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1

PUBLIC FINANCE IN EURO ZONE - CHALLENGES AND DIRECTION OF CHANGES

100%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2005
|
issue 1(8)
15-34
EN
Poland is interested in entering the euro zone in the next few years. Replacing a zloty with a euro should constitute a considerable incentive for the development of the Polish economy. However, this has to be preceded by fulfillment of certain economic conditions referred to as the criteria of convergence. One of these is a criterion concerning public finance. Fulfilling this criterion may turn out to be very difficult for Poland. Therefore, the experiences of the euro zone countries of reducing the budget deficit and public debt are of vital importance here.
2
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Porównanie koncepcji normatywnych nowego europejskiego nadzoru finansowego oraz Europejskiego Systemu Banków Centralnych – wybrane zagadnienia

100%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
|
2011
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issue 2
49-68
EN
This article discusses the legal solutions and legal construction of the new European Financial Supervision, which create the European System of Financial Supervisors (ESFS), consisting of three European Supervisory Authorities – European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority. The principal aim of this publication is to compare legal construction of the new European Financial Supervision with legal concept of the European System of Central Banks. The outline of the essay is as follows. Section 2 analyses and compares with the ESCB legal organizational structure of the macro-prudential and micro-prudential new European Financial Supervision. Section 3 describes legal instruments of the authorities of the integrated European Supervision which can be used to achieve financial stability within the European Union. This part of the essay also deals with legal instruments of the ESCB, which ensure the unified European monetary policy within the Euro Zone. Section 4 describes key principles behind functioning of the European Financial Supervision and the ESCB. Finally, section 5 of this essay contains conclusions about similarities and differences of legal concept and construction of the European Financial Supervision and the ESCB.
3

PUBLIC FINANCE IN THE PROCESS OF ADJUSTING POLISH ECONOMY TO THE EURO INTRODUCTION

100%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2007
|
issue 1(16)
7-37
EN
The aim of the paper is to describe the adjustments which should be made in the process of preparing Poland for participation in the euro zone. The process does not only mean a single fulfillment of convergence criterion concerning the budget deficit and public debt but the long-term recovery of the finance. It seems impossible to keep a high level of economic growth without an overall repair of public finance. The conducted research shows that the effective repair of public finance in Poland is essential not only as a necessary condition for using development prospects of the euro zone participation. It is also essential for improvement in international competitive position of Poland. A good condition of public finance combined with a stability of prices would constitute a good foundation of the increase in investment in economy including foreign investment.
4

EURÓPSKA MENOVÁ ÚNIA PO PIATICH ROKOCH

100%
Iša J.
Ekonomický časopis (Journal of Economics)
|
2005
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vol. 53
|
issue 5
499-510
EN
This article analyses the results of the Economic and Monetary Union achieved through the first five years of its existence and concludes, that the actual balance of euro is not definitive. On the one side, there is the growing international role of euro, which has become the first real competitor of dollar. On the other side, there is the slow growth of the economic performance of Euro zone, which has become the most backward region of the world economy.
5

EURÓPSKA MENOVÁ ÚNIA V KONTEXTE GLOBALIZAČNÝCH PROCESOV SVETOVÉHO HOSPODÁRSTVA

100%
Gonda V.
Ekonomický časopis (Journal of Economics)
|
2006
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vol. 54
|
issue 4
352-367
EN
The paper describes the beginnings of the European monetary integration as the effect of world economy's globalization. Globalization is defined as a dominant tendency in the development of the world economy at the end of the millennium resulting in the formation of regional integration blocks, especially the triad America - Europe - Asia . Globalization of the monetary system leads to the creation of the monetary areas; one of the most formed ones is a Euro zone. The author characterizes the European Monetary Union as a unique phenomenon. He outlines its benefits (the decrease of the transaction costs, the elimination of the exchange rate risk, the increase of the price transparency) and the costs (the loss of the independent monetary policy, the loss of the exchange rate as an economic-monetary tool) and evaluates Euro as a specific tool of the integration with the Western European countries.
6

MECHANIZMUS MENOVÝCH KURZOV ERM II

100%
Gonda V.
Ekonomický časopis (Journal of Economics)
|
2005
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vol. 53
|
issue 2
129-143
EN
New member countries, including the Slovak Republic, were given a status of the member state with derogation of accepting the euro. Term of the Euro zone entry will depend on the fulfilment of the Maastricht criteria, including the criterion on exchange rate. This assumes at least two years in the ERM II system. The article explains the basis and rules of functioning the exchange rate mechanism ERM II, requirements for fulfilment of the Maastricht criterion on exchange rate, effects of staying in the ERM II system and the strategy of the entry of new EU-member states into this mechanism. At the end, author discusses the time of the Slovak accession to the ERM II and adoption of the euro.
7

Differentiated Integration and the Future of Europe. Debate in Poland

100%
Cianciara A. K.
Yearbook of Polish European Studies
|
2014
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vol. 17
s.167-191
EN
Differentiated integration among EU Member States can result from both the widening and deepening of the integration process. The Member States that adhered to the EU in 2004 and 2007 have so far been subjected to differentiation as a consequence of the enlargement (i.e. as ‘new’ Member States). However, the case of Poland shows that concerns over sovereignty and identity, as well as a growing unwillingness to transfer further competences to the EU level, might also play an important role in the positions of the various Member States of Central Europe vis-à-vis differentiation. Following Poland’s accession to the EU, its political elites early on voiced common concerns about the establishment of a ‘super state’ during the crisis about the future of Europe and treaty change. Since the commencement of the economic crisis in the EU and the change in focus (i.e. on the euro zone), the major political parties in Poland have begun to voice quite diverse and opposing positions. Hence, it is worth exploring the current debate in light of the previous one, looking for patterns of both continuity and change. This paper is based on a thorough examination of the Polish debate on differentiated integration which developed during the euro zone crisis and has accelerated since the Polish presidency in 2011. The main objective is to analyse core elements of the debate among the Polish elite, with particular focus on the future of the euro zone and Poland’s possible euro membership. To this end, positions and statements of the government, major political forces and think-tanks have been analysed. As a result, three elements are highlighted: 1) the dual discursive strategy of the Civic Platform government; 2) the highly divergent approaches to differentiation among the major political parties; 3) the increasing probability that Poland will stay outside the euro zone on a long-term/quasi-permanent basis.
8

THE EURO ZONE AS THE EFFECT OF MONETARY INTEGRATION. ITS FUNCTIONING IN THE REALITY OF MONETARY AND BUDGET POLICIES

100%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2006
|
issue 2(13)
176-207
EN
The aim of the paper is to examine the experiences of the euro zone functioning over the last few years. The authoress is considering the importance and effectiveness of using the convergence criteria in preparing the EU countries for participation in the euro zone.She then moves on to institutional and legal solutions concerning a single monetary policy in the euro zone and decentralized budget policy of the member states. In particular, she analyses the practical functioning of solutions disciplining a budget policy as included in the Pact of Stability and Rise. The conducted research indicates that the public finance regulations have not been able to efficiently reduce too high budget deficits. The new member states of the EU preparing for entering the euro zone should immediately start the reform of their public finance which would enable them to reduce the risk of too high budget deficits that might arise after replacing their national currencies with the euro.
9

The main features of Hungary's monetary transmission mechanism

100%
Vonnak B.
Kozgazdasagi Szemle (Economic Review)
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2006
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vol. 53
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issue 12
1155-1177
EN
This paper attempts to aggregate and summarize fresh findings on the monetary transmission mechanism in Hungary. Within a research project at the National Bank of Hungary, nine studies have appeared that investigate the channels through which Hungarian monetary policy affects the economy. This paper creates a framework for synthesizing particular results, based on Mishkin's (1996) classification, and analyses how aggregate demand is affected through these channels. The conclusion is that in the last ten years, monetary policy has exerted measurable influence on real activity and prices. The dominance of the exchange-rate channel explains why prices respond faster and output responds more mildly than in closed developed economies like the United States or the Euro Zone. We expect that after Hungary's adoption of the euro, the absence of an exchange rate will be compensated by the fact that the interest-rate channel will work through foreign demand as well, so that no significant monetary-transmission asymmetries can be expected when the country is inside the Euro Zone.
10

Divergent Business Cycles within a Monetary Union

100%
Koronowski A.
Ekonomista
|
2008
|
issue 1
77-95
EN
Critical appraisal of the optimum currency area theory, seen as the theoretical foundation of the monetary union, opens the article. The author points to the reserved attitude of the promoters of the European Monetary Union (EMU) towards the theory of optimum currency area as containing the justification for the adoption of common monetary unit. The history of existence of EMU provides empirical data that display marked divergencies in macroeconomic conditions among euro zone member countries. The observed divergencies are discussed in reference to the literature of the subject. Arguments that surround the theory of optimum currency area on the one hand and the divergencies among economies that belong to the EMU on the other, provoke to ask questions addressing the issue of how to explain the phenomena that reveal themselves in the euro zone. The concluding part of the article contains an attempt to answer the formulated questions. An original theoretical model is used to provide hypothetical explanations of the processes that take place inside the EMU.
11

Determinants and Perspectives for Economic Growth in the Coming Years

100%
Zienkowski L.
Ekonomista
|
2007
|
issue 6
861-872
EN
Results of international comparisons that evaluate determinants of economic growth are presented at first. It is noted that Polish economy is located in each sphere at one of the lowest positions among referred to countries. That indicates the need for economic reforms - the most important relate to business conditions and to public finance (high level of deficit and public debt). However the results of comparative studies contrast with the present performance of the Polish economy. It is argued in the paper that the high rate of growth will probably last two-three years and then a cyclical downturn might occur in Europe and in Poland. The economy should be prepared to cope with such a situation when the growth rate falls lower than to ca 4% p.a., to some 1-2%, as the result of economic disequilibria (budget deficit well above 3% of GDP). Finally the economy may slip into long lasting recession. Further and more far reaching economic reforms, including privatization (also of the so called social services), are needed if that is not to happen. In the years of high growth the budget deficit should be reduced not to 3% of GDP but to 1% or even zero in order to be prepared for long term spending pressures. To achieve that in practice priority in economic policy should be given to the reduction of budget expenditures, even at the cost of tax reform which is advisable per se. Are the chances of implementation of deep economic reforms in the years of high growth already definitely lost? This is the question put forward at the end of the paper.
12

KOMPARECE PŘIPRAVENOSTI ČESKÉ REPUBLIKY A SLOVENSKÉ REPUBLIKY NA ZAVEDENÍ EURA

88%
Lebiedzik M., Tuleja P., Pauhofová I.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 1
22-38
EN
The Czech Republic and Slovakia before their entrance to the European Union committed to fulfil all conditions necessary for introducing the common European currency. While in a case of the Czech Republic appears as possible term of entrance the country to the Euro-zone year 2012 or even later, in a case of Slovakia is in last months more often discussed about 1st January 2009, whereas it will depend on the level of fulfilment of Maastricht criteria of nominal convergence. Although successful fulfilment of these criteria appears as bottom line for entrancing new country to the Euro-zone, according to many experts, is more important to fulfil real economic convergence criteria. This contribution deals with a process of a real convergence of these two economics.
13
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Wielkie wyzwania przed Unią Europejską

75%
Van Rompuy H.
Studia Europejskie-Studies in European Affairs
|
2011
|
issue 1
9-18
EN
I sometimes explain that the enlargement of the European Union in and after 2004 is not a bureaucratic process, driven by ‘Brussels’, but that enlargement should be seen instead as a deeply political enterprise, driven by a great historic event. Nowadays our Union is stronger when all Member States are united in supporting jointly agreed objectives. One of the examples is the current crisis. It appeared crystal clear that all 27 members are fully convinced that the stability of the Euro zone is vital for the Union as a whole and for all our citizens. The European single market has been key to the EU’s prosperity over the last few decades. We have built the world’s largest single market. What’s more, innovation is the crucial factor to develop our economies, to achieve employment and growth and to improve living and working conditions. Moreover, we need to provide our citizens and companies with safe, secure, sustainable and affordable energy. No Member State should be isolated from the European internal market for energy. We have to strive for reciprocity and find mutual interests in dealings with global partners. The EU has a certain number of cards which we can only play together. At the bilateral summits between the Union and key partners this approach already is starting to pay off. We also need to further strengthen the synergy between the national capitals and Brussels. In our foreign policy the most important thing is not just to speak “with one voice”, but to have common messages and a shared sense of direction. The European Union is the world’s most evolved and subtlest project for building consensus amongst equal partners. Together, we defend something which is dear to us: a common civilization. Our countries are envied for their political stability, for their welfare and social-security systems, for the quality of European life. It is clear: there is a lot of work to do. In the economy, both in the short-term and the long-term. And in defending our interests and values in the world. Over a span of seven years Poland has found its place in the European Union. I should like to congratulate successive Polish governments and the Polish people on that. We are looking forward to the contribution of your country during the Presidency later this year.
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