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The Czech policy vis-a-vis Germany experienced mostly positive dynamics but also a lack of coherence. Existential interests were not at stake – on the contrary, they constituted a positive background for the relations: Czechs and Germans as allies guarantee each other’s security, sovereignty and territorial integrity.
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Corporate governance describes the principles, relationships and processes under which an entity is managed and its management bodies are controlled. The aim of the chapter is to assess the accounting policies of listed companies from the point of view of their compliance with good corporate governance practices for sustainable development. Using the source analysis method, the essence and legal basis for shaping corporate governance policy are presented. During the empirical study, five main thematic areas of non-application of corporate governance principles by companies listed on the Warsaw Stock Exchange in the WIG-ESG index were identified: (1) diversity policy towards the management board and the supervisory board, (2) reporting of ESG areas, (3) organization of the general meeting meetings, (4) remuneration of the supervisory board and managerial shares, (5) organization of internal audit.
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The report examines the specifics of modern inflation in the context of the paradigm shift for economic growth. The characteristics of modern inflation after the pandemic crisis and its factor conditioning in the conditions of revival of economic activity, increased aggregate demand and increase in international commodity market prices in connection with market segmentation and difficulties in global value chains are formulated. The analysis reveals the essence and characteristics of modern inflation as a multifactorial phenomenon that determines the choice of policies and the difficulties in achieving synergy between them. The typology of the types of inflation is substantiated, and their specifics are considered sequentially. There is a focus on green inflation and wage gap inflation, the rise of which is debated as to the effect on inflation. Conclusions are systematized about the relationship between modern inflation and economic security as a factor determining the sustainability of inflation, and problems and perspectives in the European context are outlined.
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Over the past almost two decades, expansionary monetary policy has been increasingly used both during and after the onset of crises of various natures. Although, according to the theory, in the long term the use of monetary policy instruments does not lead to stimulating the economy and increasing growth, the countries in the EU, and more specifically in the Euro area, have systematically implemented a growth-stimulating monetary policy after 2008. Through the prism of cointegration analysis, the study reveals whether there is a long-run relationship between economic growth and money supply and/or whether such a relationship exists between money supply and inflation.
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Sustainable finance as a key area continues to gain momentum as governments and corporate issuers pay increasing attention to environmental, social and governance factors, and investors, regulators and other stakeholders encourage more robust ESG practices. Interest in sustainable finance accelerated in 2020, with the COVID-19 pandemic highlighting the need for funds to help economies, businesses and people recover in a responsible way that addresses environmental and social challenges. The report is structured in three parts: a literature review exploring the success factors, benefits and challenges of issuing green bonds as identified by researchers in different countries; then we use the methodological potential of the analyzed area to formulate expert research; and we summarize the results of the study and suggestions for its further development. The results show that the issuer’s reputation, good credit rating and environmental, social and governance performance are key considerations for the success of issuing green bonds. The main benefits of green bonds are that they carry low investment risk with the ability to raise large investment amounts while providing quantifiable visible benefits. While the challenges related to the issuance of green bonds include greenwashing, the questionable role of the green bond market in environmental protection, and insufficient financial and economic benefits of issuance.
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Thе present report has a goal to reveal the territorial differences in the living standards of the population in the districts of the country. To achieve this goal, various indicators are used that reflect the material well-being of the population. The results of the study show that the country has a sustainable economic policy leading to an increase in living standards.
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The erosion of the post-war world order does not necessarily lead to the establishment of a new one, it rather creates a new world disorder. The existing order is based on international institutions (first and foremost – the UN system) and international law, but no such new ones are set up. However, the war in Ukraine will have a long-term negative effect on world’s developments: whenever and however it takes an end, provided that it does not evolve into a global conflict, we will have to face a deeply divided, confronted and militarised world, dominated by policies, based on the position of force and a fight over spheres of influence, with no mutual confidence and no prospect for political dialogue.
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Purpose: The study analyses the history and the peculiarities of the current system of customs simplifications in Poland and offers proposals for the use of automation of customs processes as a simplification for honest economic operators to reduce the losses related to the planned cancellation of simplified procedure in export. Design/methodology/approach: general scientific methods (analysis, synthesis, comparison, description); private and academic (interpretation, formal–legal). Findings: The study findings have provided argument for the critical need and relevance to find solutions ensuring the supply chain fluence and simplified movement of goods in export. The author proves that Polish customs administration should develop automated systems based on best practice that use risk management to identify cargo that pose a potential risk to security and release all other shipments for export without undue delay.
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Purpose: The introduction of the Carbon Border Adjustment Mechanism (CBAM) in Poland heralds a new era in environmental policy and trade dynamics. This chapter delves into the objectives of CBAM within the Polish context, examining its potential impact on the national economy, trade relations, and environmental commitments. Employing a comprehensive analysis, the chapter evaluates the methods by which CBAM aims to level the playing field for domestic industries while encouraging entities importing high-emission goods to develop and adopt rigorous carbon emission reduction strategies. Preliminary findings underscore the mechanism’s potential to bolster Poland’s green transition, albeit with reservations regarding challenges associated with the implementation of CBAM by entities importing high-emission goods and the resulting oversight and administrative sanctions. Design/methodology/approach: In the presented work, a qualitative approach was employed, focusing on the analysis of legal regulations related to the CBAM mechanism. The study is primarily based on a meticulous examination of legal documents. Additionally, an analysis of practical challenges associated with the implementation of CBAM in the context of real market cases was conducted to understand the potential challenges and benefits associated with this mechanism. Findings: During the analysis of the implementation of CBAM obligations, several practical challenges emerged that significantly impact the entities subject to these requirements. From a practical standpoint, many entities face hurdles in securing accurate data on emissions from their supply chains. This lack of readily available information complicates the process of compliance and introduces uncertainties in reporting. Another notable challenge is the ambiguity surrounding the transition period. The absence of clear guidelines or established procedures adds to the complexity, leaving these entities uncertain about the appropriate methods and sources for data collection. Addressing these challenges will require concerted efforts, clear guidance, and potentially revised strategies to ensure effective and efficient compliance.
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The main aim of this paper is to analyze some key indicators determining the degree of tourism sustainability. It studies tourism sustainability indicators in Bulgaria compared with its neighbouring countries and uses an established methodological apparatus for studying tourism sustainability, developed by the World Economic Forum. The research places emphasis on an analysis of the balance in the triple bottom line of economic-environmental-social goals determining sustainability. The research methodology includes theoretical-methodological analysis, comparative analysis, empirical analysis, systemic approach. Based on the analysis carried out, the strengths of the offered tourist product in Bulgaria are highlighted, as well as the weaknesses regarding sustainability, which need improvement measures.
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This study analyses the role of the Internet for performers by presenting the main economic benefits and losses. The Internet is seen as an environment where economic fulfilment can be achieved through the exercise of performers' property rights, as well as an environment where performers are likely to suffer economic loss as a result of the infringement of their rights. It analyses the exercise of performers' property rights on the Internet. Based on a survey, conclusions are drawn on their level of awareness of the management of their related rights on the Internet. Case law in the field is presented and suggestions are made for improving the shortcomings highlighted.
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The present paper is analyzing the Republic of Bulgaria applicable to stimulating patronage legislation, as well as the economic effect over the creative industries by its application in the economy processes. The paper includes analysis of similar applicable legislations in 7 different countries, as far as such legislations exists, and additional analysis of countries policies for stimulating patronage. Countries key performance indicators are analyzed, but in limitation for those which are relevant to the success of the creative industries. The author has given recommendations for improving the Bulgarian state policy towards stimulating patronage.
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The report explores the current state and challenges facing the publishing business in the context of dynamic and turbulent world processes, identified with exponential growth in information exchange opportunities and the development of Artificial Intelligence with wide-ranging but also narrowly specialized functions, the creative industries are at a crossroads . Questions about intellectual property in the publishing business, both in its theoretical, legal and technological dimensions, as well as in the purely practical applications that confront us with the multi-layered variability of everyday life, are posed with increasing urgency and sharpness. It is important to emphasize that intellectual property rights in the publishing business are a fundamental mechanism for protecting the creative efforts of authors, translators, art designers, illustrators, etc. from the fields of literature, science and the arts and at the same time provide an opportunity for economic stability for publishers and the publishing business. In this context, the management and protection of intellectual property rights plays a key role in the success of the publishing business.
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Easements for energy objects are distinguished by a number of characteristic features according to Bulgarian legislation. A key place among them is their nature as a type of limited property rights, which have undergone a change with the development of social relations in connection with the construction and exploitation of energy objects. As a result, a new category of easement rights has emerged, which theory and practice define as "quasipersonal". They are established for the benefit of certain persons in view of their activities, and not in view of the use of a specific property. The easements that arose during the operation of the repealed laws retain their effect if the energy objects are built in compliance with the relevant rules and norms. The Energy Act provides a special regime for the creation of these easements, as well as some restrictions related to their exercise. An essential feature is that the gratuitous exercise of easements for energy objects is permissible only as an exception, if it concerns real estate - public property.
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India is one of the few countries in the world with a definition of "well -known" in its national trademark law. India is also one of the last countries to ratify the WTO Agreement on Trade-Related Aspects of Intellectual Property. What are the legal and economic reasons for India to opt for a legislative approach for prior administrative registration of 'well-known' trademarks, given that the countries of the European Union abandoned this legal institution in their laws a decade ago?
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This chapter aims to present the principal assumptions of the circular economy (CE), which advocates for the rational exploitation of natural resources and emphasises the significance of a closed and continuous cycle in their utilisation, supporting the concept of sustainable and enduring development. Furthermore, the discussions are designed to underscore the necessity of creating consumption patterns and utilising production functions that, as an essential element of management optimisation, advocate for the closure of the material and energy cycles in anthropogenic processes. This chapter strives to portray CE as an initiative that seeks to completely decouple global economic growth from finite resource consumption. This study employs a descriptive research design, incorporating a literature survey followed by logical (epistemological) reasoning and a systemic approach. The continuous effort to increase the production capacity of the economy, aiming to enhance social well-being, exerts significant pressure on the environment. The traditional linear production process involves the unsustainable use of natural resources and generates substantial amounts of waste. This model poses a serious risk of depleting natural materials and precipitating climate change disasters, potentially leading to the collapse of economic and social systems. CE advocates a transition from extractive economies, characterised by excessive and wasteful consumption, to economic models founded on resource efficiency, reuse, sharing, and closed loops. This transition can be facilitated by implementing circular business models that offer solutions to extend the product lifecycle, including repairing and improving products, recovering raw materials from by-products, and recycling end-of-life products, or activities encouraging sharing.
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In this chapter, a comprehensive presentation of the situation of European Union countries regarding the aging process of societies has been provided. Its aim was to present, in a synthesized form, the current state along with indicating developmental trends, discussing causes, and potential consequences. Based on Eurostat data, the state of the discussed process was identified as advanced, mainly due to demographic processes occurring in the past, but also contemporary attitudes of inhabitants, particularly in the reproductive sphere. Possible effects of the aging phenomenon were outlined, encompassing both negative aspects (such as issues in the job market or within the social security system) and positive ones (the development of the so-called silver economy). The situation of EU countries appears challenging, given the pace at which the aging process of societies is progressing, which may primarily result in a decline in the quality of life for seniors. Among the opportunities lies technological advancement and medical services development, enabling older individuals to function more easily during their post-productive years.
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This paper describes a super-neutralised complementary currency as a currency and exchange system for central banks, independent of national interests which describes our world as a finite resource. The goal is a stable, crisis-proof financial system that meets the challenge of ecological and economic sustainability. In fact, it is more a unit of measurement then money, like the primal metre in Paris, but for money. Just as a uniform measure of length is important for natural sciences and technology, a fixed reference value for money can act like a Copernican turning point and could offer many benefits. This application leads to equality of weak and strong currencies. It enables weak economies to pursue an independent monetary policy and simplifies the path to monetary unions. It prevents speculation in the system. It creates a constraint to gradually reduce trade imbalances and enables over-indebted countries to get out of the debt trap.
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This paper examines the relationship between non-performing and restructured loans, inflation and income growth in Bulgaria. The linear regression analysis shows that there is significant negative impact of inflation and income growth on NPLs and restructured loans for consumer credits and significant negative impact of inflation on NPLs and restructured loans for housing credits. There is no heteroscedasticity of the errors which proves that the coefficients are precise. Results show lack of multicollinearity, normal distribution of residuals and correct linear functional form of the model. However, there is autocorrelation of residuals and weak explanatory power. For improving the explanatory power of the linear regression model, more explanatory variables should be included - bank-specific, macroeconomic and institutional determinants.
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The main objective of this study is to present an analysis of selected indicators of cashless payments in Bulgaria. The main activities in the process of integration to the euro area as well as changes in regulations at the EU level are examined. The main thesis is that non-cash payments are continuously increasing, both in number and in total value, due to technological changes, the development of EU regulations, as well as the integration of the Bulgarian payment infrastructure to that of the euro area. The number of credit cards as well as POS terminals has increased significantly. The number of credit transfers and card payments increased several times, with positive dynamics also characterising payments initiated via the Internet through both instruments. Similarly, the total value of payments is also developing and the trend is expected to continue in the future.
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