European Monetary Union without a Banking or Fiscal Union cannot Essay

European Monetary Union without a Banking or Fiscal Union cannot succeed. Please critically evaluate this statement with s - Essay Example Before going into detail as to why and how fiscal and banking union can facilitate success of monetary union, it will be prudent to delve deeper into the aspects that are responsible in creating a state of financial instability in the European Union. It is worth noting that unlike the United States, fiscal measures are not exercised by the EMU and that is where the major crux of the issue lies. Genesis of Crisis EU witnessed a sovereign debt crisis and an unprecedented banking crisis in the recent years. It is important to note that both did not surface in isolation but they were interrelated. Sovereign debt crisis had its genesis in poor fiscal management over several years violating Maastricht Treaty. A fairly large number of Spanish banks are afflicted with their own sovereign debt and because of that have lost their substantial Tier I capital. Thus, banking crisis has its roots, albeit in an indirect way, to the fiscal mismanagement. It is also true that the US subprime crisis di d contribute to the woes of the European banks. When seen in terms of the fiscal mismanagement, the genesis of debt crisis is old. ... The irony was that much of the borrowing was not revealed because each successive government had to meet the euro norm that restricted borrowing at 3% of GDP. Everything was fine until global financial crisis surfaced in 2008 that exposed many EU countries for their imprudent fiscal policies. Debt levels went so high that it was impossible for the country to repay them. While providing the rescue package, the European Union attached several conditions that further compounded Greece's woes. In May, 2010, Greece was provided with funds of 110bn Euros so that government could pay its creditors. It was soon realized that given funds were not enough and another tranche of 130bn euro was planned. Maastricht Treaty among the member states specifies that total debt should not exceed 60 percent of GDP. Even this norm was flaunted by the member countries considerably. For example, in 2000, Greece had total debt of 103.4% as a proportion of GDP that rose to 145% and 165% in 2010 and 2011 respec tively. Italy too had the total debt-GDP ratio of 108% in 2000 that rose to 120% in 2011 (BBC News, 2012). Fiscal Discipline – A Necessity In the above perspective, it is quite obvious that monetary union cannot achieve desired results in the euro zone area as far as the financial stability is concerned. A fiscal discipline is extremely necessary; however, monetary union has no control on fiscal imbalances created by the member states. Cottarelli (2012) from the IMF argues that in view of the current situation and to bring the EU out of crisis, a Fiscal Union is an absolute necessity built on the following criteria. 1. The Fiscal Union can enforce stronger constraints on state deficits and debt creation that will help

Is there a need for reform in Albany Term Paper

Is there a need for reform in Albany - Term Paper Example and corruption matters that occurred in the State legislature in the past two years and the kind of reforms that the Governor and the legislature has put in place to address the matter. The paper then describes the legal and policy structure of the adopted reforms and the public criticism that this has generated. The paper then concludes by giving recommendations to the Governor and to the State Legislature to restore the public trust (Katz). Although there are numerous cases of corruption in Albany, the most pointed cases have been in the legislature. In a recent scandal, the senators from Buffalo state George Maziarz as well as Patrick Gallivan purportedly spent $ 140,000 and $ 80,000 respectively in time they were in office. In this particular case, the problem was not in the spending of the money itself but the fact that they did not find it fit to report their expenditures. Apart from Senators’ George Maziarz and Patrick Gallivan being investigated, the now defunct Moreland Commission was also investigating state Sen. Diane Savino of Staten Island for alleged mismanaging of campaign funds. These two cases are a clear indication of the rot in the state’s Legislature (Frisch). In light of the corruption allegations within the state, Governor Cuomo set up the Moreland Commission (now defunct) to address the allegations. The power to form this commission comes from the Moreland Act, a legislation that gives the Governor the authority to set up a panel to look at waste in the government and to come up with recommendations for reforms. Upon setting up the committee, Attorney General Schneiderman offered to deputize the commission something that bolstered its powers. This was because his presence had accorded the commission a wider legal reach than the current powers that were contained in the Moreland Act (Medina). For Governor Cuomo, there is need to develop a campaign finance system that incorporates the option of public financing. The call for this reform

International Marketing Strategy Essay Example | Topics and Well Written Essays - 2000 words - 1

International Marketing Strategy - Essay Example The company whose headquarters are in Switzerland has embraced an international marketing program partly because its local market is too small to address its projections (Nestle.com, 2014). Nevertheless, the program has had associations with different matters. There was a boycott that was started in the 80s against the marketing of the infant formula that is manufactured by the company in the developing countries and has progressed from time to time (Multinationalmonitor.org, 1987). In the present times, the company has had to deal with issues associated with its growth through acquisitions. This paper will evaluate Nestles international marketing strategy with specific emphasis on the strategies it uses in Europe. The present set up of Nestle was established in the early 1900 when a company that has American owners and was based in Switzerland merged its operations with a company of Swiss origins (http://www.nestle.com.eg, 2014). Initially, the American company had been employing canning technology to process milk while the Swiss company had employed technology that had fruitfully marketed infant formula (Wilkins, 2004, p. 27). The company adopted the Swiss name and started a run of acquisitions as well as a global expansion program. The initial expansions, including in to the United States, took place as the First World War progressed (Encyclopedia.com, 1999). Even though the company was largely unaffected by the war particularly because of the neutrality of Switzerland, its main markets as well as sources of milk were heavily affected (Referenceforbusiness.com, 2014). This made the owners of the company to look for diversification so that they could make sure the company could survive this and other shakeups that may be faced in the market. After the war ended, the company continued its global expansion, creating new categories of products through acquisition as

Is there a need for reform in Albany Term Paper

Is there a need for reform in Albany - Term Paper Example and corruption matters that occurred in the State legislature in the past two years and the kind of reforms that the Governor and the legislature has put in place to address the matter. The paper then describes the legal and policy structure of the adopted reforms and the public criticism that this has generated. The paper then concludes by giving recommendations to the Governor and to the State Legislature to restore the public trust (Katz). Although there are numerous cases of corruption in Albany, the most pointed cases have been in the legislature. In a recent scandal, the senators from Buffalo state George Maziarz as well as Patrick Gallivan purportedly spent $ 140,000 and $ 80,000 respectively in time they were in office. In this particular case, the problem was not in the spending of the money itself but the fact that they did not find it fit to report their expenditures. Apart from Senators’ George Maziarz and Patrick Gallivan being investigated, the now defunct Moreland Commission was also investigating state Sen. Diane Savino of Staten Island for alleged mismanaging of campaign funds. These two cases are a clear indication of the rot in the state’s Legislature (Frisch). In light of the corruption allegations within the state, Governor Cuomo set up the Moreland Commission (now defunct) to address the allegations. The power to form this commission comes from the Moreland Act, a legislation that gives the Governor the authority to set up a panel to look at waste in the government and to come up with recommendations for reforms. Upon setting up the committee, Attorney General Schneiderman offered to deputize the commission something that bolstered its powers. This was because his presence had accorded the commission a wider legal reach than the current powers that were contained in the Moreland Act (Medina). For Governor Cuomo, there is need to develop a campaign finance system that incorporates the option of public financing. The call for this reform

Manegment Essay Example | Topics and Well Written Essays - 500 words - 1

Manegment - Essay Example HRM is a tactical and inclusive way of managing people and the place of work customs and atmosphere. An efficient HRM enables employees to contribute successfully and productively to the overall company course and undertakings of the company’s goals and objectives. In the recent past, HRM has moved from its traditional duties and emphasising more on planning, monitoring, and control (Martocchio 4). There was a time I worked as an attendant in a large motel. I interacted with the HRM department during the recruiting process and attended various training sessions organised by the motel and conducted by the HRM department. In this motel, the HRM handles any issue concerning leave days, off days, payslip problems and even medical cover. When I left the motel, I got an exceptionally strong recommendation letter drafted and authenticated by the HR manager. I had a truly delightful time working in this motel; I got promoted two times, and that can attest to the fact that I had a tremendously positive experience with the HRM. In the future, I look forward to secure employment in the same hotel and probably a chance to work in their HR office. Any HRM team is led by a HR manager who reports to a high authority. The authority could be an operation manager or a general manager depending on the organization’s hierarchy of power. Some human resource managers may report directly to the CEO or directors of the company. All the activities of a HRM department are managed by the departmental manager, but at times, the other managers may help him/her, especially during recruitment, firing, and appraisal of the employee performance (Martocchio 9). I have always been passionate about handling people from different creeds, religions, races, social orientations and backgrounds. I believe that, when I choose this course, it will help me achieve my dreams since it is

Common App Essay Essay Example for Free

Common App Essay Essay How to Write a Common App Essay Entering a college calls for persistence, curiosity, articulation and talent. A common application essay will make it possible to reveal all your talents, background and acquired knowledge. Every student should be well aware of how to write such types of papers. As a rule, there is no difference for the teachers what topic you are going to choose. The only thing that really matters is that your topic is meaningful to you. How to Start a Common App Essay Starting to write such an essay is rather easy. All you need to do is focus on your keen interests, likes, preferences and talents. The term paper is not about boasting your skills or showing off. Yet, you need to point out your key advantages and background on a particular topic. Therefore, choosing an interest style of talking about yourself, basically, selling yourself is of great significance. Common App Essay Topics and Examples Describe a person you admire. Why do you want to attend this school? What is a book you love? What is an extracurricular activity that has been meaningful to you? What is your favorite sport? Who is your favorite author? Who is your favorite actor? Who is your favorite politician? How does a failure affect you? Compare decisions you made while challenging a belief Discuss a formal event Discuss an informal event Share your background What subjects are you good at? Who affects your actions in family? What is your favorite art form? Describe your ideal lecture How will you make friends with your classmates? What is the most defining event in your life? What can influence your choice? Common App Essay Outline and Format A common app essay does not have a strict outline. Nevertheless, it is supposed to be well-organized and structured. Use a traditional outline featuring such defined sections as: Introduction Body Paragraph Conclusion Read more at: dcjkhttps://studymoose.com/common-app-essay-topics

Leitmotif Was A Musical Concept Film Studies Essay

Leitmotif Was A Musical Concept Film Studies Essay Romantic music is a term describing a style of classical music that began in the late 18th century or early 19th century. Romantic music as a movement came from the formats, genres and musical ideas created in the earlier period, such as the classical period. Although it went further in the name of expression and merging of different art forms with music. Romanticism does not always refer to romantic love, although that theme was prevalent in many works composed during this time. Romanticism pieces are understood to be more passionate and expressive.1 The expansion of form within a typical composition, and the growing quirkiness and expressiveness of new composes from the new century; it became easier to identify an artist based on his work or style. Romantic music attempted to increase emotional expression and power to describe deeper truths or human feelings, whilst still trying to preserve the formal structures from the classical period. Leitmotif A Leitmotif is a musical term that means a short and constantly recurring musical phrase. It is associated with a particular person, place or idea.  [2]  The term itself comes from the German word Leitmotiv, meaning leading motif or guiding motif. A motif is a short musical idea melodic, harmonic, or rhythmic and a significant recurring figure that has some special importance for the characteristics of a composition. Although it is usually a short melody, it can be a chord progression or even a simple rhythm. Leitmotifs can help bind a work together into a whole, and enable the composer to relate a story without the use of words. The power of the technique was used early in the nineteenth century by composers of the Romantic Period.1 Recurring themes or ideas were sometimes used in association with specific characters. Romantic music used Leitmotif to help narrate, people were aware of the musical code and the associations with characters and situations which allowed directors to define and complete plot ideas through sound. 2 Example of composers/famous pieces who used Leitmotif Richard Wagner is the earliest composer that can be associated with the concept of Leitmotif. His cycle of four operas, titled Der Ring des Nibelungen, uses dozens of Leitmotifs, often related to specific characters, things, or situations.  [3]  Wagner raised the issue of how music could unite different elements of the plot of a music drama in his Opera; the Leitmotif technique corresponds to this ideal. Wagner used Leitmotifs for their role in musical form and emotional effect. Richard Georg Strauss, born on the 11th of June 1864 and died on the 8th of September 1949 was a leading German composer of the late Romantic and early modern eras. Strauss used Leitmotifs in many of his operas and several of his symphonic poems to create mood and emotion in his music. Arnold Schoenberg, who was born on the 13th September 1874 and passed away on the 13th of July 1951 was an Austrian composer and painter, associated with the expressionist movement in German poetry and art. He used a complex set of Leitmotifs in his choral work, Gurre-Lieder which was completed 1911. Modern composer John Williams was influenced by music of the Romantic Period and made use of Leitmotif in his film scores John Williams John Towner Williams was born in Long Island, USA, on the 8th of February 1932 into a musical family.  [4]  In 1948, Williams family relocated to LA, where he studied music at the University of California. Following his national service in the air force John Williams went to the Julliard School in New York, where he studied piano. He also worked as a jazz pianist in clubs and on recordings. In 1956, John Williams was hired by Twentieth Century Fox as a pianist in their studio orchestra, and he was also soon writing the music for some TV shows including Lost in Space, Wagon Train and Land of the Giants.4 At the studio Williams worked with great movie composers like Bernard Herrmann and Alfred Newman. In 1967, John Williams made the A list of movie composers when he wrote the Oscar-nominated score for The Valley of the Dolls. John Williams has scored nearly 90 films and has been Oscar nominated over forty times. John Williams themes for Star Wars, Indiana Jones, Superman, and ET have great appeal for the general public and his movie score albums are top sellers. Williams has also written compositions for the Olympic ceremonies which capture the true spirit of the game. John Williams was the conductor and musical director of the famous Boston Pops Orchestra, where he is still a guest conductor. As well as movie scores, John Williams has written concert pieces for such greats as Yo-Yo Ma and has conducted concerts all over the world. On December the 5th 2004 John Williams was one of the 2004 honourees at the Kennedy centre in Washington, D.C. The use of Leitmotif In John Williams films he uses a lot of music related to Wagner, such as diatonic scales for hero themes, chromatic scales for objects or negative elements, bright sounds for positive elements.  [5]  John Williams has become of the most successful scoring composers and one of the most respected. His approach is very direct and strong, and no one in the theatre will fail to recognize any link between the themes and the characters associated with them. He has a great capacity to reach the audience like a classical composer. Jaws Jaws is an American horror and thriller film directed by Steven Spielberg in 1975. In the story, a giant man eating great white shark attacks beachgoers on Amity Island, prompting the local police chief to hunt it down.  [6]  The main shark theme, is a simple alternating pattern of two notes, variously identified as E and F or F and F sharp which became a classic piece of suspense music, synonymous with approaching danger. John Williams uses Leitmotif in this film for the shark. Each time the shark is going to appear the same pattern is played that can be recognized by the audience. Indiana Jones Dr. Henry Indiana Jones, Jr. is a fictional professor, archaeologist, and adventurer. Indiana Jones is noted for his trademark bullwhip, his fedora hat, and his great fear of snakes.  [7]  Indiana Jones is also the general name given to the series as a whole, which has four movies, a TV series, novels, comics, video games, and other media. In this movie Williams used Leitmotif for the character Indiana Jones. For this Williams used a diatonic scale for a hero-theme whenever Indiana was about to do something heroic and at the end of the film. Star Wars The music of Star Wars consists of the scores written for all six Star Wars films by composer John Williams. Williams scores for the double trilogy are amongst the most widely known and popular contributions to modern film music. The scores utilize a diverse variety of musical styles, many culled from the Late Romantic Period of Richard Strauss.  [8]   The Main theme of star wars is easily the most recognizable melody and is often associated with Luke Skywalker, linking with heroism and adventure. It is heard over the beginning of all the films and forms the basis of the end title as well. The Rebel Fanfare is a short Leitmotif used extensively throughout all the episodes to represent the rebel alliance. The theme is constructed out of brassy major block chords that progress in parallel motion through intervals of a third. This results in a non-diatonic sound. 8 The force theme is a well known example of a Leitmotif. Out of all of the Leitmotifs in the series this theme is most consistently developed and consequently most difficult to attach a specific meaning. This theme can represent Obi-Wan Kenobi, the Jedi and the Force from which they draw their power. Princess Leias theme is heard form episode III and onwards. It is a Leitmotif that represents a romanticized, somewhat naive idea of the princess and can also show that she is vulnerable. The imperial Leitmotif (not the imperial march) represents the Empire and Darth Vader in Episode IV. The Leitmotif is militaristic and is generally played by bassoons or muted trombones. 8 The Death Star Leitmotif is an imposing four chord played six times during episode IV to represent the Death Star. The Dual of Fates is another Leitmotif played in the first three episodes. It is composed from two minor Ostinatos and choral interjections that are head in The Empire Strikes Back.  [9]  The theme is used to represent the clash between the Light and Dark Side. In Episode II, the Leitmotif is played when Anakin goes off to search for his mother, implying an internal struggle between good and evil. Anakins Leitmotif is an innocent theme that contains seeds of the Imperial March. It has a warm melody that contradicts with the harmonic instability of a number of different passages. The concert arrangement makes the fate of this Leitmotif more explicit, ending with a number of subtle renditions of phrases from the theme it foreshadows. The Imperial March or Darth Vaders Theme represents the Galactic Empire as a whole and Darth Vader specifically. It features relentless martial rhythm and dark, non diatonic harmonic support. The Imperial March represents the Empire and is nearly equilivent to a galactic anthem. It is heard with progressive prominence through Episodes II and III, signalling critical points in Anakins downwards spiral to the Dark side. In the final rendition, accompanying Vaders death Williams reverses the effect of the theme. It ends with a cadence of solos as Vader dies. Word Count 1498