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At the interstate level, integration occurs through the formation of regional economic associations of states and the coordination of their domestic and foreign economic policies. Interaction and mutual adaptation of national economies is manifested, first of all, in the gradual creation of a "common market" - in the liberalization of the conditions for the exchange of goods and the movement of production resources (capital, labor, information) between countries.
Causes and forms of development of international economic integration.
If 17 - the first half of the 20th century. became the era of the formation of independent nation states, then in the second half of the 20th century. the reverse process began. This new trend first (since the 1950s) developed only in Europe, but then (since the 1960s) spread to other regions. Many countries voluntarily renounce full national sovereignty and form integration associations with other states. The main reason for this process is the desire to increase the economic efficiency of production, and the integration itself is primarily of an economic nature.
The rapid growth of economic integration blocs reflects the development of the international division of labor and international industrial cooperation.
International division of labor- this is such a system of organizing international production in which countries, instead of independently providing themselves with all the necessary goods, specialize in the manufacture of only some goods, acquiring the missing ones through trade. The simplest example is the car trade between Japan and the United States: the Japanese specialize in the production of economical small cars for poor people, the Americans in the production of prestigious expensive cars for the wealthy. As a result, both the Japanese and Americans benefit from a situation where each country produces cars of all varieties.
International production cooperation, the second prerequisite for the development of integration blocks, is a form of organization of production in which workers from different countries jointly participate in the same production process (or in different processes that are interconnected). Thus, many component parts for American and Japanese cars are produced in other countries, and only assembly is carried out at the parent enterprises. As international cooperation develops, transnational corporations are formed that organize production on an international scale and regulate the world market.
Rice. The effect of economies of scale: with a small volume of output Q 1, only for the domestic market, the product has a high cost and, as a result, a high price; with a larger output Q 2 , with the use of exports, the cost and price are significantly reduced.
The result of the international division of labor and international production cooperation is the development of the international socialization of production - the internationalization of production. It is economically beneficial, because, firstly, it allows the most efficient use of the resources of different countries ( cm. presentation of the theories of absolute and relative advantages in trade in the article INTERNATIONAL TRADE), and secondly, it gives economies of scale. The second factor in modern conditions is the most important. The fact is that high-tech production requires high initial investments, which will pay off only if the production is large-scale ( cm. Fig.), otherwise the high price will scare away the buyer. Since the domestic markets of most countries (even such giants as the USA) do not provide a sufficiently high demand, high-tech production that requires a lot of money (automobile and aircraft construction, production of computers, video recorders ...) becomes profitable only when working not only for domestic, but also for external markets.
The internationalization of production is going on both at the global level and at the level of individual regions. To stimulate this objective process, special supranational economic organizations are created that regulate the world economy and seize part of the economic sovereignty from national states.
The internationalization of production can develop in different ways. The simplest situation is when stable economic ties are established between different countries based on the principle of complementarity. In this case, each country develops its own set of industries in order to sell their products to a large extent abroad, and then, with foreign exchange earnings, purchase goods from those industries that are better developed in other countries (for example, Russia specializes in the production and export of energy resources, importing consumer goods). manufactured goods). In this case, countries receive mutual benefits, but their economies develop somewhat one-sidedly and are highly dependent on the world market. It is this trend that now dominates the world economy as a whole: against the background of general economic growth, the gap between developed and developing countries is widening. The main organizations that stimulate and control this kind of internationalization on a global scale are the World Trade Organization (WTO) and international financial organizations such as the International Monetary Fund (IMF) .
A higher level of internationalization involves the alignment of the economic parameters of the participating countries. On an international scale, economic organizations (for example, UNCTAD) at the United Nations seek to guide this process. However, the results of their activities so far look rather insignificant. With a much more tangible effect, such internationalization is developing not at the global, but at the regional level in the form of the creation of integration unions of various groups of countries.
In addition to purely economic reasons, regional integration also has political incentives. The strengthening of close economic relations between different countries, the merging of national economies extinguishes the possibility of their political conflicts and makes it possible to pursue a common policy towards other countries. For example, the participation of Germany and France in the EU eliminated their political confrontation, which had lasted since the Thirty Years' War, and allowed them to act as a "united front" against common rivals (against the USSR in the 1950s–1980s, and against the United States since the 1990s). The formation of integration groupings has become one of the peaceful forms of modern geo-economic and geopolitical rivalry.
In the early 2000s, according to the Secretariat of the World trade organization(WTO), 214 regional trade agreements of an integration nature have been registered in the world. There are international economic integration associations in all regions of the world, they include countries with very different levels of development and socio-economic systems. The largest and most active active integration blocs are the European Union (EU), the North American Free Trade Area (NAFTA) and the Asia-Pacific Economic Cooperation (APEC) in the Pacific.
Stages of development of integration groupings.
Regional economic integration goes through a number of stages in its development (Table 1):
Free trading zone,
Customs Union,
Common Market,
economic union and
political union.
At each of these stages, certain economic barriers (differences) between the countries that have joined the integration union are eliminated. As a result, a single market space is being formed within the boundaries of the integration bloc, all participating countries benefit by increasing the efficiency of firms and reducing government spending on customs control.
| Table 1. STAGES OF DEVELOPMENT OF REGIONAL ECONOMIC INTEGRATION | ||
| steps | Essence | Examples |
| 1. Free Trade Zone | Cancellation of customs duties in trade between countries - members of the integration group | EEC in 1958–1968 EFTA since 1960 NAFTA since 1988 MERCOSUR since 1991 |
| 2. Customs Union | Unification of customs duties in relation to third countries | EEC in 1968–1986 MERCOSUR since 1996 |
| 3. Common Market | Liberalization of the movement of resources (capitals, work force etc.) between the countries - members of the integration group | EEC in 1987–1992 |
| 4. Economic union | Coordination and unification of the internal economic policies of the participating countries, including the transition to a single currency | EU since 1993 |
| 5. Political union | Pursuing a unified foreign policy | No examples yet |
First created Free trading zone– internal customs duties are reduced in trade between the participating countries. Countries voluntarily renounce the protection of their national markets in relations with their partners within the framework of this association, but in relations with third countries they act not collectively, but individually. While maintaining its economic sovereignty, each participant in the free trade zone sets its own external tariffs in trade with countries that are not members of this integration association. Usually, the creation of a free trade area begins with bilateral agreements between two closely cooperating countries, which are then joined by new partner countries (this was the case in NAFTA: first, the US treaty with Canada, which was then joined by Mexico). Most of the existing economic integration unions are based on this initial stage.
After the completion of the creation of a free trade zone, the participants of the integration bloc move to the customs union. Now external tariffs are already being unified, a single foreign trade policy is being pursued - the members of the union jointly establish a single tariff barrier against third countries. When customs tariffs for third countries are different, this enables firms from countries outside the free trade zone to penetrate through the weakened border of one of the participating countries to the markets of all countries of the economic bloc. For example, if the tariff on American cars is high in France and low in Germany, then American cars can "conquer" France - first they are sold to Germany, and then, thanks to the absence of domestic duties, they are easily resold to France. The unification of external tariffs makes it possible to more reliably protect the emerging single regional market space and act on the international arena as a cohesive trading bloc. But at the same time, the countries participating in this integration association lose part of their foreign economic sovereignty. Since the creation of a customs union requires significant efforts to coordinate economic policy, not all free trade areas "grow" to the customs union.
The first customs unions appeared in the 19th century. (for example, the German customs union, Zollverein, uniting a number of German states in 1834-1871), more than 15 customs unions functioned on the eve of World War II. But since then the role of the world economy in comparison with the domestic economy was small, these customs unions were of no particular importance and did not pretend to be transformed into something else. The "era of integration" began in the 1950s, when the rapid growth of integration processes became a natural manifestation of globalization - the gradual "dissolution" of national economies in the world economy. Now the customs union is not seen as an end result, but only as an intermediate phase of economic cooperation between partner countries.
The third stage in the development of integration associations is Common Market. Now, to the minimization of internal duties, the elimination of restrictions on the movement from country to country of various factors of production - investments (capitals), workers, information (patents and know-how) - is added. This strengthens the economic interdependence of the member countries of the integration association. Freedom of movement of resources requires a high organizational level of interstate coordination. Common market established in the EU; NAFTA is approaching him.
But the common market is not the final stage of integration development. For the formation of a single market space, there is little freedom of movement across the borders of states of goods, services, capital and labor. In order to complete economic unification, it is also necessary to equalize tax levels, unify economic legislation, technical and sanitary standards, and coordinate national credit and financial structures and social protection systems. The implementation of these measures will finally lead to the creation of a truly single intra-regional market of economically united countries. This stage of integration is called economic union. At this stage, the importance of special supranational administrative structures (such as the European Parliament in the EU), capable of not only coordinating the economic actions of governments, but also taking operational decisions on behalf of the entire block. So far, only the EU has reached this level of economic integration.
As the economic union develops, the prerequisites for the highest stage of regional integration may develop in the countries - political union. We are talking about the transformation of a single market space into an integral economic and political organism. In the transition from an economic union to a political one, a new multinational subject of world economic and international political relations, which speaks from a position that expresses the interests and political will of all participants in these unions. In fact, a new large federal state is being created. So far, there is no regional economic bloc of such a high level of development, but the EU, which is sometimes called the "United States of Europe", has come closest to it.
Prerequisites and results of integration processes.
Why in some cases (as in the EU) did the integration bloc turn out to be strong and stable, while in others (as in the CMEA) it did not? The success of regional economic integration is determined by a number of factors, both objective and subjective.
First, the sameness (or similarity) of the levels of economic development of the integrating countries is necessary. As a rule, international economic integration occurs either between industrialized countries or between developing countries. The combination in one integration bloc of countries of very different types is quite rare, such situations usually have a purely political background (for example, the union of industrialized countries in the CMEA of Eastern Europe- like the GDR and Czechoslovakia - with the agrarian countries of Asia - like Mongolia and Vietnam) and end with a "divorce" of heterogeneous partners. More sustainable is the integration of highly developed countries with new industrial countries (USA and Mexico in NAFTA, Japan and Malaysia in APEC).
Secondly, all participating countries must not only be close in economic and socio-political systems, but also have a sufficiently high level of economic development. After all, the effect of economies of scale is noticeable mainly in high-tech industries. That is why, first of all, the integration associations of the highly developed countries of the “core” turn out to be successful, while the “peripheral” unions are unstable. The underdeveloped countries are more interested in economic contacts with more developed partners than with the same as themselves.
Thirdly, in the development of a regional integration union, it is necessary to follow the sequence of phases: free trade zone - customs union - common market - economic union - political union. It is possible, of course, to run ahead, when, for example, there is a political unification of countries that are not yet completely united economically. However, historical experience shows that such a desire to reduce "birth pangs" is fraught with the emergence of a "stillborn" union, which is too dependent on the political situation (this is exactly what happened with the CMEA).
Fourthly, the association of the participating countries should be voluntary and mutually beneficial. To maintain equality between them, a certain balance of power is desirable. Thus, in the EU there are four strong leaders (Germany, Great Britain, France and Italy), therefore, weaker partners (for example, Spain or Belgium) can maintain their political weight in controversial situations, choosing which of the strong leaders it is more profitable for them to join. The situation is less stable in NAFTA and in the EurAsEC, where one country (the United States in the first case, Russia in the second) is superior in economic and political strength to all other partners.
Fifth, a prerequisite for the emergence of new integration blocs is the so-called demonstration effect. In countries participating in regional economic integration, there is usually an acceleration in economic growth, a decrease in inflation, an increase in employment, and other positive economic shifts. This is becoming an enviable role model and has a certain stimulating effect on other countries. The demonstration effect manifested itself, for example, in the desire of the Eastern European countries to become members of the European Union as soon as possible, even without serious economic prerequisites for this.
The main criterion for the sustainability of an integration grouping is the share of mutual trade between partner countries in their total foreign trade (Table 2). If the members of the block trade mainly with each other and the share of mutual trade is growing (as in the EU and NAFTA), then this shows that they have reached high degree interconnections. If the share of mutual trade is small and, moreover, tends to decrease (as in ECO), then such integration is fruitless and unstable.
Integration processes lead, first of all, to the development of economic regionalism, as a result of which certain groups of countries create for themselves more favorable conditions for trade, the movement of capital and labor than for all other countries. Despite the obvious protectionist features, economic regionalism is not considered a negative factor for the development of the world economy, unless a group of integrating countries, simplifying mutual economic ties, establishes less favorable conditions for trade with third countries than before the start of integration.
It is interesting to note examples of "crossed integration": one country can be a member of several integration blocs at once. For example, the US is a member of NAFTA and APEC, while Russia is a member of APEC and EurAsEC. Inside the big blocs, the small ones are preserved (like the Benelux in the EU). All this is a prerequisite for the convergence of conditions for regional associations. Negotiations between regional blocs are also aimed at the same prospect of a gradual development of regional integration into international internationalization. Thus, in the 1990s, a draft agreement was put forward for a transatlantic free trade area, TAFTA, which would connect NAFTA and the EU.
| Table 2. DYNAMICS OF THE SHARE OF INTRA-REGIONAL EXPORTS IN TOTAL EXPORTS OF COUNTRIES-MEMBERS OF SOME INTEGRATION GROUPINGS IN 1970-1996 | |||||
| Integration groupings | 1970 | 1980 | 1985 | 1990 | 1996 |
| European Union, EU (until 1993 - European Economic Community, EEC) | 60% | 59% | 59% | 62% | 60% |
| North American Free Trade Area, NAFTA | 41% | 47% | |||
| Association of Southeast Asian Nations, ASEAN | 23% | 17% | 18% | 19% | 22% |
| South American Common Market, MERCOSUR | 9% | 20% | |||
| Economic Community of West African States, ECOWAS | 10% | 5% | 8% | 11% | |
| Economic Cooperation Organization, ECO (until 1985 - Regional Cooperation for Development) | 3% | 6% | 10% | 3% | 3% |
| Caribbean Community, CARICOM | 5% | 4% | 6% | 8% | 4% |
| Compiled by: Shishkov Yu.V. . M., 2001 | |||||
Thus, economic integration at the beginning of the 21st century. takes place on three tiers: bilateral trade and economic agreements of individual states - small and medium regional groupings - three large economic and political blocs, between which there are cooperation agreements.
The main modern integration groupings of developed countries.
Historically, international economic integration has received the deepest development in Western Europe, where in the second half of the 20th century. gradually created a single economic space - the "United States of Europe". The Western European community is currently the "oldest" integration bloc, and it was its experience that served as the main object for emulation of other developed and developing countries.
There are many objective prerequisites for Western European integration. The countries of Western Europe have a long historical experience in the development of economic ties, resulting in a comparative unification of economic institutions (“rules of the game”). Western European integration also relied on close cultural and religious traditions. A significant role in its emergence was played by the ideas of a united Europe, which were popular back in the medieval era as a reflection of the unity of the Christian world and as a memory of the Roman Empire. Importance There were also the results of the First and Second World Wars, which finally proved that the power confrontation in Western Europe will not bring victory to any one country, but will only lead to a general weakening of the entire region. Finally, geopolitical factors also played a significant role - the need to unite Western Europe to counteract political influence from the east (from the USSR and Eastern European socialist countries) and the economic competition of other leaders of the "core" of the capitalist world-economy (primarily the United States). This set of cultural and political prerequisites is unique; it cannot be copied in any other region of the planet.
The beginning of Western European integration was laid by the Treaty of Paris signed in 1951 and entered into force in 1953. European Coal and Steel Community(ECSC). In 1957, the Treaty of Rome was signed establishing European Economic Community(EEC), which entered into force in 1958. In the same year, the European Atomic Energy Community(Euratom). Thus, the Treaty of Rome united three major Western European organizations - the ECSC, the EEC and Euratom. Since 1993, the European Economic Community has been renamed the European Union. (EU), reflecting in the name change the increased degree of integration of the participating countries.
On the first stage Western European integration developed within the free trade zone. During this period, from 1958 to 1968, the Community included only 6 countries - France, Germany, Italy, Belgium, the Netherlands and Luxembourg. At the initial stage of integration between the participants, customs duties and quantitative restrictions on mutual trade were abolished, but each participating country still retained its own national customs tariff with respect to third countries. In the same period, coordination of domestic economic policy began (primarily in the field of agriculture).
| Table 3 RELATION OF FORCES IN THE EEC AND EFTA, 1960 | |||||
| EEC | EFTA | ||||
| Countries | Countries | National income (billion dollars) | National income per capita (US$) | ||
| Germany | 51,6 | 967 | Great Britain | 56,7 | 1082 |
| France | 39,5* | 871* | Sweden | 10,9 | 1453 |
| Italy | 25,2 | 510 | Switzerland | 7,3 | 1377 |
| Holland | 10,2 | 870 | Denmark | 4,8 | 1043 |
| Belgium | 9,4 | 1000 | Austria | 4,5 | 669 |
| Luxembourg | Norway | 3,2* | 889 | ||
| Portugal | 2,0 | 225 | |||
| TOTAL | 135,9 | 803 | 89,4 | 1011 | |
| * Data are given for 1959. Compiled by: Yudanov Yu.I. Fight for markets in Western Europe. M., 1962 |
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Almost simultaneously with the EEC, since 1960, another Western European integration group began to develop - European Free Trade Association(EFTA). If France played the leading role in the organization of the EEC, then Great Britain became the initiator of EFTA. Initially, the EFTA was more numerous than the EEC - in 1960 it included 7 countries (Austria, Great Britain, Denmark, Norway, Portugal, Switzerland, Sweden), later it included 3 more countries (Iceland, Liechtenstein, Finland). However, the EFTA partners were much more heterogeneous than the EEC members (Table 3). In addition, Great Britain was superior in economic strength to all its EFTA partners combined, while the EEC had three centers of power (Germany, France, Italy), and the most economically powerful country in the EEC did not have absolute superiority. All this predetermined the less successful fate of the second Western European grouping.
Second phase Western European integration, the customs union, turned out to be the longest - from 1968 to 1986. During this period, the member countries of the integration group introduced common external customs tariffs for third countries, setting the level of single customs tariff rates for each commodity item as the arithmetic average of national rates. The severe economic crisis of 1973-1975 somewhat slowed down the integration process, but did not stop it. Since 1979, the European Monetary System began to operate.
The success of the EEC has made it a center of attraction for other Western European countries (Table 4). It is important to note that most of the EFTA countries (first Great Britain and Denmark, then Portugal, in 1995 3 countries at once) "fled over" to the EEC from EFTA, thus proving the advantages of the first grouping over the second. In essence, EFTA turned out to be, for most of its participants, a kind of launching pad for joining the EEC/EU.
Third stage Western European integration, 1987–1992, was marked by the creation of a common market. According to the Single European Act of 1986, the formation of a single market in the EEC was planned as "a space without internal borders, in which the free movement of goods, services, capital and civilians is ensured." To do this, it was supposed to eliminate border customs posts and passport control, unify technical standards and taxation systems, and conduct mutual recognition of educational certificates. Since the world economy was booming, all these measures were implemented fairly quickly.
In the 1980s, the bright achievements of the EU became a model for the creation of other regional integration blocs of developed countries, fearful of their economic backwardness. In 1988, the United States and Canada signed a North American Free Trade Agreement(NAFTA), in 1992 Mexico joined this union. In 1989, at the initiative of Australia, the Asia-Pacific Economic Cooperation (APEC) organization was formed, whose members initially included 12 countries, both highly developed and newly industrialized (Australia, Brunei, Canada, Indonesia, Malaysia, Japan, New Zealand, South Korea, Singapore, Thailand, Philippines, USA).
Fourth stage Western European integration, the development of an economic union, began in 1993 and continues to this day. His main achievements were the transition to the single Western European currency, “euro”, which ended in 2002, and the introduction in 1999, in accordance with the Schengen Convention, of a single visa regime. In the 1990s, negotiations began on the "expansion to the east" - the admission to the EU of the ex-socialist countries of Eastern Europe and the Baltics. As a result, 10 countries joined the EU in 2004, increasing the number of members of this integration group to 25. APEC membership also expanded during these years: by 1997, there were already 21 countries, including Russia.
In the future, it is possible fifth stage development of the EU, a political union that would provide for the transfer of national governments to supranational institutions of all major political powers. This would mean the completion of the creation of a single state entity - the "United States of Europe". A manifestation of this trend is the growing importance of the supranational governing bodies of the EU (the Council of the EU, the European Commission, the European Parliament, etc.). The main problem is the difficulty of forming a unified political position of the EU countries in relation to their most important geopolitical rival - the United States (this was especially evident during the US invasion of Iraq in 2002): if the countries of continental Europe gradually increase their criticism of America's claims to the role of the "world policeman" , the UK remains a firm ally of the US.
As for EFTA, this organization has not moved further than the organization of duty-free trade; in the early 2000s, only four countries remained in its ranks (Liechtenstein, Switzerland, Iceland and Norway), which also seek to join the EU. When Switzerland (in 1992) and Norway (in 1994) held a referendum on joining the Union, opponents of this move won only a narrow margin. There is no doubt that at the beginning of the 21st century. EFTA will merge completely with the EU.
In addition to the EU and the "dying" EFTA, there are other smaller Western European blocs such as the Benelux (Belgium, the Netherlands, Luxembourg) or the Nordic Council (Scandinavia).
| Table 5 COMPARATIVE CHARACTERISTICS OF THE EU, NAFTA AND APEC | |||
| Characteristics | EU (since 1958) | NAFTA (since 1988) | APEC (since 1989) |
| Number of countries at the beginning of the 2000s | 16 | 3 | 21 |
| Integration level | economic union | Free trading zone | Formation of a free trade zone |
| Distribution of forces within the block | Polycentricity under the overall leadership of Germany | Monocentricity (USA is the absolute leader) | Polycentricity under the general leadership of Japan |
| Degree of heterogeneity of participating countries | The lowest | Medium | The highest |
| The Development of Supranational Governance Bodies | The system of supranational governments (EU Council, European Commission, the European Parliament, etc.) | There are no special bodies of supranational government | Supranational governance bodies already exist, but do not play a big role |
| Share in world exports in 1997 | 40% | 17% | 42% (without NAFTA countries - 26%) |
There are significant differences between the largest modern regional economic blocs of developed countries - the EU, NAFTA and APEC (Table 5). First, the EU has a much higher level of integration as a result of its longer history. Secondly, if the EU and APEC are polycentric groupings, then NAFTA clearly shows the asymmetry of economic interdependence. Canada and Mexico are not so much partners in the integration process as competitors in the American goods and labor market. Third, NAFTA and APEC are more heterogeneous than their EU counterparts, as they include newly industrialized Third World countries (APEC even includes even less developed countries such as Vietnam and Papua New Guinea). Fourth, if the EU has already developed a system of supranational governing bodies, then in APEC these bodies are much weaker, and North American integration has not created institutions regulating mutual cooperation at all (the United States does not really want to share management functions with its partners). Thus, Western European integration is stronger than the economic blocs of other developed countries competing with it.
Integration groupings of developing countries.
There are several dozens of regional economic unions in the "third world" (Table 6), but their significance is, as a rule, relatively small.
| Table 6 LARGEST MODERN REGIONAL INTEGRATION ORGANIZATIONS OF DEVELOPING COUNTRIES | |
| Name and date of foundation | Compound |
| Integration organizations Latin America | |
| Latin American Free Trade Area (LAFTA) - since 1960 | 11 countries - Argentina, Bolivia, Brazil, Venezuela, Colombia, Mexico, Paraguay, Peru, Uruguay, Chile, Ecuador |
| Caribbean Community (CARICOM) - since 1967 | 13 countries - Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Guyana, Grenada, etc. |
| Andean Group - since 1969 | 5 countries - Bolivia, Venezuela, Colombia, Peru, Ecuador |
| Common Market of the Southern Cone (MERCOSUR) – since 1991 | 4 countries - Argentina, Brazil, Paraguay, Uruguay |
| Integration Associations of Asia | |
| Economic Cooperation Organization (ECO) - since 1964 | 10 countries - Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan, Turkey, Uzbekistan |
| Association of Southeast Asian Nations (ASEAN) - since 1967 | 6 countries - Brunei, Indonesia, Malaysia, Singapore, Thailand, Philippines |
| BIMST Economic Community (BIMST-EC) – since 1998 | 5 countries - Bangladesh, India, Myanmar, Sri Lanka, Thailand |
| African integration associations | |
| East African Community (EAC) - since 1967, again since 1993 | 3 countries - Kenya, Tanzania, Uganda |
| Economic Community of West African States (ECOWAS) - since 1975 | 15 countries - Benin, Burkina Faso, Gambia, Ghana, Guinea, Guinea Bissau, etc. |
| Common Market for Eastern and Southern Africa (COMESA) – since 1982 | 19 countries - Angola, Burundi, Zaire, Zambia, Zimbabwe, Kenya, Comoros, Lesotho, Madagascar, Malawi, etc. |
| Arab Maghreb Union (UMA) - since 1989 | 5 countries - Algeria, Libya, Mauritania, Morocco, Tunisia |
| Compiled by: Shishkov Yu.V. Integration processes on the threshold of the XXI century. Why the CIS countries are not integrating. M., 2001 | |
The first wave of bloc formation took place in the 1960s and 1970s, when “self-reliance” seemed to underdeveloped countries the most effective tool to counter “imperialist enslavement” by developed countries. Since the main prerequisites for unification were of a subjective-political rather than an objective-economic nature, most of these integration blocs turned out to be stillborn. In the future, trade relations between them either weakened or froze at a rather low level.
Indicative in this sense is the fate of the 1967 East African Community: over the next 10 years, domestic exports fell in Kenya from 31 to 12%, in Tanzania from 5 to 1%, so that by 1977 the community fell apart (it was restored in 1993, but without much effect). The fate of the Association of Southeast Asian Nations (ASEAN), created in 1967, turned out to be the best: although it did not succeed in increasing the share of mutual trade, this share, on the other hand, remains stably at a fairly high level. It is especially noteworthy that by the 1990s, mutual trade between the countries of Southeast Asia began to be dominated by finished products rather than raw materials, which is typical for groupings of developed countries, but in the "third world" is so far the only example.
A new wave of creation of integration blocs began in the "third world" in the 1990s. The era of "romantic expectations" is over, now economic unions have begun to be created on a more pragmatic basis. An indicator of the increase in “realism” is the trend towards a decrease in the number of countries participating in integration blocs - it is more convenient to manage economic convergence, of course, in small groups, where there is less difference between partners and it is easier to achieve agreement between them. The Common Market of the Southern Cone (MERCOSUR), founded in 1991, became the most successful block of the “second generation”.
The main reason for the failure of most integration experiences in the "third world" is that they lack two main prerequisites for successful integration - the proximity of levels of economic development and a high degree of industrialization. Since the developed countries are the main trading partners of the developing countries, the integration of the Third World countries with each other is doomed to stagnation. The best chances are for the newly industrialized countries (it is they who predominate in ASEAN and MERCOSUR), which have approached the level of development to the industrialized ones.
Integration groupings of socialist and transitional countries.
When the socialist camp existed, an attempt was made to unite them into a single bloc, not only politically, but also economically. organization that regulates economic activity socialist countries, was created in 1949 the Council for Mutual Economic Assistance (CMEA). It should be recognized as the first post-war integration bloc that outstripped the emergence of the EEC. Initially, it was created as an organization of the socialist countries of Eastern Europe only, but later it included Mongolia (1962), Cuba (1972) and Vietnam (1978). If we compare the CMEA with other integration blocs in terms of the share of world exports, then in the 1980s it was in second place, far behind the EEC, but ahead of the next EFTA, not to mention the blocs of developing countries (Table 7). However, these outwardly attractive data concealed serious flaws in "socialist" integration.
| Table 7 COMPARATIVE DATA ON INTEGRATION GROUPINGS in the 1980s (data on the CMEA for 1984, all the rest for 1988) | |
| Integration groupings | Share in world exports |
| European Economic Community (EEC) | 40% |
| Council for Mutual Economic Assistance (CMEA) | 8% |
| European Free Trade Association (EFTA) | 7% |
| Association of Southeast Asian Nations (ASEAN) | 4% |
| Andean pact | 1% |
| Compiled by: Daniels John D., Radeba Lee H. International business: external environment and business operations. M., 1994 | |
In theory, national economies were supposed to act in the CMEA as components of a single world socialist economy. But the market integration mechanism turned out to be blocked - this was hindered by the foundations of the state-monopoly system of the economy of the socialist countries, which did not allow the development of independent horizontal ties between enterprises even within the same country, which prevented the free movement of financial resources, labor, goods and services. A purely administrative mechanism of integration, relying not on profit, but on obedience to orders, was possible, but its development was opposed by the "fraternal" socialist republics, who did not at all want complete subordination to the interests of the USSR. Therefore, already in the 1960s–1970s, the positive potential for the development of the CMEA turned out to be exhausted; later, the trade turnover between the countries of Eastern Europe with the USSR and with each other began to gradually decrease, and, on the contrary, grow with the West (Table 8).
| Table 8 DYNAMICS OF FOREIGN TRADE TURNOVER STRUCTURE OF SIX CMEA EASTERN EUROPEAN COUNTRIES (BULGARIA, HUNGARY, GDR, POLAND, ROMANIA, CZECHOSLOVAKIA), in % | |||||
| Export objects | 1948 | 1958 | 1970 | 1980 | 1990 |
| USSR | 16 | 40 | 38 | 37 | 39 |
| Other European countries CMEA | 16 | 27 | 28 | 24 | 13 |
| Western Europe | 50 | 18 | 22 | 30 | 33 |
| Compiled by: Shishkov Yu.V. Integration processes on the threshold of the XXI century. Why the CIS countries are not integrating. M., 2001 | |||||
The collapse of the CMEA in 1991 showed that the thesis of Soviet propaganda about the integration of national socialist economies into a single integrity did not stand the test of time. Apart from purely political factors, main reason the collapse of the CMEA were the same reasons why most of the integration groupings of the "third world" countries did not function: by the time they entered the "path of socialism", most countries had not reached that high stage of industrial maturity, which implies the formation of internal incentives for integration. The socialist countries of Eastern Europe used their participation in the CMEA to stimulate their economic development mainly through material assistance from the USSR - in particular, through the supply of cheap (compared to world prices) raw materials. When the government of the USSR tried to introduce into the CMEA payment for goods not at conditional, but at real world prices, in the face of a weakened political dictate, the former Soviet satellites preferred to refuse to participate in the CMEA. They created their own economic union in 1992, Central European Free Trade Agreement(CEFTA), and began negotiations for accession to the EU.
In the 1990s–2000s, hopes for Russia's economic integration with the countries of Eastern Europe were completely buried. Under the new conditions, some opportunities for the development of economic integration remained only in relations between the former republics of the USSR.
The first attempt to create a new viable economic bloc in the post-Soviet economic space was the Union of Independent States (CIS), which united 12 states - all ex-Soviet republics, except for the Baltic countries. In 1993, in Moscow, all CIS countries signed an agreement on the creation of an Economic Union to form a single economic space on a market basis. However, when an attempt was made in 1994 to move to practical action by creating a free trade zone, half of the participating countries (including Russia) considered it premature. Many economists believe that the CIS, even in the early 2000s, performs mainly political rather than economic functions. The failure of this experience was largely influenced by the fact that an attempt was made to create an integration bloc in the midst of a protracted economic downturn that lasted in almost all CIS countries until the end of the 1990s, when the “every man for himself” mood prevailed. The beginning of the economic recovery created more favorable conditions for integration experiments.
The next experience of economic integration was Russian-Belarusian relations. Close relations between Russia and Belarus have not only an economic, but also a political basis: of all the post-Soviet states, Belarus most sympathizes with Russia. In 1996, Russia and Belarus signed the Treaty on the Formation of the Community of Sovereign Republics, and in 1999 - the Treaty on the Establishment of the Union State of Russia and Belarus, with a supranational governing body. Thus, without successively going through all the stages of integration (without even creating a free trade zone), both countries immediately began to create a political union. Such “running ahead” was not very fruitful - according to many experts, the Union State of Russia and Belarus exists in the first years of the 21st century. more on paper than in real life. In principle, its survival is possible, but it is necessary to lay a solid foundation for it - to go through all the “missed” stages of economic integration in sequence.
The third and most serious approach to the integration association is the Eurasian Economic Community (EurAsEC), created on the initiative of the President of Kazakhstan Nursultan Nazarbayev. Signed in 2000 by the presidents of five countries (Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan), the Treaty on the Formation of the Eurasian Economic Community turned out to be (at least at first) more successful than previous integration experiences. As a result of lowering internal customs barriers, it was possible to stimulate mutual trade. By 2006, it is planned to complete the unification of customs tariffs, thereby moving from the stage of a free trade zone to a customs union. However, although the volume of mutual trade between the EurAsEC countries is growing, the share of their mutual trade in export-import operations continues to decline, which is a symptom of an objective weakening of economic ties.
The ex-Soviet states also created economic unions without the participation of Russia - the Central Asian Economic Community (Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan), GUUAM (Georgia, Ukraine, Uzbekistan, Azerbaijan, Moldova - since 1997), the Moldovan-Romanian free trade zone, etc. d. In addition, there are economic blocs that unite the former republics of the USSR with "foreign" countries - for example, the Economic Cooperation Organization (Central Asian countries, Azerbaijan, Iran, Pakistan, Turkey), APEC (Russia became a member in 1997).
Thus, in the post-Soviet economic space, there are both attraction factors (primarily interest in sales markets for goods that are not very competitive in the West) and repulsion factors (economic inequality of participants, differences in their political systems, the desire to get rid of the “hegemonism” of large and strong countries, to reorient themselves to a more promising world market). Only the future will tell whether the integration ties inherited from the Soviet era will continue to wither away or whether new pillars for economic cooperation will be found.
Latov Yuri
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Daniels John D., Radeba Lee H. International business: external environment and business operations, Ch. 10. M., 1994
Semenov K.A. . M., Yurist-Gardarika, 2001
Shishkov Yu.V. Integration processes on the threshold of the XXI century. Why the CIS countries are not integrating. M., 2001
Kharlamova V.N. International economic integration. Tutorial. M., Ankil, 2002
Winged E., Strokova O. Regional trade agreements within the WTO and the agricultural market of the CIS. – World economy and international relations. 2003, No. 3
in the world economy.
The integration processes taking place in various parts of the world have led to the formation of regional integration groupings that differ from each other both in terms of the level of development of integration ties and in the number of countries that form them.
One of the most authoritative and mature integration associations in the world is European Union (EU) . It was formed on the basis of the European Community, which united in 1967 three earlier independent organizations– European Economic Community (EEC, established in 1957), European unification coal and steel (ECSC, 1951) and the European Atomic Energy Community (Euratom, 1957).
Integration within the framework of the EEC has gone through the following stages:
1. Free trade stage (1958-1967);
2. Stage of the customs union (1968-1986);
3. Stage of the common market (1981-1992).
The Treaty on the Establishment of the European Union entered into force on November 1, 1993, after the Maastricht Accords were ratified, which provided for the creation of an Economic and Monetary Union. The headquarters of the EU is located in Brussels (capital of Belgium), although many of the association's working bodies are located in Strasbourg (France).
EU members are currently 15 Western European countries (Germany, France, Italy, Belgium, the Netherlands, Luxembourg, Great Britain, Ireland, Denmark, Greece, Portugal, Spain, Austria, Sweden, Finland).
The formation of a monetary union is based on the European Monetary System (EMS), created in 1979 and today uniting 12 EU member countries, with the exception of Great Britain, Denmark and Sweden. In 1999, the countries of the EMU put into circulation in a non-cash form a single collective currency Euro , and since 2002, all EU countries (with the exception of the three above mentioned) have committed themselves to abandon the use of their national currencies and withdraw them from circulation, replacing them with the euro in cash.
The European Central Bank (ECB), located in Frankfurt am Main (Germany), functions as the leading regulatory body of the EMU.
The European Union brings together states with a total population of 370 million people, which produce more than 21% of world GDP. The effectiveness of integration processes in Western Europe is ensured by a similar social structure, a high level of economic development, the stability of the legislative framework.
In 2004, it is planned to expand the composition of the group by joining a number of countries, such as the Czech Republic, Slovakia, Poland, Hungary, Slovenia, Lithuania, Latvia, Estonia, Malta, and Cyprus.
Currently, in Western Europe, along with the EU, there is European Free Trade Association (EFTA) which originated in 1960. The seven countries that originally formed the EFTA later joined the EU. Therefore, today 4 countries are official members of EFTA - Norway, Switzerland, Iceland and Liechtenstein. EFTA actions apply only to manufactured goods, which are subject to duty-free trade.
Between the EU and EFTA in 1991, an agreement was signed on the Common European Economic Area, which provides:
● harmonization of policies in the field of economics, science, environment, social sphere and education;
free movement of goods and services, capital and population;
· Creation of a legal framework for the implementation of cooperation.
In North America, effective January 1, 1994 North American Free Trade Association (NAFTA) which includes the US, Canada and Mexico. The organization provides for the elimination of all trade and investment barriers between these countries within 15 years. First of all, this concerns relations with Mexico (the weakest country in the group), because trade barriers between the US and Canada have already been eliminated.
NAFTA brings together countries with a total population of 400 million people, which produce about 23% of world GDP. The undoubted leader in the organization is the United States, which occupies a priority position in the parameters of imports of goods, services and capital from Canada and Mexico, and also focuses on itself the overwhelming share of Canadian and Mexican exports. Although there are a number of problems between countries on the path of integration, it still has a beneficial effect on economic growth and the development of trade relations. Chile is the closest candidate to join the organization.
The United States is also hatching plans to create a United American Free Trade Area by 2005, which should happen through the accession to NAFTA of the countries of the South and Central America as well as Caribbean countries. Thus, the new grouping should include 34 countries of the region. However, some states (especially Brazil) believe that trade liberalization will, first of all, ensure the gain of the United States and lead to an influx of goods from the United States into Latin American countries.
Integration processes are typical not only for a group of industrialized countries, but also for countries with emerging markets.
In South America, the most significant integration groups are MERCOSUR and the Andean Pact.
MERCOSUR - the Common Market of the Southern Cone - was formed in 1991 and unites 4 countries: Argentina, Brazil, Paraguay and Uruguay. The headquarters of the organization is located in Montevideo (Uruguay). This association is the largest integration market in Latin America, where about 45% of the population (more than 200 million people), 50% of GDP, 40% of foreign direct investment, more than 60% of the total trade and more than 30% of the continent's foreign trade are concentrated. The grouping is at the stage of a customs union. Countries have significantly reduced customs duties. Since 1995, common customs tariffs for imports from third countries have been in effect at the external borders of the bloc. Despite the incompleteness of the formation of the customs union, integration had a positive impact on the overall GDP and foreign trade indicators of the countries of this association. The grouping countries seek to coordinate policies in the field of industry, agriculture, transport, as well as in the monetary and financial sphere.
Organization Andean Pact traces its history since 1969. After a long stagnation (more than 10 years), the Andean group of countries, consisting of Bolivia, Venezuela, Colombia, Peru and Ecuador, in October 1992 signed an agreement on the creation of a Free Trade Area. The agreement significantly revived mutual trade. Since February 1, 1995, three countries - Venezuela, Colombia and Ecuador have adopted a single customs tariff for third countries. In 1997, the Andean Pact was transformed into the Andean Integration System. At present, the main activities of the Andean Group are the development of a common economic policy of the member countries, coordination joint projects, harmonization of legislation, deepening of international relations.
In addition to the above-mentioned groupings, other associations also function in Latin America. They include a different number of states, but all of them aim at encouraging trade and abolishing trade duties, coordinating foreign economic policy, and cooperating in the technical, social and cultural fields. These associations include: CACM - Central American Common Market (represented by 5 countries - Guatemala, Honduras, Costa Rica, Nicaragua and El Salvador; formed in 1981), CARICOM - Caribbean Community (includes 14 countries - Bahamas, Barbados, Belize, Guyana, Antigua and Barbuda, Grenada, Dominica, Montserrat, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Saint Lucia, Trinidad and Tobago, Jamaica; formed in 1973 ), LAI - Latin American Integration Association (includes 11 countries - Bolivia, Colombia, Ecuador, Peru, Venezuela, Argentina, Brazil, Chile, Mexico, Paraguay and Uruguay; formed in 1980).
Operates in Asia Association of Southeast Asian Nations (ASEAN) . It was founded in 1967 in order to accelerate the economic, social and cultural development of its members, maintain stability in the region and encourage cooperation. ASEAN members are currently 9 states, 5 of them were the initiators of the association (Singapore, Malaysia, Indonesia, Thailand, Philippines), and the remaining 4 joined later (Brunei - in 1984, Vietnam - in 1995, Myanmar and Laos - in 1997). The headquarters of the group is located in Jakarta (Indonesia). supreme body ASEAN is the Conference of Heads of State, which meets once every 3 years, and the annual meeting of foreign ministers acts as the central governing body.
In modern conditions, ASEAN has proclaimed a course towards creating a full-fledged free trade zone by 2003, joining the organization of all the countries of Indochina, as well as economic cooperation between countries in the field of finance, agriculture, transport, tourism, telecommunications, and environmental protection. AT recent times the main emphasis in the foreign economic policy of these states was placed on increasing the inflow of foreign direct investment and advanced technologies.
In the Asia-Pacific region (APR), the largest official forum for decision-making in the field of trade and investment is Organization of Asia-Pacific Economic Cooperation (APEC) which was established in 1989. Currently, this organization is represented by 21 states, which differ significantly in traditions, level of development and economic structure. This association includes industrialized countries (USA, Japan, Australia, Canada, New Zealand, Singapore, South Korea), as well as developing countries of this region (Taiwan, Thailand, China, Hong Kong (in 1997 joined to China), Philippines , Indonesia, Malaysia, Brunei, Papua New Guinea, as well as Vietnam, Mexico, Chile, Peru and Russia (since 1998)).
The specificity of APEC activities is that it has a consultative status, not formalized by legal documents. On one of recent meetings The heads of state of this organization adopted a program providing for the achievement of free trade and investment no later than 2010 for industrialized countries and no later than 2020 for developing countries. Currently, integration in this region is largely manifested at the micro level as a result of the functioning of a large number of MNCs and TNCs. However, the huge potential of the Asia-Pacific region allows specialists to believe that this particular region will be the center of economic growth in the coming decades, and therefore the desire for integration at the macro level by removing obstacles to the movement of goods, services, investments and cooperation in certain specific areas (fishing, energy, transport and others) will ensure sustainable economic growth in the region and reduce the gap in the levels of economic development of the member countries of the organization.
After the collapse of the Council for Mutual Economic Assistance (CMEA) in 1990, a number of integration agreements were signed in the post-socialist space. Effective March 1, 1993 Central European Free Trade Agreement (CEFTA) , which was signed by 4 countries: Hungary, Poland, the Czech Republic and Slovakia (later Slovenia joined them). This organization provided for the circumstance that the creation of a free trade zone would be a stage for entry into the EU. At present, it has already been decided that, along with other countries of Central and Eastern Europe, the countries that created CEFTA will join the European Union in 2004.
On the territory of the former Soviet Union In December 1991, an organization called Commonwealth Independent States(CIS) . The agreement on the formation of the CIS was signed by the heads of 11 states (Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Uzbekistan, Russia and Ukraine), which was later joined by Georgia.
Despite the contradictory trends in the foreign economic policy of these countries, in 1994 an agreement "On the establishment of a free trade zone" was signed, which involves the transition from a bilateral to a multilateral mechanism for regulating the foreign trade regime.
However, centripetal tendencies within the CIS have not yet become prevalent even today. Closer ties in last years observed between some countries in the region. In April 1997, an agreement was signed on the Union of Russia and Belarus, and in January 2000 the highest governing bodies of this organization were formed - the Supreme State Council and the Council of Ministers. The State Secretary of the Union of Russia and Belarus is Pavel Borodin. It was decided to create conditions for the transition to the use of a single currency (presumably by 2005). Also in 2000, 5 countries (Russia, Belarus, Kyrgyzstan, Kazakhstan and Tajikistan) announced the organization Eurasian Economic Community (EurAsEC) , providing for the creation of a customs union between them, and in the future a common market, and outlining ways to deepen cooperation in the energy and transport sectors. Since 2002, Moldova and Ukraine have been members of the EurAsEC as observers.
In addition to the above groups, there are many other integration associations in the world, including in the Arab world - Council of Arab Economic Unity (SAEE, 12 states, 1964), Cooperation Council for the Arab States of the Gulf(GCC, 6 states, 1981) and others; in Africa – Economic Community of West African Countries (ECOWAS, 16 countries, 1975), Common Market for East and South Africa (COMESA, 20 states, 1964), West African Economic and Monetary Union (UEMOA, 7 countries, 1994), Organization of African Unity (UAE, 53 countries, 1963), Customs and Economic Union of Central Africa (UDEAC, 6 countries, 1966), South African Development Community (SADC, 11 countries, 1992) and others.
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QUESTIONS FOR THE EXAM
on the global economy
1. Relevance and subject of the course "World Economy".
2. Objective foundations for the formation of the world economy and stages of its development.
4. Features modern stage development of the world economy.
6. Theories of the international division of labor: A.Smith's absolute advantages, D.Ricardo's comparative advantages, Heckscher-Ohlin theory, V.Leontiev's paradox, ZhCP theory, technology gap theory, J.Duning's eclectic theory.
7. International specialization and cooperation: content and types. Indicators of international specialization.
8. World market: content, structure, market conditions and main features.
9. International trade: objective foundations, development factors and features in modern conditions.
10. Foreign trade and its most important indicators. Trade balance.
11. Main forms and instruments of the foreign trade policy of the state.
12. Pricing in international trade. Types of world prices.
13. Supranational regulation of international trade. Role of GATT/WTO.
14. The main forms of international trade.
15. Causes and factors of international capital migration.
16. Forms of international capital migration. Direct and portfolio investments.
17. Features of international capital migration in modern conditions.
18. Transnational corporations: content, types and role in modern conditions.
19. World market of loan capital and its structure. World financial centers.
20. International credit, its functions and forms. The crisis of external debt and ways to resolve it.
21. International labor migration, its causes and forms. Significance for exporting and labor importing countries.
22. The main centers of labor immigration and their features. Features of international labor migration in modern conditions.
23. Regulation of international labor migration.
24. Currency: content and types.
25. Exchange rate: content, types and factors influencing it. The consequences of changes in the exchange rate.
26. International monetary system and stages of its development.
27. International monetary fund and its role in modern conditions.
28. Foreign exchange market: content and basic operations.
29. International economic integration: content, significance and stages of development.
30. The main integration groups in the world economy.
QUESTIONS FOR OFFSET
1. Stages of formation and development of the world economy.
2. world economy and its main subjects.
3. Criteria for combining countries into a group of industrialized countries.
4. Features of the economy of developing countries.
5. The main features of the newly industrialized countries and their place in the world economy.
6. Allocation of subgroups in the category of developing countries.
7. Countries with economies in transition, their main features and place in the global economic system.
9. The main trends in the development of the world economy in modern conditions.
10. Globalization and polycentrism of the world economy.
11. Resource potential of the world economy and its distribution between countries.
13. Factors determining the participation of countries in the international division of labor.
16. Features of the international division of labor in modern conditions.
17. Indicators of the international specialization of the industry.
19. Basic provisions of the theory of Heckscher-Ohlin.
21. Theory of ZhTsP and technological gap.
23. The concept and significance of the world market.
24. World market conditions and factors that determine it.
25. Structure and infrastructure of the world market.
26. Features of the world market.
27. Foreign trade and its importance for the development of the national economy.
28. Indicators of the development of foreign trade.
29. The scale and factors of development of international trade in recent decades.
30. Current trends in the development of international trade.
31. Forms of international trade.
33. Varieties of world prices.
34. Foreign trade policy of the state: content, forms and factors determining it.
37. Tariff regulation of foreign trade.
38. Types and features of non-tariff regulation of exports and imports.
39. Necessity and ways of supranational regulation of world markets.
40. The history of the formation and functioning of the GATT.
41. Principles and role of the WTO in the world economy.
42. Causes of international capital migration and factors of its acceleration in modern conditions.
43. Classification of forms of international capital migration.
44. Varieties of foreign investment.
46. Forms of foreign direct investment.
48. The largest TNCs in the world and their industry specifics.
49. Indicators of transnationalization of companies.
50. The role of TNCs in the world economy and features of their strategy in modern conditions.
51. The main features of international capital migration at the turn of the 20th-21st centuries.
53. Forms of international credit.
54. The essence and causes of the external debt crisis.
55. Ways to resolve the problem of external debt and the role of international organizations in this.
56. Parameters of Russia's external debt and directions for its reduction.
58. The need for the formation and features of the European market.
59. Varieties of euro papers and their distinctive features.
60. International financial centers and their role in the world economy.
61. The scale and causes of international labor migration.
62. Forms of international labor migration.
63. The value of emigration and immigration.
64. The main centers of labor immigration and their distinctive features.
65. Features of international labor migration in modern conditions.
66. Necessity and methods of regulation of emigration and immigration.
67. The role of international organizations in the regulation of international labor migration.
68. The concept of "currency", types of currencies.
69. The need to establish, the content and significance of the exchange rate.
70. Fixed exchange rate and its varieties.
71. Floating exchange rate and its modifications.
72. Factors of change in the exchange rate.
73. Devaluation and revaluation of the currency and their impact on the macroeconomic indicators of the country.
74. Necessity and directions of currency regulation.
76. The main features of the MVS, based on the gold standard.
77. The main provisions of the Bretton Woods MVS and its crisis.
78. The main features of the Jamaican MVS.
79. History of creation, functions and features of the IMF.
81. Varieties of exchange rates of the foreign exchange market.
82. Types of foreign exchange transactions in the foreign exchange markets and their significance.
85. The value of interstate economic integration.
86. Stages of international economic integration.
87. Integration associations in the group of industrialized countries. The role of the European Union and NAFTA.
88. Main integration groupings in Latin America.
89. Integration processes in the Asia-Pacific region and their features.
90. Integration associations in the post-socialist space. Russia's place in them.
The main integration groups of the world
As follows from the analysis of integration theories, its objective nature does not mean that it occurs spontaneously, spontaneously, outside the framework of management by the state and interstate bodies. The formation of regional integration complexes has a contractual and legal basis. Entire groups of countries, on the basis of mutual agreements, unite into regional interstate complexes and pursue a joint regional policy in various spheres of socio-political and economic life.
Among the numerous integration groupings, one can distinguish: in Western Europe - the EU, in North America - NAFTA, in the Asia-Pacific region - ASEAN, in Eurasia - the CIS.
Historically, integration processes were most clearly manifested in Western Europe, where in the second half of the 20th century a single economic space of the whole region was formed, within which general conditions for reproduction were formed and a mechanism for its regulation was created. Here integration has reached its most mature forms.
The EU as the most mature integration grouping
Officially, until November 1, 1993, the leading integration grouping of Western European countries was called the European Communities, since it appeared after the merger in 1967 of the bodies of three previously independent regional organizations:
European Coal and Steel Community (ECSC); The Treaty of Paris establishing the ECSC came into force in 1951;
European Economic Community (EEC); The Treaty of Rome establishing the EEC was concluded in 1957 and entered into force in 1958;
European Atomic Energy Community (Euratom); The treaty entered into force in 1958.
An important milestone in the development of the EU was the Single European Act, which came into force on July 1, 1987, approved and ratified by all members of the Community. This act introduced and legally fixed profound changes in the treaties on the formation of the EU.
First, the EU activities in the field of economic integration were combined with European political cooperation in a single process. The creation of the European Union was envisaged, which was supposed to provide not only a high degree of economic, monetary, financial, humanitarian cooperation of the participating countries, but also the coordination of foreign policy and security. The implementation of the Single European Act will lead to the fact that the European Union will have a federal-type structure.
Secondly, the Single European Act set the task of completing the creation within the EU of a single internal market as a space without internal borders, in which the free movement of goods, capital, services and civilians is ensured, which was achieved. To implement the idea of a single market, the EU Commission has developed approximately 300 programs to remove barriers in trade and economic exchange between EU member states. By the mid 90s. these barriers have largely been removed.
In 1991 and 1992 agreements were signed on the formation of an economic and monetary union (Maastricht agreements). Since November 1, 1993, after the entry into force of the Maastricht agreements, the official name of this grouping is the European Union.
The development of integration within the EU has gone through a number of stages, characterized by both its deepening, the transition from lower forms (free trade area, customs union, common market) to higher ones (economic and monetary union), and an increase in the number of participants.
From January 1, 1995, the EU, as full members, includes 15 countries: Austria, Belgium, Great Britain, Germany, Greece, Denmark, Ireland, Spain, Italy, Luxembourg, the Netherlands, Portugal, France, Finland, Sweden. At present, the EU has completed the creation of a single market, a system of interstate governance, and the countries have formalized an economic, monetary and political union. The existence of an economic union provides that the Council of Ministers of the EU develops the main directions of the economic policy of the EU and controls the compliance with them of the economic development of each member country.
The political union is aimed at pursuing a common foreign policy, in particular in the field of security, and developing common approaches within the framework of domestic legislation: civil and criminal.
Monetary union means the implementation of a single monetary policy within the EU and the functioning of a common currency for all countries. To this end, according to the Maastricht agreements, the terms for the introduction of a single currency, the euro, were determined and are being implemented:
1997 EU member states try to comply with the norms necessary for the introduction of the euro on their territory: budget deficit - less than 3% of GDP, inflation - no more than 1.5 percentage points higher than the three countries with the lowest inflation among the candidates for introduction Euro;
Early 1998 Countries that have met the requirements and can enter the currency union are determined;
January 1, 1999 Countries finally peg their currencies to the euro. The EU Central Bank begins to operate;
1999-2002 Banks and other financial institutions are switching to non-cash euros;
Since January 1, 1999, the euro has been functioning as a unit of account. However, since January 1, 1999, not all EU members have entered the monetary union. The United Kingdom, Greece, Denmark and Sweden remained outside the euro area. At the end of 1998, Greece did not meet the "Maastricht criteria" in terms of public debt (107.7% of GDP) and inflation rates (4.5%). Great Britain postponed its accession until at least 2002, not wanting to part with its own currency until the next parliamentary elections. Sweden and Denmark - against the reduction of social spending of the state, which is provided for in the EU.
Prospects for EU enlargement
At the turn of the XXI century. significant enlargement of the European Union. The number of its members should increase from 15 to 26, mainly from the countries of Central and Eastern Europe (CEE) and the Baltics. The desire of the CEE countries to join the EU was already indicated in the early 1990s, when agreements on their association with the EU were signed. These agreements provided for the convergence of the laws of the associated countries with the EU legislation, the expansion of foreign economic relations, the creation between the parties within 10 years of a free trade zone for industrial goods through the gradual mutual abolition of customs duties and other barriers. For most industrial goods, the EU has abolished duties for the countries of Central and Eastern Europe since 1995; for ferrous metals and textiles, free access was introduced in 1996-1997. Since the second half of the 90s. industrial products of the EU freely enter the domestic markets of the associated countries.
But in order to be eligible to apply for EU membership, the countries of Central and Eastern Europe must ensure that a number of conditions are met: the stability of the institutions that guarantee democracy; legal order; observance of human rights and protection of national minorities; existence of a functioning market economy; the ability to cope with competition and market forces in the Union; the ability to assume the obligations of a member, including the tasks of political, economic and monetary union. So far, the countries of Central and Eastern Europe do not have all the necessary economic and social prerequisites to become full members of the EU.
Bulgaria, Hungary, Cyprus, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, Czech Republic, Estonia apply for joining the European Union. However, the degree of readiness of these countries to join the Union is different. And it's not just a significant lag in economic development from EU member states. The internal differentiation of applicants in terms of GDP per capita, the structure of the economy, the maturity of market relations, the level of wages, inflation.
If in the EU the GDP per capita averages 22 thousand dollars, then in Bulgaria it is only 1540 dollars, Poland - 2400, the Czech Republic - 3200, Hungary - 3840, Slovenia - 7040 dollars. Based on this, the Council of the European Union developed for each of the applicant countries a special accession strategy, dividing them into two echelons.
The first group of countries: Hungary, Poland, Slovenia, the Czech Republic, Estonia have been holding individual negotiations with the EU since March 30, 1999. It is assumed that the expansion of the EU at the expense of these countries will begin in 2003-2004; the rest - Bulgaria, Romania, Slovakia, Latvia, Lithuania will be under the supervision of a special European conference, and the date of their entry into the EU is not defined.
EU enlargement has both pluses and minuses. On the one hand, the resource potential of the EU is increasing due to new territories and population, the market for current members is significantly expanding, and the political status of the EU in the world is strengthening. On the other hand, the EU will have to make huge expenditures, in particular, an increase in budgetary spending on subsidies and transfers to new EU members. The risk of instability in the European Union will increase, as countries with a backward economic structure that require radical modernization will join. The development of integration in breadth will undoubtedly occur to the detriment of its deepening due to the reduction in spending on social, regional and structural policies pursued in the EU at the present time.
Albania, Macedonia, Croatia, Turkey, which is in a customs union with the EU, are also planning to join the EU in the future. Malta in 1996 changed its decision on EU membership.
Russia's partnership with the EU was legally formalized in 1994. The Partnership and Cooperation Agreement (PCA) recognized that Russia is a country with a transitional economy. The agreement provides for the implementation of the most favored nation treatment for the parties in their foreign economic relations in the form generally accepted in international practice: expanding cooperation in numerous areas (standardization, science, technology, space, communications), expanding trade in goods and services, encouraging private investment, etc.
However, the implementation of the PCA became fully possible only after its ratification by the parliaments of all EU member states and Russia, which took some time. In order to bring the implementation of the agreements reached closer, in June 1995, an Interim Trade Agreement between Russia and the EU was signed, including articles of the PCA that did not require ratification, i.e. did not lead to a change in the laws of the states participating in the agreement. On December 1, 1997, the ATP entered into force.
The European Union is Russia's main trading partner. It accounts for 40% of its foreign trade turnover, against 5% with the USA. Given this ratio, the dollarization of Russia's foreign economic relations is not entirely justified, and in the future the euro may dislodge the dollar from its defining position in Russia's economic relations with the EU. The admission of the euro to the internal Russian currency circulation can contribute to the further development of Russia's foreign economic relations with the European Union.
In the coming years, the main task in relations with the EU will be the implementation of the PCA and the resolution of specific controversial issues in the field of trade, in particular, on the anti-dumping policy pursued against Russia. At the same time, the European Union believes that the necessary economic and legal prerequisites for Russia's accession to the EU have not yet matured.
Features of integration in the North American region
Whole territory North America is a free trade zone, officially called the North American Free Trade Agreement (NAFTA), which unites the United States, Canada and Mexico and has been operating since 1994. For a long time, integration processes took place here at the corporate and industry levels and were not associated with state and interstate regulation. At the state level, the US-Canadian free trade agreement was concluded only in 1988. Mexico joined it in 1992.
The scale of the economic interconnection of these countries on the basis of mutual trade and the movement of capital can be judged from the following data. About 75-80% of Canadian exports (or 20% of Canada's GNP) are sold in the USA. The share of foreign direct investment of the USA in Canada is over 75% and Canada in the USA is 9%. About 70% of Mexican exports go to the USA, and 65% of Mexican imports come from there.
The existing structure of the North American integration complex has its own characteristics compared to the European model of integration. The main difference is the asymmetric economic interdependence of the US, Canada and Mexico. The interaction between the economic structures of Mexico and Canada is far inferior in depth and scope to Canadian-American and Mexican-American integration. Canada and Mexico are more like competitors in the American market for goods and labor, rivals in attracting capital and technology from American corporations, than partners in the integration process.
Another feature of the North American economic grouping is that its members are in different starting conditions. If Canada last decade managed to approach the United States in terms of the main economic macro indicators (GNP per capita, labor productivity), then Mexico, which for many years was in the position of an economically backward state with a large external debt, still maintains a significant gap with these countries in terms of the main basic indicators.
The key points of the North American Free Trade Agreement, which regulates in detail many aspects of economic relations between the three neighboring countries, are:
Elimination of all customs duties by 2010;
Gradual elimination of a significant number of non-tariff barriers to trade in goods and services;
Relaxation of the regime for North American investment in Mexico;
Liberalization of the activities of American and Canadian banks in the Mexican financial market;
Creation of the US-Canadian-Mexican Arbitration Commission.
In the future, not only the deepening of intra-regional cooperation within the framework of NAFTA is envisaged, but also the expansion of the membership at the expense of other Latin American countries.
In April 1998, in the capital of Chile, Santiago, at a meeting of heads of state and government of 34 countries of North, Central and South America (with the exception of Cuba), the Declaration of Santiago was signed on the creation by 2005 of the Pan-American Free Trade Area with a population of 850 million people and the total volume of GDP produced is more than 9 trillion dollars. Thus, we are talking about the formation of an interregional trade and economic community.
Economic integration in the Asia-Pacific region
A feature of the integration processes in the Asia-Pacific Region (APR) is the formation of sub-regional centers of integration, the degree of integration within which is very different and has its own specifics. A number of local zones of two or more countries have developed in the region. For example, between Australia and New Zealand signed a free trade agreement. Based on the development of regional trade, the economies of such countries as Malaysia and Singapore, Thailand, and Indonesia are complementary. However, Japan and China remain the main centers of attraction. They occupy a dominant position in the region.
In Southeast Asia, a fairly developed structure has developed - the Association of Southeast Asian Nations (ASEAN), which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Myanmar and Laos. The association arose in 1967, but only in 1992 did its members set themselves the task of creating a regional free trade zone by 2008 by gradually reducing tariffs within it. Each of the ASEAN member countries is connected with the economy of Japan, the United States and with the newly industrialized countries of Asia. A significant part of Asia-Pacific trade (including within ASEAN) is trade between local subsidiaries of Japanese, American, Canadian, Taiwanese and South Korean corporations. The importance of China is growing, especially in the countries of Confucian culture. In addition to ASEAN, several other independent economic associations operate in the Asia-Pacific region, including the Asia-Pacific Economic Community (APEC) established in 1989, initially represented by 18 countries (Australia, Brunei, Hong Kong, Canada, China, Kiribati, Malaysia, the Marshall islands, Mexico, New Zealand, Papua New Guinea, Republic of Korea, Singapore, USA, Thailand, Taiwan, Philippines, Chile), which were then (ten years later) joined by Russia, Vietnam and Peru. APEC activities are aimed at stimulating mutual trade and developing cooperation, in particular, in such areas as technical standards and certification, customs harmonization, development of raw materials industries, transport, energy, and small business.
It is assumed that by 2020, within the framework of APEC, the world's largest free trade zone without internal barriers and customs will be formed. However, for the developed countries that are members of APEC, this task should be solved by 2010.
The recognized course of the Pacific economic organizations is the so-called open regionalism. Its essence is that the development of cooperation ties and the removal of restrictions on the movement of goods, labor resources and capital within a given region is combined with adherence to the principles of the WTO / GATT, the rejection of protectionism against other countries, and the stimulation of the development of extra-regional economic ties. The development of interstate economic cooperation on the path to integration is also taking place in other regions of Asia. Thus, in 1981, the Cooperation Council for the Arab States of the Persian Gulf, which united Saudi Arabia, Bahrain, Qatar, Kuwait, United Arab Emirates and Oman. This is the so-called oil six.
In 1992, the creation of the Organization for Economic Cooperation and Development of the Central Asian States (ECO-ECO) was announced. The initiators were Iran, Pakistan and Turkey. In the future, it is planned to create on this basis the Central Asian common market with the participation of Azerbaijan, Kazakhstan and the Central Asian republics that are now members of the CIS.
The formation of trade and economic groupings is increasingly based on a commonality of religious, ideological and cultural roots. In June 1997 in Istanbul, at a meeting of high-ranking representatives of countries from various regions: Turkey, Iran, Indonesia, Pakistan, Bangladesh, Malaysia, Egypt and Nigeria, it was decided to create the "Muslim G8" with the aim of trade, monetary, financial, scientific and technical cooperation.
Integration in Latin America
The economic integration of Latin American countries has its own specifics. For Latin America, at the first stage (70s), the creation of numerous economic groupings was characteristic in order to liberalize foreign trade and protect the intraregional market through a customs barrier. Many of them formally exist today.
By the mid 90s. integration processes have intensified. As a result of the trade pact between Argentina, Brazil, Uruguay and Paraguay (MERCOSUR) concluded in 1991 and entered into force on January 1, 1995, a new large regional trade and economic bloc was formed, in which about 90% of mutual trade is freed from any tariff barriers and a single customs tariff is established for third countries. 45% of the population of Latin America (more than 200 million people) is concentrated here, over 50% of the total GDP.
MERCOSUR has a certain system of management and coordination of integration processes. It includes the Common Market Council composed of foreign ministers, the Common Market Group - an executive body and 10 technical commissions subordinate to it. The activities of MERCOSUR contribute to the stabilization of the economic development of its member countries, in particular, curbing inflation and the decline in production. At the same time, there are also unresolved problems: currency regulation, unification of taxation, labor legislation.
The desire of the countries of Central America (Guatemala, Honduras, Costa Rica, Nicaragua and El Salvador) for economic cooperation received legal expression in the agreement concluded between them back in the 60s. an agreement that provided for the creation of a free trade zone, and then the Central American Common Market (CACM). However, the subsequent economic and political situation in this region significantly slowed down the process of integration interaction.
Since the mid 90s. on the basis of the CAOR, whose activity had significantly weakened by that time, a free trade zone was created with the help of Mexico. As a result, intra-regional trade increased significantly. For the integration processes taking place in Latin America, it is typical that a number of countries are simultaneously included in various economic associations. Thus, the countries that are members of MERCOSUR, along with other states (a total of 11 states), are members of the largest integration association in Latin America - the Latin American Integration Association (LAI), within which, in turn, it has been operating since 1969. The Andean subregional grouping, including Bolivia, Colombia, Peru, Chile, Ecuador, Venezuela. Bolivia and Chile at the same time have the status of associate members of the MERCOSUR bloc.
A sufficiently developed integration grouping in Latin America is CARICOM, or the Caribbean Community, which unites 15 English-speaking countries of the Caribbean. The purpose of this grouping is the creation of the Caribbean Common Market.
Within the framework of all integration groupings of Latin America, foreign trade liberalization programs have been adopted; mechanisms for industrial and financial cooperation have been developed, methods for regulating relations with foreign investors and a system for protecting the interests of the least developed countries have been determined.
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Economics: textbook, A. Bulatov 1999
Main integration groupings peace (2)
Abstract >> Economics... « economic theory» Essay on the topic: Main integration groupings peace Faculty: economics Course: 1 Group: ZTMDv... free trade zone The most developed integration grouping on the American continent is North American...
Integration groupings in the Americas (2)
Abstract >> EconomicsEconomic development of all countries peace. However, at the same time in ... multilateral regional cooperation. chief NAFTA's institution is the Commission... testify to some success integration groupings despite being incomplete...
World economic activity
Abstract >> EconomicsDefining integration processes………………...…4 Goals and effects of integration……………………………………………..…..7 Main integration groupings peace………………………………9 EU as the most mature integration grouping….………………9 Perspectives...
The history of the European Union began in 1951, when the European Coal and Steel Community (ECSC) was created, which included France, Italy, Germany, the Netherlands, Belgium, Luxembourg (the last three countries are often referred to in the literature as "the Benelux countries"). It was planned that this supranational body would manage the coal mining and iron and steel industry of France and Germany, as well as international control over key branches of the military industry.
The date of formation of the European Union is considered to be 1957, when the above countries signed in Rome a document called the Treaty of Rome. In fact, these are two treaties: one on the establishment of the European Economic Community (EEC), the other on the establishment of the European Atomic Energy Community (Euratom). At the same time, the EEC and Euratom were led by one body - the EEC-Euratom Commission. In 1967, the supreme governing body of the ECSC and the EEC-Euratom Commission merged. Until 1993, this integration grouping was called the "European Communities" (EEC).
During its existence, the composition of this group has constantly expanded.
In 1973, Great Britain, Ireland and Denmark joined the first six countries.
Greece joined the EEC in 1981.
In 1986 - the entry of Spain and Portugal.
In 1995 - the entry of Austria, Sweden, Finland.
In accordance with the ideas of the organizers of the EEC, the development of integration processes should have led to the formation of a customs union and a single (common) market for goods, services, capital and labor, and in the future - to the formation of a political association. In accordance with this plan, the development of this integration grouping went through a number of stages, which were characterized by a transition from the lower (free trade zone, customs union, common market) to higher forms of interaction (economic and monetary union).
By the end of the 60s, a customs union was created: customs duties were abolished and quantitative restrictions on mutual trade were lifted, a single customs tariff was introduced in relation to third countries. A unified foreign trade policy began to be implemented. The EEC began, on its own behalf, to negotiate and conclude agreements on issues of trade, economic, industrial, scientific and technical cooperation.
In the early 60s, a unified agricultural policy was formed, focused on creating favorable conditions for the activities of local farmers.
The EEC countries began to pursue a joint regional policy aimed at accelerating the development of backward and depressed areas.
Since March 1979, the European Monetary System began to operate, uniting the EEC countries and aimed at reducing fluctuations and linking national currencies, maintaining currency stability and limiting the role of the US dollar in international settlements of the Community countries. A special currency-accounting unit "ecu" has been established, operating within the framework of this system.
In 1987, the Single European Act (EEA) adopted by the EEC member countries came into force. Tasks were set for the joint development of scientific and technological research. In accordance with the EEA, by the end of 1992, the process of creating a single internal market, i.e. all obstacles to the free movement of citizens of these states, goods, services and capital on the territory of these countries have been removed.
In general, these tasks were completed, and in February 1992, an agreement on the European Union was signed in Maastricht. Therefore, since 1993, the EEC has been called the European Union or the EU. This agreement provides for the gradual transformation of the EU into an economic, monetary and political union.
The common goals of the European Union are defined:
currency integration, i.e. a gradual transition to a full monetary union, the creation in 1997 of a single European Bank, by 2000 - the introduction of a single currency "euro", the elimination of national currencies;
· carrying out a common foreign policy;
· solution by common forces of internal problems of the EU - illegal immigration, terrorism, crime, drugs;
· Development of democratic institutions, strengthening of supranational structures (the European Parliament, the European Court, etc.).
At present, the EU has completed the formation of the foundations of a single market and a system of interstate governance; participating countries decide on the finalization of economic, monetary and political unions.
The main governing bodies of the EU are the EU Council of Ministers, the EU Commission, the European Parliament, the European Court of Justice. The Council of Ministers of the EU is the governing body of the EU, which has the right to decide on the main issues of the activities of the EU and the right to conclude international agreements on behalf of the EU. This is the legislature. It can issue 4 main types of decrees, differing in their binding force and methods of application.
1. Regulations - are subject to direct application in all countries.
2. Directives - are implemented through the adoption of national legislative acts.
3. Decisions - concern only some enterprises and organizations.
EU Commission (CES)- an administrative body with broad powers. The main functions of the CES are as follows.
1. Promotion of legislative initiatives.
2. Control over the execution of the EU Council of Ministers' decisions. The use of the necessary sanctions (including appeal to the European Court) in case of violation by countries of certain EU acts.
3. Control over compliance with the customs regime, the development of the agricultural market, tax policy.
4. Ensuring an effective competition policy and pursuing a unified policy in agriculture, transport, etc.
5. Management of various funds (social, regional, agricultural) and EU programs, including assistance programs for non-EU countries.
An essential area of activity of the CES is to harmonize the legislative norms and standards in force in different countries EU.
Location of CES - Brussels.
European Parliament (European Parliament) formed by general direct elections of parliamentarians from all EU countries. Members of the European Parliament are elected for a term of 5 years. Members of the European Parliament unite in factions not on the principle of citizenship, but on the principle of political (party) affiliation, which is a step towards the formation of international political movements.
The European Parliament is an advisory and advisory body. But the EU budget is approved by the European Parliament. In accordance with the Single European Act, the approval of the European Parliament is currently required when new members join the EU, when concluding agreements on associated membership, as well as agreements with third countries.
The seat of the European Parliament is Strasbourg.
Court of Justice (European Court of Justice)- international legal body EU countries. It provides a uniform interpretation of the rules and norms adopted in the EU, and settles disputes and claims related to their application, including those from foreign legal entities.
Seat of the European Court of Justice Strasbourg.
Great importance for the development of the EU is the fact that a single legal space has been formed there, i.e. EU legal documents are an integral part of the national law of the Member States and shall prevail in the event of disagreement with national law. The EU Commission ensures that the adopted national regulations do not conflict with EU law.
Since 1993, the Agreement between the EU and EFTA on the Common European Economic Area has been in force, which implies the free movement of goods, services, labor and capital. Thus, the world's largest common market was formed, uniting 19 European countries.
Bulgaria, Hungary, Cyprus, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, the Czech Republic and Estonia are now claiming to join the EU. According to the degree of readiness for accession, these states are divided into two groups - those that began direct individual accession negotiations on March 30, 1998 (Hungary, Poland, Slovenia, the Czech Republic, Estonia) and the rest. As expected, the admission of the first applicant countries to the EU will begin no earlier than 2003-2004.
On June 24, 1994, an Agreement on Cooperation and Partnership between the EU and Russia was signed on the island of Corfu (entered into force on February 1, 1996).
The most striking feature modern development The European Union is the formation of a single monetary system based on the single currency euro. As of the beginning of 2002, this system unites 12 countries that are members of the EU. So far, Great Britain, Denmark and Sweden have refused to join the euro zone.
On January 1, 1999, the ecu was abolished as an international and means of payment. 11 EU countries have transferred their non-cash payments to the euro, which was introduced as of this date instead of the ecu in a ratio of 1:1.
The following were established as "passing criteria" for participation in the euro area:
1. The state budget deficit is not more than 3% of GDP.
2. Public debt no more than 60% of GDP.
3. Long-term lending rates should not exceed 2 percentage points compared to the average level of this indicator for the three EU countries with the most stable prices.
4. Inflation by no more than 1.5 p.p. above the average of the three EU countries with the most stable prices.
5. Absence of exchange rate fluctuations of the national currency beyond the limits allowed by the European Monetary System during the last two years.
All of these criteria were met by the 11 countries that formed the Eurozone.
The implementation of a single credit and monetary policy is currently carried out through the supranational banking institutions operating since July 1, 1998 - the European Central Bank (ECB) and European system central banks (ESCB).
The transition to a single currency is beneficial for both the state and the business of the European Union.
Advantages introduction of the euro for the state.
1. The introduction of a single currency is associated with the observance of strict budgetary discipline, which, in turn, will make it possible to more successfully fight inflation.
2. In the conditions of single-currency trade within the EU, countries will be able to manage with a smaller amount of gold and foreign exchange reserves. The excess part of the reserves can be directed to economic, including investment, turnover.
3. The above circumstances will reduce the borrowing operations of governments, reduce the cost of credit and stimulate economic growth.
4. The introduction of a single currency will facilitate the implementation of tax reform in the EU countries.
Advantages introduction of the euro for business EU.
1. A unified legal framework for monetary and foreign exchange regulation will emerge in the euro area.
2. The costs of settlement services for operations and the time required for money transfers will be reduced, which will lead to savings in overhead costs.
3. Currency risks within the euro area will decrease.
4. There will be a single European capital market, larger, more competitive and more liquid than the current nationally limited markets.
On January 1, 2002, this monetary unit was introduced into cash circulation in parallel with the national currencies of 12 states.
