In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the r...In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.展开更多
Objective To study the regulatory framework of advanced therapies in the European Union and the United States,and to provide reference for the regulation of cell-and gene-based therapeutic products in China.Methods Th...Objective To study the regulatory framework of advanced therapies in the European Union and the United States,and to provide reference for the regulation of cell-and gene-based therapeutic products in China.Methods The legal and regulatory documents,annual reports,work information and related literature published on the websites of the FDA and European Medicines Agency(EMA)were reviewed to analyze the regulatory models of advanced therapies in the European Union and the United States.Results and Conclusion the United States and the European Union have carried out a lot of work in the classification standards of advanced therapies,policy formulation and accelerated listing procedures.Therefore,they have established a relatively mature regulatory system.China can learn from their experience and continuously improve the regulatory system to help the sustainable development of gene and cell therapy industry.展开更多
In this study,we investigate the relationship between tax avoidance and earnings management in the largest five European Union economies by using artificial neural network regressions.This methodology allows us to dea...In this study,we investigate the relationship between tax avoidance and earnings management in the largest five European Union economies by using artificial neural network regressions.This methodology allows us to deal with nonlinearities detected in the data,which is the principal contribution to the previous literature.We ana-lyzed Compustat data for Germany,the United Kingdom,France,Italy,and Spain for the 2006–2015 period,focusing on discretionary accruals.We considered three tax avoidance measures,two based on the effective tax rate(ETR)and one on book-tax differences(BTD).Our results indicate the presence of nonlinear patterns and a posi-tive,statistically significant relationship between discretionary accruals and both ETR indicators implying that when companies resort to earnings management,a larger tax-able income—and thus higher ETR and lesser tax avoidance–would ensue.Hence,as also highlighted by the fact that discretionary accruals do not appear to affect BTD,our evidence does not suggest that companies are exploiting tax manipulation to reduce their tax payments;thus,the gap between accounting and taxation seems largely unaf-fected by earnings management.展开更多
From a sustainability perspective, achieving greater efficiencies in environmental waste management is at the heart of current academic discussion on climate change science. Over the last few decades the tourism indus...From a sustainability perspective, achieving greater efficiencies in environmental waste management is at the heart of current academic discussion on climate change science. Over the last few decades the tourism industry has developed exponentially and is now considered one of the most dynamic economic activities worldwide. Solid waste is a commonly identified and ever increasing aspect of tourism;the improper management of which can lead to substantial and irreversible direct and indirect environmental, economic and social impacts. However, the management of solid waste in tourism dominated island communities is particularly problematic due to climatic conditions, topography, financial restraints, planning issues, changing consumption patterns, transient population, and seasonal variations in solid waste quantity and composition. In addition, there is often a lack of momentum to implement new initiatives and programs as stakeholders involved in the design, construction and operation of tourist resorts have conflicts of interest. Using information gathered from key informant interviews, participation observations and literature reviews, this article appraises current waste management practices in four European tourist destinations, namely: Mallorca, Tenerife, Kefalonia and Rhodes. Findings indicate that, although there are signs of compliance with global best practice, a variety of locally-based measures need to be implemented to enhance sustainability.展开更多
In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substa...In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substances, such as fine particles. The law enforcement relies on a monitoring and reporting system to inform the European Commission and the public, for it is the citizens' right to be informed about harmful air quality. With sectoral measures, air quality could be improved in the past 20 years, but some emissions concentrations have stagnated in recent years and emissions temporarily exceed thresholds in nearly half of the Member States. The European Emission Inventory allows the commission to identify the substances, areas, and times of exceedances, and to implement sectoral measures leading to air quality improvements, all of which have to be made available publicly. This manuscript introduces the air quality legislation and reviews the quality of European air for recent years.展开更多
The international fight to cut greenhouse gas emissions is entering a new phase as an increasing number of countries have recently announced major commitments to achieve carbon neutrality within the next few decades.M...The international fight to cut greenhouse gas emissions is entering a new phase as an increasing number of countries have recently announced major commitments to achieve carbon neutrality within the next few decades.Meanwhile,some developed countries are trying to hedge against the losses associated with emissions reduction by devising self-protective mechanisms.One of the most notable examples is the European Union’s(EU’s)plan to introduce a carbon border adjustment mechanism(CBAM)as early as 2023,imposing a charge on imports of certain products from countries deemed not to be seriously tackling climate change.By investigating how the CBAM has evolved in EU policy making and assessing what the potential implications might be,this paper argues that the CBAM reflects the internal demands of EU climate politics,addresses its practical needs to hedge against the pressure to reduce greenhouse gas emissions,and is the inevitable result of transitions in European social and political thought as well as in its party politics.Given the current shift in the public opinion toward carbon border taxes in the United States(US),the policies of developed countries will likely converge on this issue in the foreseeable future,which will jolt the basic framework for global action on climate change and make the situation even grimmer for emerging and developing countries in terms of greenhouse gas emissions reduction.展开更多
The European Union(EU)seeks to build a Europe fit for the digital age.For this purpose,the EU has accelerated the process of catching up with digital technology and issued a number of legal and regulatory documents to...The European Union(EU)seeks to build a Europe fit for the digital age.For this purpose,the EU has accelerated the process of catching up with digital technology and issued a number of legal and regulatory documents to establish a digital governance rule regime with EU characteristics.This paper analyzes the EU’s path towards the construction of digital governance rules.This path is composed of three aspects,i.e.,strict digital supervision,differentiation of the free market,and multi-stakeholder governance.This three-step path has intrinsic logical implications.That is,strict digital supervision is applied to defend the EU’s unified market and values;differentiation of the free market takes the principle of adequate protection as the core to make the EU an exporter of rules;multi-stakeholder governance brings multiple stakeholders together in the governance to deal with the ethical anomie that arises during the use of big data.By setting up a series of digital governance rules,the EU seeks to achieve rule dominance to gain regulatory power for global digital governance.However,due to multiple constraints,there is a long way to go,and there are obstacles in the way.展开更多
With the deepening development of European integration and the change of international situation, member states of the European Union(EU) have gradually strengthened consultation and coordination in the field of secur...With the deepening development of European integration and the change of international situation, member states of the European Union(EU) have gradually strengthened consultation and coordination in the field of security and established corresponding mechanisms. In this process,the EU has also formed and developed its National Security Strategy and issued four versions of security strategy reports in 2003, 2008, 2016, and 2022. The 2022 version of the EU security strategy(hereafter referred to as the New Security Strategy), for the first time, has identified Russia as a long-term and direct threat. Furthermore, it has paid increased attention to traditional security, especially the upgrading of military capabilities and has become more reliant on the United States and the North Atlantic Treaty Organization. In the future, the EU will accelerate the militarization process, exert all-out efforts to contain Russia, scrutinize neighborhood security, and increase its swing on China policy.展开更多
For the European Union (EU), 1997 will be a critical year, whether for es-tablishing its Economic and Monetary Union (EMU) or for building its political u-nion, or for its eastward enlargement. First, 1997 is a decisi...For the European Union (EU), 1997 will be a critical year, whether for es-tablishing its Economic and Monetary Union (EMU) or for building its political u-nion, or for its eastward enlargement. First, 1997 is a decisive year for countries applying for founding membershipof the EMU scheduled to be launched in 1999. To be sure, to realize EU’s plan forsingle currency is one of the major objectives of its cross-century strategy and展开更多
This paper presents an on-going European ERASMUS project to develop training programs and tools for Industry 4.0.After an introduction on the background and objective of the project,the paper will give an overview on ...This paper presents an on-going European ERASMUS project to develop training programs and tools for Industry 4.0.After an introduction on the background and objective of the project,the paper will give an overview on the structure,partners and organization of the project.Based on the State-of-the-art,the targeted intellectual outputs(IOs)will be presented in detail and the set of planned activities to achieve IOs are outlined.The project progress and preliminary results are shown and the concluding summary will be given at the end of the paper.展开更多
The objective of this article is to analyze the new cooperation of the European Union,in particular with middle and upper-middle-income countries,in order to understand the development policy of the Union in view of t...The objective of this article is to analyze the new cooperation of the European Union,in particular with middle and upper-middle-income countries,in order to understand the development policy of the Union in view of the new global scenario,taking into account the new status that these countries have acquired and the implications of this entails in international cooperation processes.This leads us to delve into how the EU cooperates with the middle-income countries and more advanced developing countries.The contribution of this work addresses some of the challenges and perspectives that are currently being planned about the EU’s development policy,providing different elements of analysis and reflection on its future evolution.展开更多
The chosen study mainly concerns on the migration issue,which has become a phenomenon in the European Union’s political economy in the contemporary era,within the recent years,which identifies the role of migrants in...The chosen study mainly concerns on the migration issue,which has become a phenomenon in the European Union’s political economy in the contemporary era,within the recent years,which identifies the role of migrants in Azerbaijani labor market and other areas of economic integration involving the current trends,challenges,and perspectives in the political or socio-economic fields.The long-brewing Civil War in Syria created a large-scale trajectory of migrants,resulting in a massive influx of refugees from Turkey to Greece and then to Germany.Recently,the issue of migration is now transforming into a phenomenon among the member states of the European Union prompting them to take immediate action and make crucial decisions in the country’s political economy.As a result,modern migration can play a pivotal role both for the EU and for Azerbaijan in the direction of flow of people,capital and services,remittances,improving socio-economic well-being and the cheap labor force in the international labor market.The key criterion of the study is to identify specific ways in which persons or migrants who are involved in the migration process can be able to also contribute to the sustainable economic development of the region by positively influencing IDPs on the local population,labor market activities,and overall political and economic activity.The main idea behind the research is to investigate the economic integration of immigrants in Azerbaijan through its original theoretical and empirical study of migration that plays an important role in the EU’s political economy.The research aims to better regulate labor migration processes in Azerbaijan with the help of the European Union and to optimize the impact on labor productivity in the country by providing economic integration of migrants in the local labor market.The main focus of this study is to identify the role of the European Union in the economic integration of immigrants in Azerbaijan,the legal migration and migration process,based on the Joint Declaration on Resettlement Partnership launched between the EU and Azerbaijan.展开更多
There has been a long-standing debate on the European Union's democratic deficit. The issue was even more complicated today during the hard time of the European crises. However,a no-solution predicament inevitably...There has been a long-standing debate on the European Union's democratic deficit. The issue was even more complicated today during the hard time of the European crises. However,a no-solution predicament inevitably emerged under the traditional democratic deficit paradigm. This article proposed a new perspective regarding democracy and a new analysis framework to check the EU's institutional arrangement,under which the EU's democratic issue could be acceptably addressed.展开更多
基金Financial Inclusion through Digitalisation in Europe]research project.SFIDE is funded by The European Investment Bank Institute,EIBURS research grant(2020-22)on the theme“Building the future of inclusive finance:the role of FinTechs and digitalisation”.The funding body had no role in the design of the study,collection,analysis,and interpretation of data,as well as in writing or revising the manuscript.
文摘In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.
文摘Objective To study the regulatory framework of advanced therapies in the European Union and the United States,and to provide reference for the regulation of cell-and gene-based therapeutic products in China.Methods The legal and regulatory documents,annual reports,work information and related literature published on the websites of the FDA and European Medicines Agency(EMA)were reviewed to analyze the regulatory models of advanced therapies in the European Union and the United States.Results and Conclusion the United States and the European Union have carried out a lot of work in the classification standards of advanced therapies,policy formulation and accelerated listing procedures.Therefore,they have established a relatively mature regulatory system.China can learn from their experience and continuously improve the regulatory system to help the sustainable development of gene and cell therapy industry.
基金gratefully acknowledge the funding from the Spanish Ministry of Science and Innovation,project MCI-21-PID2020-115183RB-C21.
文摘In this study,we investigate the relationship between tax avoidance and earnings management in the largest five European Union economies by using artificial neural network regressions.This methodology allows us to deal with nonlinearities detected in the data,which is the principal contribution to the previous literature.We ana-lyzed Compustat data for Germany,the United Kingdom,France,Italy,and Spain for the 2006–2015 period,focusing on discretionary accruals.We considered three tax avoidance measures,two based on the effective tax rate(ETR)and one on book-tax differences(BTD).Our results indicate the presence of nonlinear patterns and a posi-tive,statistically significant relationship between discretionary accruals and both ETR indicators implying that when companies resort to earnings management,a larger tax-able income—and thus higher ETR and lesser tax avoidance–would ensue.Hence,as also highlighted by the fact that discretionary accruals do not appear to affect BTD,our evidence does not suggest that companies are exploiting tax manipulation to reduce their tax payments;thus,the gap between accounting and taxation seems largely unaf-fected by earnings management.
文摘From a sustainability perspective, achieving greater efficiencies in environmental waste management is at the heart of current academic discussion on climate change science. Over the last few decades the tourism industry has developed exponentially and is now considered one of the most dynamic economic activities worldwide. Solid waste is a commonly identified and ever increasing aspect of tourism;the improper management of which can lead to substantial and irreversible direct and indirect environmental, economic and social impacts. However, the management of solid waste in tourism dominated island communities is particularly problematic due to climatic conditions, topography, financial restraints, planning issues, changing consumption patterns, transient population, and seasonal variations in solid waste quantity and composition. In addition, there is often a lack of momentum to implement new initiatives and programs as stakeholders involved in the design, construction and operation of tourist resorts have conflicts of interest. Using information gathered from key informant interviews, participation observations and literature reviews, this article appraises current waste management practices in four European tourist destinations, namely: Mallorca, Tenerife, Kefalonia and Rhodes. Findings indicate that, although there are signs of compliance with global best practice, a variety of locally-based measures need to be implemented to enhance sustainability.
基金the Comparative Policy and Practice Study of the EU-China Environmental Governance Programme’s core theme Public Access to Environmental Information with funding from the European Union(www.ecegp.com)
文摘In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substances, such as fine particles. The law enforcement relies on a monitoring and reporting system to inform the European Commission and the public, for it is the citizens' right to be informed about harmful air quality. With sectoral measures, air quality could be improved in the past 20 years, but some emissions concentrations have stagnated in recent years and emissions temporarily exceed thresholds in nearly half of the Member States. The European Emission Inventory allows the commission to identify the substances, areas, and times of exceedances, and to implement sectoral measures leading to air quality improvements, all of which have to be made available publicly. This manuscript introduces the air quality legislation and reviews the quality of European air for recent years.
文摘The international fight to cut greenhouse gas emissions is entering a new phase as an increasing number of countries have recently announced major commitments to achieve carbon neutrality within the next few decades.Meanwhile,some developed countries are trying to hedge against the losses associated with emissions reduction by devising self-protective mechanisms.One of the most notable examples is the European Union’s(EU’s)plan to introduce a carbon border adjustment mechanism(CBAM)as early as 2023,imposing a charge on imports of certain products from countries deemed not to be seriously tackling climate change.By investigating how the CBAM has evolved in EU policy making and assessing what the potential implications might be,this paper argues that the CBAM reflects the internal demands of EU climate politics,addresses its practical needs to hedge against the pressure to reduce greenhouse gas emissions,and is the inevitable result of transitions in European social and political thought as well as in its party politics.Given the current shift in the public opinion toward carbon border taxes in the United States(US),the policies of developed countries will likely converge on this issue in the foreseeable future,which will jolt the basic framework for global action on climate change and make the situation even grimmer for emerging and developing countries in terms of greenhouse gas emissions reduction.
文摘The European Union(EU)seeks to build a Europe fit for the digital age.For this purpose,the EU has accelerated the process of catching up with digital technology and issued a number of legal and regulatory documents to establish a digital governance rule regime with EU characteristics.This paper analyzes the EU’s path towards the construction of digital governance rules.This path is composed of three aspects,i.e.,strict digital supervision,differentiation of the free market,and multi-stakeholder governance.This three-step path has intrinsic logical implications.That is,strict digital supervision is applied to defend the EU’s unified market and values;differentiation of the free market takes the principle of adequate protection as the core to make the EU an exporter of rules;multi-stakeholder governance brings multiple stakeholders together in the governance to deal with the ethical anomie that arises during the use of big data.By setting up a series of digital governance rules,the EU seeks to achieve rule dominance to gain regulatory power for global digital governance.However,due to multiple constraints,there is a long way to go,and there are obstacles in the way.
文摘With the deepening development of European integration and the change of international situation, member states of the European Union(EU) have gradually strengthened consultation and coordination in the field of security and established corresponding mechanisms. In this process,the EU has also formed and developed its National Security Strategy and issued four versions of security strategy reports in 2003, 2008, 2016, and 2022. The 2022 version of the EU security strategy(hereafter referred to as the New Security Strategy), for the first time, has identified Russia as a long-term and direct threat. Furthermore, it has paid increased attention to traditional security, especially the upgrading of military capabilities and has become more reliant on the United States and the North Atlantic Treaty Organization. In the future, the EU will accelerate the militarization process, exert all-out efforts to contain Russia, scrutinize neighborhood security, and increase its swing on China policy.
文摘For the European Union (EU), 1997 will be a critical year, whether for es-tablishing its Economic and Monetary Union (EMU) or for building its political u-nion, or for its eastward enlargement. First, 1997 is a decisive year for countries applying for founding membershipof the EMU scheduled to be launched in 1999. To be sure, to realize EU’s plan forsingle currency is one of the major objectives of its cross-century strategy and
基金This work has been done with the financial support of the European Commission under the Erasmus+Strategic partnership(Grant No.2019-1-FR01-KA202-062965).
文摘This paper presents an on-going European ERASMUS project to develop training programs and tools for Industry 4.0.After an introduction on the background and objective of the project,the paper will give an overview on the structure,partners and organization of the project.Based on the State-of-the-art,the targeted intellectual outputs(IOs)will be presented in detail and the set of planned activities to achieve IOs are outlined.The project progress and preliminary results are shown and the concluding summary will be given at the end of the paper.
文摘The objective of this article is to analyze the new cooperation of the European Union,in particular with middle and upper-middle-income countries,in order to understand the development policy of the Union in view of the new global scenario,taking into account the new status that these countries have acquired and the implications of this entails in international cooperation processes.This leads us to delve into how the EU cooperates with the middle-income countries and more advanced developing countries.The contribution of this work addresses some of the challenges and perspectives that are currently being planned about the EU’s development policy,providing different elements of analysis and reflection on its future evolution.
文摘The chosen study mainly concerns on the migration issue,which has become a phenomenon in the European Union’s political economy in the contemporary era,within the recent years,which identifies the role of migrants in Azerbaijani labor market and other areas of economic integration involving the current trends,challenges,and perspectives in the political or socio-economic fields.The long-brewing Civil War in Syria created a large-scale trajectory of migrants,resulting in a massive influx of refugees from Turkey to Greece and then to Germany.Recently,the issue of migration is now transforming into a phenomenon among the member states of the European Union prompting them to take immediate action and make crucial decisions in the country’s political economy.As a result,modern migration can play a pivotal role both for the EU and for Azerbaijan in the direction of flow of people,capital and services,remittances,improving socio-economic well-being and the cheap labor force in the international labor market.The key criterion of the study is to identify specific ways in which persons or migrants who are involved in the migration process can be able to also contribute to the sustainable economic development of the region by positively influencing IDPs on the local population,labor market activities,and overall political and economic activity.The main idea behind the research is to investigate the economic integration of immigrants in Azerbaijan through its original theoretical and empirical study of migration that plays an important role in the EU’s political economy.The research aims to better regulate labor migration processes in Azerbaijan with the help of the European Union and to optimize the impact on labor productivity in the country by providing economic integration of migrants in the local labor market.The main focus of this study is to identify the role of the European Union in the economic integration of immigrants in Azerbaijan,the legal migration and migration process,based on the Joint Declaration on Resettlement Partnership launched between the EU and Azerbaijan.
文摘There has been a long-standing debate on the European Union's democratic deficit. The issue was even more complicated today during the hard time of the European crises. However,a no-solution predicament inevitably emerged under the traditional democratic deficit paradigm. This article proposed a new perspective regarding democracy and a new analysis framework to check the EU's institutional arrangement,under which the EU's democratic issue could be acceptably addressed.