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EN
The aim of the paper is the tentative assessment of the functioning of the fiscal rules in Europe during the economic and financial crisis. The crisis has revealed all shortcomings of the Maastricht Treaty provisions on the coordination of macroeconomic policies and surveillance of budgetary policies and the Stability and Growth Pact. Recently the European Union intends to strengthen the rules and the stabilization mechanisms at EU level. It reminds to be seen whether the proposed solutions will be adopted.
EN
The main aim of this article is to evaluate the influence of the monetary integration on economic regional disparities. One of the most important objectives of the EU is to reduce economic, social and territorial disparities within the European Union. The 27-Member-State EU still needs discussion about huge economic and social disparities among these countries and their regions. The article is divided into five major parts. The first part is about the theory of monetary integration. The second part concentrates on the Economic and Monetary Union. The third part is Opinion of the Committee of the Regions on Economic and Monetary Union. The next part is about the influence of monetary integration on economic regional disparities. The last part is about regions in Poland in the light of monetary integration.
EN
There were significant changes in the range of the information access observed during last two decades. It has determined growth of the international capital exchange. The effect of such situation is raising foreign investors’ participation in exchanges’ turnover. The monetary union in Europe indeed decreased FX risk in euro zone additionally. The goal of this paper is to analyze how the introduction of the euro influenced on stock exchange volatility. The hypothesis about the introduction of the euro stabilizing influence on euro zone stock exchanges volatility verification has been undertaken. The previous research does not fully confirm legitimacy of this opinion. The occurrence of such influence possibility has been proved, but the researchers are far from straight generalizations. The empirical analysis conducted in the article did not prove the hypothesis about the introduction of the euro stabilizing influence on euro zone stock exchanges with no doubts. There were some stock exchanges lowering their volatility after EMU accession analyzed in the paper, but we also find some others that such situation did not appear. Strong positive verification of Authors’ hypothesis cannot be done. However the hypothesis about the introduction of the euro stabilizing influence on euro zone stock exchanges volatility may be verified empirically. Although some other important stock exchange volatility determinants, strengthening or reducing the role of euro, may be omitted.
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