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Daniel Nikolaev
THE IMPACT OF COMMERCIAL BANKS ON CONVERGENCE IN THE EUROPEAN UNION
Summary:
The paper traces the impact of the international, systematically important banks on the state and phenomena observed in the European Union. It comes to the conclusion that international commercial banks further strengthen the convergence in the banking systems of the member states. In the process of disclosure of these relationships, the macroeconomic factors in the European Union have also been analyzed affecting the returns from the main activity of banking institutions aggregated across member states. By sequential use of the regression model and optimization, values representing the local specificities of the individual member-state towards the Union have been reached. Links have been found that suggest a time lag in the effects observed since the crisis in 2008. Both the international banks and the stock market status in the individual member states indicate that international systematically important banks function as a conductor of extreme cross-border phenomena.
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Daniela Ilieva, Dragomir Iliev
THE IMPACT OF CULTURAL HETEROGENEITY ON THE EUROPEAN INTEGRATION PROCESS
Summary:
After sixty years of integration, the idea of a united Europe has been put to the test. The purpose of this article is to put to discussion the degree of integration achievable between the member states. European Union integration which has been achieved so far is evaluated in the light of the three schools for regional integration: neoliberal models, the dirigiste school and structuralism. A new division of integration forms is proposed: technical and substantial integration. Technical integration is exogenous in nature and refers to the objects of integration, while substantial integration is endogenous and refers to the subjects of integration. The article focuses on cultural differences in the EU as a factor underlying substantial integration.
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Stoycho Dulevski
DIGITAL PERMANENT ESTABLISHMENT
Summary:
The permanent establishment (PE) has always been of interest in the field of international taxes in the taxation of profits of foreign enterprises in the source state. Over the years, the PE concept has undergone a number of changes. Their manifestation is reflected both from theoretical and practical perspective in connection with the variety of cases on this matter. Over the last years, the idea of digital PE has been subject of discussion both at worldwide and at European level. The current study analyzes the possibility of its introduction through the double tax treaties (DTTs) and the European Union law (EU law). In this regard, the measures undertaken in the legislation of different states are also examined
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Velichka Nikolova
DEBT SUSTAINABILITY OF EU MEMBER STATES: A CLUSTER ANALYSIS
Summary:
The aim of this article is to perform a cluster analysis of the EU member states in terms of their public debt sustainability. To this end, the existing theoretical constructs related to the concept of debt sustainability were reviewed in to determine the advantages and disadvantages of certain indicators for assessing debt sustainability. In the course of the research, the methodological grounds of the analysis were defined and the countries were grouped into four clusters.
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Dimcho Ivelinov Shopov
ANALYSING AND FORECASTING THE DEBT BURDEN OF THE EU COUNTRIES: IS THERE A NEW EUROPEAN DEBT CRISIS ON THE HORIZON?
Summary:
The debt crisis which afflicted Europe highlights the weaknesses and instability of the EU member states' financial systems, as well as the inability of their national economies to maintain normal levels of indebtedness. The deteriorating economic environment requires changes in the fiscal policies across Europe. These changes are effected using new financial instruments to raise the necessary funds for implementation of economic reforms in the EU member states. The aim of this study is to analyse the current levels of sovereign debt across the European Union and to forecast their development in the future using specialized econometric software. The results may be used to identify possible future economic shocks in Europe.
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Nikolay Andreev
An Integrated Approach in the Study of the Evolution
of the Stabilisation Policy of the European Union
Summary:
Studying the evolution of European Union's stabilisation policy is a difficult task that requires certain focusing. In a broad sense, stabilisation policy can be defined as a set of measures taken by the government and implemented by certain bodies and mechanisms to overcome problems of the economy or to restore its equilibrium. Of course, processes ongoing at global, regional, and national levels in the economic system should also be taken into account in determining the instruments of the stabilisation policy. For the European Union in particular, the stabilisation instruments in its development are expressed in changes both in the strategic and in the structural and the institutional aspects and the evolution of the stabilisation policy can be characterized as distinct periods of development.
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Kalina L. Durova
Cohesion Policy of the European Union: Evolution, Challenges
and Prospects
Summary:
The article analyzes the historical development of the Cohesion (Regional) Policy of the European Union and outlines the main challenges and perspectives facing it. Recommendations are formulated for its improvement in the future.
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Dimitar M. Ivanov
MACROECONOMIC CHALLENGES AND RISKS POSED BY THE GLOBAL CORONAVIRUS CRISIS
Summary:
The article presents an analysis of the current global eco¬nomic crisis caused by the coronavirus pandemic in 2020. The author’s objecttives were to define and discuss the characteristics of the current crisis and its external causes as well as the macroeconomic, financial, institutional and social imbalances in the period after the global financial crisis of 2008 that led to its outbreak. Using this analysis, the author is identifying some longer-term macroeconomic challenges and risks that would deepen and prolong the current crisis as on a global scale as well as in the economies of Europe and Bulgaria. The main thesis to which the author adheres is that although the contemporary crises that occurred in 1929, during the 70s, and in 2008 had typical common characteristics and provided us with valuable lessons to be learnt, each of those crises had its own character and features. Based on this thesis, the article draws attention to the essential critical problems of the global economy in addition to those caused by the coronavirus shock.
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Atanas Vladikov
The EU Labour Market (as Viewed through the Prism of Elasticities)
Summary:
This paper discusses both theoretical paradigms and applications of labour market elasticities within the European Union of 28 member states. The paper is based onto a recent research (2014-2016), conducted by the author upon the effects on the EU-28 labour market, based on general models, explaining behaviour of elasticities of labour supply-demand sets of equilibriums. The paper employs the doctrine of employment-at-will, and therefore, the main theoretical framework for reasoning and explaining the effects on the EU labour market is an adapted Nash Bargaining Equilibrium on the labour market. Based on voluntary searching and matching of interests of employers and employees, the labour market is analyzed through the set of labour elasticities on micro- and macro-levels of the EU economy.
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Yordan Neykov
Issues Facing the European Union – a SWOT Analysis
Summary:
The new realities facing the European Union at the beginning of the XXI century placed it in an unpredictable situation of crisis, geopolitical conflict and overindebtedness. These conditions slowed the pace of development and led in fact to the economic slowdown in the European Union - with modest GDP growth in 2013 and low inflation. The European Union has been facing a number of internal difficulties and many threats from the external environment. For this reason there is a need for analysis that takes into account both the internal state of the European Union and the external environment which was characterised by high complexity and dynamics in the period 2008 - 2014.
