scholarly journals MODERN TRENDS OF PRIVATE PENSION INSTITUTIONS DEVELOPMENT IN THE EUROPEAN UNION

2017 ◽  
pp. 124-132
Author(s):  
Zhanna Dovhan ◽  
Igor Kravchuk
Keyword(s):  
Financial Stability ◽  
Private Pension ◽  
Minor Role ◽  
Occupational Pension ◽  
Defined Benefit ◽  
The European Union ◽  
Financial Industry ◽  
High Concentration ◽  
Pension Systems ◽  
Cross Border

Introduction. Current demographic trends and social and economic models initiate the challenges regarding the possibility of adequate pension provision of the population in many European countries. International organizations forecasts confirm the need to diversify the sources of pension benefits to the population by accelerating the development of private pension institutions. At the same time effective regulation environment of pension assets management should be provided. It must be done because of their important social value and interrelationship with financial markets, in particular in the aspect of their stable functioning. Purpose. The article aims to identify the key elements of the financial institutions functioning regarding pension assets managing in the European market. They can be determinants of the intensification of regulation modernization of private pension sector in terms of social and financial stability. Method (methodology). Structural and dynamics and correlation analysis of the private pension institutions activities in the European financial market have been considered in this research. Results. The features of EU private pension systems modern trends have been determined. They indicate an increase in financial fragility (in some countries) through the predominance of structures with a defined benefit among occupational pension programs. They also show a growth of share of more risky investments in the instruments of collective investment institutions in the structure of pension investment portfolios, high concentration of cross-border pension assets, sensitivity to cross-border contagion, taking into consideration the low values of home bias and the strategies homogeneity. Low levels of private pension programs coverage of the population, as well as a minor role in the economy (the ratio of pension assets to GDP) in many EU countries demonstrate the feasibility of stimulation the financial industry development. The key characteristics determine the necessity of development of prudential regulations (reduction of pension systems fragility), and stimulation regulations (standards implementation for the development of pan-European personal pension products, which will be standardized by main characteristics).

scholarly journals Pracownicze programy emerytalne w Polsce

Ekonomia ◽  
2018 ◽  
Vol 23 (3) ◽  
pp. 91-106 ◽  
Author(s):  
Mariusz Dybał
Keyword(s):  
Interest Rates ◽  
Financial Stability ◽  
Pension Plans ◽  
System Structure ◽  
Occupational Pension ◽  
Eligibility Criteria ◽  
Pension Systems ◽  
Funding Sources ◽  
Pension Schemes ◽  
Additional Funding

Occupational Pension Schemes in PolandThe aging of society, the financial and economic crisis and low interest rates have astrong impact on mature pension systems. This leads to fiscal difficulties in pay-as-you-go public systems. As aresult, there is aconflict between income adequacy and financial stability of pension systems. In order to reconcile the adequacy with stability, many countries reform pension systems in areas such as system structure, pension contributions, eligibility criteria, funding methods, management meth­ods, pension benefits, taxation. There is also aquestion of how to obtain additional funding sources for retirement. It seems that one of the instruments to obtain additional financial resources in old age may be participation in Occupational Pension Schemes PPE, which in Poland offered their services in 1999 on the basis of the Act of 22 August 1997 on Occupational Pension Plans. Thus, the research objective of the work, which is the analysis of PPE in Poland in the years 1999–2016, is revealed.

EU Bank Regulation after the Great Financial Crisis

2021 ◽  
pp. 163-182
Author(s):  
Agnieszka Smoleńska
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Financial Stability ◽  
Banking Sector ◽  
Regulatory Regime ◽  
The European Union ◽  
Financial Repression ◽  
Cross Border ◽  
Crisis Prevention ◽  
New Framework

The chapter outlines the main features of the post-crisis regulatory regime for banks in the European Union. It traces the evolution of the approach taken by EU legislators which transformed the deregulation which prevailed prior to the Great Financial Crisis (GFC) into a regulatory regime which though far from financial repression known in the 1970s, is oriented towards functionally prioritizing financial stability and banks’ functions in the broader economy. This is achieved through co-responsibilization of the banking sector for public objectives, explicit regulation of structure and operations as well as far-reaching powers granted to new oversight authorities. The chapter explains the features of such a new bespoke regulatory regime for EU cross-border banking drawing on the new framework for bank crisis prevention and management, that is EU resolution law.

scholarly journals Rule maker or rule taker? Brexit, finance and UK regulatory autonomy

2020 ◽  
pp. 019251212096738
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Financial Regulation ◽  
Market Access ◽  
Bureaucratic Politics ◽  
Added Value ◽  
High Status ◽  
The European Union ◽  
Financial Industry ◽  
The Uk

Given the integration of the City of London into the single market for financial services in the European Union (EU), theories of transnational governance would expect the United Kingdom (UK) to favour close regulatory alignment with the EU27 post-Brexit to maximise market access and financial stability. Surprisingly, however, the UK has consistently demanded regulatory flexibility in financial services and has accepted reduced market access. We argue that the explanation is twofold. First, UK preferences reflect the need to balance the competing demands of elected officials, the financial industry and financial regulators. Second, drawing on a bureaucratic politics perspective, we suggest that UK preferences have been strongly shaped by the importance to UK regulators of retaining autonomy over high-status policy competences. This article contributes to the broader literature on the politics of financial regulation by highlighting the added value of incorporating a bureaucratic politics perspective when explaining financial regulatory preferences.

Pension reform in france as a balance between adequacy and stability

2021 ◽  
Vol 72 (5) ◽  
pp. 95-102
Author(s):  
N. Zelenko ◽  
V. Zelenko
Keyword(s):  
Life Expectancy ◽  
Financial Stability ◽  
Pension System ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Defined Benefit ◽  
Member States ◽  
Eu Member States ◽  
The Government ◽  
Pension Benefits

In this paper the authors analyze the main aspects and problems of reforming the French pension system. Most EU member states have been forced to review their system due to the coronavirus crisis, at least to make temporary adjustments. Given European aging population, declining birth rates and increased life expectancy, the associated increase in the age dependency ratio is creating tensions for underfunded defined benefit pension systems. This implicit pension debt has important macroeconomic implications. In France, the structure of the pension system provides for the existence of solidarity component, occupational pension schemes, as well as personal (which are not popular in this country). Sometimes there are significant differences in pension benefits between public and private sector workers with the same earnings, although this difference is much lower than in many other EU member states. Starting from July 1, 2017, no new pension reforms have been implemented in France, as the project proposed by the government and President Macron has received significant opposition from both trade unions and a large part of the population, as the creation of the so-called “Universal pension scheme” provides significant reduction in the rights of future retirees. In general, the choice of restrictive rules that reflect trends in wages, employment and life expectancy is critical for the proper updated system management. Preservation of the French pension system in the near future provides the increase in retirement age or extension of insurance to receive full pension benefits. The results of scientific research indicate the need to apply the adjusted strategy for further reforms, compared to their original versions. The reform proposed by the government and the president is aimed mostly at achieving long-term financial stability of the pension system. As for the adequacy of pension benefits, for some categories of citizens it can be decreased. Therefore, the reform envisages new configurations between the financial stability of the pension system along with ensuring the adequacy of the pension benefits amount.

TERRITORIAL COHESION POLICY IN THE CONTEXT OF EU REGIONAL SECURITY

2019 ◽  
Vol 18 (Vol 18, No 4 (2019)) ◽  
pp. 439-453
Author(s):  
Ihor LISHCHYNSKYY
Keyword(s):  
European Union ◽  
Sustainable Development ◽  
Regional Security ◽  
The European Union ◽  
Cohesion Policy ◽  
Cross Border ◽  
Territorial Cohesion ◽  
Interregional Cooperation ◽  
The Eu

The article is devoted to the study of the implementation of territorial cohesion policy in the European Union in order to achieve a secure regional coexistence. In particular, the regulatory and institutional origins of territorial cohesion policy in the EU are considered. The evolution of ontological models of cohesion policy has been outlined. Specifically, the emphasis is placed on the key objective of political geography – effectively combining the need for "territorialization" and the growing importance of networking. The role of urbanization processes in the context of cohesion policy is highlighted. Cross-border dimensions of cohesion policy in the context of interregional cooperation are explored. Particular emphasis is placed on the features of integrated sustainable development strategies.

Dochodzenie roszczeń ze sprzedaży towarów w obrocie międzynarodowym na obszarze UE. Zagadnienie jurysdykcji

2016 ◽  
pp. 107-122
Author(s):  
Agata Michalska-Olek
Keyword(s):  
European Union ◽  
European Parliament ◽  
The European Union ◽  
Community Law ◽  
Judicial Decisions ◽  
Cross Border ◽  
National Jurisdiction ◽  
Recognition And Enforcement ◽  
The Way

The article aims to show the possible ways of judicial redress for claims resulting from sales of goods especially including the issue of jurisdiction and application of the provisions of national law or the provisions of Community law. In the article the provisions of the Convention of 30 October 2007 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters as well as the provisions of regulations of the European Parliament and of the Council were widely discussed. The author discusses in particular the issue related to cross-border contracts for the sales-of-goods within the European Union. Part of the deliberations concerns judicial rulings, in particular judicial decisions issued in cases in which the court shall consider the issue of jurisdiction of its own motion. In the conclusion of the article it is stated that the choice between the national jurisdiction and the jurisdiction of other states will depend on the terms of agreement between the parties as well as the documents related to the transaction, in particular consignment notes (CMR), and the EXW clauses – such a formulation means that the parties agreed to the way of delivery of goods according to the commercial (Incoterms) clauses, determining in such a way the issue of jurisdiction.

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