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Particular attention has been paid to the need to adapt the sources of financial law of Ukraine to the acquis communautaire. This paper emphasizes that the system of sources of financial law is inherently dynamic, which is reflected in the constant development of both its content and external form of expression.

This paper analyzes the main approaches to determining sources of law. The main features and peculiarities of the sources of financial law in Ukraine have been outlined. The positions of scholars on the characteristics of the sources of financial law of the European Union (EU) have been analyzed.

It is considered appropriate to allow soft law to belong to one of the sources of financial law. It is established that the adaptation of financial legislation of Ukraine to EU law is due to the following objectives: implementation of theoretical and practical experience of EU member states in the form of European standards enshrined in the sources of EU law; and harmonization of the rules of financial activity in Ukraine to the norms of EU financial law is necessary to ensure the free movement of persons, goods, services and capital.

The directives of the EU that regulate financial relations and the state of their implementation have been described. This paper proposes to improve the sources of financial law of Ukraine to harmonize the national legislation of Ukraine with the standards of the EU.

In the enlarged European Union (EU) with 25 members, the free movement of capital, coupled with the free movement of goods and services should be a major direct attraction for both intra-EU and external foreign direct investment (FDI) inflows. EU membership does not, however, lead to a linear increase in FDI inflows as many analysts suggest (ECE, 2001). With EU accession, the structure of FDI may change substantially (Hunya, 2000; Dyker, 2001). Activities based on the existence of closed domestic markets (e.g. food and beverages) and on cheap labour (e.g. assembly activities) might be reduced, or even closed down, giving way to more knowledge-intensive activities in the new EU member countries (Kalotay, 2004a). FDI in the new EU member countries is not yet on an uninterrupted growth path. In the pre-accession phase (1995–2003), the relative importance of new EU members in global FDI flows when compared to that of the “old” members of the EU, was actually shrinking. Thus, if new members want to use FDI as one channel for catching up, they have to reverse this trend and increase their inward FDI quite rapidly.

This chapter takes a closer look at the integration process of the Western Balkan states. At first we will look at the procedures to join the EU, followed by some general information about the countries of the Western Balkans. Building on this, the path and the current results of the individual countries towards EU membership are reviewed. At the end, a closer look at the Berlin Process shows a concrete example how the individual Western Balkan states work with the EU. This allows an outlook how the enlargement process might continue in the coming years.

This paper aims to examine how the Slovak Labour Code has evolved as a result of the “velvet revolution” which saw Czechoslovakia begin the transition from a “command” to a “market economy, the establishment of a separate Czech Republic and a Slovak Republic and Slovakia's accession to membership of the European Union.

The paper attempts to provide an empirical contribution to the understanding of how the process of industrial relations is evolving in the new democracies of Eastern and Central Europe in the post‐communist period.

The paper highlights how the detailed codification of trade union rights of the communist era have been drastically reformed in light of the Slovak Republic adopting a market economy and adopting the EU's social acquis communautaire. The governments desire to liberalise and encourage a more flexible labour market has seen many of the old powers of the trade unions transferred to other forms of employee representation such as works councils and works trustees.

The author has described the strategy of the government to marginalise trade unions by introducing works councils and transferring functions to them, which had previously been performed by the trade unions.

The paper provide an interesting insight into how “players” in the “employee relations game” perceive the re‐codification of the Slovak Labour Code. There seems to be a mixed response to the changes, for whilst the union claims that it is able to boast a 95 per cent success rate in winning cases in the courts arising out of the rights and protections provided for employees in the Labour Code, and not withstanding the very low incidence of industrial action, the paper notes with some irony that there is significant school of opinion amongst Slovak trade unionists that the price that they pay for all of this is some of the lowest wages in the region.

This paper looks at some aspects of trade and investment relations between the EU and the countries of central and eastern Europe (CEEC). The approach used is based on a model of trade with, and development of, a frontier by a metropolitan economy developed by Ronald Findlay. Findlay’s model posits the existence of a monopolised supply of an input to the metropolitan economy. Development of the frontier enables the metropolitan economy to break the monopoly. The expansion of outward processing trade between the EU and the CEEC, a form of intra‐industry trade, is a notable feature of economic relations in Europe since the fall of the Soviet empire. This is modelled in the paper as a device whereby a supply side constraint (labour market restrictions) within the EU is relaxed by vertical disintegration of production and relocation outside the EU. This in turn has implications for the incorporation of the CEEC in the EU. While they remain outside the EU they provide regime competition, particularly in the area of labour market policy. The income distribution implications of this competition provides a political basis for moves to extend membership of the EU on the basis of the CEEC’s adopting the acquis communautaire.

Describes two‐way dialogue, between each side of industry, is a key element in social policy. Proposes to analyse and comment on some of the social dialogue, in particular both the role and significance of this notion in the soon‐to‐be enlarged Europe. Acknowledges that the ten candidate countries that join on 1 May 2004 must build a social dialogue and negotiate and conclude collective agreements.

The purpose of this paper is to provide an overview of the development of employee financial participation in Estonia from patterns of employee ownership which was promoted during the privatization of enterprises in the transition period, to the emergence of different forms of employee participation, including employee share ownership and profit sharing schemes. The analysis of the changing institutional setting and legislation in Estonia in the context of EU accession serves as a basis for examining the actual diversification of forms of employee financial participation, and provides some suggestions of likely further development.

The study combines results from earlier research, analysis of Estonian legislation from the late 1980s to the present time, interviews with social partners, data collected through enterprise surveys during the transition period and case studies, examining recent examples of financial participation.

There is no historical tradition of employee financial participation in Estonia. By far the most important development was in relation to early privatization, with the employee takeover of many small enterprises. However, majority ownership by employees in these firms has changed quite rapidly, so that now the dominant ownership pattern is of ownership by managers and outside owners. This phenomenon was observed both in quantitative studies and in case studies. There are very few cases of profit sharing. The need to transform acquis communautaire into national law in connection with the EU accession has recently led to debates about employee participation in decision making. Although the government and other influential political players do not promote financial participation, the discussion on the implementation of EU directives shows that the issue will be addressed and even new legislation could be adopted if an EU act on financial participation of employees were approved.

In contrast with employee share ownership, the incidence of which was quite recently assessed in a survey study of January 2005 for 722 enterprises, profit sharing has not been the subject of regular and/or recent studies. Thus, one should be cautious when estimating the extent of the spread of diverse forms of financial participation in Estonian companies.

Description of the current status of employee financial participation can be important for policy makers for further development of the labour market in Estonia. Development of legislation following the trend in the EU, together with changes in the taxation system, could promote different forms of financial participation by employees, and could lead to strengthening employee motivation and productivity, especially in knowledge‐based companies.

The paper is a comprehensive description of the development and current status of employee financial participation in Estonia. The paper provides suggestions for further research.

Business and corporate culture in Hungary are undergoing a profound change. Although the first phase of transition to the market economy is complete, great efforts are still needed to bring the country – and business in general – to the point of readiness to join the EU. Legislative harmonisation is under way, the “Acquis communautaires” require to be adopted and the nation is intent upon meeting the conditions for accession in respect of democracy, the market economy and competition. However, in parallel to these efforts uncertainties are growing in the value system – in general morale and in unwelcome problem areas which can easily generate social tensions – all of which have their effect upon business and corporate culture.

Accession to the European Union is one of the most powerful foreign policy tools exercised within the European arena and enlargement negotiations have been a major stimulus to reform in Central and Eastern Europe. Conditionality has evolved as over time into a dynamic instrument used to ensure that new members are sufficiently prepared to take on the responsibilities of EU membership, whilst also satisfying existing member states that new members will not prove too burdensome. This paper aims to examine some of the lessons learnt from the first stage of the Fifth Enlargement and the stricter use of conditionality mechanisms for Romania, Bulgaria and beyond.

The article is based on interviews with EU officials involved in the enlargement process.

The article finds that the use of conditionality in the 2004 enlargement has had a far from uniform effect on candidates and policy areas and that the commission has learnt much from this experience. The integration of Bulgaria and Romania will offer more significant challenges and conditionality has evolved as a mechanism to address these.

The article offersboth an empirical as well as theoretical evaluation of the use of conditionality in the context of the EU enlargement process.

This chapter provides a few practical cases in the framework of selected global challenges from the experience of a practitioner – commercial diplomat that have been chosen according to the combination of relevant experience and legitimacy issues.

This empirical study has no conceptual or big theoretical ambitions. The approach of a multiple case study was chosen as it provides a high-level view of different cases and questions describing practical aspects of selected theoretical topics in the work of a commercial diplomat in the framework of the International Business. Thus the simple narrative descriptions are shown below to provide some important or interesting elements in order to yield different and practical details of Business and Commercial diplomacy which are often different from the theoretical conclusions and outcomes. Hence, some challenges have been selected and analysed as it is assumed that narrative may provide a good insight into the decision-making and into the processes of Business and Commercial diplomacy.

It covers the role of the commercial diplomacy in the EU, the challenges of limited capacities, the comparison of OECD guidelines versus EU acquis communautaire, the sustainable development in the EU and in developing countries, the impact and potential of digitalisation, some notes on the tax avoidance and the importance of public–private partnership.

This study provides practical context for some global challenges and issues from the point of view of a commercial diplomat. There is also a trial for the new definition of Commercial diplomacy and comparison of approaches of Business, Commercial and Trade diplomacy to these issues.