Similarly, the budgetary requirements represent a euro based calculation, with a rate of exchange corresponding to 0.901 US 1.

Balance as at 31 December 2004 12.2

Assuming EUR 7.17 tCO2.

The total expenditure was 0.5 million.

The net reserve as at 31 December 2004 amounts to 3,650,469 ( 3,133,155 at 31 December 2003) as a result of a net surplus of 517,313 for 2004.

As the budgetary requirements represent a euro based calculation, UNIDO's share, at an exchange rate of 0.901 US 1 (the official United Nations rate of exchange at the time of submitting the requirements to the United Nations General Assembly), would represent 1.22 million of the 7.6 million total.

The total cost of the initial phase has been estimated at the level of 8.4 million (equivalent to 7.6 million), with a UNIDO share of 1.38 million ( 1.22 million).

In order to estimate the required budgetary amounts in euros, the January to December 2004 average United Nations euro dollar exchange rate, i.e. 1 US 1.2341, has been applied to those items.

In the biennium 2004 2005, these entities had a budget level of 33,712,700, while the present proposal amounts to 31,413,900.

However, a lump sum payment of 65,200 was received this year, reducing the outstanding amount to 1,807.

MANNHEIM The European Union s policy of saving the euro at all costs is enough to guarantee the euro s survival. But is preserving the one size fits all euro really worth sacrificing the eurozone s competitiveness and, ultimately, European solidarity?

Sustaining the Unsustainable Eurozone

Why Greece Declined a Euro Holiday

It is said to have reached staggering 3.1billion ( 3.6bn) up from initial 2.2 billion.

The rate for Hamburg was raised in July 2004 to 284 or 233 and stands at 308 or 233 for March 2005.

Thus, payments of first and second instalments of 18,693 and 18,691 each have been received, thereby reducing the arrears to the current status of 53,941.

(d) Also approved the regular budget estimates of gross expenditure totalling 154,009,900 to be financed from assessed contributions in the amount of 150,785,600 and other income of 3,224,300

Expenditure (staff costs and field office costs) for the same period amounted to 8.8 million, leading to a surplus of 0.5 million in 2004.

(b) Recommended to the General Conference the approval of estimates of gross expenditures of 154,009,800 to be financed from assessed contributions in the amount of 150,785,600 and other income of 3,224,200

The budgetary provision for the 2005 2006 audit totals 32,800 for the financial period ( 16,400 provided for in 2005 and 16,400 provided for in 2006).

Jacques Delors, one of its architects, once called the single currency the jewel in Europe s crown. Abandoning it would be tantamount to declaring the entire European integration project a failure.

To that end, Portugal pledged 1 million.

For the year 2004 the total amount spent will be up to 3.1 million Euro.

The 500,000 savings from the financial year 2002 amounts to 378,500 on the basis of the United States dollar euro rate of 0.757 fixed by the United Nations for March 2005.

The equivalent of 1,491,424 ( 1,099,180) is held in currencies classified as non convertible, as follows

Given the depreciation of the United States dollar against the euro over the past two years, the near zero growth in euro terms leads, in United States dollar terms, to a nominal increase of 22.0 per cent at the time of preparation of this budget proposal (see paragraph 10 above).

WARSAW The European Union s new member states from Central and Eastern Europe are required to join the eurozone as part of their accession agreements. But deciding when to adopt the euro is a matter of heated debate.

This three year programme is funded with 3 million.

Effective 1 January 2002, the amount ( 6,610,000) was converted to euros in accordance with GC.9 Dec.15, resulting in a Working Capital Fund of 7,423,030.

The projected level for 2006 2007 amounts to 185.1 million.

My country has contributed 300,000 euros to that fund.

The Eurozone s Strength in Disunity

A sharp weakening of the euro towards parity with the US dollar, which is unlikely, as the US is weak, too.

(In euros)

Euro

Error

In line with that document, the budgets for the biennium 2004 2005 represent, under the regular budget, a net amount of 144,295,800 and 21,512,370 under the operational budget.

During 2004, the net expenditure of 1,134,005 was incurred against the 2002 2003 biennium balance, resulting in an unutilized balance of 7,309,787 as at 31 December 2004.

In 2004 a full time place in a day nursery and out of school care cost 13,400 and 7,015 a year, respectively.

Expenditures were recorded at the level of 1.9 million (26 per cent of the allotment), leading to a surplus of 1.9 million during the first three months in 2005.

The yen s value against the US dollar has declined by more than 7 in the last month. With the euro rising relative to the dollar, the yen s fall relative to the euro has been even greater.

On 8 February 2005, for example, the EUA was EUR 7.17 tCO2.

Why Eurobonds are Un American

The increase will be 200 (see annexes I and II).

(b) Operational budget expenditure amounted to 8.8 million in 2004.