This paper argues that hybridization is a process that has been going on for decades in Japan and has contributed to improvement of Japanese corporate governance, and that the regulations regarding the board of directors are a good example of this hybridization process. The paper outlines the main changes within Japanese corporate governance system and identifies their determinants. Three main waves of hybridization of Japanese regulations and corporate governance are identified, along with three functioning structures of Japanese boards, and their strong and weak points. The company with statutory auditors (with Kansayaku Board), the company with Three Committees-nomination, audit, and remuneration-and the company with an Audit and Supervisory Committee are presented as evidence of this hybridization process. The paper addresses the research question: why has hybridization rather than convergence resulted in an improvement of Japanese corporate governance? The method of critical analysis is applied to academic literature sources, legal acts, and corporate governance regulations. The article contributes to a reduction in the research gap in Polish academic literature in the field of Japanese corporate governance, especially with respect to Japanese boards.

This paper examines the causes of the economic crisis in new EU member states in Central and Eastern Europe, focusing on the Baltic States, especially Latvia. Thanks to the Single Market of the EU, workers in this country became able to migrate to advanced EU countries, especially the UK, decreasing the unemployment rate and at the same time causing a sharp increase in wages due to a tightened labour market. Banks from Nordic countries came to operate in Latvia and competed for market shares, stirring a consumption boom. In a situation in which people can easily get loans denominated in a foreign currency the monetary policies of the central bank are weakened. The Latvian economy already showed signs of overheating in 2005. However in the spring of 2007 the government turned to restrictive policies, causing a depression at the end of 2007. The Lehman shock dealt the Latvian economy its final blow. Latvia set up the introduction of the Euro in 2013 as an exit strategy. Latvia is in a dilemma: if the country does not devalue its national currency and tries to satisfy the Maastricht criteria soon, it will be obliged to adopt pro-cyclical policies, causing economic stagnation

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With the disintegration of former Yugoslavia, Macedonia became an independent state. Similar to other Republics of the former Yugoslavia, Macedonia had to carry out double transitions, i.e. transition to a market economy and transition from a regional economy to a national economy. For a newly independent small country to survive the environment of market economy, it is required to settle domestic confl icts, establish good relationship with neighboring countries and secure economic independence. Western Balkan countries, which have experienced ethnic confl icts and still have domestic ethnic problems, would not be assured of their survival as long as they remain outside the European Union. This paper examines how Macedonia has been tackling the above mentioned problems, proceeding toward EU accession in the context of the EU's Stabilization and Association Process. This paper stresses the following points: First, domestic confl icts between the Macedonian population and the Albanian population was settled for the time being by the Ohrid Framework Agreement in 2001, but the situation is still precarious. Their peaceful co-existence should be consolidated with support from the international community, especially the EU.Second, at the turn of the 21st century the relationship with its neighboring countries, except Greece, has been signifi cantly improved. As Greece is the nearest member country of the EU, it is urgently necessary for Macedonia to improve its relationship with this country. Regardless of the diplomatic confl ict over the name of the country with Greece, the economic relation between both countries is becoming closer. However, as long as Greece opposes, Macedonia will not be able to enter into its accession negotiations with EU. It seems that a compromise between both countries in this regard is not impossible.Third, CEFTA 2006, a multilateral free trade agreement, is very important for Macedonia. Western Balkan countries are required to endeavor to make this agreement eff ectively function in order to increase intra-regional trade, attract more FDI and prepare for their EU accession.