Supplementary research questions:
1. Do the processes of systemic and normative adaptation of the national financial system to the standards of the European Union improve the stability of the European financial system?
2. Does the unification of technology, the standardization of banking procedures, the harmonization of risk management systems contribute to limiting the systemic credit risk and strengthens the stability of the European financial system?
3. To what extent the unification of national technological standards and the standardization of banking procedures in the EU member states strengthens the stability of the European financial system?
Analysis of the research problem:
For twenty-seven years, the Polish economy has increasingly become vulnerable to global cyclical trends and is subject to internationally ongoing processes of economic globalization. The quarterly period of economic transformation, which has been underway, has created the foundations for sustainable development, economic conditions for investing and education have gradually improved. In the 1990s, as a result of the socio-economic transformation, activity, entrepreneurship and citizens' innovation were liberated. As a consequence of these changes, market mechanisms have developed that generate an increase in production efficiency and competitiveness. This process was correlated with the growing importance of economic globalization, which also included the Polish economy. The continuation of this process was the accession of Poland in 2004 to the economic structures of the European Union. The significance of this fact is underlined by the significant increase in trade between Poland and the euro area countries since 2004. The financial systems of individual countries belong to particularly important segments of the economies of developed and developing countries, whose domestic and supra-national legal regulations have been gradually adapting to the changing economic and market conditions. In terms of material aspects that determined these processes, there was an increasing dimension of flows of cross-border trade and capital flows, including investment financial capital. These processes in the global dimension have intensified much earlier before the start of the socio-economic transformation in Poland in 1989. The liberalization of capital flows, which has been developing since the 1970s, was determined by many economic and political factors, including the change of the international monetary system. Against the background of globalization, processes such as the liberalization of capital flows, deregulation of international financial markets and progress in the field of ICT have been taking place. These processes are among the main determinants fostering the economic globalization of the global economy as well as the internationalization of financial markets.
Publication containing a summary of the conducted research, the purpose of which is to formulate answers to the above questions:
"SYSTEM AND NORMATIVE ADAPTATION OF THE FINANCIAL SYSTEM IN POLAND TO THE EUROPEAN UNION STANDARDS - THE NEXT STAGE"
Summary of the publication containing key issues regarding the research problem:
Adjustment of Polish financial system to the EU standards is being continued. It is determined by globalization as well as by improving the safety of financial system and introducing euro, if any. It became more intensive since May, 2004, i.e. the accession of Poland to European Union. At the same time global macroeconomic processes influence Polish economy due to market integration processes in Europe. This is why Poland has visibly intensified the policy of open economy also in case of the 20 years Polish economic systems and the regulations of functioning particular branches, sectors and institutions are gradually adjusted to the EU requirements. Polish financial system belongs to particulary important sectors and this is why it is being adjusted to the very requirements with special intensity. Its continuation may lead in future to the introduction of euro in Poland.
Bibliographic description of the publication:
D. Prokopowicz, S. Gwoździewicz, System and normative adaptation of the financial system in Poland to the European Union Standards - The Next Stage (w:) Globalization, the State and the Individual, “International Scientific Journal”, Free University of Varna “Chernorizets Hrabar”, Chayka, Varna, Bułgaria 9007, Varna 2016, nr 4 (12) 2016, s. 79-96. ISSN 2367-4555
Link to the publication of the author of the research project:
https://www.researchgate.net/publication/327201086_System_and_normative_adaptation_of_the_financial_system_in_Poland_to_the_European_Union_Standards_-_The_Next_Stage
Project:
Adaptation and globalization processes of commercial banks operating in Poland to international financial markets and normative standards of the European Union
Keywords:
globalization, the economy, economic integration, the financial system, market structures, security system, European Union, integration of market structures, standardization of procedures, organizational unification, financial stability, regionalization, adjustment processes, transnational legal norms, international capital flows, unification of national regulations and technological standards.
The problems of adjusting the banking system in Poland to the European Union's financial system standards are described in the publications:
https://www.researchgate.net/publication/327201086_System_and_normative_adaptation_of_the_financial_system_in_Poland_to_the_European_Union_Standards_-_The_Next_Stage
https://www.researchgate.net/publication/327201227_Globalization_and_the_process_of_the_system_and_normative_adaptation_of_the_financial_system_in_Poland_to_the_European_Union_standards
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