Search Results (34)

The two groups of EU economies, the euro area and the non-euro area, are statistically analyzed taking into account the fulfillment of the euro area financial criteria and economic performance over the period 2000–2023. Compliance with financial criteria, economic performance, and their significant influencing factors are presented comparatively for the two groups of countries. The long-run equilibrium between economic growth and its factors is identified by econometric approaches with the error correction model (ECM) and autoregressive distributed lag (ARDL) models for the two data panels. In the short term, economic shocks are taken into account to compare their different influences on economic growth within the two groups of countries. The GMM system is used to model economic convergence at the EU level over the period under review. Comparisons between GDP growth and its theoretical values from econometric models have led to interesting conclusions regarding the existence and characteristics of economic convergence at the group and EU level. EU countries outside the euro area have higher economic growth rates than euro area economies over the period 2000–2023. In the long run, investment brings a higher increase in economic development in EU countries outside the euro area than in euro area countries. Economic shocks have been felt more deeply on economic growth in the euro area than in the non-euro area. The speed of adjustment towards long-run equilibrium in econometric models is slower for non-euro area economies than in the euro area over a one-year period. At the level of the European Monetary Union, change policies have a faster impact on economic development and a faster speed of adjustment towards equilibrium. Full article

This paper analyzes the macroeconomic evolution of the European Union member states that have adopted the Euro, compared to those that continue to use national currencies, with a specific focus on the Central and Eastern European countries during the period 2018–2024. Using a quantitative and exploratory approach and data provided by Eurostat, the European Central Bank, and the International Monetary Fund, we examined a series of key indicators: interest rates, inflation, GDP per capita, public debt, and foreign direct investment. The results highlight several macroeconomic advantages for Eurozone countries, including lower interest rate volatility and a quicker recovery from inflation, largely due to access to monetary tools such as PEPP and TPI. Non-Euro countries have experienced more severe inflationary episodes and higher financing costs, which have negatively impacted FDI inflows. Although some of these countries, such as Romania and Poland, have recorded solid GDP growth, they remain exposed to structural vulnerabilities and political and economic uncertainties. Correlation analyses confirm significant negative relationships between interest rates, inflation, and FDI levels. Full article

Background: The rise in antimicrobial-resistant (AMR) strains of Neisseria gonorrhoeae is internationally recognised as a critical public health concern, with limited treatment options available. The urgency of this issue prompted the European Centre for Disease Prevention and Control to establish ‘EURO-GASP’ to monitor trends in resistance and address developments. Comprehensive data on AMR strains in people living with HIV (PLHIV) is limited, especially in Cyprus. Objectives: To analyse trends in rates of resistant N. gonorrhoeae infections and identify any correlations between patient factors that may contribute to such in PLHIV in The Republic of Cyprus. Methods: We conducted a retrospective chart review study on N. gonorrhoea resistance among PLHIV from the Gregorios HIV reference clinic in Larnaca, Cyprus, between 2015 and 2023. Antimicrobial susceptibility was assessed via disc diffusion or gradient strip method on GC II agar against a non-homogenous panel of antibiotic preparations, based on standard laboratory practice variation. Demographic and clinical data, including antibiograms, treatments and test of cure, were recorded. Statistical analysis was performed using Stata v16, with significance set at p < 0.05. The study received approval from the Cyprus National Bioethics Committee. Results: A total of 45 isolates from 39 patients were analysed, with 62% of these demonstrating resistance to at least one antibiotic. Resistance rates were not shown to change over time. We identified a statistically significant linear association between a person having a history of an STI and the number of antibiotics which the isolate is resistant to (β = 1.2; p: 0.004). Notably, a single isolate demonstrated resistance to ceftriaxone, the first-line treatment currently recommended in both Europe and the United States. This finding is particularly alarming given the critical role of ceftriaxone in the management of gonorrhoea. Conclusions: Whilst there has been no increase in resistance rates over time, the detection of ceftriaxone-resistant N. gonorrhoeae is a significant public health concern. Given that having a history of an STI makes a person more likely to develop a resistant infection, PLHIV or those who engage in risky sexual behaviours are particularly vulnerable. There is a pressing need to enhance surveillance and implement routine susceptibility testing in Cyprus, given the country’s role as a major international hub for travel and migration. Molecular analysis can further improve our understanding. Additionally, the global public health community must urgently prioritise the development of novel therapeutic agents for the treatment of gonorrhoea. Full article

We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary authorities in charge of the two currencies is key. Our model shows how a floating exchange rate between the two can keep the issuers of the local currency in check. The results from our model show the conditions under which a parallel currency system disciplines the issuers of the currencies and thus maintains their purchasing power. In non-volatile economies, it also discourages governments (or private issuers) from inflating one of the currencies as a means to raise seigniorage, as this policy results in the displacement of the currency from the market. When foreign payments shortfall—such as in Greece and Cyprus during the ‘euro crisis’ in the mid-2010s, or intractable hyperinflation—leave the country without a medium of exchange, our model shows how currency choice can restore monetary circulation and offer a path to achieving and maintaining monetary stability. Full article

This paper examines the time-varying spillover effects and connectedness between the euro and other EU and non-EU currencies after the end of the sovereign-debt crisis. We employ the Quantile Vector Autoregression connectedness approach using intraday data for seven currencies (the euro, the British pound, the Swiss franc, the Polish zloty, the Hungarian forint, the Czech koruna, and the Norwegian krone) spanning from 1 January 2016 to 30 November 2022. The results indicate that, almost in all quantiles, the currencies of Eastern European Group countries (i.e., Czech Republic, Hungary, and Poland) are net contributors of information spillovers to other currencies, while currencies of non-EU countries (Switzerland, UK, and Norway) are net takers. Further, we find that the euro is the highest transmitter of net information spillovers to all other currencies until 2021. Interestingly, after 2021, the euro changes to net information spillover taker from all other currencies; highlighting that external shocks (e.g., COVID-19, the energy crisis) have significant risk spillover effects on the European currency market. Policymakers and market participants could benefit from knowing which currency drives developments to avoid unexpected consequences. Full article

(1) Background: Heart failure (HF) is not only a common cardiovascular disease with a poor prognosis. Its prevalence in developed countries equals 1–2% of the general population of adults, while in Poland HF, patients constitute 3.2% of the total population. Modern heart failure treatment should be focused not only on reducing the risk of death and the number of readmissions due to HF exacerbation but quality of life as well. Telemedicine has been suggested as a viable tool for enhancing HRQL. Therefore, we present the results of telemedical intervention in a group of HF patients and its effect on quality of life in chronic heart failure patients from a pilot study dedicated to reducing social inequalities in health through the use of telemedicine and e-health solutions. (2) Method: The project was a multicenter, open, non-controlled trial conducted by the University of Rzeszów, Poland. The data points were collected in the June 2023–December 2023 period from fourteen primary care units from five voivodeships, mostly considered social exclusion areas. A total of 52.7% of the patients recruited were Podkarpackie Voivodeship inhabitants. The result and discussion are presented based on the Chronic Heart Failure Questionnaire (CHFQ) and the EuroQol Visual Analogue Scale (EQVAS). (3) Results: During the program, a total of over 100,000 telemedicine examinations were conducted in the form of body weight measurement, heart rate, blood pressure tests, and 7-day Holter or 14-day event Holter assessment. Over the course of this study, coordinating the pilot program medical staff has ordered 570 changes in the patient’s pharmacotherapy, confirming the positive impact on quality of life in the study group. (4) Conclusions: A comprehensive telemedical intervention can contribute to an improvement in the quality of life of patients with HF beyond what was achieved with the basic standard of care in the group of HF patients from the social exclusion region. It is now unclear if the result of the basic telemedical intervention would be constant after discontinuation of the mentioned pilot program. Full article

This article builds upon the authors’ previous work on the Synthetic Efficiency Indicator for Economic Growth (SEI-EG), demonstrating the process of transforming economic-growth-related inputs into sustainable development outcomes. This innovative application of the SEI-EG provides a fresh perspective on the effects of eurozone membership on the sustainability efficiency of EU countries, thereby enriching the discourse on economic integration and sustainability efforts within the European Union. By integrating the economic dynamics of the euro area with environmental efficiency metrics, this study offers novel insights into the potential influence of currency union membership on achieving sustainable development goals. Covering the entire European Union, categorized by euro area and non-euro area membership, this study navigates through the risks to sustainability posed by global crises and the ongoing debate over the euro’s integration success and setbacks. Conducted from 2019 to 2021 using grey system theory, this research incorporates a revised set of seven indicators in the domain of industry, innovation, and infrastructure as recommended by the Europe 2020 project. The findings confirm the initial hypothesis that countries outside the euro area tend to exhibit higher efficiency as measured by the SEI-EG indicator. This article is composed of five parts. The first two parts present characteristic features of economies in the euro area and non-euro area, along with a critical trend in the latest literature on the benefits and risks of economic integration. The subsequent sections introduce the methodology for determining the indicator and the authors’ own corrections to it as well as the results of the research and a discussion. Full article

The level of renewable energy use and economic development of a country, as separate indicators, have an influence on the level of energy resource imports, but the mutual impact of renewable energy sources and gross national product on the growth or decrease of energy imports dependency have not been studied. Therefore, the aim of this study was to evaluate the energy security of European countries by taking into account the consumption of renewable energy sources and the economic development of the countries. In particular, the article examines the relationship between energy import dependency, gross domestic product (per capita), and renewable energy sources in 27 countries in the European Union. Regression analysis of data on EU countries for 11 years (from 2011 to 2021) was used to determine the non-linear influence of gross domestic product and renewable energy use on energy import dependency. This influence was simulated by a second-order regression equation. The analysis of the equation for extremes made it possible to conclude that with a share of energy from renewable sources at the level of 32%, the economic development of a country does not require an increase in energy import dependency, and with larger values of energy from renewable sources, a decrease in energy import dependency may occur. In addition, according to the analysis of the obtained mathematical dependence, it is recommended that countries with a gross domestic product of up to 10,000 euros per capita use renewable energy sources at the level of 40%. For the countries with a domestic product of up to 30,000 euros per capita should use renewable sources at the level of 50%. For countries with a gross domestic product of more than 30,000 euros per capita, renewable energy sources at a level of more than 55% is recommended. A high level of renewable energy use will allow a country to increase its gross domestic product without a significant increase in energy import dependency, and at the level of renewable energy sources of more than 32%, an increase in gross domestic product does not actually lead to an increase in energy import dependency. An increase in the use of renewable energy sources above 40% of the total consumption of energy resources in a specific country, in particular, and in the European Union, in general, will ensure an increase in energy security and an increase in the level of energy independence. Full article

This paper contributes to the literature dedicated to the interlinkages between cryptocurrencies and currencies by investigating whether Bitcoin price movements affect the exchange rates of a sample of nine European countries with non-euro currencies. By resorting to the novel unconditional quantile regression, we show that there is a statistically significant link between Bitcoin price movements and changes in nominal exchange rates. In normal market conditions, an increase in the price of Bitcoin can be associated with an appreciation of the currencies from our sample, while during the COVID-19 pandemic, the relationship inversed. In addition, we find heterogeneities in this relationship, depending on the level of change in the nominal exchange rate. The results emphasize the relevance of Bitcoin price movements to the conduct of monetary policy through the exchange rate channel and that investors in cryptocurrencies and various financial assets denominated in the currencies from our sample can benefit from diversification by including both types of assets in their portfolios. Full article

The countries of Central and Eastern Europe, from the non-euro area, have completed the process of economic transition before joining the European Union. Achieving a certain level of economic development and membership in the European Union have generated their involvement in a new transition process, namely the energy transition. Concerns about promoting the low carbon economy have become increasingly complex for those countries that are interested in the environmental impact of economic activity. This study aims to analyze the process of energy transition in the countries of Central and Eastern Europe on the basis of the causality relationship among specific variables for the period 1990–2018. The study is based on cross-sectional panel data and the panel vector error correction model (PVECM). The efforts made by these countries by joining the European Union have generated economic development, with positive effects being recorded on the protection of the environment, a fact due to the strict regulations adopted and rigorous implementation at the national level. Foreign capital had a positive impact on the transition to a low carbon economy because most of the FDI flows attracted by the non-euro countries in the CEE come from Western Europe, i.e., from EU member countries, located either among the founders or among the countries that joined during the first waves of union expansion. Membership in the European Union facilitates the energy transition process for the non-euro countries of Central and Eastern Europe, but the new geopolitical events generate the reconfiguration of the European strategy of considering the need to ensure energy security. Full article

The paper analyses the productivity change of a balanced panel of 1915 European banks during the 2013–2018 post-crisis period. To study productivity changes, the paper applies the non-parametric output-oriented Data Envelopment Analysis (DEA) approach and the Malmquist productivity index (MPI). The total productivity change estimated by the MPI is further decomposed into technical efficiency change and technological change. The overall MPI estimates show a modest increase in the productivity of banks in half of the EU countries. Further decomposition of the MPI indicates that the productivity growth was mainly a result of technological improvement, which was particularly high among the new EU member states, whereas there was a significant drop in technical efficiency. The productivity growth was higher among banks in the non-euro area and among savings banks. The practical implications drawn from the paper are that European banks should further develop their business models to rationalize the costs and increase their operational efficiency and stimulate the adoption of fintech solutions and technological development so as to enhance their productivity. Full article

The European Union’s Green Deal emphasises the importance of improving the efficiency of the energy sector in its countries, which is why the issues involved are relevant in both scientific and practical terms. The article sets out the hypothesis that conveying the state of the economic efficiency of energy development by grades does not reflect the real situation. Instead of ranks, it is proposed to form homogeneous groups of some countries based on non-linear data normalisation instead of today’s universally used linearisation. Grouping the euro area countries in the European Union on the basis of the value of the cost-effectiveness indicator for the energy development of their industrial sector confirmed the appropriateness of the proposed method-ology. In this way, three groups of countries were formed according to the level of cost-effectiveness achieved. The proposed methodology for grouping countries is universal and can be used for international comparisons of any kind. Full article

The joint effect of the global economic and sovereign debt crisis forced the European Central Bank (ECB) to apply conventional and non-standard expansionary monetary policy interventions in order to stabilize eurozone economies. We conducted a panel regression econometric analysis to study the influence of euro area monetary authority policy interventions, along with two main macroeconomic variables and a sentiment indicator, on market equity returns of eurozone countries for the period January 2007 to December 2017. Our findings suggest that conventional and non-standard monetary policy innovations had a positive lagged impact on equity returns of euro area monetary markets. More specifically, interest rate cuts evenly influenced market indices while non-conventional actions mainly affected core eurozone countries that were less affected by the crisis. We also document a strong negative relationship between inflation rates and market returns. In addition, the sentiment indicator produces positive effects on returns because it contains information that is not incorporated into other macro variables. Full article

The main objective of this research is to estimate the degree of real convergence of the countries that joined the European Union between 2004–2013 as an essential precondition for sustainable accession to the Euro Area. Through this study, we tried to create a clear, real and comparative image for the downward trend in the dispersion of the GDP/capita and the speed by which countries with different integration stages achieve the real economic convergence to equilibrium level. In this respect, we tested real convergence by regression models. Further, in order to verify the robustness of the results we applied a cluster analysis. The main results show that non-Euro Area countries have a tendency to individually reduce income disparities with the Euro Area average, but do not register a convergent economic growth and do not form a homogeneous convergence cluster, unlike the newer Euro Area Member Countries. Another representative result is that the Czech Republic seems to be the best prepared country to adopt the single currency in a sustainable way, while Bulgaria is at the opposite pole. Full article

Objective: To provide health-related quality of life (HRQoL) data to support health technology assessment (HTA) and reimbursement decisions in Romania, by developing a country-specific value set for the EQ-5D-3L questionnaire. Methods: We used the cTTO method to elicit health state values using a computer-assisted personal interviewing approach. Interviews were standardized following the most recent version of the EQ-VT protocol developed by the EuroQoL Foundation. Thirty EQ-5D-3L health states were randomly assigned to respondents in blocks of three. Econometric modeling was used to estimate values for all 243 states described by the EQ-5D-3L. Results: Data from 1556 non-institutionalized adults aged 18 years and older, selected from a national representative sample, were used to build the value set. All tested models were logically consistent; the final model chosen to generate the value set was an interval regression model. The predicted EQ-5D-3L values ranged from 0.969 to 0.399, and the relative importance of EQ-5D-3L dimensions was in the following order: mobility, pain/discomfort, self-care, anxiety/depression, and usual activities. Conclusions: These results can support reimbursement decisions and allow regional cross-country comparisons between health technologies. This study lays a stepping stone in the development of a health technology assessment process more driven by locally relevant data in Romania. Full article