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EN
The aim of the article is to outline the economic situation of Cracow on the background of the three other major Polish cities. The main question is whether and to what extent Cracow stands out among them in economic terms. For many, Cracow has undeniable sentimental value and is attractive for tourist. What is often forgotten, is that it is also the second biggest city of Poland and the second biggest economy between Polish cities. The text is based on a brief comparative analysis of four major Polish cities, including Cracow. The article uses public data, starting with the commonly used indicators of economic development, such as GDP, GDP per capita and labor market or entrepreneurship data. It takes into account the municipal finance, which made this comparison more complete. What is more, it includes data on the academic community, which seems to be important from the perspective of modern economic. In the final part it examines touristic and cultural events, what is very helpful in showing the specifics of Cracow.
EN
The article undertakes the topic of fiscal sustainability in the New EU Member States in the context of the recent economic crisis. Sharp falls in GDP lead to an increase of the basic indicator of fiscal sustainability: debt to GDP ratio. Additionally, the economic slowdown worsens fiscal balance both because of automatic stabilization mechanism and discretionary government actions. The article presents economic situation in the EU-10 countries directly after the accession. Then, the transmission mechanisms of the global crisis and the related dangers for the EU-10 countries are exposed. An analysis of the business cycle in EU-10 countries and their fiscal position implied by the crisis as well as the fiscal policy actions undertaken with the assessment of their impact for economic growth and fiscal sustainability. Conclusions indicate that the majority of the analyzed countries maintain a sustainable fiscal position in spite of its significant worsening during the crisis. However, the situation of Hungary is very difficult and requires urgent corrective actions and Poland (and to a smaller extent) Slovenia and Slovakia should be cautious in their fiscal policy stance.
EN
The global financial crisis and the internal situation faced by the euro zone, revealed shortcomings in the integration of the markets within the European Union. Therefore, the reconstruction of all the systemic mechanisms must take place.. They cause on this days for the individual Member States, the asymmetric consequences of costs and benefits of existence of the Union. All the necessary reforms on changes in the institutional system of the euro zone should be focused within the following areas: • the legal framework of the Euro zone • levelling of trade integration and trade imbalances between countries • consumption of credit in the private sector • fiscal discipline • the competitiveness of countries within the euro zone • the reliability of statistical data • crisis management mechanism and procedures in this area It is difficult to assess today to what extent these changes will be effective and efficient, and what will be the future shape of the various mechanisms of the target system – but one thing is certain, that the reconstruction of these mechanisms should absolutely minimize systemic risk, in the way, that the full mechanism was used for the Unified Market. The future of economic and financial stability in Europe, however, depends mainly on the partial activities of the individual national economies and their resignation from the special interests (this is currently the most significant factor in disintegrating economic and financial system of the European Union). All the activities of the European Union in the area of stabilization of system mechanisms should be closely correlated with the reforms in this field carried out in the world, and the regional group should actively participate in the construction of a new system architecture.
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