Public and private partners are involved in this undertaking — they formed a consortium composed of the Rzeszow University of Technology, other technical universities, a group of aviation industry enterprises called “The Aviation Valley” and the Polish Aviation Institute”. Globalisation influences the perspectives of the world’s major economies. In the USA, the discussion on relocation of jobs to the Asian countries became a lively element of political debate during the last presidential elections. Similarly, in Europe a debate is underway concerning the future of the single services market. There is no doubt, however, that any solutions of regulatory or protectionist nature may hinder all these changes only temporarily, as they are inevitable. The countries, whose politicians will understand the mechanisms of the global economy and will implement necessary reforms to improve the investment climate, will benefit the most from the globalisation processes. Entrepreneurs should also keep a sharp lookout on the globalisation processes currently underway, in order to respond to the emerging threats in a timely manner, but - first of all - in order to benefit from the great opportunities that they create. Thank you very much for your attention. 8  BIS Review 19/2006
In many countries the instrumental rate moved down from 10% in 1995 to Stage Three’s initial rate, which practice was set already on 22 December 1998 when all the future euro countries lowered their instrumental rates to 3%. To ensure that the fiscal goals enshrined in the convergence criteria would continue to guide policy in the monetary union, in 1997 the EU member states concluded the Stability and Growth Pact. This Pact’s best-known requirement is that a general government deficit is not to exceed 3% of GDP and that if it does, sanctions will be applied. I should like to remind you, however, that the Pact is also intended to promote a balanced development of government finances over the business cycle. All EU member states are required to present annual stability programmes (in the case of non-euro countries, convergence programmes) that are first discussed in the Economic and Financial Committee and later in the Ecofin Council. In addition to these processes for testing that every country adheres to the rules, Broad Economic Policy Guidelines are drawn up annually. This document can be said to represent a common general approach to economic policy - a budget statement for the EU area. Last but not least, there are processes for guiding countries along the road towards creating more efficient markets for goods, services, capital and labour. These are complex issues and the member states tend to differ considerably in their initial positions as well as their attitudes.