Economy

Just a year after the topic of fiscal decentralization briefly entered the public debate in Bulgaria, the political volition for taking actual steps in this direction seems exhausted. The government stifles to a large extent the initiative of local authorities.

As for the parliamentary elections, I felt much more uncertain. Like many others, I took the possibility of a coalition around the Law and Justice Party into account. In this variant, the president\'s office in the hands of Komorowski became strategically important to prevent various anti-reforms (e.g. lowering the retirement age). I also did not rule out a weak coalition around the Civic Platform.

If the needs of economy are long ignored, the ability to create resources necessary for maintaining or even improving our standards of living will be lost. The politicians – whether the ones in Slovakia, in foreign countries or in institutions of EU – should finally acknowledge several basic priorities vital for business.

Brexit can start a crisis the likes of which the EU didn’t get the chance to experience so far. For the first time, the process of economic integration, which went on continuously since the year 1951 when the European Coal and Steel Community was established, will stop. The result of the Brexit referendum sends a clear message that the EU has to start solving its problems, otherwise there may be other referendums in the future.

The result of the June 23rd referendum in the United Kingdom apparently markes a significant milestone in history. However, its reasons and consequences are much less obvious.

The Association Agreement (AA) between the EU and Ukraine is a complex document covering a wide range of issues from justice to energy, from free trade to sports. Therefore, its impact on the Ukrainian economy will also be multifaceted. For business, the AA means new opportunities, both domestic and abroad.

Two years have passed since Euromaidan won in Ukraine. We try to look at what changed over the last two years. We discuss macroeconomic situation, fiscal issues, financial sector, and trade. We also outline major reforms conducted over this period and outline shortly future reforms agenda.

Ukrainian exporters say that inefficient and non-transparent VAT refunds system and high levels of bureaucracy are the biggest obstacles for export. The survey also reveals that smaller enterprises tend to be more burdened by complicated customs procedures and lack of transparency in the operation of tax agencies.

The last couple of weeks bore witness to some interesting news. Headlines generated from ranks of the European Union were complemented by updates from the realm of new technologies and applications continuously on a crusade of further progress and development even in the world of virtual currencies.

With Lithuanian Parliamentary elections approaching, Lithuanian MPs like magicians are pulling out of a hat same old populistic laws. Once again they are trying to push through an old and already bashed suggestion that prohibits people from working on holidays.