How Unified Is the European Union
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The European project has come a long way in establishing peace, creating a common market, and expanding its borders. At the same time, diminishing popular legitimacy has sparred talk about a European Union in crisis. How far has the EU really come in fulfilling its grand visions? Is the project barely half way? This book brings together contributors from economics, political science and law to offer different perspective on this larger issue. The questions asked include: How far has the European Union come in its creation of a common Foreign Security Policy? What will happen to the state monopolies? Is there a common strategy at the European level for integrating immigrants? To what extent do national political parties cooperate with the Euro parties? By investigating these and similar issues the book contributes to an assessment of how successful European integration has been to date.
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Markets and Compensation for Executives in Europe
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The increasing amounts of money paid out in compensations to corporate executives have become the subject of a heated public policy debate on both sides of the Atlantic during the last decade. The magnitude of these sums, as well as the timing of payments relative to evidence of corporate success or - more notably, failure - has surprised and, in many cases, angered employees, shareholders and politicians, and drawn considerable attention in the media. Are executives in many firms exploiting their power to benefit themselves at the expense of other stakeholders or is the level of compensation the result of an effective market mechanism? This book is intended to fill a void created by the current focus of economic, financial and management research on executive compensation in the USA, and to address whether results from the US generalize to Europe, whether there is a European model for executives compensation, and whether European compensation structures enhance the wealth of shareholders and citizens. The research presented here provides a foundation that will help shareholders, their representatives on boards, and policy makers develop wealth enhancing procedures, contracts and rules within European corporate governance systems.
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National Tax Policy in Europe - To Be or Not to Be?
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The book is dedicated to the question of how much room for national tax policy Member States of the European Union will be able to maintain in the future. It focuses on the possibilities Member States have and the limits they face, such as the need to finance the welfare state or limits of European and International Law. The research question is looked at from different angles. Economic as well as legal aspects are included. This comprehensive approach allows to give a sophisticated answer.
Contents: - The role of National Tax Policies in the European Union. - Corporate Income Tax Competition and the Scope for National Tax Policy in the Enlarged Europe. - Free factor mobility and fiscal competition: Can the national welfare state survive in a ''United Europe''? - Fiscal Competition and Activist Social Policy. - An Optional Common Consolidated Corporate Tax Base in the European Union. - The Influence of the European State Aid Rules on national Tax Policy. - The European Court of Justice and direct taxation: a recent change of direction? - Tax Treaty Policy. - National Tax Policy, the Directives and Hybrid Finance. - The room for national tax policy in the future Europe.
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Corporate and Institutional Transparency for Economic Growth in Europe
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‘Transparency’ has in recent years become a buzzword in the economic-political debate about prospects for economic growth in general and for Europe in particular. A number of events, trends, and developments – for example the East-Asian financial crisis, a series of corporate governance scandals in the United States and in Europe, the introduction of the euro as a common currency in part of the European Union, a global trend toward politically independent central banks, growing attention to environmental issues, and attempts to reform the governance structures of supranational and multilateral organizations such as the EU and the UN – have made transparency an issue of highest concern. However, the long and winding road leading from improved transparency in Europe to increased economic growth in the region has never been mapped out in a coherent way. The reason is simply that the causal chain from transparency to growth needs to be discussed in a comprehensive, interdisciplinary way, incorporating different research areas and traditions – from accounting to economics and political science. This book attempts to bridge that gap in current literature. What is ‘transparency’? Are there different kinds of it? What does it do? How much of it do we need, and for what purpose? In this book, the purpose of transparency is assumed ultimately to be higher rates of economic growth, and so the analyses in the different chapters take an ‘instrumental’ view of transparency, where the relevant question is whether increased transparency leads to more efficient resource allocation. The chapters address transparency in different markets and at different levels: from corporate financial disclosure to lobbying; from the risk incentives facing banks to competition and environmental policies.
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European Union and the Race for Foreign Direct Investment in Europe
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The purpose of the volume is to analyze the impact of European Union on inward foreign direct investment in Europe and to discuss what type of effects are being created by this race for FDI. The volume deals with two levels of discussion: First, by looking at the policy issues as addressed by the EU authorities and incentive regimes exercised in single countries by local governments. Second, by looking at company strategies towards location selection and whether there is a trend towards concentration in some countries or regions. Although academically it is still under discussion, most countries believe that inward foreign direct investment is beneficial for local economies. It is considered positive not only for job opportunities but also for tax income, technological development and competitiveness of local firms. Countries thus create different type of incentives for foreign firms, such as; direct incentives/subsidies, tax relief, soft loans and preferred handling. This race for attracting inward FDI has been intensified in the European Union. However, there has hardly been any research to understand the impact of EU on the competition among EU-countries to attract FDI. This volume will investigate whether there is such a race or not and provide evidence from different countries.
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Money Markets and Politics: A Study of European Financial Integration and Monetary Policy Options
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The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU. This volume assesses the impact of monetary and financial integration on small "open-economy", "policy-taking" countries in western Europe.
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