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1

Konsekwencje niskich stóp procentowych dla wybranych grup interesariuszy: gospodarstw domowych, przedsiębiorstw i banków

100%

Barembruch A. , Gostomski E.

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tom 23

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nr 2 (87)

45-54

PL

Po globalnym kryzysie finansowym i gospodarczym (w latach 2008-2009) banki centralne wiodących krajów rozwiniętych w celu pobudzenia koniunktury gospodarczej zaczęły prowadzić politykę niskich stóp procentowych. Bezprecedensowo długi okres niskich stóp procentowych i taniego pieniądza ma wiele konsekwencji dla gospodarski. Celem artykułu jest analiza potencjalnych konsekwencji niskich stóp procentowych dla wybranych grup interesariuszy (gospodarstw domowych, przedsiębiorstw i banków) w krajach Unii Europejskiej, ze szczególnym uwzględnieniem Polski. Badaniami objęte jest środowisko niskich stóp procentowych w ostatnim dziesięcioleciu. O ile efekty realizowanej w obecnej dekadzie ekspansywnej polityki pieniężnej EBC i innych banków centralnych w Europie są lepiej rozpoznane w krótkim okresie i uważane zazwyczaj za pozytywne, o tyle w dłuższej perspektywie pozytywne rezultaty tej polityki słabną i rośnie niepewność co do jej oceny.

EN

After the global financial and economic crisis (2008-2009) central banks of leading developed countries started to pursue a policy of low interest rates in order to stimulate the economy. The unprecedentedly long period of low interest rates and cheap money has many consequences for the economy. The aim of this article is to analyze the potential consequences of low interest rates for selected stakeholder groups (households, enterprises and banks) in the European Union countries, with particular emphasis on Poland. The research covers the low interest rates of the last decade. While the effects of the expansionary monetary policy of the ECB and other central banks in Europe implemented in the current decade are better recognized in the short term and usually considered positive, in the long run the positive results of this policy weaken and the uncertainty as to its assessment is increasing.

2

Konsekwencje finansowe i gospodarcze wyroku Federalnego Trybunału Konstytucyjnego RFN w przedmiocie pierwszeństwa prawa UE

99%

Marchewka-Bartkowiak K.

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nr 3(67)

149-154

EN

According to the author, the FCC judgment should not have direct financial and economic effects either in the euro area or for Poland. The execution of the FCC judgment is conditional and will depend on institutional arrangements. However, even if the Bundesbank complies with the judgment, the effects will probably be significantly limited or even eliminated as part of the Eurosystem’s activities.

3

Opinia prawna dotycząca orzeczenia Federalnego Trybunału Konstytucyjnego RFN w przedmiocie pierwszeństwa prawa UE

99%

Mik C.

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nr 3(67)

112-140

EN

In the author’s view, the judgment of the FCC concerning activities of the European Central Bank regarding the primacy of EU law over national law is of significance, due into the authority of the German constitutional court. However, it does not translate directly to foreign conditions. The view expressed in the judgment is that the ultra vires doctrine forms limits to the principle of primacy of European Union law over member state law. As a result, the principle of primacy may only be binding within the scope of the European Union law. Moreover, criteria of assessment of EU’s legislative activity and ECJ’s jurisprudence are drafted from the perspective of the ultra vires doctrine.

4

Konsekwencje implementacji programów luzowania ilościowego w strefie euro

57%

Pyka I.

Problemy Zarządzania

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2014

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nr 4/2014 (48) t.1

7-24

EN

The study focuses on the analysis of the character, used by the ECB, Quantitative Easing policy. However, its direct aim is the assessment of effects of this policy. The consequences of the ECB’s Quantitative Easing policy are analyzed pointing to the changes in the liquidity of the euro area banking sector, levels of interest rates, level and structure of the M3 monetary aggregate, as well as assets and liabilities of the balance sheet of the ECB.

PL

Opracowanie koncentruje się analizie charakteru zastosowanej przez EBC polityki luzowania ilościowego. Bezpośrednim jego celem jest jednak ocena skutków tej polityki. Konsekwencje polityki luzowania ilościowego EBC analizuje się, wskazując na zmiany w stanach płynności sektora bankowego strefy euro, poziomach stóp procentowych, poziomie i strukturze agregatu monetarnego M3, a także aktywach i pasywach bilansu EBC.

5

Should supervisors allow capital waivers to be used within European cross-border banking groups?

57%

Bednarski P. , Polk B.

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nr 4

23-49

EN

A common theme in recent public European Union (EU) policy debates is improving integration of the EU financial sector. The suggestion is that the Euro area should be treated as if it were a single jurisdiction, across which banks should be able to centralise management of capital and liquidity. Financial fragmentation is said to trap capital and liquidity in local subsidiaries in Host countries which is suboptimal, hindering the cross-border provision of credit, and resulting in an inefficient economic allocation, with higher costs for customers, and lower profitability for the industry in the EU. The proposed policy involves measures to counteract ring-fencing of subsidiaries by Member States (MS), curtailing national options and discretions that limit the harmonization effects of the EU’s Single Rulebook, and other regulations and supervisory practices that reduce banking groups’ cross-border freedom. However, some of the national options affecting banks in the EU are still supported by MS as needed due to local risks, financial stability concerns. Cross-border banking, often used as a yardstick to gauge the level of financial integration in the EU, can currently be realized in the EU in three basic forms: via subsidiaries, via passported branches or via cross-border provision of services. Among the solutions to fragmentation that many EU policy makers and governments focus on, at least in the Eurozone (EZ), are: completion of the Banking Union (BU), adopting regulations allowing capital, liquidity and MREL waivers in subsidiaries across borders, and the reduction of national options. In November 2016, the European Commission (EC) proposed changes to Capital Requirements Regulation (CRR), Capital Requirements Directive IV (CRD IV) and Bank Resolution and Recovery Directive (BRRD) which would have allowed, under certain conditions (e.g. subject to guarantees), the application of capital, liquidity and MREL (Minimum Required Eligible Liabilities) waivers in the subsidiaries of EU banks operating in EU MS. These propositions faced strong opposition and were not ultimately adopted in the recently published CRR 2.0, CRD V and revised BRRD, due to lack of consensus among MS. But the arguments in favour of change have not disappeared. In this paper, we start with a look at the current state of financial integration in Europe. We then examine the arguments for and against the use of waivers. Building on these arguments, we subsequently explain sensible preconditions that should be put in place – in addition to completing the BU – to allow the prudent use of such waivers. We also discuss alternatives to the use of waivers, based on expanding the use of branches and indicate incentives which can play a role in shaping the quality of cooperation between Home and Host supervisors.