Open banking and inclusive finance in the European Union:perspectives from the Dutch stakeholder ecosystem

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.

Research on the Regulatory Framework of Advanced Therapies in the European Union and the United States

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.

Tax avoidance and earnings management:a neural network approach for the largest European economies

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.

Tourism Waste Management in the European Union: Lessons Learned from Four Popular EU Tourist Destinations

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.

Air Quality Legislation and Standards in the European Union: Background, Status and Public Participation

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.

A European Union Carbon Border Adjustment Mechanism and Its Implications

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.

Determinants of Female Employment Rate in the European Union

The aim of this paper is to provide a clear insight about the determinants of female employment rate in the European Union where we have used panel data analyses of 27 countries members of the European Union from 1995 till 2009. Applying dynamic modeling, i.e, generalized method of moments （GMM） econometrics findings have driven us to system estimated model where the following institutional variables have been tested： maternity leave, child care facilities, college education, fertility rate, GDP growth, female unemployment rate and part-time employment. We expect these variables to have a positive impact on the female employment rate except for the female unemployment rate and maternity leave

A Study of the European Union’s Path for Constructing Digital Governance Rules and the Logical Implications of the Path

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.

The Francization of the European Union and Its Implications

In recent years,the European Union(EU)has shown an obvious trend toward French sensibilities in terms of integration,economic development concept,and strategic culture.First,the monetary policies of the eurozone and the fiscal policies of the EU have become more redistributive in nature,reflecting the solidarity ideals of France.Second,France’s deep-rooted“economic patriotism”is translating more into industrial policy and protectionism at the EU level.Third,the French concepts of“European sovereignty”and“strategic autonomy”are becoming the geopolitical direction of the EU.The trend of Francization of the EU is not only the result of direct efforts by the Macron government,but also closely related to the world situation and internal changes of the EU,especially changes to the social and political ecology of the United States and Brexit.In general,the Francization of the EU is a long-term trend,but it is also a nonlinear development,which may be more or less evident coinciding with the changes in the French government,the changes within the EU,and the changes of the world situation at large.The ultimate outcome is also uncertain,leading either to a more federal EU or to fragmentation and backsliding as internal tensions rise.Regardless of the outcome,the Francization of the EU is certain to have profound geopolitical consequences.

The Security Strategy of the European Union: Origin, Evolution, and Policy Direction

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.

THE EUROPEAN UNION

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

I4EU(Industry 4.0 for European Union)--An European Initiative to Develop Training Activity

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.

Regional analysis and sustainable development： Application of a synthetic sustainability indicator to Galicia and the European Union

In general, investigations carried out to date regarding/measuring systems/systems of measurement of sustainable development present two peculiarities： Either they are of a limited practical nature or they do not allow for comparisons between different areas or economies. Global synthetic indicators are an exception to the above; however they have been scarcely developed. This article designs an index of said characteristics, which is subsequently applied to all the countries within the European Union and to the region of Galicia.

New Changes in Germany s Leading Role in the European Union

For a long time, Germany played a leading role in the European Union(EU), but in recent years it has reduced its investment in the EU affairs and lessened its enthusiasm for European integration due to its multiple frustrations in maintaining the unity of the EU and leading the EU in global affairs. As a result, its leading role in the EU is apparently on the decline. This change has taken place for the following reasons: internally,it derives from Germany’s domestic political dilemma, changes in its social ecology, and structural defects in its economy;externally, it relates closely to the intensifying interest divides between EU member states, and the major-country global-scale game that is entering a new phase for which Germany is not yet ready. The decline of Germany’s leading role in the EU will intensify rivalry between EU member states, impede the process of European integration, and cause further setbacks to the EU’s global standing. Nonetheless, Germany is aware of this, and is now engaging in profound reflection and active adjustment. Accordingly, the German engine is expected to restart.

Political Impact of Chinese Foreign Direct Investment （FDI） in the European Union （EU）

This paper explores the political challenges posed by the recent influx of Chinese outward foreign direct investment （OFDI） into the European Union （EU）. Chinese OFDI has increased substantially in recent years. Chinese direct investment is still minute in the EU, but it is growing fast, and the strong upward trajectory is likely to continue in the years to come. This surge represents challenges and opportunities for EU countries. In the current context of economic and debt crisis in Europe, whether China is seen as a saviour or a predator, the question of a Faustian bargain made by European countries by courting and hosting Chinese investment needs to be asked. The benefits of foreign direct investment （FDI） for the host economy are well known, but Chinese OFDI may come with implicit strings attached and could potentially act as a Trojan Horse, affecting European norms and policies. The influx of Chinese OFDI can create an unhealthy transatlantic competition with security ramifications, which should therefore be addressed. It is interesting to find the right balance between ensuring the benefits from Chinese FDI （from job creation to productivity gains） and protecting from its harmful effects.

Representation of Polish Business Groups in the Institutional System of the European Union

This article is an attempt to present and explain the role played by the Polish business groups in the institutional system of the European Union （EU）.This article presents the forms of representing the interests of Polish business groups in the institutional system of the European Union.

The New Shift in the Cooperation of the European Union With Middle and Upper-Middle-Income Countries

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.

Training and Rural Development in Some Countries of the European Union

The aim of this research was to value, using a multiple regression model, the role of knowledge to guarantee the development in rural areas of European Union countries over 10 years. The main question was to find out relationships among some variable, as the percentage of national Gross Domestic Product （GDP） used to improve the high training, and rural development in terms of agricultural labour units. The results underlined in 2001 as an high value of rural development, in terms of working force in agriculture, was identified in some countries of European Union characterised by a low value both in high training investments and also by a low value of Human Development Index, according to the definition of The Economist. The results in 2010 pointed out an inverse correlation among the dependent variable development in rural areas and the independent variables per capita GDP and national expenditure in advanced training, in percentage of national GDP. The learning by doing and by using, the introduction of advanced training in agriculture, using Long Life Learning measures of European Union, are important to improve the development of European rural areas but, sometimes, these actions are not perceived as something of useful.

Implications of a Crisis on Small Businesses in the European Union and Republic of Croatia

Until the early 1990s Croatia has been neglecting, and even underestimating the significance, the role, the needs, and the results of small businesses （small and medium entrepreneurship）. Complete attention was focused on big companies. Relatively late, in 2002, small businesses, within the statutory legislation, have gotten its appropriate legal status and economic relevance. Today it is treated as a ＂basic necessity＂ of every society and a generator of economic development. But, economic crisis that has been present since 2008 has manifested all of its negativities, which has reflected on the present state of the economy, the whole society, and it is also shown from the results and some relevant indicators.