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Michał Hejbudzki

Summary

The Author examines the importance of the Directive 2011/83/EU for the transposition of the Directive 1999/44/EC into Polish law in the field of seller‘s liability for physical defects in the item sold. These considerations were prompted by the Act on Consumer Rights of 30 May 2014 including the amended provisions on liability under warranty which entered into force in Poland on 25 December 2014. The aim of the considerations included in this article is to identify new limits of liability for the quality of goods, which were determined by revised provisions of the Civil Code resulting from the aforementioned Act and to show the significance of the implementation of the Directive 2011/83/EU into the Polish law for this process. The matter of the analysis was subjected to both the subjective limitations, i.e. it was reduced only to seller-consumer legal relationships, and to the objective limitations, i.e. related only to liability under warranty for physical defects resulting from sales contracts.

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Richard Pospíšil

Abstract

The issue of money and establishing interest rates are the main activities of central banks. Th rough this, the banks immediately influence the behaviour of households, companies, financial markets and the state with the impact on real outcome, employment and prices. When monitoring the issue of money, it is necessary to focus not only on its volume, but also on the attributes and functions carried by money. Among the first economists who considered the quality monetary aspect were J. Locke, D. Hume, D. Ricardo and others. The founders of modern monetarism of the 20th century were I. Fisher and M. Friedman. Fisher was the first to define the equation of monetary equilibrium in the present-day form. The objective of the paper is to point out different approaches to the equation and its modifications and different meanings of its variables. As regards the monetary aggregate M - Money - the paper also deals with the denomination of the aggregate to its various elements, which is significant for fulfilling monetary policy targets. This approach is very important especially at present in the time of crisis when central banks are performing their policy considering contradictory targets of price stability and economic growth.

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Attila Badó and Péter Mezei

Summary

Comparative law plays a role both at the time of the creation and interpretation of constitutions. Hungary is not an exception in this respect. The comparative analysis of Hungarian constitutional law is an ordinary one both in terms of quantity and quality. The new Fundamental Law of 2011 as well as the “two-third majority statutes”, however, led to an international scandal. Several studies have suggested that the method of acceptance of the new Fundamental Law and its content are unique in several aspects. The reviews of the Fundamental Law by scholars and international organizations show, however, contradictory opinions. We argue that such opposition is mainly due to differing conceptions of the ideal democratic society. Proponents of the Fundamental Law asserting national sovereignty and the supremacy of legislation accept any constitutional regulation that is backed by the necessary amount of votes. On the other hand, opponents have disliked everything that has happened in Hungarian constitutional law since 2010 on the premises of global constitutional values, the lack of consensus, self-restraint or elegance. The present paper aims to evaluate the Fundamental Law of Hungary through the lens of Joseph Raz’s seven constitutional criteria that might serve as a structured approach to analysis that is acceptable to those who express supportive as well as critical opinions on the Fundamental Law. Indeed, based upon Raz’s criteria we have come to the conclusion that the new constitutional regime does not meet one single criterion that is connected to its acceptance. As the Fundamental Law was accepted rapidly, without any endorsement by the opposing parties or any referendum, it cannot be demonstrated that it mediates general values accepted by the whole society.