scholarly journals THE INFLUENCE OF FINANCIAL INNOVATIONS ON EU COUNTRIES BANKING SYSTEMS DEVELOPMENT

2019 ◽  
pp. 167-177 ◽  
Author(s):  
Oleksiy Druhov ◽  
Vira Druhova ◽  
Olena Pakhnenko
Keyword(s):  
European Union ◽  
Rapid Development ◽  
Banking System ◽  
The European Union ◽  
Banking Services ◽  
Banking Systems ◽  
Financial Innovations ◽  
The Future ◽  
Financial Transactions ◽  
The Impact

This article summarizes the arguments and counterarguments in the framework of the scientific discussion on determining priority directions of developing banking systems, modern problems and prospects of introduction of financial innovations in the process of development of banking services. Its pace and current trends require a completely scientific basis. Accordingly, the purpose of the study is to determine the impact of modern information technology in the banking systems of the European Union countries and the future prospects for their development. For this purpose, the hypothesis was, first of all, proposed that the level of business activity of the banking activity is related to the level of development of the country's economy and it will determine in the future the development of the banking systems of these countries. An appropriate empirical study was conducted to confirm this hypothesis. The systematization of literary sources and approaches to the solution of this problem has shown that in scientific sources the analysis of the impact of financial innovations on the banking systems of individual European Union countries is mainly carried out. Taking into account the different levels of development of these countries, these studies do not allow us to make conclusions and suggestions as to the future of European banks. Electronic banking, the creation of a large number of fi tech companies, crypto volume, blockade – radically change the classical banking business. These changes are gaining momentum and the future of the banking system is now very ambiguous. Will classical banks be able to function effectively, or will new financial companies come to their place? What should I do to manage the bank to lay the groundwork for its successful operation, in the context of the rapid development of information technology? Who and how will regulate global financial markets? There are no clear answers to these questions. The methodical toolkit of the study was a clustering method, methods of systematization, grouping, comparison, expert evaluations. The study period covers 2015-2018, which shows the most rapid dynamics of changes in the processes of customer service of banks from the offline to the online sphere. In addition, this period of time is characterized by the rapid development of financial innovation, which radically changes the approaches to traditional banking activities. The article presents the results of cluster analysis, the results of which allowed to group the countries of the European Union at different levels of digitalization. As a result, it was found that the most advanced economies and the most developed countries have the highest level of deductibility of banking activity (related to clusters 2 and 1). As a higher level of economic development provides more opportunities for investment, Internet access and better education of the population. In addition, it can be argued that it is the countries from the first group in the near future will or will become leaders in the European market of banking services, and it is on them that they will need to be guided by the orientation of the development of the banking system. The results of empirical analysis, have shown that banking institutions understand the lack of prospects of activities without financial innovation. On the other hand, as the study showed, such activity is characterized by high-risk banks. The issue of safety of up-to-date financial transactions is extremely important for supervisors who can not at the moment agree on what measures to apply and implement in order to minimize the risks of financial transactions. The study empirically confirms and theoretically proves that it is important to understand and justify the basic principles of the future development of banks, to identify and develop measures to minimize the levels of financial risks associated with the implementation of financial innovations, as well as to simply understand and evaluate changes expected by users of banking services during the next 5 to 10 years. The results of the research can be useful for scientists, management of banking and other financial institutions, as well as for users of banking services.

La orientación al dato, nuevos desafíos

Tábula ◽  
2021 ◽  
Author(s):  
Miguel Ángel Amutio Gómez
Keyword(s):  
European Union ◽  
Digital Transformation ◽  
Data Driven ◽  
The European Union ◽  
Data Preservation ◽  
The Future ◽  
Data Driven Approach ◽  
New Challenges ◽  
The Impact

La orientación al dato en el contexto de la transformación digital lleva aparejada la aparición de nuevas regulaciones, dinámicas de gobernanza y roles, y servicios, junto con las correspondientes prácticas, instrumentos y estándares. A la vez se suscitan retos en relación con la ciberseguridad y la preservación de los datos. En este artículo se exponen la transformación digital y la orientación al dato, la proyección de lo anterior en la administración digital, el contexto de la Unión Europea, trayectoria y su orientación, aspectos de la interoperabilidad, ciberseguridad y preservación de los datos, cuestiones de gobernanza y roles en la orientación al dato y, finalmente, unas conclusiones. The data-driven approach in the context of digital transformation entails the appearance of new regulations, governance dynamics and roles, and services, together with the corresponding practices, instruments and standards. At the same time new challenges appear in relation to cybersecurity and data preservation. This article presents the digital transformation and data-driven approach, the impact in digital administration, the context of the European Union, trajectory and orientation towards the future, along with aspects of interoperability, cybersecurity and data preservation, as well as issues of governance and roles in data orientation and finally some conclusions.

14. European Politics into the Future

2021 ◽  
pp. 256-269
Author(s):  
Catherine E. De Vries ◽  
Sara B. Hobolt ◽  
Sven-Oliver Proksch ◽  
Jonathan B. Slapin
Keyword(s):  
European Union ◽  
Eastern Europe ◽  
European Countries ◽  
European Politics ◽  
Democratic Deficit ◽  
The European Union ◽  
The United Kingdom ◽  
European Democracy ◽  
The Future ◽  
The Impact

This chapter explores recent changes in European politics and looks to the future for European democracy as it stands now. The chapter explores the ongoing political change that can be seen within European countries and also at the European Union (EU) level. It aims to highlight four important debates about the state of democracy in Europe. These are: the debates about the rise of political fragmentation and its consequences for democracy; democratic backsliding in central and eastern Europe; the impact of the United Kingdom leaving the EU on democracy; and the democratic deficit in EU politics.

scholarly journals British-Slovak Foreign Trade Relations: Consequences of Brexit

2019 ◽  
pp. 341-353
Author(s):  
Marcel Kordos
Keyword(s):  
European Union ◽  
Foreign Trade ◽  
Policy Instruments ◽  
Current Status ◽  
The European Union ◽  
Economic Relations ◽  
Trade Relations ◽  
The Future ◽  
The Uk ◽  
The Impact

The possibility of the UK's withdrawal from the European Union has never been more realistic and up-to-date since joining the European Communities (EC) as it is today. The UK is facing a unique situation. At present, this depends solely on the capabilities of European and British government officials, who negotiate the terms of withdrawal and future cooperation between the two entities. The main goal of this paper is based on the British – Slovak trade relations development analysis to figure out their impact within the Brexit consequences on the future Slovak economy and its current status in international economic relations. The paper also provides a basic overview of Brexit process and its possible impact on the EU's further functioning. Basic data will be drawn from generally accepted institutions, evaluating the UK and Slovak trade and economic performance. To accomplish this goal, methods such as analysis and comparison to illustrate the UK-Slovak foreign trade development, synthesis and logical deduction to discuss the Brexit impact on Slovak economic environment in the future are to be used; data from scientific and professional publications, periodical and non-periodical press. The paper presents the results of an empirical analysis, which showed that because of the size of economic relations between Slovakia and the United Kingdom and the number of goods and services being exported to the UK, the «hard» Brexit will be very unfavourable for Slovak foreign trade due to the possible tariffs being imposed. The research empirically confirms and theoretically proves that it can cause a significant weakening and slowdown in the Slovak economy. Either way, the upcoming Brexit process, that is the withdrawal of Great Britain from the European Union, would have a major impact not only on British, European but also on the world economy. The impact of Brexit on Slovakia's economy will not only be in reducing the possible growth of the economy, but also in employment and price increases. Keywords: EU single market, Britain's withdrawal from the EU, foreign trade policy instruments analysis, international economics, Slovak economy slowdown prediction, Slovak foreign trade commodity structure analysis.

scholarly journals The Impact of the European Integration Process on the Banking System – an Overview

2010 ◽  
Author(s):  
Bogdan Ilut
Keyword(s):  
European Union ◽  
European Integration ◽  
Banking Sector ◽  
Banking System ◽  
Main Channel ◽  
The European Union ◽  
Integration Process ◽  
Fully Integrated ◽  
Is Integration ◽  
The Impact

<p>In the last decade the European integration process was the main focuses of the European Union, as its completion could bring a huge step toward a fully integrated European Union. As the banking sector is the main channel for funding of the European economy, it has become now more clearly than ever that is integration is of the up more essence. The aim of this paper is to quantify the progresses registered by the main European Union’s economies in the process of banking integration, as their example is generally followed by the other member states. First we underline the necessity of the European integration and the progress made using an extended literature review doublet by an analysis of the main indicators for the banking systems of these countries. We also present, in a non-exhaustive way, the main trends that have characterised the banking sectors of these countries in the last decade: diversification, vertical product differential and consolidation underlying their impact on the sectors architecture.</p>

scholarly journals Assessing the impact of structural indicators for the European Union banking system on economic evolution: an empirical investigation in EU

2016 ◽  
Vol 11 (2) ◽  
pp. 61-69 ◽  
Author(s):  
Syed Ahsan Jamil ◽  
Faris Nasif Al Shubiri
Keyword(s):  
European Union ◽  
Banking System ◽  
Convergence Criterion ◽  
Economic Evolution ◽  
The European Union ◽  
Bond Yields ◽  
Market Prices ◽  
Inflation Rates ◽  
Structural Indicators ◽  
The Impact

This study aims to investigate the impact of structural indicators for the European Union banking system on economic evolution. The methodological framework is the analysis of three variables of economic evolution. The econometric equation is built by regression test using annual data for the period 2008 to 2014. The indicators of the European banking system consist of fifteen independent variables and their impact on three economic variables consisting of GDP at current market prices, EMU convergence criterion bond yields (Maastricht criterion) and HICP annual average inflation rates are investigated on the growth in EU (dependent variable). The regression results show that there is statistical significant impact at different level 1%, 5% and 10% of all independent variables on EMU convergence criterion bond yields (Maastricht criterion), and in thirteen variables on GDP at current market prices except total assets of domestic banking groups and branches of credit institutions from rest of the world variables. Finally, only three variables total assets of domestic banking groups, branches of credit institutions from rest of the world and assets of pension funds have significant impact on HICP annual average inflation rates. The researchers recommend the need to build the financial stability in the banking system of the European Union with the continuity of modifying commercial legislation based on environmental changes and raise transparency to increase and diversify investments in the financial markets to reduce risk, and, thus, this will lead to increase in the level of social responsibility toward socialist economic

Das Karlsruher PSPP-Urteil – ein Corona-Jahr danach

IG ◽  
2021 ◽  
Vol 44 (3) ◽  
pp. 227-234
Author(s):  
Peter-Christian Müller-Graff
Keyword(s):  
European Union ◽  
European Commission ◽  
Legal Order ◽  
Constitutional Court ◽  
The European Union ◽  
Reference Procedure ◽  
Court Of Justice ◽  
The Future ◽  
Federal Constitutional ◽  
The Impact

This article scrutinizes the impact of the widely criticized PSPP-judgement of the Federal Constitutional Court (FCC) on the Union´s legal order. It shows that the European Commission´s opening of an infringement procedure was inevitable due to the FCC´s disregard of the rules of the preliminary reference procedure, denies the necessity of a modification of the Union´s judicial architecture and develops recommendations for the future loyal cooperation between the FCC and the Court of Justice of the European Union (CJEU) in handling such disputes.

scholarly journals 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

2021 ◽  
Vol 13 (10) ◽  
pp. 5713
Author(s):  
Vasile Dedu ◽  
Dan-Costin Nițescu ◽  
Maria-Alexandra Cristea
Keyword(s):  
European Union ◽  
Private Sector ◽  
Banking System ◽  
Well Being ◽  
Annual Data ◽  
The European Union ◽  
Macroeconomic Indicators ◽  
Domestic Credit ◽  
The Impact ◽  
Banking Development

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.

scholarly journals The Good Neighbourliness Principle in Relations Between the European Union and its Eastern European Neighbours

2019 ◽  
Vol 9 ◽  
Author(s):  
Adriana Kalicka-Mikołajczyk
Keyword(s):  
European Union ◽  
International Law ◽  
Eastern European ◽  
The European Union ◽  
Interstate Relations ◽  
The Past ◽  
Military Conflicts ◽  
The Future ◽  
Mutual Tolerance ◽  
The Impact

The good neighbourliness principle is one of the most important principles in interna-tional law which designates a model of peaceful cooperation and mutual tolerance among neighbouring states. Its violation in the past, however, very often led to military conflicts and many international disputes and may lead to serious disputes among neighbouring states in the future. Thus, the good neighbourliness principle has a clear legal value54. This article analyses the good neighbourliness principle as a key principle that obligates neighbouring states to develop and to maintain peaceful interstate relations. The focus is twofold: firstly, on the scope, content and nature of the good neighbourliness principle in international law and secondly, on the impact of the good neighbourliness princi-ple on the relations between the European Union and its Eastern Neighbours within the framework of the neighbourhood policy and the enlargement policy.

scholarly journals Contradictory tendencies in banking systems of the Slovak Republic and the Russian Federation

2017 ◽  
Vol 1 (2) ◽  
pp. 108-118
Author(s):  
Simona Heseková
Keyword(s):  
European Union ◽  
Russian Federation ◽  
Banking Sector ◽  
Foreign Capital ◽  
Slovak Republic ◽  
Banking System ◽  
The European Union ◽  
European Union Law ◽  
Banking Systems ◽  
The Russian Federation

The paper analyzes the banking systems of the Slovak Republic under the influence of the European Union legislation and banking system of the Russian Federation from the perspective of opening the banking sector to foreign capital. A fundamental difference between the given legislations, which is reflected mainly in the recent period, lies in the degree of openness of the banking system to foreign capital. While the banking system of the Slovak Republic under the influence of the European Union law can be considered as highly open banking system to foreign capital, the legislation concerning the Russian banking system is characteristic by legal limitation for foreign capital entry. The analysis of these contradictory tendencies which have common goal – to ensure a stable banking system could bring important knowledge that may help in resolving the issue of stability of the banking system at the global level.

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