The euro in a world of dollar dominance: between strategic autonomy and structural weakness

The inquiry into the global significance of the euro, which is the second most important currency in the international financial system after the US dollar (hereinafter, the dollar), should be treated as a priority in efforts to strengthen the EU's strategic autonomy. The main obstacles impeding the further internationalisation of the euro include the lack of a sovereign behind it and the heterogeneity and struc­tural problems of the euro area member states. The international status of the euro can be actively improved by strengthening its role in the green transformation as well as in the further deepening and integration of the financial markets in Europe - and by promoting the "digital euro" project. The current trends of growing geopolitical rivalry, digitalisation, and the rise of platform companies in the global economy will steer the inter­national financial system towards greater regionalisation. (author's abstract

Der Euro angesichts der Dollar-Dominanz: zwischen strategischer Autonomie und struktureller Schwäche

Die Frage der internationalen Rolle des Euros, der nach dem Dollar die zweitwichtigste Währung im internationalen Finanzsystem ist, sollte bei den Bemühungen um eine Stärkung der strategischen Autonomie der EU einen höheren Stellenwert haben. Das Haupthindernis für eine weitere Internationalisierung des Euros sind das Fehlen eines Souveräns, der hinter ihm steht, sowie die Heterogenität und die strukturellen Probleme der Mitgliedstaaten. Der internationale Status des Euros kann aktiv verbessert werden, indem seine Rolle bei der grünen Transformation und bei der weiteren Vertiefung und Integration des Finanzmarkts in Europa gestärkt wird - und durch eine Förderung des Projekts "Digitaler Euro". Die gegenwärtigen Tendenzen einer wachsenden geopolitischen Rivalität, der Digitalisierung und des Aufstiegs von Plattformunternehmen in der Weltwirtschaft werden sich auf die Entwicklung des internationalen Finanzsystems hin zu einer stärkeren Regionalisierung auswirken. (Autorenreferat

Macroeconomic Conditionality in Cohesion Policy: Added Value or Unnecessary Burden? European Policy Brief No. 13, November 2012

Macroeconomic conditionality has become one of the major elements in discussions on the future of EU cohesion policy. Such conditional-ity would make the cohesion budget dependent on EU economic governance rules. This would have advantages for economic governance and, to a lesser extent, the efficiency of cohesion policy and the EU’s Multiannual Financial Framework negotiations. Yet, conditionality also risks entailing serious disadvantages for the end beneficiaries and cohesion policy itself. If the EU decides to put macroeconomic conditionality in place, it needs to reconsider the design and agree on an ample cohesion budget

The Corona debt conundrum in the Eurozone: limits to stabilisation by monetary policy and the search for alternatives

One of the most serious economic and social consequences of the pandemic is the higher public debt of the Eurozone countries. The massive interventions of the Euro­system have lowered borrowing costs to record lows. For some time to come, the sustainability of the public finances of the most indebted Eurozone countries will depend on expansionary monetary policy. However, this approach raises questions. It is uncertain how long monetary policy can support the debt market of the EU-19, whether there are effective alternatives, and what impacts the high debt levels and the interventions of the European Central Bank (ECB) will have on the foundations of the Eurozone. (author's abstract

PD and M5S: the Italian alliance of convenience; the power of the status quo in a challenging economic context

The attempt to provoke early elections in August 2019 by the leader of the League, Matteo Salvini, unexpectedly led to a pragmatic coalition of the Five-Star Movement (M5S) and the Democratic Party (PD) and the formation of a second government under Giuseppe Conte. This government operates in a fragile political equilibrium where a fear of early elections, which could pave the way for Matteo Salvini to power, is the main stabilising factor. The pragmatic political calculation of the PD and M5S sup­ported by Matteo Renzi’s new party “Italia Viva” may be enough to maintain the coali­tion for a certain time, but it will not generate any major growth incentives for Italy, which are crucial in maintaining the sustainability of public debt. (author's abstract

Die Eurozone im Schatten des Ukraine-Kriegs: alte und neue Herausforderungen gefährden die Stabilität des Währungsraums

Der russische Krieg gegen die Ukraine markiert nicht nur für Europas Sicherheits­politik einen Wendepunkt, sondern auch für seine Wirtschaft. Dies gilt insbesondere für die Eurozone, deren ungelöste Probleme in einen neuen Kontext gestellt werden. Erstens wurden die Ansätze soliden Wachstums, die sich nach der Pandemie gezeigt hatten, durch eine Phase des wirtschaftlichen Abschwungs und eine Rekordinflation abgelöst. Zweitens dürften sich die Normalisierung der Geldpolitik und die Energiekrise zunehmend negativ auf die Fiskalpolitik auswirken. Und drittens muss zu der langen Liste an Herausforderungen, vor denen der Euroraum steht, auch in wirtschaftlicher Hinsicht die Sicherheit hinzugefügt werden. Notwendig ist vor allem, die ökonomische Abhängigkeit von Drittländern zu überwachen und zu verringern, denn sie kann zu Versorgungsschocks führen, die die Stabilität der Währungszone bedrohen. (Autorenreferat

Modelling the social and economic impact of an epidemic

Chapter 5 aims to assess the effects of an epidemic on economic growth. The analysis is conducted using an epidemiological-economic model that combines the SIR (Susceptible-Infectious/Infected-Recovered/Removed) epidemiological model proposed by Kermack and McKendrick in 1927 with the neoclassical model of economic growth proposed by Solow in 1956. Multiple potential scenarios of an epidemic were adopted. In the scenarios in which the government has no access to a vaccine, it was assumed that the government reduces the intensity of social and economic activity gradually or abruptly. The scenarios with vaccination are divided into those with slow and those with rapid progress in immunization coverage of the population; in both cases the government imposes restrictions on social and economic activity. The results of the analyses conducted indicate that an economy without access to a vaccine is affected by production drops reaching over a three-year period 6.7% to 9.8%, if severe restrictions are imposed on social and economic activity, or 2.2% to 3.5%, if mild restrictions are imposed. A slow pace of progress in immunization coverage combined with severe restrictions will lead to accumulated drops in production by about 5.4 to about 8.1% while mild restrictions lead to accumulated drops in production by about 2.0-3.2%. A rapid pace of progress in immunization coverage of the population reduces accumulated drops in production to about 4.6-6.6%, if severe restrictions are imposed or to 1.9-2.9%, if a liberal approach is adopted. Scenario analyses demonstrate that the early administration of a vaccine significantly reduces the accumulated drop in production. Both accumulated production drops and the depth of recession are milder in mature economies

Das Corona-Schuldenproblem in der Eurozone: Grenzen der Stabilisierung durch die Geldpolitik und die Suche nach Alternativen

Zu den gravierendsten wirtschaftlichen und sozialen Folgen der Pandemie zählt die höhere Staats­verschuldung der Eurozonenstaaten. Die massiven Interventionen des Euro­systems haben die Kreditkosten auf Rekordtiefs gesenkt. Für längere Zeit wird es von einer expansiven Geldpolitik abhängen, wie tragfähig die öffentlichen Finanzen der am höchsten verschuldeten Eurozonenländer sein werden. Allerdings wirft dieses Vor­gehen Fragen auf. Ungewiss ist, wie lange die Geldpolitik den Schulden­markt der EU-19 stützen kann, ob es wirksame Alternativen gibt und welchen Einfluss die hohen Schuldenstände und die Eingriffe der Europäischen Zentralbank (EZB) auf die Funda­mente der Eurozone haben werden. (Autorenreferat

The Role of the Financial Engineering Instruments in the Allocation of EU Funds – the Results of the Research Based on the Example of the Kuyavian-Pomeranian Voivodship

The aim of the paper is to present the role of the financial engineering instruments and their implementation in the 2014-2020 financial perspective based on the example of kuyavian-pomeranian voivodeship. The analysis has been based on the reference books on the subject as well as on the results of own research based on the survey questionnaire carried out among the enterprises in the kuyavian-pomeranian voivodeship titled: The perspectives of the utilization of the EU funds in the form of the returnable instruments by the enterprises in the kuyavian-pomeranian voivodeship for the 2014-2020 financial perspective. The advantages of the financial engineering instruments speak in favor of the amplification of their share in financing within the European Union Funds. However, it shall not mean giving up on subsidies which are indispensable for the financing of various projects. The decision whether to apply the returnable or subsidized financing of the specific undertakings shall be preceded by a detailed analysis, which enables to identify the financial gap in the given sector requiring support.Maciej Tokarski: [email protected]ł Kufel: [email protected] Tokarski - Doctor, Assistant professor at Institute of Finance, Faculty of Finance and Management, WSB University in Toruń, Poland.Paweł Kufel - Doctor, Assistant professor at Institute of Management, Faculty of Finance and Management, WSB University in Toruń, Poland.Maciej Tokarski - WSB University in ToruńPaweł Kufel - WSB University in ToruńBera, A., Tokarski, M.: Zaawansowane usługi wsparcia dla mikro, małych i średnich przedsiębiorstw w ramach regionalnych programów operacyjnych na przykładzie województw zachodniopomorskiego i kujawsko-pomorskiego – jak zwiększyć szansę na otrzymanie dotacji? (Advanced support services for micro, small and medium enterprises within the framework of regional operational programs on the example of the Zachodniopomorskie and Kujawsko-Pomorskie voivodships – how to increase the chance of receiving grants?), Zeszyty Naukowe Uniwersytetu Szczecińskiego (Scientific Papers of the University of Szczecin) no. 81 (2012).Bobrowska, M.: Fundusze Europejskie w formie pomocy zwrotnej (European funds in the form of repayable aid), Fundusze Europejskie w Polsce (European Funds in Poland) no. 31 (2013).Czykier-Wierzba, D.: Inicjatywa Jeremie w polityce spójności Unii Europejskiej na lata 2007-2013 i jej funkcjonowanie w Polsce (Jeremie’s initiative in cohesion policy of the European Union for 2007-2013 and its functioning in Poland), Journal of Management and Finance no. 2 (2013).Czykier-Wierzba, D.: Wpływ strategii “Europa 2020” na politykę spójności w Unii Europejskiej w wieloletnich ramach finansowych na lata 2014–2020 i wnioski dla Polski (Impact of the Europe 2020 strategy on cohesion policy in the European Union in the Multiannual Financial Framework 2014-2020 and conclusions for Poland), Journal of Management and Finance no. 14 (2016).Dobija, E.: Geneza i istota funkcjonowania zwrotnych instrumentów finansowania małych i średnich przedsiębiorstw w Polsce ze środków unijnych: przypadek Jeremie (The origin and essence of the functioning of repayable instruments of financing small and medium enterprises in Poland from EU funds: case of Jeremie), Studia i Prace Kolegium Zarządzania i Finansów SGH w Warszawie (Studies and Works of the Collegium of Management and Finance of the Warsaw School of Economics) no. 139 (2014).Gawrychowski, M.: Pożyczka zamiast dotacji czyli rozmnażanie euro (Loans instead of subsidies – the multiplication of the euro), 2017. www.m.obserwatorfinansowy.pl.Jaworski, J., Tokarski, M.: Inicjatywa JEREMIE jako forma wsparcia rozwoju mikro, małych i średnich przedsiębiorstw na przykładzie województwa pomorskiego i kujawskopomorskiego (The JEREMIE initiative as a form of support for the development of micro, small and medium enterprises on the example of the Pomeranian and Kujawsko-Pomorskie voivodships), Zeszyty Naukowe Uniwersytetu Szczecińskiego (Zeszyty Naukowe Uniwersytetu Szczecińskiego) no. 111 (2014).Nicolaides, P.: Financial Engineering Instruments and their Assessment Under EU State Aid Rules. 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(eds.): Rachunkowość. Dylematy praktyki gospodarczej (Accounting. Dilemmas of economic practice), Toruń: Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika, 2012.Tokarski, M., Tokarski, A.: Zwiększenie dostępności źródeł finansowania dla sektora mikro, małych i średnich przedsiębiorstw województwa kujawsko-pomorskiego w latach 2007-2013 poprzez fundusz powierniczy JEREMIE (Increasing the availability of financing sources for micro, small and medium enterprises of the Kujawsko-Pomorskie voivodship in the years 2007-2013 through the trust fund JEREMIE), Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu (Annals School of Banking in Toruń) no. 12 (2013).Uryga, J., Jagielski, W., Bienias, I.: Środki unijne – klasyfikacja, funkcjonowanie, ewidencja i rozliczanie (EU funds – classification, functioning, accounting and settlement), Gdańsk: Ośrodek Doradztwa i Doskonalenia Kadr Sp. z o.o., 2007.EU: Council Regulation (EC) no. 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund, and repealing Regulation (EC) no. 1260/1999.EU: Regulation (EC) no. 1081/2006 of the European Parliament and of the Council on the European Social Fund and repealing Regulation (EC) no. 1784/1999.EU: Commission Regulation (EC) no. 1828/2006 laying down detailed rules for the implementation of Council Regulation (EC) no. 1083/2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund as well as Regulation (EC) no. 1080/2006 of the European Parliament and of the Council on the European Regional Development Fund.EU: Regulation (EU) no. 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund, as well as laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund, and repealing Council Regulation (EC) no. 1083/2006.PL: Regulation of the Minister of Regional Development of 26 October 2011 on the financial aid from the financial engineering instruments under the Regional Operational Programmes.20722

INFLUENCE OF ANNEALING CONDITIONS ON THE PROPERTIES AND MICROSTRUCTURE OF STEEL COMPOSITES

Samples made of AISI 316L stainless steel reinforced with 8 vol.% TiB2 particles were prepared using high pressure-high temperature (HP-HT) method. Next, the composites were annealed at temperature of 1200°C for different holding times.  The influence of annealing temperature and time on the properties and microstructure of AISI316L+8% vol.TiB2 composites was investigated. The structural studies showed formation of phases containing chromium, molybdenum and boron