JANUARY 1ST, 2007: ROMANIA’S ACCESSION INTO A CHANGING EUROPEAN UNION
Florin Bonciu
Abstract
In an ideal world, characterized by the ever increasing, linear type of history described by Jacques Turgot, in case developing countries have a higher growth rate than developed ones they may catch up in a number of years that can be easily computed. Unfortunately, history has the tendency of not being linear and, the more so, of not being ever increasing from the point of view of economic and social development. And changes in development patterns do occur because of changes in technology, energy sources, ideologies, demography and many other reasons.

Keywords: European Union, Romania’s accession, globalization, development patterns

IS THERE A VISION BEHIND BANKING SUPERVISION?
Bogdan Glăvan
Abstract
Banking supervision has attracted considerable attention in the last decades, as attempts to prevent the occurrence of financial crisis have intensified. We argue that past regulations have had unintended negative effects, which because of a lack of clear understanding of the fragility of banking activity and the mechanism of political decisions, will continue to contaminate the results of present, upgraded regulation. Thus, a reorientation in thinking about banking supervision is necessary in order to build a safer financial system.

Keywords: banking supervision, Basel Agreement, banking system, moral hazard

INTERNAL AUDIT – AN ESSENTIAL ELEMENT FOR THE SUCCESS OF A COMPANY
Victor Munteanu
Abstract
The report of the European Commission from October last year regarding Romania, has underlined a series of key domains in which the country still has to make progresses for the integration in the EU. The most important aspect continues to be the intensification need of the fight against corruption, which still affects numerous domains from the public life. Other important subjects underlined in the report were the harmonization request of the control mechanisms of the environment with the E.U. standards, as well as the improvement of the public purchase procedures and a better utilization of the informational technique concerning the receiving of incomes by the state.

Keywords: internal audit, corruption, EU standards, corporate governance

TRENDS IN INFLATION-UNEMPLOYMENT RELATIONSHIP BEFORE AND AFTER ACCESSION TO EU
Lucian-Liviu Albu
Abstract
First of all, we present synthetically a few empirical results regarding changes in the inflation-unemployment relationship in West European countries during last three decades and in few Central and Eastern countries during the last fifteen years. Then, coming from a general standard model for estimating natural unemployment (Ball and Mankiw, 2002) and using four smoothing filters, we estimate some possible trajectories for this relationship and for the potential GDP in Romania.

Keywords: inflation, unemployment, natural unemployment, Romanian economy

INTERNATIONAL LABOR MIGRATION: BETWEEN HUMAN RIGHTS AND POLITICAL OBJECTIVES
Radu Musetescu
Abstract
This paper deals with the relation between the human right to migrate and the objectives of immigration policies. We argue that the temporary work migration is the clearest sign of the failure of political governance in both the host and native states, even if we may argue, to a different degree. The only way to reduce the pressure of immigration in developed countries would be to allow a freer global environment, in trade, industrial and taxation policies.

Keywords: labor migration, human rights, political governance, public goods

ARE ECONOMIC IDEAS A SUSTAINABLE COMMONS? A STUDY OF THE EXCHANGE OF CREATIVE ECONOMICS
Anthony J. Evans
Abstract
In this essay I claim that productive markets need not necessarily involve clearly defined and enforced property rights, upon which a price system can be used to allocate resources. I shall pursue this thought by an examination of the mechanisms that facilitate the exchange of economic ideas, and link academic norms to the emerging theoretical justification for open source software, and “free culture”.

Keywords: economic ideas, commons, free culture, journals

A MARKETING REALITY AND ITS IMPLICATIONS
Theodor Purcarea
Abstract
Marketing situations involve a larger commitment in accepting the challenge of creative thinking, progressing through knowledge and understanding towards reciprocal trust, converting emotions into transactions and the relationship based on these transactions into an emotionally and loyally connected one. Communication is essential though, being considered the broker of the relationship that takes place in a dynamic environment and it involves liveliness and adaptability in offering the right answers to all those affected by the activity of the company.

Keywords: marketing, creative thinking, communication, business environment

THE OPENING–DEPENDENCE ON THE EUROPEAN UNION AND GLOBALIZATION
Sorica Sava
Abstract
Globalization is the result, as well as the cause of the expansion of trade agreements and liberalization of capital flows. Regionalism is a side effect of globalization, of particular importance in EU. The article compares the opening and dependence of EU member states with that of similar regions in the world. It argues that the combination between free trade and regionalism is destined to evolve in time.

Keywords: globalization, European Union, liberalization, regionalism

PRODUCT INNOVATION APPROACH IN SUCCESSFUL MANUFACTURING ORGANISATIONS
Marius-Dan Dalotă
Abstract:
Fast product innovation and creativity is driving the development strategies of the most nations enjoying high economic growth. The development of fast innovative new products needs to be based on a close alignment between technology, products and markets, with a focus on achieving increased aggregate value. This paper is dealing with important technological and organizational integration variables of new organizational products and with the motivation of workers to innovate.

Keywords: product innovation, manufacturing, economic growth, development strategy

EURO ZONE EASTERN ENLARGEMENT AND ECB’S VOTING MECHANISM REFORM
Mihai Sebea
Abstract
The present paper analyses the issue of the voting mechanism reform within the ECB, as a consequence of the Eastern enlargement of the EU. Now it is known that beginning with the 1st January 2007 the euro zone will “go east” as Slovenia will be the first Eastern country the will join EMU’s 3rd stage. The eastern enlargement raises more complex challenges for the ECB because of three main aspects: 1. the new member states have to “catch up” and this is very important when setting the interest rate, 2. the new member state’s economic weight is very small comparative with their prospected position in the Governing Council, and 3. in the absence of the reform the ECB’s Governing Council would become the body evincing the highest number of voters, as compared with other decision-making structures of other central banks, such as the FED, being very difficult for such a body to take monetary policy decisions.
Based on those challenges, the ECB will implement a new voting mechanism. Even so, this will not solve the problem of having large economies with weak representation, and small economies that have strong representation in the Governing Council.

Keywords: EU enlargement, eurozone, ECB voting reform, monetary policy

THE IMPACT OF STN ON DEVELOPING MARKETS IN RELATION WITH GLOBALIZATION
Alexandru Ionescu
Abstract
Economic reality worldwide is marked by the evolution of globalization. This process entails effects that are perceived differently at national economy levels, function of their degree of development. We will proceed by attempting a survey of aspects pertaining to the relationship between globalization and developing economies, stressing on internationalizing Transnational Corporations and its effects.

Keywords: developing markets, globalization, transnational corporations, sustainable development

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE: REMOVE IT FROM THE INCOME STATEMENT
Lungu Ionut Cosmin and Andreea Paula Dumitru
Abstract:
The comprehensiveness of income, a key definition in accounting, remains contentions despite decades of debate. A review of this debate reveals that investors have traditionally argued for more comprehensive definitions of income, whereas managers have traditionally argued for less comprehensive measures. We compare performance for both income definitions and component sets. Our results reveal that among income definitions, comprehensive income defined by Statement 130 dominates both traditional net income and fully comprehensive income. No definition dominates clearly. This, our findings indicate that different definitions of income are more decision useful in different applications and that comprehensive income component disclosures are useful.

Keywords: accounting, income statement, income definitions, comprehensive income