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GER150H1 Lecture : 23rd Jan 2012.doc

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School
UTSG
Department
German
Course
GER150H1
Professor
Lehleiter

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Document Summary

The 3 definitions of nation before 1871 (refer to last lecture"s notes) German- jewish relationship (implies a 2-person dialogue) (more correct to call it german jewry) The german jewish question is perhaps the most important topic if one wants to understand today"s germany. There have been continued attack that unity can be an option. Germany holds on to the belief of the eu and europe very firmly. A way to answer the fears that germany could once again become a big and threatening political power. Germany wants to be in europe not because it wants to be a dominant state. Germany and france influential in the eu, economically (economica problems, and other cultural qualities) Many initiatives on an individual levels to sustain the ger french relationship. Strong support for israel and palestine as an independent state (because they see palestine as parallel to jew persecution in germany. Distinction between holocaust, and 18th century and middle ages.

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Related Questions

  1. Why is the EMU malfunctioning? -mark the correct answer.

    Because not all the EU members are participating

    Because the British did not join the EMU

    Because the Euro lost the value against the dollar in the recent months

    Because it is not the optimal currency area with common budget and monetary policy

  1. Why it is so difficult to have a common fiscal policy in the Eurozone and the EU? -mark the correct answer.

    This is constitutional issue not economic or political

    This is a fundamental issue of the supranational powers of the EU over the national policies

    This is an issue of the lack of common currency among all EU members

    This issue is currently being resolved by the EU Parliament

3.5 points

  1. Why the EU was created? -mark the incorrect answer.

    The EU was created because the West was engaged in Cold War and Europe had to be fast rebuild

    Germany wanted to be unified and only unified Europe would allow that to happen

    The Europeans wanted to merge the markets to help their growth

    The Europeans wanted to confront the power of the USA after the WWII

3.5 points

  1. Why the reforms proposed by Mikhail Gorbachev failed to save communist system in the Soviet Union? -mark the incorrect answer.

    Gorbachev reforms were called perestroika and glasnost

    The reforms led to inflation but improvement of the supply of goods and food

    The wages were higher in the cooperative sector which upset many people who worked in the state enterprises

    The reforms would have succeed but the West did not want to lend money to Gorbachev government

3.5 points

  1. Why we can say that Germany plays the same role for the EU as China for the USA? -mark the correct answer.

    Germany imports capital like China

    Germany has a financial account surplus

    Germany exports manufacturing goods and imports food

    Germany is a net exporter of capital and holds the debt of the indebted Europeans

A set of industrial machineries canbe built in USA, Germany, England, or Japan and shipped toCountry-W in Latin America for integration in an oil refinery.Quotes are received from contractors and convert to the U.S. dollarfor estimation. You may use current spot exchange rates from theweb link: <http://www.ozforex.com.au/exchange-rate>) or usethe rates below.

According to the contract, payment istransacted between the two parties on the day the industrialmachineries reach the port of entry of Country W. Theexchange rate for the scheduled arrival is, however, different fromthat listed by the table and is shown as a relative change to thetable.

The U.S. estimate for the industrialmachineries fabrication cost is $350 million. Transport from US toCountry W is $115,000. Assume order was place one yearearlier.

Germany

(Euro)

England

(UK £)

Japan

(Jap. Yen)

Ratio of subcontract bid to USA estimate

0.993

1.007

1.005

Ratio of Transportation cost to USA estimate (transport toCountry W, from country “ -“)

1.03

1.07

1.26

Exchange rate on arrival (I USD =)

0.74

0.61

102.32

Inflation

0.85%

2.0%

01.613%

7.a) In which country should themachines be built, what is that cost in USA currency?

7.b) Who is the next-lowestcountry? What are dollar differences?

7.c) What other non-numericaljudgment enter the decision process (such as quality)?

Hints

Country

Quote in

U.S. $

(i)

Transportation

cost

(ii)

Exchange rate /Inflation

(iii)

Expected Cost at

Arrival in U.S. $

(i) +(ii) + (iii)

USA

$350 m

115,000

1.0085

Germany

$350 m × 0.993=X

115,000×0.993=Y

1.0085(X+Y)

___________

England

$350 m × 1.007

___________

Japan

$350 m ×1.005

___________

Hint Inflation cost will be calculated bymultiplying the inflation rate by on sum of cost of product (e.g.,X for Germany) and transportation cost (e.g., Y for Germany)

Continues at the next page >>>>

Quote for Germany = 350* 0.993=$ 347.55

Transportation cost for Germany = 115,000*0.993=$ 114195

Total cost (347,550,000+ 118,450 )*1.0085= $350,401,761

The total cost for Germany is $ 350,401,761. You need todo the same things for other countries and finally pick the countrywith the lowest cost.

Debt Crisis
With the creation of the European Monetary System and the birth of the euro in 1999, the U.S dollar is facing challenges to its position as the key reserve currency in international financial transactions. However, for the euro to keep its international position as a reserve currency, the European Union must function as a cohesive political entity that can exert its influence on the world stage. There are numerous challenges facing euro-zone countries now, with debt crisis in several countries.
The euro, common currency among seventeen euro-zone countries is facing numerous challenges. Germany's finance minister said “his country is prepared to pursue bold action to preserve Europe's common currency, including deeper economic integration with its neighbors, and issued a warning to markets not to underestimate Berlin's resolve to protect the euro (Wall Street Journal, Dec. 11, 2010). Germany could accept steps toward fiscal union if current attempts to improve the euro zone's governance proved insufficient to end the year-old debt crisis. All European countries are determined to keep this European currency stable, so Europe will find steps toward further unification.
Many Germans, including leading members of the government, oppose further economic integration within the 17-nation euro zone over fears that Germany would be forced to pay the debt of others. Proponents of such steps warn that not only the euro but the EU itself could fall apart if governments fail to act. So far, Germany, the euro zone's economic motor, has vociferously opposed such proposals, sparking accusations from some of its neighbors that Berlin isn't acting in Europe's best interest. This is addressing fears that the debt crisis could spread from small countries such as Greece, Ireland, and Portugal to major economies such as Spain and Italy. It is argued that there will be no domino effect, as long as big economies like Germany defend the common currency.
Europe should concentrate on explaining to markets the decisions it has made so far, including the move to set up a European Stability Mechanism in 2013 that could impose losses on bond investors if euro members run up excessive debts.
Under the present structure, with unified monetary policy but not fiscal policy, different interest rates [on government bonds] are the mechanism that makes member states adhere to solid public finances. There is a need to improve the existing structure, and if this structure doesn't work, then they must indeed talk about alternatives.

1. Will increasing the size of the bailout fund (from which troubled countries can draw in times of crisis) help to prevent future crises? Why or why not? What is the downside of increasing this fund?