Estimates suggest that international reserves of the Eurosystem could be reduced by one third to half ($130-$170 bill.) of its existing level after the introduction of the Euro. While the ultimate decision, whether and how to use these excessive reserves (public debt repayment, financing of a fund, financing of a tax cut) is a political one, some general results can be stated: First, since reserves earn interest revenue, a large part of which is transferred to the government anyway, moderate (but still positive) economic gains can be expected from a reserve reduction. Second, reserve reductions exceeding a certain threshold require the ECB's approval, which could, however, only be rejected if the envisaged measures were inconsistent with the ECB's monetary and exchange rate policy. Given that unintended macroeconomic effects can easily be avoided by a carefully planned and coordinated reserve reduction, such a rejection by the ECB - which is subject to the review by the European Court of Justice - is only hard to justify. Equally important from a legal point of view is that reserve reductions, effected as transfer of an extraordinary gain to the government, do not constitute monetary financing as prohibited under Art. 101 EC Treaty. Finally, reducing reserves to an adequate level would also eliminate incompatibilities and conflicts of interest between monetary and investment policy by the central banks and reduce their field of operation to their core task: the conduct of monetary policy. Thus, a carefully planned and coordinated reserve reduction can be supported from both an economic as well as legal point of view. / Series: EI Working Papers / Europainstitut

The diploma thesis is aimed to apply the theoretical concept of optimum currency areas, i.e. probably the most comprehensive approach to analyze the suitability of establishing a currency area, to the real and currently difficulties solving environment of EMU states. The first, theoretical-methodological part shows the development of the OCA theory, as founded by Robert A. Mundell and expanded upon by further contributors and critics thereafter. This part focuses especially on defining the optimality criteria, which are then analyzed in the empirical-analytical section. In order to assess the level of optimality, which the euro area members have reached during the common currency existence period, concrete and empirical data are analyzed - data, showing the previous development of the selected indicators, describing the criteria fulfilling. In the final part of the thesis, the author considers the overall optimality rate of euro area and points out its consequences for the Czech Republic, as a candidate country. Furthermore, the entry-timing question is discussed as well, when finished by a two possible scenarios of our accession to EMU. In relation to this issue, the author also discusses the relevancy to assess the readiness for entering the euro area according to the parameters of Maastricht criteria.

This master’s thesis offers a descriptive investigation of how public Euroscepticism has changed during the economic crisis. By regarding Eurosceptic opinions as positions on a scale as well as differentiating between opposition towards policy (concrete decisions and measures) and polity (the EU as a political system), the results show that overall, European citizens have not only become negative towards how the EU handled the crisis in terms of policy output. Policy opposition also tends to spill over into the polity area, entailing increasing preferences for reducing EU competences and for leaving the union all together. The policy-polity distinction is a perspective on Euroscepticism as opposition, that has largely been set aside in previous research. Furthermore, the paper describes how support for the EU polity and its policies has changed in different member states through a cross country analysis. The results show that there is great and unexpected variation between countries that would be assumed to display a similar development in the light of previous research. In addition, there are similarities between countries that were expected to develop differently. This indicates a limited understanding in this research field of how national factors influence public attitudes towards the European Union. A topic that needs to be investigated further.

Bc. Lucie Zborovská. Non-tax instruments connected with the operation of road motor vehicles. Diploma thesis. Brno: Mendel University, 2019. The diploma thesis deals with non-tax instruments connected with the operation of road motor vehicles. The literary part presents a general definition of environmental taxes, characteristics of charges related to the operation of road motor vehicles and European union legislation of charges imposed on these vehicles. An analysis of the currently applied non-tax instruments connected with the operation of road motor vehicles in all European union countries is preformed, including revenue development of these charges as well as the structure and the age of car fleet. After this, the author presents a comparison of the findings and based on that the author proposes a new toll sticker and toll-charging schemes with respect to ecological aspects and support of eco friendly vehicles in the Czech Republic.

Vývoda O., The Impact of Introduction of the Euro on the Inflation Rate in Central and Eastern European states. Diploma thesis. Brno: Mendel University in Brno, 2019 This diploma thesis concerns with the impact of introduction of the Euro on the rates of inflation in central and eastern European states (Slovenia, Slovakia, Esto-nia, Latvia and Lithuania). First part offers a review of existing literature on the matter of inflation and perceived inflation on accession to the Monetary union. Second part is focused on the analysis of panel data where the impact of introduc-tion of euro on the inflation rates of these states is tested on the basis of the mone-tarist model of inflation determination. Subsequently, the thesis is complemented by an effects analysis in individual states using the Difference-in-differences method. The last part contains discussion and a summary of the results.

Magister Commercii (Industrial Psychology) - MCom(IPS) / The dominant influence of Western and European psychology on the African educational system brought about a specific point of view for the teaching curriculum (Heleta, 2016), which also spilled over into the workplace and job training practices. The present study gave a brief review of the history and development of the Industrial Psychology curriculum in South African higher education institutions. It also highlighted the dominant influence of Western and European psychology on the African educational system that brought about a non-African (i.e. Western scientific model) psychological discipline in the teaching curriculum. The study sought to examine the contextual relevance of Industrial Psychology training at a University in the Western Cape. Furthermore, the study investigated how the concepts and frameworks of Euro-Western Industrial Psychology affect graduates entering into a multi-cultural work context. The need was found for a teaching and learning curriculum that prepares students with multi-cultural knowledge, thus enabling graduates to embrace a diverse work environment. The researcher followed a qualitative research design with semi-structured interviews to collect data. The method of thematic analyses was used and the themes identified manually from the transcribed interviews. The researcher followed a qualitative research design with semi-structured interviews to collect data. The method of thematic analyses was used and the themes identified manually from the transcribed interviews. The researcher followed a qualitative research design with semi-structured interviews to collect data. The method of thematic analyses was used and the themes identified manually from the transcribed interviews. The researcher followed a qualitative research design with semi-structured interviews to collect data. The method of thematic analyses was used and the themes identified manually from the transcribed interviews. These themes were analysed to provide findings from which relevant conclusions could be drawn. The findings varied due to diverse groups of participants with differing workplace expectations. However, participants agreed on the need for introducing more African examples in the teaching and learning of Industrial Psychology, to ensure the curriculum is applicable to a work context of a developing country such as South Africa. Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities in South Africa see the need for not only contextualising the curriculum of Industrial Psychology, but redefining teaching techniques in line with expectations from the industry. Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities in South Africa see the need for not only contextualising the curriculum of Industrial Psychology, but redefining teaching techniques in line with expectations from the industry. These themes were analysed to provide findings from which relevant conclusions could be drawn. The findings varied due to diverse groups of participants with differing workplace expectations. However, participants agreed on the need for introducing more African examples in the teaching and learning of Industrial Psychology, to ensure the curriculum is applicable to a work context of a developing country such as South Africa. Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities in South Africa see the need for not only contextualising the curriculum of Industrial Psychology, but redefining teaching techniques in line with expectations from the industry. Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University.Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities in South Africa see the need for not only contextualising the curriculum of Industrial Psychology, but redefining teaching techniques in line with expectations from the industry. The researcher followed a qualitative research design with semi-structured interviews to collect data. The researcher followed a qualitative research design with semi-structured interviews to collect data. The method of thematic analyses was used and the themes identified manually from the transcribed interviews. Ethical considerations of the study did adhere to the guidelines from the Ethics Committee of the particular University. Recommendations were made to help other universities in South Africa see the need for not only contextualising the curriculum of Industrial Psychology, but redefining teaching techniques in line with expectations from the industry. Recommendations were made to help other universities in South Africa see the need for not only contextualising the curriculum of Industrial Psychology, but redefining teaching techniques in line with expectations from the industry.

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No description available.

Hace tan solo unos años se introdujo el euro como moneda de pleno derecho en once países de la Unión Europea. Sin embargo, a lo largo del tiempo, este proyecto se ha enfrentado a diversos obstáculos, y uno de los más relevantes es el no conocer precisamente el efecto que la Unión Monetaria podría tener en las economías de la región. Las tasas de interés son variables fundamentales en el desempeño coyuntural de cualquier nación, por lo que su manejo por parte del Banco Central implica consecuencias importantes. A partir del mes de Enero de 1999, la difícil tarea de fijar los tipos de interés comunes para todos los países miembros de la Zona Monetaria Europea, independientemente sus características particulares, está a cargo del Banco Central Europeo. En esta investigación se busca determinar las variables más importantes que afectan el comportamiento de las tasas de interés, y al mismo tiempo saber que efecto ha ocasionado la introducción del euro en las mismas, por lo que el trabajo se ha dividido en dos partes. En la primera parte se estudian diversas ecuaciones, creadas con base en ciertas teorías relacionadas con el tema (Akthar 1987, Fischer 1990, Cohen y Wennigen 1994, Lee y Prasad 1994, Patterson 1999, Haley 2000.) por lo que se obtienen las variables más significativas en cada una de ellas. En la segunda parte se analizan las variables de la primera parte, y se definen cuales fueron afectadas por la introducción del euro. Para ambas secciones se utiliza una Base de Datos del Boletín Mensual del Mes de Enero del 2001 del Banco Central Europeo. El período estudiado comprende desde el mes de Enero de 1997 hasta Octubre del 2000. Para efectuar el análisis se emplean los modelos de regresión lineal y split regression, de forma que es posible determinar la relación entre las variables, su nivel de significación en los modelos empleados, y el efecto sufrido por la introducción del euro. El resultado del análisis muestra que la introducción de la moneda única tuvo un fuerte impacto en la mayoría de las variables analizadas y por consecuencia en las tasas de interés de la zona euro. La introducción de la divisa comunitaria implicó la disminución de los tipos de interés promedio en la región, sin embargo fue posible observar un incremento en los mismos durante los últimos meses analizados. Este comportamiento ha sido la respuesta del Banco Central Europeo para mantener la estabilidad de precios ante los fenómenos presentados en el segundo semestre del año 2000, como han sido la debilidad del euro con relación al dólar americano, los elevados precios del petróleo, falta de interés y confianza en la moneda común por parte de Dinamarca, Suecia y el Reino Unido, el prolongado e ininterrumpido crecimiento sostenido de la economía estadounidense hasta antes de Enero del 2001, crisis agropecuarias y la caída de los índices bursátiles.

Yes / Purpose – The objective of this study is to understand the budgetary role of national legislatures in Euro Area (EA) countries and to analyse implications for fiscal discipline. Design/methodology/approach – Building on the budget institutions literature, a legislative budgetary power index for all the 19 EA countries is constructed using OECD and European Commission data as well as data generated from questionnaires to national authorities. A two-way fixed effects panel data model is then used to assess the effect of legislative budgetary power on the budget balance in the EA during 2006-15. Findings - Overall, in the EA, formal legislative powers vis-à-vis the national budgetary process are weak but there is more legislative involvement in SGP procedures and legislative budgetary organisational capacity is generally quite good. In contrast to the traditional view in the budget institutions literature, our empirical findings show that strong legislative budgetary power does not necessarily result in larger budget deficits. Research limitations/implications – Data on legislative budgeting was available from different sources and timeseries data was very limited. Practical implications – There is scope to improve democratic legitimacy of the national budgetary process in the EA, without necessarily jeopardising fiscal discipline. Originality/value – The constructed legislative budgetary power index covers all the 19 EA countries and has a broad scope covering various novel institutional characteristics. The empirical analysis contributes to the scarce literature on the impact of legislative budgeting on fiscal discipline.