Post-acquisition cultural integration the case of Arcelormittal Essay

Post-procurement social reconciliation the instance of Arcelormittal - Essay Example The motivation behind the paper is to comprehend the discoveries of the past specialists regarding the matter. Diaries and papers from scholastic sources, for example, Emerald, PROQUEST and EBSCO Host have been sued for the examination. The spotlight for this examination on ArcelorMittal is advocated taking into account the various disappointments in global mergers because of social issues. The primary stream of writing depends on understanding the idea of mergers and acquisitions. An outline of the terms, the thought processes in mergers and the result of such mergers have been talked about. The second stream of writing is on the job of culture in acquisitions. In this area, the meaning of culture, the idea of national and authoritative culture, including the nation bunches and their worth framework have been examined finally while giving the various speculations. Under a similar area the cultural assimilation hypothesis and the idea of social cooperative energy has been featured. T he third stream of writing manages the administrative abilities and the etymological issues with regards to worldwide mergers. Mergers and acquisitions (M&A) is an outflow of a system that relates to the corporate division. It is fundamentally the administration of various procedures identifying with various capacities, for example, selling, purchasing or joining at least one organizations towards a shared objective. It assists with quickening development and accomplish cooperative energies.

Corporate Social Responsibility and Carroll Pyramid Essay Example

Corporate Social Responsibility and Carroll Pyramid Essay The worldwide money related emergency revealed numerous accepted practices beforehand unheard of. The quantity of individuals who lost their Jobs because of the monetary circumstance is horrifying. Strangely, this doesn't imply that worldwide companies are essentially languishing. The greater part of the set up organizations with branches everywhere throughout the world took the reason of the budgetary breakdown to profit. Out of nowhere, it was alright to lay off individuals on the affection of money related unhappiness. This implies a couple of individuals were profiting by the burdens of a thousand more. The issue of corporate social obligation introduces itself in this circumstance in that, the multi-partnerships are controlled by a leading body of governors. The leading group of governors is normally created ofa not many people that give orders. It is normal information that these companies utilize countless people in numerous parts of the economy. At the point when the benefits of these monstrous organizations neglect to arrive at a specific objective, the running expenses of the business must be checked. This is the reason, the couple of people at the top, not having any desire to lose, resort to terminating a few people. This is done as such as to keep up the benefits at a specific level. We will compose a custom paper test on Corporate Social Responsibility and Carroll Pyramid explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on Corporate Social Responsibility and Carroll Pyramid explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Corporate Social Responsibility and Carroll Pyramid explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer The issue is that when the entirety of the global organizations resort to terminating a couple of representatives, the net impact is that, countless people wind up losing their Jobs. Corporate social duty guarantees that companies the world over are occupied with different exercises that offer back to the network (Crowther and Rayman-Bacchu 172). Numerous exercises that are viewed as accommodating incorporate; sorting out exercises that try to include the network in such occasions as raising support for the eedy, occasions that look to assist the burden in the public arena and other comparative exercises. In the money related and corporate world, corporate social duty a given with a positive effect on execution. There are, be that as it may, a few factors that show the requirement for corporate social obligation. The principal factor is populace. The growing populace in creating districts will make bigger markets commanded by more youthful people with faulty access to the created universes way of life. Insights show that in excess of eighty five percent of the universes populace will ive in creating nations by 2025 (Crowther and Rayman-Bacchu 165). This presents a test to organizations looking to include themselves in corporate social duty, since obviously a ton of money related help will be required for these populaces. The subsequent factor is riches. In spite of the way that worldwide riches is rising, the salary hole has become more extensive, compromising common society. Seventy eight percent of the world can be named poor, with eleven percent in the white collar class, and just eleven percent can be named rich. Every single organization ought to endeavor to be nvolved in endeavoring to adjust this appropriation of riches. The pattern of the rich becoming more extravagant while the poor become more unfortunate ought to be killed, since it is exploitative for certain individuals to have so a lot, and others to have nothing by any means. The third factor is sustenance. There are a huge number of individuals who are malnourished, in the midst of a plenitude of food. Thousands kick the bucket of appetite consistently, while rich partnerships blow millions on extravagant occasions for their officials. It is vital for each organization to require some investment and retlect on the funds it spends on benefits tor its administrators, as thought about o that spent on helping the destitute in the public eye. While these advantages are crucial for representative inspiration, they ought not be taken over the edge to the detriment of the enduring masses. Training is another basic factor that ought to be considered in the plan of corporate social duty programs. Essential training is across the board, yet open doors for learning keep on escaping many. More than one hundred million kids are not in school, with ninety seven percent of these being in creating nations. One in each five grown-ups universally is uneducated, which are taggering fgures given the broad chances to learn accessible today. Corporate are confronted with the test of advancing instruction by setting up schools, and subsidizing instructive advancement programs. Instruction can likewise be supported by taking in assistants and students and allowing them a chance to gain proficiency with the stunts of the Job, which will empower them contend reasonably in the corporate world (Crowther and Rayman-Bacchu 169). Taking everything into account, this paper has demonstrated that corporate social duty is an essential component for nay business partnerships. It has been indicated that here are a wide range of regions wherein an organization may decide to center its corporate social obligation. The main region of center in corporate social obligation is concerning the earth. Different regions that ought to be considered in the improvement of corporate social duty programs are training, wellbeing, sustenance and business. Social duty venture joins speculators budgetary objectives with their commitment and devotion to factors that guarantee the prosperity of society, for example, natural well disposed practices, financial development and ustice in the public eye (Anderson 9). These components are parts of corporate social duty, yet additionally a demonstration of the moral guidelines of an organization. It is untrustworthy for certain people to possess so a lot and win such a great amount, to the detriment of other enduring citizenry. It is additionally dishonest for organizations to participate in naturally debasing practices that bring about ailments and death toll. It very well may be reasoned that Social corporate duty and the upkeep of high moral principles isn't an alternative however a commitment for all business. Works Cited Anderson, Jerry. Corporate Social Responsibility: Guidelines for Top Management. Westport: Greenwood Press, 1989. Print. Banerjee, Subhabrata. Corporate Social Responsibility: The Good, the Bad and the Ugly. Northampton: Eward Elgar Publishing, 2007. Print. Crowther, David and Rayman-Bacchus, Lez. Points of view on Corporate Social Responsibility. Burlington: Ashgate Publishing, 2004. Print. Werther, William and Chandler, David. Vital Corporate Social Responsibility: Stakeholders in a Global Environment. Carlifonia: Sage Publications, 2006. Print.

Triangular trade Essay Example For Students

Triangular exchange Essay Slaves and slave exchange has been a significant piece of history for an extremely prolonged stretch of time. In the long stretches of the British thirteen states in North America, slaves and slave exchange was a significant piece of its turn of events. It even carried on to right around 200 years of the United States history. The slave exchange of the thirteen provinces was a significant piece of the settlements just as Europe and Africa. So as to flexibly the thirteen states effectively through exchange, Europe built up the strategy for triangular exchange. It is alluded to as triangular exchange since it comprises of exchange with Africa, the thirteen provinces, and England. These three zones are ordinarily called the exchanges three legs. The main leg of this exchange was vendors from Europe carrying refined products to Africa to exchange for slaves. The dealers exchanged with boss and high position pioneers. The boss basically could and would exchange whomever they satisfied, there was no limitation with respect to who the slaves were. On the second leg of this exchange slaves were shipped toward the West Indies, this leg was known as the center entry. This part was terrible for the slaves. About half of the considerable number of slaves on one boat would not make it toward the West Indies as a result of ailment or fierce abuse. Several men, lady and kids were confined together for the majority of the excursion, every so often capable move a practically conventional sum. On the third leg of the excursion slaves were exchanged for sugar, molasses and different items. Those items were dispatched to Europe or other European states in the Americas. The slaves in the West Indies were then offered to whomever needed to get a few. After this entire procedure the cycle rehashed itself again and again, and this framework was utilized for quite a while. To flexibly the thirteen states adequately however exchange, Europe thought of the possibility of triangular exchange. Africa, the 13 provinces, and Europe were a piece of Europes development of triangular exchange. Taking all things together, this was an exceptionally cruel yet to some degree effective method of trade.Words/Pages : 367/24

Tidal Power (School of Mechanical, Materials and Manufacturing Essay

Tidal Power (School of Mechanical, Materials and Manufacturing Engineering) - Essay Example There are roughly 20 destinations over the reality where tidal force can be produced. This vitality is free, yet it tends to be dealt with some other force age plant as it is accessible just for 10-12 hours out of every days when tides streams. Catchphrases: Tide, tidal, turbines, floodgates, lock, banks, tidal wall, tidal ponds, tidal streams, Bulb turbine, Rim Turbine, Tubular turbine, Offshore Turbines, Vertical-Axis turbines and tidal blasts. One can without much of a stretch say or foresee that one thing happens each day twice, which is going back and forth of tide in sea (ocean). This can happen due to gravitational power of the Moon and Sun simultaneously pivot of Earth [3]. In view of tide colossal of measure of water moves and saddling it by certain methods can give a lot of vitality. This vitality gracefully is solid and abundant (everlastingly) and sustainable. The tides will proceed to recurring pattern, and the vitality is ready for whoever gets there first. It gives a particular bit of leeway over other sustainable sources that are not solid and unsurprising, for example, wind and sun based vitality. Yet, the principle concern is identified with changing over it into helpful type of intensity (power) and that isn't simple. Just around 20 destinations on the planet have been distinguished as conceivable tidal force stations [2]. Turbines: It is situated in water entries which are intended to change over the potential vitality of the distinction in water levels over the blast into motor vitality as quick moving water and than later changed over into rotational vitality by the sharp edges of the turbines and afterward into power by generators driven by turbines[1]. Various kinds of turbines utilized are Bulb turbine, Rim Turbine, Tubular turbine, Offshore Turbines and Vertical-Axis turbines [3][4]. The force accessible from the turbine at a specific moment is given by: Opening fitted with controlled entryways (Sluices): It is intended to pass enormous streams

Identify the Health / Medicine Problem Diabetes - 1375 Words

Identify the Health / Medicine Problem: Diabetes (Editing Sample) Content: IntroductionThe prevalence of diabetes has grown immensely over the years. According to the World Health Organization (WHO), over 400 million people have diabetes around the world (International Diabetes Federation 2015). This figure is projected to grow in the coming years. In the U.A.E, it is estimated that over a million people have diabetes. As noted by Abraham, (2015), 3% of all deaths reported in U.A.E are associated with diabetes. These statistics have forced the government to raise the alarm on the severity of diabetes. The U.A.E government is currently determined to fight the prevalence of diabetes through the help of various international bodies. Therefore, this paper will explore the issue of diabetes in U.A.E by focusing on the causes, solutions and the effectiveness of those solutions.Identify the problem:As noted earlier, the U.A.E has the highest incidence of diabetes that currently affects approximately 19% of the adult population (Abraham 2015). The f igure is according to the International Diabetes Federation that has collaborated with the U.A.E leadership to raise awareness on diabetes. Another study further estimates that by 2020 the percentage of adult population affected by diabetes is likely to increase to 35% (Rizvi 2016). The impact of such an increase is possible to cost approximately $8.5 billion if the prevailing trend persists. Studies have also shown that 70% of those who have diabetes are not in control of their medical condition. Such challenges are common, particularly among children and youths. Literature reveals that the number of deaths in the male population linked to diabetes is likely to increase to 17% and a whopping 32% among women (Saadi, et.al 2007).Causes:The incidences of diabetes are quite high in UAE. Most people in U.A.E who have diabetes are not aware of their medical condition, and thus they often seek for treatment when the condition has become severe. Saadi, et.al (2007), have identified five r easons that explain the high incidence of diabetes in the United Arab Emirates. The first cause that predisposes one to diabetes is obesity. Obesity is a condition associated with having excess weight due to unhealthy eating. Obesity is the leading cause of diabetes in most parts of the world. In U.A.E, for instance, approximately 60% of the population is considered obese due to excessive intake of food with high sugar and fat content. Based on recent research, about 36% of the UAE population are overweight (International Diabetes Federation 2015). Obesity is also a key contributing factor to various heart diseases.Secondly, physical inactiveness is also a primary cause of the prevalence of diabetes in UAE. As noted by Klautzer, Becker Mattke (2014), most people in the UAE rarely engage in physical exercise due to the hot weather condition. As such, the moderate activity rate predisposes them to diabetes since their bodies accumulate high sugar content. Physical exercises usually help the body to eliminate excess sugar in the blood and thus lowering the risk of developing diabetes. During physical exercises the body converts excess sugars to energy. The third cause of the growth in incidences of diabetes in UAE is the high intake of sugar diet among the population. Researchers report that most people in UAE prefer and often consume delicacies that have high sugar content. These delicacies often lead to the accumulation of sugar in the blood, and this increases the risk of developing diabetes.The fourth contributing factor of diabetes is smoking. The U.A.E is reported to have one of the highest numbers of smokers. As Klautzer, Becker Mattke (2014) note, smoking often speeds up the development diabetes. Habitual smokers are at a high risk of contracting diabetes. In Dubai, for instance, smoking is rampant in public places and social gatherings. The practice implies that nonsmokers are also prone to second-hand smoking, and this predisposes them to diabetes. Finally, as indicated by various scientific studies, Arabs, as well as a section of the world population, have an insulin resistance due to their genetic predisposition. As asserted by Imperial College London Diabetes Center (2011), a combination of the lifestyle aspects and the insulin resistance among most of the UAE population is a key contributing factor to the growth of diabetes incidences in the Middle Eastern country.Solutions:Some strategies are available that the government of UAE can utilize or has already used to fight the growth and prevalence of diabetes both among the adult and young population. First, the government in conjunction with Non-governmental institutions can raise awareness particularly among the adult population on the essence of healthy eating. As earlier mentioned, obesity results from the consumption of unhealthy foods such as junk foods and moderate physical activity. A study conducted in 2012 revealed that majority of the UAE population was aware of the potential effects of diabetes on their lives (Saadi, et.al 2007). However, the awareness differs across various social groups based on their education level. The study further revealed that the less educated population had little knowledge about their predisposition to diabetes about their lifestyle. As such, due to lack of awareness, the prevalence of diabetes is high among the less educated and low-income earners in UAE.Secondly, diabetes, obesity and other lifestyle diseases should be made a key public health priority in UAE. By doing so, the government will be in a position to put in place strong policy interventions to help curb the prevalence of diabetes. Good examples include policies that require employers to provide exercising amenities to their employees, a ban on foods with high-fat content in food joints and increased tax on sugary beverages and foods (Al-Maskari El-Sadig 2007). Though such policies may not be received well by a section of the population, they are likely to prevent the prevalence of diabetes. Finally, it is important to note that successful diabetes preventive effort should encompass both physical exercise and healthy eating. These efforts should be indoctrinated in the school curriculum since diabetes, and other lifestyle diseases are currently rampant among young adults and children. Teaching children and young adults the essence and benefits of healthy eating can help shape their lifestyle and thus they will be able to live a life devoid of health complication during their adult years. Physical exercise is an effective way of eliminating excess body fat and sugar. Recent researches conducted in UAE revealed that majority of the people that engage in physical activity still maintain unhealthy eating habits. As noted by Klautzer, Becker Mattke (2014) for physical exercise to be effective, it should go hand in hand with healthy eating habits.Effectiveness:Campaigns that raise awareness on diabetes and various lifestyle dise ases have proved useful in the reduction of diabetes in UAE (Klautzer, Becker Mattke, 2014). Ignorance is one of the key contributing factors of various lifestyle diseases. As noted earlier, the less educated are often less informed about their predisposition to diabetes as a res...

The General Average Act from the York Antwerp Rules - Free Essay Example

GENERAL AVERAGE General Average Act from the York Antwerp Rules is defined as à ¢Ã¢â€š ¬Ã…“Any extraordinary sacrifice or expenditure intentionally and reasonable in time of peril for the purpose of preserving the property imperilled in common maritime adventureà ¢Ã¢â€š ¬Ã‚  Terms to be considered Extraordinary Sacrifice or Expenditure Intentional Reasonable Peril Common maritime adventure EXTRAORDINARY This can be seen as something very unusual or remarkable, something that normally doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t happen. Now a loss must be à ¢Ã¢â€š ¬Ã‹Å"extraordinaryà ¢Ã¢â€š ¬Ã¢â€ž ¢ before it can be considered under general average. This is declared in York Antwerp Rules rule A and in the Marine Insurance Act section 66(2). This been said, losses made from ordinary voyage incidents cannot therefore bring about general average. It isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t always easy to draw a line between extraordinary and ordinary, it all depends on the facts of the case. Example of cases: SociÃÆ' ©tÃÆ' © Nouvelle dà ¢Ã¢â€š ¬Ã¢â€ž ¢Armement v. Spillers Baker In 9171, the French barque Ernest Legouve was towed from Ireland to England across the Irish Sea during the First World War in order to reduce the danger of enemy submarines. The extra cost on towage wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t allowed as general average after taking the case to court because the risk of attack from the U-boats isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t something extraordinary for a time of war. Robinson v. Price A ship had a leak and would sink without constant pumping out of the water. The ship used up all the fuel (coal) supplies she had because of this situation. On a usual voyage, this wouldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t have been the case. So the shipà ¢Ã¢â€š ¬Ã¢â€ž ¢s spars and cargo had to be used as fuel in order to complete this voyage. This incident wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t a usual on the voyage therefore the cost of the spars and cargo used was allowed in general average. SACRIFICE OR EXPENDITURE Sacrifice can be defined as the act of letting something valued go for the sake of something considered as more important or worthy. Also, expenditure can simple be seen as money spent. Sacrifice in the context of general average revolves around cargo being jettisoned or used (most times used as fuel) in the voyage and expenditures on services or supplies. For this to be allowed as general average, this must happen in time of real danger (peril) or imminent risk of danger. Example of cases: The case Robinson v. Price previously discussed were the cargo was used as fuel in time of peril to keep water out of the ship to avoid sinking will definitely allow general average claims. Watson v. Firemanà ¢Ã¢â€š ¬Ã¢â€ž ¢s Fund Sophie Frankel in 1922, had a cracked steam pipe. Steam escaped from the fracture overheating the cargo (rosin) which gave off a vapour. The master confused the vapour for smoke and concluded that the hold was on fire. Steam was now put into the hold da maging the cargo and the cargo was damaged. General average wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t allowed on the sacrifice because there wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t any real danger. INTENTIONAL Something intentional can be seen as something deliberate, consciously done on purpose or something done voluntarily. The sacrifice or expenditure made must be voluntarily, and not a situation one couldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t control. Taking an illustration of a fire incident on board. Any damage caused from the water used to extinguish the fire will be allowed under general arrange because the act of using the water was voluntary. The damage caused from the fire will be considered as partial average as the fire was an accident. But any damage caused from the smoke will not be allowed as general average since the smoke cannot be extinguished. Any voluntary act must be that of the master or authorised by him. Losses that come from an act forced on the master wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t be allowed as general average Example of cases: Athel Line v. London and Liverpool Insurance In 1944 during the war, the Athelbeach and the Athelqueen were to take molasses from West Indies to the United Kingdom. Because of the fear of attack, they joined other vessels to form a convoy. The convoy commodore received a signal from the Admiralty that another convoy had been attached earlier, so he ordered the convoy back to Bermuda. Athel line vessels later made the voyage without the convoy. The cost incurred from the delay and deviation werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t allowed as general average because from the defence regulations, the Admiralty and commodore has authority over the masters of the vessels and even the ship owners. Their acts werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t voluntary but forced. It was a legal duty to obey the commodore. REASONABLE Something reasonable can also be seen as something sensible, having sound judgement or logical. Sacrifice or expenditure must also be reasonably made to be covered under general average. And unreasonably expensive way of solving a problem will certainly not be allowed as general average. If the masterà ¢Ã¢â€š ¬Ã¢â€ž ¢s act is done in the interest of all on the voyage, first considering life (crew and passengers), and then the vessel and cargo, then losses incurred will be allowed as general average even if the act is hazardous From The Seapool a ship at anchor was suddenly attacked by a gale and was faced with the risk of breaking her back and losing her propellers. The master engage in a very risky manoeuvre which was actually designed to get the ship out to sea and not exactly for a situation like this. All to avoid the gale. Though master was successful, the ship and pier were damaged. The decision the master made was reasonable enough and the losses made was allowed as gene ral average. PERIL Peril can be seen as serious danger, or an immediate risk or hazard. Every intentional and reasonable sacrifice must only be made in time of real danger for losses to be allowed as general average. If the master is wrong about a peril and takes an action, any losses generated from this act will not be considered under general average. Example of cases: Looking at a previously discussed case of Watson v. Firemanà ¢Ã¢â€š ¬Ã¢â€ž ¢s Fund in 1922, ità ¢Ã¢â€š ¬Ã¢â€ž ¢s clear that the reason why the losses made from the damaged cargo were not allowed as general average was because the danger which prompted the master to act didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t exist. No real danger. The danger doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t really have to be immediate but it has to be real enough and also the possibility of it happening, very high. Like in this next case Vlassopoulos v. British and Foreign MI Co The vessel involved was taken to port to fix a fouled propeller. If that propeller wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t brought in for repair, it would have caused a problem or failed during a voyage. And the possibility of that happening was very high. A potential danger was avoided so therefore, the resulting expenses for the repair is allowable as general average. COMMON MARITIME ADVENTURE Any expenditure or sacrifice must be made for the safety of a common maritime adventure before it can amount to general average. Looking at the common maritime adventure, two conditions are considered. Firstly, sacrifices or expenditures made after an interest has been brought to safety cannot be allowed as general average. Case: Royal Mail Steam Packet v. English Bank of Rio de Janeiro A ship ran aground and a valuable but light weighted cargo of specie was removed into a lighter all for the purpose of preserving the cargo. Taking it that the cargo of specie got damaged. It was concluded that that specific cargo couldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t come under general average because it didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t contribute in any way to the refloating of the ship. Secondly, the ultimate success of the adventure is very important when considering general average. Case: Chellew v. Royal Commission for Sugar Supply A ship incurred port refuge expenses. And both the ship and ca rgo were lost, never making it to the discharge port. In this situation where no form of success was made, no claim in general average can be made in respect to those expenses made. REFERENCE Simon Baughen (2012) Shipping Law, 5th edition, Oxon: Routledge. Robert Grime (1991) Shipping Law, 2nd edition, London: Sweet Maxwell Limited https://www.google.co.uk/webhp?sourceid=chrome-instantion=1espv=2ie=UTF-8#q=sacrifice+meaning [12 Aug 2014].

The Evaluation of the Success of the European Monetary Union Free Essay Example, 2250 words

The Euro has managed to play a less external parity as compared to the various currencies that it eliminated. The introduction of the euro quickly transformed the European financial markets. For instance, government bonds were rapidly integrated into the bond market. A notable record of the growth of the corporate market was that of 1999 when an impressive rise of 300% was recorded in euro-denominated issuances. From 1999, the proportion that the euro acquired in the total outstanding international debt securities has been steadily rising from 21% to 31%. It is estimated that approximately a quarter of the entire foreign exchange reserves are currently in Euros (Chang, 1999 p. 18). Although the dollar is still regarded as the world s most vital currency, the euro has grown favorable to take second place, and the trend is expected to increase in the near future. The aspect of the European Monetary Union that has generated the worst publicity is the stability and growth pact. Contrary to the popular belief, the aspect was not part of the original plan that was created at the Maastricht Treaty. We will write a custom essay sample on The Evaluation of the Success of the European Monetary Union or any topic specifically for you Only $17.96 $11.86/page Recently, five European countries were subjects of the excessive deficit procedure. Only Greece, whose deficit ratio in 2004 was 6%, had a deficit ratio that was marginally above 3%. The treaty that gave birth to the European Monetary Union points out that, what really matters is the maintenance of the government's financial position.