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The Financial Supervisory Agencies of the European Union and the Question of the European Administrative Procedure
Views:230The agency-type organs have a history of several decades in the European Union. In the last few years there were two different tendencies leading towards the establishment of regulatory (or decentralised) agencies with strong powers, especially in the field of financial supervision. The first of these tendencies was the fall of the neoliberal dogma of the self-regulating market – as a consequence of the 2008 financial-economic crisis – which led to the priorities of the decision-makers being reset in favour of a stricter regulation than that of the New Public Management era. The other tendency was that the debate about a European administrative law started to live. The European Supervisory Authorities of the financial sector, which were established after the crisis, are regulatory agencies with strong powers. However, some of their competences are so strong, that it poses questions regarding the legal protection of the participants of the market. Moreover, the case-law related to their function seems to overwrite the accepted norms of delegation of competences within the institutional framework of the European Union.
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Alternative Solutions to the Problems Posed by the Coronavirus Pandemic in the Field of Social Law (An International Outlook)
124-144Views:286The 2020 coronavirus pandemic is forcing such political, economic and social responses from the leaders of the nations of the world which in many cases have never been seen before. Excellent new concepts have been formed through the work of professionals, and there have been initiatives that have proven in the short term to be not well-founded. The present study was created in order not to miss the chance to examine the established practices, taking advantage of the opportunity provided by the crisis, as this year can offer many lessons for decision-makers for the future.
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Economic Policy Cooperation in the European Union – Which Way to Go?
34-52Views:190during the realization of your dream obstacles may arise and they differentiates your choice – „which way to go?” there is an ongoing debate which way the eu should go. the eu has already reacted to the crisis – are these measures satisfactory? Which way the eu seems to choose? to be able to answer some of these questions preliminary studies are necessary. In order to identify the european union you must define the aim, the instruments of the aim, the characteristics, the defects and the changes of these instruments.
As a matter of fact nowadays the most vital topic is the stabilisation role of the EU. In view of governmental methods, coordinative and regulative governmental methods usually have more stabilisation effects in the EU than financial governmental method. Owing to the crisis, the coordinative and regulative governmental methods have undergone changes. The steps that were made by the EU in the field of financial governmental method are considerable – though further actions should be taken. The financial method with stabilisation function is insufficient. The EU budget cannot play stabilisation function because of limitation of EU revenues. If the EU holds on to the dream of economic and monetary union, the EU should strengthen the tools of economic governance to be able to reduce the shortcomings of one-armed economic governance not only at EU but also at Member State governmental level. Measures taken up until now show other way: they create the vision of a more multi-speed and „multi-way” process...
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The Importance of the Wage Guarantee Fund in the Framework of Labour Law Protection
177-192Views:218Act LXVI of 1994 on the Wage Guarantee Fund and the guarantee system regulated by it, is especially topical nowadays, as more and more employers in Hungary have become insolvent in connection with the crisis caused by the coronavirus epidemic. In many cases, the employers subject to the procedure are not able to meet their wage obligations to their employees, so the state must guarantee the values that can be expressed in exact monetary terms – the work performed and its financial compensation – and at the same time the social security of employees. In the present study, we examine the applicability of the Wage Guarantee Fund, which serves to cover the wages to be paid by insolvent employers, from the perspective of the social security and the enforcement of employees’ claims.
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Reconstruction or Abolition of University Autonomy: Tendencies and Proposals During the System-Level Crisis of Higher Education
170-180Views:139The Fourth Amendment to the Fundamental Law of Hungary, together with the subsequent passing of, and the successive amendments made to, the National Higher Education Act have not only restructured the management of higher education institutions but have also introduced legal institutions (Chancellor, Consistorium), which intervene both directly, in terms of fiscal policy, and indirectly, in terms of educational and research policies, in their overall operation and – as these are essentially government appointed persons/bodies, the institutions themselves being left out of the process – their autonomy as well. While this radical reorganization is not without precedent, the possible reasons behind its implementation have not yet been revealed. This study aims to understand these reasons by analyzing and disputing the one and only monograph addressing the question published before these changes had taken place, and attempts to discuss its predictions from the present viewpoint.
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The Legal Background of Sovereign Funds and Their Role in National Economies
151-169Views:141Sovereign 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.