, intergovernmental and European level, the study tries in first place to point out the contribution of these assets to the security initiatives undertaken in Europe. Second, it describes the roles of the actors and the functioning of the institutional framework through which these capabilities are developed

of the framework legislation is to define the mandate for environmental agencies in relation to other government bodies. Because environmental problems cut across sectoral boundaries and may involve many different agencies, clearly delineating institutional arrangements is crucial for effective implementation

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Directorate General for Research Research on “Small and Medium-sized Enterprises,

of Korea into two parts with very different economic institutions and the colonization of much of the world by European powers starting in the fifteenth century. We then develop the basic outline of a framework for thinking about why economic institutions differ across countries. Economic institutions

framework serves to explain how governments and policymakers influence the structure and production distribution in the global market. Our findings suggest that the cement industry does not follow expected patterns of a market economy model. Additionally, it does not fully behave along the institutional

primitive, and normally not transnational. Merchants might borrow in their home country against their ships ’ cargo, but institutions that would allow distant traders to exchange goods on anything but a cash or in-kind basis did not exist (although in Europe the antecedents of today’s international banking

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Using a unique intervention “news ” data set, this paper investigates the impact of ECB intervention and intervention-related “news ” (newswire reports) on the euro exchange rate. A time-series study of “news ” generated by ECB officials and market participants regarding intervention and the value of the euro as well as an event study of firm reports of ECB intervention is conducted. Both studies find significant short-run effects on the euro value, while only “negative ” statements (official statements denying past intervention or ruling out future intervention) appear to have persistent effects. Key words: foreign exchange market intervention, the euro, central bank intervention JEL codes: F31, F33, F42, G15 2 The weakness of the external value of the euro since its inception in January 1999 has been a source of concern among policymakers on both sides of the Atlantic. European Central Bank (ECB) officials have made numerous statements attempting to support the euro, pointing to such factors as growth potential, “fundamentals”, as well as the possibility of (coordinated) central bank intervention in the foreign exchange market. Confronted with particularly strong downward pressure on the euro in fall 2000, the

1) The first meeting of the SOPAC Council Committee of the Whole (SCW) on the Regional