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1

ROLE OF THE EUROPEAN CENTRAL BANK IN DEVELOPING REGULATIONS ON CREDIT UNIONS IN POLAND (Europejski Bank Centralny i jego rola w ksztaltowaniu regulacji dotyczacych spóldzielczych kas oszczędnosciowo-kredytowych.)

100%
Grzesik P. K.
Pieniądze i Więź
|
2010
|
vol. 13
|
issue 2(47)
EN
The article analyses competence and influence of the European Central Bank in developing domestic legislation to regulate financial markets, on the basis of the November 5th 2009 Act on Credit Unions in Poland.
2

THE GLOBAL FINANCIAL CRISIS: GENESIS, ESSENCE AND REMEDIES. A LESSON FOR EUROPE

80%
Wojtowicz A. S.
Yearbook of Polish European Studies
|
2009
|
vol. 12
27-51
EN
This article focuses on the ongoing financial crisis, the worst since the Great Depression, which has led to a global economic recession, mainly resulting from the loss of confidence in financial markets and constraints on the flow of credit. As a result of the financial turmoil, the global economy faces high unemployment, depletion of private savings, bankruptcy of thousands of companies, and shortage of state funding for the provision of social service. Moreover, the experiences of the past two years have demonstrated that in many cases the activities of supervisory bodies are ineffective, incoherent and non-transparent. Both policymakers and economists are looking for answers to the twin questions: who is responsible for the crisis and what should be done to address the problem? It is hardly comforting that many experts had warned about the looming turmoil. Unfortunately, because their predictions were not fulfilled immediately nobody took them seriously.
3

Application of new Keynesian principles in the modelling practice of the Fed, the IMF and the European Central Bank

80%
Szabo-Bakos E.
Kozgazdasagi Szemle (Economic Review)
|
2007
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vol. 54
|
issue 5
415-434
EN
The paper summarizes the principles of the Dynamic Stochastic General Equilibrium models, the possible extensions of the basic structure, and their implications for practical use. The author also discusses in detail the model-building strategy of the Federal Reserve System, the International Monetary Fund and the European Central Bank, and presents the model structure, some application of it, and its main implications.
4

DECISION-MAKING PROCESS OF EUROPEAN CENTRAL BANK

80%
Jankiewicz-Maciejewska A.
Myśl Ekonomiczna i Prawna
|
2005
|
issue 3(10)
113-141
EN
The paper presents the monetary policy and the principles of its formulating in the EU and the euro zone with the special emphasis on decision-making process in the commonwealth issues performed by European Central Bank (ECB). In order to enable the ECB to function properly it has been provided with a lot of independence which falls into 4 categories: institutional, personal, financial and functional. The organizational structure of the ECB is composed of: the Governing Council - the highest managerial body, the Executive Board the executive body and the General Council. Each of the above mentioned bodies has its own procedures of decision making, methods of voting relevant to their tasks and competence. The major task of the ECB together with the central banks of the EU members states of which ECB is composed is to keep prices stable. Summing up, the procedures of action used by ECB have been shaped in such a way which prevents political authorities from putting any pressure on the Bank and enable the Bank to make decisions effectively. At the same time, the decision making process concerning the monetary policy has been centralized in ECB whereas the executive functions have been decentralized on the level of national banks.
5
Content available remote

Procedura nakładania sankcji przez Europejski Bank Centralny na instytucje kredytowe państw członkowskich Unii Europejskiej za nieprzestrzeganie obowiązku utrzymywania rezerw obowiązkowych. Wybrane zagadnienia

70%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
|
2010
|
issue 2
117-134
EN
A Council Regulation has established limits and conditions under which the European Central Bank (ECB) is entitled to impose fines or periodic penalty payments on undertakings for failure to comply with obligations resulting from its decisions and regulations. Another important thing is that the ECB, while carrying out the procedure to determine the applicable sanction, must ensure as broad as possible respect of the rights of defense of third parties, in accordance with general principles of law and the case law of the Court of Justice of the European Communities on the matter, in particular existing case law concerning the inquiry powers of the European Commission in the field of competition. The article discusses the procedure in the event of non-compliance with minimum reserve requirements and the principles applying in the event of non-compliance with minimum reserve requirement. For example, before any sanction is imposed, the Executive Board of the ECB or a competent national central bank on its behalf notifies the undertaking concerned of the alleged non-compliance and of the corresponding sanction. The notification contains all the relevant facts of the alleged non-compliance and informs the addressee that, unless it submits objections, the sanction shall be deemed imposed by decision of the Executive Board of the ECB. This article also considers competences of the ECB to impose sanctions in the event of non-compliance with minimum reserve requirements. The analysis underlines and explains the principles and rules of that procedure that were construed on the basis of the entire regulation of EU banking law. The catalogue of principles and rules in that procedure is also taken into account. It is crucial to recognize problems concerning that procedure regarding Poland’s future access to the European Monetary Union. Finally, the question of legitimization of competences to impose sanctions applied under that procedure described and analysed, as well.
6

EFFECTS OF SINGLE MONETARY POLICY ON FINANCIAL POSITION OF FIRMS IN THE SLOVAK REPUBLIC

61%
Kajurová V., Linnertová D.
Ekonomický časopis (Journal of Economics)
|
2018
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vol. 66
|
issue 7
681 – 702
EN
The European Central Bank started to stimulate European economies in 2009 since the countries of the European Union have been facing a low growth and low inflation after both the global financial and sovereign debt crisis. The aim of the paper is to evaluate the effects of very low and negative interest rates on the financial position of manufacturing firms in the Slovak Republic using the balance sheet channel. The results confirm that firm-specific determinants affect the capital structure of firms. When assessing the impact of monetary policy on the financial structure in the environment of low interest rates, our findings support the existence of the balance sheet channel in the Slovak Republic, which is apparent in short-term structure.
7
Content available remote

Kompetencja prawotwórcza Europejskiego Banku Centralnego

61%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
|
2010
|
issue 4
139-156
EN
The fundamental tasks to be carried out through the European System of Central Banks include defining and implementation of the EU monetary policy in the countries of the Eurosystem. This article concerns legal powers of the European Central Bank after the Treaty of Lisbon came into force. There are no changes specifically regarding legal powers of ECB after the Treaty of Lisbon. Concerning the European monetary integration, changes after the Treaty relate to the monetary policy in the Eurosystem. Also, notably, the regulation of ECB legal draft powers under the Treaty on the Functioning of the European Union (like in the Treaty establishing the European Community) is separate from the legal draft regulation of other EU institutions. The primary objective of the Eurosystem is to maintain price stability. This objective is achieved with legal acts of the ECB: regulation, decision, opinion, recommendation, guideline and instruction, analysed in this publication. The point to inquire into the legal powers of the ECB was to reveal which form of the legal act of the ECB can be used by the regulation of different matters of European monetary integration. Especially, the areas of guideline and instruction by the ECB was very important. To consider the legal powers of the ECB is significant for a number of reasons. Legal acts ensure integrated and homogeneous monetary policy within the European Union and will make up a very important part of the Polish banking law system after Poland becomes a member of the Eurosystem. The article also discussed the new tasks of the ECB within the new European financial supervision to be established on the European level.
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