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A Legal Study of Economic and Monetary Unions

A Comparison Between the Eurozone and the West and Central African Experiences

The specific objective of this paper written in English is to in analyzing the most recent developments in the relationship between the Economic and European Monetary Union and the corresponding Sub-Saharan Unions. Indeed, this relationship has evolved profoundly over time: from a climate of domination colonial has shifted to a relationship of a strictly monetary nature that links the European currency to those of West and Central Africa. The first chapter is devoted to the concepts of currency and monetary sovereignty. Indeed, in both Unions, the concept of state sovereignty, particularly that of monetary sovereignty, has been and is at the center of political and social debate. The Unions in question have in fact in common, ex plurimis, the establishment of a single currency, a set of rules to converge the policies macroeconomic policies of member states, a set of similar institutions and a single market. In the second chapter, there follows an in-depth analysis of the context of the Eurozone. After the establishment of a common market and a system to foster the convergence of economic policies, member states began to consider it complementary and necessary to converge their their monetary policies. In 1998, the euro, the European Central Bank and the EMU. However, even at its inception, the EMU had some flaws: first and foremost, the fact that it was based on strong monetary coordination, but fragile convergence of economic policies. Later, when the Great Depression came to Europe, the fragility of the EMU emerged. The absence of fiscal union resulted in the rapid extension of the crisis from one member states to another, exacerbating the vicious link between banks and governments. The post-crisis legal framework aims to establish at the same time a system for providing financial assistance to member states that request it and a system to strengthen the economic pillar of EMU and resolve its hindering asymmetry. The third chapter, meanwhile, is devoted to the different regional groupings present in sub-Saharan Africa. Since the colonial period, France has used all means at its disposal to keep its currency area intact. When early 1990s the European EMU was taking shape, it served as a model for the renewal of the legal framework of the free zone. In each regional grouping a system of macroeconomic convergence was established accompanied by a plan to centralize fiscal and monetary policies. The subsequent establishment of the euro changed geopolitical relations determining the new pegging of the CFA franc to the euro and no longer to the franc French franc. Nevertheless, the CFA franc remained under the exclusive jurisdiction of the France. A thorough description of the characteristics of the CFA franc follows. The agreements signed with France by each regional grouping define in fact the principles to be respected. These can be summarized in four pillars fundamental: a fixed exchange rate, free movement of capital, free convertibility of currency and the pooling of foreign exchange reserves. In addition, for each central bank in the free zone, an "operating account" was opened at the Treasury French Treasury an "operating account" through which the credit and liabilities of each regional grouping. The most controversial feature of the system is the fixed exchange rate. According to critics, it deprives the countries of the free area countries of their monetary sovereignty, and is therefore considered the main cause of the fragility and stagnation of the area's economy. For this and other reasons, the CFA franc is at the center of political debate in the free zone countries, and the sentiment of the need for radical reform is growing. The UEMOA, as part of ECOWAS, has begun to consider the possibility of establishing a new national currency, the Echo. However, the feasibility of a currency union is subject to a careful assessment of economic and political conditions. Similarly, the debate on the establishment of a new currency is also strong in CEMAC, but the project is far from becoming a reality. The outbreak of the COVID-19 pandemic has had a strong impact throughout the the entire world. In the eurozone and the free zone, it has affected the Unions in different ways, showing their fragilities. The European EMU responded by demonstrating the strength of its economic and monetary policy coordination. Similarly, the free zone countries are experiencing a turning point, as a reform concrete and radical reform of the CFA franc system finally seems feasible, also to successfully overcome the economic crisis. Relations with France have never been more difficult, but the creation of a new monetary union is essentially tied to strong political will, which is what the sub-Saharan countries most urgently needed by sub-Saharan countries.

The specific objective of this paper written in English is to in analyzing the most recent developments in the relationship between the Economic and European Monetary Union and the corresponding Sub-Saharan Unions.

Transformation Index BTI 2022

Governance in International Comparison

Managing the peaceful transition of authoritarian states to democracy and a market-economic system represents a tremendous challenge. Whether it comes to reconstituting the coherency of the state following armed conflict, expanding participation rights and the rule of law in emerging democracies, overcoming corrupt structures, fighting poverty and inequality, or establishing clear rules for stable market-economic competition, the requirements are enormous, and the pressure on responsible leaders is intense. After all, the quality of governance makes an essential contribution to the success or failure of transformation processes. Accordingly, the Bertelsmann Stiftung's Transformation Index (BTI) systematically places political decision-makers' steering capability at the heart of its analysis and, as a result, is the only index in the world that measures and compares the quality of governance with self-collected data. This is done in the firm conviction that the ongoing comparative study of transformation processes is invaluable for the successful design of reforms and holds enormous global potential to learn from different political strategies for steering change, even though diverse traditions, power configurations, resources and cultures necessarily make each transformation process unique. The BTI measures and compares transition processes in 137 transformation countries with data collected between 2019 and 2021, and establishes their global rating based on detailed country reports. Now in its tenth edition, it offers the opportunity to understand long-term trends and global developments through the analysis of time-series data. The spotlight on current developments is thus complemented by almost two decades of data that captures the most varied transformation processes and puts into perspective recent progress and setbacks on the way to democracy and a market economy.

This is done in the firm conviction that the ongoing comparative study of transformation processes is invaluable for the successful design of reforms and holds enormous global potential to learn from different political strategies for ...

Environmental and Economic Comparison of Cooling System Designs for Steam-electric Power Plants

The selection of waste heat rejection systems for steam-electric power plants involves a trade-off among environmental, energy and water conservation, and economic factors. This study compares four general types of cooling systems on the basis of these factors. The cooling systems chosen for study are: once-through systems including surface canals and submerged multiport diffusers; shallow closed cycle cooling ponds; mechanical and natural draft evaporative cooling towers; and mechanical draft dry towers. The cooling system comparison involves, first, an optimization of each cooling system and then a comparison among optimal systems. Comparison is made for an 800 MWe fossil unit and a 1200 MWe nuclear unit located at a hypothetical midwestern river site. A set of models has been developed to optimize the components of each cooling system based on the local meteorological and hydrological conditions at the site in accordance with a fixed demand, scalable plant concept. This concept allows one to compare the costs of producing the same net power from each plant/cooling system. Base case economic parameters were used to evaluate the optimum system for each of the four general cooling systems followed by a sensitivity study for each parameter. Comparison of energy and water consumption follows from the results of the performance model, while comparison of environmental impacts is mostly qualitative. Some quantitative modelling was performed for the environmental effects of thermal discharges from once-through systems, fogging from wet cooling towers and water consumption from the ponds, wet towers and once-through. The results of the optimization models of each of the systems are compared on the basis of: performance - discrete distributions of environmental conditions and transient simulation; economics - using base case scenarios and sensitivity values to arrive at costs expressed in terms of production costs, annualized costs and present value costs; energy and water consumption; and environmental effects. The once-through systems were found to be the least expensive of the four systems, the most energy efficient, but potentially the most environmentally damaging. On the other extreme, dry cooling towers are the most environmentally sound while being the most expensive and least energy efficient. Finally, the results of the economic optimization are compared with results from previous comparative studies.

The selection of waste heat rejection systems for steam-electric power plants involves a trade-off among environmental, energy and water conservation, and economic factors.

Tax Incentives and Economic Growth

An International Comparison : UK, USA, France, Japan, Singapore, Malaysia, India, Bangladesh

Almost All Tax Systems Incorporate Provisions Which Exclude Certain Items And Deduct Others From The Tax Base. These Provisions May Take The Form Of Exemptions, Deductions, Allowances, And Tax Credits. Tax Incentive (Or Tax Preferences) Reduce The Amount Of Tax Which Would Otherwise Be Payable By A Taxable Entity. Broadly Speaking, Items Which Erode The Normally Accepted Base Of A Tax May Be Treated As Tax Incentives. In India, The Basic Purpose Of Tax Incentives Is To Motivate The Taxpayers To Save And Invest More, Particularly In Rural And Backward Areas Of The Country. This Book Describes And Critically Evaluates The Policy Of Liberal Income Tax Exemptions And Concessions To Accelerate The Pace Of Economic Growth In India. It Examines Various Theoretical Issues Related To The Operation Of Tax Incentives. It Provides An Overview Of The Present System Of Income Tax Incentioves In India. Drawing On The Experience Of Others Countries, An Attempt Has Been Made To Evaluate The System Of Tax Incentives In India. The Countries Considered For Comparative Study Are: Uk, Usa, France, Japan, Singapore, Malaysia And Bangladesh.

This Book Describes And Critically Evaluates The Policy Of Liberal Income Tax Exemptions And Concessions To Accelerate The Pace Of Economic Growth In India. It Examines Various Theoretical Issues Related To The Operation Of Tax Incentives.

A Comparison of Overseas Railway Systems

Their Policy Trends and Performance

Railroads in Australia, Canada, France, Japan, New Zealand, The United Kingdom, the U.S. and West Germany.

Railroads in Australia, Canada, France, Japan, New Zealand, The United Kingdom, the U.S. and West Germany.

Higher Education System Reform

An International Comparison after Twenty Years of Bologna

Higher Education System Reform provides a comparative analysis of the position of 12 Higher Education Systems since the Bologna Declaration of 1999. It discusses and reflects on the original Bologna goals, the adopted paths of reform and the achieved results.

What was the rationale/discourse used during the reform? The book comparatively analyses the different systems, their paths of reforms and trajectories, and the similarities and the differences between them.

The Power of Inaction

Bank Bailouts in Comparison

Cornelia Woll details the varying relationships between financial institutions and national governments by comparing national bank rescue schemes in the United States and Europe.

Cornelia Woll details the varying relationships between financial institutions and national governments by comparing national bank rescue schemes in the United States and Europe.

An Economic Comparison of Narrow Row Cropping Systems and Conventional Row Cropping Systems in Michigan's Thumb and Saginaw Valley