Economic Governance: The Impact of the European Union on the Regulation of Fiscal and Monetary Policy in Central European Countries
Abstract
Today's economic problems clearly demonstrate the importance of economic governance in the European Union, which must respond to social and economic events in a relevant and timely manner. In addition to financial sovereignty, international expectations and EU standards must also be met. The resource requirements arising in the EU budget cycle would increase the common budget, but this is only possible if additional resources are withdrawn from Member States' budgets, which affects the autonomy of Member States' budgetary management. In addition to the common monetary policy and the introduction of the euro, the regulation of non-participating Member States also raises relevant issues.
The aim of this book is to present and analyze the conflicts arising from European Union and Member State regulations. The coordination of EU and Member State regulations is particularly important, as there are issues that can only be addressed at the integration level, and Member States are not always able to respond to them on their own, but these individual regulatory solutions can also serve as guidelines for other Member States or the EU. Member States retain their budgetary independence and responsibility, but at the same time they must comply with European Union criteria. All these issues highlight the relevance of this book.
In addition to EU central regulation, the research focuses on individual Central European countries. The book aims to provide a comprehensive overview of economic governance, analyzing current regulatory issues. The book is divided into two main parts, fiscal policy and monetary policy, which present the regulatory problems of the EU and individual member states. This is such a broad area of regulation that the research only highlights the most significant areas. The section on fiscal policy consists of three subsections: public finances, state aid, and taxation. The second major part of the research deals with monetary policy, presenting both the monetary policy and institutions of the EU and individual member states.
Chapters
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Foreword
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EU Law on Public Finance Rules
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Croatia: EU-Driven Reforms as a Wind of Change in the Public Finance Legal Framework
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Czech Republic: Limited Constitutional Fiscal Policy and Public Finance Regulation
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Hungary: Regulation of Sustainable Fiscal Policy in Hungary
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Poland: Public Finances Even More Complicated
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Romania: National Identity and EU’s Common Values. Vision, Reality, Expectation
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Serbia: Public Finance – Toward the Efficient Management of the Country’s Revenues
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Slovakia: Neverending Story About Fiscal Responsibility
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Slovenia: Fiscal Sovereignty in the Frame of European Semester
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EU Law Chapter on EU State Aid Rules – The Bumpy Ride From ‘Subsidy Control’ to ‘Subsidy Governance’
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Croatia: The Long and Winding Road Towards Compliance With the EU State Aid Law
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Czech Republic: Role and Importance of State Aid and Subsidies
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Hungary: Doomed to Victory
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Poland: State Aid in the Shadow of Retail Sales Tax
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Romania: State Aid Law in Romania
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Serbia: An Ongoing Harmonisation of State Aid Rules
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Slovakia: Conflict With EU Law (?), Multiple Crises and a Recovery and Resilience Plan
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Slovenia: The Subsidy Policy Embedded in the Legal Environment of the EU – The Case of Slovenia
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The Relevance of Primary EU Law on Direct Tax Matters: Lessons From Transfer Pricing Cases
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Croatia: Global and European Influence on Procedural Tax Provisions
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Czech Republic: Independent Tax Policy as a Part of Czech Fiscal Policy
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Hungary: Tax Competition Á La Hungary: Tax the Turnover and Relinquish the Income
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Poland: Tax Law and Policy in Poland – Bold and Expected Changes
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Romania: The Relationship Between Tax Legislation, Tax Competition, and Sovereignty
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Serbia: Tax Policy as Part of National Economic Governance
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Slovakia: Taxation Policy in the Light of EU Tax Policy
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Slovenia: Challenges of Sovereignty, Lukewarm Implementation of EU Taxation Rules
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The ‘Almost Completed House’: An Introduction to the Economic and Monetary Union
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Croatia: The Experiences of Other Countries as a Guide to the Euro Area Accession Process
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Czech Republic: Czech National Bank’s Role in the Monetary Policy
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Hungary: No Euro Until ‘Maastricht 2.0 Criteria’ Are Met
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Poland: Monetary Policy Still Outside the Eurozone
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Romania: Social Acceptance, Unmet Criteria
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Serbia: Challenges for Monetary Policy During the Transition Period
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Slovakia: The Path From Monetary Sovereign to Common European Rules
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Slovenia: Slovenia’s Monetary Policy and Experience in the Euro Area
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Reflections on Economic Governance in the Central European Countries
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