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With euro bills and coins now circulating across much of Europe, the European Monetary Union is fully in place. The post-World War Ⅱ European leaders’ dream of an economically and politically unified continent is one large step closer to realization, and membership in the monetary union could easily grow to 20 or more countries from the current 12 as the large European Union expands to the east. A fully operational European Monetary Union does not come, however, with a guarantee of success. There is one enormous problem: This union creates a single monetary policy for group of quite different national economies that often experience divergent business-cycle patterns. As long as business-cycle conditions differ significantly among European Monetary Union countries, there is no way for the central bank’s policies to avoid creating serious problems for some members. The patterns of economic ups and downs remain far more diverse in the European Monetary Union countries, and it is not clear that this will change soon. The designers of the monetary union thought that the demand of a single monetary policy, combined with free trade a mong the members, would cause cyclical conditions to converge quickly, producing a unified group of economies. A 1997 agreement also limits the power of the individual nations in the European Monetary Union to use government spending or tax cuts to ease national downturns. They can be fined if they run budget deficits of more than 3 percent of their gross domestic products. No fines have been levied yet, but the threat is there. Even if the economies of the original European Monetary Union members become more similar in their cyclical behavior, it will take far longer for the convergence to include the new member nations expected to come in within the next 10 or 15 years. The chances for consensus on the Governing Council, however thin now, will become far more distant with more members representing divergent national economies. And the larger nations, like Germany, France and Italy, might well resent the power of representatives from much smaller nations to outvote them on monetary policy. All of this does not mean that the European Monetary Union is likely to fail. But clearly the arrival of the euro as the standard currency does net guarantee the union’s success. What is the main idea of Para 4
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A. Commitment: Developing export markets can be costly in terms of time, money have the commitment required to make a success of export Entering new markets and developing them usually takes considerable time and effort. You must take a long-term view. Consider how many resources and how long it takes to break into a new regional market in Australia. The time and cost can be multiplied several times when you are looking at an overseas market.B. Finance: Breaking into any new markets requites considerable funds (airfares, accommodation, advertising, sales promotion, new brochures, training of overseas sales agent, etc.). Does your company have the financial strength to commit say $ 30,000 or more for the year or two it may take to develop a new overseas market Discusses your plans with the international Department of your bank to ensure that all the financial aspects are covered and viable. Gain an understanding of international trade finance. Discuss costing-for-export with your accountant, and transport/packaging requirements with a customs agent or forwarding agent.C. Become familiar with common terms used in international trade. The Australian Trade Commission (AUSTRADE) and the major trading banks have reference booklets. The Australian Institute of Expert provides courses.D. Select one or two likely markets and undertake desk research to identify their characteristics. Most first-time exporters start with New Zeatand. Many are also interested in the USA, but that is an enormous and complex market. In making a detailed market study the following should be considered: ·whether the country selected already imports the product (import statistics will show how much and from where) ·what import duties the product would attract ·other barriers to imports, such as import licensing ·frequency and cost of shipping or airfreight between Australia and the market ·regulations, such as quarantine and labeling standards, consumer protection rules, and product standards ·whether cultural differences need to be taken into account. ’Read economic and social literature on the target market to understand its fundamental characteristics.E. The desk research should have indicated the market with the most potential and you should now be in a good position to visit the target market. The main purpose of the visit will be to study its special characteristics, the opportunities/competition at first hand, seek a suitable agent or distributor, and jointly draw up an appropriate marketing plan to introduce and expand the sale of your product. These are all very important considerations, and more than one visit will probably be necessary. Choosing the right agent, for most Companies, is probably the single most important step. Do not rush this step. You can’t rush through this because the choice of the right agency can be crucial for most firms.
With euro bills and coins now circulating across much of Europe, the European Monetary Union is fully in place. The post-World War Ⅱ European leaders’ dream of an economically and politically unified continent is one large step closer to realization, and membership in the monetary union could easily grow to 20 or more countries from the current 12 as the large European Union expands to the east. A fully operational European Monetary Union does not come, however, with a guarantee of success. There is one enormous problem: This union creates a single monetary policy for group of quite different national economies that often experience divergent business-cycle patterns. As long as business-cycle conditions differ significantly among European Monetary Union countries, there is no way for the central bank’s policies to avoid creating serious problems for some members. The patterns of economic ups and downs remain far more diverse in the European Monetary Union countries, and it is not clear that this will change soon. The designers of the monetary union thought that the demand of a single monetary policy, combined with free trade a mong the members, would cause cyclical conditions to converge quickly, producing a unified group of economies. A 1997 agreement also limits the power of the individual nations in the European Monetary Union to use government spending or tax cuts to ease national downturns. They can be fined if they run budget deficits of more than 3 percent of their gross domestic products. No fines have been levied yet, but the threat is there. Even if the economies of the original European Monetary Union members become more similar in their cyclical behavior, it will take far longer for the convergence to include the new member nations expected to come in within the next 10 or 15 years. The chances for consensus on the Governing Council, however thin now, will become far more distant with more members representing divergent national economies. And the larger nations, like Germany, France and Italy, might well resent the power of representatives from much smaller nations to outvote them on monetary policy. All of this does not mean that the European Monetary Union is likely to fail. But clearly the arrival of the euro as the standard currency does net guarantee the union’s success. Which of the words below can replace the word "levied"
A. Commitment: Developing export markets can be costly in terms of time, money have the commitment required to make a success of export Entering new markets and developing them usually takes considerable time and effort. You must take a long-term view. Consider how many resources and how long it takes to break into a new regional market in Australia. The time and cost can be multiplied several times when you are looking at an overseas market.B. Finance: Breaking into any new markets requites considerable funds (airfares, accommodation, advertising, sales promotion, new brochures, training of overseas sales agent, etc.). Does your company have the financial strength to commit say $ 30,000 or more for the year or two it may take to develop a new overseas market Discusses your plans with the international Department of your bank to ensure that all the financial aspects are covered and viable. Gain an understanding of international trade finance. Discuss costing-for-export with your accountant, and transport/packaging requirements with a customs agent or forwarding agent.C. Become familiar with common terms used in international trade. The Australian Trade Commission (AUSTRADE) and the major trading banks have reference booklets. The Australian Institute of Expert provides courses.D. Select one or two likely markets and undertake desk research to identify their characteristics. Most first-time exporters start with New Zeatand. Many are also interested in the USA, but that is an enormous and complex market. In making a detailed market study the following should be considered: ·whether the country selected already imports the product (import statistics will show how much and from where) ·what import duties the product would attract ·other barriers to imports, such as import licensing ·frequency and cost of shipping or airfreight between Australia and the market ·regulations, such as quarantine and labeling standards, consumer protection rules, and product standards ·whether cultural differences need to be taken into account. ’Read economic and social literature on the target market to understand its fundamental characteristics.E. The desk research should have indicated the market with the most potential and you should now be in a good position to visit the target market. The main purpose of the visit will be to study its special characteristics, the opportunities/competition at first hand, seek a suitable agent or distributor, and jointly draw up an appropriate marketing plan to introduce and expand the sale of your product. These are all very important considerations, and more than one visit will probably be necessary. Choosing the right agent, for most Companies, is probably the single most important step. Do not rush this step. A long-term approach has to be taken in projecting how to crack the world market.
Hurtling as we are towards the new millennium, with all the social changes this iconic date implies, it is increasingly apparent (21) the world of business is experiencing fundamental shifts. Today, both companies and schools are increasingly aware that business is a human activity; it’s ultimately (22) and about people. In future, employers will (23) doubt demand more rounded individuals to run their operations, which naturally creates a question for the next generation of students, "Is the classic MBA still the model—and obligatory—passage toward that ideal career" The Masters of Business Administration (MBA), the best-known business school label, is an introduction to general management. The traditional MBA, Harvard-style, has remained largely unaltered (24) the 1950s, and seeks to provide a thorough knowledge of business functions through the case study—a(n) (25) incidentally borrowed from law school. The trouble is that the real world is not a theoretical exercise. The problems managers face today are messy, and, if anything, are becoming messier, neither fitting in neat functional boxes nor (26) one simple answer. Ambiguity is the hardest (27) to manage, but it’s the one most managers are wrestling with. "Management is more art than science," observes Richard D’Aveni, professor of strategic management at Dartmouth’s Amos Tuck School of Business Administration. "No one can say with certainty which decisions will bring the most (28) , any more than they can create instructions over (29) to sculpt a masterpiece. You just have to feel it as it goes." John Quelch is another business-school insider who detects the limitations of the traditional syllabus. According to Quelch, leadership is an area that b-schools have not fully addressed. It is notoriously hard to teach, (30) programs do have the capacity to provide a grounding in non-business areas and personal growth.
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