Top PDF THE PUBLIC DEBT OF ROMANIA CONSIDERING THE INTEGRATION IN THE EUROPEAN UNION

2010 supplementary towards what was foreseen for 2009 (0, 70 billions lei), and updating the taxable base to the local taxes for buildings, terrains and cars (0, 79 billions lei). Realizing a high level of absorption of the European funds in 2007-2013 represents one of the strategic objectives of Romania and at the same time, fructifying a major benefit of UE adhering. This desideratum supposes the concentration of some substantial efforts to ensure an efficient accessing system and implementing of the funds and removing/limiting the barriers that may affect the absorption process. The public level of obliging of Romania situated under 15 % of PIB, net inferior to the price ceiling is of 60% established by the Treaty of Maastricht. This way, on the fond of sustained economical growth, at the end of 2007 the governmental duty calculated according to the UE methodology (ESA95) represented 12, 7% of PIB, meanwhile at the end of September 2008 the level of this indicator was of 10, 8% of PIB, from which the internal duty 3,5%, and the external 7,3%. For the end of 2008 is estimated that this indicator will be situated at the level of 13, 5 % of PIB.

In the opinion of European officials in charge with the territory setup, the integrated programmes of urban development should be elaborated for a town seen as a unit, comprising in this respect the following chapters: the description of strengths and weakness of neighbourhood as a result of updated analyses, the shaping of a unitary development vision in accordance with the defined goals, coordination of district plans for a balanced development of the respective urban area, the correct and efficient distribution of funds to the stakeholders in the public and private economic sector, the involvement of all partners that may substantially contribute to the development of life quality of each area. In the same spirit of integrated urban development, it is absolutely necessary to increase the energetic efficiency of buildings, and urban transport must be readapted to the requirements specific to each zone: dwellings, offices, public spaces, taking into account obviously the environment norms. The quality of the environment (as a result of the danger represented by climatic changes) is another condition to fulfil by an integrated urban development. Towns, as centres of „knowledge and innovation, will be able to provide – through measures of prevention, compensation and adaptation the deployment of new industries and companies with a low level of C02 emissions. The responsibility of developing a certain area or region is however divided between urban and rural limits. That is why the modern regional perspective is based on an active partnership between towns and the rural area, manifested by cooperation and coordination. Thus, the town within the rural environment also fulfil an important function of impulsioning the development of regional economy. On the regions with low population density, for instance, only the towns and cities can ensure a certain level of infrastructures and services and attract economic activities. In such areas, towns and cities play a special role in the preservation of habitat and cultural landscape..

"The need for public debt management in the context of sustainable development within the European Union” presents the main theoretical issues related to public debt management and its importance in the effective management of public debt, over the objectives and risks associated with public debt management. Moreover, the main objective of public debt management is to ensure that the government’s need of funding and its payment obligations are met at the lowest possible cost, on medium and long term, consistent with a prudent degree of risk . The issues of public debt management often start from the lack of attention of decision- makers regarding the benefits of a cautious debt management strategy and the costs of a weak macroeconomic management of excessive levels of public debt. In the first case, public authorities should pay attention to the beneficiaries resulting from the use of a prudent public debt management strategy and of public policies that are coordinated in a complete macroeconomic framework. In the second case, fiscal-budgetary policies, monetary policies and exchange rate policies that are inappropriate to the economic situation generate uncertainty in the financial markets regarding the future returns of investment expressed in local currency, which will lead investors to request higher risk premiums. Particularly in emerging or developed markets, debtors and creditors alike, applying long-term commitments can suffocate the development of financial markets and they can severely impede public debt managers’ efforts to protect the government from refinancing and currency exchange risks.

Abstract: This study examines the integration of Romanian monetary system into European one and the transmission of liquidity shocks from eurozone to Romanian monetary market. Since Romania become a member of European Union, most of the Romanian banks are mainly provided by financial institutions placed in Europe. With the accession of Romania to the European Union, has started a process of integration of the national banking system into the eurozone banking system and thus, domestic financial institutions has began to be increasingly more subject to liquidity conditions and external contagion liquidity risk in the eurozone. In some periods, between EU accession and until the beginning of 2014, Romania has managed to reduce the volatility of the daily rates of monetary policy, compared with the eurozone, where, in the same periods, were recorded high volatility of monetary policy interest rates. Partial decoupling of the two money markets can be explained by economic stabilization policies adopted by Romania by improving the liquidity of the financial institutions and national measures taken by monetary policy makers in Romania. The main conclusion of this study is that the domestic banking sector is only partially integrated in the European banking sector in terms of money market liquidity and liquidity risk, and creating a stable framework for liquidity in Romania requires a mix of fiscal and monetary policies conducive to the development of financial instruments in long-term. However, the analysis shows that the sensitivity of liquidity in the Romanian banks to adverse developments on the European money market has increased and the ability of the internal factors to predict the liquidity conditions in national banking institutions is still high. Considering these aspects, we can say that, when we analyze liquidity risk in the Romanian banking system, we must take into consideration the influence of the external factors.

In order to maintain fair competition in the market, and especially to protect consumers, in the EU there functions the competition policy that is constantly improving. The beginnings of the competition policy can be found in the Treaty establishing the European Coal and Steel Community and in the Treaty of Rome. As far as the cartel is concerned, it is currently regulated by Article 101 of the Treaty on the Functioning of the European Union. The main objectives of Article 101 are single market integration and competition protection. The European Commission sees competition as a vital element in achieving the goal of integration of the single market, because it is only through the existence of a single market that the objective of economic welfare of consumers can be achieved (Bennett and Padilla, 2009: 57).

The end of the Second World War would be the harbinger for the beginning of a new era of global capitalism. Once the relations among the national States were deeply involved in issues of all kinds, governments began decisively to act in order to prevent further conflicts, according to Keohane (1984). The fruitless and bad experience with the First World War denoted the allies of the need to cooperate in the immediate post-war period, in order to establish less confrontational relationships, considering the economic and political regime, that would be led by the USA – the biggest winner of the war. In this view the end of the decade of 1940 and beginning of 1950 would witness the foundation of numerous international organizations such as the organization of the United Nations (UN), the International Monetary Fund (IMF) and, of course, the introduction of monetary regime of Bretton Woods, for example. More specifically in Europe, the United would count with the Organization for European Economic Cooperation (OCEE) and the European Union of Payments (UEP), which, according to Dinan (2014), would have the objective of laying the foundations for European integration, allowing the reduction of trade barriers on the continent and the institutionalization of a multilateral regime of compensation for deficits and trade surpluses. Each one of these international organizations have specific areas of activity and would aim to baste national interests, which could prove difficult to reconcile.

Politically the country remains divided between proponents of close integration with Russia or the West. The Moldova of today is the heir of the Moldavian Socialist Republic and, with the collapse of the USSR, it had a promising starting point in the process of becoming a democratic state. In the first years of independence, Moldova signed the Universal Declaration of Human Rights, privatized mass media, adhered to the International Convention on Child rights, and started a process of reform towards a market economy. This proved to be very difficult, due the character of the reforms implemented, from political, economic, social to cultural. Musteata (2012) argues that the totalitarian past has a huge impact on Moldovan state development and its oscillations from East to West vectors. The society is divided on many aspects ranging from territorial, political, economic social and cultural. Issues on the domain of identity remain a main topic for Moldavian society, not only regarding the divergences between the majoritarian population and the minorities, but also between Romanian-speaking population with some of them identifying themselves as “Romanians” and others as “Moldavians” - a distinct ethnic and linguistic identity. From Musteata’s point of view this ‘’moldavianism’’ is a soviet invention, elaborated and promoted by the Stalinist regime (ibid.). The adherents to moldavianism view themselves as ‘’statists’’ and promote a specific identity of the Moldovan Republic, while the promotion of the Romanian values is seen as a threat to the Moldavian statehood (ibid.).

Within the period 2004 - 2006, through the Law no.312/2004, concerning the adoption of the National Bank of Romania articles of association, law no. 253/2004 regarding the final character of the settling up in the payment systems and in the settlement systems, Law no. 278/2004 and Government Ordinance no.10/2004 concerning the judicial reorganization and bankrupt procedure for the credit institutions, Government Emergency Ordinance no. 98/Dec.6 th 2006 concerning the over survey of the financial institutions included in financial conglomerates, the Romanian banking system development went on. By means of the above mentioned regulations, the main responsibilities of NBR were established, the Credit Office became operational in August 2004 and the judicial reorganization and bankruptcy procedure of the credit institutions were established, as well as the over survey of the financial institutions included in financial conglomerates. Other projects carried out during the same period were: implementing the provisions of the New Agreement of Capital – Basel II, whose most important objectives were the assurance of a more flexible framework, in order for the capital needs establishment to coincide with the credit institutions risk profile and premises creation for the financial-banking system stability funding, ReGIS, SaFIR and SENT systems development for the central bank operations, inter banks transfers, payments in LEI, settling up in real time and with an

The sustainability of fiscal deficits has been receiving increasing attention from economists. The issue is paramount for the newly formed Euro area and this is one of the motivations of the paper. In order to assess the sustainability of budget deficits in the Euro area, stationarity tests for the stock of public debt and co-integration tests between public expenditures and public revenues are performed for the Euro countries for the 1968-1997 period. The empirical results allow us to conclude that fiscal policy may not be sustainable for most countries with the possible exceptions of Germany, Austria and the Netherlands.

The recent global financial crisis increased concerns about the possible consequences of high debt levels on economic growth in many countries and regions around the world, especially in European Union countries. Authors such as Reinhart and Rogoff (2009, 2010) support that not only may financial crises contribute to the increase of debt, particularly public debt, but also the ways in which this debt builds up, as well as the defined payment strategies, can have important economic impacts, especially in cases of high debt levels, when they will constitute real restrictions to economic growth. However, the issue of whether debt affects growth or, on the contrary, economic growth causes debt (or even if there is support for both directions of causality) is still far from consensus. Further, the possibility of existence and the direction of causality relations between debt and growth is still a timely object of theoretical discussion and empirically testing.

The examination of the structure and microhardness of surface layer of C90 non-alloy steel and HS 6-5-2 high speed steel after electric arc treatment are presented in the paper. The comparison has been presented due to the similar content of the carbon in both steels. The structure of the remelted zone of the steel C90 before the conventional tempering consists of the cells, dendritic cells surrounded with the cementite, there is a plate martensite and retained austenite inside them, whereas the structure of the steel HS 6-5-2 is consistuted with cells, dendritic cells and dendrites surrounded with the eutectic system, inside of which there is a plate martensite and retained austenite. Such structure is characterized by the similar microhardness (790-800 HV0,065) and intensity of the tribiological wear. The tempering causes the decrease of the microhardness in non-alloy steel and the increase of the microhardness in high speed steel.

Table 6 shows the results of estimating equation (3) to obtain the effect of the introduction of BVJ on school enrollment. It shows that the estimated effect of the interaction between treatment and time is positive and significant at the 5 per cent level, regardless of whether the control variables are included (column 1) or not (column 2). The estimated effects evinces that the expansion of the PBF for young people of 16 years of age increased the probability attending school by approximately 4 percentage points with respect to 15-year-olds. This result is noteworthy because, in addition to the immediate relief of poverty, one of the main purposes of the PBF is to reduce the transmission of poverty in the medium and long terms by increasing school enrollment among the poorest households. The results suggest that the expansion of the PBF to 16-year-olds has contributed to that goal.

This work in combination with industrial tests of casting welding show that the causes of high-temperature brittleness are the partial tears of the structure and the hot cracks of both the castings and the welded and padded joints. Such phenomena should be treated as irreversible failures caused by the process of crystallisation that is in the area of co-existence of the solid and liquid structural constituent. The assessment of the resistance to hot fractures was conducted on the basis of the transvarestriant trial. The transvarestriant trial consists in changing of strain during welding It was stated that the range of the high-temperature brittleness is very broad, which significantly limits the application of the welding techniques to join or mend the elements made of alloy ZRE-1. The brittleness is caused mainly by metallurgical factors, i.e., precipitation of inter-metal phases from the solid solution.

Before taking the measurements, an anti-reflection coating was applied on the tested gear wheel. The thickness of the coating ranged from 0,8 µm do 1,2 µm. The measurements were taken at the Institute of Metrology and Measuring Systems, at Pozna ń University of Technology.

Knowledge management and data mining are still in the development phase and they represent interest- ing areas for researchers. Although there is an inte- grative framework for knowledge management in the context of marketing, there are critical research chal- lenges that should be devoted considerable attention. More information about data mining for marketing can be seen in (Berry & Linoff , 2004). Some of them are connected to data mining techniques and knowl- edge discovery process, while others are related to knowledge management. Data research through data mining techniques is an interactive process of learning similar to other processes of acquiring knowledge, like scientii c research. Selection of data mining al- gorithms, hypothesis forming, model evaluation and remodeling are the key components of the research process. Since the cycle of attempts and failures for progressive adopting are made of the most valuable knowledge through data mining, the aspect of learn- ing through experiments can be suitable for that. One of the research challenges is to make sure that this process is multi-structured, and therefore to increase the productivity of data mining trials. Furthermore, it is needed to manage the knowledge in the sense that it outlines organizational borders and further distributes towards the other partners.

1. INTRODUCTION In the period prior to 2003 Polytechnics in Zimbabwe had a mix of Information Communication Technologies (ICTs), varying from one institution to the other. There was no uniformity as to what ICTs individual institutions invested in, so while some institutions had several computer laboratories of clone desktops, some did not have even a single lab. While some had connected to the internet through the dialup system which came through telephone lines, some had no idea what internet was.A breakthrough came in 2003 when a non- governmental organization called VVOB, a Belgian abbreviation which translates in English to Flemish for Technical Assistance, came in with a project called the College Information Technology Enhancement Programme (CITEP), which helped to finance, train personnel and equip polytechnics with standard computer and network infrastructure (VVOB project document, 2003). They conducted training workshops for personnel, procured standard desktops, and installed fibre internet connectivity and setup Ethernet networks in these institutions. This project became the basis for mobile computing in Polytechnics. When the project ended in 2008, the institutions were now coordinated and some managed to go a step further by installing wireless access points within institutions using the fibre backbone. This allowed staff and students who had WIFI enabled devices to be able to access internet and research

As a result of researches conducted on the European Coal and Steel Community the theses of neofunctionalists appear vis-a-vis of integration. Neofunctionalism can be considered as a gradual shift from functionalism to federalism, whose starting point was the development of the common market. Given that the main representatives as B. Haas and L. Lindberg, Neofunctionalist School argues that certain prerequisites are necessary for integration to move forward. It is necessary that public opinion to be in favor of cooperation, the elites, from the pragmatic interests rather and not from altruistic reasons, to want to promote integration and the new supranational structures to be equipped with real power. With the creation of these premises, there is an extension of the integration, caused by so by the so-called “spillover” effect, as there is a process of "overflow" and "expansion" of integration in other fields of activity. Common activity in a sector creates new needs, gaps and problems putting pressure on political actors for this to expand joint activities and the other sector. For example, free movement of people only works if there is cooperation in home affairs and justice, free movement of pensions, comparable working conditions, mutual recognition of diplomas (Stvil, 2001; Stepen, 1996:36-39).In view of this theory, establishing the European Coal and Steel Community (ECSC) achieved an integration of coal and steel industries, of the six Member States, overseen by a central institution, the ”High Authority” with supranational powers.

The gap between US and EU funding. It has previously been acknowledged that the EU fails to match the private or public funding levels of the US in cancer research and development, but just how large the gap has been for noncommercial (public) funding has not been appreciated until now [10]. A survey of cancer research funders, similar to our own survey, has been undertaken in the US. In 1999 the National Cancer Policy Board conducted a survey of federal and nonfederal sources of cancer research funding [11]. The board found, for the fi scal year 1996/1997, that the total amount spent on cancer research funding was US$5.165 billion.The three major contributors were (1) federal funding, US$3.060 billion (almost entirely from National Cancer Institute); (2) industry funding, US$1.6 billion; and (3) funding by nonprofi t organisations (e.g., Howard Hughes Medical Institute, American Cancer Society, Komen Foundation), US$305 million.

The evolution of knowledge of how to identify potentially oil-bearing formations com- prises both advances in the theory of petroleum-bearing formations and ever-improving technology. In the early days of oil exploration, conspicuous targets were searched for oil, either without applying geology theory (e.g., surface pools in the form of natural oil seeps) or by using knowledge of geology (e.g., anticlines and salt domes). Investigation of the sur- face (topography) of a region could point to conspicuous areas of oil-bearing formations. In the 1920s and 1930s, aerial photography expanded the possibilities for mapping areas suitable for drilling. In the mid 1900s, seismic technology improved subsurface mapping for the location of potential petroleum-bearing formations. By and large, seismic activity produces sound waves that can be used to characterize subsurface formations, that is, sound waves are generated and recorded by receivers, and that information could be used to infer rock formations. The idea is to map the subsurface rock layers by using sound waves as different rock layers have different acoustical properties. The recorded sounds are processed and assembled for interpretation. Existing seismic and well information highlights the potential for exploration of large hydrocarbon resources. Computerization of seismic data provided a great leap forward for the extraction industry: A large body of data can be processed at high speed and precision. Another revolution in the oil industry

of social commitments and values such as social justice and equity, which are stated in their constitutions, signed treaties and conventions. Ministries of health oversee the overall development of health systems using their governance function, which includes policy analysis and formulation, regulating service delivery between partners, developing norms and standards for quality assurance and ensuring the implementation of agreed upon policies and strategies. The importance of ICTs in development process was long recognized and access to ICTs has even been made one of the targets of the Millennium Development Goal No. 8 (MDG 8),which emphasizes the benefits of new technologies, especially ICTs in the fight against poverty [26]. In the implementation of mHealth, ICT is a key component therefore policies on penetration, adoption and utilization of ICT in the health sector play a key role in enhancing mHealth adoption. The telecommunications sector of some countries such as Ghana, Kenya, Nigeria and Senegal, are very dynamic. Yet, as shown in the introductory section, Africa as a whole continues to lag behind other regions of the world. This is primarily as a result of the high cost of services [27]. Based on a review conducted across 17 Sub-Saharan African countries, Calandroet. al. argue that the national objectives of achieving universal and affordable access to the full range of communications services have been undermined either by poor policies constraining market entry and the competitive allocation of available resources; weak institutional arrangements with a dearth of technical capacity and competencies; and, in some instances, regressive taxes on usage. Gillwald [28] argues that in addition to competition and open access regimes, effective regulation of other factors such as spectrum and interconnection and tariffs are required to stimulate market growth, improve access, and lower prices. This is because: many competitive markets with several players have experienced spectrum allocation problems high cost of services as a result of retrogressive tax on mobile communications despite having an open market with several operators such as Uganda and expensive leased lines generally available from incumbent operators which hare mostly unregulated contributed to the high cost of doing business and inhibited growth and employment opportunities [28].