Economy

 A pandemic, defined as an epidemic spread over larger regions, is of course not unknown in the world. There are several pandemics in history that have left a great impact on humanity. However, so far there has not been a pandemic of such proportions and consequences as the Covid-19 pandemic. It literally paralyzed life and led to unprecedented health, economic and political consequences on a global scale. As has been the case in every area, Covid-19 has also had a serious impact on legal systems. Many countries were not ready with appropriate legislation to deal with the pandemic in terms of implementing appropriate measures to help their citizens. Because of that, a large number of trade agreements were not realized or their realization was made difficult. What was a serious problem in trade agreements that could not be realized and what is the subject of primary analysis in this paper is the concept of force majeure (vis major), its regulation and the question of whether the pandemic can be considered as a force majeure event. Uncertainty in the interpretation of outdated provisions or lack of appropriate provisions regulating force majeure in pandemic conditions has led to many citizens not being able to exercise their rights derived from contracts and thereby creating dysfunctionality in legal systems. In this paper, it is essential to review the force majeure clause, its concept, development and representation in different legal systems, by making a brief comparison between French law and English law and determining key regulations on an international level. At the same time, the main focus of research will be on the regulations in North Macedonia and the manner of regulating this concept of force majeure. It is also equally important to find the answer to the question of the role of legal systems, whether law as such will continue to exist in the same form and with the same content or whether we already are in the phase of creating the so-called pandemic law, i.e., whether the pandemic initiates a rearrangement of the concept of force majeure in trade agreements in North Macedonia, as well as everywhere in the world.

Within the bricks and mortar economy, organizations focused more on profitability and require managers who can design and implement strategies over time. Nowadays, within the digital economy, e-business-oriented organizations focus on competitiveness and customer satisfaction, requiring astute leaders. Leaders who rely on intellectual or knowledge resources to initiate and implement a new set of company aims based on e-business initiatives. Leaders who can develop organizational cultures, ethics, and teams that can realize the potential of cutting-edge technology (the Internet of Things, Artificial Intelligence) for their business. Investing in technology is important, but the critical success factor is getting people to use it effectively. Not every manager is a leader. Managers, as good leaders, should link competencies and resources within the organization to create and sustain a competitive advantage. Incumbent managers as leaders must maximize the e-space available within the organization by developing strategies for shaping culture and ethics that can operate effectively in the new environment. In this direction, the main goal of the paper is through surveying, descriptive analyses and by using practical case studies, to demonstrate leaders’ role in cultivating culture and ethics within the organization. Moreover, the paper elaborates how, thanks to skillful leaders, famous and successful organizations try to create organizational culture and ethics that are aligned with their goals for success

The purpose of this research is to analyze the efficiency and stability of the banking system in the Republic of North Macedonia over the period 2004-2024. Using annual data from the National Bank, we estimate a linear regression model in which return on average assets (ROAA) is explained by cost-to-income ratio, employee cost-to-total-income ratio, net interest margin, and non-interest margin. The results reveal that cost-to-income and net interest margin both exert a statistically significant negative effect on profitability, whereas higher investment in human capital improves efficiency. Descriptive indicators confirm a stable system, indicating that in 2024 the capital adequacy ratio stood at 18.9 %, well above the regulatory minimum, while ROAA and ROAE reached 2.2 % and 17.6 %, respectively. Five large banks hold 82 % of total assets, and foreign capital accounts for nearly 80 % of ownership, reflecting a highly concentrated yet well-capitalized sector. Policy implications underscore the importance of further reducing operating costs and diversifying income sources to sustain profitability. Overall, the North Macedonian banking sector remains resilient, liquid, and adequately capitalized, providing a sound basis for continued economic growth. Keywords: Banking system, efficiency, capital adequacy, monetary policy

The motivation behind this book comes from both my academic curiosity and a deep sense of responsibility to understand one of the most pressing issues of our time—income inequality. Over the last four years, I have dedicated myself to examining how this complex phenomenon has unfolded across Europe during some of the most economically challenging years in recent history. From the global financial crisis to the COVID-19 pandemic, this period between 2007 and 2021 has revealed the vulnerabilities and strengths of European economies, with inequality emerging as a central concern. As I worked on this book, what began as a technical analysis soon became a more personal exploration of how economic forces impact real lives. The research, while grounded in quantitative analysis, made me realize the profound human impact behind the numbers. My aim is for this book to not only contribute to scholarly discussions but also serve as a practical resource for policymakers, economists, and those who strive to create more equitable societies. Through analyzing the interplay of macroeconomic, demographic, and political factors, this work seeks NOTES BY THE AUTHOR x SOCIO-ECONOMIC DETERMINANTS OF INCOME INEQUALITY IN EUROPE to provide a deeper understanding of the forces that shape income inequality, particularly in times of crisis. These four years of research have been both challenging and rewarding, and this book is the culmination of that e£ort. I am grateful to the mentors and colleagues who supported me along the way, and I dedicate this work to all those who continue to strive for greater economic fairness in the world

The rapid development of life insurance and its dissemination throughout the world, and the emergence of new types of life insurance products, in order to meet the needs of citizens, raises the question of proper legal arrangement of these issues. This article refers to the life insurance products linked to investment funds (unitlinked life insurance products) as a new type of life insurance products, especially in developing countries. The purpose of this article is to explain the meaning and the types of unit-linked life insurance products offered by insurance companies; to provide the available statistical data regarding these types of insurance products; to analyze the legal framework of unit-linked life insurance products in the European Union and in some Southeast European countries, one member of EU and two candidates for EU membership. The conclusion of the article provides the reasons for additional legal regulation of the unit-linked life insurance products.