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Scotland's investible exports

Article Abstract:

Cross-border activity in the European Community (EC) financial markets has been facilitated by many factors, including the liberalization of inter-EC capital movement; the stabilization of currencies pursuant to a monetary union, and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive of Oct 1989. The UCITS Directive has allowed the pan-EC marketing of shares or units in such entities as approved unit trusts, SICAVs, or Rentenfonds. The funds managers in many European countries lack experience in international equity investment, an area the UK typically has much expertise in. However, to effectively compete in the pan-EC UCITS market, a financial player needs a distribution network in the targeted countries. While other UK fund managers are actively pursuing such distribution arrangements, Scottish fund managers have not made much progress in marketing their expertise throughout the EC and are missing a great opportunity.

Marketing, Capital market, Capital markets, Mutual funds, Financial institutions

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Who's afraid of the EMU?

Article Abstract:

The European Community may adopt a single monetary currency or opt for the fixation of parities of the monetary units of the 12 member nations under 'Stage 3' of European Monetary Union (EMU). Currency union can be advantageous, considering that it will eliminate the costs and inconveniences of switching between currencies. EMU will also lessen the risks associated with exchange fluctuations that can cause loss and added costs in the business community. Monetary union also has disadvantages, including the loss of commission and trading profits from currency exchange transactions done in banks and other financial institutions. The EMU is expected to have a significant impact on the Scottish economy. With the lowering of barriers between member nations, Scotland expects considerable growth in trade.

Planning, Evaluation, Monetary unions, European Monetary System, Single European market

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