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International Monetary Fund. External Relations Dept.

This paper highlights that the flow of IMF-related resources to member countries was maintained at a high level during 1979, amounting to the equivalent of SDR 6,917 million, compared with SDR 4,955 million in 1978. Some SDR 3.77 billion became available to non-oil developing countries in 1979. Repurchases in the General Resources Account by all members—at SDR 4.2 billion—exceeded their purchases of SDR 1.8 billion by an unprecedented SDR 2.4 billion. These large repurchases reflected the substantial improvement in the balance of payments of some industrial member countries that had large outstanding drawings.

Erez Aiden, Jean-Baptiste Michel, and Coyle Diane

This chapter discusses the story of European integration in what is known as the European Union. The decision in 1951 by six European nations to pool coal and steel production under a common authority—the European Coal and Steel Community—marked the beginning of European integration. French statesman and political visionary Robert Schuman proposed the coal and steel community in 1950. The chapter also highlights that the 28-member European Union, built around common policies and shared institutions, has proved robust to many challenges and has accommodated great change used by 18 countries. The European Union was also awarded the 2012 Nobel Peace Prize. The study shows that the 2008 global financial crisis laid bare fault lines, exposing tensions between EU members and stresses and gaps in institutions and policies that Europe’s political leaders are working hard to address. The IMF’s chief for Europe argues that what Europe needs is more integration, not less.

Bruce Rich, Andrew Steer, Anne O. Krueger, Mr. James M. Boughton, Jahangir Amuzegar, Bahram Nowzad, Jeffrey Sachs, Mr. Mark Allen, Ludger Schuknecht, L. Alan Winters, Mr. Michael P. Leidy, Derek Crabtree, A. P. Thirtwall, Alan A. Tait, Dominique Foray, Christopher Freeman, and Ashish Arora

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

Following the dramatic events of Ukraine’s 2004 “Orange Revolution,” in which more than a million people gathered in Kiev’s harsh winter weather to overturn a manipulated presidential election, the incoming administration of President Viktor Yushchenko moved quickly to articulate a new policy vision. That vision focused on accelerating Ukraine’s institutional transition toward a modern market economy, with much of the new agenda anchored in a strategy of greater integration with the European Union (EU) and the World Trade Organization.

International Monetary Fund

TESLA CEO ELON MUSK reignited a long-simmering debate in June over Bitcoin’s energy consumption. Tesla will accept the cryptocurrency for car sales only “when there’s confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend,” Musk said in a tweet.

Mick Silver

Unit value export and import indices compiled from returns to customs authorities are often used as surrogates for price indices in the analysis of inflation transmission, terms of trade (effects), and to deflate import and export value series to derive volume series. Their widespread use is mainly due to their low cost relative to establishment price surveys. This paper provides evidence of substantial errors and bias in their representation of such price changes. Their continued use would mislead economic analysis. The paper considers the efficacy of alternative strategies for their improvement, and argues for a move to establishment-based price surveys.