Suchergebnisse

THE AUTHOR REVIEWS THE INF TREATY NEGOTIATIONS AND QUESTIONS WHETHER IT IS POSSIBLE TO SAY WITH ABSOLUTE CERTAINTY THAT WESTERN EUROPE AND NORTH AMERICA ARE MUCH MORE SECURE TODAY THAN THEY WERE A DECADE AGO.

There is a growing consensus among both economists-academics and policymakers that there was at least one missing element of the financial safety net during the Global Financial Crisis. This element, which will probably improve financial stability (or protect against financial instability), is the macroprudential orientation in regulatory and supervisory frameworks. The main scope of the paper is the institutional dimensions of macroprudential policy. The principal purpose of the paper is to identify and assess, on a comparative, cross-EU-country basis, existing practices and developments in structuring a new dimension of the financial stability policy, i.e., a macroprudential one. The paper builds on existing theoretical considerations and the author's own empirical survey of country practices in applying a macroprudential framework. A comparative, cross-country analysis and a comparison of different sub-indices and overall index values are the basis for verifying hypotheses and empirically disentangling the institutional differences between macroprudential policy regimes in European Union countries. The paper sheds light on recent trends in macroprudential policy governance and qualitative aspects (democratic accountability and transparency), with special attention to the position of a central bank across the European Union countries. The conducted research is a basis for constructing ratings of macroprudential authority accountability and transparency across the EU countries, which gives an indication of the overall quality of the institutional arrangements.

Today, supranational legal systems affect national law, thus showing a trend of globalization, not denying the influence and interdependence of domestic laws, while the State, as a signatory of international conventions, has certain obligations to fulfil, including the adoption of national legal rules.In this context, the phenomenon of law globalization is shown by the doctrine, and that translates the aspiration into a common law.From this perspective, we propose to address the issue of public administration encoding rules.We will try to analyze the encoding of these rules both at European and national level, whereas the integration of European states into the European structures represents an undeniable reality.

Today, supranational legal systems affect national law, thus showing a trend of globalization, not denying the influence and interdependence of domestic laws, while the State, as a signatory of international conventions, has certain obligations to fulfil, including the adoption of national legal rules.In this context, the phenomenon of law globalization is shown by the doctrine, and that translates the aspiration into a common law.From this perspective, we propose to address the issue of public administration encoding rules.We will try to analyze the encoding of these rules both at European and national level, whereas the integration of European states into the European structures represents an undeniable reality.

The article is devoted to the analysis of the European Union development as an integration association. The economic aspects of integration within the EU as a whole as well as developing sub-integration processes are highlighted. Existing estimates show fluctuation in the level of the EU integration and its significant reduction in certain areas during some periods. The internationalization of the world economy and the increasing involvement of the EU in these processes couldn't but have an impact on the intra-European situation. The assessment of the economic integration is made on the basis of the dynamics of the trade-investment cooperation and migration processes also. The analysis showed that different economic ties are not equally involved in the integration within the EU. If at the beginning of the XXI century the merchandise trade and FDI were comparable in terms of the level of involvement in the intra-European flows, then at present investment ties are considerably inferior to trade ones, having refocused on countries outside the EU. There is a steady trend in increasing of the share of citizens of non-EU countries living in the EU as well as EU citizens born in non-EU countries. The complexity of the European integration is traced by the example of sub-integration processes in the Visegrad Group. It is shown that accession to the EU has stimulated trade-investment cooperation within the "fourth", but strong contrasts between members continue to persist. One of the main factors of the participation level in sub-integration is the economy size. Due to national features investment ties in terms of outstock are involved in subintegration processes more than trade ones. Sub-integration will continue to develop in the EU due to long-term factors, "complicating" pan-European integration processes, the non-linearity of which will remain.