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The Motivation of the Federal Republic of Germany behind the Introduction of the Euro
Hadravová, Tereza ; Dvořák, Pavel (advisor) ; Mlsna, Petr (referee)
This bachelor thesis deals with the time period between 1988 and 1990, when the future Economic and Monetary Union (EMU) was formed in the European Community (EC). As an introduction into the topic the author outlines the development of monetary integration in the EC until the establishment of the European Monetary System (EMS). The aim of this thesis is to discuss the main motivation actors, that could have lead Germany, the strongest economy of the EC, to support the project of monetary integration. Possible factors are divided into two main groups - political and economic. Each factor is described and accompanied by an analysis, if and how the factor played a role in Germany's motivation. The part concerning the political background of Germany's motivation begins with the fact, that it was the foreign minister Hans-Dietrich Genscher who introduced the topic of monetary union. The text further deals with the unsustainability of the Bundesbank's dominant status in the EMS and the strong as well as symbolic position of the D-mark. The part about political motives is concluded with a subchapter about Germany's reunification, which too place during the time when the EMU was intensively discussed. Within the economic motivation the author analyses four different economic points of view. The first one...
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The eurozone in the historical context
Hankeová, Lucie ; Pavlík, Zdeněk (advisor) ; Froňková, Martina (referee)
This thesis analyzes the current situation of the eurozone in terms of historical development, and searches for causes of problems in the decisions made during the initial stages of economic and monetary integration. Formation of the European Monetary Union is examined in detail from the inception of the European Monetary System, and until the introduction of the single currency in 2002. Attention is drawn to the fundamental divergence between some members during the formation of the Union, which leads to the significant bipolarity. Uniformity, or rather non-uniformity of the eurozone, is at first evaluated on the basis of the nominal convergence criteria, then according to the theory of optimum currency areas. The conclusion outlines three scenarios according to which the future of the euro area can be built.
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Is European monetary system cause of indebtedness?
Nikodym, Lukáš ; Hudík, Marek (advisor) ; Potužák, Pavel (referee)
The aim of this essay is to verify Hülsmann's thesis and to show that European monetary system is a possible cause of indebtedness. Hülsmann says that German membership in regime of fixed exchange rates has disabled the possibility of inflation in other member countries, so the debt started to grow. Cointegration analysis in time-series is used for testing his thesis. Hülsmann's thesis is verified and further extended with the influence of fiscal coordination. Monetary integration caused decrease in government revenue through inflation. Government spending has increased through fiscal coordination vice versa.
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Monetary policy of the European Union
Drbohlavová, Jana ; Jeníček, Vladimír (advisor) ; Abrhám, Josef (referee)
The purpose of this thesis is to sum up the evolution of monetary policy of the European Union so far and to review the impact of the global financial crisis upon the euro area outlining its future. The other purpose is to analyze the Maastricht convergence criteria fulfillment by the Czech Republic and to sum up if the Czech Republic is or isn't ready to enter the euro area and to adopt the common currency. The first and the second part of the thesis are more descriptive of dealing with the historical evolution of monetary policy from the initial formation in the European Economic Community to the origin of the European Monetary system. The third part brings the reader particular information about the Economic and Monetary union and phases of its foundation. It also brings about the European Central Bank which is the most important institution for monetary policy of the European Union and in the end summarizes the advantages and disadvantages of adopting the common currency. In the fourth part I try to assess the impact of the global financial crisis upon the states of the euro area and mention the view of experts on its future. The last chapter deals with the potencial entry of the Czech Republic to the euro area. That review is based on the analysis of the Maastricht convergence criteria fulfillment.
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The Process of Establishing the European Monetary Union after the Second World War
Kindlová, Miroslava ; Brůžek, Antonín (advisor) ; Amort, Jiří (referee)
Diplomová práce popisuje vznik měnové unie od prvních myšlenek až po současnost. Zachycuje složitý a zdlouhavý vývoj tohoto integračního seskupení a udává chronologický vývoj událostí. Věnuje se situaci v Evropě po druhé světové válce, fungování brettonwoodského systému a následně Evropského měnového systému. Zmiňuje dvě důležité zprávy ? Wernerovu a Delorsovu, neopomíjí přínos Maastrichtské smlouvy pro měnovou integraci. Popisuje teorii optimálních měnových oblastí a měnovou politiku Evropské centrální banky. V další části detailně analyzuje vztah ČR a SR k měnové unii, plnění reálných a nominálních konvergenčních kritérií a praktické přípravy na přijetí společné měny.
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