Issue 39 (3)/2025

2025

Publication date: 22.12.2025

Licence: CC BY-NC-ND

Editorial team

Editor-in-Chief dr hab. prof. UG Anna Jurkowska-Zeidler

Deputy Editor-in-Chief Prof. h.c. prof. JUDr. , CSc. Vladimír Babčák

Secretary of Editorial Board dr Anna Drywa

Issue content

The Role of Central Bank Digital Currencies in Strengthening Financial Resilience

Lukáš Bílek

Financial Law Review, Issue 39 (3)/2025, 2025, pp. 1-25

https://doi.org/10.4467/22996834FLR.25.013.23054

This paper examines the potential of a central bank digital currency, specifically the digital euro, to transform the euro area financial sector and affect the stability of the banking system. It addresses the question of how the introduction and design of a retail CBDC in the form of a digital euro may influence the functioning and resilience of the traditional banking model and works with the hypothesis that, under appropriate design choices, a digital euro can complement cash without unduly undermining bank intermediation. The paper adopts a conceptual and analytical approach based on a review of theoretical and model-based studies on CBDCs and banking, combined with official documents of EU institutions and the European Central Bank. The findings indicate that while existing models suggest that retail CBDCs could accelerate bank runs and reinforce bank disintermediation, particularly for smaller deposit-funded banks, they also show that key design features – in particular non-remuneration and calibrated holding limits – can substantially mitigate these risks under the assumptions of the underlying models, highlighting the need for careful calibration and future empirical validation.

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Using Pestle Analysis to Forecast the Fiscal Vulnerability of Real Estate Taxation in Crisis Scenarios

Taisiia Chepys, Klára Doležalová

Financial Law Review, Issue 39 (3)/2025, 2025, pp. 26-52

https://doi.org/10.4467/22996834FLR.25.014.23055

The article explores the fiscal consequences of real estate price declines in the context of reduced revenues for national and local budgets. It focuses on the increasing vulnerability of tax systems to external factors that affect both the real estate market and the tax base. The hypothesis assumes that a modified PESTLE model serves as an effective analytical tool for shaping fiscal policy, as it allows forecasting the vulnerability of real estate taxation systems in crises and adapting tax instruments to the dynamics of external shocks. The aim of the research is to identify the causes of declining real estate prices, assess their fiscal impact, and formulate recommendations for strengthening tax policy resilience. The methodology combines a review of real estate taxation mechanisms with an adapted PESTLE analysis and a comparative case study of the US, Spain, China, and Ukraine. The findings confirm the hypothesis: macroeconomic factors, prolonged effects of crisis shocks, and the limited resilience of local budgets are key manifestations of fiscal vulnerability, which can be mitigated through the use of the modified PESTLE model in designing adaptive tax policy. The article offers practical tools such as regular property revaluation, flexible rate regulation, and compensation funds. Its originality lies in the application of a multi-level risk assessment model and the identification of common patterns of fiscal vulnerability during market disruption.

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Management of Available Funds by Independent Public Healthcare Institutions

Anna Konieczna, Bartosz Namieciński, Dominika Trzeszczoń

Financial Law Review, Issue 39 (3)/2025, 2025, pp. 53-75

https://doi.org/10.4467/22996834FLR.25.015.23056

The proper functioning of the health care system is one of the most important challenges faced by every state. In Poland, an essential part of the tasks related to health care has been entrusted to independent public health care establishments (IPHCE). These entities are state or local government legal persons, classified as the public finance sector. In order for IPHCE to fulfil their tasks, it is necessary to ensure not only an appropriate level of financial resources, but also their proper management ensuring not only efficiency, but also stability and security of public finances. The considerations carried out for the purposes of this study concern the problem of investing free financial resources by these units. As part of the research conducted, a thesis was put forward that proper management of free financial resources by IPHCE may contribute to an increase in the income of these entities and, consequently, to more effective performance of the tasks entrusted to them. In order to confirm this thesis, the functioning of the legal framework relating to the management of available funds by IPHCEs was verified. Then, an analysis was made of the practical aspects related to the allocation of available funds by selected IPHCEs, conducting therapeutic activity in the city of Szczecin. The study used a dogmatic-legal research method and an empirical-analytical method. The subject of the study covered Polish legislation, doctrinal views and data obtained from individual IPHCEs.

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Selected Legal Aspect of Environmental Protection in the Context of the Reform of Europeanunion Customs Law

Peter Kuko

Financial Law Review, Issue 39 (3)/2025, 2025, pp. 76-92

https://doi.org/10.4467/22996834FLR.25.016.23057

The paper explores the legal and institutional dimensions of environmental protection within the ongoing reform of the European Union’s customs law. It analyses the draft EU Customs Code, which integrates customs policy with the environmental objectives of Article 191 TFEU and redefines the role of customs administrations as protectors not only of the Union’s financial interests but also of the internal market’s ecological security.
Particular attention is paid to the control of environmentally risky imports, such as lithium-ion batteries, chemicals, and microplastic-based textiles. The paper discusses the interaction between customs controls and secondary EU environmental legislation — notably the REACH, Ecodesign, and Batteries Regulations — which require digital product passports and environmental data disclosure to customs authorities. Implementation challenges are linked to the absence of a unified electronic system among EU customs and environmental agencies.
Further, the paper analyses customs competences in detecting illegal waste shipments under Regulation (EC) No 1013/2006 and relevant CJEU case law. It highlights the potential of the proposed European Customs Authority and the Customs Data Hub to improve inter-agency cooperation. The conclusion stresses that effective environmental protection in customs practice depends on administrative integration rather than new competences, particularly in monitoring trade in waste and batteries. The analysis and synthesis methods were primarily used to address this issue, supplemented by historical and comparative methods.

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Administrative Fines and the Administration of Justice

Maciej Mikliński

Financial Law Review, Issue 39 (3)/2025, 2025, pp. 93-114

https://doi.org/10.4467/22996834FLR.25.017.23058

This study analyzes the issue of imposing administrative fines by public administration bodies in the Polish legal system. Using a dogmatic-legal method, the author verifies the thesis that the imposition of repressive administrative fines by executive authorities fulfills the material conditions of administration of justice and thus violates the constitutional boundary between the executive and judicial powers. Against the backdrop, he presents, among others, the police function of the Polish Financial Supervision Authority. The study, based on current and historical literature on the subject, judgments, and normative content, seeks the limits of punishment, drawing on the coexistence of judicial and administrative application of the law. The conclusions point to the need for a systemic correction of procedural and guarantee solutions in order to prevent the de facto transfer of judicial powers to non-judicial bodies.

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Słowa kluczowe: Central Bank Digital Currencies, digital euro, financial sector regulation, banking disintermediation, financial stability, EU monetary law, central banking, real estate taxation, fiscal vulnerability, PESTLE analysis, real estate price decline, local budgets, property valuation, comparative analysis, tax policy, economic crisis, fiscal adaptation, Financial Economics, Public Finance Law, Healthcare, Free Financial Resources, Independent Public Healthcare Institution (IPHI), Public Economics: General, Health: Government Policy, Regulation, Public Health, EU customs law, environmental protection, lithium-ion batteries, Customs code, waste shipment, administrative fines, administration of justice, Financial Supervision Authority, administrative fine, Code of Administrative Procedure, procedural guarantees

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