By Larry Neal
This exact textbook combines entire assurance of the most important coverage components of the ecu Union with research of person nations, together with the hot accession nations and Turkey. half I analyzes the commercial bases for the increase of the eu Union from its origins within the post-World struggle II restoration to its historical expansion in 2004. half II takes up the several countryside views at the EU's monetary rules via having a look in flip in any respect ecu nations, no matter if participants of the european or now not. The e-book is exclusive in offering either an european point of view and ecu geographical region point of view at the significant coverage concerns that have arisen because the finish of worldwide conflict II, in addition to placing the commercial research into an historic narrative which emphasizes the responses of policy-makers to exterior shocks akin to the chilly struggle, the oil shocks, German reunification, and the cave in of the Soviet Union.
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Additional info for The Economics of Europe and the European Union
The European need for imports from the United States translates then into a demand curve for dollars in the foreign exchange market, where dollars are bought and sold. The demand curve had been shifted out for every country in Europe thanks to the wartime destruction and the military diversion of civilian production facilities. The supply curve of dollars, in turn, is based on the US demand for imports from Europe. Thanks to the high tariffs in the United States and the plentiful supply of domestic products available as substitutes for European goods, not 24 The economics of the European Union to mention the unavailability of European consumption goods in any case, the supply curve of dollars had been shifted inward.
It was founded on a monetary agreement concluded in 1943 and a customs union treaty signed a year later by the three governments-in-exile in London. Before the war, they had conducted approximately 10% of their trade with each other, although there was an increasing imbalance in favor of the BLEU. The greater wartime damage in the Netherlands served to accentuate the Dutch deficit, which grew by 202% from 1947 to 1951. Nevertheless, the Benelux customs union for manufactured goods came into force in January 1948, when all tariffs were abolished and a common external tariff was created for the three small, but strategically located, countries.
When new problems arise, modifications in existing institutions will be relatively minor unless the problems are especially severe or persist for a long period. The many initiatives taken on both sides of the Atlantic to solve the pressing problem of the “dollar shortage” immediately following World War II created institutions that worked to solve that immediate problem. By 1950, all the evidence is that the dollar shortage was solved; by 1971, in fact, one could argue that a “dollar glut” had arisen that led to the collapse of the Bretton Woods system.