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Decarbonization of the Slovak economy: who will pay for a green Slovakia?

Author(s): Pavol Szalai / Language(s): English Publication Year: 0

Slovakia faces having to significantly reduce industry and heating emissions. The funds that are to be provided under the EU Emissions Trading System may help. A carbon tax is another option in the game, but the private sector is against it. Slovakia is on track to meet its climate commitments for 2020 and 2030. According to the conclusions of a report by the International Energy Agency (IEA) on the Slovak energy sector from November 2018 “the positive outlook is partly thanks to the Slovak government’s proactive policy support, but also to emission targets that were set rather low initially.”

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Do Fiscal Drivers Matter for Sovereign Risk Spread in EU15?

Author(s): Irena Szarowská / Language(s): English Publication Year: 0

The price of government bonds reflects among other market confidence in governments' commitment towards sustainable fiscal policies. The aim of the paper is to examine the importance of fiscal fundamentals for sovereign risk spread in selected European Union member states in a period 1990-2012 and test if stronger fiscal discipline reduces sovereign risk premium. The empirical evidence is performed on unbalanced panel containing 15 EU countries and panel regression is a basic method of research.

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Оценка на качествените аспекти на ефективността на разходите за висше образование в държавите – членки от Централна и Източна Европа

Author(s): Kristina Stefanova / Language(s): Bulgarian Publication Year: 0

This paper studies the efficiency of tertiary education expenditure by a comparison between EU Member States in Central and Eastern Europe with respect to the effects related to the quality of education obtained through the application of the Data Envelopment Analysis (DEA) method. The paper introduces a new approach to measuring the outputs of tertiary education expenditure related to realization on the labour market and welfare. The results of the study show that, among seven CEE countries, EU member states, only in Romania efficiency of tertiary education expenditure is observed, while Bulgaria shows the largest deviation from the efficiency frontier.

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Как миграцията се отразява върху новата многогодишна финансова рамка Съюзи в рамките на Европейския съюз

Author(s): Atanas Pavlov / Language(s): Bulgarian Publication Year: 0

This analysis provides an assessment of some of the most important elements of the EC proposal for new 2021-2027 MFF and new system of own resources, mainly focusing on the issues regarding migration and their impact. Also, the analysis provides an overview and comparison between the new MFF and the current one. For the expenditure side of the EU budget, the European Commission has proposed a long-term budget of €1,135 billion in commitments (expressed in 2018 prices) over the period from 2021 to 2027, equivalent to 1.11% of the EU27's gross national income (GNI). This level of commitments translates into €1,105 billion (or 1.08% of GNI) in payments (in 2018 prices). Superficially, this amounts to an increase on the 2014-2020 MFF, which is an estimated 1.02% of EU-28 GNI (commitments), but a number of factors make comparisons difficult. On the revenue side of the EU budget, the Commission has taken the political opportunity presented by Brexit to propose a gradual phasing-out of most of the correction mechanisms that discount certain Member States' contributions to the EU budget. The proposal for a new own resources decision also takes up the recommendation of the High-Level Group on Own Resources to introduce new own resources explicitly linked to EU policies.

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Основни фактори, обуславящи разходването на средства от бюджета на Европейския съюз за постигане на целите на Съюза

Author(s): Hristo Draganov / Language(s): Bulgarian Publication Year: 0

The European Union pursues common policies through its institutions in order to attain the Union's objectives. The main financial instrument that provides the conduction of the common policies is the European Union budget. The use of this instrument is subjected to the fulfillment of various conditions. The basic factors determining the European Union budget expenditure could be grouped into as law factors, financial and economic factors, political factors. Many of the factors are aimed at ensuring financial stability and proper use of the European Union budget but their multitude makes them practically difficult to apply. The diversity of the (non-exhaustively) presented factors could be considered also as source of problems emerging in the practice of the European Union budgetary process.

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Влияние на политиката на ЕС за опазване на околната среда върху динамиката на БВП и бюджетното салдо в България

Author(s): Stoyan Neytchev / Language(s): Bulgarian Publication Year: 0

This report presents a brief overview and analysis on the impact of the EU environmental policy on several major economic indicators in Bulgaria, in particular – GDP and budget balance dynamics. Apart from the direct effects on these parameters, the implementation of the EU environmental policy in the country results in additional effects which practical examination would help us to prove that the positive effects from the environmental policy are not limited to the indicators observed in this report only. The author systematically analysed the impact of the funds provided by the European budget on certain fundamental economic indicators. Apart from the above-mentioned, research expands to systematic comparative analysis on member state budget positions regarding their individual contribution to the EU budget versus the amount of money allocated to them by the budget (i.e., their fiscal position of a net beneficent or net donor to the EU budget).

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Критичен поглед върху институционалната система на Европейския съюз

Author(s): Monika Moraliyska / Language(s): Bulgarian Publication Year: 0

The European Union is facing a number of serious challenges which shall be solved through utilizing its own resources – human, financial and intellectual. At the same time, its institutional structure is increasingly criticized - both externally and internally, by the European and national politicians, and increasingly by the European citizens. The disapproval of the EU is aimed both at the functioning and the activities of specific institutions and at the way in which they interact in the general structure, as well as against the implementation of certain policies. This report presents some weaknesses identified by the three main EU institutions - the European Council, the European Commission and the European Parliament. The second part presents the main critical directions to the EU institutional system - bureaucratic inefficiency, democratic deficiency and inefficiency of the EU policies. Their nature and opportunities for improvement are analyzed.

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STRATEGIC APPROACH TO AGING SOCIETY IN THE CROATIAN NATIONAL DEVELOPMENT STRATEGY

Author(s): Vesna Vučemilović,Sanel Volarić / Language(s): English Publication Year: 0

According to statistics for the European Union (EU), the European population age structure is expected to change significantly. Long-term projections for the EU indicate a substantial increase in the share of people aged 65 and above. Due to higher life expectancy and fertility rate decrease, the EU faces a decline in the working-age population and growing demand for social and health services. According to Eurostat, the share of the very elderly population (80 and over) in the Republic of Croatia will be more than double in 2070 compared to 2019. The total population of the country will decrease to 3 million inhabitants. The purpose of this paper is to provide an overview of measures planned in the Croatian National Development Strategy (CNDS) for the period 2021-2030 related to the said issues. The fundamental question is how to achieve a sustainable pension system and public finances in such circumstances. The findings and recommendations may be used for policy suggestions to relevant institutions to create adequate solutions for our citizens.

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Kształtowanie się deficytu budżetowego i długu publicznego Polski podczas pandemii COVID-19

Author(s): Aleksandra Jarosz / Language(s): Polish Publication Year: 0

Purpose: The purpose of the chapter is to examine the evolution of the budget deficit and the sovereign public debt in Poland during the COVID-19 pandemic. Design/methodology/approach: The research question presented is: What is the impact of COVID-19 pandemic on the amount of state budget deficit and state public debt in Poland? The method of critical analysis of the literature on the subject was applied. Statistical data obtained from the Central Statistical Office and the Ministry of Finance were also presented. Findings: In 2020, the state budget deficit reached an unprecedented amount of 85 billion zloty, which is directly linked to the start of the COVID-19 pandemic, as the draft budget assumed no state budget deficit. Consequently, in 2020–2021 (Q1) there was a dynamic increase in public debt. Originality and value: The state budget result and the size of the public finance sector debt were lower than they should have been, because the vast majority of anti-crisis measures were financed from off-budget sources. Increased public spending increased the deficit and debt, but calculated using the Brussels method. The collected secondary data leads to the conclusion that the effect of the COVID-19 pandemic is also a decrease in the transparency of public finance in Poland.

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Audit of European Structural and Investment Funds, a Component of the Management and Control System

Author(s): Iulian Miserciu / Language(s): English Publication Year: 0

The European Commission (EC) has established through European regulations that at each Member State an independent body, generically called the Audit Authority (AA), who will ensure the external public audit function for each operational program financed by the European grants. Each Member State was free to set up its audit authority, subject to the above-mentioned conditions.The Romanian Audit Authority was set up at the level of the Romanian Court of Accounts, being established by national law as a body without juridical personality, operationally independent from the rest of the public audit activity. This audit body performs the external audit function for all operational programs financed by the European grants.The present article aims to present the Romanian Audit Authority, its institutional and organizational capacity to fulfil the legal requirements of the European legislation and the extent to which its results can provide a reasonable assurance to the European Commission that the management and control system (MCS) functions in way to prevent, detect and correct deficiencies and financial sanctions. One of the challenges of the audit is whether its recommendations can prevent malfunctions in the MCS, and in the event of irregularities, the managing authority (MA) and the certifying authority (CA) can correct them in time before the European Commission is declared expenditure. It will also present the procedure established by the legal framework on how audit recommendations are implemented by the other entities within the management and control system.Although it is part of the Court of Auditors, the Audit Authority has its own working procedures, which must reflect the requirements of European regulations and guidelines, and the results of its verifications are communicated to the European Institutions. The manner in which the EC uses the audit reports will also be the subject of this article.

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Opłata cukrowa jako wyzwanie dla podmiotów rynkowych oraz czynnik zmian zachowań konsumenckich

Author(s): Antonina Misiewicz,Julia Nowak / Language(s): Polish Publication Year: 0

Purpose: The chapter identifies purposes and resonances of implementing new sugar-sweetened beverages tax. The empirical part presents responses of particular economic entity, such as manufacturers, brokers and retailers. In addition, in response to new conditions the model of consumers behavior was specified. Due to economic realignment, it is attempted to predict community-related after effects. Design/methodology/approach: Text indicates key issues related to implementation new regulations. It analyses challenges, which entities have to overcome toward prevention of potential losses. Findings: Sugar-sweetened beverage tax exerted the necessity on economic subjects to implement new counter-measures, which repeatedly were connected with enormous process changes in organizations. Additionally, it is seen, that new tax is being passed-through on final consumers, which influence on increasing their purchasing vulnerability.

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Efektywność działania Krajowej Administracji Skarbowej

Author(s): Arkadiusz Raducki / Language(s): Polish Publication Year: 0

Purpose: The solution to the low efficiency of the tax administration in Poland in the last decade was to consolidate the entire tax apparatus in 2017. The main objective of the study is to determine the impact of fiscal administration consolidation on the effectiveness of its operations. The conducted analysis will allow to assess whether the tax administration reform of 2017 resulted in an increase in the effectiveness of its operation in 2017–2020 compared to previous years. Design/methodology/approach: The data used here was based on materials published by the Supreme Audit Office and reports of international financial advisory companies, including taxes. The opinions of administrative law and tax law experts on legislative changes affecting the effectiveness of the National Tax Administration were also taken into account. Therefore, the analyses carried out in the study are of secondary nature to a large extent. Findings: The conducted analysis showed that in 2017–2020 there was a significant improvement in most of the analysed performance indicators of the National Tax Administration compared to previous years. Disadvantageous phenomena in taxation, such as the shadow economyor the VAT and CIT gap, were significantly reduced, which resulted in an increase in the amountof tax and customs revenues in the state budget. The increase in efficiency is also measured in the increased effectiveness of tax and customs-fiscal audits in recent years. The efficiency of the enforcement of tax arrears has also increased significantly. Innovative IT systems played a major role in increasing the efficiency of the consolidated fiscal administration. However, it should be remembered that in the analysed years, i.e. 2017–2020, Poland had a good general economic climate, which significantly facilitated the National Tax Administration to achieve better results. In addition, many factors influence the increase in the efficiency of the tax authorities’ activities, example in combating tax crime, so it should be noted that the existing relationships may be of a coincidence.

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Nowe ramy efektywnego opodatkowania dochodu przedsiębiorstw w Unii Europejskiej

Author(s): Anna Siwiec / Language(s): Polish Publication Year: 0

Purpose: The aim of the chapter is to present the latest corporate income tax (CIT) reform proposal developed by the European Commission in cooperation with the OECD. The proposed reform provides for the introduction of new rules in international corporate taxation, which are to contribute to increasing the efficiency of this taxation. As the initiative is supported by most OECD countries, including most EU countries, it is highly probable that it will be implemented. The chapter also presents a preliminary assessment of the implementation of the reform in the European Union countries. Design/methodology/approach: The used research method was the analysis of materials published by the European Commission and OECD by the end of August 2021, as well as their comparison with the currently applicable legal solutions or the current proposals regarding the taxation of trans national corporations (TNCs) in the EU. Findings: As a result of the analysis of the materials presented by the European Commission and OECD, the chosen direction of changes was recognized as justified, however, requiring consideration of the interests of less digitized economies. The chapter presents the potential positive and negative effects of the reform for the EU countries, as well as indicates the countries that can lose the most in terms of budget revenues from CIT.

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Wpłaty od plastikowych odpadów opakowaniowych niepodlegających recyklingowi – nowe źródło dochodów budżetowych Unii Europejskiej

Author(s): Maciej Cieślukowski / Language(s): Polish Publication Year: 0

Purpose: To present the construction of a new source of EU budget revenues (contributions from non-recyclable plastic packaging waste) and its assessment against the EU’s own resources system from the point of view of the set criteria. Design/methodology/approach: The study is of a literature and empirical character. The research consists of four stages. The first stage presents the evolution of the EU’s own resources in the period 1951–2020. Domestic literature and EU source documents in Polish and English were used. In the second stage, the construction of a new source of revenue was presented.The legal regulations of the EU were used. The third stage is the presentation of the proposed burden-sharing for the new resource between Member States in 2022. For this purpose, internal regulations and EU statistical data was used. In the final stage of the research, the new sourceof revenue was assessed against other own resources according to the criteria set (simple structure, transparency, fiscal stability and efficiency, link with the EU policy, low collection costs, fair burden sharing, financial autonomy). EU source material was used for this. The study mainlyuses the method of descriptive analysis, and for the assessment of own resources—also the method of qualitative multi-criteria analysis. Findings: The analysis shows that the new source of revenue is primarily characterized by a simple structure, low collection costs, is also closely related to the EU environmental policy, and ensures a relatively fair burden-sharing between the Member States. On the other hand, the weaknesses of the new source are poor transparency and poor fiscal efficiency. As a result, it provides the Union with little financial independence. The new source of revenue generally improves the quality of the entire system of UE own resources.

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Anti-inflation policy in Poland’s economy during the period of transformation and integration

Author(s): Ryszard Barczyk,Zuzanna Urbanowicz / Language(s): English Publication Year: 0

The aim of the article is to analyse the origin, course of inflation and scope of operation concerning the instruments of monetary and fiscal policy applied by the anti-inflation policy, as well as to evaluate their effectiveness for Poland’s economy in the years 2000–2021. To measure the relationship between decisions in the area of stabilisation policy and inflation, the authors carried out an econometric analysis using the dynamic autoregressive model with distributed lags. The parameters of the model confirmed that among the applied tools of monetary and fiscal policies, an anti-inflation nature was found between the monetary policy instruments and prices, and also linking budget expenditures with price level. Changes in budget incomes, according to the obtained results, were not conducive to price stabilisation in our economy. Anti-inflationary policy was dominated by monetary policy instruments. The anti-inflationary significance of fiscal policy has been much smaller since the beginning of the transformation of the Polish economy. Its anti-inflationary role increased in the period of difficulties related to the COVID-19 pandemic, in particular at the time of a strong increase in budget spending in the environment of rising price level.

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EKONOMSKO-FISKALNA OBILJEŽJA DRŽAVE BOSNE I HERCEGOVINE: STANJE I PERSPEKTIVE

Author(s): Kadrija Hodžić,Željko Rička / Language(s): Bosnian,Croatian,Serbian Publication Year: 0

In this article, the authors give arguments to develop the thesis that the constitutional order of Bosnia and Herzegovina ignores the government’s financial sovereignty, and conclude that Bosnia and Herzegovina is fiscally sovereign as much as a confederation. In the centre of economic and political-legal debate on the statehood of Bosnia and Herzegovina are different approaches to the allocation of responsibilities between the state and its entities, and approaches to organization of government. In this discussion, the dominant question is whether Bosnia and Herzegovina can be considered a federation or a confederation. In the disagreement of national and political elites, the dominant conflict is based on ethno-national notions of ethnic homogeneity and national sovereignty over “own territories”. The solution for the sustainability of Bosnia and Herzegovina in this article is observed through two conceptual levels. In the first, the involvement of the international community, especially the European Union, in designing the changes of Dayton Agreement seems inevitable. According to the second, Bosnia and Herzegovina will have to reconcile the current irreconcilable differences of its national political elites on its own. In both cases, the minimum acceptable framework for all legal solutions should include the establishment of mechanisms for fiscal sustainability of Bosnia and Herzegovina, including economic-fiscal coordination between the entities and the Brcko District, protection of equal individual and collective rights, equality of the constituent peoples in the entire territory of the country, including minority rights, and the adoption and implementation of international treaties and conventions on human rights.

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EUROPEAN UNION HEALTH SYSTEMS AND RESPONSES TO THE ECONOMIC CRISIS

Author(s): Jasmina Selimović,Velma Pijalović,Tea Mioković / Language(s): English Publication Year: 0

There is no doubt that the overall health of the population is the area of a special social concern of a state, hence, this concern is most often expressed through complex systems of healthcare insurance. Having in mind the fundamental social significance of the healthcare system, debates pertaining to its functioning and efficiency have been ubiquitously present all around the globe. The importance of scientific and practical research in the healthcare area are becoming particularly important in the unfavorable economic conditions as have been present in the most of the World’s countries during and after the 2007 economic crisis. Considering the severity of the crisis, many of the countries have been facing the need for a revision of their health systems in order to assure sustainability of their healthcare in newly arisen, adverse and uncertain financial reality. Additionally, although the healthcare systems can be grouped and attributed to a certain model, we must not neglect the fact that healthcare systems are different from state to state and that they are under a strong influence of history, tradition, political system, economy and national values of every state. Because of this, it has not been possible to offer a single set of universally efficient measures for tackling the crisis’ repercussions on healthcare systems. In this paper we analyze the responses implemented by European Union countries in the light of the most recent economic crisis, deemed unprecedented in the Union since its establishment.

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Зеленото бюджетиране като иновативна бюджетна методика – средство за постигане на глобалните климатичните цели

Author(s): James Yolovski / Language(s): Bulgarian Publication Year: 0

The innovative budgeting methods are becoming a tool for achieving specific goals related to the impact of organizations on the environment. Green budgeting is a used for achieving environmental goals. Its role in public policy is essential, and the prospects for its application in the private sector are broad as well. However, science and practice in Bulgaria are lagging behind this trend. Thus, it is necessary for the private and the public sector to build expertise and gain experience in the field of green budgeting.

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Polski Ład z perspektywy sektora finansów publicznych

Author(s): Aleksander Łożykowski / Language(s): Polish Publication Year: 0

Purpose: The purpose of the article is to present the scope and importance of Polish Deal on the public finance sector. Design/methodology/approach: The disponible data on Polish Deal impact assessment will be analysed in terms of the impact on public finance sector. Findings: Polish Deal is one of the most important changes in the Polish tax and contribution system with an impact of PLN 26 688 million. Set of changes constituting a Polish Deal impacted most heavily on local governments budgets, less on central budget while the National Health Fund benefited the most. However, this does not involve clear impact on the spendings for health system in Poland. An informal and formal legislative procedure had a greatest impact on the configuration and cost of Polish Deal. One of the most important consequences of Polish Deal in terms of public finance sector was also the total change of the income tax expenditures.

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Polski Ład z perspektywy form opodatkowania i oskładkowania dochodów osób fizycznych

Author(s): Monika Banaszewska / Language(s): Polish Publication Year: 0

Purpose: The aim of the chapter is to assess changes sanctioned under Polish Deal in the field of taxes and contributions imposed on the income of natural persons with a particular emphasison natural persons engaged in non-agricultural economic activities. Design/methodology/approach: The reasons for the introduction of the legislative changes and their economic effects were discussed. Findings: Polish Deal in the field of taxes and contributions on natural persons affects various functions of budgetary policy: revenue collection, redistribution, stabilisation and stimulation. Of particular importance are changes in the rules of calculating and deducting health insurance contributions. The impact of Polish Deal on labour supply and entrepreneurship is not clear-cut.

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