US - EU Essay Example | Topics and Well Written Essays - 4250 words

US - EU - Essay Example Educational institutions--explicitly including universities--are not philanthropic islands of abstract debate. This maxim of the German President is borne out by this colloquium, for this is not merely an 'abstract debate'. And there can be no talk of an 'island', either, for this is a cross-border, joint meeting of SUERF and the CFS. Incidentally, the motive is the exchange of knowledge with the financial community including central banks, thus avoiding all suspicion of insular ivory-tower erudition. There can be no doubt that the financial community will likewise benefit from an exchange of knowledge.1 After all, the euro was and is an intellectual challenge for all those concerned with it. An interesting exchange of views is therefore to be expected, and a debate based on two fundamental perceptions may be fruitful:1) A consistent monetary policy, committed primarily to the target of stability, is the best contribution a central bank--no matter whether the Bundesbank or the Europe an Central Bank (ECB)--can make to the viability of the financial markets. Without stable money, the financial markets cannot function properly.2) Conversely, it must also be said that monetary policy needs an efficient, highly competitive and stable financial system. In the first place, a financial sector that is susceptible to disruption poses risks to the entire monetary system, and thus also to the safety of the currency. Second, in a stable environment, monetary policy impinges on economic activity more smoothly. That was and is true of the Bundesbank's monetary policy.2 It is bound to apply to the European System of Central Banks' (ESCB's) monetary policy as well. Clarity now obtains in some matters of significance to financial market players concerning the euro. The future framework for economic policy action is now emerging ever more clearly. Since its constitutive meeting in June 1998, the ECB Governing Council has taken a multitude of important decisions. There is broad clarity today about the arsenal of instruments with which the ESCB will operate. The primary buttress of refinancing will be repo transactions, which have been so successful at the national level. The interest rate for this main source of finance will lie within the corridor whose ceiling and floor are marked out by the interest rates for the marginal lending and deposit facilities. These principal elements of the range of instruments have been designed with the intention of the money market developing as steadily as possible, so that recourse to fine-tuning instruments can be relatively rare. The same purpose is served by minimum reserves, which are often criticized in banking circles. At a rate of 2 per cent, the cost burden is kept within very narrow bounds, especially considering that, owing to the envisaged payment of interest on minimum reserves, the banks' working balances, which will have to be held anyway, will yield interest. In the envisaged form (a reserve to be maintained as a monthly average) they will act as a buffer in the money market. They can therefore largely cushion unforeseen fluctuations in the demand for liquid funds without any major central bank intervention. A very important step on the way to a single monetary policy is the agreement on the main elements of the monetary policy strategy that was reached in the ECB Governing Council on 13 October 1998. These elements contain the quantitative definition of price stability as the primary objective of the single monetary policy: 'Price stability shall be defined as a year-on-year increase in the Harmonized Index of Consumer Prices for the euro area of below 2%.' By this decision, the ECB Governing Council is following up to a large degree the Bundesbank's successful strategy, while at the same time taking due account of the specific conditions

Work motivation Case Study Example | Topics and Well Written Essays - 1000 words

Work motivation - Case Study Example Examples of experts leaving this company to go and work inother companies include Elizabeth Pedersen and Ola Rennemo. Their work motivation can be explained through a number of theories including Maslow hierarchy of needs motivational model, Herzberg motivational theory, and McClelland’s motivational needs theory. This paper expounds these three motivational theories in relation to Norsk Petroleum case study. Maslow’s hierarchy of needs Maslow’s hierarchy of needs is one of the theories that describe drive and enthusiasm to work. It is important to posit that Maslow categorized individual needs and aspirations into five categories. These include psychological needs, safety needs, social needs, esteem, and finally self actualization. This theory is best illustrated by the use of a pyramid that begins at the base and continues or progresses up. This theory corresponds to the precedence or the main concern of the desires and requirements of human beings. These desir es can further be divided into two groups with bodily physical desires or requirements being symbolized at the base and emotional requirements being symbolized at the top. In Maslow’s theory, displeasure in human beings is considered a significant stimulator for human actions. Maslow elucidated the fact human beings have their own individual desires and when one desire is attained, other desires come up. However, individuals may even not be conscious of what is happening (Bagad, 2008). That is the case with Elizabeth Pedersen and Ola Rennemo. Despite being awarded more privileges, they eventually left the organization for self-actualization due to their ambitions. Ola had to meet his needs and requirements to be closer to family while the reason for Elizabeth’s resignation was purely as a result of ambitions hence she was seeking self actualization. Herzberg motivational theory Herzberg motivational theory is also referred to as the two-factor motivational theory. In c reating this theory, Herzberg did a study whereby he questioned two hundred engineers and accountants in nine different organizations on the instances when they were motivated and instances they were displeased with their work. In his findings, he asserted that motivation in the workplace is determined by appreciation and achievements. Therefore, less compensation for work done may result to individuals being displeased in their work but on the other hand over compensation may not necessarily mean that an individual is pleased. According to him, issues that contribute to motivation in the workplace are directly connected with satisfaction. Discontentment is cause by issues related to settings and physical conditions in the workplace. He proposed that motivation is contributed by accountability, accomplishments, appreciation, as well as progression and development (Bagad, 2008). Elizabeth had found an opportunity to lead her own team of engineers hence this motivated here to take the new assignment. He further argued that work itself is a factor causing motivation. Ola wanted to take the near his family. Therefore, his needs were accomplished. McClelland’s motivational needs theory McClelland’s motivational needs theory elucidates the fact that individuals derive inspiration in the workplace through three requirements. According to Bagad (2008), these requirements include the need for success, need for influence and authority, and the need for attachment and relationships. Since Elizabeth was well paid and she declined a salary increase as well as other added privileges, she had the need for influence and authority. She was seeking larger and superior duties of accountability since she was to supervise various teams of engineers and also bargain novel agreements with dealers and