The article raises the issue connected with functioning of European Exchange Rate mechanism ERM II. The introduction analyses the criteria of accession to Economic and Monetary Union and profiles Exchange Rate mechanism ERM II and ERM. Subsequently, the author discusses the currently integration and procedures of joining ERM II and the euro zone. There are four stages of this process defined in the article. A central exchange rate and modification of staying in ERM II are the next question of article. The author describes the term “severe tensions” which can be defined as serious tension in a situation when the exchange rate fluctuates to more than – 2,25%. The last part deals with assessment of exchange rate stability. The European Commission and the European Central Bank are responsible for it and the institutions work independently of each other. The article emphasizes the fact that it is essential to join ERM II prior to the accession to Economy and Monetary Union. Joining ERM II should be treated as the expression of great determination to enter euro zone. It should not be treated as a kind of experiment that it is always possible to withdraw from.
The course of economic processes of economy is regulated by its products and production factors in which supply and demand are equalized. The most important role is given to money as a measurement of value (ensuring valuation), means of payment (allowing the settling the payments) as well as a means of hoarding (allowing savings). Primarily the market economy is a monetary economy. Money is used for buying and selling, for granting loans, accumulating savings. Every functional entity of the market such as enterprises, households are taking part in these processes. An important role of these processes is taken by the purchasing power of money, which has an eff ect on those participating in economy and social life. If the value of the money is constant it brings safety in life not only from the economic but also the social point of view. We can not agree more than to say that stable currency is of great social value. The central bank takes a major role to a guard keeping the currency at a stable level. Proper functioning of the central bank is strictly connected with its independence. It allows the monetary policy to be conducted properly in a country.
Artykuł poświęcony jest niezależności personalnej organów Urzędu Komisji Nadzoru Finansowego (UKNF) w odniesieniu do rozwiązań zastosowanych w konstytucyjnych organach Narodowego Banku Polskiego (NBP). W opracowaniu zwrócono uwagę na sposób powoływania i odwoływania Przewodniczącego KNF, Zastępców i członków Komisji w odniesieniu do niezależności personalnej wskazując na rozwiązania zastosowane w organach NBP. Regulacje dotyczące kadencyjności w wymiarze czasu jej trwania i powtarzalności stanowią istotne uzupełnienie rozważań dotyczących niezależności personalnej. Opracowanie zwraca uwagę na znaczenie wymogów merytorycznych dotyczących organów UKNF. W odniesieniu do nich wprowadzono wysokie standardy w tym zakresie. Artykuł wskazuje na znacznie odbiegający poziom niezależności organów UKNF w odniesieniu do rozwiązań zastosowanych w konstytucyjnych organach NBP.
EN
The article is devoted to the independence of the bodies of the Financial Supervision Authority (FSA) in relation to the solutions applied in the constitutional bodies of the National Bank of Poland (NBP). The report draws attention to the method of appointing and dismissing the President of the National Financial Supervisory Authority, Deputies and members of the Commission with regard to personal independence, pointing to the solutions applied in NBP bodies. The rules on the duration and repetition of the term of office are an important complement to the considerations of staff independence. The study draws attention to the importance of the substantive requirements for the bodies of the FSA. High standards have been set for them. The article points to a significantly different level of independence of the bodies of the FSA with regard to the solutions applied in the constitutional bodies of the NBP.
The paper deals with the topic of the Monetary Policy Council. The main aim of this research paper is to analyze the institutional position of the Council. The first part focuses on the definition of the Monetary Policy Council’s status. The next part concerns the model of the term of office and personal composition of the Council. In this context, proposals for changes are presented which are included in the project of the new law on the National Bank of Poland. A significant part of the paper describes the conceptual requirements for the members of the MPC. They emphasize the importance of the Council in comparison with other state bodies. The ending presents the conclusion that the Monetary Policy Council is a state organ of special importance. The author indicates the need for certain changes to reinforce the actions of the Monetary Policy Council, especially the need to regulate the number of members of the MPC who should be appointed by the relevant bodies and authorities by means of the Constitution. Additionally, the issues concerning legislative competence must be discussed as well.
PL
Artykuł poświęcony jest Radzie Polityki Pieniężnej. Celem opracowania jest analiza ustrojowej pozycji Rady. Określenie statusu prawnego RPP stanowi początek rozważań. W dalszej części przedstawiono model kadencyjności i skład osobowy RPP. W tym kontekście omówione zostały propozycje zmian zawarte w projekcie ustawy o NBP. Istotną częścią artykułu jest kwestia wymogów merytorycznych stawianych członkom RPP. Podkreślają one pozycję Rady na tle innych organów państwa. Zakończenie zawiera wnioski potwierdzające, że RPP to szczególny organ państwa. Autor wskazuje również, że należałoby dokonać pewnych zmian wzmacniających działanie RPP, a mianowicie konstytucyjnie uregulować liczbę wybieranych do niej członków przez uprawnione do tego organy i uregulować kwestie kompetencji prawotwórczych.
The processes of international integration have been noticed for years. The inconvenience with currency exchange has been perceived long ago by the representatives of classical economic thought – David Ricardo and the father of the common currency idea – J. Stuart Mill. He thought there is so much barbarism in many transactions in civilized countries that almost all independent states protect themselves by keeping their own currency. Although there is some inconvenience for those countries and their neighbours.
This article starts with possible presentations presented by Zbigniew Brzeziński concerning further development of European Union. The author asks a question in which way the EU is going? Is it federation or confederation way? In the other part of the article the author describes the beginning of European Central Banking System that is modeled after US and German federal central banking. Introduction of European Central Bank System as an institution with federal country features is the subject of consideration in next part of this article. European Central Bank is an example of passing on its sovereignty to supranational institution. As a result of founding EBC the powers of European Parliament were increased. In the end of the article the author emphasizes the fact that founding of European Central Bank within ESCB is necessary to strengthen further political integration, which may lead to the beginning of federal country.
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