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1
Sadomovskaya, M. E. "Legal Aspects of Combating Terrorism Financing and Money Laundering using Informal Money Transfer Systems in the European Union." Actual Problems of Russian Law 15, no. 7 (August 7, 2020): 169–79. http://dx.doi.org/10.17803/1994-1471.2020.116.7.169-179.
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Currently, in the European Union, in addition to traditional money transfer systems (bank transfers, Western Union, etc.), informal (alternative) systems have spread. The most famous and widespread is hawala, which originated in South Asia many centuries ago, long before the banking system, and is still the most familiar and convenient mechanism for transferring funds in several regions of North Africa and the Middle East. Hawala operates outside the regulated banking and financial sector primarily through a complex settlement system: there is no actual transfer of funds within this system. In most countries, hawala is not regulated by law and is not subject to government supervision. All these factors contribute to the increased risk of money laundering and terrorist financing (ML/TF risk). The paper examines the key characteristics of hawala, its types, circumstances that caused its spread, the features of the system’s functioning, and overviews the main measures of the European Union aimed at reducing the risk of ML / TF, which are a characteristic of hawala.
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Sokolova, Olga, Nadezhda Goncharova, and Pavel Letov. "Problems and Prospects for the Development of the UK Banking System in the Process of New Industrialization and Digitalization." SHS Web of Conferences 93 (2021): 05017. http://dx.doi.org/10.1051/shsconf/20219305017.
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The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.
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Dedu, Vasile, Dan-Costin Nițescu, and Maria-Alexandra Cristea. "The Impact of Macroeconomic, Social and Governance Factors on the Sustainability and Well-Being of the Economic Environment and the Robustness of the Banking System." Sustainability 13, no. 10 (May 19, 2021): 5713. http://dx.doi.org/10.3390/su13105713.
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The paper highlights the connection between the European Union banking system and a set of representative factors—macroeconomic, social, and governance factors—selected from the perspective of sustainability and well-being. The analysis is carried out as a panel regression on EU member countries with annual data for 2005–2018, and it explores the impact of the selected factors on the robustness of the banking systems in the European Union countries. The analyzed variables to reflect the robustness of the banking system were the domestic credit to the private sector and the nonperforming loans (NPL) rate. Those indicators are of high relevance and concern within the current pandemic context. The results show that the banking development degree influences the increase of private-sector lending and the decrease of the NPL rate. Social and governance factors impact differently the level of private sector and NPL rate. All macroeconomic indicators used to influence the level of private-sector lending. The research reflects the fact that to promote and adopt a culture of sustainability and to ensure well-being, a close collaboration between all sectors of an economy is needed, together with a strong policy interconnection and harmonization between micro and macro.
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Andrieș, Alin, Nicu Marcu, Florin Oprea, and Mihaela Tofan. "Financial Infrastructure and Access to Finance for European SMEs." Sustainability 10, no. 10 (September 25, 2018): 3400. http://dx.doi.org/10.3390/su10103400.
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In this article we assess credit rationing across European countries by analyzing the impact of banking competition on the access to finance of firms. The importance of the financial sector in promoting the sustainable economy is recognized by the European Union, that has taken the lead in efforts to build a financial system that supports sustainable growth. However, it should be acknowledged that in highly competitive business environments, it is not easy to challenge the existing paradigms, since companies need to be profitable in addition to improving their environmental performance. Using data from European firms Survey on the Access to Finance of small- and medium-sized enterprises (SMEs), our results, using Probit regression, support the Market Power Hypothesis, outlining that more concentrated banking markets are characterized by higher levels of credit rationing. Also, our results reveal that small firms are more credit rationed compared to large firms. The analysis shows that financial constraints are stronger in the countries more affected by the financial crisis.
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Andres, Pablo de, Laura Arranz-Aperte, and Juan Antonio Rodriguez-Sanz. "“Fit and proper” regulations in the banking industry: What we have learnt in the post-crisis years." Journal of Governance and Regulation 9, no. 3 (2020): 84–95. http://dx.doi.org/10.22495/jgrv9i3art6.
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In a highly influential paper, Bradford (2015) coined the term “Brussels effect” to describe the way the EU regulatory power is externalized to third countries via consumer markets. In this paper, we analyze whether there is a Brussels effect in the finance industry as well. To do so, we study the evolution and regulatory changes put in place in Europe after the financial crisis to ensure that directors in the banking industry are adequately qualified and competent to meet the expertise and education requirements (the “fit and proper” criteria). We find that, as a result of the latest financial crisis, stricter board requirements were paired with stricter controls from the banking supervisory authorities in Europe. We describe the post-crisis regulatory framework as being characterized by 1) a strong commitment to regulation of risk management, 2) a multilayered control system and 3) a harmonized system with a strong presence of national regulatory authorities. We conclude that the European Union – through European Banking Authority (EBA) and the European Single Supervisory Mechanism (SSM) – has become a standard setter for the banking industry promoting international financial standards and “hardening” the soft law recommendations with directives and binding technical standards as regulatory instruments.
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Gutiérrez-López, Cristina, and Julio Abad-González. "Sustainability in the Banking Sector: A Predictive Model for the European Banking Union in the Aftermath of the Financial Crisis." Sustainability 12, no. 6 (March 24, 2020): 2566. http://dx.doi.org/10.3390/su12062566.
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Given the central role of banks in financial stability and the recent impact of their insufficient capitalization, this article focuses on finding determinants of their solvency through financial variables. The study considers the European Banking Union framework and the results of the latter stress test exercises, using a panel of the 45 banks based in 15 European countries that were stress tested in 2014, 2016 and 2018. This paper models bank soundness proxied by the stressed tier capital 1 ratio by means of financial indicators representing a CAMELS (Capital, Assets quality, Management, Earnings, Liquidity and Sensitivity to market risk) approach as well as global systemically important financial institutions (G-SIFIs) additional requirements. The model also specifies a dummy covariate referred to the disclosure of corporate social responsibility (CSR) reports, adopting a comprehensive sustainability scheme. The research period starts with the European Banking Union and includes the three exercises conducted since then. We find that financial sustainability is positively correlated with higher capitalization, earnings and liquid assets, while poor quality assets (high non-performing loans) and inefficiency impact negatively on bank soundness. Moreover, it considers the year-scenario interaction either as a fixed or a random effect. The results support capital and liquidity regulation and highlight factors that reinforce banking soundness. They also reveal a positive connection between CSR and banking solvency.
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Prokopowicz, Dariusz. "THE PROCESSES OF CONSOLIDATION AND CONCENTRATION OF CAPITALAS IMPORTANT DETERMINANTS OF ECONOMIC GLOBALIZATION PROCESSES AFFECTING THE ECONOMIC DEVELOPMENT OF THE BANKING SYSTEM IN POLAND." International Journal of Legal Studies ( IJOLS ) 4, no. 2 (December 30, 2018): 217–44. http://dx.doi.org/10.5604/01.3001.0013.0017.
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The systemic transformation and socio-economic, which was initiated in Poland since 1989, are related with the intensified globalization processes that take place in various economic and social spheres of economy, including banking. Financial institutions as well as commercial banks are the entities which are not only subjects to theglobalization processes, they co-create these processes. The key attributes of globalization include deregulation processes, digitalization and internationalization, ie. global determinants, which were correlated with the adaptation of the financial system functioning in Poland to the European Union standards. To adjust internal procedures, product offerings and techniques of ICT operating in Poland banking to EU standards one has to consider the processes of consolidation and concentration of capital. These processes are applied in the commercial dimension of the financial system, including the banking sector since the mid-90s. Financial systemthat currently exists in Poland and includes the banking sector is among the best adapted to the EU standards. It is simultaneously one of the most globalized sectors of the economy. The key date for this issue concerns the year 2004, when Poland entered the European Union market structures. Currently, it is assumed that the process of globalization of financial markets and the banking system in Poland, apart from the consolidation processes and adjustments has been determined by such factors as administrative and supervisory goals of the central banking and supervisory bodies in the financial system and adjusting banking norms of law to the standards of Western highly developed countries.
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Kuznichenko, Polina, Serhiy Frolov, Volodymyr Orlov, and Oleksii Boiko. "European Deposit Insurance Scheme implementation: pros and cons." Banks and Bank Systems 16, no. 1 (March 22, 2021): 116–26. http://dx.doi.org/10.21511/bbs.16(1).2021.11.
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The creation of deposit insurance systems in world practice has become a tool for solving problems of maintaining the stability of banking systems, increasing customer confidence in banks and other credit institutions, and preventing cases of mass withdrawal of deposits during economic crises. The paper aims to examine why such an important pillar of the banking union as the European Deposit Insurance Scheme (EDIS) has not yet been implemented. The deadlock in the EDIS negotiations is unprecedented, and the likelihood that the agreement towards this pillar will be reached is rather low. The main reason for its blocking is the existing differences of interests between the main actors, and as a consequence, it makes the progress towards the completion of this process impossible. This study attempts to structure these interests, and it seems that the necessary tool to help bring them together is the concept of moral hazard. The results obtained confirmed the hypothesis that the main barrier for EDIS introduction is the severe difference of interest between countries that can be potentially major contributors and those that hope to benefit from that. Moreover, one of the arguments for such a delay is that cross-border subsidization leads to the problem when the country with better economic indicators pays for the debts of weaker economies as the costs should be socialized.
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Urbanovics, Anna, and Bálint Teleki. "The economic context of the COVID-19 pandemic in the Mediterranean countries : A comparative analysis." Intersections 7, no. 3 (2021): 157–77. http://dx.doi.org/10.17356/ieejsp.v7i3.799.
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The COVID-19 pandemic and the related political and economic crisis had serious negative effects on most Mediterranean countries. The paper aims to examine the measures introduced by the governments concerned to ease the crisis both from a quantitative and qualitative perspective. The impact of the activities of similar purpose of the institutions of the European Union are also the focus of the research, with emphasis on the state-aid framework of the European Commission aimed at supporting the economy, and the unfortunate speech of 12 March, 2020 of ECB president Christine Lagarde, which endangered the euro and caused an extreme increase in the sovereign spreads in most of the countries concerned, endangering their banking systems. The main expected results of the research are as follows. Based on the analysis of legislative measures and communications, an evaluation of the relevant actors (governments and EU institutions) will be established. This will be supplemented with the potential implications of the research for future decision-makers concerning how they can learn from how the crisis in these countries was (mis)treated.
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Gerner-Beuerle, Carsten, Esin Küçük, and Edmund Schuster. "Law Meets Economics in the German Federal Constitutional Court: Outright Monetary Transactions on Trial." German Law Journal 15, no. 2 (March 1, 2014): 281–320. http://dx.doi.org/10.1017/s2071832200002959.
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The Eurozone banking and sovereign debt crisis has brought the fragility of the European monetary union into sharp focus and exposed the lack of effective instruments at the European level to maintain financial stability. As a response to the crisis, the Member States and the institutions of the Union adopted in short succession several financial assistance measures that have given rise to much political and legal controversy. The European Central Bank (ECB) played an active role in the institutions' efforts to contain the crisis and prevent the disintegration of the Eurozone by deploying a number of so-called non-standard or unconventional monetary policy measures, namely its Securities Markets Programme, Long-Term Refinancing Operations, and in September 2012 the Outright Monetary Transactions Programme (OMT Programme). The OMT Decision envisages unlimited purchases by the ECB of specific types of sovereign bonds issued by Member States participating in an EFSF/ESM macroeconomic adjustment or precautionary program in the secondary market. Without the program having been activated, i.e. without the ECB actually implementing the decision and without any purchases of government bonds, yields on bonds of the affected Eurozone countries decreased markedly after the announcement of the OMT Decision. The OMT Programme has accordingly been credited with having been instrumental in restoring financial stability and preventing a breakup of the Euro area and with being one of the most effective announcements any central bank has ever made.
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Dacev, Nikola. "DEVELOPMENT OF BANK ASSURANCE IN THE REPUBLIC OF MACEDONIA." KNOWLEDGE INTERNATIONAL JOURNAL 30, no. 1 (March 20, 2019): 93–98. http://dx.doi.org/10.35120/kij300193d.
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Banking has gained a new dimension throughout the world in the last few decades due to the integration of global financial markets, the development of new technologies, the universalization of banking operations and diversification into non-banking activities. The merging of various financial services has provided synergies in the banks' operations and development of new concepts. One of these concepts is bank insurance (or banc assurance). Banc assurance, as an emerging distribution channel of insurance, essentially is defined as mediation of banks in the sale of insurance policies issued by insurance companies that are most often used as additional collateral for banks when giving loans to their clients, while the clients with the purchase of credit insurance through banks are secure in case of inability to pay off the loan due to occurrence of the insured risk, whereby the insurer covers the remaining debt of the client towards the bank. Banc assurance is much more developed in Western European countries, but in recent years this type of insurance has noted a trend of growth in the less developed countries also. Banks in the Republic of Macedonia, as well as banks in other countries in the region, try to encourage the development of banc assurance, but it still has a low level of growth in comparison with the European Union member states. This paper presents the level of development of banc assurance as well as its share in the insurance market in the Republic of Macedonia by analyzing the annual reports of the Insurance Supervision Agency of the Republic of Macedonia for the past few years. Consequently, an appropriate comparison was made between the realized values of the gross written premium of the banks as intermediaries in insurance with the realized values of the gross written premium of the other insurance intermediaries (insurance brokerage companies and insurance agencies); and a brief comparison was made with the share of banc assurance in the insurance markets in several countries in the region. The purpose of the paper is to determine the reasons for the situation in which the banc assurance in the Republic of Macedonia is, to analyze the need and the possibility for its development, as well as to determine the manners for banc assurance to reach the level of development in the member states of the European Union as soon as possible. For this purpose, an adequate analysis of the level of implementation of the European Directives for banc assurance (such as the Directive on Insurance Mediation and the Directive on Insurance Distribution) in the legal framework of the Republic of Macedonia has been carried out, as well as analysis of the national legislation regulating banc assurance in the Republic of Macedonia, covered in couple of provisions in the Law on Banks and the Law on Insurance Supervision.
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Fedorko, Igor, Radovan Bačik, and Beata Gavurova. "Effort expectancy and social influence factors as main determinants of performance expectancy using electronic banking." Banks and Bank Systems 16, no. 2 (April 28, 2021): 27–37. http://dx.doi.org/10.21511/bbs.16(2).2021.03.
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This study is aimed at determining the effect of expected effort and social influence factors on expected performance when using internet banking. The study adapts the constructs and definitions from the UTAUT model in the context of the adaptation of online banking technology. With regard to the nature of the variables analyzed, the following statistical tests and methods were used: calculation of average values using descriptive statistics; multiple linear regression analysis – to interpret associations between quantitative variables. Banks, as well as users of these banking services in the online environment, are the subject of research. The survey sample consists of 454 men and women and reflects the profile of online consumers across different countries of the European Union. The results of this study show the impact of the social influence construct on the respondents’ behavior when using electronic banking. The expected effort factor in the study significantly affects the expected performance factor, which can be characterized by original research, which showed that the effect of perceived ease of use on behavioral intent and use is incompatible with the degree of system complexity.
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Prokopowicz, Dariusz. "THE IMPORTANCE OF ECONOMIC GLOBALIZATION IN THE CONTEXT OF THE DEVELOPMENT OF THE FINANCIAL SYSTEM IN POLAND." International Journal of New Economics and Social Sciences 4, no. 2 (December 30, 2016): 7–17. http://dx.doi.org/10.5604/01.3001.0010.3862.
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At the beginning of the 90s of the last century in connection with the ongoing process of the transformation and marketization of the economy observed in Poland growing importance of globalization processes executing within the scope of this multifaceted socio-economic and cultural unification of standards of existence of citizens. With adjusting to the time urynkawianiem and systemic transformation of the Polish economy were related to the processes of global integration of financial markets and the development of ICT. Operating in Poland for more than a quarter of the market financial system and the banking sector is among the most globalized and computerized sectors of the economy. This process was intensified Polish accession to the European Union in 2004. Zglobalizowania a wide range of financial markets in Poland was shown during the recent financial crisis 2008 years. Currently, it is assumed that the process of globalization of financial markets and the banking system in Poland is, first of all such determinants as administrative and supervisory functions of central banking and supervisory bodies in the financial system and adjusting norms of law to the standards of Western developed countries including the regulations, recommendations and EU recommendations.
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Cervone, Elisabetta. "Structural Banking Reforms in the Age of the BRICS: Transatlantic Cooperation Within a Multilateral Framework." Journal of World Investment & Trade 19, no. 3 (May 3, 2018): 513–41. http://dx.doi.org/10.1163/22119000-12340097.
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Abstract The Volcker Rule could potentially apply to the global structure of a foreign bank with US branches or any business of foreign banks with US counterparties. In light of the rise of emerging markets such as China and India as key players in the global economy (and the growth in general of the BRICS countries), concerns of an adverse extraterritorial impact of the Volcker Rule are relevant. This article emphasizes that, even when there is no global standard – as in current structural reforms – mutual recognition based on equivalence (as adopted in the European Union reforms) would be a slow, complex process toward harmonization, but it might work. The purpose of this article is to explore the prospects of harmonization and the development of global standards via extraterritoriality in structural banking measures, providing a view on the role of national regulations as a potential source of international financial law.
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Mielczarek, Mikołaj. "Efekty fiskalne wprowadzenia podatku bankowego w Polsce." Ekonomia 26, no. 2 (August 11, 2020): 123–43. http://dx.doi.org/10.19195/2658-1310.26.2.8.
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The article attempts to assess the fiscal effects of the introduction of a bank tax in Poland. From January 2016, a new public tax in Poland has been imposed on some financial institutions, including banks. Similar solutions are also found in some European Union countries. The aim of the article was to implement literature research and legal acts as well as empirical simulation. To accomplish the purpose of the article, literature research and legal acts, as well as empirical simulation were used. The simulation showed that the introduction of a bank tax gives beneficial fiscal effects for the state in the form of additional budget revenues. The construction of the bank tax provided for in Polish law was much more beneficial for the state than the adoption of a solution operating in another EU country. On the other hand, the introduction of a new tax is a rather unfavorable situation for the banking sector, because banks hitherto covered by income taxes and VAT have to bear an additional tax burden from 2016. For the banks themselves, the adoption of a solution found in one of the EU countries would be more favorable than the Polish solution.
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Rafiei, Amirmohammad, Amirhossein Karimi, and Mahdi Bodaghi. "Polymer Banknotes: A Review of Materials, Design, and Printing." Sustainability 15, no. 4 (February 17, 2023): 3736. http://dx.doi.org/10.3390/su15043736.
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Nowadays, more than 45 countries in the world use polymer banknotes in their monetary and banking systems. It is expected that by 2030, another 20 countries will abandon the use of paper banknotes and switch to polymer banknotes. Recent research shows that several countries in the Middle East and the European Union will switch to printing and using polymer banknotes soon due to the advantages of polymer banknotes. Polymer banknotes are made of polymeric materials. They possess very special optical security features and promote sustainability in the world, which motivated us to review recent materials, design, optical technologies, and printing methods in this respect. Since the topic of polymer banknotes is new and there are not many articles and research about them, this review specifically focuses on the structure of the constituent materials and security features and their reuse with an emphasis on sustainability and environmentally friendly banknotes. Specifically, analyses of 3D polymer films and the security properties of polymer banknotes are carried out. Finally, comparison studies with paper banknotes are performed, and pertinent conclusions are outlined.
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Manta, Francesco, Annunziata Tarulli, Domenico Morrone, and Pierluigi Toma. "Toward a Quadruple Bottom Line: Social Disclosure and Financial Performance in the Banking Sector." Sustainability 12, no. 10 (May 14, 2020): 4038. http://dx.doi.org/10.3390/su12104038.
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The present study aims to analyze the existence of a possible significant relationship between social disclosure and financial performance in banking institutions. This phenomenon was analyzed by considering the percentage of female executives on boards, and the implementation of the equal opportunity policy when it was applied. We used a sample of 61 banks from European Union countries (between 2015–2017), and sampling was environmental, social, or governance (ESG)-driven in order to capture the effect of non-financial disclosure provided by Bloomberg. A cross-section econometric model was built in order to examine the relationship between the percentage of female directors on boards and the equal opportunity policy. Both the independent variables of banks and performance indicators were adopted as dependent variables. Our study provides empirical evidence that while there is a lack of efficiency and performance when boards are fragmented, the enactments of equal opportunity policies create a good reputation for the firm and the positive performance of staff. The study aims to contribute to the ongoing debate on social sustainability and on the phenomenon of the glass ceiling, and provides political and entrepreneurial implications.
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Rodrigues, João, Ana C. Santos, and Nuno Teles. "Financialisation of pensions in semi-peripheral Portugal." Global Social Policy 18, no. 2 (November 23, 2017): 189–209. http://dx.doi.org/10.1177/1468018117742826.
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This article aims at contributing to the literature on the financialisation of pensions in Europe by examining the transformations occurring in semi-peripheral Portugal. The Portuguese case accounts for the variegated nature of financialisation in general, and of pension provision in particular, throughout Europe. While the country followed similar processes to those of core European Union (EU) countries, leading to an increasingly integrated financial sector in the international arena, this integration was mainly led by the banking sector rather than by capital markets. This helps account for the relatively reduced role of private retirement income products in the country. Nonetheless, the Portuguese pension system has been equally subject to reform, aiming at reducing its weight in public expenditure. The result is a contraction in coverage and benefit without achieving an equivalent match in supplementary private forms of pension provision. Under a prolonged period of stagnation and crisis, the deterioration of State pensions for the majority continues while a residual private, outward-oriented and foreign-owned pension sector grows for the most affluent, further exposing the systemic and variegated nature of financialisation processes in the semi-periphery.
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Chupriy, Leonid. "STRENGTHENING CHINA'S GEOPOLITICAL POTENTIAL IN THE CONDITIONS OF CURRENT CHALLENGES." Bulletin of Taras Shevchenko National University of Kyiv. Philosophy, no. 6 (2022): 51–58. http://dx.doi.org/10.17721/2523-4064.2022/6-10/13.
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The article highlights the peculiarities of the development of China's geopolitical potential in the face of modern challenges. It is pointed out that today China is increasing its political, economic and cultural influence in the world. It is noted that China is one of the fastest growing economies in the world, it has become the largest exporter in the world, while also increasing imports. Thus, the average growth of Chinese exports in recent decades has increased 5 times, and the growth of imports – 4.7 times. It is emphasized that in response to China's economic growth in the West and in some Asian countries, including Japan, the concept of the "Chinese threat" has emerged, not always taking into account the interests of other Asian countries. The peculiarities of the current foreign policy course of China are determined, in particular, it is noted that serious attention is still paid to relations with the great powers. Yes, Xi Jin Ping is in active contact with the United States, the European Union and India. Significant emphasis is placed on a balanced foreign policy course. Much attention is paid to the BRICS countries, including Russia, India and South Africa. China is also strengthening relations with developing countries. This is evidenced by Xi Jinping's visit to South Africa and the Caribbean. Much attention is paid to the Russian vector, which is aimed at jointly confronting the United States and NATO. It is emphasized that China's economic and geopolitical growth is also holding back a number of issues that need to be addressed. These are, first of all: incomplete transition to a market economy, excessive state intervention in the economy, in the banking sector, lack of rule of law, violation of human rights and freedoms, high dependence on exports, strong excess credit and growing debt, environmental problems.
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Mugarura, Norman. "The “EU Brexit” implication on a single banking license and other aspects of financial markets regulation in the UK." International Journal of Law and Management 58, no. 4 (July 11, 2016): 468–83. http://dx.doi.org/10.1108/ijlma-02-2016-0018.
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Purpose The aim of the paper is to provide a review of potential Britain’s exit from the European Union (EU) and its implication on financial markets regulation in the EU and UK. It explores the terrain for financial markets regulation in the EU, pointing out how it impinges on the national legal system of EU countries and what it could mean for the UK. It navigates the legal reforms the UK will have to undertake to fill the void caused by its exit from the EU. Lastly, the paper proffers its thoughtful analysis of the reform to undertake if the UK exited the EU, both in the UK and the EU. Design/methodology/approach The paper has internalized empirical data generated by different interest groups on the implication of potential British exit from the EU on markets and other core issues which underpin the UK/EU relationship. These data were available in most major UK newspapers, academic journals and textbooks, especially in expositing conceptual and theoretical issues underpinning the paper. It has drawn comparisons with other jurisdictions, especially in East Africa, to demonstrate the inherent challenges in integration of regional markets on individual member countries. The paper also articulates other regulatory issues such as mutual recognition and the cost of Brexit on businesses in the EU/UK. Findings The findings of the paper confirm that British interests are likely to be better protected if it remains the member of the EU but could be undermined if it relinquishes its membership. Studies have been carried out by academic think tanks and the International Monetary Fund (IMF), and they all indicate that British exit from the EU could be counterproductive for the UK. Contemporary global challenges need global solutions, thus Britain will still need to forge alliance with EU countries. Research limitations/implications The limitation of the paper was that there are not many comparative studies carried out on countries which have exited regional market initiatives and their experiences after that. The paper has alluded to the experience of Uganda, which quit the East African Community (EAC) in 1977 and rejoined it 23 years later. In a crucial issue like Brexit, the paper would better evaluate the potential Brexit is drawing on experiences of countries which have exited and how they have fared after that. There were not many comparable case studies on countries which have exited regional markets. Practical implications The paper discusses important practical issues relating to Brexit and its implications on the UK/EU government and economies. It is practical because it weighs in on important policy and legal issues on regulation of markets in the post-Brexit era in the UK and EU. As the UK government goes for a referendum to decide its future relationship with EU, it will need to evaluate its decisions by internalizing academic literature on Brexit, such as this paper. Social implications The paper has social implications because Brexit will affect people and markets in varied ways. It addresses pertinent issues related to the UK and its implication in the post-Brexit era on the UK/EU economies. Originality/value The paper is timely, original and a must read because it discusses pertinent issues of the potential British exit and its implication for the UK and other stakeholders in a distinctive way.
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Chuprii, Leonid. "China's Geopolitical Role in the Modern Globalized World." Ukrainian Studies, no. 2(83) (July 24, 2022): 235–44. http://dx.doi.org/10.30840/2413-7065.2(83).2022.261062.
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The article examines the strengthening of China’s foreign policy activity in the conditions of the activation of modern challenges. It is pointed out that today China is increasing its political, economic, and cultural influence in the world. It is noted that China is one of the fastest-growing economies in the world, it has become the largest exporter in the world, while also increasing imports. Thus, the average growth of Chinese exports in recent decades has increased by 5 times, and the growth of imports - by 4.7 times. It is emphasized that in response to China's economic growth in the West and some Asian countries, including Japan, the concept of the "Chinese threat" has emerged, the founders of which, believe that China has a negative impact on the Asian security system because of its increased economic growth and its desire to play a dominant role in the region, while not always taking into account the interests of other Asian countries. The peculiarities of the current foreign policy course of China are determined, in particular, it is noted that, as before, serious attention is paid to relations with the great states. Thus, Xi Jin Ping is in active contact with the United States, the European Union, and India. Significant emphasis is placed on a balanced foreign policy course. Much attention is paid to the BRICS countries, including Russia, India, and South Africa. China is also strengthening relations with developing countries. This is evidenced by Xi Jinping's visit to South Africa and the Countries of the Caribbean. Particular attention is paid to the Russian vector, which is aimed at jointly confronting the United States and NATO. It is emphasized that China's economic and geopolitical growth is also holding back several issues that need to be addressed. These are, first of all: incomplete transition to a market economy, excessive state intervention in the economy, in the banking sector, lack of rule of law, violation of human rights and freedoms, high dependence on exports, strong excess credit and growing debt, environmental problems.
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PELZMAN, JOSEPH. "THE SPILLOVER EFFECTS OF THE RE-IMPOSED UNITED STATES SANCTIONS ON IRAN ON MENA, THE PRC, RUSSIA, AND TURKEY." Global Economy Journal 20, no. 01 (March 2020): 2050003. http://dx.doi.org/10.1142/s2194565920500037.
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Iran has faced US sanctions in one form or another since its invasion of the US Embassy in Iran in 1979. The 2007-08 period marked the initiation of heightened international sanctions on Iran imposed by the UN Security Council in reaction to Iran’s nuclear program. These sanctions were tightened in 2010, when the UN Security Council, the US Congress, and the European Union all implemented separate sets of sanctions targeting either the Iranian nuclear program or the energy and banking sectors. Under the Obama Administration the Joint Plan of Action (JPOA) was signed in late 2013 and within months the United States and the EU took steps to waive specific sanctions. In 2015 the Joint Comprehensive Plan of Action (JCPOA) was signed, which lifted nuclear-related sanctions by the UN, EU and US. The Trump Administration on May 8, 2018 announced the US withdrawal from the JCPOA and directed federal agencies to begin to take steps to re-impose the sanctions established under U.S. law that were lifted or waived in order for the United States to meet its commitments in the JCPOA. On November 5, 2018, all pre-JCPOA - U.S. sanctions on foreign firms that conduct transactions in all of Iran’s core economic sectors, including energy, banking, shipping, and manufacturing, went back into effect. These include sanctions on “petroleum-related transactions” and transactions by foreign banks with Iran’s Central Bank. In addition,700 Iranian and third country entities have again been designated by the United States as sanctioned entities, meaning that foreign firms that transact business with these entities could face virtual exclusion from the U.S. economy. With the re-imposition of sanctions on Iran, in 2018, the US finds itself as a lone player in a world where the EU, the PRC, Russia and a group of MENA countries have no intentions to comply with these re-imposed sanctions. The purpose of this paper, consequently, is to assess the spillover effects which can be expected to result from the US re-imposition of Iran sanctions on relevant MENA countries, the PRC, Russia and Turkey.
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BORTNIKOV, Gennadiy. "State regulation with regard to disclosure of information by banks on sustainable finances." Fìnansi Ukraïni 2022, no. 8 (November 26, 2022): 90–117. http://dx.doi.org/10.33763/finukr2022.08.090.
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Introduction. Disclosure of information on sustainable finances and environmental, social and corporate risks is becoming a norm of banking practice in the world, Ukrainian banks are gradually joining this process. Access to information about activities in the field of sustainable finance is crucial for investors to decide whether to provide appropriate resources. Problem Statement. Lack of unification and verification of the reliability of data on the activities of Ukrainian banks in the direction of realizing the goals of sustainable development. The purpose is to generalize key innovations in the global banking community regarding public disclosure of information on sustainable finances. Methods. Common scientific methods were used in the research process: structural and systemic analysis, synthesis, grouping, comparison, theoretical generalization and abstraction. Results. The basic structure of the annual report on sustainable financing of the bank should include four sections (business responsibility, social sphere, environment, corporate structure), in compliance with the principles of proper disclosure of information, and the detailing can be done by a specific bank. The reports of Ukrainian banks, which contain information on sustainable financing, do not fully correspond to the best global practice. The main shortcomings of these reports are declarative, with gaps in setting target indicators, lack of independent assessment, focus on environmental aspects. In addition, there is imperfect, incomplete or outdated information base on climate finance and ecology in Ukraine; the legal framework of sustainable finance needs to be harmonized with European standards, taking into account national specifics. All these aspects complicate the comparative analysis. In the countries of the European Union, a system of reporting on the risks of non-compliance with environmental, social and management standards (so-called ESG risks) has been introduced. In developing reporting standards, the National Bank should pay attention to the principles of effective information disclosure developed by the TCFD expert group. Conclusions. It is appropriate to introduce the publication of annual reports of state banks on sustainable financing in a unified format starting in 2023. The report on stable finances must be confirmed by an independent assessment (verification) to prevent data manipulation. Audit companies and rating agencies can act as independent evaluators. Even in the conditions of martial law, the global Sustainable Development Goals are not excluded from the agenda, on the contrary, they acquire special importance, especially the social aspects. The NBU could play a decisive role in the unification of approaches and ensuring the reliability of data. Martial law cannot be the reason for banks and the regulator to neglect issues of reliability and completeness of reporting.
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BROŽIČ, LILIANA. "EDITORIAL, SECURITY PERSPECTIVES." CONTEMPORARY MILITARY CHALLENGES 2022, no. 24/3 (September 30, 2022): 11–13. http://dx.doi.org/10.33179/bsv.99.svi.11.cmc.24.3.00.
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This is the title of the third issue in the twenty-fourth volume of the Contemporary Military Challenges. We started from the changes that have taken place over the last few years. We have had in mind the increased migration flows towards the European Union, the experience of the Covid 19 epidemic, the climate change that surprises us time and time again, despite the fact that we are aware of it, and that we are trying to adapt and respond to it accordingly. In March this year, the "Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security" was launched, and at the end of June, the new NATO Strategic Concept. Both with the aim of rethinking, aligning and unifying the way we look at existing security challenges and developing new security perspectives. At the beginning of this year, we were taken by surprise by the Russian Federation's armed attack against Ukraine. Some had predicted it; others only foresaw it. Many were convinced, however, that such a phenomenon was not possible in a modern democratic society. Huntington's theory of a clash of civilisations, which seemed to have outlived its usefulness in modern European society, has become relevant again. A realistic view of the contemporary security, social and political situation in the world and, above all, the crisis of values and the consequent need for unification have encouraged the European Union to aspire to become a global security actor in the international environment. The war in Ukraine is forcing the European Union to act. It has prepared a package of economic measures or sanctions to influence the Russian Federation in terms of expressing its disapproval of its unilateral moves. However, the Member States are not entirely united on how to confront and counter the situation. Without unity, united political positions and united action, the European Union cannot become the global security actor that it has claimed to be in its strategic compass. In this context, it is also worth mentioning its Common Security and Defence Policy, which is first and foremost a policy, and the fact that the European Union does not have its own military capabilities to manage. The Member States have military capabilities, and they spend varying amounts on their defence. Over the last decade, most Member States have been reducing their defence expenditure, despite the fact that it was agreed at the NATO summit in Wales in 2012 that it would amount up to 2% of GDP. Not all Member States of the European Union are members of the Alliance, but there are twenty-one of them that are members of both. Douglas Barrie and his colleagues produced a special report in 2020 on 'European defence policy in an era of renewed great-power competition', which concluded that, assuming that all Member States did indeed spend 2% of GDP on defence, the European Union and its Member States would need ten to fifteen years to be adequately prepared in terms of security capabilities for a possible aggression by a country with the military capabilities of the Russian Federation today. With investments in this area as they are in 2022, it would take twenty years. This leads to the logical conclusion. There are only two ways of stopping the Russian Federation in its territorial and, of course, political ambitions. The first and most appropriate is political, the second military. Since the European Union does not represent a serious opponent in defence and military terms to this large and militarily powerful country, the only way for it to achieve its status as a global security actor is politically. The military conflict in Ukraine is a major test for both the Union and the Alliance. The European Union now has the opportunity to test how strong and credible its ideals, values and beliefs are. Are its senior representatives wise and innovative enough to look beyond economic sanctions to other diplomatic avenues to achieve what they have written in their strategic compass – to be a global player? Time will answer this question. Until then, however, scholars and other experts will be studying the various influences and phenomena in the security domain. Some of them will also share them with the readers of Contemporary Military Challenges. In a time of economic sanctions imposed by the European Union, Tamas Somogyi and Rudolf Nagy focus on the protection of critical infrastructure, of which the financial sector is an important part. In their article Cyber threats and security challenges in the Hungarian financial sector, they explore the security risks facing the banking system in their country. The paper Geostrategic perspectives of Slovenia in a changing world draws on two geopolitical theories by Mackinder and Spykman, who develop their views on the European space. Uroš Tovornik explored Slovenia's geostrategic position on the basis of their theories, focusing on its geopolitical characteristics. He summarised his findings into four possible scenarios, which are determined by these characteristics and from which possible future geopolitical orientations are derived. Olusola Kolawole Oluwagbire explored the influence of the world’s major powers and how this is reflected in the case of each country. Africa, as a very large continent, is made up of many and diverse countries. The influence of the major powers has always been very strong and integral to African life and the security of its people. In his article An assessment of the impact of relations with major powers on national security: Nigeria in perspective, the author presents how this has changed in recent years and how it affects the security of each country in. Mariann Minkó-Miskovics and Csaba Szabó note that there is an inconsistency between European and Hungarian legislation in the field of dual-use regulation, i.e. for civil and defence purposes. Moreover, they are convinced that this inconsistency may pose a security risk. What this means in practice is presented in the article Interpretation of civil vs. military equipment in European case law - EU and Hungary. Jarosław Włodarczyk writes on the importance of a proper understanding of language between different stakeholders in the international military environment. His study focuses on the teaching of English among military personnel in Poland and on those types of words that do not have a direct translation from Polish into English or vice versa. A particular challenge here is how to adequately explain and teach this to military personnel in the educational process. He summarised his findings in his paper The problem of lexical gaps in teaching military English.
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Nielsen, Bodil S. "Main Features of the European Banking Union." European Business Law Review 26, Issue 6 (December 1, 2015): 805–22. http://dx.doi.org/10.54648/eulr2015040.
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The Banking Union has significantly changed both the legal and the political landscape of the EU. All supervision of banks in the Euro Area will now ultimately be the responsibility of the ECB and no longer of the national banking supervisors, and a new European Agency and ultimately the Commission, in cooperation with the Council of Ministers, will be responsible for the resolution of banks facing serious difficulties. This article explores the main constitutive elements of the Banking Union, how they came into being and how they interact both within the Banking Union itself and with the EU as a whole.
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Domina, Mariia. "The Broadening ‘Soft Law’ Powers of the European Banking Authority." European Company Law 19, Issue 1 (February 1, 2022): 22–26. http://dx.doi.org/10.54648/eucl2022004.
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The European Banking Authority (EBA), one of the pillars of the European System of Financial Supervision, has a power to issue guidelines and recommendations, both representing soft-law instruments, in order to achieve effective and common regulatory and supervisory standards in the banking industry. In the recent decision (15 July 2021), the Court of Justice of the European Union clarified the power of the EBA to issue soft law instruments, a decision that has important repercussions on all European supervisory authorities. Court of Justice of the European Union, European Banking Authority
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Klymenko, Olha. "Improving state regulation of the insurance services market." Public administration and local government 45, no. 2 (July 23, 2020): 99–107. http://dx.doi.org/10.33287/102025.
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An urgent task in the field of public administration of non-banking financial services markets is to improve the regulation of the insurance market. On the example of the insurance services market, the problems of the functioning of the financial market regulation system are highlighted. Suggestions for its improvement are presented to increase the competitiveness of these markets. The development of the Ukrainian insurance market after 2015 to the present has a positive trend, which indicates the effectiveness and managerial ability of the state regulation system. The indicators of the state of the insurance market of Ukraine in comparison with similar indicators of such markets in the countries of the European Union are considered. The dynamics of concentration of the insurance market of Ukraine over the past 15 years has been analyzed. The main trends in the development of competition in this financial sphere have been identified. The necessity of state regulation of the concentration of the insurance market is substantiated. Views on the methodology and tools used in the study of the concentration and competitiveness of the insurance market are presented. Suggestions for improving the methods are given. It is shown that from 2012 to 2019 the Herfindahl - Hirschman index for risky types of insurance and for the insurance market as a whole has been increasing. It is established that according to the gradation of financial market concentration levels using the Herfindahl - Hirschman index, the insurance market of Ukraine corresponds to the degree of low concentration. According to the value of the Herfindahl - Hirschman indicator, the concentration of the life insurance market during 2003 – 2019, with the exception of 2015, is moderate. But the total share of gross insurance premiums collected by the three largest insurance companies in 2017 – 2019 exceeded 50 % of all gross insurance premiums. According to the Ukrainian law, such a market is considered a monopoly. It is shown that when analyzing the state and development of the insurance market of Ukraine, it is advisable to supplement the values of the Herfindahl - Hirschman index with corrective coefficients that take into account regional characteristics of the market, types of insurance, additional indicators of its functioning efficiency. Measures are proposed to accelerate the development of the insurance market of Ukraine by improving its regulation system.
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Kherkhadze, Alim. "THE ROLE OF FORING DIRECT INVESTMENTS IN THE ECONOMY AND THEIR STIMULATION MECHANISM." Economic Profile 17, no. 2(24) (December 25, 2022): 104–16. http://dx.doi.org/10.52244/ep.2022.24.03.
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In the era of globalization, the attraction of foreign investments has become an important factor in promoting the economic growth of countries. Investors are constantly looking for favorable conditions for investing their capital, which involves a combination of several important factors. The investor, who is focused on getting the maximum profit with the minimum cost, before making an investment decision, will study the investment environment of the host country, the proximity to large key markets, the barriers to entry from the host country to international markets, the availability of production and energy resources, the level of political and economic stability, the number of labor force, qualifications, etc. .sh. In terms of investments in the modern world, two types of trends have been identified: 1. High-tech investments, which are mainly located in developed countries, due to the developed country's intellectual resources, key market and good opportunities for business development, and 2. Investment, which is focused on obtaining maximum profit at the expense of cheap resources and labor force, and there is no or minimal technical innovation in it. It is important for the state to attract such direct foreign investments, which will not only be focused on making profits, but will also ensure the raising of the qualifications of local staff, the introduction of technological innovations, and the social protection of employees. Thanks to the economic reforms implemented after the post-Soviet upheavals, Georgia has become an attractive place for foreign investment, however, due to the shortage of labor force and low qualifications, investments focused on cheap resources and labor force are entering the country more than high-tech ones. The entry of relatively large, high-tech investments is hindered, in addition to the scarcity of the country's workforce and relatively low qualifications, the low level of energy independence, the territories occupied by the Russian Federation of Georgia, the generally politically and economically unstable region (Tskhinvali, Abkhazia, Karabakh regions), the aggressive state - the Russian Federation. Neighborhood and high probability of potential armed conflicts. The positive factors that make Georgia attractive for foreign investors are a favorable geopolitical location with land access, moderate natural and climatic conditions, low level of corruption, less bureaucratic and simple legislation compared to other countries, high level of harmonization of national legislation with international legislation, with the European Union in 2014 and in 2017 Free trade agreements signed with China, which allow a foreign investor to export products produced on behalf of Georgia to two of the world's largest markets without any problems. Due to the fact that one of the most important factors of production - "capital" - is needed to develop the economy, and the country does not have it at this stage, attracting foreign investments is a vitally important task for the economic growth of Georgia. In developing countries like Georgia, the level of domestic savings is relatively low. In addition to this, apart from the banking system, there is no stock market. In the period 1996-2021, a total of about 23.12 billion dollars of investment came into Georgia. The first and only investor country in 1996 was Ukraine with 3753.45 thousand US dollars. In the following years, significant investments were made in Georgia from the USA (1.81 billion USD), the European Union, CIS countries and Great Britain. According to the latest data, foreign investment has entered Georgia from 74 countries, which is almost 2 times less than the number of countries with which Georgia has trade relations (export-import). Since 2003, the growth of investments had an irreversible character, however, the 2008 world economic crisis and Russia's military attack on Georgia sharply reduced this figure, and it took 6 years to restore the pre-war figure. In addition, since 2017, foreign investments in Georgia have been characterized by a decreasing trend. Pandemic year 2020 was particularly notable in terms of investment decline. Despite the fact that after the signing of the Georgia-EU association in 2014, foreign investments should have increased due to the desire to access the EU market, until 2017, their volume was decreasing. In 2017, in the history of independent Georgia, the largest level of foreign investments - 1.98 billion USD was recorded. In the same year, the agreement on free trade between Georgia and China was signed, which should also increase foreign investments due to the desire to access the Chinese market, although the country has not returned to the level of foreign investments made in 2017. On December 31, 2013, the Organic Law of Georgia "On Economic Freedom" adopted in 2011 entered into force. The law, on the one hand, regulates the limit of the amount acceptable from taxpayers - in case of the desire to increase the tax rates of income, profit, VAT and import taxes, citizens' consent is required through a referendum, and on the other hand, the amount of spending of collected taxes is controlled by the limits of the established macroeconomic parameters. After the implementation of this law, the tax burden of taxpayers was not supposed to increase, but the government took advantage of the loophole in the law and in 2017 the excise duty rate was sharply increased on cars (the excise duty on right-hand drive cars was doubled), fuel and tobacco products. The property tax has also been increased, since it does not belong to the general state tax. Since January 1, 2017, when the Estonian model of profit tax came into force, the state budget received about 500 million GEL less. To make up the deficit, either government spending had to be cut, or debt had to be incurred, or taxes had to be raised. In 2017, the government's expenses increased by 800 million GEL, we took on a debt of 400 million GEL, and the excise and property tax rates were also increased, according to which if the family had an annual income of more than 40,000 GEL, they would have already paid property tax on the car. As of May 2021, the foreign debt has increased to 24.8 billion GEL and has already violated the macroeconomic parameter written in the Law on Economic Freedom, according to which the government's debt cannot exceed 60% of GDP. From 2011, when the law was adopted, until 2013, when the law entered into force, the volume of direct foreign investments did not increase, on the contrary - it even decreased, although this can be blamed on the caution caused by the change of government in 2012. - Investors are likely to observe the possibility of a change in the country's political vector. When the law came into force in December 2013, that is, in fact from 2014, the volume of investments increased by leaps and bounds, and this dynamic continued until 2017, when taxes were increased. Since 2018, the volume of direct foreign investments has dropped almost to the level of 2011. Based on all of the above, we believe that in order to attract foreign investments, Georgia should make maximum use of those competitive advantages that will attract the attention of foreign investors. The country, which has historically been a corridor of regional and world importance, has yet to fully utilize its transport function.
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Kočišová, Kristína, and Daniel Stavárek. "The evaluation of banking stability in the European Union countries." International Journal of Monetary Economics and Finance 11, no. 1 (2018): 36. http://dx.doi.org/10.1504/ijmef.2018.090566.
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Kocisova, Kristina. "The Evaluation of Banking Stability in the European Union countries." International Journal of Monetary Economics and Finance 11, no. 1 (2018): 1. http://dx.doi.org/10.1504/ijmef.2018.10008417.
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Economou, Athina, and Iacovos N. Psarianos. "Revisiting Okun’s Law in European Union countries." Journal of Economic Studies 43, no. 2 (May 9, 2016): 275–87. http://dx.doi.org/10.1108/jes-05-2013-0063.
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Purpose – The purpose of this paper is to examine Okun’s Law in European countries by distinguishing between the transitory and the permanent effects of output changes upon unemployment and by examining the effect of labor market protection policies upon Okun’s coefficients. Design/methodology/approach – Quarterly data for 13 European Union countries, from the second quarter of 1993 until the first quarter of 2014, are used. Panel data techniques and Mundlak decomposition models are estimated. Findings – Okun’s Law is robust to alternative specifications. The effect of output changes to unemployment rates is weaker for countries with increased labor market protection expenditures and it is more persistent for countries with low labor market protection. Originality/value – The paper provides evidence that the permanent effect of output changes upon unemployment rates is quantitatively larger than the transitory impact. In addition, it provides evidence that increased labor market protection mitigates the adverse effects of a decrease in output growth rate upon unemployment.
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Majewska-Jurczyk, Barbara. "European Banking Union – an institutional analysis." Central European Review of Economics and Management 5, no. 1 (December 17, 2020): 59–75. http://dx.doi.org/10.29015/cerem.896.
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Aim: The Banking Union is an important step towards a genuine Economic and Monetary Union. The strengthening of the European banking system has become a topic of debate since the 2008 crisis when it became clear that stability and security of the system security may require increased supervision over operations conducted. The Banking Union was created to avoid the situation that taxpayers are first in line to pay for bailing out ailing banks. The Banking Union consists of three pillars: 1) the Single Supervisory Mechanism (SSM), which centralizes supervision of European banks around the European Central Bank, 2) the Single Resolution Mechanism (SRM), which the main purpose is to ensure the efficient resolution for recapitalization failing banks, and 3) the European Deposit Insurance Scheme (EDIS), which is still unfinished. The creation of the Banking Union is accompanied by a remarkable transfer of sovereignty to the European level. This article aims to provide an overview of the changes unfolding across the Banking Union from a law and economics perspective and to explain the role of the European Central Bank in supervision over the banking system, which is different from the policy of controlling prices through determining the level of interest rates and keeping inflation under control.
Design/Research methods: The analysis of the functioning Banking Union is based on the review of literature and analysis of reports and legal acts.
Findings: The Banking Union supports financial integration in the EU by implementing a common set of rules and a common supervisory and resolution mechanism. The creation of the Deposit Insurance Scheme is likely to contribute to the protection of banks and consumers in case of a potential future crisis. The author argues that the European Central Bank as a supervisor of the financial market should create a second supervisory body, which would significantly strengthen the system and allow the ECB more efficiently fulfill its task as chief supervisor.
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Bassani, Giovanni. "Of Viruses, Economic Crises and Banks: The European Banking Union and the Response to Covid-19." European Business Law Review 32, Issue 3 (June 1, 2021): 437–72. http://dx.doi.org/10.54648/eulr2021016.
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This article provides an account of how the Covid-19 outbreak and its impact on the banking sector were tackled in the European Union. The Covid-19 crisis is the first economic crisis after the enactment of the regulatory reforms of the last decade and represents the first relevant test for the assessment of their effectiveness in particular in the Eurozone. The analysis focuses specifically on the new framework for Banking Supervision in the Euroarea, the Single Supervisory Mechanism within the Banking Union, and explains how ECB Banking Supervision reacted to the economic and financial shock generated by the Covid-19 outbreak until the end of 2020. In this context, the article discusses the ECB’s policy interventions within the wider European and international context where also significant initiatives from the central bank side of the ECB, the European Commission, the European Banking Authority, the European Systemic Risk Board, the EU co-legislators and the Basel Committee on Banking Supervision took place.1 The Article also analyses the potential limitations of the existing European framework for crisis management, should a further severe shock with new waves of infections and lockdowns require extraordinary policy interventions. The article is divided into 4 sections: section A sets the scene and briefly describes the unprecedented economic shock deriving from the outbreak of the virus followed by the various measures of containment and lockdown. Section B analyses the various policy initiatives taken by ECB Banking Supervision to tackle the crisis within the wider European and international context. Section C discusses the potential use of the European framework for crisis management in the banking sector, should a further severe economic shock with ample repercussions on the banking sector materialise. Section D concludes. European Banking Supervision, Covid-19, microprudential supervision, macroprudential supervision, distribution restrictions, usable capital, crisis management framework, precautionary recapitalisation, non-performing loans, asset management company
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Moloney, Niamh. "European Banking Union: Assessing its risks and resilience." Common Market Law Review 51, Issue 6 (December 1, 2014): 1609–70. http://dx.doi.org/10.54648/cola2014134.
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On 4 November 2014 the EU's ambitious Banking Union (BU) project reached a major milestone when the Single Supervisory Mechanism became operational. After difficult negotiations, the legal regime supporting the Single Resolution Mechanism is now in place; BU is becoming a reality. This article charts how the EU, long a regulator of the EU banking market, has grappled with the operational elements of banking system governance in constructing BU. It suggests that BU's foundational regulatory technology is relatively robust, given the difficult political, institutional, and Treaty conditions which attended its construction; initial indications relating to the Single Supervisory Mechanism augur well. But the article also highlights the many uncertainties which attend BU, notably with respect to operational effectiveness, constitutional resilience, and the euro area/internal market asymmetry, and which may have far-reaching effects on EU banking market governance generally.
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Lonardo, Luigi. "European Union’s Banking Diplomacy Law: A Legal Fragment of EU’s Foreign Affairs." European Foreign Affairs Review 25, Issue 1 (March 1, 2020): 23–40. http://dx.doi.org/10.54648/eerr2020003.
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This article takes the move from the recognition that the law of EU external relations is fragmentary. EU foreign affairs are conducted through a Common Foreign and Security Policy (CFSP), a Common Commercial Policy, and other competences with external implications. This article is dedicated to one of such competences, whose external side has been hitherto largely underexplored: the monetary policy of Member States whose currency is the Euro. With a view of offering a first assessment of this ‘banking diplomacy’ law, the article outlines the main legal features of the external aspects of Banking Union (BU) and their interactions with other external relations competences. It does so by following four themes: investment, external representation, prudential supervision, and resolution. Banking Union, External Relations Law, Diplomacy, European Union, Banking Law, Single Supervisory Mechanism, Single Resolution Mechanism, Investment Law
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Busch, Danny. "Governance of the European Banking Unions Single Resolution Mechanism." European Business Law Review 28, Issue 4 (August 1, 2017): 447–98. http://dx.doi.org/10.54648/eulr2017024.
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This article analyzes and discusses the governance or decision-making structure of the Single Resolution Mechanism (SRM) within the European Banking Union, particularly with respect to financing of the Single Resolution Fund and adoption of resolution schemes. The governance structure of the SRM is undoubtedly complex. It is clearly a compromise, desperately trying to strike a balance between the interests of individual Member States within the Eurozone, the interests of the Eurozone or the EU as a whole, and, sometimes, the interests of Member States outside the Eurozone. Certain aspects of the complexity are however due to technical reasons of EU law, particularly the Meroni-doctrine. The SRM’s governance structure features several layers of complexity. The SRM’s complex governance structure may well have a negative impact on the effectiveness of decision-making within the SRM framework – efficient, impartial, decisive and quick decision-making is obviously crucial in the case of bank resolution.
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Livingston, D. "The European Union--law, financial institutions and the banking crisis." Capital Markets Law Journal 4, no. 1 (December 6, 2008): 32–49. http://dx.doi.org/10.1093/cmlj/kmn034.
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Tuominen, Tomi. "The european banking union:a shift in the internal market paradigm?" Common Market Law Review 54, Issue 5 (October 1, 2017): 1359–80. http://dx.doi.org/10.54648/cola2017116.
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Has a shift occurred in the internal market paradigm towards an economic union paradigm, whereby the internal market is used to foster economic policy goals adjacent to the Economic and Monetary Union (EMU)? The Banking Union is a case in point in this shift, as it stands at the crossroads between the internal market and the EMU. In the Banking Union, internal market and monetary and economic policy objectives are intertwined. This article maps out this shift and assesses how Article 114 TFEU has been used in it. The article argues that although the establishment of the Banking Union seems to be a natural continuum of developing the internal market and the EMU, such use of Article 114 TFEU is questionable in light of current doctrine and problematic due to the asymmetry of the EMU.
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Kavelaars, Peter. "The foreign countries of the European Union." EC Tax Review 16, Issue 6 (December 1, 2007): 268–73. http://dx.doi.org/10.54648/ecta2007044.
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Galushko, Dmitriy Viacheslavovich, Natalya Valerievna Oganova, Andrey Leonidovich Belousov, Elena Valerievna Grigorovich, and Aleksey Valerievich Sereda. "The EU law and the law of third countries: problems of interaction." SHS Web of Conferences 118 (2021): 02003. http://dx.doi.org/10.1051/shsconf/202111802003.
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The article discusses the problems of the interaction process of legal systems of international integration organizations with law of states that are not members of those entities. The research has been conducted on the example of the European Union. The authors conclude that the degree of influence of the international treaties between the EU and third countries on the legal orders of these states differs depending on the level of cooperation between the parties, which is precisely determined by such agreements. The European Union law is the main means of spreading the influence of the European Union on the legal systems of non-member states. Approximation of national legislation with the European Union’s acquis is a consistent process of approximation of the legal system of the state, including legislation, lawmaking, legal technique, law enforcement practice in accordance with the criteria set by the Union. Peculiarities of the legal approximation of law of particular states with law of the European Union are determined by the nature of the relationship between those subjects, by the goals set for such cooperation and fixed in mutual international treaties, as well as by the peculiarities of the state mechanism and the legal system of the respective state. Consequently, regarding European Union – Russia interaction in the field, regulatory engagement can be hardly called as efficient, smooth, and cloudless.
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Lubis, Syaravina. "Transformation Of The EU Law Related To The Etabilishment Of National Law In The England In The Law Perspective Of International Organizations." Journal of Law Science 4, no. 1 (January 30, 2022): 46–37. http://dx.doi.org/10.35335/jls.v4i1.1699.
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The economic upheaval of a country is one of the reasons for the formation of an international organization, namely the European Union. The goal of the European Union itself is to promote through the community the harmonious, sustainable development of economic activity, steady improvement, rapid improvement of living standards, quality of life and closer relations between member states. This research has a problem formulation consisting of the transformation of EU law into law in the member states of the European Union, the transformation of EU law in the UK, and a challenge as a legal effort related to the transformation of EU law in the UK according to International Organization Law. This study uses a normative juridical research method. The results of the research on the transformation of European Union Law into National Law of member countries, namely by establishing Regulations, Directives, Decisions that must be applied in member countries. EU law has the supremacy of overriding the National Laws of member states. The transformation of European Union Law in the UK began with the agreement of the European Communities Act 1972 which was the UK's ratification of EU Law. Challenge as a legal remedy related to the transformation of European Union Law in the UK is permitted under Articles 230 and 232 of the European Union Agreement, namely by submitting a complaint to the national court in accordance with the time specified to carry out the challenge, this challenge action can end with an amendment. The conclusion of the research is the transformation of European Union Law in member countries in the form of Regulations, Directives, and Decisions. The European Union Law Transformation in the UK is regulated through the European Communities Act 1972. Challenge as a legal remedy related to the transformation of EU Law in the UK is allowed in order to create a good implementation. Suggestions related to research is that it is better to ensure that the transformation of European Union Law has been implemented as intended. The transformation of EU Law in the UK should ensure that UK National Law can be waived in the event of a conflict with EU Law which is immediately effective. Conduct in-depth negotiations, ask for opinions from representatives of each member country so that unity is achieved to facilitate the implementation of European Union Law in member countries and minimize challenges to European Union Law.
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Kolia, Dimitra Loukia, and Simeon Papadopoulos. "Integration in banking efficiency: a comparative analysis of the European Union, the Eurozone, and the United States banks." Journal of Capital Markets Studies 6, no. 1 (November 30, 2021): 48–70. http://dx.doi.org/10.1108/jcms-08-2021-0026.
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PurposeThis paper investigates the development of efficiency and the progress of banking integration in the European Union by checking for convergence among banks of European and Eurozone countries as well as contrasting the results with those of United States banks.Design/methodology/approachInitially, we employ the two-stage semi-parametric double bootstrap DEA method, which absorbs the effects of possible integration barriers in the measurement of efficiency. Afterwards, we apply a panel data model, in order to investigate the process of banking integration by testing for convergence and for convergent clusters in banking efficiency.FindingsOur main findings show that the bank efficiency of the US is considerably higher than that of the Eurozone and the European Union. Although there is no evidence of convergence across the banking groups, our results indicate the presence of club convergence. We also conclude that the US banking system is closer to convergence than the Eurozone and the European Union banks. Nevertheless, this outcome is subject to change in the future due to the fact that Eurozone and European Union banks' speed of convergence is higher than that of US banks.Originality/valueOur survey is unique in trying to check for convergence while controlling for country-specific and bank-specific factors that affect the efficiency of European and Eurozone banks. Moreover, recent literature does not compare the convergence of efficiency of Eurozone, European and US banking. Finally, in our paper special consideration was given to the comparison of commercial, cooperative and savings banks, as subsets of our banking groups.
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Nayebyazdi, Arash. "Social capital and banking system profitability: A survey of European Union countries." European Journal of Government and Economics 8, no. 1 (June 24, 2019): 48–62. http://dx.doi.org/10.17979/ejge.2019.8.1.4575.
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Over the last years, the concept of social capital as a facilitator of economic activities has been a remarkable issue among economists. In this article, we study the impact of social capital on banking performance focusing on profitability in the European Union for period 2008-2016. Social capital indicators are applied in the model are "trust in others" and "fair behavior of others". We expect more profitable banks in societies with higher levels of social capital. According to the type of data, we apply GMM estimator to do more efficient estimations. We use auxiliary variables such as bank asset, capital adequacy, real interest rate, the cost to income ratio as micro variables, GDP and inflation are employed as macros. Our estimations point at a rejection of the main hypothesis. Opportunistic behavior and less social trust result in more profits for European countries. We justify the results in two ways. First, due to the 2008 financial crisis, trust in all institutions has decreased in European countries. The second reason concerns countries with low levels of social capital. The decrease of trust for the banking system is lower than for other institutions. Therefore, that sector may benefit is such circumstances.
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Dumičić, Ksenija, Anita Čeh Časni, and Irena Palić. "Multivariate analysis of determinants of Internet banking use in European Union countries." Central European Journal of Operations Research 23, no. 3 (December 3, 2014): 563–78. http://dx.doi.org/10.1007/s10100-014-0371-6.
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Biondi, Andrea, and Alessandro Spano. "The ECB and the Application of National Law in the SSM: New Yet Old…" European Business Law Review 31, Issue 6 (December 1, 2020): 1023–46. http://dx.doi.org/10.54648/eulr2020038.
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Art 4 (3) of the SSM Regulation allows, under certain conditions, the European Central Bank to directly apply national law in the exercise of its prerogatives. This article recaps the general framework of application of the SSM Regulation by looking in particular to the question of national law transposing relevant directives in the area and discusses the role of the ECB when interpreting and applying national law in the exercise of its prudential tasks and powers. Finally, it attempts to place the scope of application, the limitations and legislative instruments related to the application of national law by the ECB in a wider EU constitutional fram-ework. European Union, European Central Bank, Banking Union, Banking Supervision, Single Supervisory Mechanism, Article 4(3), Application of National Law, Consistent Interpretation, EU Legal Order, Eurozone.
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Rodríguez-Gulías, María Jesús, Vítor Manuel de Sousa Gabriel, and David Rodeiro-Pazos. "Effects of governance on entrepreneurship: European Union vs non-European Union." Competitiveness Review: An International Business Journal 28, no. 1 (January 15, 2018): 43–57. http://dx.doi.org/10.1108/cr-06-2016-0035.
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Purpose The purpose of this paper is to analyse the effect of six governance indicators on the rate of creation of new companies between countries that are members of the European Union (EU) and those that are not. H1 states that the various dimensions of governance help to explain the immediate creation of new businesses in European and non-European countries. H2 states that the various dimensions of governance help to explain the deferred creation of new businesses in European and non-European countries. Design/methodology/approach The paper uses two types of analyses: firstly, univariate analysis, which is a descriptive statistics of the dependent, independent and control variables, and the results of a t-test; and secondly, multivariate analysis, which estimates using the fixed-effects estimator under the specifications previously raised for the subsample of 28 EU countries and for the subsample of 103 non-EU countries during the period 2004-2014. Findings The results show that the variables of governance are not significantly higher in the EU, although the density of the enterprises is. Within the governance indicators, government effectiveness is significant in the EU. The results obtained for the EU confirmed H1and H2, with a significant positive effect of government effectiveness on entrepreneurship, while the other governance variables were not significant in the EU subsample. The results obtained for non-EU countries suggest no significant immediate effects (H1) and a slightly significant delayed effect of rule of law on the entrepreneurship (H2) concerned. Research limitations/implications Future research in this area could consider introducing another regional division or other types of methodology as variables affect models. Practical implications Governance can be defined as the ability of a government and its public institutions to provide services and design, and implement rules, which is a factor that affects the creation of new companies. However, the effect of governance could differ depending on the country and its economic environment. This paper analyses the effect of six governance indicators on the rate of creation of new companies considering two different geographic regions as countries are presumably heterogeneous. Therefore, these results indicate that the effect of governance variables on entrepreneurship differs according to the region. Social implications The effect of governance variables on entrepreneurship according to the region is also known. Originality/value This study applied panel data analysis to two samples of countries during the period 2004-2014, one formed by 28 countries of the EU and the other by 103 non-EU countries. No other paper considers this number of countries for this period. To assess the impact of governance on the creation of new companies, this paper considered the existence of immediate and deferred effects of governance on entrepreneurship.
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Dumitrescu-Pasecinic, Adrian. "The Constitutional Price for International Unilateralism in the European Banking Union." Yearbook of European Law 38 (January 1, 2019): 320–60. http://dx.doi.org/10.1093/yel/yez007.
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Abstract In order to enter the Banking Union, non-euro EU Member States must ‘step outside’ the EU legal order and the Union’s institutional framework, and resort to unilateral instruments of public international law. If the intergovernmental method has advanced the alternative project of integration based on voluntary policy, international unilateralism is seen as a similar integration technique based on the voluntary action of non-euro Member States, ie a tool for deeper integration that appears as a variation of intergovernmentalism. This article focuses on the constitutional deficiencies caused by the choice of unilateral instruments in the institutional set-up of a close cooperation arrangement in the Single Supervisory Mechanism. At first sight, leaving the EU legal order and entering the world of international law opens entirely new perspectives for the participating Member States. The possible attraction is escaping the constraining institutional framework of EU law. However, the international law route poses significant constitutional challenges vis-à-vis compatibility with the EU law.
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Barbu, Teodora Cristina, Iustina Alina Boitan, and Sorin Iulian Cioaca. "Macroeconomic Determinants of Shadow Banking – Evidence from EU Countries." Review of Economic and Business Studies 9, no. 2 (December 1, 2016): 111–29. http://dx.doi.org/10.1515/rebs-2016-0037.
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AbstractShadow banking is a topical, debated issue on the agenda of national and European macro-prudential regulatory and supervisory authorities. It is generally accepted that shadow banks and the traditional banking system have some core functions in common, such as credit and maturity transformation, and the exposure to similar risks. However, the tight banking regulations and the decreasing trend recorded by interest rates in the post-crisis period create prospects for shadow banking sector growth. Against this background, the present paper aims at investigating the particular impact that shadow banking activity exerts on macroeconomic fundamentals. The analysis covers 15 European Union countries, including Romania, during the period 2008 – 2015, using quarterly data. Shadow banking system is used as a proxy by monetary funds, due to breaks in the series or unbalanced number of observations across selected countries. By employing panel regression, it was found that the shadow banking total assets’ variation is negatively influenced by the GDP growth, short term interest rates, M2/GDP ratio and the ratio of investment funds’ assets in GDP, and positively determined by stock index dynamics and long term interest rates. The findings sustain the literature’s point of view
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Bethlendi, András, and Katalin Mérő. "Changes in the Structure of Financial Intermediation – Eastern-Central European Developments in the Light of Global and European Trends." DANUBE 11, no. 4 (December 1, 2020): 283–99. http://dx.doi.org/10.2478/danb-2020-0017.
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Abstract The article analyses the structural changes of the financial intermediary system of Eastern-Central European (ECE) countries, that joined the EU in 2004, namely the Czech Republic, Hungary, Poland, Slovakia and Slovenia (ECE5) in the light of global and European trends from 2004 to 2016. Its two main focuses are the characteristics of the structural shifts and interconnectedness between banks and financial markets, on the one hand, and the size and specificities of shadow banking systems, on the other. Despite the limited catching up of the region the ECE5 countries has a much less deep and more bank-based financial system than their European counterparts without the emergence of significant market-based banking and shadow banking. However, while in the developed countries the most important shadow banking institutions are the non-money market mutual funds, in ECE5 countries other non-bank financial institutions are those that potentially exposed to shadow banking risk.
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Huterska, Agnieszka, and Robert Huterski. "Determinants of using online shopping in European Union countries." Ekonomia i Prawo 21, no. 4 (December 31, 2022): 675–91. http://dx.doi.org/10.12775/eip.2022.036.
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Motivation: Online shopping has gained increased economic importance as a result of restrictions on brick-and-mortar purchases due to the COVID-19 pandemic. Notwithstanding the natural partial return of consumers to direct purchases with the lifting of restrictions by the authorities, interest in online shopping does not return to pre-pandemic levels. Aim: The aim of the article is to verify the influence of various factors on the propensity to use online shopping in the European Union countries in the period 2010–2021. Due to the temporal and geographical scope of data, the panel method was used in the research. Results: The research on the determinants of online shopping, carried out by the authors, showed the statistical significance of all eight dependent variables affecting the share of people who shop online in the societies of the European Union countries. The increase in the use of online shopping is influenced by both the quality of Internet connections, the general frequency of Internet use, readiness to search the Internet for information about goods and services and the use of Internet banking. This regularity also occurs in the case of the share of older people in society, the share of people with at least the second level of education, the share of people employed in science and technology, and the level of GDP per capita.