Present-day financial statement and the foundation of economic decisions
Victor Munteanu
Abstract
Nowadays we face a world-scale movement towards the privatization of public enterprise and liberalization of commerce, world-wide investments and monetary policies at a global level. These factors have progressively led to a substantial growth of commerce and international investments. The progress that has been achieved in information technology has determined the availability of financial and non-financial information in different parts of the world, using various means of communicating it.

Keywords: financial statement, economic decision, accounting, information technology

Romania: From the quantitative monetary aggregates to inflation targeting
Constantin Floricel and Ionut Cristian Voicu
Abstract
Once the Romania moved toward market economy, the presence of a free central banking institution started being necessary in, at least, two decision areas: the last resort lender or banker for all romanian banks and the monetary policy management. The lack of historic capitalism experience, the delays of governmental legislative and economic reforms, the ownership changes of the former state-own banks, the existence of the real negative interest rates on banking deposits, the regional crises, the high costs of financial intermediation, the alternative of financing by arrears, and the lack of legislation in by-law forced recovery of receivables, all that together were challenges affecting the health of banking system.

Keywords: monetary policy, inflation targeting, monetary aggregates, Romanian economy

The role accountants play in estate planning
Ştefan Zuca
Abstract
People commonly make plans for the orderly transfer of their property upon their death to relatives other persons, organizations, or trusts to be set up for the benefit of relatives. Such forethought is known as estate planning and is accomplished under the guidance of attorneys, often working closely with accountants. The attorney's role centers around preparing wills and, in many cases, trust agreements. The accountant's role consists of suggesting planning techniques consistent with the objective of minimizing transfer costs (federal estate taxes, state inheritance taxes, and fees and expenses). In this capacity, an accountant often determines expected transfer costs under various options. An accountant may also play an important role in advising his or her client on accounting matters pertaining to trusts that are to be established.

Keywords: accounting, estate planning, taxation, estate administration

Results from an international awareness survey
James K. McCollum
Abstract
Business persons who engage in international commerce need to be aware that people differ in their perspectives around the world. We now take that as a “given” as the world becomes more globalized, but mistakes are made and managers are sent back home because of their lack of cultural sensitivity every day. Over the years since the early 1990’s when American companies became aware that they had to become involved in international business, more training for managers to be involve in international business has become the norm, yet blunders still occur and managers are sent home early because they could not manage in a foreign environment.

Keywords: culture awareness, cultural diversity, international business, Romanian economy

Accompanying measures in the context of Romania’s accession to eu
Gheorghe Popescu
Abstract
In May 2006 the Commission considered that “Bulgaria and Romania should be prepared for EU membership on 1 January 2007, provided that they address a number of outstanding issues.” Since then both countries have made far reaching efforts and addressed many of the challenges. This has sufficiently brought them into line with prevailing standards and practices within the Union. As for the limited number of outstanding issues the Commission’s report demonstrates that the EU disposes sufficient remedies to ensure that the interests of the Union and its citizens are protected.

Keywords: EU membership, Romania’s accession, enlargement process, safeguard clauses

Romania’s agricultural sector in the brink of EU accession
Valeriu Potecea
Abstract
Romania will join EU starting January 1st 2007, but is one of its most important sectors to face the challenges of the accession. The percentage of those working within the agricultural field in Romania is higher than the average one in the EU, but paradoxically, the number of the employees is small, so the level of professional qualification is low. In the following, I intend to do a short scrutiny of the sector as it is, both with opportunities and challenges.

Keywords: agriculture, EU accession, Romanian economy, economic reform

Economic calculation and welfare considerations in monopoly and firm theory
Diana Costea
Abstract
The critical reaction of Austrian economists to the neoclassical monopoly theory could be explained by two major facts: this theory lacks definitional clarity, necessary for any serious theoretical analysis, and it contains a dangerous theory of welfare, which is not only incorrect, but tries to justify an aggressive intervention of the state into the realm of purely voluntary market exchanges. The neoclassical theory was, curiously enough, accepted in its main points by
Ludwig von Mises, who displaced however the perfect competition as standard for evaluating the “imperfection” of monopoly. We will analyze the explicit and implicit welfare criteria that Mises employs in his theory.

Keywords: economic calculation, monopoly, firm theory, welfare

Romania: comparative advantage in foreign trade and the achievement of a solid catchingup growth in the future
Nicolae Nistorescu
Abstract
The systemic transformation from centrally planned system to market economy in Romania began 16 years ago. The market–oriented reforms involved a radical change of economic policies. The list of these changes is extremely large but the proposed prescription of systemic transformation has established at least six key policy measures: macroeconomic stabilization; internal liberalization; removal of restrictions on trade and foreign direct investment-the so called external liberalization; privatization of state owned enterprises; development of a new private sector; establishment of a market supportive legal framework. The outcome of Romania’s economic performance during transition remains until now somewhat puzzling.

Keywords: Romanian economy, comparative advantage, economic transformation, market economy

Labor market and eu enlargement: is there a real threat for EU – 15?
Florin Bonciu
Abstract
The general implications of globalization as well as those resulting from 2004 and 2007 enlargements have forced EU to think seriously about approaching issues related to rigidity and stagnation in the major EU economies. The problems are well known and recognized. Their solution implies anyway to accept a number of liberal measures characterized by competitive labor markets and mobile capital.

Keywords: EU enlargement, labor market, globalization, competitivity

The monetary outlook by 2025 – 2030
Eugen Andreescu
Abstract
The globalization and the worldwide regionalization phenomena which also bring about a simplification of the usages, the rules, the instruments, the legislation as well as that of the behaviour of states and economic agents could not leave untouched the currencies of the more than 200 independent countries, although the minting of such currencies has always been the „royal” prerogative and the very symbol of the sovereignity of a state. Already the great number of currencies that exist throughout the world imply additional costs for the international business people and for the investors, but also for the central banks of those states that are confronted with major monetary crisis.

Keywords: globalization, regionalization, currency, monetary system