The specter of sovereign defaults is back. The roots of a sovereign debt crisis are deep and concern all the industrialized countries. In 2010, those fears coagulated on Greece because Greece was the worst offender. Disgusted by the political economy of the Eurozone, investors concluded in the spring that the Eurozone and its currency had lost its attractiveness. But it would be completely premature to conclude that the Eurozone is condemned. What happened in the spring is breathtaking and very much in line with the European tradition to use every crisis as an opportunity: the paper offers a dissenting, unfashionable and optimistic view of the future of the Euro.

 

The Direction of Trade Statistics by IMF is the most representative statistical data for bilateral trade with North Korea. However, IMF statistics underestimate North Korea's international trade since they do not classify inter-Korean trade as international trade. Therefore, this study restructures statistics on North Korea by combining the IMF and inter-Korean trade data, and it analyzes the structure of North Korea's international trade. In addition, it conducts a unique analysis of trade structures, since other studies have not analyzed production processes in North Korean trade.

This analysis identifies six main characteristics of North Korea's trade:

Before the 9/11 events, US-Maghreb relations were growing stronger, especially after the United States had long left the floor to the Maghreb’s “natural” European partner. Therefore, the American action in this region was in line with a mechanism previously set off by Clinton Administration member, Stuart Eizenstat, which aimed at reducing intra-regional obstacles and stimulating American investments towards an area where Americans were little-represented. Hence Washington seemed more involved in promoting the emergence of a strong, world-economy-integrated Maghrebi market.

One of the major events of the last couple of decades has been the rise of China and India, reflected by their increasingly important economic presence in the world, both in terms of trade flows and of foreign direct investments.

Africa, which has long remained the former colonial powers" “private hunting ground”, does not seem to escape from Indian and Chinese presence and activity, hence worrying Africa"s traditional partners.

While largely interrupted by the colonial period premise, trade relations between the Maghreb and sub-Saharan Africa have enjoyed a new boom with the independence era. However, until the end of the 1990s, the African policy of the three Maghreb countries significantly impacted their economic projection.

Since Mohammed VI came into power, Morocco’s African policy has undergone notable change in comparison to his predecessor’s period.