scholarly journals PERSONAL INDEPENDENCE OF THE CENTRAL BANKS ON THE EXAMPLE OF BULGARIA, CROATIA, HUNGARY AND ROMANIA

2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Miloš Stanić ◽  
Stefan Andonović
Keyword(s):  
European Union ◽  
Central Bank ◽  
Legal Framework ◽  
Central Banks ◽  
Theory And Practice ◽  
Special Focus ◽  
The European Union ◽  
Legal Norms ◽  
The Social ◽  
National Bank

The central bank represents institution that creates and implements monetary policy and has great impact on proper functioning of state and citizens and their welfare. Bearing in mind their role in society, it is of outmost importance to properly regulate their status and functions, especially in the field of ensuring their independence. As a matter of fact, over the last few decades, theory and practice have come to such opinion that is necessary to do so. Accordingly, the main subject of this paper is the analysis of the legal framework that enables the personal independence of central banks. Independence has several aspects. By using a comparative legal and normative method, on the example of four European countries from the region, which were members of the former communist bloc and are now members of the European Union, authors tried to find out certain legal solutions within these countries regarding personal independence of national bank management structures. Specifically, legal solutions are being explored in Hungary, Croatia, Romania and Bulgaria. Personal independence concerns issues related to the appointment of top central bank officials, and the duration of their mandate, as well as the conditions for their dismissal. The aim is to determine their common characteristics and at the same time the authors give some appropriate critical considerations. These countries were chosen because, in the historical and social sense, they went through what Serbia is going through in the process of joining the European Union. Also, it is assumed that they have met certain standards by joining the EU. It has to be noted that the goals guaranteed and proclaimed by legal norms do not always have to be achieved in practice. A special focus in the paper is made on the issue of personal independence of central banks in relation to the centers of political power. As a result of the analysis, the authors were free to address the fact that an appropriate legal framework is the first and necessary step towards achieving the proclaimed goals of independence. At the same time, however, one must be aware that this is the first step towards achieving real central bank independence. Also, we will add that the entire process of building personal independence takes time and it certainly cannot be obtained by a legal norm. This is where the social justification of the scientific study of this topic is reflected, because it encourages the development of awareness of the importance of this topic, as well as the development of critical thinking about it.

The Practices of ‘Splitting’ and ‘Common Accord’ Under Scrutiny: the European Parliament‘s Request for an Opinion of the European Court of Justice on the Istanbul Convention

2020 ◽  
Vol 45 (4) ◽  
pp. 472-486
Author(s):  
Elizaveta Samoilova
Keyword(s):  
European Union ◽  
Legal Framework ◽  
Special Focus ◽  
The European Union ◽  
Member States ◽  
Court Of Justice ◽  
European Court ◽  
Forms Of Violence ◽  
Istanbul Convention ◽  
The Eu

Abstract With all eyes on the recent global COVID-19 pandemic, another pandemic has been growing in the shadows: violence against women. The Council of Europe’s Istanbul Convention creates a legal framework in order to protect women against all forms of violence. Its ratification process, however, has faced considerable challenges, particularly in the Central and Eastern European Member States. This article discusses the basic elements of the Istanbul Convention, reflects on the ratification process in the EU and its Member States, and sets out the main legal issues raised in the European Parliament’s request for an opinion (A-1/19 of 22 November 2019) to the Court of Justice of the European Union. Special focus is put on the choice of the correct EU legal basis and the practices of ‘splitting’ and ‘common accord’. This article argues that the European Parliament’s request for an opinion provides the perfect opportunity for the Court of Justice of the European Union to further clarify the law and the practice of concluding mixed agreements by the EU and its Member States.

The European Central Bank

2018 ◽  
Author(s):  
Chiara Zilioli ◽  
Phoebus Athanassiou
Keyword(s):  
European Union ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Central Banks ◽  
The European Union ◽  
European Central ◽  
European System ◽  
The Eu

The provisions on Monetary Union (MU), of the Treaty on the functioning of the European Union (TFEU or the Treaty), as well as the Statute of the European System of Central Banks and of the European Central Bank (the Statute), are important in their own right, and are amongst those from which any student of the European Union (EU) can learn a great deal with regard to the EU.

THE PROTECTION OF EUROPEAN UNION CITIZENS VICTIMS OF HUMAN TRAFFICKING IN EUROPE

2016 ◽  
Vol 25 (1) ◽  
pp. 159-178
Author(s):  
Fulvia Staiano
Keyword(s):  
European Union ◽  
Human Trafficking ◽  
Legal Framework ◽  
Special Focus ◽  
The European Union ◽  
Refugee Status ◽  
International Protection ◽  
Eu Member States ◽  
European Court ◽  
Common European Asylum System

On February 2015, Eurostat issued a report highlighting that 65% of registered victims of human trafficking in Europe between 2010 and 2012 were citizens of the European Union (EU). Despite the seriousness of this phenomenon, EU citizens who are victims of trafficking are afforded little protection in the European legal space. First, the multi-level legal framework against trafficking applicable on the Union territory does not recognise clear residence rights to this group. Second, the general freedom of movement granted to all EU citizens under Directive 2004/38 might be precluded to victims of trafficking due to the economic prerequisites required by this instrument. It follows that the granting of refugee status to EU citizens who are victims of trafficking becomes a crucial source of protection. The safe country presumption in force between EU Member States under the so-called Aznar Protocol, however, precludes access to international protection for this group. This article critically reviews the Common European Asylum System, in search of normative and judicial interpretations capable of ensuring a stronger protection of EU citizens who are victims of trafficking. In this context, a special focus is devoted to the jurisprudence of the European Court of Human Rights and of the Court of Justice of the European Union.

scholarly journals Exceptions to the Principle of Free Transmission and Retransmission of Audiovisual Media Content − Recent European Case-Law

2020 ◽  
Vol 9 (1) ◽  
pp. 83-103
Author(s):  
Zsolt Kokoly
Keyword(s):  
European Union ◽  
Case Law ◽  
Legal Framework ◽  
Media Content ◽  
The European Union ◽  
Legal Norms ◽  
Audiovisual Media ◽  
Court Of Justice ◽  
Legal Context ◽  
Media Services

Case-law of the Court of Justice of the European Union, as well as procedures taking place before the Commission aiming to clarify certain aspects regarding freedom of services – in this case, the principle of free transmission and retransmission of audiovisual media services – have always been regarded as particularly important in offering guidance in interpreting and applying European legal norms. The adoption in December 2018 of the revised text of the Audiovisual Media Services Directive (Directive 2018/1808) marks the transition to a new, amended legal framework. It also enables the critical review of the last case decided in front of the Court of Justice of the European Union, still instrumented according to the provisions of Directive 2010/13/EU: Case C‑622/17 (Baltic Media Alliance v. Lietuvos radijo ir televizijos komisija). While the main focus of the present paper lies with Case C‑622/17, for a cogent understanding of the extended judicial and legal context of the case, we will briefly examine the four procedures successfully submitted to the Commission (by Lithuania and Latvia between 2015 and 2018), based on Art. 3 of the AVMSD (restriction based on public policy reasons, in this case incitement to hatred), and the only procedure based on Art. 4 (the “anti-circumvention procedure”) submitted in the lifespan of Directive 2010/13/EU by the Kingdom of Sweden (2017).

scholarly journals ROMANIAN INTERBANK INTEREST RATES AND CENTRAL BANK’S MONETARY POLICY

2019 ◽  
Vol 66 (4) ◽  
pp. 487-506
Author(s):  
Giovanni Verga ◽  
Nicoleta Vasilcovschi
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
Central Banks ◽  
The European Union ◽  
European System ◽  
National Bank ◽  
Lending Rates ◽  
Main Determinants

Interbank rates are affected by the monetary policy of a country and represent a link to other financial and credit markets. In 2007, Romania became a member of the European Union and its central bank, the National Bank of Romania (NBR), joined the European System of Central Banks (ESCB) but not the Eurosystem. This paper analyses the role of the central bank and the use of its instruments concerning interbank rates. The research evaluates the influence of the Romanian Central Bank on interbank rates and shows that the policy rate and bank liquidity are among the main determinants of interbank rate movements. It is also presented that the NBR’s deposit and lending rates can limit the free movements of the interbank rate of interest. This research confirms that interbank interest rates influence bank rates strongly. The methodology used in this research includes cointegration, dynamic econometric measurement and analyses with Granger causality. Our research uses mainly ROBID and ROBOR of different maturities, showing that the influence of the Romanian Central Bank (NBR) on the interbank rate is strong, while the influence of the ECB and Fed is weak.

Cooperatives in Ukraine: Applicative Peculiarities of Legal Integration up to the EU Standards

2019 ◽  
Vol 9 (5) ◽  
pp. 1789
Author(s):  
Valentyna A. VASYLIEVA ◽  
Alla V. ZELISKO ◽  
Olga I. ZOZULIAK
Keyword(s):  
European Union ◽  
Legal Framework ◽  
Legal Regulation ◽  
Entrepreneurial Activity ◽  
The European Union ◽  
European Union Law ◽  
Social Nature ◽  
The Social ◽  
Market Relations ◽  
The Eu

The article deals with the peculiarities of the processes of adaptation of the legal regulation of cooperatives in post-socialist states (as exemplified by Ukraine) to the requirements of the European Union. Such features are formed taking into account historical, social and economic prerequisites of the development of the modern legal framework of Ukraine. Authors are focused on problems of pecuniary autonomy of cooperatives; the possibility of its full-fledged activities as the parties to market relations; implementation of legal mechanisms that can increase competitive advantage of cooperatives in present-day conditions; increase the level of security and protection of rights and interests of cooperative members. It is proved that the effective entrepreneurial activity of the cooperative is rather compatible with the social nature of the latter, moreover – it contributes to the implementation of such a nature. Behind the arguments in favor of such an approach there is the principle declared in the practices of the European Union law – the focus of cooperatives on the affirmation of the interests of its members.

scholarly journals Money Laundering and Central Bank Governance in The European Union

2020 ◽  
Vol 23 (2) ◽  
pp. 509-533
Author(s):  
Panicos Demetriades ◽  
Radosveta Vassileva
Keyword(s):  
European Union ◽  
Member State ◽  
Central Bank ◽  
Money Laundering ◽  
Political Corruption ◽  
Central Banks ◽  
The European Union ◽  
Terrorist Financing ◽  
Final Destination ◽  
The Eu

ABSTRACT Dirty money is often a by-product or a symptom of political corruption in the jurisdictions in which it originates. It can also spread corruption and erode democracy on its journey to its final destination. This typically involves multiple jurisdictions and is the reason why it is so hard to detect. Recently, a series of money laundering scandals have highlighted weaknesses in the anti-money laundering and counter-terrorist financing (AML/CFT) framework of the European Union (EU), the implementation of which remains the responsibility of Member States. The paper argues that EU’s defences against money laundering have been weakened partly reflecting a little-known erosion in the independence of Member State central banks, which are often the AML supervisors. It puts forward a number of new proposals to strengthen the governance and AML/CFT implementation in the EU.

scholarly journals Election of members of the supervisory body for personal data protection as a guarantee of their independence: Examples of Albania, Bosnia and Herzegovina, Montenegro and North Macedonia

2020 ◽  
pp. 125-135
Author(s):  
Miloš Stanić
Keyword(s):  
Personal Data ◽  
Communication Technologies ◽  
Legal Framework ◽  
The European Union ◽  
Legal Norms ◽  
Personal Data Protection ◽  
Eu Membership ◽  
Legal Method ◽  
The Social ◽  
The Eu

With the development of communication technologies, it has become clear that it is necessary to create an adequate legal framework in order to protect personal data. One of its indispensable elements is the creation of an independent supervisory body for the protection of personal data. By using comparative legal method, on the example of four neighbouring countries, of which all were members of the ex-communist bloc and are the EU membership candidates, author tried to find out certain common legal solutions within these countries regarding the election of their members seeking to achieve their independence. The author also gives appropriate critical view concerning certain solutions. These countries were chosen because, in the historical and social sense, they went and are going through what Serbia is going through in the process of joining the European Union. It has to be noted that the goals guaranteed and proclaimed by legal norms do not always have to be achieved in practice. However, one must also be aware that a valid legal framework is the first step, without which the proclaimed goals cannot be achieved. This is where the social justification of the scientific study of this topic is reflected.

Analysis of the tone of discussions at the decision-making meetings of the Monetary Policy Council

2018 ◽  
Vol 63 (7) ◽  
pp. 72-85
Author(s):  
Wirginia Doryń
Keyword(s):  
Decision Making ◽  
European Union ◽  
Monetary Policy ◽  
Central Bank ◽  
Quantitative Study ◽  
Euro Area ◽  
Significant Relationship ◽  
Policy Instruments ◽  
The European Union ◽  
National Bank

Communiqués of central bank are an important complement to the monetary policy instruments. The aim of the article is to present the results of the quantitative study of the tone of official communiqués in English of the National Bank of Poland, which are descriptions of discussions at the decision-making meetings of the Monetary Policy Council published in the years 2007—2017. The list of words developed by Bennani and Neuenkirch (2017) was used to evaluate the tone. Determined measures of tone were compared with economic indicators. It was found that the sentiment of NBP’s communiqués quite strongly correlates with the survey measures of the business tendency and to a lesser extent with the index of sold production of industry, having a leading nature of 2 months in relation to these indicators. The obtained results also indicate a significant relationship between the tone of the NBP’s statements and the business tendency in Germany, the euro area countries and the European Union.

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