European Economics

This paper investigates the energy investment needs of the European Union (EU), including renewable energy. Europe currently has little or no economic growth, and interest-rates are expected to rise. Given the state of many EU countries' economies, this is a good time to encourage investment because -according to Keynesian economics -extra spending can stimulate economic activity. The current economic situation limits options for many governments in EU countries, so new approaches may be required. This paper uses ideas from the European Commission, on how a 'smart' electricity grid can enable renewable energy -such as solar power. The EU Parliament could enable a market-provided solution by offering incentives to the private sector. Private investment will be encouraged if the EU gives long-term low-interest-rate loans for renewable energy generation. Also, a Europe-wide grid makes it profitable to locate solar panels in low-wage countries in southern Europe, and sell electricity in richer countries.

This paper investigates the energy investment needs of the European Union (EU), including renewable energy. Europe currently has little or no economic growth, and interest-rates are expected to rise. Given the state of many EU countries' economies, this is a good time to encourage investment because -according to Keynesian economics -extra spending can stimulate economic activity. The current economic situation limits options for many governments in EU countries, so new approaches may be required. This paper uses ideas from the European Commission, on how a 'smart' electricity grid can enable renewable energy -such as solar power. The EU Parliament could enable a market-provided solution by offering incentives to the private sector. Private investment will be encouraged if the EU gives long-term low-interest-rate loans for renewable energy generation. Also, a Europe-wide grid makes it profitable to locate solar panels in low-wage countries in southern Europe, and sell electricity in richer countries.

Ecco perché è utile il dibattito sul rapporto Draghi. Non bisogna dare per scontato che resti lettera morta perché di fronte ad una crisi di sistema che potrebbe aprirsi all'improvviso causata dalla chiusura dell'economia e dai disastri dello statalismo politico e del dirigismo economico, non è detto che non si invochi paradossalmente ancora più interventismo. E se la cura aggraverà il malato la giustificazione sarà bella che pronta "la ricetta non è stata applicata fino in fondo" e così nonostante la riuscita dell'operazione il paziente (l'Unione Europea) morirà e noi con lei. La proposta Draghi intanto non sembra che abbia nulla di innovativo: è la riproposizione di quello che lo stesso ha detto quando era a capo della BCE il 26 luglio 2012 "the only way out of this present crisis is to have more Europe, not less Europe" (l'unica via d'uscita da questa crisi attuale è avere più Europa, non meno Europa). Precisiamo che la sua Europa è uno stato accentratore, retto da burocrati e la cosa più grave senza una costituzione votata dai parlamenti degli stati nazionali e quindi senza tutte le limitazioni al potere centrale, a cominciare dal rigore nei bilanci, che essa assicura e su cui si fonda la nostra idea occidentale di democrazia liberale. Infatti in quell'occasione aggiunse con tono sicuro "but there is another message I want to tell you. Within our mandate, the ECB is ready to do whatever it takes to preserve the euro.

Purpose: The objective of this research was to ascertain if the portion of the automotive industry that engages in non-tradable goods or export goods is the principal driving force behind the industry's expansion. The purpose of this paper is to fill the gap by focusing on the automotive industry as its principal area of investigation. Methodology: Productivity growth in the automotive industry was estimated utilizing an innovative hypothetical extraction method (HEM) for both the non-tradable goods sector and the export goods sector. Following that, the weighted multipliers approach is employed to allocate the productivity across the nontradable goods and export goods of the automotive industry. Findings: The findings indicate that the automotive industry maintains a strategy of development driven by exports. Production targeted for the domestic market is subject to significant limitations. Multinational automobile corporations tend to employ the strategy of exporting. The growth model of the automotive industry is significantly influenced by various institutional elements, including the Customs Union, taxes, and vertical integration. Originality: Although the automotive industry is an essential industry for exports, its growth model has not been comprehensively scrutinized. This study primarily focuses on investigating the growth model of the Turkish automotive industry and the institutional factors that influenced its strategic decisions.

Schumpeter's "creative destructio11" theory has revealed that capitalist innovations create a systemic internal renewal process and that the resulting innovatio11s may have social and political consequences.
For this reason, Schumpeter's theory of creative destruction provides an excellent framework for understanding the transformation process towards artificial intelligence technologies that is being experienced
today. This study examines the economic, political, and social consequences of artificial intelligence technologies based on Schumpeter's theory of creative destruction. As a result, artificial intelligence is a milestone in terms of the technological changes that humanity has faced. Innovations that replaced human labour in the Industrial Revolution have gained the ability to replace humans with artificial intelligence. For this reason, Schumpeter's theory of creative destruction is vital in understanding the consequences that artificial intelligence technologies will bring.

The Economic and Political Consequences of AI: Managing Creative Destruction presents guiding chapters that aim to illustrate and explain the radical changes facing political, economic, and social structures due to the emergence of artificial intelligence (AI). It emphasizes the importance of understanding AI's groundbreaking changes and innovations through the lens of Schumpeter's theory of creative destruction. The innovations that arise from AI will profoundly challenge existing political structures, placing significant pressure on democratic systems to adapt and evolve. In this context, AI has the potential to introduce numerous innovations and concepts in the political realm, bringing both positive and negative consequences for democracies. On the one hand, AI can enhance the transparency of political systems; on the other, it may facilitate the emergence of more authoritarian regimes, leading to the establishment of a surveillance society through technological means. Economically, we are witnessing a process of significant upheaval. Traditional jobs and business practices will substantially transform in response to AI's increasing impact on productivity, resulting in a new economic equilibrium. While this change may reveal new job opportunities, it could also lead to polarization in the employment market.
Furthermore, AI allows the personalisation of services, especially in education and healthcare, thereby improving service quality. However, this advancement brings challenges such as data privacy concerns, the potential for personal data violations, ethical dilemmas, and issues of technological discrimination. The Economic and Political Consequences of AI: Managing Creative Destruction has been compiled as a unique resource, drawing insights from academics and researchers worldwide who contribute to the exploration of these pressing questions across various chapters. The book *Economic and Political Consequences of AI: Managing Creative Destruction* highlights the significant impact of Artificial Intelligence on economies, politics, and societies. It aims to unravel the complexities of AI's transformative power through the lens of Schumpeter's theory of creative destruction, which suggests that disruption leads to innovation and challenges drive progress. The ideas and perspectives presented in this volume reflect a collective effort to examine not only the benefits of AI but also the short-term costs and uncertainties that come with this transition. By exploring the ripple effects of AI on industries, policy frameworks, and societal structures, the book offers critical insights into how we can maintain a balance between innovation and stability. The chapters compiled in this collection provide a comprehensive view of how AI-driven creative destruction can create opportunities for economic growth, political evolution, and societal advancement. However, they also emphasize the importance of implementing deliberate, inclusive, and forward-thinking strategies to ensure that the benefits of this technological revolution are distributed equitably.

In 2020 the European Commission presented its legislative package aimed to deal with new challenges for the internal market stemming from development on digital markets and alleged abuses and anticompetitive practices therein, including the Digital Markets Act (DMA). The aim of this paper is not to evaluate content of the DMA itself, but to evaluate the position of the DMA in the context of other market sector-oriented regulations , rules on unfair trade practices, competition rules as well as fitness of legal basis and observance of rule of law safeguards. As the DMA proposal departed from competition law legal basis enshrined in Art. 101 et seq. of the Treaty on the Functioning of the European Union, it paved the way for the possibility to impose sanction under both regimes. This possibility of double sanctions and necessity for check of proportionality in all actions of the Commission as well as in imposition of fines constitute one of the most relevant shortcomings from the "constitutional" point of view of position of the DMA in the EU legal framework. As it is argued in this paper, without more synchronization with competition regulatory regimes, the DMA proposal contains elements that can, at the end of the day, diminish its legal effectiveness via subsequent judicial battles.

L’Unione europea ha vissuto due gravi crisi economiche nel giro di un decennio: la crisi finanziaria globale del 2008 e la pandemia di Covid-19, che ha messo a dura prova i sistemi economici e sociali di tutti i suoi Stati membri. In entrambi i casi, la risposta principale da parte delle istituzioni europee è stata l’adozione di politiche di austerità. La crisi del 2008 ha visto l’introduzione di misure drastiche in vari paesi, con la Grecia come principale “teatro di conflitto”, e la pandemia di Covid-19 ha portato a una seconda ondata di austerità in tutta l’Eurozona. Queste politiche hanno avuto impatti devastanti sulla crescita economica e sulla coesione sociale, ma la risposta alla pandemia ha cercato di correggere alcuni degli errori passati, attraverso un piano di stimolo economico ambizioso. Tuttavia, le politiche di austerità non sono state completamente abbandonate e la sostenibilità della ripresa dipenderà dalla capacità dell’Europa di conciliare il rigore fiscale con l’investimento in crescita sostenibile e inclusiva.
L’analisi comparativa delle politiche adottate durante la crisi del 2008 e durante la risposta pandemica evidenzia significative differenze nell’approccio economico dell’Unione europea, ma anche continuità nelle sfide sociali ed economiche, in particolare per i paesi più vulnerabili come la Grecia. Il piano da 750 miliardi di euro dell’UE (NextGenerationEU) ha incluso un ampio programma di finanziamenti per la transizione verde e la digitalizzazione. La Grecia, uno dei paesi più colpiti dalla crisi globale economica del 2008 e dalle misure di austerità, ha ricevuto una porzione significativa di questi fondi, destinati principalmente alla ristrutturazione delle infrastrutture, all’implementazione di tecnologie verdi e alla modernizzazione del settore pubblico. Una parte di questi fondi, però, è stata destinata a riforme strutturali che, se da un lato hanno cercato di stimolare la crescita, dall’altro hanno continuato a sostenere il rigore fiscale e la necessità di rispettare i vincoli di bilancio imposti dai prestiti della Troika.

Discussions about a future fiscal capacity for the euro area are too often limited to a comparison of the technical advantages and disadvantages of different modalities of cross-country fiscal shock absorbers. This paper aims to broaden the debate, by connecting these discussions with debates on fiscal union and the exercise of political power in EMU. Through an analysis of past and current debates on EMU, the paper identifies five different rationales for deepening budgetary integration in a monetary union: ensuring fiscal discipline and stable sovereign debt markets, protecting euro area countries against the risk of asymmetric shocks, equipping the euro area with a capacity to stabilise the economy over the cycle, providing budgetary support for convergence and providing an appropriate fiscal backstop for the banking union. The paper discusses the relevance of these various rationales in today’s EMU and their different implications as regards to mutualising budgetary resources an...

Kazakistan son yıllarda Avrupa Birliği (AB) için önemli bir partner olarak kabul edilmektedir. Orta Asya'nın kalbinde bulunan bu devlet, maden zenginlikleri, ekonomik büyümesi, stratejik konumuyla, uluslararası yatırımcıları cezbetmektedir. Kazakistan'ın ekonomik dönüşümü, özellikle enerji sektöründeki reformları ve yabancı yatırımcıların ilgisini çekme çabalarıyla öne çıkmaktadır. Astana, enerji alanında özellikle Fransa'nın güçlü bir partneridir. Bu ilişkiler, son yıllarda  gittikçe artmaktadır.
Kazakistan, Fransa’nın ana uranyum tedarikçilerinden biridir. Fransa Cumhurbaşkanı 5 Kasım 2024 Salı günü Elysée Sarayı'nda Kazakistan Cumhurbaşkanı ile bir araya geldi. Kazakistan'ın sürdürülebilir kalkınmaya, enerji dönüşümüne ve ETS'ye (Emisyon Ticaret Sistemi) entegrasyonuna olan ilgisi, AB ile uyumunu göstermektedir. Nükleer enerji Fransa'nın ürettiği toplam elektriğin %70'ini oluşturmaktadır, bu nedenle Kazakistan ile ortaklık Fransa (AB'nin iki ana kutbundan biri) için hayati önem taşımaktadır.
Bölgedeki artan gücü, BRICS'in ülkeye olan ilgisi, doğal kaynakları ve Yeni İpek Yolu üzerindeki stratejik konumu göz önüne alındığında Kazakistan, AB için kilit bir müttefik haline gelmektedir. Buna ek olarak, AB, dış politika açısından Kazakistan ile bölgesel iş birliğini geliştirmeye büyük önem vermektedir.
Özetle, Kazakistan hem bölgesel hem de uluslararası arenada önemli bir rol oynamaktadır. Bu makale Kazakistan'ın AB için neden vazgeçilmez bir ortak olduğunu analiz etmeye çalışacaktır.
Anahtar Kelimeler: Kazakistan, Avrupa Birliği, Enerji, İş Birliği.

Abstract

Kazakhstan has been recognized as an important partner for the European Union (EU) in recent years. Located in the heart of Central Asia, this country attracts international investors with its mineral wealth, economic growth, and strategic location. Kazakhstan's economic transformation is particularly notable for its reforms in the energy sector and efforts to attract foreign investors. Astana is a strong partner for France in the energy field, and these relations have been growing in recent years.
Kazakhstan is one of France's main suppliers of uranium. On Tuesday, November 5, 2024, the President of France met with the President of Kazakhstan at the Élysée Palace. Kazakhstan's interest in sustainable development, energy transition, and integration into the Emissions Trading System (ETS) demonstrates its alignment with the EU. Nuclear energy accounts for 70% of France's total electricity production, making the partnership with Kazakhstan vital for France (one of the two main poles of the EU).
Given its growing regional power, the interest of BRICS in the country, its natural resources, and its strategic position on the New Silk Road, Kazakhstan is becoming a key ally for the EU. Additionally, the EU places great importance on developing regional cooperation with Kazakhstan in terms of foreign policy.
In summary, Kazakhstan plays a significant role both regionally and internationally. This article will attempt to analyze why Kazakhstan is an indispensable partner for the EU.
Keywords: Kazakhstan, European Union, Energy, Regional Cooperation

The study examines the effects of macroeconomic variables on Foreign Direct Investment (FDI) inflow from 1981 to 2022. Different from existing studies, this study also captures the effect of regime shift on FDI inflow to Nigeria, which enabled us to capture the role of political system in crowding-in FDI. The Autoregressive Distributed Lag (ARDL) model was adopted to show the long-run relationships and dynamic interactions between FDI and the macroeconomic variables. The estimated long-run and short-run coefficients for FDI models revealed that inflation rate and the degree of openness of the economy are significant factors inducing FDI inflow to Nigeria. The GDP growth rate and non-oil export also positively affect FDI inflows in the long run. However, they are not statistically significant. The key policy variables, exchange rate and monetary policy rate, have significant effect on FDI inflows to Nigeria. The estimated results show that exchange rate depreciation causes an increase in foreign direct investment inflows. This is in accord with the real wage channel theory which states that currency depreciation reduces the country's wages and production costs relative to those of its foreign counterparts. The study recommended that exchange rate stability is very crucial for attracting FDI flows to Nigeria; Government should reduce the monetary policy rate which is presently considered too high and adversely impinging on FDI inflows; while intensifying the war against corruption in all forms and at all levels.

This article examines the current state of public debt across various blocs within the European Union (EU), particularly in light of the recent reform to the Stability Pact, enacted in April 2024. This reform strengthens the EU's capacity to enforce fiscal compliance among member states, aiming to harmonize public accounts and prevent a repeat of past sovereign debt crises. However, a single narrative on EU debt is inadequate given the distinct fiscal approaches among Northern, Southern, and Eastern European countries. The Northern bloc, including Germany and Sweden, is characterized by prudent fiscal management and robust institutional frameworks. Conversely, the Southern bloc, encompassing Greece, Italy, and France, struggles with high debt levels, often linked to expansive fiscal policies and structural economic challenges. The Eastern bloc, comprising emerging economies like Poland and Hungary, displays varied debt profiles reflective of post-communist economic reforms. This study categorizes EU countries into these three blocs, examining their distinct debt structures, fiscal policies, and economic foundations. Utilizing data on public debt, deficit levels, and foreign exchange reserves, it highlights the structural differences between these regions. Northern economies typically exhibit strong industrial sectors and positive trade balances, while Southern economies rely more on services and tourism, making them vulnerable to economic fluctuations. The Eastern bloc, meanwhile, occupies an intermediate position, with some countries showing competitive growth and others grappling with economic fragility. The analysis further explores the role of redistribution policies in debt accumulation, using per capita public spending data. Findings suggest that while redistribution contributes to public debt, high spending does not consistently correlate with elevated debt levels. Northern bloc countries, for instance, manage to sustain high public expenditures with relatively moderate debt increases, contrasting with the Southern bloc's reliance on debt to support similar policies. Ultimately, this article underscores the need for nuanced fiscal strategies tailored to the unique economic profiles within the EU, promoting fiscal stability while accommodating the diverse needs of its member states.

In 2022, PT PLN (Persero) holding was established as part of a strategic initiative led by the Minister of State-Owned Enterprises (SOEs) to streamline core businesses within SOEs. This involved the creation of four subholdings: PLN Indonesia Power, PLN Nusantara Power, PLN Energi Primer Indonesia, and PLN Icon Plus. PLN Energi Primer Indonesia (EPI) specializes in providing primary energy and biomass and innovating during the energy transition. However, two subsidiaries, PT Artha Daya Coalindo and PT Pertadaya Gas, are not yet integrated into the PLN Group. To address this, PT PLN (Persero) has tasked PT PLN Energi Primer Indonesia with conducting an alignment study. In parallel, the present study aims to evaluate whether the proposed strategy contributes to Economic Value Added (EVA) within the PLN Group. It employs analytical techniques such as core competency analysis, financial analysis, and heartland matrices. The findings suggest that a strong core competency analysis and stable financial ratios position the company favorably within the heartland matrix, resulting in positive EVA values. Conversely, weak core competency analysis and unstable financial ratios lead to the opposite outcome. In conclusion, the alignment efforts led by PLN EPI should prioritize future business and income generation to strengthen core competency analysis and maintain strong financial ratios, thus ensuring the generation of robust EVA values.

The study in question is aimed at examining the use of AI in evaluation processes in startups. The research seeks to address the issues surrounding the use of AI in startup evaluation. The introduction presents some background information concerning AI use in evaluation processes in a newly created organization. A literature review presents more information as proof of the strengths and weaknesses of AI use in evaluating a startup. A clear presentation of the SWOT analysis of the use of AI in evaluating startup organizations. The findings paint a clearer picture of what startup organizations should expect when implementing the use of AI to evaluate themselves. A discussion of the findings is presented in the research to ensure that people understand the issues surrounding the use of AI in evaluating startups and that they know the strengths and weaknesses of using AI in such processes. A brief conclusion summarizes what has been discussed in the study.

The paper presents a comparative analysis of determinants of child labor in urban and rural areas. A simple theoretical model (Probit) of household's decision about child's time allocation is used. From the econometric data sets of urban and rural areas of two districts of Pakistan, evidence is provided suggesting that urban and rural children have different determinants of child labor reflecting their different socio-economic background, e.g. education of head of household (as a continuous as well as binary variable) impacts the child schooling positively but the effect of continuous variable is much stronger for urban households, employment status of head of household impacts the child schooling positively in urban areas but negatively in rural areas. Mother's employment is complement to child schooling in urban areas but substitute in rural areas. It negatively impacts the child labor in urban but positively in rural areas. Poverty affects the child schooling three times more strongly in rural households than urban ones. Gender discrimination is schooling participation is higher in rural households but in labor force participation of children, it is higher in urban households. Part-time labor force participation of children increases by incremental change in age in urban households but it decreases in rural households. A few number of determinants are same for both groups of children. For policy implication different sets of policies are required for urban and rural areas to enhance child welfare.

HAL is a multidisciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers. L'archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d'enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

For the industrialization efforts to be fruitful and sustainable, they should be coupled with Green Manufacturing (GM) which simply implies clean manufacturing. This study analyses the drivers and barriers to GM in Tanzania. It specifically analyses the drivers and barriers to GM and ranks them for prioritisation. The study made the use of cross-sectional primary data which were collected using interviewer administered questionnaires from a random sample of 185 manufacturing firms in two purposively selected regions of Dodoma and Mwanza in Tanzania. In the analysis, the Binary Logistic regression was used to estimate the drivers and barriers to GM using the STATA software. The results showed that some of the significant drivers to green manufacturing include; firm size, firms resources, current legislation, incentives, and public pressure, The significant barriers included high short term costs, low customer demand, technological risk, lack of awareness and unclear benefits. It was also found that the highest ranked driver to GM was the firm size and the highest ranked barrier to GM was the short term costs. The study finally recommends that the relevant authorities should prioritize on the significant drivers and barriers to GM so that the move towards industrialisation in Tanzania can be more fruitful and sustainable.

La recente crisi dell’eurozona, insieme all’annunciata riforma del franco della Comunita Finanziaria Africana e ai progetti di costituzione di nuove aree valutarie in diversi continenti, ha riportato il tema delle unioni monetarie in primo piano nel dibattito economico. La presente introduzione intende mostrare come i contributi contenuti in questo numero speciale arricchiscano tale dibattito.  The recent eurozone crisis, together with the announced reform of the African Financial Community franc and plans to establish new currency areas in different continents, brought the issue of monetary unions back to the fore in the economic debate. The present introduction aims at showing how the contributions contained in this special issue can consistently enrich this debate. JEL codes : E42, F33, F45

Poverty remains the most pressing socio-economic issue among all states in Sudan. Poverty is a multi–faceted phenomenon. This paper is set to investigate the persistence of multidimensional poverty among households of Gezira state, following the approach proposed by Alkire-Santos model made up of 10 components has been built and used as a means of analyzing the data, The education and health dimensions are based on two indicators while the standard of living dimension is based on six indicators. The research relies on primary data aided by structured questionnaire compiled by Central Bureau of Statistics staff, field work cover three localities, where around 57% of the households in the state live in these localities. A total of 756 households randomly selected make up for data source upon which the research rests, the analysis of poverty decomposed by urban and rural location. The results indicated that 15.89% of the population under the study area are experience a multidimensional...

How the world gets rich People got rich and will get richer because we changed the way we think, write, and speak about entrepreneurs and entrepreneurship. A Great Revaluation of entrepreneurial undertakings and innovation, tested by market exchange, led to a Great Enrichment. Its roots were in Holland, the first large bourgeois society in Europe, but it really got started among the 1 This essay is drawn from an ongoing collaborative project between Art Carden and Deidre McCloskey based on McCloskey's three volumes The Bourgeois Virtues (2006), Bourgeois Dignity (2010), and Bourgeois Equality (2016). In particular, the essay is drawn specifically from Carden's remarks to students and faculty members at various colleges and universities, and conferences and seminars sponsored by the Independent Institute, the Foundation for Economic Education, Istituto Ordem Livre, and the Institute for Humane Studies. Some parts of the essay are adapted directly from McCloskey (2006, 2010, 2016).

Interdisciplinarna i transdisciplinarna analiza pravnih aspekata Lisabonske strategije, kao ekonomske metastrategije EU-a, nije do sada bila predmetom bavljenja hrvatske pravne znanosti. Navedena tvrdnja se, naravno, odnosi i na nasljednicu Lisabonske agende, novu strategiju Europa 2020. Takvo stanje je i razumljivo s obzirom na primarno ekonomsko značenje dviju metastrategija. U ovom radu autor se odlučio razraditi pravne aspekte Lisabonske strategije i strategije Europa 2020. sa stajališta uloge i pravne prirode pojma soft law odnosno mekog prava općenito te uloge i pravne prirode mekog prava unutar političkog i pravnog sustava EU-a posebice. Stoga je ovo prvi akademski članak u hrvatskoj pravnoj znanosti koji se u većoj mjeri bavi općim pravnim pitanjima glede pravne prirode i uloge mekog prava. Dio rada autor je posvetio i razradi učinaka Lisabonske strategije na zemlje koje imaju status kandidata za punopravno članstvo u EU-u.

For the euro area to gradually evolve towards a genuine Economic and Monetary Union, it will need to shift from a system of rules and guidelines for national economic policy-making to a system of further sovereignty sharing within common institutions, most of which already exist and can progressively fulfil this task. In practice, this would require Member States to accept increasingly joint decision-making on elements of their respective national budgets and economic policies." Report of the Five Presidents 4.1. The imbalances question The last year Report of the Five Presidents highlighted the necessity of progress in the EU in four directions: achieving "a genuine Economic Union, (…) a Financial Union, (…) a Fiscal Union, (and) a Political Union". The associated roadmap for completing the EMU includes a greater focus on employment, a better implementation of the Macroeconomic Imbalance Procedure, a better assessment of fiscal stance and fiscal sustainability, the completion of the Banking Union and the launch of a Capital Markets Union. They thus pointed to a very large set of ambitions which renewed the debate about the consistency of existing 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal and competitiveness issues. This roadmap raises an important question: is it possible within the given institutional setting to close the unemployment gap (the difference between actual and natural rates of unemployment), that is to say increase the "well-being of the peoples" (Art. 3 TEU) in a sustainable way, achieve public finance sustainability, reduce macro imbalances, and ensure the liquidity and solvency of financial institutions and other objectives at the same moment?

The last year Report of the Five Presidents highlighted the necessity of progress in the EU in four directions: achieving “a genuine Economic Union, (…) a Financial Union, (…) a Fiscal Union, (and) a Political Union”. The associated roadmap for completing the EMU includes a greater focus on employment, a better implementation of the Macroeconomic Imbalance Procedure, a better assessment of fiscal stance and fiscal sustainability, the completion of the Banking Union and the launch of a Capital Markets Union. They thus pointed to a very large set of ambitions which renewed the debate about the consistency of existing 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal and competitiveness issues. This roadmap raises an important question: is it possible within the given institutional setting to close the unemployment gap (the difference between actual and natural rates of unemployment), that is to say increase the “well-being of the peoples” (Art. 3 TEU) in a sustain...

Previous chapters have addressed the need for a a different policy mix in Europe, with a greater emphasis on fiscal policy and for policies to address imbalances within, in particular, the Euro Area. There is a third economic policy area in which reform is under way, but in Europe needs to intensify its efforts and make careful, evidence-based choices: finance. The specific features and dysfunctionalities of economic governance in Europe have exacerbated the crisis but this, it should not be forgotten, was originally triggered by problems in the financial sector. Since then national governments, not only in Europe but across the world, have been struggling to establish a sensible regulatory framework for the financial sector, one that permits, even promotes, low-cost lending for real investment and maintains an efficient payments system, while avoiding the pathologies that have caused instability and rising inequalities. Because of the transnational nature of the financial sector, t...

The study empirically test the Miller & Modigliani (1958, 1961) irrelevance and relevance theory of capital structure in Nigeria. Thus, 16 manufacturing firms listed on the Nigerian Stock Market for the period 2010 to 2020 were tested. Three capital structure variables such as short-term debt to equity ratio, long-term debt to equity ratio and total debt-to-equity ratio (independent variables) were regressed against firm value (dependent variable). The fully modified ordinary least squares (FMOLS) was employed in the analysis of the data, and the empirical results obtained from the two models indicate that the M & M irrelevance and relevance theory does not hold in the Nigerian manufacturing firms within the investigating period. The study recommends that manufacturing firms in Nigeria should begin to focus attention on other factors outside capital structure that could possibly influence the value and performance of the firm. Some of the likely factors could be dividend policy and ...

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Innovations are vital for economic development. Schumpeter, the famous economic theorist who drew attention to the innovation activities, was the first to reveal that capitalism has a structure that realizes development through innovations. Along with the 2000s, the European Union adopted a Schumpeterian approach and launched the Lisbon Strategy, however, this strategy has not been successful for various reasons. In this context, the Schumpeterian theory of "creative destruction" is well suited for evaluating innovation activities in the European Union. The main purpose of the study is to analyze the innovation activities in the European Union through research and development expenditures, business research and development expenditures, and the numbers of patent applications in the context of the theory of "creative destruction" put forward by Schumpeter. In this context, it was tried to reveal the Schumpeterian innovation capacity of the European Union between 2008 and 2018 in line with the data obtained from Eurostat. As a result of the study, it was concluded that innovation activities in the European Union could not fully realize the creative destruction effect and that there is a serious texture incompatibility in terms of economic structures within the EU member countries.

Innovations are vital for economic development. Schumpeter, the famous economic theorist who drew attention to the innovation activities, was the first to reveal that capitalism has a structure that realizes development through innovations. Along with the 2000s, the European Union adopted a Schumpeterian approach and launched the Lisbon Strategy, however, this strategy has not been successful for various reasons. In this context, the Schumpeterian theory of "creative destruction" is well suited for evaluating innovation activities in the European Union. The main purpose of the study is to analyze the innovation activities in the European Union through research and development expenditures, business research and development expenditures, and the numbers of patent applications in the context of the theory of "creative destruction" put forward by Schumpeter. In this context, it was tried to reveal the Schumpeterian innovation capacity of the European Union between 2008 and 2018 in line with the data obtained from Eurostat. As a result of the study, it was concluded that innovation activities in the European Union could not fully realize the creative destruction effect and that there is a serious texture incompatibility in terms of economic structures within the EU member countries.

Globalization, technological change, and migration form three major challenges for European welfare states in the 21st century. These challenges are regarded as important sources of inequality on the labour market. Whereas the existing literature has mainly been focused on the sectors and occupations affected by globalization and technological change, the authors of this chapter argue that, via job polarization, these phenomena also affect the type of contract that workers have. They hypothesize that increased competition for low-paying jobs is associated with labour market flexibilization. Another major trend that they analyse is the free movement of labour. New data illustrate that labour migration from Central and Eastern European countries to Western European countries has grown slowly but substantially following recent enlargements of the Union. It has been considered a challenge for welfare states as it might contribute to feelings of economic insecurity and might erode solida...

L'obbiettivo della ricerca e l'analisi del riassetto istituzionale dovuto alla crisi economica. Il progetto di ricerca parte da un’analisi della formazione della moneta unica e dell’Unione economica e monetaria, per proseguire attraverso l’analisi dello stato di avanzamento delle politiche economiche e monetarie mediante la ridefinizione degli assetti giuridici ed istituzionali, come diretta conseguenza della crisi economica. Si prende infine in considerazione l’accelerazione di alcuni processi d’integrazione che hanno messo in discussione il ruolo di alcune Istituzioni partendo dalla natura stessa del metodo comunitario e del processo di legittimita democratica alla base del consolidamento e dello sviluppo dell’Unione economica e monetaria. Fino ad arrivare allo statuto speciale ottenuto dal Regno Unito che mette in discussione l'assetto stesso del progetto europeo, decretando un Europa a piu velocita, frutto di una specifica visione di un Europa regolatori.

We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy are analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget constraint featuring a single central bank and multiple fiscal authorities. In response to a conventional easing of the policy rate, the cumulated response of the fiscal deficit is positive. Conversely, in response to an unconventional easing affecting the long end of the yield curve, the primary fiscal position barely moves. This is consistent with the long-run effect of unconventional monetary easing on the price index, which is about half that of conventional easing. The aggregate long-run cumulated surplus is mainly driven by Germany's fiscal policy during the period in which unconventional monetary policy was adopted.

The constitutionalisation of the European Union (EU) is necessarily a contested process. The final approval of the Lisbon Treaty will not resolve the division on the finalité of the union between those member states that interpret the EU as a political project and those that view the EU as an economic organization. This division is an outcome of the material and (especially) cultural asymmetries within the EU, asymmetry increased by the various enlargements. This is also the experience of the other main (democratic) union of states, the United States (US). However, whereas the contested process of constitutionalisation in the US was based, at least since the Civil War, on a common constitutional framework and it has been ordered by a super-majority procedure for settling disputes, the EU lacks a document that embodies a shared language and a procedure that is able to solve the disputes. Here is the puzzle: the EU needs a constitutional treaty for regulating its disputes, but the div...

Article deals with the conflict of interest occurring in the process of public procurement. Conflict of interest is a negative phenomenon, which is generally forbidden. Contracting authorities are obliged to adopt adequate measures to prevent and remedy conflict of interest. If they fail to fulfil this obligation, consequences may appear in the form of cancellation of the procurement process, or even in the form of claim for damages caused by maladministration. Author compares European Union´s and Slovak approach to this topic with regard to recent case law of the courts of the European Union.

The study in question is aimed at examining the use of AI in evaluation processes in startups. The research seeks to address the issues surrounding the use of AI in startup evaluation. The introduction presets some background information concerning AI use in evaluation processes in a newly created organization. A literature review presents more information as proof of the strengths and weaknesses of AI use in evaluating a startup. A clear presentation of the SWOT analysis of the use of AI in evaluating startup organizations. The findings paint a clearer picture of what startup organizations should expect when implementing the use of AI to evaluate themselves. A discussion of the findings is presented in the research to ensure that people understand the issues surrounding the use of AI in evaluating startups, and that they know the strengths and weaknesses of using AI in such processes. The research design adopted in the study is a descriptive research design. It is ideal for the current research because more information about the subject matter is needed to provide an in-depth understanding. In addition, a mixed-research method is what the study adopted. It constitutes the use of qualitative and quantitative data. A brief conclusion summarizes what has been discussed in the study.

This study investigates whether oil price changes have asymmetric pass-through effects on inflation using Brazilian quarterly data from the first quarter of 2000Q1 through 2021Q4. It applies a nonlinear Autoregressive Distributed Lag (NARDL) model that can simultaneously decompose the price of oil into its partial sum of positive and negative components to account for both the short-run and long-run asymmetric behaviour of inflation. The empirical findings reveal that the pass-through of the oil price to inflation from the short to the long term has a nonlinear or asymmetric effect. It concludes that the monetary authority should consider the asymmetric effects of the inflation-oil price nexus.

The aim of this paper is to assess preferences with respect to fiscal federalism in EU member-states. In particular, we address the question of whether each EU country would-if the decision were taken by "majority voting"-or should-if the decision were taken by a social planner-favour centralisation or decentralisation of mutual risk insurance. Our analysis implicitly assumes that each EU median voter or each EU social planner takes the composition of the fiscal federation as given, leaving aside the issue of how many and which countries take part in the optimal EU fiscal federation. With majority voting, the median voter "individual" and the median voter "region" in each EU country are decisive. In this situation, the national (federal) government level for redistribution is preferred if the national ratio between median income and mean income is lower (higher) than the EU ratio. In contrast, were the decision taken by the social planner, the choice in favour of centralisation (decentralisation) would be derived from the maximisation of a social welfare function. In terms of European regions, the index of "jurisdictional distance" indicates that social welfare is maximised by (de)centralised redistribution whenever intra-national income dispersion is greater (smaller) than international income dispersion. The results show that, for the large majority of EU member-states, when one of the two decision-makers prefers centralisation (decentralisation), the other has the opposite preference; moreover, the chosen government level is in most cases the same for interpersonal redistribution and inter-jurisdictional redistribution: what is good for the individual is also good for the nation.

This paper uses regional variation to study the propagation of oil price shocks from vector autoregressions. Using data from the lower 48 states, we find strong and distinct asymmetrical patterns in the impulse responses of personal income and housing prices from an oil price shock. Specifically, impulse responses are amplified or dampened depending on the size distributions of banks and firms within a state. More importantly, the small bank and small firm size effects normally associated with the propagation of monetary policy shocks, are shown to propagate oil price shocks. Overall, our results are indicative of multiple transmission channels.

This paper aims to show the importance of a correct understanding of formally undefined EU labour law norms for the successful European integration of Ukraine. The analysis focuses on legal acts of the European Union. The drawbacks of the inequality of approaches to determining the content of norms with evaluative concepts are highlighted, as is the need to use doctrinal recommendations for the application of evaluative provisions with the purpose of preventing the misconception that evaluative concepts can be interpreted as, and to whom, it pleases. This article thus demonstrates the necessity of the analysis of the case-law of the Court of Justice of the EU, which is rich in the interpretation of evaluative concepts and is considered to help clarify the meaning of many terms of labour law, which, due to their undefined formulation, may cause difficulties in implementing them in the legal system of Ukraine.

European Journal of Economics, Finance and Administrative Sciences ISSN 1450-2275 Issue 12 (2008) © EuroJournals, Inc. 2008 http://www.eurojournalsn.com ... Comprehensive Income and Net Income as Measures of Firm ... Mohsen Dastgir Accounting Dept. Shahid ...

The 315 billion Investment Plan for Europe proposed by European Commission President Juncker represents a good point of departure from the usual and exclusive focus on fiscal containment and public debt reduction. However, its almost exclusive focus on physical infrastructure spending and investment in male-dominated industries will further undermine progress towards gender equality, in terms of pay and conditions as well as employment opportunities for women.

After a brief introduction dealing with critical opinions of some economists on the European austerity policy, the authors point out that austerity as a means of achieving fiscal consolidation and financial stability is applied when the fiscal domain is weak. After analyzing the effects of the 2009 crisis on some indicators and austerity measures taken by almost all EU countries, the study presents the content and the role of the EU fiscal compact and methodology used to support the fiscal consolidation measures. Most of the study consists in the analysis of the outcome of this methodology (through indicators, key-equations, graphs) revealing the relationships between indicators: effective GDP and potential GDP, production variation, effective, cyclical and structural deficits as well as the deficit in the balance of payments. The paper reveals some shortcomings of the new mechanism which affect the development of some major segments of the real economy, such as public investments, ...

This article explores a gendered expansionary macroeconomic scenario for Europe as an alternative to the current austerity policies over the medium term. Using a non-equilibrium structuralist macroeconometric model we demonstrate that the dual aim of economic growth and increases in both male and female employment can be achieved via the adoption of gender-sensitive expansionary macroeconomic policies. We compare and contrast three scenarios for Europe: continued austerity, gender-neutral expansionary scenario and gendered expansionary scenario. Projections for our gendered expansionary scenario suggest that an additional 7.4 million jobs for women could by created in the Eurozone and the United Kingdom by reversing austerity policies, by gendering and increasing government expenditure and private investment. Further, higher growth rates under the gendered expansionary scenario lead to significant reductions of debt-to-GDP ratios and lower budget deficits. The main recommendation is for Europe to roll back austerity policies and to embark on a new gender-focused economic trajectory.

Railways are a key infrastructure for any modern country. The reliability and resilience of this peculiar transportation system may be challenged by different shocks such as disruptions, strikes and adverse weather conditions. These events compromise the correct functioning of the system and trigger the spreading of delays into the railway network on a daily basis. Despite their importance, a general theoretical understanding of the underlying causes of these disruptions is still lacking. In this work, we analyse the Italian and German railway networks by leveraging on the train schedules and actual delay data retrieved during the year 2015. We use these data to infer simple statistical laws ruling the emergence of localized delays in different areas of the network and we model the spreading of these delays throughout the network by exploiting a framework inspired by epidemic spreading models. Our model offers a fast and easy tool for the preliminary assessment of the effectiveness of traffic handling policies, and of the railway network criticalities.

In 2008 the Ministry of Development, Public Works and Housing (now the Ministry of Regional Development and Public Administration) prepared the growth poles policy for Romania, establishing seven growth poles to be financed through the Regional Operational Programme 2007-1013, under the Priority Axis no. 1. For 2007-2013 there were also established 11 urban development poles. At present the Ministry is discussing with the European Commission the new Regional Operational Programme 2014-2020 in which the main policy lines regarding integrated territorial development also take into consideration the improvement of the quality of life and the “appearance” of towns and strengthening their role in the region. The main urban agglomerations (county seats) are seen as development engines of the regions. The authors analyze the results obtained and the problems that appeared at regional level in what concerns the projects financed under Axis 1 of the ROP 2007-2013 by answering two main questi...

In the present work we propose an original analytical model of coopetitive game. We shall try to apply this analytical model of coopetition-based on normal form game theory and conceived at a macro level-to the Greek crisis, suggesting feasible solutions in a super-cooperative perspective for the divergent interests which drive the economic policies in the euro area.

Regional economic development has been long conceptualised as a non-linear, interactive and socially embedded process: these features were traditionally regarded as spatially mediated and highly localised. However, unprecedentedly fast technological change coupled with the intensification of global economic integration processes has spurred the need to place regional development in a truly open and interdependent framework. Despite substantial progress made by the academic literature, rethinking regional development in this perspective still presents a number of challenges in terms of concepts, empirical evidence and policy approaches. Following an interdisciplinary assessment of how openness and connectivityproxied by one particular of the many cross-border flows, i.e. global investments-interact with regional economic development trajectories, this paper presents a picture of the geography of foreign investments from and to the European regions and its change after the financial and economic crisis in 2008. This simple exercise allows us to shed some initial light on how the operationalisation of regional connectivity can improve our empirical understanding of the evolution of regional economies and the policy approach needed to support their reaction to change.