Which are the weakest links?
Katalin Antalóczy, István Benczes, Péter Ákos Bod, László Csaba, György Csáki, István Csillag, Dóra Győrffy, Péter Halmai, Diána Horváth, Gábor Karsai, Péter Mihályi, Dániel Molnár, L ászló Muraközy, Katalin Nagy, Éva Palócz, Mária Zita Petschnig, Gyula Pleschinger, Gábor Regős, Magdolna Sass, András Simonovits, Károly Attila Soós, Andrea Szalavetz, Péter Vakhal, Éva Várhegyi
Inquiry of the editors of Külgazdaság about challenges in the post-pandemic recovery Last autumn, international organizations, think tanks and research institutions were rather upbeat over the post-Covid recovery although they kept in mind various challenges such as the emergence of new virus variants, turmoil in global supply chains, soaring energy prices, accelerating inflation, etc. With the uprear of inflation, central banks in general and the European Central Bank and the US Fed in particular seem to be compelled to terminate their ultra-loose monetary policies and return to tapering as well as raise their reference rates. Governments, too, are under pressure to tighten fiscal policies to manage general government debts that mounted to almost unsustainable levels in some countries during the pandemic. The tandem of loosening monetary and tightening fiscal policies combined with a great number of uncertainties and risks in the global environment are likely to slow down recovery and trigger new contradictions, conflicts and challenges globally and locally alike. At the end of 2021, the editors of Külgazdaság asked several renowned Hungarian economists do share their views on these timely issues by focusing on the weakest links that may hamper global recovery as well as the rebound of the European or/and the Hungarian economy. The responses of 20 authors are presented in this number.
The New York Arbitration Convention – 60 years in the Hungarian practice
RICHÁRD SCHMIDT
The Convention on the Recognition and Enforcement of Foreign Arbitral awards, done at New York on 10th June 1958 is one of the most successful international treaties, which has been dominantly influencing the development of international and domestic arbitration. The Convention celebrates the 60th anniversary of its entering into force in Hungary this year, and the Hungarian translation of the ICCA (International Council for Commercial Arbitration) Guide on the Convention, summarizing its international judicial practice for judges and arbitration practitioners has been published in the recent past. Based on the above, it is time to examine the domestic case law of the Convention, to identify the domains where our judicial practice is converging to the pro-arbitration bias of the Convention, as well as to shed light on areas where the domestic court practice is diverging from dominant and leading international trends.
Journal of Economic Literature (JEL) code: K410.