European Monetary Unions effect on Europe

European Monetary Unions effect on Europe A currency is a form of money and is used when purchasing goods or services. Coins and paper money are both forms of currency. There are different types of currency for each country, for example the UK has the Pound ( £), the USA has the US Dollar ($) and 15 member states of the European Union use the Euro (â‚ ¬). There are other currencies used all around the world. A person can exchange one currency for another but there is a rate at which it must be done, these are called exchange rates. Exchange rates are the rate at which one currency is worth in another currency, for example at todays current exchange rates  £1 will by a person $1.46. Businesses exchange money every day and in large amounts, this effects how much a currency is worth. Businesses exchange money to purchase goods in other countries, if there are a lot of businesses purchasing from one country their currency value will raise. This means the businesses will have to pay more of their currency to import goods. Even though the value of a currency can rise they can also fall in value as well. This happens when a currency is not in demand. Because the value of the currency is high businesses will not import from that particular country because it will be possible to get what they want from another country for less money. This will cause the value to fall. Even though people exchange money when going on holiday they do not play a big part in exchange rate fluctuation, it is businesses which cause the exchange rate of countries to change every day. The exchanges rates have two effects on businesses. One of them is that businesses need them to import and export goods to other countries, without them it is not possible because each country has a different form of type of currency. The other impact is that businesses make the exchange rates fluctuate making it more expensive or cheaper to purchase goods in other countries. The US dollar started to rise in value quite swiftly against the Euro and the Pound between July and September causing the value of the Euro and the Pound to plummet to all time lows. Before the euro was introduced the member states of the EU still used their own currencies, but the exchange rate of these currencies were always fluctuating. Following an Arab-Israeli war in October 1973. Middle Eastern oil production companies forced high prices and restricted sales to certain European countries, consequently this created economic problems throughout the EU. This gave birth to the European Monetary System (EMS). The EMS was an arrangement between the member states to link their currencies to prevent large fluctuations. The essential fundamental of the arrangement was the creation of the exchange rate mechanism (ERM) which was a system to help maintain stability for the currencies of the member states. This was done by setting limits an exchange rate could fluctuate in. The limit was 2.25% (6% for Italy), for example the pounds exchange rate could not increase by more than 2.25% and could not decrease by more than 2.25%. All currency values within the EU were tied t o the German mark because at that time their currency value was the Strongest. This was good economically because business could cope with small fluctuations. But what happened when a countries exchange rate reached its limits? This happened in September 1992 when the UK was forced out of the ERM. The value of the pound was decreasing and the government tried to keep the value within the ERM limits. They raised interest rates from 10% to 12% to 15% in one day and they spent large amounts of other currencies to buy pounds to try and increase the value of the pound. But it did not work and had to leave the ERM. Other currencies in the EU devalued and the French franc was the only currency to successfully defend itself from devaluing. The establishment of the ERM was the first time a single currency was thought possible. The signing of the Maastricht treaty in 1992 was when the EU made it an objective to bring a single currency (The Euro) to pass. The euro was launched in 1999 but only for commercial and financial transactions. Notes and coins were introduced in 2002. There were strict conditions to be met before a country could ascend to the euro. These included targets for inflation, interest rates and government debt. A European central bank was created to set interest rates for all member states that ascended to the euro. With the ongoing integration between the members of the EU and the continuing effort to make the trade of goods, services, people and capital easier, it was only a matter of time until the euro was launched. The ERM was designed to maintain the stability of exchange rates within the EU and was not very successful in doing this, so the EU had to come up with a better idea. This was the euro; this would remove the exchange rates when trading within the EU and make things more simple because businesses didnt have to worry about how much their currency was worth in another currency within the EU. This is also written on http://www.civitas.org.uk/eufacts/FSECON/EC9.htm, it says Yet it was not an entirely successful move because it posed many technical difficulties in setting the correct rate for all member states and because some members were less committed to it than others Introducing the euro was inevitable because the ERM was not very successful in keeping all the exchange change rates within the EU stable and it was an objective for there to be a free movement of capital (money) between the member states of the EU. If there is to be a free movement of capital between the EU they would have to do away with exchange rates and create a currency for the member states to use. There are 5 economic tests for the UK to join the Euro. These were created by the Chancellor of the Exchequer in 1997, this was Gordon Brown. The tests are a set of conditions the UK has to pass for it to join the Euro. The key notion behind the test is whether the UK is able to handle the same monetary policy as the countries within the Euro zone. The first test is economic harmonisation. If the UK joins the Euro the UK will be in sync with the Euro zone. But if the UK was growing at a faster rate than the EU then the UK interest rates would have to be increased but then that would increase the interest rates of all the other countries within the Euro zone. This is because the interest rates in the Euro zone are controlled by the European Central Bank. But if there were harmonisation there is no guarantee that it would be on a permanent basis. The second test is flexibility and whether there would be enough of it. For example if the UK went into a recession would it be able to cope. The UK would have no authority over monetary policy and fiscal policy would be limited by the growth and stability pact. This would restrict the amount of government borrowing and consequently restrict the scale for expansionary fiscal policy. The third test is investment and the effect the Euro will have on it. Would the Euro create a better setting for firms making long-term decisions to invest in Britain? The fourth test is financial services and what affect the Euro will have on it. What influence would the Euro have over the financial services industry considering Londons financial sector has thrived in recent years would the Euro effect it in a bad way? The last test is growth and employment. Will the Euro encourage higher growth and stability? Also how will it affect employment, will it create a permanent increase in jobs or not? There is no evidence that it would. With all this said will it be in the national interest for the UK to join the Euro? There are advantages to joining the Euro. The advantages are, the Euro would end currency instability within the Euro zone and lower it outside it because the credibility of the Euro would increase because it is being used in most of Europe. Another advantage is people travelling from the UK would not have to exchange their money, encountering fewer restrictions when transferring large sums of money when going across borders. A further advantage is businesses wont have to pay hedging cost to insure themselves against the threat of currency fluctuations. Another advantage is there will be a lower interest rate. Also the stability pact will force EU countries into a system of fiscal responsibility. This will enhance the Euros credibility, which should lead to more investment, jobs and lower mortgages. Even though there are advantages there are also disadvantages to joining the Euro. The disadvantages ar e, if the UK government is required to conform to the stability pact they may be unable to battle a recession using fiscal policy. This is because the government will not be able to borrow as much money or cut taxes. Another disadvantage is the UK will have no control over interest rates as the European Central Bank controls interest rates within the Euro zone. A further disadvantage is the UK will lose its sovereignty. This means that the UK will have to work with other economically weaker countries, which are more tolerant to higher inflation. Another disadvantage is that the transfer between the pound and the Euro will cost a great deal. The British Retailing Consortium estimated that all British retailers will have to pay between  £1.7 billion and  £3.5 billion to make the essential changes. These changes include educating customers, changing labels, training staff, changing computer software and adjusting tills. The last disadvantage is the exchange rate would no longer bal ance Britains trade and capital flow with the rest of the world. It is difficult to say if it would be in the national interest of the UK to join the Euro as there are advantages and disadvantages. But nobody knows what will happen if the UK joins the Euro, we can only predict possibilities. It is wrong to say the UK will never join as there are advantages to joining the Euro but the UK will not be joining anytime soon. [1] http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/11/12/twelve_month.stm [2] http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/11/13/twelve_month.stm [3] http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/13/12/twelve_month.stm

Calculation for Calorimetry

CALCULATIONS Determining the amount Limiting Reagent used. nlimiting reagent = Molarity x Volume or Mass / Molar Mass Example: Limiting reagent is 5mL of 1. 0 M HCl nlimiting reagent = Molarity x Volume nlimiting reagent = (1. 0 [mol/L]) x 0. 005 [L]) = 0. 005 mol Determining the qrxn and qcal. qrxn + qcal = 0 -qrxn = qcal qrxn = ? Hrxn x nlimiting reagent qcal = Ccal ? T qrxn = – Ccal ? T + mcsolid ? T (note: only if there is a precipitate formed in the reaction) Examples: 1) Calibration of the calorimeter given that: ?Hrxn = -55. 8 kJ/mol and nLR = 0. 005 mol qrxn = ? Hrxn x nlimiting reagent qrxn = -55. 8 [kJ/mol] x 0. 005 [mol] = -279 J qcal = -(219 J) = 279 J (2) Determining the qrxn of a given chemical reaction: NH3 (aq) + H+ (aq) ? NH4+ (aq) And given that: ? T = 3. 5 Â °C and Ccal=111. 6 J/Â °C qrxn = – Ccal ? T + mcsolid ? T qrxn = -( 111. 6 [kJ/Â °C] x 3. 5 [Â °C]) = -390. 6 J qcal = -(-390. 6 J) = 390. 6 Determining the Ccal. Ccal = qcal / ? T Example:Giv en qrxn = -279 J and ? T = 2. 5 Â °C Ccal = -qrxn / ? T Ccal = -(-279 J) / (2. 5 Â °C) = 111. 6 J/Â °C Determining the experimental ? Hrxn. ?Hrxn = qrxn / nLR Example: Given: NH3 (aq) + H+ (aq) ? NH4+ (aq) With qrxn = -390. 6 J and nLR = 0. 005 mol ?Hrxn = qrxn / nLR ?Hrxn = -390. 6 J / 0. 005 mol = -78. 1 kJ/mol Determining the theoretical ? Hrxn. ?Hrxn = ? nproductHÂ °f product – ? nreactantHÂ °f reactant Example: Given that: NH3 (aq) + H+ (aq) ? NH4+ (aq) Substance? HÂ °f (kJ/mol) NH3 (aq)-80. 9 H+ (aq)0. 00 NH4+ (aq)-132. 51 ?Hrxn = ? nproductHÂ °f product – ? nreactantHÂ °f reactant ? Hrxn = {-132. 51 kJ/mol}-{-80. 29 kJ/mol} = ?Hrxn = -52. 2 kJ/mol Determining the %error. %error = (|? Hexperimental – ? Htheoretical|) / (? Htheoretical) x 100% Example: Given: ? Hexperimental = -78. 1 kJ/mol and ? Htheoretical = -52. 2 kJ/mol %error = |(? Hexperimental – ? Htheoretical) / (? Htheoretical) | x 100% %error = |(-78. 1 kJ/mol) – (-52. 2 kJ/ mol) / -52. 2 kJ/mol| x 100% = 49. 6 %

“My Oedipus Complex” by Frank O’Connor Essay

In the short story, My Oedipus Complex, Frank O’Connor writes of a young child who is forced to deal with issues of confusion and jealousy through a first person point of view. Through O’Connor’s elements of facetiousness and truth, he explains how such issues create a sort of ironic domins effect and, in this case can actually bring people closer together. In the beginning, the young boy displays signs of excitement and contentment when his father arrives unexpectedly on his visits from the war. His â€Å"pleasant musty smell† and â€Å"Santa Claus entrances and exits† intrigue him. As long as his daily routines are uninterrupted, he remains in a state of appeasement. The juvinile knows nothing of the problems the mother and father are facing. He is confined to a world all his own. If the point of view were changed in such a situation, then the father may tell of how naive and innocentthe child is or how oblivios he is to what a horrible condition they are faced with. The plot would change drastically. If the point of view were changed to the third person objective, or dramatic point of view, then the readers would assume their own emotion which would absolutely change the tone of this short story. Other elements such as theme could also be altered if this was seen in third person. The child’s feeling of hostility toward his father could only be seen through this example first person point of view.

Toy Story Or Lion King essays

Toy Story Or Lion King essays How is it that you make a decision between two cartoons about which is better? Some say that you should judge them by which of the cartoons has the best plot, others say to decide on how well the characters relate to humans? I however did neither of these, I decided by the amount small details the artists put in to the film. I divided the details in to three different categories: background The movie The Lion King had excellent backgrounds and foregrounds. At the beginning of the movie there is a brilliant sunrise, this sunrise showed an extremely high-quality background. It slowly transfers from a dark blue, through a variety of mauves Toy Story does not achieve as great of detail in this category, however it does have a few good points. Throughout the movie, whenever there is a close-up of one of the characters faces, the background is in great detail (e.g. at the beginning of the movie, Woody is sitting on a chair with Andy, and you can see the intricate weaving patterns of the chairs material. There is also great detail put into the wooden floor of Andys room, all of the different pattern in the grains of wood can be seen). The Lion King has rather respectable character detailing. All of the animals walk and fly accurately, and the artists...

Hunting for Witches in the Family Tree

Hunting for Witches in the Family Tree Whether your ancestor was actually a practicing witch, or someone accused of or involved with witchcraft or witch hunting, it can add a touch of interest to your family history. Of course, were not talking about the witches we think of today - the black pointy hat, the warty nose, and the ragged broomstick. Most women, and men, who were accused of witchcraft, were feared for their nonconformist ways more than anything else. It can still be fun to claim a witch in the family tree. Witchcraft in Europe Colonial America Talk of witches often brings the famous Salem Witch Trials to mind, but punishment for practicing witchcraft was not unique to colonial Massachusetts. A strong fear of witchcraft was prevalent in 15th century Europe where strict laws against witchcraft were put into effect. It is estimated that around 1,000 people were hanged as witches in England over a 200-year period. The last documented case of an individual found guilty of the crime of witchcraft was Jane Wenham, charged with â€Å"conversing familiarly with the Devil in the shape of a cat  in 1712. She was reprieved. The largest group of convicted witches in England were nine Lancashire witches sent to the gallows in 1612, and nineteen witches hanged at Chelmsford in 1645. Between 1610 and 1840, it is estimated that over 26,000 accused witches were burned at the stake in Germany. Between three and five thousand witches were executed in 16th and 17th century Scotland. The anti-witchcraft sentiment that had been growing in England and Europe undoubtedly had an impact on the Puritans in America, ultimately leading to the witch craze and subsequent Salem Witch Trials Resources for Researching the Salem Witch Trials Salem Witch Trials - Documentary Archive Transcription ProjectThe Salem Witchcraft Papers from the University of Virginias Electronic Text Institute provide a wealth of primary source documents, including a verbatim transcript of the legal documents generated during the arrests, trials, and deaths of the accused Salem witches in 1692. The site also includes site lists of jurors, Puritan ministers, judges, defenders and others involved in the Salem Witch Trials, plus historical maps.The Associated Daughters of Early American WitchesA membership society geared toward preserving the names of those accused of witchery in Colonial America prior to 1699 and to locate living female descendants of those witches. Contains a comprehensive list of accused witches.Genealogy of Witch Trial Ancestors FamiliesGenealogy reports for six of the individuals involved in the infamous Salem Witch Trials, including accused witches and officials involved in the trials. Researching Witch Trials the Witch Craze in Europe The Witch Hunts (1400-1800)Maintained by Professor Brian Pavlac at Kings College in Wilkes Barre, PA, this site examines the European witch craze through timelines and discussion of common theories, errors, and myths behind the Witch Hunts. You can also suffer through witch hunting first hand in an interesting simulation of a 1628 witch hunt.​Survey of Scottish Witchcraft 1563 - 1736An interactive database contains all individuals known to have been accused of witchcraft in early modern Scotland - nearly 4,000 in total. Supporting material provides background information on the database and an introduction to Scottish witchcraft. References Gibbons, Jenny. Recent Developments in the Study of the Great European Witch Hunt. Pomegranate, Vol. 5, 1998.History of the witch hunt (Geschichte der Hexenverfolgung). Maintained by the Server Frà ¼he Neuzeit (University of Mà ¼nchen) in cooperation with the Arbeitskreis fà ¼r Interdisziplinre Hexenforschung (research group for interdisciplinary witchcraft research). Mainly in German.Zguta, Russell. Witchcraft Trials in Seventeenth-Century Russia The American Historical Review, Vol. 82, No. 5, Dec. 1977, pp. 1187-1207.

Chapter 1- What is Geomorphology Essay Example | Topics and Well Written Essays - 1000 words - 1

Chapter 1- What is Geomorphology - Essay Example â€Å"The word geomorphology is a composition of three Greek words; ‘geo’ means earth, ‘morph’ means form and ‘-ology’ means discourse† (Hugget, 2011). So the study of earth forms is called geomorphology. Some people only include the forms of earth’s surface while others also include surfaces of other planets such as Moon, Venus etc. â€Å"There are three components of geomorphology; constitution (the chemical composition of the surface), mass flow (the rate of flow of the material; rate of evaporation) and configuration (the shape and size; geometry of the surface)† (Hugget, 2011). Ancient Greek philosophers wondered about mountains and plains, and how they took up the shape they appear in. Greats like Aristotle and Seneca have long pondered how valleys and rivers came about, and how come sea shells end up at the beaches, and how come deltas of the earth are â€Å"as they appear to be† (Hugget, 2011). Landforms leave a history behind them. Ripples on a beach or a river that stopped flowing, all have history but many might pass by unnoticed because of leaving no footprint (stratigraphic record). This way it becomes easier to study landforms, data collection regarding this also becomes easier. In the past, geomorphologists used to map morphological forms based on the principle of â€Å"the present is the key to the past† (Hugget, 2011). This made it the perfect assumption that the present form of the landscape has evolved from the past and correctly tracing back would lead to the past form of earth morphology. William Morris Davis, the morphologist who expounded on the term ‘geographical cycle’. To describe Morris’s theory on Geomorphology in small number of words; the uplift takes place quickly, while landscapes slopes decline through time. The surface, like humans and other living beings has stages of life; youth, maturity and old age. Times have

ASU Essay Example | Topics and Well Written Essays - 500 words

ASU - Essay Example I have always been lazy about attending these kinds of event but it turned out to be good for me. I always thought that it was boring and useless, but, indeed it was fun for me. Back home we do not have these sorts of events where all the students in a school go somewhere or do something together. Well, at ASU everything is different and new to me so I liked the experience, but one of my friends did not like it at all. By the end of the event while we were going back down he got a headache, and I blamed myself as being responsible for this, because I had brought him alongside me. At the beginning he didn’t want to come but I spent a few minutes convincing him until he agreed to come with me and my other friend. Well, that was a great day for me, I liked it, and I hope to do it once more. It was the first time for me to attend a football match because we do not have that back home. I was very nervous on seeing the large number of fans who had turned up for the football match. It was just my friend and I that had attended the game and it was very crowded, so there was a lot of noise coming from all over the stadium. I liked what was going on at first but then it kind of irritated me, so I was planning to leave the match, just 15 minutes after it had begun. This was my very first experience in a stadium that big and what really a football matched looked like in reality. The experience was very different from what I had seen before on TV. While I was watching the match, I became bored since I do not know the rules of the game or how the game was supposed to be played, so I did not find it that interesting to me. I have always wanted to attend a football match, though I did attend, I am afraid that could be the first and last time for me to attend such a match again. This is for the sole reason that I am not the kind of a person who likes big crowds of people in addition to too much noise