Agile and Pro-Active Public Administration as a Collaborative Networked Organization

In highly competitive, globalized economies and societies of always-on-line people intensively using the Internet and mobile phones, public administrations have to adapt to new challenges. Enterprises and citizens expect public administrations to be agile and pro-active to foster development. A way to achieve agility and pro-activity is application of a model of Collaborative Network Organizations in its two forms: Virtual Organizations (VO) and Virtual Organization Breeding Environments (VOBE). In the paper, advantages are shown of public administration playing a role of a Virtual Organization customer on the one hand, and a Virtual Organization member on the other hand. It is also shown how public administration playing a role of a Virtual Organization Breeding Environment may improve its agility and promote advanced technologies and management methods among local organizations. It is argued in the paper that public administration should provide a Virtual Organization Breeding Environment as a part of public services.Comment: 6 pages, 2 figure

The Impact of Monetary Union and the Euro on European Capital Markets: What May Be Achieved in Capital Market Integration

Up to now, the Euro has been successful in replacing the traditional European currencies and in altering the landscape of European Capital Markets. Domestic users of the Euro are almost the same in number as the population of the United STates, although the Gross Domestic Products of the two economies are clearly not comparable. Still, if the Member States within the Euro-area truly want to be recognized as an integrated capital market, some work must be done. This Article will estimate, from current economic thought, what remains to be done and what can be achieved in the short term. Some historical analysis will help in identifying the players and the main trends at work. Moreover, some of the international issues that have been raised by the new role of the European Monetary Union (“EMU”) will be presented

Secondary market trading infrastructure of government securities

The subject of our study is the trading infrastructure of government securities markets, which has undergone fundamental changes driven by the appearance of non-exchange electronic platforms and the rapid rise of their share in the trading volume of developed markets. The summary of the relevant literature indicates that improved trading transparency clearly increases the efficiency of the market (its role in price discovery). Its effect on market liquidity, however, is less clear-cut. While the loss of anonymity most likely decreases liquidity, transparency on the quantity and price of concluded transactions enhances liquidity. The emergence of electronic trading on developed government securities markets has not changed the fundamental structure of trading, which continues to take place in two segments: between dealers (B2B) and between dealers and clients (B2C). There is, however, no interbank trading platform on the Hungarian government securities market, although data vendors and other platforms serving clients have sprung up. Nonetheless, more than 90 per cent of trading takes place through traditional OTC channels. Consequently, actors which are interested in market processes and prices, but do not actively trade on the Hungarian market have trouble accessing high-standard, quasi-real-time price information. The MiFID initiative – launched at the European level – may contribute to improving the Hungarian market’s transparency by engendering the regulation of the bond market similar to that of the equity market. Introduction of the euro in Hungary will fundamentally change the country’s market structure. The sovereign debt manager’s leeway will increase, and the key direct actors on the government securities market are expected to be the major international actors, which are interested in the centralisation of government securities trading by currencies. Based on the broad electronisation of the euro-denominated government securities market, it is likely that electronic platforms will also gain ground on the Hungarian market, following the introduction of the single currency at the latest.government securities market, secondary trading, transparency, efficiency, market liquidity.

Comparative Analysis of the Recent Financial Crisis' Impact on the Retail Electronic Commerce in the European Union in the USA and in Poland

The aim of this article is to compare and assess the impact of the recent financial crisis on the retail electronic commerce in the economies of the European Union, the USA and Poland. Therefore the selected data from the biggest international companies connected with the retail electronic commerce from the years 2007 and 2008 in comparison to the previous year, and the selected economic data from the economies of the USA, the European Union and Poland till the year 2009, concerning the utilization and value of the electronic commerce trade and the number of people doing shopping online, and conclusions drawn from the analyses of those data are presented and discussed.Celem artykułu jest porównanie oraz ocenienie wpływu ostatniego kryzysu finansowego na detaliczny handel elektroniczny w gospodarkach Unii Europejskiej, Stanów Zjednoczonych oraz Polski. W tym celu wybrane dane z największych międzynarodowych firm związanych z detalicznym handlem elektronicznym z lat 2007 i 2008 w porównaniu do roku poprzedniego oraz wybrane dane ekonomiczne z gospodarek Stanów Zjednoczonych, Unii Europejskiej i Polski do roku 2009, dotyczące wykorzystatnia oraz wartości detalicznego handlu elektronicznego i liczby ludzi korzystających z zakupów internetowych oraz wnioski wyciągnięte z analiz tych danych są zaprezentowane i omówione

The economic impact of the Single Euro Payments Area

With the realisation of the Single Euro Payments Area (SEPA), there will be no difference in the euro area between national and cross-border retail payments. SEPA is aimed at fostering competition and innovation, and improving conditions for customers. This requires concerted efforts from various stakeholders, in particular the banking industry, to align national practices. The Eurosystem strongly supports the SEPA project. In its catalyst role, the European Central Bank (ECB) closely monitors and assesses the overall development of SEPA. Against this background, the ECB has carried out in cooperation with the banking industry a SEPA impact study with the aim of enriching its understanding of the potential economic consequences of SEPA. Based on the quantitative and qualitative expectations of major pan-European banks, the study finds that the overall financial impact for the banking industry varies according to different scenarios of the SEPA project. The coexistence of national and SEPA retail payment schemes is expected to lead to initial investments borne by the banks. In the longer term, banks expect to benefit from improved cost efficiency and economies of scale and scope. Furthermore, banks are expected to face downward pressure on their revenues as competition will increase across borders and as a result of new market entrants. The findings of the study confirm the view that a dual SEPA implementation phase should be as short as possible. In fact, a longer migration period would give rise to higher costs than a shorter period. It can furthermore be concluded that those institutions that embrace new technological developments, create new businesses and provide innovative services are likely to gain most from SEPA. JEL Classification: G21, L11, L22.SEPA, European integration, payment systems.

Nonbanks and risk in retail payments

This paper documents the importance of nonbanks in retail payments in the United States and in 15 European countries and analyzes the implications of the importance and multiple roles played by nonbanks on retail payment risks. This paper also reviews the main regulatory safeguards in place, and concludes that there may be a need to reconsider some of them in view of the growing role of nonbanks and of the global reach of risks in the electronic era.