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The paper makes an attempt at description of the impact of monetary integration on the most important macroeconomic indicators of the Euro area against the background of those countries which retained their national currency. As the main indicator describing changeability of economic growth in the EU countries the author assumed the average annual real GDP growth calculated in relation to the base value of GDP in 2003. The profile of payment balance (BPM5) of selected countries focuses on relations resulting from financing of trade turnover account balance by balance of the financial account and, particularly on direct and portfolio investments. The analysis was conducted in the context of basic relationships from the theory of the optimum payment area.
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The currency board system that has been introduced and sustained in Bulgaria since 1997 is assessed on the basis of its impact on the macroeconomic conditions in the country. The assessment is founded on the theoretical advancements on the topic and on the empirical observations on the role of the currency board in Bulgaria when macroeconomic crises and external shocks occur. The conclusions for the procyclical and conservative nature of the system are the basis of development of three scenarios for the future of the currency board in Bulgaria – a realistic, an optimistic and a pessimistic one. The main prerequisites for their implementation are outlined. The associated risks are stated.
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Around the globe observations demonstrate that the countries with expected near- future- inflation, unsustainable ballooning government spending and expected recession head towards a financial crisis unless significant policy transformations take place convincingly and before late. And whilst the recent sharp increase in advanced country sovereign debts has led to serious concerns about fiscal sustainability as well as their broader economic and financial market impacts, research on the relationship between sovereign or public debt and economic growth remains sparse, particularly from an empirical perspective. To avoid another chaotic catastrophe the trends of the sovereign debt and macroeconomic performance of countries needs to be watched closely. The projection of the future patterns based on the past and current trends are imperative since it will provide adequate safety net before another financial calamity arrives. Needless to say if the extent of sovereign debt for a nation is too large to finance and service, bankruptcy is very likely to occur and by then there will be little motivation for other countries to cooperate with the system in finding an immediate solution.
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The world has entered a period of intense globalization, especially after the 1980s. After this process, international economic, political and cultural relationships have increased. The biggest impact of globalization on the economy has been the increase in foreign direct investments. In this study, the effects of foreign direct investment on developing country economies were tried to be analyzed by panel data analysis. Economic growth has been affected foreign direct investments in the negative direction, foreign direct investments have been affected fixed capital investments in the positive direction have been achieved by this study for the base period.
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The 2008 issue of YARS contained an overview of EU law developments in the period of time from 2004 to 2007. This overview covers the years 2008-2009. It confirms that State aid cases remained numerous (6 in total) and that the Commission’s enforcement activities in the area of State aid control continued at a similar pace as before. With respect to other areas of competition law and policy, the overall picture shows a relatively high level of scrutiny in mergers (5) and antitrust cases or inquiries (2). Moreover, EU Courts adopted several decisions in Polish cases, notably in the regulatory field (electronic communications) and State aid control (partial annulment in Huta Częstochowa (Operator) as well as the rejection of a request for interim measures in Technologie Buczek). The regulatory court cases show the Commission’s consistency in pursuing Member States in their failure to implement or to correctly implement the EU Electronic Communications package. In the state aid related Huta Częstochowa (Operator) judgement, the General Court (GC, formerly the Court of First Instance, CFI) partially annulled the scrutinised Commission decision since the Commission failed to identify the actual benefit related to the receipt of the aid in question. The jury is still out in the case concerning Technologie Buczek because the interim measures judgement says little about the potential outcome of the pending main appeals.
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Antitrust law, similarly to other disciplines of administrative law, concerns three interrelated aspects of legal regulation: substantive law, procedural law and legal provisions regulating the status of relevant bodies of public administration. In 2008, the Polish antitrust field was subject to legal amendments relating to the status of public administration bodies responsible for competition and consumer protection governed by the Act of 16 February 2007 on Competition and Consumer Protection 1 and other specific legal acts. The status changes affecting the competition and consumer protection field should be considered in the broader context of the: Resolution and Approach of the Cabinet No 13 of 22 January 2008 on the Completion of the Public Administration Reform and related Workflow Procedures implemented in 2008. The improvement of co-ordination between political and central governmental bodies of public administration was identified by the Cabinet as one of the targets of this reform. In order to achieve it, some public administration bodies were consolidated. That was the case with the Trade Inspection („Inspection”), acting in its capacity as an competent control body for the protection of consumer rights and interests as well as the economic interests of the State, and the President of the Office of Competition and Consumer Protection (Urząd Ochrony Konkurencji i Konsumenta: UOKiK), acting in its capacity as a Polish competition and consumer protection body. As a result, the central body of governmental administration, the Chief Inspector of the Trade Inspection, and its central office, the Chief Inspectorate of the Trade Inspection Office were abolished. A short description on the key legal developments relating to this consolidation process is presented below
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This article assesses the 2009 amendments to the Polish Telecommunications Law and the most significant executive regulations that have been passed in its context. The amendments are discussed considering their compliance with EU law, taking into account the rulings of the European Court of Justice on the conformity of some of the Polish provisions with the set of directives constituting the European telecommunications regulatory framework of 2002. The analyzed amendments relate to, in particular, the manner in which ex ante regulation should be implemented, the principles of telecoms services provision to end-users and the performance of state security and defence obligations (the implementation of Directive 2006/24/EC on Data Retention). Furthermore, the article contains an analysis of key Polish case-law issued in 2009 with respect to the telecoms field covering the most controversial cases decided in that period by both, domestic administrative courts as well as the Supreme Court. The jurisprudence under consideration concerns the following regulatory issues: (1) number porting fees, (2) the term for the expiration of claims regarding the provision of telecoms services as well as, (3) the appropriate procedure to be followed when appealing certain decisions of the National Regulatory Authority relating to the performance of regulatory obligations. The lack of a clear distinction of procedural competences of civil as opposed to administrative courts in this latter regard is shown. The article also covers the ruling of the Court of Justice of 1 July 2010 issued in response to a preliminary reference submitted by the Polish Supreme Court concerning the establishment of number porting fees (case C-99/09).
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This third overview of EU competition and sector-specific regulatory jurisprudential and case law developments with a nexus to Poland covers the years 2010 and 2011. This period of time is worth noting for several reasons. First, EU courts delivered a significant number of judgments in ‘Polish’ cases including an increased number of preliminary rulings. Second, 2010-2011 developments were dominated by judgments and decisions concerning telecoms. Finally, the Commission adopted only a handful of Polish State aid decisions following a formal investigation procedure under Article 108(2) TFEU. The main developments in telecoms relate to the Court of Justice’s preliminary reference judgment in Tele 2 Polska focusing on the interpretation of Regulation 1/2003 and the PTC v UKE ruling that dealt with number portability charges. Relevant is also the antitrust prohibition decision issued by the Commission against Telekomunikacja Polska S.A. for its refusal to grant access to its wholesale broadband services. In other fields, the Court of Justice delivered three State aid judgments (including two appeals against pre-2010 judgments of the General Court) and two judgments in infringement proceedings (regarding pre EU Accession marketing authorisations for medicines and the reutilisation of data from the public sector). The General Court ruled on appeal in the butadiene rubber cartel case (e.g. in Trade-Stomil v Commission). Finally, the Commission dealt with a merger case with a truly Polish specificity (Kraft Foods/ Cadbury), approved subject to divestiture of the E. Wedel brand.
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The article presents a critical analysis of changes introduced into the Polish Competition Act of 2007 by the Amendment Act of 2014. The declared purpose of the Amendment was mainly to increase the effectiveness of the enforcement of the antitrust prohibitions, including the introduction of conduct remedies in antitrust cases, the settlement procedure and fines for individuals, changes in the Polish Leniency Programme and inspection powers, as well as simplifying and shortening merger control proceedings. Considered in the paper is the thesis that some of these changes were not introduced properly; in particular, that the new provisions fail to sufficiently safeguard the rights of undertakings, and that the amendment is an inadequate step towards the convergence of the Polish competition law system with the enforcement rules of the EU and its other Member States. Further changes to the Polish Competition Act of 2007 are therefore needed. The paper does not cover changes introduced by the Amendment Act of 2014 to Poland’s consumer protection provisions.
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The Significant Market Power Act (SMPA) adopted in 2009 regulates the assessment of, and the prevention of, the abuse of market power in the sale of agricultural and food products. The Act generated many controversies from the outset, survived legislative proposals for its abolition, to be finally amended in 2016. However, this kind of legislation failed to solve most of the problems and even managed to create additional controversies. The new amendment formally simplified the actual wording of the SMPA by transposing its numerous earlier appendixes, which contained an exemplary list of prohibited forms of SMP abuse, to the actual text of the Act. It also improved transparency and clarity with respect to its earlier vague and ambiguous terminology. At the same time, the amendment seriously modified the scope and principal philosophy of the SMPA by removing the previously required “substantial detriment to economic competition” as the pre-condition of the applicability of the Act. However, since the enforcement of the SMPA falls into the scope of the activities of the Czech Office for Protection of Economic Competition (in Czech Úřad pro ochranu hospodářské soutěže, UOHS), the concerns and doubts of the business community continue to grow whether this form of regulation is appropriate after the modification of the concept.
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Purpose: This paper explores the 21st-century emerging leadership competencies in a Malaysian higher learning institution. As the forces of change are transforming the leadership landscape, new leadership capabilities are required for the 21st-century evolving globalized environment. Hence, research is needed to determine the key emerging leadership competencies in the higher learning institutions. Findings: The significance of the results were the relevance of the leadership competency concept in the context of higher learning institution, future leaders need competencies for effective leadership, and the core competencies of academic leaders are necessary. Additionally, besides the discussion on the emerging leadership competencies of visioning and strategic thinking, leadership agility, adaptability and change, relationship and collaboration, the new findings from the field data were corporate leadership and cross-cultural competence. Research limitations/implications: This qualitative case study focused on one higher learning institution. At the same time the research also provided the in-depth context-rich information. Practical implications: The knowledge and adoption of the emerging leadership competencies concept would enhance the development of progressive leadership. Originality/value: There is limited study on the emerging leadership competencies in the higher learning institutions. Hence, there is value in this research. The findings were original contributions to knowledge. Also, this study showed the link between the expected attributes of institutional leadership to the dimensions of transformational leadership and the key emerging leadership competencies.
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