scholarly journals Institutional Arrangement for Macroproprudential Policy – On Differences Across the EU Countries

2018 ◽  
Vol 21 (2) ◽  
pp. 37-49 ◽  
Author(s):  
Anna Matysek-Jędrych
Keyword(s):  
European Union ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Institutional Arrangement ◽  
Safety Net ◽  
The European Union ◽  
Macroprudential Policy ◽  
Eu Countries ◽  
European Union Countries ◽  
The Eu

There is a growing consensus among both economists‑academics and policymakers that there was at least one missing element of the financial safety net during the Global Financial Crisis. This element, which will probably improve financial stability (or protect against financial instability), is the macroprudential orientation in regulatory and supervisory frameworks. The main scope of the paper is the institutional dimensions of macroprudential policy. The principal purpose of the paper is to identify and assess, on a comparative, cross‑EU‑country basis, existing practices and developments in structuring a new dimension of the financial stability policy, i.e., a macroprudential one. The paper builds on existing theoretical considerations and the author’s own empirical survey of country practices in applying a macroprudential framework. A comparative, cross‑country analysis and a comparison of different sub‑indices and overall index values are the basis for verifying hypotheses and empirically disentangling the institutional differences between macroprudential policy regimes in European Union countries. The paper sheds light on recent trends in macroprudential policy governance and qualitative aspects (democratic accountability and transparency), with special attention to the position of a central bank across the European Union countries. The conducted research is a basis for constructing ratings of macroprudential authority accountability and transparency across the EU countries, which gives an indication of the overall quality of the institutional arrangements.

scholarly journals Fiscal Policy in European Union Countries in Time of the Economic Crisis – Attempt to Estimation

2015 ◽  
Vol 16 (1) ◽  
pp. 39-50
Author(s):  
Agnieszka Jachowicz
Keyword(s):  
European Union ◽  
Fiscal Policy ◽  
Financial Markets ◽  
Financial Stability ◽  
The European Union ◽  
The Public ◽  
Eu Countries ◽  
The Third ◽  
European Union Countries ◽  
The Eu

AbstractIn this article, stability of fiscal policy and its impact on fiscal market have been analyzed. The issue appears especially important in times of the financial crisis which has affected all the European Union countries, although to a different extent. To achieve this, the author presented the aims, the tools and the aspects of financial stability to confront them with the situation that has occurred in the EU countries. To present the issue profoundly, the scientific research related to fiscal policy and its impact on financial markets were used in two opening units. In the third unit, the statistic data was cited to show the condition of the EU countries, the changes to it and the attempts aimed at improving the state of the public finance and therefore stabilizing financial markets.

Constitutional and Legal Restrictions in the European Union Countries in the Context of the COVID 19 Pandemic

2020 ◽  
pp. 92-97
Author(s):  
A. V. Kuznetsov
Keyword(s):  
European Union ◽  
Human Rights ◽  
Comparative Analysis ◽  
International Law ◽  
The European Union ◽  
Eu Countries ◽  
European Union Countries ◽  
Legal Restrictions ◽  
Restrictive Measures ◽  
The Eu

The article examines the norms of international law and the legislation of the EU countries. The list of main provisions of constitutional and legal restrictions in the European Union countries is presented. The application of the norms is described Human rights conventions. The principle of implementing legal acts in the context of the COVID-19 pandemic is considered. A comparative analysis of legal restrictive measures in the States of the European Union is carried out.

Tax revenues in the European Union countries

2017 ◽  
Vol 62 (5) ◽  
pp. 79-99
Author(s):  
Agata Szymańska
Keyword(s):  
European Union ◽  
Social Economic ◽  
Tax Rates ◽  
The European Union ◽  
Eu Countries ◽  
Excise Duty ◽  
Tax Revenues ◽  
Historical Factors ◽  
European Union Countries ◽  
The Eu

The aim of this paper is to analyse tax revenues and examine similarities of selected tax revenues (mainly VAT, CIT, PIT and excise duty) in the European Union countries. The analysis of the EU members concerns the period between 2003 (i.e. the year preceding the biggest enlargement of the EU) and 2012 (due to data completeness). Tax rates and the structure of tax revenues in the EU countries were compared and then the cluster analysis was applied to assess the similarity of tax revenues. The analysis suggests that the process of tax harmonization, which took place in the period considered, did not exert a significant impact on the similarity of the structure of tax revenues in the EU countries. The structure seems to be still determined by e.g. social, economic or historical factors, which influenced the tax systems creation in particular EU countries.

scholarly journals MACROECONOMIC ANALYSIS OF THE EFFECTIVENESS OF TAX ECONOMIC REFORMS IN EU COUNTRIES

2019 ◽  
pp. 36-45
Author(s):  
I. Marekha ◽  
V. Myrhorodska
Keyword(s):  
European Union ◽  
Correlation Analysis ◽  
Environmental Taxes ◽  
Environmental Tax ◽  
The European Union ◽  
Macroeconomic Factors ◽  
Eu Countries ◽  
European Union Countries ◽  
The Impact ◽  
The Eu

The article substantiates the necessity to introduce systematic and effective tax eco-reforms in the context of resource-oriented economic development by the European Union countries. The performance and effectiveness of the reforms are estimated in relation to the main four groups of environmental taxes: energy taxes, pollution taxes, resource taxes and transport taxes. The macroecological policy of the European Union countries is the object of the undertaken analysis. The article examines the impact of macroeconomic factors on environmental taxes across the EU, using a correlation analysis toolkit. Four groups of macroeconomic parameters were selected for analysis: internal macroeconomic factors (nominal GDP, real GDP, inflation, business cycle stage, budget deficit, energy consumption level); external macroeconomic factors (government debt, exports, foreign direct investments); institutional macroparameters (environmental culture, shadow economy, trust in government) and fiscal macroparameters (tax culture and fiscal freedom). The economic interpretation of the obtained correlates is given. Based on the correlation analysis, stimulators and de-stimulators of tax environmental reforms across the EU were identified. It is established that the factors that positively influence on the tax environmental reforms are the overwhelming majority of the analyzed factors. The formation of indicators of the effectiveness of tax environmental reforms is undertaken for six countries of the Community. In particular, the analysis covers three economic leaders (Germany, the United Kingdom and France) and three leading EU countries in the field of environmental tax collection (Latvia, Greece and Slovenia). The article presents approaches to improving the assessment of the effectiveness of tax environmental reforms based on the consideration of fiscal (budget-filling) and reproductive (multiplicative) functions of environmental taxes. In this regard, the environmental tax multiplier and accelerator, as well as the GDP elasticity coefficient for environmental taxes, were calculated for the analyzed group of countries. The criteria of economic efficiency of tax eco-reforms are proposed. Keywords: environmental taxes, macroeconomic effect, macro-environmental policy, multiplier, accelerator, elasticity

scholarly journals Improvement of international rail transportation of benzene between Ukraine and the European Union countries

2019 ◽  
Vol 294 ◽  
pp. 04010
Author(s):  
Vasyl Gaba ◽  
Tetiana Hrushevska ◽  
Oleg Strelko ◽  
Anna Kyrychenko ◽  
Marina Rudyuk ◽  
...  
Keyword(s):  
European Union ◽  
Rolling Stock ◽  
The European Union ◽  
Railway Transportation ◽  
Technical Standards ◽  
Eu Countries ◽  
European Union Countries ◽  
Cargo Transportation ◽  
The Cost ◽  
The Eu

It is considered the possibility of improvement of the international railway transportation of benzene and other related cargoes between Ukraine and the European Union countries for the carriage of these cargoes in tank containers. The volume of chemical cargo transportation to the EU countries to the rolling stock types for 2018 has been analyzed. The research of the effectiveness of organization of international transportation according to the criterion of the total hours of downtime by wagons under accumulation. The mathematical model of chemical cargoes transportation by wagons, wagon groups and container trains with the accumulation to the technical standards on the cargo diversions was elaborated. The models take into account the unevenness of the wagon arrivals to the accumulation points and observance of the number of wagons to the established norm. A comparison of the effectiveness of the two models of the organization of the chemical cargo delivery and it was defined a more effective version of transportation. It has been established that for more efficient using of the rolling stock and for the rolling stock circulation decreasing is the cargo transportation by trains which consist of cisterns or/and tank container carriages. The influence of the components of the rolling stock circulation and its value are analyzed. The research of the cost of benzene transportation in cisterns and tank containers for the individual diversions was studied. According to the research results the cost of benzene transportation by platforms of the railways ownership is less than twice in comparison to private cisterns and tank-containers of the Ukrainian Railways fleet. These recommendations will improve the process of transportation and increase of volumes of international cargo by railroads between Ukraine and the EU countries.

scholarly journals Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank

2015 ◽  
Vol 53 (2) ◽  
pp. 142-161
Author(s):  
Mirjana Jemović ◽  
Borko Krstić
Keyword(s):  
European Union ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
System Stability ◽  
The European Union ◽  
National Bank ◽  
The Global Financial Crisis ◽  
The Eu

AbstractThe Republic of Serbia has successfully completed the first part in the European Union integration process, being granted candidate status for membership in the European Union (EU). The stage of accession negotiations is in progress, and it includes the full harmonization with the EU acquis, whereby the analytical review of legislation, the so-called screening is being carried out in 35 chapters. The global financial crisis that affected our country in 2008 has required a timely reaction of the National Bank of Serbia (NBS) in order to preserve the financial system stability, especially the banking sector as its most important segment. As the financial services sector adjusts within chapter 9, the aim of this paper is to assess the level of compliance of national legislation with the EU legislation regarding banking sector. Along with the regulatory initiatives in the field of preserving financial stability in the EU countries, the NBS has paid great attention to the harmonization of its financial stability policy with the financial stability policy of the European System of Central Banks (ESCB).

scholarly journals Multidimensional comparative analysis of the competitive capacity of the European Union countries and geographical regions

2017 ◽  
Vol 8 (4) ◽  
pp. 487-504 ◽  
Author(s):  
Katarzyna Cheba ◽  
Katarzyna Szopik-Depczyńska
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
International Comparisons ◽  
Value Added ◽  
Basic Question ◽  
The European Union ◽  
Eu Countries ◽  
Geographical Regions ◽  
European Union Countries ◽  
The Eu

Research background: The basic question we ask is whether is it possible to talk in today’s globalizing world about the uniform of the competitiveness of the economies? Posing such questions is particularly important in the case of political and economic structures such as the European Union. The competitiveness of the economies is now one of the most frequently discussed topics. In this work, due to the context of the conducted research (international comparisons of the EU countries’ economies) the competitiveness of international economies will be considered in terms of international competitive capacity. In addition to the problems associated with defining this concept, there are also important dilemmas concerned with the measurement of the competitiveness. In the performed comparative analyses of European economies the research results presented within reports of „Global Competitiveness Index” will be used. Purpose of the article: The main purpose of the paper is to conduct a multidimensional comparative analysis of the competitive capacity of the European Union countries and geo-graphical regions of Europe. Methods: In the paper, to study the spatial differentiation of the EU countries and geograph-ical regions of Europe in the context of their competitive capacity, the taxonomic measure of development based on median vector Weber was used. Findings & Value added: As a result, the classification and the typological groups of EU countries and geographical regions of Europe calculated on the basis of the features describing their competitive capacity arises. The value added of these research is the analysis of competitive capacity conducted not only for EU countries, but also for geographical regions of Europe. In the paper, the verification of criteria using by World Economic Forum to assess the competitive capacity of EU economies was also conducted. In this area of the research, because of high level of correlation, many features from initial database were deleted.

scholarly journals Społeczeństwo XXI wieku wobec zagrożenia islamskim terroryzmem

2018 ◽  
Vol 40 (1) ◽  
pp. 73-84
Author(s):  
Kamila Kasperska-Kurzawa
Keyword(s):  
European Union ◽  
Mass Scale ◽  
Islamic State ◽  
The European Union ◽  
Military Operations ◽  
Eu Countries ◽  
Sense Of Security ◽  
The World ◽  
European Union Countries ◽  
The Eu

SOCIETY OF THE 21ST CENTURY AGAINST THE THREAT OF ISLAMIC TERRORISMThe subject matter includes the issue of transformation in the consciousness of the societies of European Union countries, but also communities in other areas of the world, perception of the phenomenon of migration to the territories of native countries, mainly in the European Union. The period of rapid socio-political changes in Islamic states, as well as the outbreak of civil war in 2011 in Syria, was the largest stimulator of migration movements from the Middle East, especially those covered by military operations in Europe. Hundreds of thousands of migrants continued to reach EU countries. Germany widely opened the door of its state and accepted the largest number of migrants. Some countries, such as Poland or Hungary, refused to accept migrants from countries with an Islamic origin. Migration on such a mass scale caused many social problems. The perceived sense of security of the community has deteriorated considerably in the EU countries where the most migrants came. The decline in the sense of security included areas not only of safety for life and health, but also concerns about reducing the level of social status or increasing unemployment. However, the biggest threat to the community of the EU countries, and many other countries in the world was ahuge increase in terrorist attacks, where the attackers came from orthodox Islamist groups. It should be added that the majority of migrants were Muslims. Another phenomenon also affecting the reduction of the level of perceptible security of European societies was the reactivation of political groups that in their ideologies presented the slogans of populism, nationalism, racism, or even fascism. There has been a clear polarization of Western societies, where until now they were arefuge of democracy, tolerance and values for which they fought for years. Undoubtedly, the politics of Erdogan, the president of Turkey, and the president of Russia, Putin, also influencedthestate of security of societies, and tried to influence EU decisions with their actions. Russia, let the annexation of Crimea and activities in Ukraine be left in peace, and Turkey, to force the EU to acceleratethe admission of this country to the EU. Also calling up the so-called Islamic state posed a huge threat to the security of the communities of European Union countries with attacks inspired by this terrorist group.

scholarly journals Intellectual capital of European Union countries (EU-28) – measurement concept

2020 ◽  
pp. 107-122
Author(s):  
Julita Paszko ◽  
Keyword(s):  
European Union ◽  
Intellectual Capital ◽  
Methodological Approach ◽  
The European Union ◽  
Eu Countries ◽  
Synthetic Indicator ◽  
European Union Countries ◽  
New Perspective ◽  
Index Value ◽  
The Eu

Purpose – The aim of the present research paper is to enrich the achievements of science through a description of a theoretical-methodological approach to measuring the national intellectual capital (NIC) along with its application in the evaluation of the European Union countries (2015). Research method – The synthetic indicator, describing the intellectual capital of the EU countries was quantified by using the TOPSIS method. The year 2015 is the study period. Results – The estimation results confirm the diversity of the intellectual capital level in the 28 countries of the EU. The highest index value applies to Sweden. Romania takes the last – 28th place and belongs to the fourth typological group with a very low potential of intellectual capital. Originality /value / implications /recommendations – The new perspective on defining and taxonomy of intellectual capital (including ecological capital) is a kind of novum in this area. As a result, the elaborated ranking of the EU countries provides a new, wider perspective on the intellectual capital issues.

scholarly journals Assessment of the European banking regulatory framework in light of its significance for the Republic of Serbia

Bankarstvo ◽  
2020 ◽  
Vol 49 (3) ◽  
pp. 77-101
Author(s):  
Kristijan Ristić ◽  
Aleksandar Živković
Keyword(s):  
European Union ◽  
Financial Markets ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Regulatory Framework ◽  
Banking Union ◽  
The European Union ◽  
The Eu

The debt crisis in the European Union is known to be caused by the interdependence of banking and state financial stability, and, together with the non-existence of the fiscal union, it has taken on the existential dimensions of the EU project itself. Under the guise of financial fragmentation within the financial markets of the Eurozone, and from the aspect of the outbreak of the crisis, EU member states resorted to national interventions, thus closing national banking and financial markets, which ultimately resulted in deepened and stronger structural foundation of the crisis and its economic and financial consequences. In that context, the Banking Union is the regulatory and institutional response of the EU after the global financial crisis, about which the first proposals have found a place in institutional controversies since 2012. In addition to the key moment and motive for establishing such an institutional regulatory arrangement, the reason for its creation is more to create a union that is connected with the creation of a single market for financial services and free money circulation, and certainly with the tendency of fuller monetary integration. However, certain questions which arose remained relevant to date: whether these established and instrumentalized frameworks, mechanisms and procedures are in fact sufficient; whether the EU banking union, conceptually designed, really represents banking integration; and whether the "centralized-common" and "sovereign-national" relationships continued in the EU financial architecture, the use of the principle "one measure for all" in the implementation of the Basel III, non-inclusion of all types of banks, and the conflict of emission and supervisory roles of the Central Bank, be a structural conflict in achieving the desired financial stability, which is the ultimate goal. In the broader context of the functioning of the EU, financial stability can also be interpreted as a factor in the survival of the common currency and the European Union itself, regardless of the intertwined contradictions and construction conflict. In this paper, we analyze the functional scope of the regulatory framework for banking supervision in the EU during the five-year existence to date, and finally the effects and impact that this framework has had on the regulatory adjustment of the Serbian banking sector.

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