scholarly journals Ocena zmienionego wniosku dotyczącego decyzji Rady w sprawie systemu zasobów własnych Unii Europejskiej

2020 ◽  
Vol 4 (68) ◽  
pp. 122-133
Author(s):  
Jacek Kulicki ◽  
Zofia Szpringer ◽  
Marek Jaśkowski
Keyword(s):  
Capital Markets ◽  
National Income ◽  
Internal Market ◽  
Member States ◽  
Eu Member States ◽  
The Eu

The purpose of the proposed decision is to raise the limit of the annual own resources in relation to the national income (GNI) of the EU Member States and to empower the Commission to borrow up to EUR 750 billion at 2018 prices on the capital markets on behalf of the EU. These borrowed funds would be dedicated solely to combating the consequences of the COVID-19 pandemic. According to the authors of the opinion, the proposal is valid and rational from the perspective of protection and development of the internal market as an important Community element and does not raise doubts as to its compliance with the principle of subsidiarity. Its compatibility with Article 310 TFEU may however be disputed.

Reforming EU securities laws: the new EU Prospectus Regulation

2017 ◽  
Vol 18 (4) ◽  
pp. 53-58
Author(s):  
Dorothee Fischer-Appelt
Keyword(s):  
Capital Markets ◽  
Securities Regulation ◽  
Member States ◽  
Content Type ◽  
Securities Law ◽  
Eu Member States ◽  
Capital Markets Union ◽  
Cost Efficient ◽  
Securities Laws ◽  
The Eu

Purpose To analyse the changes brought about by the new EU Prospectus Regulation, which replaced the EU Prospectus Directive, which has been the cornerstone of EU securities regulation for over a decade. The Regulation is part of the EU Commission’s plans for a Capital Markets Union launched in September 2015, which is intended to achieve a true single market for capital across the EU and allow companies to access the capital markets in a more cost efficient way. Design/methodology/approach This article discusses the key changes to the European prospectus regime included in the new EU Prospectus Regulation and highlights the changes compared to the old prospectus regime. Findings The new Prospectus Regulation will change current prospectus rules and practice for both equity and debt issuances in several areas and will contribute to a more uniform European prospectus regime. For EU Member States, the format of a regulation (rather than directive) that the new Prospectus Regulation has taken means that there will be much less room for divergence of prospectus rules across its member states. The Regulation’s success in making EU capital markets more uniform will depend to a great extent on whether the application of the new rules by member states’ regulators will be more consistent. Originality/value Key EU securities law changes are explained by an experienced EU and US securities lawyer practising in London.

scholarly journals Capital Market Union – Perspectives on Changes in the Financial System Model in the European Union

2018 ◽  
Vol 1 (333) ◽  
Author(s):  
Małgorzata Anna Janicka
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Banking Sector ◽  
The European Union ◽  
Investment Funds ◽  
Member States ◽  
Euro Zone ◽  
Eu Member States ◽  
Financing Model ◽  
The Eu

Currently the EU is working on the building of the so‑called Capital Markets Union. The undertaken restructuring of the financing model is designed to make a shift in the main channel through which enterprises raise investment funds, from loans to capital, and – as a result – contribute to more dynamic growth in the EU Member States. So far, the key problem with insufficient dynamics of Economic growth in the EU seems to stem not so much from the structure of investment financing but from mechanisms of the euro zone, which economically polarise its members. The European Union should, first and foremost, thoroughly analyse and reformulate the constituting principles of the euro zone, instead of making another attempt to deepen capital markets integration and changing the financing model dominant in the EU Member States. The objective of the paper is to analyse conditions and rationale of the shift in the role which the banking sector plays in transferring investment resources for the benefit of the European Union capital markets (intensification of disintermediation). Conclusions from the analysis were formulated based on qualitative studies and analyses of source materials prepared by the EU, as well as research and financial institutions (surveys, reports, recommendations), and on the basis of available data.

Der wesentliche Teil des Binnenmarkts und die Zuständigkeitsallokation nach der FKVO

2021 ◽  
Author(s):  
Laura Roßmann
Keyword(s):  
Internal Market ◽  
Substantial Part ◽  
Member States ◽  
Eu Member States ◽  
Merger Regulation ◽  
Starting Point ◽  
The Eu

Pursuant to Sec. 2 subsec. 3, Sec. 9 subsec. 2, 3 of the European Merger Regulation, a merger within the meaning of Sec. 1 subsec. 2, 3 of the European Merger Regulation can only be prohibited or referred, respectively, if a “substantial part of the internal market” is affected. However, it is unclear under which conditions a substantial part of the internal market is affected and how to proceed with mergers that do not affect such a substantial part. Taking this as a starting point, the analysis defines the term “substantial part of the internal market”. In addition, the study develops a mandatory and ex-officio referral to the EU Member States, which ensures examination and prohibition of mergers pursuant to Sec. 1 II, III European Merger Regulation, which do not affect a substantial part of the internal market.

scholarly journals Competitiveness of agrarian trade of EU-15 countries in comparison with new EU member states

2010 ◽  
Vol 56 (No. 12) ◽  
pp. 569-582 ◽  
Author(s):  
M. SVATOŠ ◽  
L. SMUTKA ◽  
O. MIFFEK
Keyword(s):  
Graphical Representation ◽  
World Market ◽  
Internal Market ◽  
Member States ◽  
Eu Member States ◽  
Group Matrix ◽  
The World ◽  
Comparative Advantages ◽  
New Eu Member States ◽  
The Eu

The paper analyses the commodity structure of agrarian trade of the EU countries. The comparative advantages of particular aggregations are accentuated from the view-point of their use on the EU internal market, and on the world market. The analysis is based on an evaluation of comparative advantages by means of a modified Ballas index. It is viewed on two levels, for the EU internal market and the world market. The results of the analysis are shown in a chart. Subsequently, the authors implement an idea arising from a BCG (Boston Consulting Group) matrix on the results of a graphical representation. The aim is to point out mainly those aggregations (SITC, rev. 3) which are, or have a potential to be, a pillar of agri-business, and vice versa to show the aggregations which are non-prospective in the long term, or problematic. The analysis is performed on two levels to utilise differences in the commodity structure of agrarian trade in both the cases of the old (EU-15) and the new EU member states (EU-12) (the member states which enlarged the EU in 2004 and 2007). From the results of the analysis, the significant changes are apparent if we compare commodity structures of trade of the countries of the EU-15 and EU-12.

scholarly journals New prospectus regime: A critical analysis of chosen key changes

2019 ◽  
Vol 28 ◽  
pp. 11-35
Author(s):  
Łukasz Chyla
Keyword(s):  
Impact Assessment ◽  
Market Efficiency ◽  
Capital Markets ◽  
Critical Analysis ◽  
Investor Protection ◽  
Member States ◽  
Eu Member States ◽  
Goal Regulation ◽  
New Institutions ◽  
The Eu

The 2015 Impact Assessment Working Document evaluation has identified numerous issues which seemed to hinder the efficiency of the EU capital markets. To address those issues, the new prospectus regime was introduced by the Prospectus Regulation PR EU 2017/1129, which replaced the previous Prospectus Directive and will be directly binding and fully applicable in all EU Member States from 21 July 2019. The main aim of the PR is to ensure investor protection and market efficiency while enhancing the internal EU market for capital. In order to achieve this goal, Regulation 2017/1129 introduces a number of significant changes, in particular the form of regulation, the scope of the prospectus regime, and exemption thresholds from the prospectus obligation. It also introduces new institutions e.g. the universal registration document and completely new types of prospectuses EU growth prospectus, prospectus for secondary issuances under the proportionate disclosure regime. The aim of this article is to analyze and evaluate the chosen changes introduced by the new prospectus law. Nowe prawo prospektowe: analiza krytyczna wybranych istotnych zmianDokument roboczy Służb Komisji Europejskiej z 2015 roku wskazał wiele problemów utrudniających efektywność rynków kapitałowych UE. W celu poprawy sytuacji wprowadzono nowe prawo prospektowe, zastępując wcześniejszą dyrektywę prospektową rozporządzeniem prospektowym UE 2017/1129. Rozporządzenie będzie bezpośrednio wiążące we wszystkich państwach członkowskich UE od dnia 21 lipca 2019 roku. Jego zadaniem jest zapewnienie ochrony inwestorów i poprawa efektywności rynków a także wzmocnienie wewnętrznego rynku kapitałowego UE. W tym celu rozporządzenie wprowadza szereg istotnych zmian, w szczególności dotyczących formy regulacji, zakresu obowiązywania czy progów zwolnienia z obowiązku publikowania prospektu emisyjnego. Wprowadza również nowe instytucje np. uniwersalny dokument rejestracyjny i zupełnie nowe rodzaje prospektów emisyjnych prospekt emisyjny UE, prospekt emisyjny dla emisji wtórnych w ramach proporcjonalnego systemu obowiązków informacyjnych. Celem tego artykułu jest analiza i ocena wybranych zmian wprowadzonych przez nowe prawo prospektowe.

scholarly journals THE POTENTIAL OF TOURIST AND RECREATIONAL CLUSTERS IN EUROPEAN SPACE

2021 ◽  
Vol 39 (4 supplement) ◽  
pp. 1488-1500
Author(s):  
Stanislava R. PASIEKA ◽  
◽  
Iryna V. KOLOKOLCHYKOVA ◽  
Olga H. MOROZOVA ◽  
Alla V. KRUSHYNSKA ◽  
...  
Keyword(s):  
National Income ◽  
Hierarchical Classification ◽  
Regional Level ◽  
The European Union ◽  
Total Contribution ◽  
Member States ◽  
Average Growth ◽  
Travel And Tourism ◽  
Eu Member States ◽  
The Eu

Assessment of the potential of tourist and recreational clusters and objects of tourist activity remains relevant and still underdeveloped direction in tourism. The article aims to consider the peculiarities of the formation of the regional protentional of tourist and recreational clusters of the member state of the European Union. The methodological paradigm of the formation of potential of tourist and recreational clusters and a technique of its estimation based on systematics of tools and components, which essentially expand a network of the tourist and recreational industry, are substantiated. Methods of hierarchical classification were used. Results and interpretation of the study consists of the components of the competitiveness index for determining the regional level of potential of tourist and recreation clusters in countries in the areas of travel and tourism are presented. Indicators of competitiveness of the regional potential of tourist and recreational clusters are determined. The indicator of the integrated level of efficiency of the formation of regional protentional of tourist and recreational clusters offered. The number of tourists and recreational clusters on the EU member states has been determined. The share of regional potential of tourism and recreation clusters in terms of their total contribution to national income is calculated, as well as the average growth of national income from the projected value of regional potential of tourists and recreation clusters in EU member states.

scholarly journals Technological Advance and the Labour Share of National Income in the European Union

2016 ◽  
pp. 35
Author(s):  
Lino Briguglio ◽  
Melchior Vella
Keyword(s):  
Technological Progress ◽  
National Income ◽  
Technological Advance ◽  
The European Union ◽  
Capitalist System ◽  
Member States ◽  
Eu Member States ◽  
Labour Income ◽  
Labour Share ◽  
The Eu

This article tests the hypothesis that member states of the EU have been experiencing a declining share of labour income due to technological advance. It discusses factors that lead to the fall in the labour share, including technological advance, which is a tendency found in the capitalist system. We also identify the undesirable effects of a fall in the labour shares. The results of an econometric test conducted in our study, based on a labour demand equation that was derived from the CES production function, confirm the hypothesis that technological progress negatively affected the labour share of income, everything else remaining constant. This finding has important implications for EU Member States, namely that some form of policy intervention would seem to be necessary, as technological progress could lead to a continuing fall in the share of labour income if left to its own devices.

BIOECONOMY DEVELOPMENT POTENTIAL BASED ON MORE EFFICIENT LAND USE IN THE EU

2015 ◽  
Author(s):  
Irina PILVERE ◽  
Aleksejs NIPERS ◽  
Bartosz MICKIEWICZ
Keyword(s):  
Green Growth ◽  
Member States ◽  
Eu Member States ◽  
Growing Stock ◽  
Europe 2020 ◽  
Europe 2020 Strategy ◽  
Analysis And Synthesis ◽  
Key Industries ◽  
The Eu ◽  
Production Resource

Europe 2020 Strategy highlights bioeconomy as a key element for smart and green growth in Europe. Bioeconomy in this case includes agriculture, forestry, fisheries, food and pulp and paper production, parts of chemical, biotechnological and energy industries and plays an important role in the EU’s economy. The growth of key industries of bioeconomy – agriculture and forestry – highly depends on an efficient and productive use of land as a production resource. The overall aim of this paper is to evaluate opportunities for development of the main sectors of bioeconomy (agriculture and forestry) in the EU based on the available resources of land. To achieve this aim, several methods were used – monographic, analysis and synthesis, induction and deduction, statistical analysis methods. The findings show that it is possible to improve the use of land in the EU Member States. If all the Member States reached the average EU level, agricultural products worth EUR 77 bln would be annually additionally produced, which is 19 % more than in 2014, and an extra 5 billion m3 volume of forest growing stock would be gained, which is 20 % more than in 2010.

THE STANDARD OF LIVING OF HOUSEHOLDS IN POLAND COMPARED TO OTHER EU MEMBER STATES

2015 ◽  
Vol 5 (2) ◽  
pp. 634-638
Author(s):  
Joanna Szwacka Mokrzycka
Keyword(s):  
Economic Development ◽  
Economic Condition ◽  
Standard Of Living ◽  
Consumption Expenditure ◽  
Member States ◽  
Eu Member States ◽  
Financial Condition ◽  
Starting Point ◽  
Structure Of Consumption ◽  
The Eu

The objective of this article is to present the standard of living of households in Poland in comparison with other EU member states. The starting point for analysis was the economic condition of Poland against the background of other EU member states. The next step consisted of assessment of the standard of living of inhabitants of individual EU member states on the basis of financial condition of households and the structure of consumption expenditure. It was found that the differences within the EU in terms of economic development and the standard of living of households still remain substantial.

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