The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis.
The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current “system“ should not be sought for in constantly increasing macroprudential regulations, but in a return to a country’s interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy).
Freedom of the high seas established in the law of the sea, as a customary norm comprises freedom to lay submarine cables and pipelines. This was confirmed by the Geneva Conventions of 1958 on the High Seas and the Continental Shelf The law of the sea Convention of 1982 retained freedom of the laying of submarine pipelines in the exclusive economic zone but in parallel it has given a number of rights to the coastal State. Thus the coastal State has rights to set up conditions concerning all stages of pipelines construction and functioning. Through it may not impede the laying or maintenance of pipelines nevertheless the delineation of the course for the laying of such pipelines in the exclusive economic zone and on the continental shelf is subject to its consent. It also has the right to authorize and regulate drilling on the sea bed. An analysis of provisions concerning artificial islands, installations and structures as well as marine scientific research demonstrates various lacuna. Debates around the project of the Baltic pipeline confirm the necessity to take into account the specific situation of this semi-enclosed sea, interests of the coastal States and recommendations of the competent international organizations. One can also argue that in the case of pipelines laid on the bed of the high seas beyond the continental shelf the Authority should be consulted. Problems are also caused by the fact that pipelines are laid by multinational corporations.