Author:Assistant Professor Stoycho DULEVSKI

University of National and World Economy

DOI: 10.24818/EBLJ/2024/3/1.06

Abstract:

In a world that is in constant movement and development, both economically and socially, a world that has less and less time to waste with lengthy and formalistic procedures, it has become more than imperative to move to digitised procedures and to conclude as many contracts as possible at a distance. the main advantage of these procedures is that they can be concluded through a faster and less formalistic process, from the comfort of your own office or home. 

The present article aims to analyse the national and European rules governing the legal institution of concluding contracts at a distance in relation to the banking field and its specific regulations. In addition, it aims to show how distance contracts can be concluded more easily, what types of signatures can be used to conclude these contracts, and their legal force in the courts.

This study is supplemented by an analysis of the national case law on the subject of banking contracts concluded at a distance and how they have or have not been enforced. 

Keywords: contract, Civil Code, electronic signatures, consumer rights, contracts with professionals, Loan Agreements concluded at a distance

Author:

Adelina BĂDESCU (STAN)

Visiting Professor, Bucharest University of Economic Studies

Lect. PhD. Dragoş Mihail MǍNESCU

Faculty of Law, Bucharest University of Economic Studies

DOI: 10.24818/EBLJ/2024/3/2.03

Abstract: The European Union’s response to the 2008 financial crisis was a complex one, based on a multitude of legislative and institutional measures. In this context, it was considered that from the point of view of the Union’s institutional architecture, the responses to the effects of the crisis were insufficient. Moreover, the need to build a single market at a European level has increased. The main pillars of the Single Market are the Economic and Monetary Union and the Banking Union. The complex process of building the banking market is based on a set of regulations and instruments that have been adjusted over time according to the evolution and typology of risks and vulnerabilities that have emerged in the European banking sector. The instruments, developed mainly by the European authorities, respectively the European Banking Authority and the European Central Bank, laid the foundations both for the process of building the two Unions, and for the regulatory framework that governs them.

Keywords: Single Supervisory Mechanism, European Central Bank, European Monetary Institute, Banking Union.

Author: Lawyer PhD.  Oana GHERGHINA

Abstract:

Most public and institutional discourse surrounding the Artificial Intelligence (AI) revolution is predominantly optimistic and focuses on the race to develop it, emphasising the benefits: economic growth, advances in healthcare, and solutions to global issues. This optimistic outlook highlights AI’s potential to revolutionise various sectors and improve lives. However, strong voices in the industry, including some of AI’s own pioneers, are raising serious concerns about the risks of super-intelligent artificial intelligence (AI). These experts warn that once AI surpasses human intelligence, we may lose control over it. In this scenario, AI’s autonomous decisions could no longer align with human interests, potentially posing a profound threat to humanity’s well-being and even survival. This dichotomy underscores a vital question: Will AI serve as an instrument to enhance human existence, or does it pose an existential threat to humanity? As former Google X Chief Business Officer Mo Gawdat suggests, AI presents society with an “Oppenheimer moment”, a crucial turning point in technological history that calls for ethical foresight and legal restraint. This paper aims to dissect these risks, considering both existential and immediate concerns, and propose legal and ethical recommendations to enhance AI safety and utility.

Keywords: Artificial Intelligence, economic growth, safety, liabillity,  ethical foresight.

DOI: 10.24818/EBLJ/2024/3/2.05

Author: Assistant Professor Laura LAZAR

Associate Professor Ioan LAZAR

Abstract: The European Union (EU), as a global economic power, engages in extensive trade and financial interactions with non-EU countries. Foreign governments and organisations frequently extend financial aid, including subsidies and tax incentives, to support specific sectors or enterprises. While such subsidies can bolster economic activities, drive innovation, and support regional development, they also pose significant challenges to the EU’s internal market. Unregulated foreign subsidies risk distorting competition, undermining transparency, and affecting fair access in sectors such as public procurement and mergers. Recognising these risks, the EU introduced the Foreign Subsidies Regulation (FSR) to bridge regulatory gaps in state aid control for subsidies granted by non-EU states. This paper explores the impact of foreign subsidies on the EU’s market, assessing the regulatory framework’s potential to ensure fair competition, protect economic sovereignty, and foster equitable trade relations with third countries.

Keywords: European Union, foreign subsidies, internal market, competition distortion, regulatory framework, trade relations, state aid control, economic sovereignty.

DOI: 10.24818/EBLJ/2024/3/2.04

Author: Attorney at Law, PhD. Larisa Antonia CAPISIZU

Visiting Professor, Faculty of Law, Bucharest University of Economic Studies

DOI: 10.24818/EBLJ/2024/2.06

Abstract:

A smart contract is an agreement written wholly or partially in computer code which is automatically executed on a blockchain or a distributed ledger technology (DLT). The legal nature of smart contracts has been largely debated in legal literature. This paper analyses the validity and formation of smart contracts thought the lens of the United Nations Convention on Contracts for the International Sale of Goods (CISG) and UNCITRAL Model Law on Automated Contracting, providing insights into their alignment with international legal principles. The paper concludes that a smart contract used as an international sales contract can be deemed valid under the CISG. Specifically, such a contract can satisfy the formation requirements set forth by the Convention, as it demonstrates a clear indication of the parties’ intent and fulfills the essential elements of offer, acceptance, and sufficient definite indication of the goods, price, and quantity. Moreover, UNCITRAL Model Law on Automated Contracting hasput an end to the controversy regarding the legal validity of smart contracts.  

Keywords: smart contracts, CISG, MLAC, UNCITRAL, Model Law, automated contracting

Author: Lawyer George-Bogdan IONIȚĂ, PhD

Abstract: This study aims to analyse the impact that technological development has on the legal profession, through the lens of digitisation. In this sense, we will turn our attention to observing the current regulation of the legal assistance contract and whether the latter can be “transformed” and considered a smart contract that can be stored on the Blockchain.

Keywords: legal profession, legal assistance contract, digitisation, smart contract, Blockchain.

DOI: 10.24818/EBLJ/2024/2.07

Author: Elena-Cristina SAVU, PhD

DOI: 10.24818/EBLJ/2024/2.08

Abstract: The recent provisions of the Fiscal Procedure Code of Romania introduced by GEO 125/2024 and justified to ensure compliance with Article 5 of Directive 2010/24/EU on mutual assistance in recovery of claims relating to taxes, duties, and other measures are about to create a new obligation for the insurers, namely to report information on life insurance and other financial products concluded on the territory of Romania. This mechanism allows the authorities to know if a person concluded a life insurance contract in Romania with the purpose of recovery eventual taxes or fines from another member state. The issue at stake is that these measures are about to affect the tax treatment of insurance benefits in some cases.

Keywords: tax, insurance benefits, tax relief, taxable income

Author:Horia-Șerban TIUGAN, PhD

DOI: 10.24818/EBLJ/2024/2.09

Abstract: The scope of the article pertains to the legal responsibilities of internet service providers (ISPs) and social media platforms within the context of European Business Law, focusing on their obligations to report cases falling under the boarder spectrum of child sexual abuse. With the rise of digital communication, effective judicial protection of minors has become a pressing concern, prompting the European Union to implement stringent regulations or to adapt its legal perspectives on the matter. For this reason, the following paper shall analyse (i) the legal framework, including the General Data Protection Regulation and the Digital Services Act; (ii) conjunctively exploring the balance between user privacy and the social imperative to safeguard children against any forms of sexual abuse, in order to highlight the challenges in reporting abusive online content.

Keywords: General Data Protection Regulation, Digital Services Act, social media platforms, child sexual abuse

Author: Maria Cristina ICHIM (BĂLĂNEASA)

Abstract: This material aims to present the summary of the provisions of the legislation in Romania but also of some EU states regarding the right to salary of the temporary employee. Work through a temporary employment agency being an atypical work, it is natural that the salary of the temporary employee has some particularities (compared to that of a regular employee), and the purpose of this material is precisely the presentation of these particularities starting from the regulation of the Framework Directive 2008/104/CE.

Keywords: temporary employee, wage, principle of equal opportunity and treatment

DOI: 10.24818/EBLJ/2024/2.10