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Martin Hudec

Abstract

Since the end of the World War II, Europe has gone a long way on the path of a new era of socio-economic integration, continually battling and overcoming the political and economic fragmentation of earlier eras and less developed economies.

The various difficulties and interruptions of the process involved, the European integration, since the 1952 European Coal and Steel Community, ranged from an initial small group to a large community comprising most European countries, the gradual removal of market barriers leading to the introduction of a customs union to the single market. Furthermore, the creation of Economic and Monetary Union and the adoption of the common currency have become the culmination of the whole process of economic integration, since the euro is used daily by 338.6 million Europeans in 19 EU member states. The aim of our research article is to closely analyze the development of the economic and monetary integration of Europe, since we believe that the single currency project represents a great success for the European Union as the result of long-term efforts on currency and economy stability, progress and economic growth.

Open access

Martin Hudec

Abstract

Economic and monetary integration is the result of unifying efforts that have become a major driving force in post-war Europe. Although some of the initial initiatives, the Monetary Union project has many times been on the brink of interest. It can be as the surprise that Europe has managed to implement the common currency so soon and relatively smoothly. Nevertheless, even after its launch, this project has never completely abandoned criticism and discussion of the legitimacy and meaningfulness of its existence. Critical attitudes to the introduction of the common currency in the European Union are based above all on the Optimum Currency Area theories. The theoretical concept of optimal currency areas is currently considered a standard tool for assessing monetary integration efforts in Europe. OCA criteria are used to estimate the readiness of the candidate countries to adopt the euro, while the convergence processes are linked to the decision on the euro adoption timeline. The aim of our research article is, therefore, to closely analyze the issue of monetary policies and optimal currency areas in the context of convergence efforts towards more closely integrated economic and monetary unions.

Open access

Martin Hudec

Abstract

The European integration efforts have been underway on the European continent for several centuries. Therefore, it is important for a better clarity and transparency of selected processes to understand the term European integration, meaning the integration endeavour into the European Union, which in the case of the Visegrad countries took a notable place since the early nineties of the 20th century. This research paper focuses on analysis and comparison of selected development processes in Czech Republic, Slovakia, Poland, and Hungary since the fall of the communist regime in 1989, resulting into the Visegrad Group formation, until joining the European Union in 2004. This research is based on the hypothesis that during this period, the V4 countries had a similar initial economic situation, converging together towards developed structures and corresponding mainly to questions such as what they were their starting situation and how have those countries developed further. It will be further addressed what was the cause of this development and how it continued, showing which countries have led the way, and what factors did influence them the most.

Open access

Martin Hudec

Abstract

The issue of socio-economic convergence is nowadays more than ever an extremely dominant topic, especially in the case of less developed countries and countries suffering stagnation, mainly due to the integration processes occurring worldwide and the determinant to achieve long-term growth in an effort to advance towards the socioeconomic sustainable level of developed economies. A key assumption towards convergence is that economies with initially lower socio-economic levels will at some point reach (in an idea case) or get very close the level of developed economies, gradually reducing the gap between the capital stock and the level of product size between countries, while the lower economic level the country has, the higher the growth rate it will go through the transition period. This suggests that the economies with lower levels of performance will grow on average at a higher rate than economies that are more efficient. It is therefore expected that the growth performance of a country will with its improvement also at some point slow down and quite realistically there can also occur a situation where the levels of development and growth of individual states economies will rather show delay. This is basically an opposite action to the concept of convergence, which is known as the divergence. The aim of our research paper is to analyze closely the concept of convergence, while pointing it is specifically characteristics and overall focusing on the significance of the issue of convergence.

Open access

Martin Hudec

Abstract

The increasing pace of achieving socio-economic growth and convergence into developed structures represents the main desire of most countries. Moreover, membership in monetary unions has quite a significant impact on the economies of participating countries, since integration processes have become undoubtedly the undisputed accelerator of convergence and integration catalyst, reflecting on the development of the world economy. The growing intensity of world trade, the ever-deepening division of labor and specialization, international movement of capital and labor mobility as wells as investments into education, research and development, innovations are among the factors that lead to the creation of increasingly closer ties between economies, deepening their mutual dependence, further reflected in knowledge-based societies. Thus, the close ties between national economies themselves represent a further incentive for more intensive cooperation through the different stages of economic integration. International economic integration is an objective to promote a gradual process of linking and connecting existing economic units, i.e. national economies to the greater interconnected units in the global economy. The aim of our research paper, by using the methods of analysis and comparison, is to closely present the issue of monetary integration, focusing on the impact of monetary integration on countries’ economy, resulting in the issue of benefits and costs of the countries’ entry into the monetary union, associated with initial economic shocks.

Open access

Martin Kotus, Krištof Koloman and Matej Hudec

Abstract

Occupational health and safety legislation imposes an obligation on the production organization to regularly and comprehensibly inform employees of the dangers, threats and risks involved. In the paper, we assessed the basic requirements of safety in the wood processing workshop on the forming disc saw. Deficiencies in non-compliance with security regulations were determined from the check list analysis (CLA). The safety assessment was performed using the extended point method, where we determined the value of the risk measure. When working on a saw blade, the risk cannot be accepted and safety precautions have to be proposed. For the production organization, we have proposed remedial measures and a safety card to be considered before working on forming disc saw. All the measures proposed by us were accepted and implemented by the production organization. Applying and observing safety measures can prevent the occurrence of an occupational injury or damage to the health of the worker.

Open access

Martin Hudec and Alena Donovalová

Abstract

Economics represents a social science, directly concerning the factors and determinants of commerce, production, distribution, government, management and naturally consumption of goods and services, but unlike the natural sciences, it is unique in the area of hardly finding a broad consensus, whether we talk about rules, methodology, economic processes or basic axioms. Economic cycle would not exist in an economically ideal world where the prices of goods and factors of production are very flexible, people have full information about what is happening in the economy, government and unions do not regulate prices, and so on. Since the real world differs from an economically ideal world, economic cycle presents inevitable reality in every market economy. The aim of our research paper is to analyse essential monetary determinants and the practical aspects of the theory of the business cycle. Moreover, we focus on the instruments of central banks and their impact on the economic cycle, inextricably affecting the socio-economic development and the state of business environment and commerce.