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Union in sentence

2117 examples of Union in a sentence

In a monetary union, discrepancies in wage growth relative to productivity gains – that is, unit labor costs – will result in a chronic accumulation of trade surpluses or deficits.
For mainstream French politicians, renouncing the European project to buy the time required to restore competitiveness is as unthinkable as is the logical alternative: an all-out push for full European political union.
Remaining in a currency union with the much more competitive German economy will require wrenching and rapid reforms, for which Hollande’s tepid approach will fail to prepare the complacent French.
The eurozone will look like a German protectorate, rather than a voluntary union of sovereign countries.
Is Greece the “canary in the coalmine” – the warning that tells us that Europe’s monetary union is on the verge of dissolution, with the other three of the famous PIGS (Portugal, Italy, and Spain) lining up like dominoes to fall?George Soros fears this might be the case, and gives the eurozone only a 50% chance of survival in its present form.
Helmut Kohl, one of the euro’s principal parents, said in 1991 that “the idea of sustaining an economic and monetary union over time without political union is a fallacy.”
Issing, the ECB’s chief economist in its formative years, knows more about how a monetary union operates in practice than any man alive.
Spain’s banking crisis provides a perfect opening to move towards a European banking union.
A banking union is a necessary condition for survival of a monetary union that is unable to implement a strict no-bailout policy for member countries.
Such a union should be understood as a centralized bank supervisor, resolution authority (RA), and deposit insurance fund (DIF), at least for systemically important and cross-border institutions, as well as a unified rule book for prudential supervision.
There are, however, four major issues that must be confronted in order to move ahead with such a banking union.
A case can be made that both functions should be integrated within a single agency, which should have three main characteristics:The third issue concerns whether the scope of a banking union should be the European Union or the eurozone.
A banking union is not strictly necessary for a high degree of financial-market integration.
Countries that want to participate in the banking union but not in the eurozone face a dilemma, because they will have to move toward fiscal union (via burden-sharing) even if they do not wish to join the euro.
Finally, a banking union is not sufficient for the monetary union to survive.
This was a major step toward fairer elections, as the judges’ professional union has remained fairly independent over the past half-century of executive power grabs.
So the Mubarak regime has had to use various ploys to neutralize the judge’s union.
Thus, in the past, the judges’ union tended to go along, with predictable results.
That argument was quickly undermined when the judges’ union announced their support for civil society monitors.
Instead of offering concessions, which could create long-term instability in the eurozone, Europe’s leaders must remain committed to creating strong incentives for all member states to maintain prudent fiscal policies capable of reducing public-debt ratios and restoring fiscal buffers against asymmetric shocks to the currency union.
Greece may account for less than 2% of eurozone GDP, but the pursuit of shortsighted ad hoc solutions to its problems may set precedents that could bring down the entire monetary union.
For example, the banking union needs to be strengthened through an enhanced resolution regime and an integrated financial supervisor, and a sovereign insolvency mechanism should be introduced.
When the euro was created, its architects were well aware that no monetary union in history had succeeded without the backing of a political union.
The other option is to cede more sovereignty to the EU, which implies not only the survival of the euro, but also, and perhaps more importantly, the birth of Europe’s political union.
The glacially technocratic and apolitical International Monetary Fund, in its latest report on the eurozone, goes as far as mentioning “political union and ex ante fiscal risk sharing” as conditions for any monetary union to work.
We believe instead that a “Federation Lite,” with a budget limited to about 5% of Europe’s GDP (compared to almost half of GDP in most EU member countries), would enable a realistic political union.
The term “transfer union” is now used, especially in Germany, as a pejorative synonym for federation.
Unfortunately, the great sociologist Ralf Dahrendorf was right to conclude that, “The currency union is a grave error, a quixotic, reckless, and misguided goal, that will not unite but break up Europe.”
(Intervening in contractual relations ex post to enforce union demands is an emerging characteristic of the administration).
Most economists understood the downside risks of European monetary union.
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