Vinamilk Marketing Plan

In: Business and Management

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Words 19380
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Harvard Law School

Jean Monnet Chair
Professor J.H.H. Weiler

Harvard Jean Monnet Working Paper 1/01

Päivi Leino

The European Central Bank and Legitimacy
Is the ECB a Modification of or an Exception to the Principle of Democracy?

Harvard Law School Cambridge, MA 02138

All rights reserved.
No part of this paper may be reproduced in any form
Without permission of the author.

© Päivi Leino 2000
Harvard Law School
Cambridge, MA 02138
USA

The European Central Bank and Legitimacy
Is the ECB a Modification of or an Exception to the Principle of Democracy?
Päivi Leino, Åbo Akademi University( M.Pol.Sc. (international law), Åbo Akademi University, Finland; LL.M. candidate, London School of Economics and Political Science.
This paper was concluded on August 8, 2000 and subsequent changes have not been considered. The author would like to thank Professor Markku Suksi and Lic.Pol.Sc. Kurt Långkvist for their comments and encouragement. The author has exclusive responsibility for all views, errors and omissions.
Comments are invited to Paivi.Leino@abo.fi.)

1. The Sovereign of Monetary Policy
The creation of a single market and the continuing concentration and integration at the European level have created phenomena that can neither be governed by nationally based policies nor left to the working of unregulated markets.( Hirst, Paul and Thompson, Grahame (1996), p. 156.) According to the European Court of Justice, one of the cardinal aims of the Treaty is to create a single economic region, free from internal restrictions, in which an economic and customs union may be progressively achieved. This requires, among other things, that the parities between the currencies of the various Member States remain fixed( As stated by the ECJ, as soon as this requirement ceases to be met the process of…...

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