea. Se especifican los hábitats de mayor interés para la conservación de la biodiversidad epífita y algunos consejos para la g...
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