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The European Union’s Common Commercial Policy in times of turmoil

Author(s): Grzegorz Mazur / Language(s): English Publication Year: 0

Purpose: The general aim of the chapter is to identify the main challenges for the EU’s Common Commercial Policy in the context of post-pandemic and war’s experiences as well asfuture trade-related challenges. Design/methodology/approach: The chapter is based on literature/EU official documents, studies, and statistical analysis of the EU’s merchandise trade. It has been structured into two general sections. The first one presents recent trends in the EU’s external merchandise trade caused by the pandemic’s economic repercussions. This is followed by a short analysis of trade disruptions from the Russian-Ukrainian war and trade reactions to the new situation from the EU. Findings: The European Union faces challenges of a fundamental political and economic nature and the Common Commercial Policy is among the main policies defining the EU’s role in the dynamically changing global environment. The COVID-19 pandemic has brought dramatic instabilities to EU economy and trade and the new strategy of the Common Commercial Policy addressed some of the challenges of the evolving global trading system, revealed by the pandemic-related turbulences. Moreover, the Russia–Ukraine war with its geoeconomic and geopolitical consequences has exposed the CCP to new challenges and necessary adjustments. The latest strategy of the EU’s CCP, grounded on open strategic autonomy, emphasises a strong necessity of defending the interests and values of the EU and requires making the trade policy an important engine of green and digital transformation of EU economy. The renewed CCP must also address important trends in the geopolitics of trade and distortions ofthe global system that have symptomised already before the pandemic and the war. Originality and value: The chapter is addressed to students, scholars, and policymakers by contributing to the ongoing debate on the current changes in the global trading system and reactions to those changes from the EU’s Common Commercial Policy.

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Dilemmas of organising public transport in COVID-19 and post-COVID-19 times

Author(s): Marcin Jurczak / Language(s): English Publication Year: 0

Purpose: The chapter aims to identify the most important challenges related to public transport organisation during COVID and post-COVID times. The author asks several questions: How have the restrictions affected (and still affect) public transport? Can economically efficient public transport services be offered in COVID and post-COVID times? And finally: Is public transport safe for users, and will it be safe in the future? Design/methodology/approach: The chapter is based on the literature review and examination of selected case studies. The analysis is carried out in urban transport, regional and interregional rail transport and international transport (particularly air transport). Findings: The chapter specifies the “dilemmas”, of which the most important is a contradiction between the essential requirement for the operation of public transport (to transport many people in a small space) and the basic principle of minimising the increase in COVID infections (the avoidance of large crowds of people). Research limitations: Quantitative methods could further develop and confirm the study. Practical implications: The chapter diagnoses the main challenges related to the organisation and operation of public transport systems in (socially and economically) uncertain times that lie within areas of interest of both managers and local government authorities. Originality and value: The study contributes to the ongoing discussion on improving publictransport.

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The conceptual understanding of taxonomic criteria and objectives for environmentally sustainable economic activities

Author(s): Robert Kenyon MacGregor / Language(s): English Publication Year: 0

The UN 2030 Agenda and the Political guidelines with six priorities of the current EU Commission, including the European Green Deal, vigorously and systematically advance sustainability, particularly its environmental pillar. The EU strategies, policies and law have engaged in promoting a genuine corporate social responsibility and the reporting about it and in fighting against greenwashing. After a sectorial regulation (Sustainable Finance Disclosures Regulation in 2018), a general regulation came to standardize the information about environmentally sustainable activities (the Taxonomy Regulation in 2019). Considering the dramatic expansion of the pool of subjects of the non-financial reporting duty, European businesses need to consider their social responsibility pursuant to criteria and objectives of environmentally sustainable economic activities set forth by the Taxonomy Regulation. Consequently, the interpretation and application of these criteria and objectives is not only challenging but also important on theoretical as well as practical levels. The goal of this paper is to contribute to their deeper conceptual understanding (i) by identifying them, (ii) by exploring them and their roots, in the context and while considering mischief, purposive and teleological rules, and (iii) by engaging with a critical and comparative juxtaposition. This reveals selective preferences and trends which are to be reflected on while balancing the six priorities of the European Commission for 2019-2024.

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Financial Mechanisms of the European Union to Support of Agri-Food Niche Companies of Fish Farmers and Foresters in Crises Situations

Author(s): Speranța-Liliana Neagu / Language(s): English Publication Year: 0

In a continuous dynamic of climate change affecting farmers and fish farmers and taking into account the current geopolitical context and its negative effects, new European financial solutions should be identified to mitigate or combat them. Research methods used: case study, sociological method and research hypothesis/theory. Ferenda law proposals: 1. amending the Charter of the United Nations (UN)3 ; 2. the creation of an EU financing line for the creation and modernization of niche companies with social and environmental components, with a strong argument for the creation and preservation of public goods; launching proposals for revising the Multiannual Financial Framework, with celerity; 3. New EU support measures through the Social Climate Fund for accidental cases; 4. innovative insurance system.

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Цифровото евро – перспективи и очаквания

Author(s): Monika Moraliyska,Zdravko Beshendjiev / Language(s): Bulgarian Publication Year: 0

Digitization, globalization and the advent of artificial intelligence are pushing the world towards rapid change. All spheres of socio-economic life were affected, including the banking sector, which underwent a serious metamorphosis in the last decade. A decade after the appearance of the first cryptocurrency, today the financial institutions of the EU, as well as its political leaders, are on the verge of introducing a digital euro. This report synthesizes the main expectations from the introduction of the digital euro and analyses both the possible benefits and potential risks of its use. The limitations of the study are related to the unknown nature of the problem arising from the dynamic development of technologies and their application in business and finance.

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Приемане на еврото – нови възможности за българската икономика

Author(s): Betina Minkova,Vesselina Borisova,Gabriela Dimova / Language(s): Bulgarian Publication Year: 0

The following research is a brief review on the topic of the consequences of the adoption of the Euro for the Bulgarian economy. Using three argumentative pillars, the authors examine the main arguments for changing the country’s national currency, which, according to the report, would result in more opportunities to attract investment, international exchange and economic growth. The good practices of the accession of Lithuania and Croatia to the financial structure of the Eurozone were examined, and acute macroeconomic turbulence was not registered in either country.

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Макропруденциален надзор в Република България. Въвеждане, институции и ефекти

Author(s): Elena Dimitrova-Tsoneva / Language(s): Bulgarian Publication Year: 0

In the countries with a fixed monetary policy, in which interest rates cannot be increased in order to tighten credit discipline, in the period 2007 – 2009, given the risks associated with the credit growth “reasonable” instruments are quickly recognized as alternatives. Bulgaria is one of the first countries to apply a macroprudential policy, using instruments ranging from higher capital requirements to differentiated requirements for reserves and prudential credit ceilings. The purpose of this publication is to show the experience of the Republic of Bulgaria in the implementation of the macroprudential supervisory policy of the Union. The benefits we manage to derive from the regulatory mechanisms for our economy in a situation after total state bankruptcy and currency board, global economic crisis and pandemic.

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Теоретичните основи на европейската икономическа интеграция

Author(s): Vyara Tsvetanova Lavcheva / Language(s): Bulgarian Publication Year: 0

Economic theory is characterized by continuous dynamics, which is both dictated by the changes in human life and a driver of those changes, therefore the return to the theoretical achievements of the past provides a significant conceptual insight into the complexity of the processes, as a result of which the current reality was formed. The purpose of the present work is to analyze the particular manifestations of the heterogeneous doctrines in economic science, which determine the process of creating the theory of regional economic integration. The main task is to identify the economic theories that are the basis of the formation of the integration theory. The necessary cause-and-effect relationships that argue the compatibility of specific doctrines with the effectiveness of the process of regional economic integration should be deduced.

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Podatek od niektórych instytucji finansowych – geneza, założenia a skutki fiskalne i gospodarcze

Author(s): Aneta Chodakowska / Language(s): Polish Publication Year: 0

Purpose: The main aim of the paper is to present the legal basis for the tax on certain financial institutions in Poland, as well as its fiscal and economic consequences. It also identifies and compares the reasons for taxing the financial sector in Poland with those in other countries. Methodology: The paper contains critical analysis of the literature, which is followed by the data analysis. Findings: The primary reasons for implementing the tax in European countries were anti-crisis measures. In contrast, in Poland, the main aim of taxing financial institutions was to secure additional sources of financing for budget expenditures as well as to increase and equalise the tax burdens of financial institutions towards society. The effectiveness of achieving this goal remains unclear due to the tax incidence mechanisms that were triggered immediately after the new regulations came into force.

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Polityka stóp procentowych NBP a stopy zwrotu z sWIG80 i WIG20 w latach 1995–2023

Author(s): Eryk Łon / Language(s): Polish Publication Year: 0

Purpose: The aim of the chapter is to answer the question of whether the NBP interest rate policy has an influence on the rates of return on the sWIG80 and WIG20 indices. The chapter examines what rates of return on both stock exchange indices can be expected in periods of expansive and restrictive NBP monetary policy. Methodology: The chapter uses selected tools of quantitative methods as well as structure analysis tools, including the arithmetic mean and median. These methods make it possible to assess the connections between monetary variables and the situation on the Polish stock market in the segment of small and large companies. Findings: The chapter creates two investment strategies: playing on the increase of the stock index and playing on its decline. The former strategy is worth using in periods of expansive NBP monetary policy, whereas the latter in periods of restrictive NBP monetary policy.

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Systemy gwarantowania depozytów a stabilność finansowa w świetle doświadczeń okresów niestabilności systemowej z 2008 i 2023 roku

Author(s): Ewa Miklaszewska / Language(s): Polish Publication Year: 0

Purpose: The experience of systemic instability in March 2023 showed that a high level of retail deposit insurance is not sufficient to preserve financial stability, triggering reflection on the need for a new deposit protection policy. Therefore, the purpose of the chapter is to analyse the work currently underway, particularly the reform proposals published in 2023 by IADI, FDIC and the EC. Methodology: The chapter includes a literature review of deposit insurance schemes and a critical assessment of current proposals for their modifications. Findings: The chapter develops the claim that, given the current characteristics of financial markets and accelerated technological development, it is necessary for the preservation of financial stability to expand the scope of deposit guarantees, covering both a larger group of eligible entities and types of accounts, including addressing the problem of large deposits.

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Podatek od deszczu w Polsce jako przykład podatku środowiskowego

Author(s): Maciej Szczepkowski / Language(s): Polish Publication Year: 0

Purpose: This study presents the role of environmental taxes in the budgets of European Union countries based on Eurostat data available in August 2023. First of all, the chapter presents current areas of study that researchers are dealing with in the context of environmental taxes and fees in Poland and around the world. Next, the author discusses the main assumptions of the rain tax in accordance with the 2017 Act and the proposed changes in this respect, which have not yet entered into force. Methodology: The study is based on the analysis of the literature on the subject and the provisions of tax acts, supported by Eurostat data on environmental taxes and fees. Findings: Green tax reform is currently a promising economic tool in solving both environmental and social problems in many European Union countries and the world’s most developed economies. The experience of various countries shows that it can be a source of income, making up for missing public funds in the budget. One of such ideas in solving these problems is introducing modifications to the so-called rain tax. Systemic solutions regarding rainwater retention are undoubtedly necessary. However, taking into consideration the multi-billion costs of this type of investment and comparing them with the potential budget revenues from the rain tax, it is not significant enough to make a difference.

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Local Government in Albania, The Effects of Fiscal Decentralization

Author(s): Selma Binjaku,Shkëlqim Fortuzi / Language(s): English Publication Year: 0

Fundamentally, decentralization represents a democratic restructuring endeavor that seeks to transfer political, administrative, financial, and planning powers from the central government to local authorities. Its aims encompass boosting civic engagement, bestowing decision-making authority upon local communities, and fostering accountability and dependability. The overarching objective is to optimize the efficiency and effectiveness of resource collection, administration, and service provision. My interest in comprehending the evolution of our country’s decentralization initiative has driven me to delve into the subject of fiscal decentralization. This process entails endowing local governments not only with the entitlements arising from this empowerment but also the corresponding responsibilities that accompany it. Before and after decentralization, there are several stages that can be observed. These stages typically involve policy formulation, legal reforms, capacity building, fiscal transfers, and institutional adjustments. By analyzing key indicators, we can assess the impact of decentralization on various aspects of governance. The aim of this work is to take into consideration recent developments, both within the framework of central-level reforms and the work of local self-government bodies, primarily focusing on the period from 2005 to 2021. The work is primarily based on analyzing the findings identified from the following sources: Primary data collected through questionnaires administered to citizens, Accountancy Experts, and Businesses. Research from various reports, publications, or articles prepared as part of projects or activities of various public institutions operating in the field of local governance. Previous reports and analyzes on territorial-administrative reform have been conducted by national and international institutions, and their findings have been extensively used in the preparation of this work.

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Analysis of Fiscal Policies and Their Impact on the Local Economy

Author(s): Selma Binjaku,Shkëlqim Fortuzi / Language(s): English Publication Year: 0

Fiscal policies are the tools used by the government to influence the country’s economy through taxation, public spending, and public debt. Their goals are to regulate the economy, assist in increasing employment, reduce inflation, and maintain control of public debt. Tax revenues are the primary and significant sources of income for governments in most countries. The potential tax revenues of a country based on its legal or tax law are much greater than the actual tax revenues collected. Due to the lack of full tax compliance, government budgets are rarely balanced in most countries, and the gap between revenues and expenditures is growing. The key question is why taxpayers avoid taxes. The purpose of this paper is to familiarize with the concept of fiscal packages and how the new taxation system works in the country. The paper is divided into three sections, where the first section includes the analysis of the theoretical aspect of our tax system, focusing on the concepts of taxes and duties according to national legislation. The second section focuses on fiscal packages for the years 2020, 2021, 2022, and the revenues generated during the respective years, while the final section deals with the analysis of the survey conducted among businesses in our country that have implemented the taxation system by examining the difficulties businesses are currently facing after the implementation of taxation, as well as their approach to taxation.

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Studying the Functioning of International Trade Chains for Fast-Moving Consumer Goods in Different Markets

Author(s): Tonya Petrusheva / Language(s): English Publication Year: 0

The intensive development of the processes of internationalization and globalization has a direct impact on the economies of all countries around the world, including and the FMCG sector. In this regard, the expansion of international trade chains and their role as active participants in the value chain is considered. The main goal of the current research is to follow the implementation of the commercial policy of the international trade chain “Lidl”, and its operation in the markets of Bulgaria and Finland. To achieve this goal, the following research tasks are set: to make an integrative review of the literature on the nature of trade chains; to clarify the role and importance of the FMCG sector as the most dynamic and competitive; to compare and analyze empirical data of the achieved results in the two countries in question. The main methods used in the report are: observation, induction, deduction and comparison, and the research will find applicability in the field of international business. The conclusions show certain similarities, but also differences regarding the commercial policy implemented by “Lidl” in the markets of the two countries.

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Synergy between The EU and Korea in Navigating The Environmental Stewardship

Author(s): Hannah Kang / Language(s): English Publication Year: 0

This report examines the EU’s global role in environmental stewardship, driven by its regulatory influence in corporate transparency. Korea, as a key strategic partner to the EU, is analyzed for its synergy with the EU in building green economies. The report focuses on the synergy between the EU and Korea in building green economies and analyzes the Green Deals of both the EU and Korea, the FTA, and their Green partnership. By utilizing quantitative and qualitative analyses of agreements and policies, the report identifies challenges and opportunities, offering future recommendations. On the one hand, the EU’s Sustainable Financial Disclosure Regulation and the Corporate Sustainability Reporting Directive are analyzed as models for accelerating Korea’s divestment in foreign coal powered projects. On the other hand, this paper explores Korea’s leading role in hydrogen technology as a benchmark model for EU’s green Research and Innovation . In conclusion, the report underscores the symbiotic EU-Korea relationship in a global environmental stewardship, fostering mutual learning, collaboration, and innovation for a sustainable global economy. This report serves as a foundation for future research in these critical areas of global environmental dynamics.

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The Transformation of the Business Model in the Process of the Transformation of the Economic System on the Road to Sustainability: European Perspective

Author(s): Bistra Boeva / Language(s): English Publication Year: 0

This paper examines the transformation of the business model in the process of transformation of an economic system on the road to sustainability. The objective of the paper is to prove the transformation of the business model of companies in EU Member States due to the establishment of the new regulation framework on sustainability. The author’s previous researches on corporate governance and sustainability, sustainable Global Value Chains and corporate sustainability,2 as well her personal involvement in various consulting activities gradually determined the abovementioned topic of investigation. Although it was established that a limited number of scholars study the above phenomenon some findings in their publications have enabled the development of a conceptual framework of this paper. The first part the paper encompasses the results of the literature observation. The focus of the second part is on the EU regulation framework on sustainability. In the third part of the paper the transformation of the business model is analysed. Through the lens of good practice, some very interesting findings are revealed. The conclusion includes the findings of the study, the author’s contribution and the path for the further study.

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Търсене и извличане на политически ренти при концентрация на икономическа власт

Author(s): Ivan Todorov / Language(s): Bulgarian Publication Year: 0

The research analyzes the impact of the normative rules for limiting discretion on the concentration of power and the possible negative side effects. The fiscal policy rules ("Fiscal rules" - object of the PF’s Act) occur an inelastic supply of offers for public goods providing. The monetary policy rule ("Currency Board" - subject to the provisions of the BNB’s Act) allows carrying out monetary policy operations through the Fiscal reserve account. It is used as a strategic complementary tool in risk aversion manner of the authorized body (Ministry of Finance). Combination of aggregate rules and gaps in the regulatory framework at a lower level,including the lack of functioning capital budgeting, the concentration of economic power could materialize in rent-seeking and rent-extraction process.

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Jakość respektowania instytucji w krajach posttransformacyjnych

Author(s): Maria Lissowska / Language(s): Polish Publication Year: 0

This chapter intends to comment on the insufficient respect of formal institutions inpost-transition countries. It is very important to distinguish formal and informal institutions,because during the transition to market economy, only formal institutions changed, while informal ones were left unchanged. This situation brought about a potential conflict between the two. We analyze the results of this conflict and the need to enhance the enforcement of formal institutions. Among others, the policy can play a role in this enhancement.

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Konwergencja i dywergencja instytucji państwa w krajach postsocjalistycznych w Europie Środkowo-Wschodniej

Author(s): Bartosz Totleben,Dawid Piątek / Language(s): Polish Publication Year: 0

The chapter addresses the issue of institutional changes in post-socialist countries. Its objective is to present the changes in the levels of political, economic freedom, and governance quality in these countries, and to examine whether there has been convergence or divergenceof state institutions in post-socialist countries in Central and Eastern Europe compared to selected European Union members. A study was conducted using sigma convergence fordata from 1990 to 2022, examining indicators of economic freedom, political freedom, and governance quality. In terms of economic freedom, convergence was confirmed in all analyzed country groups. The direction of political freedom changes was varied. Convergence was confirmed in the Baltic and Southeastern European countries, with ambiguous results for Central Europe and divergence in Eastern Europe. Similarly, changes in governance quality closely mirrored those of economic freedom. Convergence was apparent across all groups within the studied time frame, except for the Central European group. Here, divergence was noted from 2004 to 2022, although statistically insignificant over the entire period.

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