Suchergebnisse

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

Work topic: The efficiency of Lithuanian monetary policy. The actuality of work. The monetary policy is topical to all countries, to Lithuania also. It stimulates the manufacture of national product, blocks up the growth of unemployment and inflation, balances the foreign relations. It is important to find out if Central bank will be able to control the growing level of inflation in Lithuania. Futhermore, it is topical to find out, what situation will be in our country being the member of European Union and regulating monetary policy by the requirements of European Bank. Work object. Lithuanian monetary policy and its influence on national economy. Work aim. To examine the influence of Lithuanian monetary policy on national economy. The objectives of work: • To define the functions of Central bank and the tools of monetary policy; • To investigate the practice of Lithuanian Central bank and its monetary policy tools; • To analyze Lithuanian monetary policy by different periods from 1991 to 2006 year and to examine the fluctuation of Lithuanian macroeconomic indicators by the same periods. • To make the forecast of macroeconomic indicators on the base of made analysis and to propose a motion about the use of monetary policy tools. The methods of work: • The analysis of science literature by investigating aim; • The analysis of data from Lithuanian bank, from internet and from the press which are ralative with examinating theme; • The statistical data from the internet site of Department of Statistics. • The scroll average method was used to forecast the macroeconomic indicators. The results of work. The work consists of three parts. Graduation paper contains 64 pages, 10 pictures and 10 tables.

Work topic: The efficiency of Lithuanian monetary policy. The actuality of work. The monetary policy is topical to all countries, to Lithuania also. It stimulates the manufacture of national product, blocks up the growth of unemployment and inflation, balances the foreign relations. It is important to find out if Central bank will be able to control the growing level of inflation in Lithuania. Futhermore, it is topical to find out, what situation will be in our country being the member of European Union and regulating monetary policy by the requirements of European Bank. Work object. Lithuanian monetary policy and its influence on national economy. Work aim. To examine the influence of Lithuanian monetary policy on national economy. The objectives of work: • To define the functions of Central bank and the tools of monetary policy; • To investigate the practice of Lithuanian Central bank and its monetary policy tools; • To analyze Lithuanian monetary policy by different periods from 1991 to 2006 year and to examine the fluctuation of Lithuanian macroeconomic indicators by the same periods. • To make the forecast of macroeconomic indicators on the base of made analysis and to propose a motion about the use of monetary policy tools. The methods of work: • The analysis of science literature by investigating aim; • The analysis of data from Lithuanian bank, from internet and from the press which are ralative with examinating theme; • The statistical data from the internet site of Department of Statistics. • The scroll average method was used to forecast the macroeconomic indicators. The results of work. The work consists of three parts. Graduation paper contains 64 pages, 10 pictures and 10 tables.

The emphasis in the Community's and Union's treaties and charter on workers' rights and on the need to create conditions that would facilitate freedom of movement of labour between member states explains why issues concerned with the employment and equalization of working conditions have always been high on the policy agenda. With the launch of the European Monetary Union (EMU) and Euro, the debate on European solutions shifted focus towards structural policies, which are the necessary complement to the macroeconomic policy mix under EMU. Employment is the key ingredient of this debate. Indeed employment cuts across all the challenges of enlargement, the new financial framework and the EU structural funds, the promotion of economic and social cohesion, and institution reform. Throughout the 1970's and 1980's employment was present in the minds of the leaders of the then EEC when the four freedoms of movement of goods, services, capital and labour were promoted in Single Market. The subsequent evolution of employment strategy can be divided into two periods, the watershed of which is marked by new Treaty of Amsterdam, signed in October 1997. Before Amsterdam, employment and labour market policy was the sovereign domain of the Member States. The treaty does not change the basic principle that Member States take primary responsibility for employment policy. But it does entrust the European institutions, the Council and the Commission with a much stronger role, new tasks and more forceful tools. It involves the European Parliament more closely with the decision making process. Also, the responsibilities of the social partners and their opportunities to contribute are enhanced through the inclusion of the Social Protocol into the Treaty. Leaders of many Member States have been at the forefront in coordinating and implementing the European employment strategy. ; Europos Sąjunga (ES) vykdydama užimtumo ir socialinę politiką, siekia užtikrinti aukštą gyvenimo kokybę, žmogaus orumą atitinkantį gyvenimo lygį, sudaryti galimybes gyventi aktyvioje, integruotoje ir sveikoje visuomenėje. Ši politika padeda gerinti didžiosios dalies ES piliečių, tarp jų ir bedarbių, pagyvenusių žmonių, neįgaliųjų, socialiai atskirtųjų, darbo rinkoje skriminuojamų žmonių gyvenimą. Tai atitinka vieną svarbiausių ES socialinės politikos principų – piliečių solidarumo principą, būtiną kuriant stabilią visuomenę bei skatinant nuolatinį klestėjimą, kuris yra Europoje veikiančio socialinio modelio atskaitos taškas. ES gyventojai nepaliekami rinkos jėgų valiai – jie turi galimybę naudotis viena stipriausių pasaulio socialinės paramos sistemų. Straipsnio tikslas – atskleisti ES vykdomą užimtumo, kaip socialinės gerovės garanto, politiką, išanalizuoti ją lemiančias ES sutartis, aptarti ES socialinės politikos transformacijas pereinant prie vidaus rinkos ir įsigaliojus ES pilietybei. Tyrimo metodai – dokumentų, mokslinės literatūros analizė.

Innovations in the field of the electronic payment instruments were determined by a fast development of technologies and electronic commerce. Electronic money, as one of kinds of the electronic payment instruments, gradually becomes an important subject of research performed by representatives of economics and law sciences. By adopting the Directive 2000/46/EC of the European Parliament and of the Council (of 18 September 2000) on the taking up, pursuit of and prudential supervision of the business of electronic money institutions and the Directive 2000/28/EC of the European Parliament and of the Council (of 18 September 2000) amending the Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions, the concerted regulation of legal relations in the field of electronic money was established in the European Union Law and now is being reviewed seeking, first of all, to soften some of requirements applied to the electronic money institutions. "Electronic money", following the Directive 2000/46/EB, shall mean the monetary value which is: (i) stored on an electronic device; (ii) issued on receipt of funds of an amount not less in value than the monetary value issued; (iii) accepted as means of payment by undertakings other than the issuer. Electronic money can be considered an electronic surrogate for coins and banknotes, which is stored on an electronic device such as a chip card or computer memory. Furthermore, it is prohibited to be engaged in activities on the electronic money issue for entities other than credit institutions. Meanwhile, Lithuania, on May 1st, 2004, having entered into the European Union as a full member state, has undertaken to harmonize the national law with the law of the European Union in the field of electronic money. When estimating the implementation of provisions of the European Union legal acts in the national law, it may be noticed that provisions of the European Union legal acts, as a matter of fact, have been duly transferred to the national law, with except of certain inaccuracies especially in the sense of terminology.

Innovations in the field of the electronic payment instruments were determined by a fast development of technologies and electronic commerce. Electronic money, as one of kinds of the electronic payment instruments, gradually becomes an important subject of research performed by representatives of economics and law sciences. By adopting the Directive 2000/46/EC of the European Parliament and of the Council (of 18 September 2000) on the taking up, pursuit of and prudential supervision of the business of electronic money institutions and the Directive 2000/28/EC of the European Parliament and of the Council (of 18 September 2000) amending the Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions, the concerted regulation of legal relations in the field of electronic money was established in the European Union Law and now is being reviewed seeking, first of all, to soften some of requirements applied to the electronic money institutions. "Electronic money", following the Directive 2000/46/EB, shall mean the monetary value which is: (i) stored on an electronic device; (ii) issued on receipt of funds of an amount not less in value than the monetary value issued; (iii) accepted as means of payment by undertakings other than the issuer. Electronic money can be considered an electronic surrogate for coins and banknotes, which is stored on an electronic device such as a chip card or computer memory. Furthermore, it is prohibited to be engaged in activities on the electronic money issue for entities other than credit institutions. Meanwhile, Lithuania, on May 1st, 2004, having entered into the European Union as a full member state, has undertaken to harmonize the national law with the law of the European Union in the field of electronic money. When estimating the implementation of provisions of the European Union legal acts in the national law, it may be noticed that provisions of the European Union legal acts, as a matter of fact, have been duly transferred to the national law, with except of certain inaccuracies especially in the sense of terminology.

Innovations in the field of the electronic payment instruments were determined by a fast development of technologies and electronic commerce. Electronic money, as one of kinds of the electronic payment instruments, gradually becomes an important subject of research performed by representatives of economics and law sciences. By adopting the Directive 2000/46/EC of the European Parliament and of the Council (of 18 September 2000) on the taking up, pursuit of and prudential supervision of the business of electronic money institutions and the Directive 2000/28/EC of the European Parliament and of the Council (of 18 September 2000) amending the Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions, the concerted regulation of legal relations in the field of electronic money was established in the European Union Law and now is being reviewed seeking, first of all, to soften some of requirements applied to the electronic money institutions. "Electronic money", following the Directive 2000/46/EB, shall mean the monetary value which is: (i) stored on an electronic device; (ii) issued on receipt of funds of an amount not less in value than the monetary value issued; (iii) accepted as means of payment by undertakings other than the issuer. Electronic money can be considered an electronic surrogate for coins and banknotes, which is stored on an electronic device such as a chip card or computer memory. Furthermore, it is prohibited to be engaged in activities on the electronic money issue for entities other than credit institutions. Meanwhile, Lithuania, on May 1st, 2004, having entered into the European Union as a full member state, has undertaken to harmonize the national law with the law of the European Union in the field of electronic money. When estimating the implementation of provisions of the European Union legal acts in the national law, it may be noticed that provisions of the European Union legal acts, as a matter of fact, have been duly transferred to the national law, with except of certain inaccuracies especially in the sense of terminology.

Innovations in the field of the electronic payment instruments were determined by a fast development of technologies and electronic commerce. Electronic money, as one of kinds of the electronic payment instruments, gradually becomes an important subject of research performed by representatives of economics and law sciences. By adopting the Directive 2000/46/EC of the European Parliament and of the Council (of 18 September 2000) on the taking up, pursuit of and prudential supervision of the business of electronic money institutions and the Directive 2000/28/EC of the European Parliament and of the Council (of 18 September 2000) amending the Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions, the concerted regulation of legal relations in the field of electronic money was established in the European Union Law and now is being reviewed seeking, first of all, to soften some of requirements applied to the electronic money institutions. "Electronic money", following the Directive 2000/46/EB, shall mean the monetary value which is: (i) stored on an electronic device; (ii) issued on receipt of funds of an amount not less in value than the monetary value issued; (iii) accepted as means of payment by undertakings other than the issuer. Electronic money can be considered an electronic surrogate for coins and banknotes, which is stored on an electronic device such as a chip card or computer memory. Furthermore, it is prohibited to be engaged in activities on the electronic money issue for entities other than credit institutions. Meanwhile, Lithuania, on May 1st, 2004, having entered into the European Union as a full member state, has undertaken to harmonize the national law with the law of the European Union in the field of electronic money. When estimating the implementation of provisions of the European Union legal acts in the national law, it may be noticed that provisions of the European Union legal acts, as a matter of fact, have been duly transferred to the national law, with except of certain inaccuracies especially in the sense of terminology.

Non-cash money increasingly displaces cash money and has become one of the main means of settlement in the business world. Non-cash performance of monetary obligations is proceeded through intermediation of banks, usually – through the payment and settlement systems. Considering the current complicated market situation, all finance sector, including banks, is constantly exposed to different risks, which results in decreased confidence in banks. Thus this thesis, first, introduces payment and settlement systems, related risks and their management instruments, analyses development of the Lithuanian payment systems, describes current Lithuanian payment systems, the way they operate, and their future prospects. Second, attention was paid to the peculiarities of performing monetary obligations in payment and settlement systems. The mechanism, time, place and currency of performing monetary obligations in payment and settlement systems have been analysed. Bank's liability for non-execution or an improper execution of the client's payment order, as well as allocation of risks and liabilities in case of bank's insolvency, have also been analysed in detail. The thesis is mainly based on two foreign authors – experts in finance and banking law, also a lot of useful information was provided by the websites of the Bank of Lithuania and European Central Bank. Of course, it was impossible to manage the thesis without analysing legal acts. Not only currently applicable legal acts of Lithuania and European Union have been analysed, but also the new legal acts of European Union, that should be implemented in Lithuania by the end of this year. After the implementation of these new legal acts, not only the regulation of non-cash payments, but also the mechanism of non-cash performance of monetary obligations will change – the purpose is to create common payment instruments for the whole European Union, which will result in closing current Lithuanian payment and settlement systems.

Non-cash money increasingly displaces cash money and has become one of the main means of settlement in the business world. Non-cash performance of monetary obligations is proceeded through intermediation of banks, usually – through the payment and settlement systems. Considering the current complicated market situation, all finance sector, including banks, is constantly exposed to different risks, which results in decreased confidence in banks. Thus this thesis, first, introduces payment and settlement systems, related risks and their management instruments, analyses development of the Lithuanian payment systems, describes current Lithuanian payment systems, the way they operate, and their future prospects. Second, attention was paid to the peculiarities of performing monetary obligations in payment and settlement systems. The mechanism, time, place and currency of performing monetary obligations in payment and settlement systems have been analysed. Bank's liability for non-execution or an improper execution of the client's payment order, as well as allocation of risks and liabilities in case of bank's insolvency, have also been analysed in detail. The thesis is mainly based on two foreign authors – experts in finance and banking law, also a lot of useful information was provided by the websites of the Bank of Lithuania and European Central Bank. Of course, it was impossible to manage the thesis without analysing legal acts. Not only currently applicable legal acts of Lithuania and European Union have been analysed, but also the new legal acts of European Union, that should be implemented in Lithuania by the end of this year. After the implementation of these new legal acts, not only the regulation of non-cash payments, but also the mechanism of non-cash performance of monetary obligations will change – the purpose is to create common payment instruments for the whole European Union, which will result in closing current Lithuanian payment and settlement systems.

The master thesis "Motives of Europe's Energy Union Creation and its Perspectives" present analysis of recent developments which happened before and after creation of EU's Energy Union. An assumption is made at the beginning that current challenges might be related to the level of national energy policies of EU members. Two main approaches deciding what national energy policy priorities are could be securization and competitiveness. Securization puts energy topic on the top of political agenda, allowing to implement projects which otherwise would be not technically or commercially viable. Competitiveness conception in national energy sector is based on country's aim to have competitive advantage worldwide. If this approach is chosen, security in all the aspects becomes issue of secondary importance. EU energy sector and Energy union was widely analyzed in academic researches during last few decades. Almost every author agrees that until 1996 and 1st Energy Package energy sector was exceptionally part of national policy of EU member states. Oil shocks impact, other successful EU unions which include Common Agriculture policy, Schengen agreement or Monetary Union which lead to creation of Eurozone, examples – nothing advocated to successful applying of the same rules and scope to newly created Energy union. Though Energy Union implementation struggles with unplanned challenges, common energy policies are successfully implemented EU-wide. To name a few it would be Renewable Energy Directive (accepted in 2009), Energy 2020 (2009), Energy Plan 2050 (2011), 2030 Framework for climate and energy (2014), Summer Package (2015) or Winter Package (2016). Therefore, 2015 marks not only presentation of EU's Energy union, but also announcement about project, debates on which still divides EU into two large groups – supporters and opposing ones. It was named as Nord Stream expansion and later became Nord Stream 2. Project will allow to bypass East-West gas transportation corridor, creating new one in North-South direction. Nord Stream 2 eliminates Ukraine, Poland and Slovak Republic from the list of gas transit countries, and potentially jeopardizes their security of supply. New pipeline will go along the route of the first one, starting in Russia and ending in Germany, and will connect Gazprom with its clients in Western Europe. Poland sees this project as a threat to energy supply security, making Western Europe dependent on one single supplier. Country gives priority to diversification via gas interconnectors (Eustream, GIPL, Baltic Pipe) and Swinoujscie LNG terminal, which need was foreseen in Energy Union, but cannot influence Germany which uses competitive approach and claims Nord Stream 2 is purely commercial project, implemented by private companies. Germany needs cheap abundant natural gas implementing its national energy transition plan called Energiewende. It will result in coal and nuclear energy abandonment in favor of renewable energy sources (RES) like wind or solar. But increase of RES share in primary energy balance means need for back-up generation which could be based on natural gas. So for a long time – few decades - energy policy among EU members could be either part of security or competitiveness agendas, depending on particular state national priorities and energy policy chosen to conduct. If EU wants Energy Union to become typical political-economical union, it will have finally to name to which agenda energy sector should belong to. Member states would like to continue "business-as-usual", so whatever decision will be made, it will face harsh resistance from the part of EU members.

The master thesis "Motives of Europe's Energy Union Creation and its Perspectives" present analysis of recent developments which happened before and after creation of EU's Energy Union. An assumption is made at the beginning that current challenges might be related to the level of national energy policies of EU members. Two main approaches deciding what national energy policy priorities are could be securization and competitiveness. Securization puts energy topic on the top of political agenda, allowing to implement projects which otherwise would be not technically or commercially viable. Competitiveness conception in national energy sector is based on country's aim to have competitive advantage worldwide. If this approach is chosen, security in all the aspects becomes issue of secondary importance. EU energy sector and Energy union was widely analyzed in academic researches during last few decades. Almost every author agrees that until 1996 and 1st Energy Package energy sector was exceptionally part of national policy of EU member states. Oil shocks impact, other successful EU unions which include Common Agriculture policy, Schengen agreement or Monetary Union which lead to creation of Eurozone, examples – nothing advocated to successful applying of the same rules and scope to newly created Energy union. Though Energy Union implementation struggles with unplanned challenges, common energy policies are successfully implemented EU-wide. To name a few it would be Renewable Energy Directive (accepted in 2009), Energy 2020 (2009), Energy Plan 2050 (2011), 2030 Framework for climate and energy (2014), Summer Package (2015) or Winter Package (2016). Therefore, 2015 marks not only presentation of EU's Energy union, but also announcement about project, debates on which still divides EU into two large groups – supporters and opposing ones. It was named as Nord Stream expansion and later became Nord Stream 2. Project will allow to bypass East-West gas transportation corridor, creating new one in North-South direction. Nord Stream 2 eliminates Ukraine, Poland and Slovak Republic from the list of gas transit countries, and potentially jeopardizes their security of supply. New pipeline will go along the route of the first one, starting in Russia and ending in Germany, and will connect Gazprom with its clients in Western Europe. Poland sees this project as a threat to energy supply security, making Western Europe dependent on one single supplier. Country gives priority to diversification via gas interconnectors (Eustream, GIPL, Baltic Pipe) and Swinoujscie LNG terminal, which need was foreseen in Energy Union, but cannot influence Germany which uses competitive approach and claims Nord Stream 2 is purely commercial project, implemented by private companies. Germany needs cheap abundant natural gas implementing its national energy transition plan called Energiewende. It will result in coal and nuclear energy abandonment in favor of renewable energy sources (RES) like wind or solar. But increase of RES share in primary energy balance means need for back-up generation which could be based on natural gas. So for a long time – few decades - energy policy among EU members could be either part of security or competitiveness agendas, depending on particular state national priorities and energy policy chosen to conduct. If EU wants Energy Union to become typical political-economical union, it will have finally to name to which agenda energy sector should belong to. Member states would like to continue "business-as-usual", so whatever decision will be made, it will face harsh resistance from the part of EU members.

The master thesis "Motives of Europe's Energy Union Creation and its Perspectives" present analysis of recent developments which happened before and after creation of EU's Energy Union. An assumption is made at the beginning that current challenges might be related to the level of national energy policies of EU members. Two main approaches deciding what national energy policy priorities are could be securization and competitiveness. Securization puts energy topic on the top of political agenda, allowing to implement projects which otherwise would be not technically or commercially viable. Competitiveness conception in national energy sector is based on country's aim to have competitive advantage worldwide. If this approach is chosen, security in all the aspects becomes issue of secondary importance. EU energy sector and Energy union was widely analyzed in academic researches during last few decades. Almost every author agrees that until 1996 and 1st Energy Package energy sector was exceptionally part of national policy of EU member states. Oil shocks impact, other successful EU unions which include Common Agriculture policy, Schengen agreement or Monetary Union which lead to creation of Eurozone, examples – nothing advocated to successful applying of the same rules and scope to newly created Energy union. Though Energy Union implementation struggles with unplanned challenges, common energy policies are successfully implemented EU-wide. To name a few it would be Renewable Energy Directive (accepted in 2009), Energy 2020 (2009), Energy Plan 2050 (2011), 2030 Framework for climate and energy (2014), Summer Package (2015) or Winter Package (2016). Therefore, 2015 marks not only presentation of EU's Energy union, but also announcement about project, debates on which still divides EU into two large groups – supporters and opposing ones. It was named as Nord Stream expansion and later became Nord Stream 2. Project will allow to bypass East-West gas transportation corridor, creating new one in North-South direction. Nord Stream 2 eliminates Ukraine, Poland and Slovak Republic from the list of gas transit countries, and potentially jeopardizes their security of supply. New pipeline will go along the route of the first one, starting in Russia and ending in Germany, and will connect Gazprom with its clients in Western Europe. Poland sees this project as a threat to energy supply security, making Western Europe dependent on one single supplier. Country gives priority to diversification via gas interconnectors (Eustream, GIPL, Baltic Pipe) and Swinoujscie LNG terminal, which need was foreseen in Energy Union, but cannot influence Germany which uses competitive approach and claims Nord Stream 2 is purely commercial project, implemented by private companies. Germany needs cheap abundant natural gas implementing its national energy transition plan called Energiewende. It will result in coal and nuclear energy abandonment in favor of renewable energy sources (RES) like wind or solar. But increase of RES share in primary energy balance means need for back-up generation which could be based on natural gas. So for a long time – few decades - energy policy among EU members could be either part of security or competitiveness agendas, depending on particular state national priorities and energy policy chosen to conduct. If EU wants Energy Union to become typical political-economical union, it will have finally to name to which agenda energy sector should belong to. Member states would like to continue "business-as-usual", so whatever decision will be made, it will face harsh resistance from the part of EU members.