There must have been something in the air. The seventies were of course a time of great cinematic innovation the world over, occasioned by numerous upheavals in the movie landscape during the previous decade, most notably the collapse of the Hollywood studio system and the rise of the French new wave. Quite a few unprecedented, chance-taking films resulted, including those under discussion here. What precisely does it mean that four unrelated European productions appeared during the years , all bearing wildly similar themes?
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A threat to the common currency is a threat to the entire EMU edifice and to the continued success of the post-Second World War European integration process. Change will have to come quickly to the ECB.
Some of the necessary changes are constitutional in nature and require amendments to the Maastricht Treaty. This is a difficult, cumbersome and slow process. Among the constitutional changes I propose are the following: 1. Abolish the "one-country-one-seat-on-the-Governing-Council" rule; restrict the size of the Governing Council to no more than nine members and the size of the Executive Board to no more than four members.
Abolish the clause in Article giving the Council of Ministers the power to formulate "general orientations" for exchange rate policy. This clause creates doubts about the substantive domain of operational independence of the ECB. Charge the ECB explicitly with responsibility for systemic financial stability in Euroland.
The words "lender of last resort" should be used in the revised Treaty. Create a body that has the power to vet and make binding recommendations about the procedures used by the ECB. Other necessary changes can be made overnight, at the discretion of the Governing Council itself. They include the following: 1. Publish the minutes of the meetings of the Governing Council and of its relevant committees and sub-committees.
Publish the individual voting records of Governing Council members.
Reports. Alice in Euroland
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ALICE IN EUROLAND PDF
Alice in Euroland