The sustainable growth of the Slovak Republic can only be ensured by a properly and effectively functioning public administration. In the current challenging extraordinary conditions (in the context of epidemiological, economic, financial, and sociological considerations), public power must be more efficient than ever and the management of public finances -economical, efficient, effective, and effective. Therefore, the aim of this scientific article was to carry out scientific research on the terminus technicus "public administration", to analyze the position of the most important institutions (their goals, tasks, functions, and responsibilities). The authors researched the following partial areas: mainly the pillars of efficient and proper functioning of public administration in the Slovak Republic to ensure sustainable growth; managerial foundations for the effective functioning of public administration; the legal status of public administration entities (and their responsibilities); primary goals, tasks, and tools of state administration bodies in the Slovak Republic and control in public administration. Base on research, the authors proposed de lege ferenda for more effective legislation in public administration for sustainable growth of Slovak Republic.
Ensuring sustainable growth of the Slovak Republic is not possible without effective state investment policy. The most important pillar of the analysis by investors is protection (guaranties, insurance) of investments. The research was based on analysis of main protection institutes of investments in Slovak Republic and member states of the European Union for example: multilateral and bilateral treaties on protection of investments, fair equitable treatment, full protection and security, non-discrimination standards, national fonds guarantying investments, government guaranties and international, european and national legislation on investments, protection of investments by arbitration courts. Chosen decision of courts were subjects of analysis, their interpretation and common consent of their application. Base on research, the author proposed de lege ferenda for more effective legislation in investments and sustainable economic growth.
Financial intermediation can be performed by certain types of financial agents or financial brokers in selected European countries. Using primarily analysis and the comparison, the authors focus on certain legal aspects of distribution of financial services in selected Member States of the EU and the EEA, providing a comparative legal analysis. In Slovakia, it is being focused on the subordinate financial agent. The subordinate financial agent is an entrepreneur entitled to perform financial intermediation. The subordinate financial agent belongs under the delegated supervision of the independent financial agent. The paper deals with a consideration de lege ferenda, a change to the relevant legislation according to which the subordinate financial agents could belong to the supervised financial market entities. The authors provide pros and cons regarding the direct supervision of this entity realized by the National Bank of Slovakia. The paper is being prepared by using analysis, synthesis, the inductive method, the deductive method, and the comparative method. When regulating distribution of financial services on the European level, the Insurance Distribution Directive had played a key role. Mainly due to protection of financial consumers, the subordinate financial agent should belong under the direct supervision of the National Bank of Slovakia.
The recent sovereign debt crisis has pushed the boundaries of acceptable debt within the eurozone and the EU. Several new legal documents create a strengthened budgetary framework of the member states and thus the EU as a whole. As a part of the Six Pack, Council Directive 2011/85/EU on Requirements for Budgetary Frameworks of the Member States, introduced requirements on accounting, statistics, auditing, independent prognosis, medium-term budgetary frameworks and transparency rules. The Slovak Republic has implemented the document and created an enhanced budgetary framework with new fi scal responsibility rules on the constitutional level, a new constitutional fi scal supervisory body and the very fi rst recognition of the rights of future generations in the Slovak Constitution. However, the numerical rules are implemented insuffi ciently leaving out the defi cit rule, the escape clauses do not leave enough space for countercyclical measures and the framework relies more on procedural aspects than on results. It is a step forward, but some changes in its implementation are needed in order to establish a more solid standard of budget responsibility.
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