Articles

Although Bulgaria has officially been in a budgetary consolidation phase during the entire 2013-2015 period, public expenditure went out of control on several occasions. Yet again the newly presented medium-term budget framework provides for decreasing deficits, while current expenditures (and thus deficits) are being hiked.

Slovakia’s example is emblematic of how a government trying to patch up fiscal loopholes turns to targeting incomes of the most vulnerable, using their limited means to solve societal problems. From the government’s perspective, this is often the easiest way to procure the necessary funding.

The brief message of the report regarding the effectiveness of the banking supervision in Bulgaria is unambiguous: yes, the supervision has demonstrated weaknesses, and yes, the CCB management has circumvented and violated the regulations and the good banking practices.

Last month one of the greatest and most extraordinary economists of our time – Douglass North (1920–2015) – departed. He left enormous inheritance of insights that will be considered and re-considered for a long time, and its entire meaning is yet to be discovered and realized.

Today we celebrate the Human Rights Day. Although it, technically, commemorates the Universal Declaration of Human Rights, we think the Human Freedom Index and its definition of freedom – the absence of coercive constraint – can assist us in thinking more carefully about the state of freedom around the world.

At the beginning of his speech, CEPOS President attacked the popular myth of Denmark being rich thanks to the welfare state. As he demonstrated on number of charts, Denmark was first rich, and only then could afford the welfare state.

Following the tragic attacks in Paris and subsequent events in Africa, the debate on multiculturalism and immigration has been given a brand new flame. Both camps have thrown in their big guns.

Let’s be honest. Governments remember deregulation in their talks with businesses or during election campaigns. But they do not pay nearly as much attention to deregulation as they do to expanding regulatory obligations, increasing taxes, or telling people how to behave.

The \"green mechanism\", which will become actually effective on 1 January 2016, should work. No sooner than next year we shall see, though, whether it will function effectively and meet the expectations of the majority of players.

Cash payment restrictions would increase individual and corporate expenses and would cause payment inconveniences. How would one be expected to make larger payments at weekends when interbank transfers are not made? A forced „banking“ of cash reduces competition among payments methods.