Effectiveness of the League of Nations without US
as an active member:
The League of Nations was an intergovernmental body
established as a result of the Paris Peace Conference that
ended the First World War.
The onset of the Second World War proved tha
Discussion of Regional Issues and the Implications
of Fiscal independence
- Issue for Southern Europe countries is whether they will continue to
have necessary access to EFSF(ECB) while managing austerity and macrostabilisation;
- Issue in Northern Europe
Diverging economies and societies
high, entrenched unemployment in all Southern European (above 20%
in Sp/Po/Gr vs 4% in Benelux, ave. EU 9%) is putting pressure on
Govts to spend.
Much of Northern European public opinion believes they will bear long-
INSTITUTIONAL ARRANGEMENTS FOR GLOBAL ECONOMIC
MANAGEMENT AND EUROPEAN RECOVERY:
POST WWII POLICY MAKERS SOUGHT TO AVOID RECURRENCE
OF ECONOMIC POLICIES THAT LED TO THE GREAT DEPRESSION
- THROUGH SETTING UP INSTITUTIONAL ARRANGEMENTS,
Current Challenges to Indian
1. High Current account deficit
Risen to 4.2% of GDP in 2011-12
Primary Reason-Trade Deficit ( Competitiveness, Oil & Gold Imports)
Remedies by Central bank-Inflation linked bonds, aligning with global oil prices.
Guidelines followed by the European Union for a
70% of EU trade within EU countries, up from 35% pre EEC.
Largest global economy, GDP $1.6trn.
Has widened from 6 to 27, soon 33, countries; and deepened,
through integration of Institution
Institutions of the European Union
+ European Council EU heads of State; meets 4 times a year;
establishes political priorities and major initiatives, but cannot pass
+ European Parliament MEPs elected in each member country,
with total per country
Types of European Welfare States:
Welfare State aims to guarantee a minimum standard of living (income,
education, health, accommodation) for all citizens, when Market cannot.
Mediterranean:(Italy, Spain, Greece, Portugal).
+ Welfare state began developme
Post WWII arrangements for economic revival:
$ 13 bn made available, by US, to Europe for reconstruction; largest
recipient UK, then France and Italy.
While most of funds were in grant form (80%), local currency
counterpart funds existed til
ACCELERATION OF EUROPEAN GROWTH
Three factors primarily responsible for accelerating growth:
Political principle: integrate Europe through trade, to avoid future
wars. European openness to trade i.e. X+I/GDP rose on average from
20% to 55% by
Crisis of the Eurozone
The phases of unification; status and outlook.
Concept and formation.
Achievements and critical success factors.
Affects of Enlargement and Globalisation.
Implications of Financial pressures and diverging societies.
What will preser