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• The Comparative Analysis of the Cultural Financing Models of France and Hungary

  50-67

  Akos Toth

  Views:

  148

  Both France and Hungary use the so called coordinated cultural financing model, in which the active role of the state is decisive. However, instead of producing a similar model, the level of the cultural sector value added to GDP in the two countries is different. The article’s aim is to answer this puzzle. The focus is on the role of institutions and state subsidy. The analysis tries to understand whether direct state subsidy plays a decisive role in the economic performance of the cultural sector. The analysis also shows whether the harmony of formal and informal institutions have a positive effect on the economic growth of the cultural sector. The assumption is that the size of direct government subsidy cannot increase economic growth. If the formal and informal institutions are in harmony, and if there is a long-run cultural policy strategy in a country, the cultural sector value added to GDP is higher.

  Journal of Economic Literature (JEL) classifications: Z10, Z11

• The role of France in the economy of the EU

  207-224

  Mariann Eszter Kovacs

  Views:

  100

  The author examines the decisive role of France within the EU. After a preliminary examination of the principles of European integration and its historical development, the article analyses the netwrok of connections existing between the EU and the French economy, as well as the period of growth and retrenchment in its development. The main theme of the article is the debate over the stability and growth pact and the circumstances and consequences of the failure to comply with the pact's rules caused by the France's long-lasting budget. This failure calls into question, and in the long term may be fatal for the future of European integration and for the direction of a common supra-national economic policy and the national responses it requires. The common European currency, and the stability and future of the Euro are also affected, since this failure can influence the co-operative efforts of the various elements of the European Union in an unprecedented way. It also affects the relationships bewteen the smaller and larger countries, and the economic opportunities of all member states.

• Critisism of insolvency rules

  111-138

  Tamas Prugberger

  Csilla Csak

  Geza Karolyi

  Emese Toro

  Zoltan Nagy

  Views:

  94

  The co-authors, who are participants in the research program (Ministry of Education FKFP 0025/2001-2004), give a critical analysis of the Hungarian regulation of insolvency law in their recently published study. Their findings, proposals have been formulated after studying respecting rules in the USA and in major Western-European countries (Germany, Austria, Italy, France, England, Switzerland). Not only legal regulations have been processed and critically analysed in their study, but judiciary precedents related to them as well. The aim of the study is to help re-codify the Hungarian insolvency law.

• Challenges ahead for the European Union

  7-12

  Alexandre Lamfalussy

  Views:

  98

  It is a mild understatement that nowadays the EU is navigating in rough waters. Close to half of the member countries of the Euro area are in breach of their fiscal stability commitment – and some of them very substantially. Quite a few heads of government publicly criticise the ECB’s monetary policy. Germany and France are determined to water down the Bolkenstein directive on the implementation of a genuine single market for services (which amount to about two-thirds of the EU’s GDP), to which, incidentally, no major objections had been raised by the governments of the member states during the drafting stage. There is no agreement on the longer term EU budget. Only Ireland, the UK and Sweden accept the free movement of the residents of the ten countries which became members of the EU in May last year.