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• Future of the Eurozone and U.S. Interests [January 10, 2011]

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  "Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone grew in early 2010 as a result of the onset of a sovereign debt crisis in Greece that spread to Ireland later in the year. These concerns, in turn, took on added significance because the euro is considered a cornerstone of the European integration process. One important cause of the crisis stemmed from flaws in the architecture of the currency union, including the fact that the EMU provides for a common central bank (the European Central Bank or ECB), and thus a common monetary policy, but leaves fiscal policy up to the member countries. Weak enforcement of fiscal discipline, over time, led to rising public debts, contributing to the 2010 Eurozone debt crisis. The problems were compounded by rapid expansion private sector debt in a number of countries, most notably Ireland."

  Library of Congress. Congressional Research Service

  Ahearn, Raymond J.; Jackson, James K., 1949-; Nelson, Rebecca M.

  2011-01-10
• Frequently Asked Questions about IMF Involvement in the Eurozone Debt Crisis [August 27, 2010]

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  "On May 2, 2010, the Eurozone member states and the International Monetary Fund (IMF) announced an unprecedented €110 billion (about $145 billion) financial assistance package for Greece. The following week, on May 9, 2010, EU leaders announced that they would make an additional €500 billion (about $636 billion) in financial assistance available to vulnerable European countries, and suggested that the IMF could contribute up to an additional €220 billion to €250 billion (about $280 billion to $318 billion). This report answers frequently asked questions about IMF involvement in the Eurozone debt crisis."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.; Nanto, Dick Kazuyuki

  2010-08-27
• Future of the Eurozone and U.S. Interests [September 14, 2010]

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  "Sixteen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone grew in early 2010 as a result of the onset of a sovereign debt crisis in Greece that was intensified by fears that the crisis could spread to other heavily-indebted Eurozone members. These concerns, in turn, took on added significance because the euro is considered a cornerstone of the European integration process. One important cause of the crisis stemmed from flaws in the architecture of the currency union, including the fact that the EMU provides for a common central bank (the European Central Bank or ECB), and thus a common monetary policy, but leaves fiscal policy up to the member countries. Weak enforcement of fiscal discipline, over time, led to rising public debts, contributing to the 2010 Eurozone debt crisis."

  Library of Congress. Congressional Research Service

  Ahearn, Raymond J.; Jackson, James K., 1949-; Nelson, Rebecca M.

  2010-09-14
• Greece's Debt Crisis: Overview, Policy Responses, and Implications [April 27, 2010]

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  "On April 23, 2010, the Greek government requested financial assistance from other European countries and the International Monetary Fund (IMF) to help cover its maturing debt obligations. This report analyses the Greek debt crisis and implications for the United States. Greece's crisis could have several implications for the United States. First, falling investor confidence in the Eurozone could further weaken the euro and, in turn, widen the U.S. trade deficit. Second, given the strong economic ties between the United States and the EU, financial instability in the EU could impact the U.S. economy. Third, $14.1 billion of Greece's debt is held by U.S. creditors, and a Greek default would likely have ramifications for these creditors. Fourth, some point to similarities between the financial situation in Greece and the United States, implying that Greece's current crisis foreshadows what the United States could face in the future. Others argue that the analogy is weak, because the United States, unlike Greece, has a floating exchange rate and the dollar is a reserve currency. Fifth, the debate about imbalances within the Eurozone is similar to the debates about U.S.-China imbalances, and reiterates how, in a globalized economy, the economic policies of one country impact other countries' economies."

  Library of Congress. Congressional Research Service

  Belkin, Paul; Mix, Derek E.; Nelson, Rebecca M.

  2010-04-27
• Greece's Debt Crisis: Overview, Policy Responses, and Implications [May 14, 2010]

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  "Greece's debt crisis could have several implications for the United States. First, falling investor confidence in the Eurozone has weakened the euro, which, in turn, could widen the U.S. trade deficit. Second, given the strong economic ties between the United States and the EU [European Union], financial instability in the EU could impact the U.S. economy. Third, $16.6 billion of Greece's debt is held by U.S. banks, and a Greek default would likely have ramifications for these creditors. Fourth, some have suggested that Greece's current debt crisis foreshadows what the United States could face in the future. Others argue that the analogy is weak, because the United States, unlike Greece, has a floating exchange rate and a national currency that is an international reserve currency. Fifth, the debate about imbalances within the Eurozone is similar to the debates about U.S.-China imbalances, and reiterates how, in a globalized economy, the economic policies of one country impact other countries' economies."

  Library of Congress. Congressional Research Service

  Belkin, Paul; Mix, Derek E.; Nelson, Rebecca M.

  2010-05-14
• G-20 and International Economic Cooperation: Background and Implications for Congress [August 10, 2010]

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  "The G-20 is an international forum for discussing and coordinating economic policies. The members of the G-20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union. Background: The G-20 was established in the wake of the Asian financial crisis in the late 1990s to allow major advanced and emerging-market countries to coordinate economic policies. Until 2008, G-20 meetings were held at the finance minister level, and remained a less prominent forum than the G-7, which held meetings at the leader level (summits). With the onset of the global financial crisis, the G-7 leaders decided to convene the G-20 leaders to discuss and coordinate policy responses to the crisis. To date, the G-20 leaders have held four summits: November 2008 in Washington, DC; April 2009 in London; September 2009 in Pittsburgh; and June 2010 in Toronto. The G-20 leaders have agreed that the G-20 is now the premier forum for international economic coordination, effectively supplanting the G-7's role as such. Commitments: Over the course of the four G-20 summits held to date, the G-20 leaders have made commitments on a variety of issue areas. In the United States, implementing some of these commitments would require legislation. Issues that are likely to influence future policy debates and/or the legislative agenda include: a new international framework to monitor and coordinate economic policies, aimed at correcting global imbalances and promoting economic growth; financial regulatory reform and harmonization; voting reform at the IMF; increased funding of multilateral development banks (MDBs); concluding the WTO Doha multilateral trade negotiations; and elimination of fossil fuel subsidies."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2010-08-10
• Greece's Debt Crisis: Overview, Policy Responses, and Implications [August 18, 2011]

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  "Since early 2010, the Eurozone has been facing a major debt crisis. The governments of several countries in the Eurozone have accumulated what many consider to be unsustainable levels of government debt, and three--Greece, Ireland, and Portugal--have turned to other European countries and the International Monetary Fund (IMF) for loans in order to avoid defaulting on their debt. The crisis now threatens to spread to Italy and Spain, respectively the third and fourth largest economies in the Eurozone. Greece has been at the center of the Eurozone debt crisis. It has the highest levels of public debt in the Eurozone, and one of the biggest budget deficits. Greece was the first Eurozone member to come under intense market pressures and the first to turn to other Eurozone member states and the IMF for financial assistance. Over the past year, the IMF, European officials, the European Central Bank (ECB), and the Greek government have undertaken substantial crisis response measures. At the behest of European leaders in July 2011, holders of Greek bonds have also indicated that they will accept losses on their investments to alleviate Greece's debt payments in the short-run. If these plans are carried out, Greece will be the first advanced economy to default in almost half a century. […] This report explains the causes of the crisis, the policy responses to the crisis, and assesses crisis response measures to date. It also highlights the implications of the Greek crisis for the broader Eurozone debt crisis and EU integration. It concludes with an analysis of issues of particular interest to Congress, including the impact of the Greek debt crisis on the U.S. economy, the exposure of U.S. banks to Greece and other distressed Eurozone economies, and IMF involvement in the crisis."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Belkin, Paul; Mix, Derek E.

  2011-08-18
• Eurozone Crisis: Overview and Issues for Congress [August 29, 2012]

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  From the Document: "What started as a debt crisis in Greece in late 2009 has evolved into a broader economic and political crisis in the Eurozone and European Union (EU). The Eurozone faces four major, and related, economic challenges: (1) high debt levels and public deficits in some Eurozone countries; (2) weaknesses in the European banking system; (3) economic recession and high unemployment in some Eurozone countries; and (4) persistent trade imbalances within the Eurozone. Additionally, the Eurozone is facing a political crisis. Disagreements among key policymakers over the appropriate crisis response and a slow, complex EU policy-making process are seen as having exacerbated anxiety in markets. Governments in several European countries have fallen as a direct or indirect result of the crisis."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Belkin, Paul; Mix, Derek E.

  2012-08-29
• Eurozone Crisis: Overview and Issues for Congress [September 26, 2012]

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  "Since 2009, the European Union (EU) has grappled with a sovereign debt and financial crisis that many consider the biggest current threat to the global economy. Analysts and investors are concerned that some Eurozone governments could default on their debt in a disorderly fashion; that vulnerabilities in the European banking sector could trigger broad financial turmoil; that the Eurozone could enter a protracted economic recession; and that one or more countries could leave the Eurozone. The economic crisis has also become a political crisis. A number of national governments have fallen as a direct or indirect result of the crisis, and the crisis has strained relations among European leaders and institutions. The Obama Administration has repeatedly called for swift and robust European responses-- specifically advocating that more substantial financial assistance be made available to struggling economies. The United States has found, however, that it has limited ability to affect European policy decisions on this issue. Some Members of Congress have expressed concern about the possible effects of the crisis on the U.S. economy, the appropriate role of the International Monetary Fund (IMF) in the crisis, and the implications of the crisis for future U.S.-EU cooperation on foreign policy issues. Committees in both the House and the Senate have held hearings on the crisis and issues relating to its impact on the U.S. economy, and have exercised congressional oversight of U.S. policy responses. This report provides a brief analysis of the Eurozone crisis and issues of particular congressional interest. For broader analysis of the origins of the Eurozone and its future prospects, see CRS Report R41411, 'The Future of the Eurozone and U.S. Interests,' coordinated by Raymond J. Ahearn."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Belkin, Paul; Mix, Derek E.

  2012-09-26
• IMF Reforms: Issues for Congress [December 4, 2012]

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  "In December 2010, the International Monetary Fund (IMF, the Fund)'s Board of Governors, the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.

  2012-12-04
• IMF Reforms: Issues for Congress [December 12, 2012]

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  "In December 2010, the International Monetary Fund (IMF, the Fund)'s Board of Governors, the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Weiss, Martin A.; Nelson, Rebecca M.

  2012-12-12
• IMF Reforms: Issues for Congress [February 1, 2013]

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  "In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.

  2013-02-01
• U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [March 4, 2013]

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  "U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with long-standing U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that Congress might consider concerning U.S.-MENA trade and investment."

  Library of Congress. Congressional Research Service

  Akhtar, Shayerah Ilias; Bolle, Mary Jane; Nelson, Rebecca M.

  2013-03-04
• G-20 and International Economic Cooperation: Background and Implications for Congress [January 9, 2013]

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  "The Group of Twenty, or G-20, is a forum for advancing international economic cooperation and coordination among 20 major advanced and emerging-market economies. Originally established in 1999, the G-20 rose to prominence during the global financial crisis of 2008-2009. It is now the lead forum for international economic cooperation, a position held for decades following World War II by a smaller group of advanced economies (the Group of 7, or G-7). The G-20 leaders meet annually, with the next G-20 leader meeting scheduled to be held in St. Petersburg, Russia, in September 2013, and meetings among lower level officials are scheduled to be held throughout the year. The G-20's focus is primarily on financial and economic issues and policies, although related issues have also been discussed, including food security, foreign aid, and the environment, among others. Congress may want to exercise oversight over the Administration's participation in the G-20, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. Additionally, legislative action may be required to implement certain commitments made by the Administration in the G-20 process, and commitments made at the G-20 may shape the congressional legislative agenda. [...] This report analyzes: why countries coordinate economic policies and the historical origins of the G-20; how the G-20 operates; major highlights from previous G-20 summits, plus an overview of the agenda for the next G-20 summit; and debates about the effectiveness of the G-20 as a forum for economic cooperation and coordination."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-01-09
• U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [January 20, 2012]

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  "In order to support democratic political transitions and stability in the Middle East and North Africa (MENA), policymakers in Congress and elsewhere are discussing potentially using U.S. trade and investment to bolster long-term economic growth in the region. For example, President Obama has called for the creation of a 'Trade and Investment Partnership Initiative' in the MENA region, and some Members of Congress have called for deeper economic ties with Arab countries undergoing profound change. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias

  2012-01-20
• Eurozone Crisis: Overview and Issues for Congress [February 29, 2012]

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  From the Document: "What started as a debt crisis in Greece in late 2009 has evolved into a broader economic crisis in the Eurozone that threatens economic stability in Europe and beyond. Some analysts view the Eurozone crisis as the biggest potential threat to the U.S. economic recovery. The Eurozone faces at least four major, and related, economic challenges. These challenges include: 1) high debt levels and public deficits in some Eurozone countries; 2) weaknesses in the European banking system; 3) economic recession and high unemployment in some Eurozone countries; and 4) persistent trade imbalances within the Eurozone. [...] The United States and Europe share the largest bilateral economic relationship in the world, and there are concerns about the exposure of U.S. financial institutions to Europe and U.S. exports to Europe. Treasury officials have emphasized that U.S. exposure to the Eurozone countries under the most market pressure is small but that U.S. exposure to Europe as a whole is significant. To date, it is not clear that U.S.-EU trade flows have contracted, although risks may remain. [...] The United States looks to Europe for partnership in addressing a wide range of global challenges. Some analysts and U.S. and European officials have expressed concern that the crisis could turn the EU's focus more inward and exacerbate a long-standing downward trend in European defense spending."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Belkin, Paul; Mix, Derek E.

  2012-02-29
• G-20 and International Economic Cooperation: Background and Implications for Congress [April 12, 2012]

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  "The G-20 rose to prominence during the global financial crisis of 2008-2009, when it played an arguably influential role in coordinating international responses to the crisis. The G-20 is now considered the 'premier' forum for international economic coordination, a position previously held by a smaller group of advanced economies (the Group of 7, or G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States). G-20 leaders have annual meetings ('summits'), and meetings among lower-level officials occur more frequently. Meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Previous summits have, for example, focused on financial regulatory reform, global imbalances, funding for the International Monetary Fund (IMF), voting power of emerging economies in international financial institutions, and fossil fuel subsidies. […]The next G-20 summit is scheduled to be held in Los Cabos, Mexico, in June 2012, and will be the first hosted by a Latin American government. The Mexican government has indicated that the summit will focus on the following. [1] Economic stabilization and structural reforms as foundations for growth and employment. [2] Strengthening the financial system and fostering financial inclusion to promote economic growth. [3] Improving the international financial architecture in an interconnected world. [4] Enhancing food security and addressing commodity price volatility. [5] Promoting sustainable development, green growth, and the fight against climate change."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2012-04-12
• Eurozone Crisis: Overview and Issues for Congress [May 31, 2012]

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  From the Document: "What started as a debt crisis in Greece in late 2009 has evolved into a broader economic and political crisis in the Eurozone. The Eurozone faces four major, and related, economic challenges: (1) high debt levels and public deficits in some Eurozone countries; (2) weaknesses in the European banking system; (3) economic recession and high unemployment in some Eurozone countries; and (4) persistent trade imbalances within the Eurozone. Additionally, the Eurozone is facing a political crisis. Disagreements among Germany, France, and the European Central Bank (ECB) over the appropriate crisis response, and complex European Union (EU) policy-making processes, are seen as having exacerbated anxiety in markets. Governments in several European countries have also fallen as a direct or indirect result of the crisis."

  Library of Congress. Congressional Research Service

  Belkin, Paul; Nelson, Rebecca M.; Mix, Derek E.

  2012-05-31
• Egypt and the IMF: Overview and Issues for Congress [April 29, 2013]

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  "After more than two years of social unrest and economic stagnation following the 2011 popular uprising, the government of Egypt is facing serious economic pressures that, if not remedied, could lead to economic collapse and possibly new levels of violence. The International Monetary Fund (IMF) has been in negotiation with the government of Egypt for at least $4.8 billion in loans in exchange for structural economic reforms, such as subsidy reduction. Egyptian acceptance of an IMF loan could also pave the way for billions more in financial assistance from other bilateral and multilateral donors, potentially providing Egypt with time to stabilize its political system and economy. The Obama Administration is encouraging President Mohammed Morsi to reach out to the opposition and the public in order to gain the political support to quickly reach a deal with the IMF in order to stave off further economic uncertainty. Egyptian leaders are concerned about the political ramifications of required IMF reforms, which could be politically unpopular. Congress, which annually oversees and appropriates $1.55 billion in bilateral foreign aid to Egypt, is following the situation in Egypt closely, including the Islamist-led government's stated commitment to, among other things, pursuing democratic principles and continued peace with Israel. Some Members of Congress are also closely monitoring Egypt-IMF negotiations. U.S. funds to provide bilateral debt relief to Egypt have been tied to Egypt committing to an economic program in conjunction with the IMF. Legislative language also has been proposed that would tie U.S. bilateral economic assistance to Egypt to, among other things, an IMF program and implementation of reforms under the program. Congress could also pass legislation to shape U.S. policy toward Egypt at the IMF. More generally, in the 113th Congress, lawmakers have proposed a number of bills that would prohibit, restrict, or rescind bilateral U.S. assistance and/or arms sales to Egypt. This report provides an overview of the economic situation in post-revolution Egypt and negotiations between Egypt and the IMF. It also analyzes why an IMF program is controversial in Egypt and the relationship between an IMF program for Egypt and U.S. foreign policy goals in the region. It discusses the IMF program from a congressional perspective, including how debt relief for Egypt has been tied to an IMF program and legislation that would condition U.S. bilateral economic assistance to Egypt on an IMF program."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Sharp, Jeremy Maxwell

  2013-04-29
• G-20 and International Economic Cooperation: Background and Implications for Congress [December 9, 2009]

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  "Governments discuss and coordinate economic policies using a mix of formal institutions, such as the World Trade Organization (WTO) and International Monetary Fund (IMF), and more informal economic forums, like the Group of Seven, or G-7, and the Group of 20, or G-20. This report focuses on informal economic forums, and, specifically, the role of the G-20 in coordinating governments' responses to the current economic crisis. The members of the G-7 are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The G-20 includes the G-7 members plus Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, and the European Union (EU). Since the mid-1970s, leaders from the G-7, a small group of developed countries, have gathered annually to discuss and coordinate financial and economic policies. Large emerging-market economies such as China started to have more sway in financial markets in the 1990s, and the Asian Financial Crisis in 1997-1998 showed that emerging markets were too important to exclude from international economic discussions. The G-20 was formed in 1999 as an opportunity for finance ministers and central bank governors from both developed and emerging-market countries to discuss financial issues. The G-20 remained a less prominent forum than the G-7, as it involved meetings among finance ministers while the G-7 sessions also involved summit meetings among heads of governments or heads of state."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2009-12-09
• U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [February 28, 2013]

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  "U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with longstanding U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias

  2013-02-28
• U.S. Foreign Trade in Services: Trends and U.S. Policy Challenges [May 15, 2014]

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  "The term 'services' refers to an expanding range of economic activities, such as construction, retail and wholesale sales, e-commerce, financial services, professional services (such as accounting and legal services), transportation, tourism, and telecommunications. They have become an important priority in U.S. foreign trade flows and trade policy and of global trade in general, although their intangibility, the requirement for direct buyer-provider contact, and other characteristics have limited the types and volume of services that can be traded. Congress is expected to consider in the future U.S. trade agreements currently under negotiation that include services as significant components. Services constitute an important component of U.S. trade flows. The United States is the largest exporter of services (14% of the global total in 2011) and the largest importer (10% of the global total in 2011). In 2012, services accounted for 29% of total U.S. exports and 7% of total imports. Rapid advances in information technology and the related growth of global value or supply chains have reduced barriers to trade in services, making an expanding range of services tradable across national borders."

  Library of Congress. Congressional Research Service

  Cooper, William H., 1949-; Nelson, Rebecca M.

  2014-05-15
• Japan-U.S. Relations: Issues for Congress [September 24, 2014]

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  "Japan is a significant partner for the United States in a number of foreign policy areas, particularly in U.S. security priorities, which range from hedging against Chinese military modernization to countering threats from North Korea. The post-World War II alliance has long been an anchor of the U.S. security role in Asia. The alliance facilitates the forward deployment of about 50,000 U.S. troops and other U.S. military assets based in Japan. In addition, Japan's participation in the Trans-Pacific Partnership (TPP) talks could enhance the credibility and viability of the proposed trade pact, which could be a core component of Administration efforts to 'rebalance' U.S. foreign policy priorities toward the Asia-Pacific region. After years of turmoil, Japanese politics has entered a period of stability with the December 2012 election victory of current Prime Minister Shinzo Abe and his Liberal Democratic Party (LDP). New elections are not required to be held until 2016. The LDP's recent election wins have given it control over both chambers, thereby giving Abe more political room to pursue controversial initiatives that the United States has encouraged such as joining the proposed TPP trade pact and increasing the Japanese military's capabilities and flexibility. The political continuity in Tokyo has allowed Abe to reinforce his agenda of revitalizing the Japanese economy and boosting the U.S.-Japan alliance, both goals that the Obama Administration has actively supported."

  Library of Congress. Congressional Research Service

  Chanlett-Avery, Emma; Manyin, Mark E.; Rinehart, Ian E. . . .

  2014-09-24
• 'Womenomics' in Japan: In Brief [August 1, 2014]

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  "Confronted with decades of economic stagnation, strict immigration controls, and a rapidly aging population, Japanese Prime Minister Shinzo Abe has launched an ambitious plan--widely known as 'Abenomics'--to restart Japan's economy. The program has three main components: a large fiscal stimulus that was injected into the economy in early 2013; expansionary monetary policy that also began in 2013 and continues today; and a series of planned structural economic reforms, many of which have yet to be announced or implemented, that ostensibly will boost Japan's productivity. One of Abe's planned structural reforms is a strategy to persuade more Japanese women to join the workforce, to remain in the workforce after they have children, and to advance higher on the career ladder. Japan's gender gap is one of the largest among high-income countries, and some economists have argued for many years that narrowing this gap is a potential source of economic growth for Japan as well as a way to help offset the long-term demographic problems facing the country. Although some are optimistic that Abe's government will be able to drive progress in the participation and advancement of women in Japan's workforce, other observers believe that elements of Japanese culture, including office customs and traditional beliefs regarding gender roles, pose challenges for the success of the policy."

  Library of Congress. Congressional Research Service

  Chanlett-Avery, Emma; Nelson, Rebecca M.

  2014-08-01
• G-20 Summit: Brisbane, November 15-16, 2014 [November 5, 2014]

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  "The Group of Twenty (G-20) is a multilateral forum for advancing international cooperation and coordination among 20 major advanced and emerging-market economies. […]Australia has focused the 2014 agenda on global economic growth. In February 2014, the G-20 finance ministers and central bank governors pledged to develop policies that would boost the G-20's collective GDP by more than two percentage points over the coming five years. [..]The G-20 summit will also continue previous work on issues including financial regulatory reforms; reforming the international tax system; increasing the representation of emerging-markets at the International Monetary Fund (IMF); and building energy market resilience. Climate change will also likely be added to the agenda, despite initial opposition by Australian officials. Some NGOs are calling for a G-20 commitment of resources for the international response to the Ebola outbreak."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2014-11-05
• G-20 Summit: Brisbane, November 15-16, 2014 [November 20, 2014]

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  "The Group of Twenty (G-20) is a multilateral forum for advancing international cooperation and coordination among 20 major advanced and emerging-market economies. […]Australia has focused the 2014 agenda on global economic growth. In February 2014, the G-20 finance ministers and central bank governors pledged to develop policies that would boost the G-20's collective GDP by more than two percentage points over the coming five years. [..]In Brisbane, the G-20 leaders announced a 'Brisbane Action Plan' of individual country commitments and collective actions to meet this goal. A number of other issues were also discussed at the summit, with key announcements outlined in the summit's communiqué."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2014-11-20
• Argentina: Background and U.S. Relations [December 9, 2014]

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  "Argentina, a South American country with a population of around 41 million, has had a vibrant democratic tradition since its military relinquished power in 1983. Current President Cristina Fernández de Kirchner, from a center-left faction of the Peronist party, was first elected in 2007 (succeeding her husband, Néstor Kirchner, who served one term) and is now approaching the final year of her second term. Argentina's constitution does not allow for more than two successive terms, so President Fernández is ineligible to run in the next presidential election, scheduled for October 2015. The presidential race is well underway with several candidates leading opinion polls, including two from the Peronist party. Argentina has Latin America's third-largest economy and is endowed with vast natural resources. Agriculture has traditionally been a main economic driver, but the country also has a diversified industrial base and a highly educated population. In 2001-2002, a severe economic crisis precipitated by unsustainable debt led to the government defaulting on nearly $100 billion in foreign debt owed to private creditors, the International Monetary Fund (IMF), and foreign governments. Subsequent Argentine administrations resolved more than 90% of the country's debt owed to private creditors through two debt restructurings offered in 2005 and 2010; repaid debt owed to the IMF in 2006; and, in May 2014, reached an agreement to repay foreign governments. Recent court rulings have increased pressure on Argentina to reach an agreement with private creditors who chose not to participate in the 2005 and 2010 debt restructuring offers. This outstanding debt has also prevented Argentina from accessing international credit markets, and could make it more difficult for Argentina to emerge from its current economic downturn."

  Library of Congress. Congressional Research Service

  Sullivan, Mark P.; Nelson, Rebecca M.

  2014-12-09
• G-20 and International Economic Cooperation: Background and Implications for Congress [October 23, 2013]

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  "The G-20 is an international forum for discussing and coordinating economic policies among major advanced and emerging economies. Congress may want to exercise oversight over the Administration's participation in the G-20 process, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. […] The G-20 rose to prominence during the global financial crisis of 2008-2009, when it played an arguably influential role in coordinating international responses to the crisis. Leaders agreed that the G-20 would be the 'premier' forum for international economic coordination, a position previously held by a smaller group of advanced economies (the Group of 7, or G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States). G-20 leaders have annual meetings ('summits'), and meetings among lower-level officials from the G-20 countries occur more frequently. Meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Previous summits have, for example, focused on financial regulatory reform, global imbalances, funding for the International Monetary Fund (IMF), voting power of emerging economies in international financial institutions, and fossil fuel subsidies. […] The G-20 has a rotating presidency, which is held by Russia in 2013. […] The Russian government hosted the 2013 G-20 summit in St. Petersburg, Russia, on September 5-6, 2013, which focused on a wide range of economic issues, including trade, investment, jobs, financial regulation, and corruption. Foreign policy issues, most notably the situation in Syria, were also discussed."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-10-23
• G-20 and International Economic Cooperation: Background and Implications for Congress [November 7, 2013]

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  "The G-20 is an international forum for discussing and coordinating economic policies among major advanced and emerging economies. Congress may want to exercise oversight over the Administration's participation in the G-20 process, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. The G-20 rose to prominence during the global financial crisis of 2008-2009, when it played an arguably influential role in coordinating international responses to the crisis. Leaders agreed that the G-20 would be the 'premier' forum for international economic coordination, a position previously held by a smaller group of advanced economies (the Group of 7, or G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States). G-20 leaders have annual meetings ('summits'), and meetings among lower-level officials from the G-20 countries occur more frequently. Meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Previous summits have, for example, focused on financial regulatory reform, global imbalances, funding for the International Monetary Fund (IMF), voting power of emerging economies in international financial institutions, and fossil fuel subsidies."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-11-07
• IMF Reforms: Issues for Congress [March 11, 2014]

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  "In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Weiss, Martin A.; Nelson, Rebecca M.

  2014-03-11