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• The Legal Status of Macro-prudential Authorities in the Member States of the European Union

  János Kálmán

  Michal Janovec

  Views:

  40

  The study examines the main components of the organisational framework for macro-prudential management in the Member States of the European Union. The organisational design of macro-prudential management is a matter for the Member States, which can themselves be grouped into different models. The study first presents the international and EU standards and recommendations on the status of macro-prudential bodies in the Member States, then summarises the basic, theoretically relevant features of the status of macro-prudential bodies in the Member States, presents the analytical methodology of the study and finally analyses the features of the status of macro-prudential bodies in the Member States according to the methodology defined. The study concludes that there is a tendency for the EU macro-prudential body to standardise the basic elements of the status of macro-prudential bodies. However, the process of unification of the content of the institutional framework is still at an early stage and a variety of legal solutions can be identified for each of the substantive aspects. The study concludes that the institutional framework of macro-prudential policy can be described by a coordinated unification of the substantive pillars, with different formal features, but with different legal solutions.

• The Legal Background of Sovereign Funds and Their Role in National Economies

  151-169

  András Kecskés

  Views:

  121

  Sovereign funds are funds created and operated by the state. They came into the limelight after the financial crisis of 2007–08, when they saved the most emblematic listed companies in the US and Europe. The aim of the article is to explore some key issues related to sovereign funds. The paper discusses the origins of the term and some related economic concepts, including factors which resulted in the creation of sovereign funds. The legal background is also elaborated on both international and national levels, giving an insight into the regulatory framework. The article closes with propounding a sovereign fund in Hungary. This section gives an overview of state property management and its legal background.

• The Financial Intermediation System in the Service of Environmental Protection or Green Financial Solutions

  129-140

  Zoltán Nagy

  Péter Sereg

  Views:

  200

  In the present study, we have presented the activities and measures of the financial sector that support environmental protection and take into account climate change. To this end, existing international organizations have adopted documents to promote the use of climate-neutral green financial solutions by consumers, and new international organizations have been set up specifically for this purpose. The most successful of such organizations is NGFS, which currently has more than a hundred members. We have seen that the Hungarian National Bank has also taken a number of measures, announcing a program to green the financial sector.