Search

Since 2007 Eurozone countries have been in economic crisis. Some countries have had negative growth and massive unemployment, especially youth unemployment, all countries have experienced low growth rates, and some have had financial crises with unsustainable private and public debts and sky-high borrowing rates. All of this has caused huge political and social upheavals. The paper describes theory of real business cycle also describes arise and the course of global financial and economic crisis. The Global Financial Crisis was a clear demonstration of the role of bank lending in the propagation of financial crises and business cycles. The paper describes the topic of the role of the banking system in generating financial crises and business cycles in the context of the currently financial crisis of 2007. [ABSTRACT FROM AUTHOR]

The aim of the contribution is to examine the impact of employment policy instruments on the development of unemployment and employment in Slovakia and in selected EU countries, as well as the definition of employment policy instruments, suitable for application in SR. We are focused on explaining various interpretations and opinions on the origins, consequences and possibilities of eliminating the negative phenomena associated with unemployment. Attention is also paid to the mapping of the most important historical and political concepts of the perception of the labor market, employment and unemployment. In the paper, we are focusing on defining the object of our research and defining the methods we use. In addition to basic methods used in scientific works, such as economic analysis, the logical-historical approach also uses basic statistical methods. To assess the effectiveness of the employment policy instruments, a key is to exame the impact of employment policy instruments on employment and unemployment indicators. We first deal with the impacts of tools on selected indicators from a logical-historical approach, a theoretical analysis, as well as an analysis of the fulfillment of the set goals. Later, based on the use of statistical methods, we describe the impact of selected employment policy instruments on employment and unemployment indicators in selected countries. In the final part of the paper, we summarize the the results and facts. The results of the analysis about the impact of the employment policy instruments lead to the conclusion that the amount of funds allocated to active labor market measures successfully affects employment and unemployment indicators, but not all countries are also meeting the goals of the Europe 2020 economic strategy. At the same time, not all employment policy instruments are effective in the conditions of the Slovak Republic. [ABSTRACT FROM AUTHOR]

The wage is a financial remuneration of an employee for the work performed. The wage is a big motivating factor for carrying out the work, whether psychologically or economically. The main aim of this paper is to examine and compare the wages in selected EU countries (United Kingdom, Germany, Netherlands, Spain, Malta, Greece, Poland, Czech Republic and Slovakia) and in the regions of the Slovak Republic (8 regions). We will examine the evolution of the minimum wage and the average wage in selected countries. The average wage will also be investigated in individual regions of Slovakia. Then a comparative analysis of tax and social security burden on wages will be performed through the wage calculators of selected countries. The wage level and the possibility of applying for a different job markets are (from the perspective of economic theory) the most significant - although not the only - factors of international migration. Some countries face a greater influx of workers to their labour markets; other countries need to deal with the outflow of workers. Slovak Republic belongs to the second group. In the paper will be examined also the impact of the wage level on the work-migration of citizens to the countries with higher wages. The paper will be processed and prepared on the basis of relevant regulations, of book publications, of scientific papers and of secondary data available in statistical sources. Within the analysis of secondary data appropriate mathematical and statistical methods will be selected. Based on the evaluation of the results of research, conclusions will be to drawn and suggestions will be presented. [ABSTRACT FROM AUTHOR]

Background. The insurance market is an important component of the financial market. The insurance sector has great importance for modern society; it is closely linked to the economic performance of the state. The insurance market can be characterized by several indicators: number of insurance companies, gross written premium, claims incurred, insurance penetration, insurance density and others. The aim of the paper is to identify main tendencies in the development of the insurance market in the Slovak and Czech Republic. We chose these countries, because the Slovak and Czech Republic have a long common history. Since May 2004, Slovak and Czech insurance market became part of the single European insurance market. Methods. We used the method of time series analysis, comparison and synthesis in this paper. The method of time series analysis was used to examine the development of selected indicators of the insurance market of the Slovak and Czech Republic. The method of comparison was used to compare the selected indicators of Slovak and Czech insurance market. The method of synthesis was used to draw conclusions. Results. The gross written premiums in the Czech Republic are higher than in Slovakia as a result of the size of the country and its population. In the Slovak Republic the share of life insurance on gross written premiums is higher than in the Czech Republic. The insurance penetration and density are significantly higher in Czech insurance market, but both countries are below the average of the European Union. Conclusions. The Slovak and Czech insurance markets had a common starting base, but the current situation on the insurance markets in Slovakia and the Czech Republic is significantly different. In the Slovak Republic, the life insurance is preferred by the insured ones, while in the Czech Republic the property protection prevails. In both countries the underinsurance of the economy still remains, so in these countries there is a substantial potential for growth. [ABSTRACT FROM AUTHOR]

The innovation becomes vital for increasing the competitiveness of national economies. Innovation means investment in R & D by the private sector, large research institutions and extensive collaborations between universities and industry. The aim of this paper is to study the relationship between innovation and competitiveness in European Union countries. Ensuring future economic growth will require solutions that are more creative than any we have seen so far. The European economies faced a long period of low growth and it is the time to re-build more competitive economic environment for a new period of growth. For this it is necessary to analyze the evolution from the last 10 years' period in order to be able to design new growth strategies. In the same time, there are new challenges especially regarding the resource consumption, environmental issues and social problems. A more competitive economy is the place where economic, environmental and social factors are harmonized to create growth and well-being for the population. The research methodology is based on a correlation analysis of the data collected from the World Economic Forum's Global Competitiveness Report between 2008-2017. The results show results show that almost 10 years after the financial crisis, economies in the European Union countries have a strong correlation in terms of innovation and competitiveness. [ABSTRACT FROM AUTHOR]

The aim of the paper is to evaluate the role of the exchange rate in shaping the export of Poland and selected European Union countries: Sweden, the United Kingdom, Hungary, Denmark and the Czech Republic in the years 2008-2016. The author presented exchange rate regimes in the analyzed countries and assessed if the choice of applied exchange rate system had a significant impact on the variability of nominal exchange rates. Subsequently, changes in real effective exchange rates (REER) and their impact on export competitiveness were examined. In order to assess the role of the exchange rate as an automatic counter-cyclical mechanism, the author evaluated changes in trade balances in the analysed countries and the correlation between REER and trade balance using panel regression analysis. Main conclusions of the analysis: - REER was an important factor affecting the trade balance, particularly in the group of developing countries, - the improvement in the trade balance during the crisis resulted from a strong decline in domestic demand and an improvement in price competitiveness of exports resulting from the depreciation of exchange rates. [ABSTRACT FROM AUTHOR]

The global financial crisis has influenced economic performance of the world economy and economic theory as well. The crisis has underlined the fiscal position as a fundamentally fragile element of the Euro Area members' economies and it has also proposed the question whether the growth has not been systematically fed and accelerated by increasing public indebtedness. The paper focuses on the quantification of relation between economic performance and public debt. There is an analysis of 27 EU countries and other 13 OECD economies data (1971-2010) divided into two groups - developed economies and less developed emerging markets and categorized into four blocks. Main findings of the paper are following: increasing public indebtedness as a percentage of GDP has led to lower economic performance in analysing group of 40 countries. The difference between the highest and lowest category of public debt level is almost 2 percent. It is supposed that unsufficient GDP growth might even deepen the ongoing debt crisis. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to evaluate the impact of support or subsidies under Rural Development Programme (RDP) 2007-2013 on wood biomass or fuelwood production and rural development. The tasks of the study presented in this paper are: (1) to evaluate resources and development of fuelwood in Latvia, comparing with other Baltic States and the EU countries in the Baltic Sea Region; (2) to investigate the measures encouraging fuelwood production under RDP 2007-2013; (3) to analyze the impact of Latvia's support (subsidies) on state and regional level. Taking into account that unpublished data of Rural Support Service were analyzed, the original results of subsidies' impact on rural development on region level were obtained. Latvia is among the EU countries with the largest share of forest area and with growing increment in forests available for wood supply each year. The subsidies for encouraging entrepreneurship and diversification into non-agricultural activities have been granted for existing microenterprises, agricultural farms and for founding and development of new microenterprises. The highest number of the supported fuelwood projects has been implemented in the least developed region of Latvia - Latgale region. Despite the support to the bioenergy projects, particularly fuelwood, having stimulated the creation of new jobs and helping to retain the existing ones in Latvian rural area, the cost of a created job is higher than predicted by rules for projects oriented on job creation in Latvia. When it comes to the public costs per working place created or retained, employment opportunities have been costly. The rapid growth of fuelwood export is a result of faster growing supply compared to the domestic use, which could be developed in Latvia. [ABSTRACT FROM AUTHOR]

Working conditions are permanently changing across all European countries, and this is mainly due to the development of technology. It is well-known that nowadays workplaces and work practices go through constant changes under the influence of new technology and of shifting economic and social conditions. Given the great variations that are registered from year to year in the very same member state, the harmonisation of the working conditions at the level of the European Union seems to be an objective almost impossible to be reached. The protection of health and safety at work has always been a fundamental preoccupation of the EU labour law-related legislation. Alongside other psychosocial risks, such as stress and violence at work, moral harassment has become one of the main concerns in the field of health and safety at work. The manner in which this phenomenon and the effects such might have on working conditions can be prevented remains however an unanswered key question. This paper aims to outline the levels to which protection could be granted and the measures to be taken to that effect. Specifically, the paper shall first reveal the incidence of moral harassment at work, based on the relevant data collected at the European Union level, following to discuss the necessity of proper, complex and thorough legislative protection against various types of acts of moral harassment at work, both at European and national level. A brief analysis of the existing relevant legislation enacted at the level of the European states outlines that there are countries which had considered upfront this phenomenon and, as a result thereof, conceived a thorough and complex legislative protection against various types of acts of moral harassment at work, while other countries have no dedicated piece of legislation dealing with this matter. Furthermore, the effectiveness of developing an organisational culture with standards and values against this phenomenon shall be assessed. A special attention shall be attributed on the specific means by which such effectiveness could be achieved (awareness trainings for the personnel, implementation of a company policy with clear guidelines for social interaction etc.). [ABSTRACT FROM AUTHOR]

Education, competences and learning outcomes are the key topics of curriculum policy in most countries of the European Union, striving to become the most competitive and dynamic economy in the world in terms of knowledge. One of the main components of this approach is the promotion of key competences and the new culture of learning, supported by integrative processes. In this context, many educational, but also employment theorists and analysts, alongside professional competences, emphasize the importance of generic competences, their flexibility, multi-functionality and transferability in developing cultural, social, human and intellectual capital. Therefore, the aim of this paper was to examine students' assessments of fostering the development of generic competences. The research was conducted in two European cities, at the universities of Pécs (N=74) and Osijek (N=60). Also, at a theoretical level, this paper explores the new culture of learning and graphically illustrates ten different ways/models for integrating curriculums. The results from a quantitative and qualitative analysis show that out of 30 examined generic competences, 12 (40%) of them were mostly positively assessed by the students, and they were indecisive about the remaining 18 (60%) generic competences. Systemic competences achieved the lowest result (M=3.38), which is understandable because systemic competences, along with well-developed instrumental and interpersonal competences, include the ability to plan changes that aim towards system enhancement. [ABSTRACT FROM AUTHOR]

The paper deals with analyses of sports activities in pubescent (12 - 15 years old) pupils in the Czech Republic and some EU countries. The aim of the study is to analyse, to verify and to identify the status quo of children's interest in locomotive activities at basic schools and their attitude to these activities including determinants that shape the attitude. The study is done with help of kinatropological research. We chose a method based on questionnaire survey and following analyses and syntheses of gained data. We expected that over 50% of pupils do regularly some sport activity. After the evaluation of the results our expectation was proved true because 93% of children from the chosen EU states do some sports regularly. [ABSTRACT FROM AUTHOR]

The integration process in East-European countries of EU are connected with economic and political destabilization which cause activation of the researches connected with aspects of increase in efficiency of corporate governance of different industry specialization entities. The company which in its activities follows the principles of good corporate governance, enjoys the confidence of the investment society. Therefore, methods of determination and assessment of entities cost efficiency and estimation of cost efficiency of enterprise corporate governance system are staticized by time and an economic situation in the EU's country in VUCA conditions. In the paper is used such a methodological base as: logic, dialectics, system approach, methods of comparative analysis and synthesis, methods of formalization; indexing methods of integral indicators; fuzzy logic and statistical analysis, economicmathematical modeling methods and institutional theory. The results thus obtained are highly valuable and can be used in the determining the similarity of the particular corporate governance model to the basic world model. That will allow to navigate and use specific institutional framework of the basic model and practical solutions to the problems inherent in this basic model, which are embodied in recommendations concerning the application of the basic institutions of a corporate governance model for every economic level. Therefore, the method of determining and assessing the effectiveness of corporate governance model on any economic level, under conditions of VUCA includes not only compliance corporate governance of certain international principles and standards of corporate governance, but also dependence on the institutional environment. [ABSTRACT FROM AUTHOR]

The number of migrants in EU countries has increased sharply since 2000. Successful implementation of integration policies is therefore very important. While immigrant integration policies remain a competence of the Member State, the European Commission proposed the initiatives to promote integration. The first part of the article describes the latest developments in integration policies in the EU countries. It shous that new policies are being developed in the EU countries and that they are implemented on a wide scale. This part of the paper analyzes especially recent changes with focus on those meant to enhance the efficiency of the integration process. In the second pqart of the article we avaluate the main results of immigrant particular on the position of migrants in the labor market in the host countries. Attention is also focus on youth aged 15-34 who are either foreign-born or native-born with immigrant parents, a group whose outcomes are often seen as the benchmark for the succes or failure of integration. [ABSTRACT FROM AUTHOR]

The paper is aimed on lifelong learning of the adult population and assessment of the influence of selected determinants on participation in lifelong learning within the European Union Member States. Governments invest in education to help foster the economic growth, enhance the productivity, contribute to the personal and social development or reduce social inequality. A lack of skills strengthens the risk of unemployment and the differences in skills have an impact on earnings. Higher levels of educational achievement are associated with better health, more social engagement and higher employment rates. The results indicate that the estimated values of selected parameters have a positive effect on adult participation in lifelong learning as expected. In conclusion, we can state that among the examined variables the expenditures on research and development in the higher education sector had the greatest influence on adult participation in lifelong learning. The positive impact of selected determinants on adult participation in lifelong learning creates preconditions for the implementation of tax incentives to national taxation systems and their successful and efficient functioning. [ABSTRACT FROM AUTHOR]

In the age of globalization, international loans and sovereign default probabilities have become one of the main topics of finance. Many severe economic crises have occurred on financial markets in the last decades. Therefore, the problem of measuring countries' default probabilities due to their external debt obligations has attracted the interest of many researchers. In recent literature there are many studies that use quantitative methods and machine learning techniques to predict countries defaults. Past studies on sovereign default prediction used many statistical and non-statistical approaches (machine learning), such as: logistic regression (two and more stages), discriminant analysis, support vector machines (SVM), neural networks, Bayesian models, classification trees, MARS (Multivariate Adaptive Regression Splines) and many more. In the recent years, in order to increase the classification efficiency of proposed models, the so-called ensemble classifiers are used. These techniques involve a combination of different methods and classifiers to significantly improve the effectiveness of models in assessing the prediction of bankruptcy or default on a loan. This paper presents the results of own research on the possibility of applying ensemble classifiers technique to international debt credit risk assessment for EU countries. The effectiveness of ensemble methods will be compared to some classic bankruptcy risk assessment methods. The ensemble model of sovereign default prediction was estimated in the 3-year forecast horizon and their efficiency was compared to certain individual models. The historical events of sovereign defaults come from Bank of Canada CRAG sovereign defaults database. The financial ratios used as predictors of internal debt defaults were estimated from the statistics of International Monetary Fund and World Bank databases. The estimated model will be used in sovereign default predictions for EU countries in year 2017. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyse the influence of the European Union accession and financial crisis to convergence and integration of the bond yields and bond markets. The results show the deepening of bond market convergence after the European Union accession and the integration has continued until the end of the observed period. The chosen indicators are monthly mid-term bond yields (10-year bond yields). The period of 1/2000 to 12/2016 was chosen in order to show the impacts of the changes. The time period was divided into periods 1/2000 - 4/2004 (before the European Union accession), 5/2004 - 7/2007 (after the accession and before financial crisis), 8/2007 - 3/2009 (period of the deepest financial crisis), 4/2009 - 12/2016 (period after the financial crisis). Used methods are 1) spread between the 10-year bond yields of countries of Visegrad group (Czech Republic, Slovakia, Poland and Hungary) and German 10-year bond yield, 2) analysis of alignment, 3) β-convergence. These findings can be beneficial for the financial market observers. [ABSTRACT FROM AUTHOR]

The paper aims to investigate the impact of chosen fund attributes, industry and country characteristics in the given group of high- and middle-income economies from EU on excess return of open-end equity funds domiciled in these countries by means of a panel regression with fixed effects for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world. [ABSTRACT FROM AUTHOR]

The importance of accounting profession in modern capital markets is unquestioned as owners, managers and potential investors make decisions based on the products of accounting system. The correctness of these decisions undoubtedly depends on the quality of work performed by accounting professionals. An analytical study design was implemented in order to formulate the results of the study and to test the hypothesis that in the presence of free service provision idea, the accounting profession is not regulated in a standardized way in the European Union. In this paper authors evaluate the feasibility of uniform lifelong learning of all European Union accountants and accent the importance of high reputation of modern accountants. [ABSTRACT FROM AUTHOR]

The existing European Union energy policies only consider buildings' performance but not taking account of the density of the urban fabric. Today one of the most important climate and environment temperature modifier effect of the city is the urban heat island effect, which represents a considerable temperature difference between the densely built urban parts and the outskirts of cities. The following factors are responsible for the heat excess: - In case of densely built in districts, due to the layout of the streets (increased surface, multiple reflection, as well as limited horizon) the rise of shortwave radiation and the decrease of long-wave energy-loss, as well as the turbulent heat transfer. - In case of more polluted atmosphere greater heat absorption and the subsequent long wave radiation increases due to reradiation of the sky. - Heat load from the energy losses caused by anthropogenic effects. - The increased heat store capacity of the urban fabric, decreased evaporation of plants and soil [1]. Present paper highlights the importance of the urban heat island and its effect on the energy efficiency based planning in case of Budapest, the capital of Hungary in Central Europe. [ABSTRACT FROM AUTHOR]

Sustainable development is generally regarded as a multidimensional concept. We meet the terms of sustainable development and sustainability in almost all spheres of life, in these days. Sustainable development could be evaluated in its main dimensions - economic, social and environmental dimension. The aim of this paper is to evaluate the management of sustainable development in the countries of the European Union using the selected sustainable and environmental indicator - Environmental Performance Index (EPI). [ABSTRACT FROM AUTHOR]

This paper deals with current status and development of retail chain companies in the Czech Republic and within the European Union. The research was aimed at studying the dependence of retail activity on local and international market, diversity of innovative activities of retail chains among the EU member states and to identify the qualities to increase the market share. From the research results can be seen that low price discounters and traditional supermarket corporations dominate the retail market and the size of retail chain is not directly proportional to the size of the market share. Some retailers already exist for several decades but there are newly coming retailers to the local markets which are effectively competing against these reputable brands. Total revenues, number of stores and number of employees are compared in five year period to show the evolution since 2010. Chains generally are not focused purely on retail activity; therefore the basis of retail chain strategy should be to determine the conceptual, territorial and assortment framework of the activities. The main factors of innovation performance of retail chains are the financial and informational resources, the openness towards customer needs and their own approach to the innovation. [ABSTRACT FROM AUTHOR]

In recent years, the labor market for young people include to most flagrant problem not only in Europe but worldwide as well. The strategy Europe 2020 has different options for solving the problem of low young people employment at the macro level. In our paper, we have strived to contribute to the expansion of a general view of the unemployment in general and employment of men and women aged 15 to 24 years old. We focused on the current unemployment problem, especially for young people in the European area. Based on panel regression analysis, author illustrates his findings through a comparison of outcomes for young population group. In order to eliminate the current state of youth unemployment in the European area, the EU Member States must to reduce the taxes on labor markets, eliminate differences in the legislation on employment protection between employment contracts and adopt targeted measures pursuant to stimulate youth employment. [ABSTRACT FROM AUTHOR]

All EU countries are confronted with the effects of population ageing. The expected decline in the population should compensated. Otherwise, it may have been a decline of economic growth. That situation therefore requires additional workers, including immigrants. Foreign students are clearly the easiest potential immigrants to integrate. When foreign students stay on after graduation, they have a long-term influence on the economy. The aim of the article is to highlight the current problems associated with the use of the potential of foreign students in the EU. The paper analyses these effects of foreign students on the economies of EU countries: demographic situation in the Member States, presence in the labour market following completion of studies, and revenues generated by educational institutions. [ABSTRACT FROM AUTHOR]

The paper deals with the relation of creative industry and its position in current European Union Industry policy, where in the long-term run it plays determining role within the industry structure of European Communities countries. The meaning of creative industry within the European Union Industry policy structure is more and more actual because it contributes to the European prosperity and European economy is depended on the vitality of its industry. EU Industry policy includes the set of activities what is the means of how the EU tries to affect the efficiency of processing and services sectors, it is an area on what depends the development and competitiveness of EU member states in addition to as a whole is focused on structural adaptation process which goal is to gain comparative advantages of EU economy in the world economy environment. The goal of this study is by means of the EU industrial policy analysis to figure out the utilization rate of its current efficiency regarding the creative industry issue, in the way of further possible increasing of the EU industrial policy influence in international economics, as well as their significant role relating to the overall socio-economic development of the EU. [ABSTRACT FROM AUTHOR]

Over the past decade, the mobile telecommunication sector has changed radically. In most EU countries, the public telecom operator has been fully or partially privatized while national telecom regulators have been empowered to monitor and control ex-ante the functioning of the market. The impact on mobile market efficiency is due to both micro and macroeconomic indicators. This paper is focused on the regression analysis to test the differences between Romania and other countries from EU regarding the telecom sector, based on macroeconomic indicators across 28 EU countries. Panel data was used over the period of time 2005-2014. The main conclusion of the analysis points out that Romania is one of the leaders in the hierarchy of countries according to the number of subscription rates per 100 inhabitants, with a significant potential growth. [ABSTRACT FROM AUTHOR]

In this paper the authors try to present the method PROMETHEE II (Preference Ranking Organization Method for Enrichment Evaluation), which they use for comparing the 27 European countries that are in the European Union. Authors focus on five chosen macroeconomic indicators: growth of GDP, unemployment, Harmonized Index of Customer Prices, expenditure on research and development, annual earnings. Using PROMETHEE II and the data of chosen indicators the authors create an absolute range of countries in the time of economic crisis and in the next years. From the changes in this range we can see how the position of each country developed in comparison with other European countries. [ABSTRACT FROM AUTHOR]

The quality of food products represent increasingly more a factor of competitiveness both in Romania and in other EU countries. The many products on the market and unparalleled diversity makes their choice by consumers to be made by the criterion of price and quality. EU quality schemes is a way of recognizing the quality of food products that have a sensory characteristic influenced by geographical area. Also is a way to promote agri-food joint. This paper aims to present these schemes as well as their evolution in the European Union. [ABSTRACT FROM AUTHOR]

The current UN and EU policy highlights building a society for all ages and avoiding of segregation of various generations in local environment. In my paper I would like to present how the material shape of urban architecture influences relations between generations. The article is based on the case study I conducted in some chosen places of Warsaw, using the theoretical prospect of the sociology of architecture. I analyzed public spaces and quasi-public buildings in the context of their both communicative and physical potential. I propose a theoretical concept grasping this relation. [ABSTRACT FROM AUTHOR]

In the 21st century EU is one of the super-power of the World while the definition of the union has been produced since the Middle Ages, more than this it is known that the definition of Europe has been produced since the Antique regarding to the economic, sociological, cultural and politic conditions. Although the idea of the united Europe had existed since the Middle Ages, till the 19th century, it is known that the idea could not turned into the reality. Unless after the 19th century and the early 20th century, the ideal construction of the united Europe had found a place in economic and sociological senses and in the build environment, as well. In the mid-20th century, after the two World wars, which affected Europe both physically and sociologically, the idea of Europe was finally institutionalized. The cities are the meeting points of policies and the citizens and the architecture is the tangible reflections of the ideologies and the organizations, due to these characteristics they become the biggest domain of the European Union. Architecture also has been used, as an important tool to achieve legitimacy and it is a proof of the existence of the governments during the pre-modern and modern eras. Chronologically, since 1980's it is known that under the effects of the new form of capitalism, parallel to the Keynesian theories and in 2010's under the effects of Crounch's non-death of capitalism as in the identity of neo-liberal economies, searching of the theme is born on the praxis of the architecture. Thus, the aim of the paper will be analyzing of the capitals of European Union in both the architectural and urban aspects, with respect to the problematic of representation and the concepts of Umberto Eco's Soft Capital vs. Rem Koolhaas's Hard Capital. [ABSTRACT FROM AUTHOR]

The World Bank is the largest global source of financial resources for different kinds of investments, with special attention devoted to developing countries and all other countries which request assistance. It annually grants over USD 20 billion of different kinds of loans and credits to the EU Member States. Among other investments, it also significantly participates in tourism development of less developed countries at the global level. As a result of globalisation changes in the world, the World Bank has become a strong financial factor whose business operations are oriented to all business sectors, and this especially refers to development of world tourism. Business activities of the World Bank keep expanding and changing former business habits, behaviours and thinking patterns. In its business activities, the World Bank connects large multinational companies which possess growing economic and political power with certain developing countries. For example, financial results of only one large corporation are several times higher than national budgets of many world countries. In its activities, the World Bank devotes special attention to tourism development in developing countries, mostly located in Asia and Africa, and to these countries, this is the only way to realise foreign currency income and settle their high debts. This kind of activity in the abovementioned countries has proven very successful and stimulated strong economic activity. The conclusions of this paper are that the World Bank provides all forms of financial aids and preparation for education of employees who would be able to accept and further develop granted and realised projects by the World Bank, but also able to prevent harmful consequences which originate from ignorance and primitivism. Tourism is one of the first economic branches which stimulated creation of new economic processes. Tourism creates large international hotel chains, fast food chains, transport companies, etc. At the same time, it trains suitable employees, managers and workers alike. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to test to what extent an economic growth can be attributed to the international knowledge spillovers. The knowledge spillover is related to the possible output growth gains from the total factor productivity increase in other countries. Analysis of growth accounting was based on the production function of neoclassical growth model. The augmented production function accounted for the labour, physical and human capital, and also captured the other country's total factor productivity growth variable. An empirical investigation was based on the annual data of national accounts of the eighteen European Union countries for the period from 2005 to 2012. The extent, to which variations of productivity can be explained by the production factors of physical and human capital, and the inter-country productivity spillovers, is estimated from the regression analysis. The results reveal, that augmented neo-classical growth model explains considerable part of productivity growth. The regression coefficients of capital - labour ratio and human capital inputs are highly significant. The estimated regression coefficient for the variable of total factor productivity growth in Germany was found significant but low in value. The estimate supports the idea, that economic growth of European Union countries can be attributed to the international knowledge spillover, associated to the productivity increase in German economy. [ABSTRACT FROM AUTHOR]

The paper aims at revealing where do European Union's contemporary banking industry stay within the global social and environmental responsibility stream. It is performed a comprehensive review and analysis of the main international frameworks and standards on environmental and societal responsibility, to which financial institutions can make a voluntary and public commitment. The spread of sustainability frameworks across EU countries has been suggestively, visually assessed, by drawing an EU's map for each international standard. The findings show that several countries comprise banks that adhered to all the main four frameworks, while others opted for only one framework. However, the countries distribution with respect to one sustainable standard or another is relatively balanced. From this aggregated, country-level picture the center of interest has shifted toward the individual financial profile of commercial banks that committed to becoming promoters of sustainability in the financial industry. For each sustainable bank it have been computed 9 key financial indicators, namely the market share, the liquidity position, the financial structure, the operational efficiency, profitability, capital adequacy and the individual contribution to the domestic financial depth. The raw values of these indicators, based on data available at 2013 year-end, as well as their descriptive statistics are meant to give an insight, comparatively, into the particularities of their business strategy, to show whether there are similarities across the sustainable banks' financial performance. [ABSTRACT FROM AUTHOR]

The corporate M&A activity is affected by many factors where - based on the prior research - capital gains tax is one of them. The aim of this paper is to examine an existence of a negative relationship between corporate M&As and the lock-in effect in EU-countries. Our assumption will be verified by using a panel regression analysis with the number of M&As as a dependent variable and the capital gains taxes and other selected determinants as independent variables. Our research result could confirm that the negative relationship between dependent variable and capital gains taxes implies a negative impact on flexible corporate reorganization in the time of the crisis. The contribution of our research will be an assessment of influence of capital gains policy, the lock-in effect and selected determinants on the corporate M&As activity in EUcountries. [ABSTRACT FROM AUTHOR]

Tax evasion and tax avoidance distort competition, deform business environment and influence efficiency of taxation. The states may affect the size of shadow economy and thus the amount of tax evasion by their activity as well as by the harmonization of tax legislative at international level. The paper investigates a statistical dependence concerning the relationship of the shadow economy and tax evasion. It is estimated that more than three-quarters of total tax revenue loss in the EU accounts for tax evasion linked to the existence of the shadow economy. Increased use of electronic payments and limiting cash transactions could eliminate the size of shadow economy and amount of tax evasion. This fact confirms statistical dependence between the number of electronic transactions per capita and the size of the shadow economy. Intensifying fight against tax evasion and efficient tax collection are therefore the key factors to ensuring a long-term sustainability of public finances in the EU. [ABSTRACT FROM AUTHOR]

Given its importance for health services, the pharmaceutical sector is subject to strict regulations. The existing regulatory framework in this area should not include unnecessary regulatory constraints restricting and limiting competition. Considering this fact, this article analyzes the existing control in competition law on the pharmaceutical market achieved at EU level. This paper aims to present the complex mechanisms of the pharmaceutical sector that have undergone a careful and consistent analysis both the European Commission and the Competition Council. The supervision of the rules governing and guaranteeing the free competition existent on the pharmaceutical market and the direct and unambiguous intervention where breaches of the regulatory framework are detected ensures the existence of a competitive environment in the pharmaceutical sector in the European Union. The regulatory framework in which economic agents in the pharmaceutical sector operate should not include constraints. [ABSTRACT FROM AUTHOR]

The main goal of this paper is to analyze the voting behaviour of the Bulgarians and Romanians in the European elections, in order to identify the similarities and the differences regarding the results, the rate of the electoral participation and the interest for these elections. To that effect, we stress out the disparities between the declared enthusiasm of the population concerning the European elections (and their countries' integration in the European Union in general) and the discouraging voter turnout, at the 2009 and the recent 2014 European elections, in comparison with the European average. We base our working hypothesis on a number of analyses conducted at the European Union level. According to some of those, the EU institutions are most trusted in Malta, Romania, Bulgaria, Estonia and Lithuania. The public from Bulgaria, Estonia, Lithuania, Malta and Romania should tend to be more open-minded than other EU citizens when it comes to accepting decisions that come from the supra-national authority of the European institutions and are more likely to accept the sovereignty transfer from the national to the EU level. However, the lack of information regarding the European Union's institutions and policies translates, in Romania and Bulgaria, in a decrease in the interest regarding the European elections. In addition to that, in Romania, the lack of people's trust in the national political class, but also in the European Union's capacity to offer concrete solutions to the problems of the citizens, determines them to have a sceptic attitude towards their representatives in the European institutions. Hence, we can observe a major gap between the level of enthusiasm of the Romanian and Bulgarian citizens regarding the European integration and their decreased interest regarding the electoral participation in the European elections, that allows us to conclude that the national politics tends to have a bigger influence on the participation rate at the European elections than the type of electoral system or the trust in the European Union and its institutions. [ABSTRACT FROM AUTHOR]