Economics 21

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  FINANCIAL INNOVATION AND THE NEW REGULATION

  The majority of experts and practitioners share the opinion that one of the major reasons for the world financial crisis from the period 2007-2009 is the failure of the market regulation both as statutory framework and professional practice. Unfortunately, the traditional financial doctrine was not in position to adequately assess the high ... The majority of experts and practitioners share the opinion that one of the major reasons for the world financial crisis from the period 2007-2009 is the failure of the market regulation both as statutory framework and professional practice. Unfortunately, the traditional financial doctrine was not in position to adequately assess the high complexity of the modern financial markets. It did not address in detail the essence of the financial innovations and to a certain extent allowed the deregulation and market self-regulation and thus allowing the widespread of such innovations. This survey is an attempt (i) to respond to the need for better understanding of the financial innovations, (ii) to point out and analyze the regulatory challenges caused by the market dynamics and (iii) to assess the steps already taken. It is not by chance that the reforms of the regulatory framework played a major role in the post-crisis period. Their progress in the last two or three years has been remarkable but, in our opinion, there is still a lot left to be accomplished in this field.

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  MODERN ASPECTS OF AGRICULTURAL STATISTICS IN BULGARIA

  The development of agricultural statistics in Bulgaria over the last two decades has been accompanied by a number of organizational and methodological problems. On the one hand, they are generated by the overall restructuring of the agricultural sector – changes in the form of ownership, land relations, production and industrial restructuring, and ... The development of agricultural statistics in Bulgaria over the last two decades has been accompanied by a number of organizational and methodological problems. On the one hand, they are generated by the overall restructuring of the agricultural sector – changes in the form of ownership, land relations, production and industrial restructuring, and agricultural policy, which has led to serious difficulties in carrying out statistical surveys. On the other hand, the preparation of the country for the EU accession imposed institutional and legal harmonization both in the sphere of agriculture and in the sphere of statistics, incl. agricultural statistics. This necessitated the creation of a new specialized institutional structure, a statistics authority which is to carry out statistical surveys in agriculture in line with the European requirements. The present article focuses on statistical surveys carried out in agriculture with the aim to outline the organizational and methodological framework of modern agricultural statistics in Bulgaria. The emphasis is on their methodological aspects and major elements of their organization – scope, object, frequency, form of carrying out, sources of information.

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  THE FISCAL SOVEREIGNTY AND THE TAX POLICIES OF THE NEW EU MEMBER STATES: THE EMU CHALLENGES AND PROSPECTS OF FISCAL GOVERNANCE REFORM

  The paper is focused on issues of fiscal policy coordination in the Euro area and the challenges to the new EU Member States from Central and Eastern Europe in implementation of different national fiscal policy options while preparing for the entry in the EMU. The main research question concerns the evaluation of the impact of the fiscal ... The paper is focused on issues of fiscal policy coordination in the Euro area and the challenges to the new EU Member States from Central and Eastern Europe in implementation of different national fiscal policy options while preparing for the entry in the EMU. The main research question concerns the evaluation of the impact of the fiscal sovereignty in the new EU Member States in implementing their national tax systems in preparation to join the Euro area. The paper discusses the ways in which the new EU Member States adjust their national tax systems by making better use of introducing the appropriate tax structure and fiscal systems in order to reflect the specific conditions and priorities of the national economic policy and to achieve the required in the EMU sustainability of public finances in medium and long term aspect. The evaluation of options of tax reforms in the new EU Member States is done with regard to the problems of rising fiscal deficits as a result of higher Government expenditures and the reduction of revenues during the Global economic and financial crisis. Conclusions are drawn for the main trends in the EU governance reform and the fiscal sustainability of the EMU Member States.