Economy

Just before Christmas, it became clear that the prime minister and the two major labor unions had signed a memorandum which not only prevents raising the retirement age, but also fundamentally changes the pension model of Bulgaria. Noteworthy, the main agents behind this decision were the same people who in 2010 decided to steal 100 million leva from professional pension funds, thus breaking the Constitution.

The investment incentives (part of state aid) are like a looser relative at a family meeting. Nobody is too excited to see him, but everybody is accepting that he has to be there. Every single economist will confirm that the incentive represents market disorder.

Giving up on reforms could send a very bad signal to the other problem countries (Portugal, Spain, Italy, France) where they are also key to growth.

In the second half of the 1990s and the first years of this millennium, the secure information exchange system “X-TEE” developed in Estonia and an ID card enabling identification provided us with the possibility to offer Estonian undertakings e-services unique to the whole world: establishing companies online, submitting reports, tax returns and entry applications with legal meaning through online information systems.

Carrousel of changes at the Slovakian Ministry of Education is not an anomaly but rather an illustration of the instability and unpredictability, which in public sector seems to be adopted as systemic solution.

What will happen if there accidentally will be a change of government in Russia under the pressure of economic sanctions? This would be a success for European Union, but at the same time it would not solve the fact that Russian propaganda of nationalism has build anticipation in Russian society that a new leader will have to face, having in mind his own reputation.

By stopping the intervention, central bank merely reversed its own wrongdoing and allowed trade to re-balance to its natural and desired equilibrium.

2014 was the most difficult year for Ukrainian economy in the 21st century. Ukraine faced economic crisis and military conflict in the East, while Russia annexed Crimea. Real GDP is estimated to decline by near 7% in 2014 due to a drop in domestic demand and weak external demand.

Application of genetic engineering technology is strictly regulated in the EU. GMO as well as food or feed containing GMO is subject to a comprehensive authorisation procedure which involves risks assessment to human health and the environment, before the company is allowed to place GMO on the market. But how does it work in Ukraine?

The Ukrainian policy of export restrictions over recent years did not have the desired effect on the consumer prices and does not solve the declared policy target of food security.