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On the contrary, enterprises with an high credit risk prefere banks adopting external rating methods: in the worst case it would be given a risk weight lower than a negative individual internal rating. Basel 2 and SMEs Measuring credit risk with rating methods asks the use of complex methodologies: it is necessary to identify significant factors, to weight them with right coefficients, to use mathematic models able to sintetize all the variables in a single index of rating 4.
In addition, it is preliminarly asked to collect a lot of information about enterprises. These procedures have a negative influence on the credit access for SMEs: they are not organized in the purpose of generating and formalizing a lot of accounting and qualitative information; they are not so open-minded in giving a complete disponibility of information to banks; they are not so able in exploiting their information in order to have a good evaluation by banks. At first, it is very important taking care of the performance trends: they are the main warning system utilized by banks in monitoring the change in financial performance of small enterprises.
A bad interpretation of trends can generate a bad opinion, expecially when the enterprise is a client of several banks; in fact, any bank is unable to have a complete frame of the financial activity of enterprise. As consequence, banks are stimulated to better their informative systems in order to increase the implementation and monitoring of internal rating methods; this is the right way for reducing problems of adverse selection. In the same time, it is predictable that financial role will be emphasized in SMEs, with big benefits in terms of financial planning, forecasting of financial needs, collecting liquidity, cash management.
It is possible to imagine that in the next future SMEs will adopt a diversified financial policy in looking for financial sources, in terms of different organisations and different intruments Figure 8. It is not sufficient to adequate structure and management of enterprises; it is necessary to play an active role in relationship with banks, in exploiting strength points and competitive factors.
SMEs have to improve their capacity of communication and negotiation in different ways: 1. In looking the impact of strategic choises: strategies and consequent decisions have a significant impact on risk profile of enterprise and its capacity to be financed by external sources. In forecasting financial needs: financial plans are very useful in relationship with banks, in order to show entity and reasons of needs; bank appreciate the effort of enterprise to control its financial sector.
In playing an active role in evaluation process: enterprise can organize procedures of self-diagnosis and implement a system of self- evaluation; these are really useful as early warning system and precocious correction of possible criticalities. In communicating to banks: number and frequency of information is a practice well appreciated by banks; the best entrepreneurs are able in explaining to banks what they are doing and how they are managing.
In understanding what is the opinion of bank about enterprise and entrepreneur: it is important to look for the criteria used by bank in order to estimate rating and what are the best key in order to improve it. Supplement 45 to self-estimate its probability of default and to utilize this index in order to negotiate with banks.
It is impossible to ignore that the way towards Basel 2 rises many difficulties for small enterprises: absence in specialistic skills, minimum organization and people, essential computerization, and so on. Improvement asks a change of mentality and culture in entrepreneurs, right investments, relevant operative costs.
Risks about the results are high. In any case, a long time of adaptation is needed. In the meantime how banks will behave under the pressure of Basel 2? Notes: 1 A new approach in finding and analysing qualitative sources was studied by Pagliacci. See: Mario G. Pagliacci, La politica del credito commerciale nella gestione aziendale, FrancoAngeli, Milano, Pagliacci- Terenziani studied an innovative methodology for estimating rating of knowledge-based enterprises: it allows to evaluate either tangible or intangible assets Mario G.
This material is analysing, on the basis of the computed indicators, the macroeconomic outcomes recorded by Romania within the first two months of the year This period means actually the first segment after the adhesion moment and might be evaluated as a sign for the trend which our country is going to follow during the post-adhesion period. Under the circumstances, the analysis covers the data concerning the evolution of prices, resources of prime energy, constructions, domestic trade, services, foreign trade, tourism, wage gains, labor market etc.
The available data are analyzed in comparison with both the situation being recorded for the similar period of year and the previous month. In general terms, there is a positive trend of the evolution of the main macroeconomic indicators which can be noted out of this analysis. Key words: trend; price; services; conjuncture; dynamic evolution. Main macroeconomic indicators 1.
Prices In February , consumer prices kept almost the same level as the previous month per total, for food goods, and for non-food goods and increased by 0. The important decreases of prices in the group of food goods were for eggs In the group of non-food goods, decreases were registered by prices for fuel In February , industrial production prices kept about the same level as the previous month.
Mining and quarrying registered a decrease of prices by 3. By broad industrial groups, in February , as compared to January , the following increases in prices were registered: 0. The prices for energy industry group products decreased by 1. Supplement 49 B. Sectorial evolutions 1. Comparison with the previous month The industrial production in February , as against the previous month, registered a growth of 5.
Mining and quarrying and in electric and thermal energy, gas and water registered decreases by 1. Mining and quarrying registered decreases in the branches: metalliferous ores quarring and preparation Higher decreases were registered in the branches: radio, TV and communication equipment In electric and thermal energy, gas and water, the production, transport and distribution of electric and thermal energy, gas and water decreased as against the previous month by 7.
By broad industrial groups, decreases were registered in energy industry Comparison with the same month of the previous year In February as against February the industrial production registered a growth of Higher decreases were registered in the branches: clothing articles Supplement 51 IIn February , total turnover 1 of industrial units was by In February , the value of new orders in manufacturing branches working based on orders was RON Comparison with the 1.
During 1. Resources of primary energy During 1. Import of primary energy resources increased by 8. Most of production is still obtained in thermo- power stations The final consumption of electric energy was Construction In February , the construction works registered a growth of In February , construction permits were released for residential buildings, by Supplement 53 3.
Trade and services 3. Comparison with the previous month In February , the turnover volume of enterprises having as main activity retail except trade of motor vehicles and motorcycles decreased by 1. Falls were registered for sale of non-food products In February , the turnover volume of enterprises having as main activity wholesale and retail, maintenance and repair of motor vehicles and motorcycles, retail of fuel for motor vehicles was by Trade of motor vehicles registered a growth of In February , the activity of market services rendered to the population registered a growth by For wholesale, in February , turnover in current prices increased by RON million as compared to the previous month.
In February , the services mainly rendered to the enterprises registered a turnover, in current prices, by RON 31 million higher as compared to the previous month. Comparison with the same month of the previous year In February , the turnover volume of enterprises having as main activity retail except trade of motor vehicles and motorcycles experienced a fall of 4. Products sold on- line registered a growth by 0. In February , the turnover volume of enterprises having as main activity wholesale and retail, maintenance and repair of motor vehicles and motorcycles, retail of fuel for motor vehicles registered a growth of As regards the retail including trade of motor vehicles , the turnover volume index for small and medium-sized enterprises was In February , the activity of market services rendered to the population registered a turnover by 1.
In February , wholesale turnover, in current prices, increased by The services mainly rendered to the enterprises registered a turnover, in current prices, by Falls were particularly registered as regards the on-line marketing of products The turnover volume of enterprises having as main activity wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles, retail trade of fuel for motor vehicles registered a growth of As regards the market services rendered to the population, registered a fall of 0.
Supplement 55 previous year with In January , the trade deficit was RON Value of intracommunity exchanges of goods in January was RON Tourism 5. Comparison with the same month of the previous year In February , as compared to February , the arrivals in establishments of tourist reception with functions of tourist accommodation were by 8.
The overnights in establishments of tourist reception with functions of tourist accommodation decreased in February by 4. In February , the index of net use of accommodation places was The highest value of this index was registered in hotels Most of foreign visitors come from European countries Road transport means were mostly used by Romanian visitors for departures abroad The overnights in establishments of tourist reception with functions of tourist accommodation experienced a 1.
By touristic areas, the highest value of this index was for Bucharest and towns-county residence, except Tulcea. Earnings In February , the gross nominal average earning per total economy was RON and the net one was RON , increasing as against the previous month by 2. Supplement 57 Total RON lei 0 Intermmediation Insurance Education social asistance Retail trade- hunting and administration telecommunicati Industry— total Constructions restaurants Agriculture, Hotels and activities Health and Financial Mail and Public total Figure 1.
Net average earnings in February by main economic activities In February , the ratio between the net nominal average earning index and the consumer price index was Labour force market The number of employees of the units having 4 employees and over amounted to Unemployment According to the data provided by the National Agency for Employment, the number of registered unemployed at the end of February was In comparison with February , the number of unemployed registered at the agencies for employment was by Of total number of registered unemployed, women represented The unemployment rate registered in February was 5.
Female unemployment rate was by 1. The lowest unemployment rates were registered in the counties: Ilfov 1. Supplement 59 C. Short-term indicators According to the estimations made in March by the managers of companies, for the next three months, in comparison with the previous months, a growth of activity in manufacturing, construction and retail and the same positive trend in the sector of services are expected.
Notes: 1 Total turnover comes both from total activity and from secondary activities of industrial type enterprises. In transition, the Romanian authorities have advanced the development of prudent macroeconomics policies and implemented structural reforms in the market for goods, labor and financial products.
On the long term, Romanian real convergence to the European model is more important than nominal convergence. In this paper, we identify the main priorities for the success of Romanian admittance in European Union. The nominal convergence must be attained faster because this process supposes stability prices, the financial soundness indicators, the need to stabilize exchange rate.
In addition, the real convergence with European Union is very important. Keywords: convergence; nominal convergence; real convergence; structural convergence. Including achieving standards related to infrastructure, human capital, education and proper structure of the economy, real convergence is actually quintessentially of European economic integration. The first perspective supposes analysis of real convergence through income convergence; productivity convergence; relative prices convergence; employment structure convergence; educational convergence.
The second perspective assumes that real convergence criteria and the conditions regarding admittance into Optimum Currency Area are equal. Higher openness degree of economy, business cycle synchronization with the EU, labor force mobility, a higher degree of financial intermediation and the higher flexibility of wages and prices lead to the faster catching-up process.
In this paper, we focus on the first approach of real convergence. The analysis of the real convergence process is not official in EU. In fact, European Commission avoided imposing strict criteria as the nominal convergence criteria. However, there were authors which tried to establish the quantitative criteria regarding the measurement of real convergence. Figure 1. Estimation of added value at the sector level in Romania Table 2 Manufacturing Figure 2.
Employment degree at the sector level in Romania Also, Romania has a structural problem regarding the energy intensity of the economy the energy consumption to GDP. Romania produces with higher energy consumption, 6,5 times higheer than EU average. The high percentage of business investment in GDP for Romania offers the prospect of future productivity gains through greater intensity of labor with capital endowment.
Many structural problems of the Romanian economy can be solved by stimulating virtuous circles between attracting foreign investment and industrial sector development between technological endowment and stimulating high value added in industry, all of which are prerequisites for reducing macroeconomic volatility. In the first years of transition, the slow progress in the reform of the public sector and the overly volatile legislative framework eroded the credibility of the Romanian economy and kept foreign investors away.
Accordingly, FDI remained below its potential level, with inflows derived mainly from the privatization process. Supplement 67 construction, telecommunications, retail distribution networks, the manufacture of transport vehicles and spare parts, as well as to strategic areas such as the energy and oil sectors. Figure 3. Despite this evolution, we still had the lowest level of GDP per capita in relative to the other EU members used for benchmarking, excepting Bulgaria.
GDP increased even faster in than earlier. We need roads, telecommunications network, extension of financial intermediation services, public utilities etc. With only km of highways, Romania is far behind Hungary or Poland and this puts a significant upward pressure on infrastructure and transportation costs. As a recipient country structural and cohesion funds totaling over 19 billion euros, Romania will have full use of this source of funding for infrastructure gap.
It is worrisome behavioral asymmetry between income and price convergence convergence. Opportunities and Challenges and includes the same approach to the analysis of real and nominal convergence with the EU Romania present in previous works. Bibliography Dinu, M. This material is presenting the banking system in Romania, as it developed after year. First of all, the text is pointing out the legislative framework set up for regulating the banking system, both during the transition period and just before the moment of the adhesion of Romania to the European Union.
The credit institutions are analyzed from the point of view of their ownership form. A significant place is allocated to the evolution of the assets and liabilities within the banking system and the credit institutions system.
There are evaluations as regards the procedures of supervising the banking system, the banks distribution network and the efficiency of the commercial banking system, which are emphasized by the analysis. The final part of the material is focusing on the evaluation of the Romanian banking system in comparison with the banking system of the countries members of the European Union. Key words: banking system; commercial bank; banking efficiency; interest; credit institution.
After , the banking system has been subject to some radical measures, being reset into two hierarchical levels: the Romanian National Bank BNR , on the one hand, and the commercial banks, on the other hand. BNR took over its responsibilities as a central bank, while its commercial activities were transferred to the newly founded Romanian Commercial Bank BCR. The central bank assumed its normal functions: setting up the monetary policy, currency, credit and payment policy, as well as prudential authorization and supervision of the banking system, within the general state policy.
According to Act no. Based on these functions, the National Bank will play a major part in supporting the general state policy, by supervising the normal functioning of commercial banks and contributing to the promotion of a financial system specific to the market economy. We have witnessed a vast process over the last years: a growing number of banks have appeared and disappeared, as part of a selection process, during which many of the newly founded credit institutions could not cope with the subsequent demands.
The former state-owned banks have been turned into commercial banks, some private capital banks have been set up and the subsidiaries of foreign banks have been integrated into domestic banking. The number of banks has grown rapidly from only 4 commercial banks in to 45 in and it stabilized to 38 in Over this period of time, many important events have shaped the structure of the banking system. Banks have had to work in an unfavorable economic environment and led by management teams which, in many cases, were not prepared to cope with the challenges of the time.
Supplement 75 The large majority of bank operators were inexperienced and lacked adequate risk strategies. The effects were damaging for many banks. Bank regulations have undergone a long improvement process until they finally came to set the rules of the market. The Romanian National Bank initiated a restructuring program for the banking system, which was meant to limit the system risk.
Regarding the situation of the problem banks, a set of important measures is worth mentioning: authorization withdrawal and starting up bankruptcy procedures. Between and , 9 banks left the system: — authorization withdrawal for Albina Bank and Bancorex, taken over by BCR; starting up bankruptcy procedures for Albina Bank. Considerable progress is being made in the field of bank regulations: the application of a more advanced bank rating system, more severe penalty rules and criteria for bank shareholders and managers, by means of a new regulation of the bank survey period 1 year.
The Romanian legislation adopted immediately after , especially Act no. The massive penetration of foreign capital on the Romanian market is the most relevant phenomenon of the latest years in the banking system. The 4 most important Romanian banks in the order of their privatization have been taken over by the foreign capital represented by prestigious international banks.
Only million dollars of this sum was paid to the state authorities. EFG Eurobank Ergasias of Greece purchased shares from the two investors in several stages, finally reaching a majority shareholding of Supplement 77 Raiffeisen Zentral Bank of Austria for 52 million dollars.
The bank subsequently changed its name into Raiffeisen Banca Agricola and since it has been known as Raiffeisen Bank Romania. BCR — the latest major bank deal not only for Romania, but for the entire Eastern and Central Europe — was earned by the Austrian bank Erste Bank, which bid the sum of 3. The privatization of BCR was finalized and recorded as such on the 21st of October , although the deed of conveyance had been signed on the 21st of December The new shareholding of the largest Romanian commercial bank is made up of: Erste Bank The new BCR shareholding has been further modified by the offer made by Erste Bank to the staff for the purchase of their shares.
Consequently, Erste Bank succeeded in buying a large part of the staff shares, thus raising its share quota to The privatization of BCR is considered without a doubt the event of the year on the banking market, because it brought about a major change in the shareholding structure of the Romanian banking system.
The event was recorded in , but we can actually consider it the most important moment in the entire history of the Romanian banking system. As a consequence, the structure of the banking system according to ownership has radically changed. At the end of , this category of banks gained At present, Romanian banks own a very low percentage, of only The transfer of property towards the foreign capital and the development of commercial banking have been reflected by the dynamics of the assets recorded over the last 8 years.
As a result of the privatization process, in state- owned banks have fewer assets than in The growth rate of the assets was insignificant in comparison with the transfer of some banks into the category of foreign capital banks. As a result of two factors — business development and the takeover of some privatized state-owned banks — foreign capital banks have also grown 57 times over the last 8 years.
All these transformations and changes have positively influenced the banking system, which, at the end of , recorded its highest general performance after Several factors have contributed to the prosperity of the banking system, influenced by steady economic growth.
In , the Romanian banking system recorded two significant events: the takeover of BCR by the Erste Bank which — as already mentioned above - represents the main event of the year and the HVB - Tiriac Bank merger, another important event which places the new bank on a 4th place in the top of commercial banks.
It is quite possible that the banking system records new challenges as a result of the steps taken by the Fortis Group and by Millenium BCP in order to enter the market, both of them being already quite advanced from the point of view of the legal procedures and the team establishment, to which there are another 26 foreign banks to be added, as they have been notified the RNB about their intentions to supply financial services on a direct basis European passport.
The evolution of the commercial banks by the end of is reflected by the balance sheet actives and passives as well as by the dynamics and the structure of the Romanian banks operations. Supplement 81 In , the banks assets recorded an increase of The main tendency of the commercial banks in consisted of the concentration of placements on two major positions: credits and bank deposits, mainly with the RNB.
The placements in equities which, during the previous years, recorded a significant position within the commercial banks balance sheet get substantially diminished in , due to the fact that all forecasted issues of state equities have been cancelled. The retail credit was the most dynamic segment, recording an increase of As far as the national currency is concerned, this ratio is even better, The indicator, in terms of total credits, is altered by the credit in foreign currency but for this one there is always the possibility of an external financing.
The financing resources are representing a major concern of the banks when considering the balance sheet increase and aiming to secure an efficiency as good as possible. The commercial banks liabilities by the end of were covered by their own resources at the level of The deposits from clients, which represent the resource the most disputed by the banks, recorded relatively moderated dynamics, Because of this reason, this position of passive is reducing its contribution to the aggregate balance sheet of the commercial banks from During the first half of the year, the deposits from clients recorded a progressive slow down of the rhythms of increase, simultaneous with the acceleration of the crediting process.
The situation has been worsened by the modification of the RMO requirements which narrowed even more the handling margin of the banks as far as this resource is concerned. Thus, it became necessary to improve the conditions being offered for the saving products. Supplement 83 The deposits at sight acted as the engine of the increase of the total deposits. Comparatively to the previous year, this type of resource recorded the most dynamic development, on both segments of clients.
The slowing down saving process has been only partially offset by the increase of the placements with investment funds, despite the fact that during the first half of the year their activity has been less performing. According to the statistics published by the National Union of the Collective Placement Organisms, in the net entries of capital to the investment funds counted for million lei equivalent to about 81 million Euro , out of which million lei went to the diversified and equities funds, namely about 3 time more as comparatively to The value of the net assets of the open investment funds amounted over million lei, with an average yearly increase of To note that the largest contribution goes to the corporate investors, which hold The bonds issurance in lei on the domestic and international market of capital, meant to secure the resources in national currency over longer periods of time, is a characteristic feature of the last year.
The majority of the issues have been placed on the Romanian market Pro Credit Bank - Lei with a fixed coupon of 7. The only one issue on the international market of capital belonged to BRD mil. Lei with an interest of 7. Thus, we have to notice the increasing interest of the foreign investors for the bonds issued in lei, under the circumstances of the steady appreciation of the national currency and the convergence of yields in lei.
A number of these issuers are involved also in the financing of some Romanian entities, generally speaking, local communities. The bonds in lei keep on remaining an option for the financial markets in as well, the sign being provided by Erste Bank in June.
The increase of the self capacities has been based on the increase of the social capital and of the funds out of the profit repartition, on one side, and, on the other side, on the increase of the subordinated debt. By the end of the year, for the first time after , the Ministry of Finances proceeded to a considerable infusion of capitals to CEC, after stopping the privatization of this bank, counting for million Lei.
The own capitals of the commercial banks are supported by the paid in social capital to which there are various funds, generated by every and each bank out of the achieved profit, to be added. The main funds fed out of the profit are the reserve fund and the risk fund to which there are other funds to be added as well. By the end of , the paid in social capital counted for Some of the banks have the additional capital included in the social capital, the additional capital meaning basically the subordinated debt and reserves out of the patrimony re-evaluation.
By the end of the previous year, the additional capital counted for The interests in force on the market are found as implying effects on three separate plans: the deponents, those applying for borrowing and the credit institutions working with both the deponents and the borrowed entities.
The interests are representing costs for some of them, income for others so that they are affecting directly the profitability of all the players involved in business. Historically speaking, the interest may cross different stages, with an up warding or down warding trend. During the last year, , the interest decreased during certain periods while during other periods they have increase with stagnation periods in-between.
The increasing competition as well as the desire of increasing the business volume obliged the banks to reduce the interest to the credits in lei and, as a consequence of a slowing down saving process, the interests for the resources drawn from clients increased. The interests for operations in lei have recorded a different behavior in as comparatively to the previous years, the following aspects to note in this respect: The tendency of the average interest rates on credits to get closer of each other for both segments of clients, corporate and retail.
The strong competition for the retail credit which has been carried out by the banks resulted in the decrease of the interests in force by almost 4 p. As for the corporate credit the reduction was smaller from The interest margin for credits diminished almost by half as comparatively to the previous year from 8. The equalization of the remunerated interest for deposit at term for the two segments of clients, corporate and retail.
During the previous years, the interests applying to the retail deposits have been higher as comparatively to those applying to corporate deposits; in , the situation changed completely so that by the end of the year the respective interests leveled 6. As for the deposits at term, there was a slight increase for retail, from 2.
The interests showed slight increases for USD for all the categories: credits, deposits, retail and corporate. The banking system supervision has been exercised very carefully by the National Bank of Romania in accordance with the prerogatives stipulated by its own statute.
As a consequence of the way the commercial banks carried out their activities and of the RNB supervision, there were not worrying events to be identified in ; on the contrary, the system kept on remaining remarkably stable and providing a good labor conscription. The banking distribution network plays an ever bigger part in the credit institutions vision as the units network keeps on remaining the main distribution channel. Although the banks are paying big efforts in order to develop alternative channels, these are not yet in the position, to a larger extent, to compete the basic channel which the banking unit.
The unit network is considered as being a competitive advantage for increasing the sales volume and extending the clients basis. The territorial units of the commercial banks counted by the end of for 4, by CEC is the bank with the most extended banking network, 1. In , CEC held a weight of Supplement 87 As far as the market player position is concerned, depending on the network size, there have been two notable movements taking place in , respectively BRD getting the leading position and Banca Transilvania getting the third position.
The policy of expanding being adopted by the main market operators led to an increase of the weight held by the first 5 banks of the system, from The efficiency of the banking system is directly linked to the substantial increase of the business volumes, based mainly on the attractiveness of the products offer in terms of costs and less on the extension of the client basis. Typical for is the fact that this was the year of additional increases generated by the expansion of the unit network, including the increase of the number of employees as well.
According to the RNB, the net profit achieved in at the level of the banking system amounted to 2, million lei equivalent to about million EUR , with an increase of The 5 top banks by the end of are including operators of considerable tradition on the podium but new comers, i. TOP 5 banks, according to the assets size in The last period of time shows that the small banks are paying big efforts in order to achieve more aggressive increases with the purpose to gain a better position of market quotas.
However, this effervescent activity at the level of small banks platoon does not disturb the large banks platoon, which is holding the leadership. Supplement 89 4. Concerning the evolution of the top 5 banks, there are several major changes which should be considered: Banca Transilvania entres the top on the 5th place, advancing thus by 3 positions as comparatively to ; Following the merge with Banca Tiriac, HVB goes up from the 5th to the 4th position; ING gets out of the top as a result of its poorer activity and goes to the 7th position, with an assets value close to that recorded by Alpha Bank and CEC; The 2 banks of the system BCR and BRD are strengthening their positions with a slight impact on the system concentration.
The position of the first 10 banks according to the assets they are concentrating is conclusive. By the end of the last year they held BRD 5. Raiffeisen 3. HVB — Tiriac 2. Transilvania 1. Bancpost 1. ING Bank 1. Alpha Bank 1. ABN Amro 1. Volksbank 0. If limiting the classification to the first 3 banks, we shall find out that BCR, BRD and Raiffeisen are already holding half of the total market, with assets amounting This is due to the improvement of the positions held by the system performers, BCR and BRD, which have consolidate their market quota up to The assets increase being stated out in case of many smaller banks, although significant had no influence on HHI.
Despite the fact that during the last years the commercial banks from Romania developed very much their unit network, by comparison with other countries, this is considered as being still insufficiently extended in order to secure services of high quality to the clients the banks are working with. The comparison between Romania and some of the European countries, mainly with the last but one wave of countries entering the European Union, allows the evaluation of the level reached by our country from the point of view of the number of credit institutions which are operating on the market and the financial intermediation degree.
The number of banks differs very much from one country to another with an extreme situation, namely a large number of banks as against the country size, in Cyprus credit institutions , Hungary credit institutions and even Lithonia as well 80 credit institutions.
This indicator is only partially relevant as, in completion, the network density, i. Supplement 91 offers a better picture on the banking cover from the point of view of the capability to offer banking services to the clients. The inhabitants number per 1 banking unit Table 10 Slovakia 2, 2, 2, Czech Republic 5, 5, 5, Cyprus Hungary 3, 3, 3, Poland 7, 7, Slovakia 5, 4, 4, Romania 8, 7, 6, Germany 1, 1, 1, France 2, 2, 2, Great Britain 4, 4, 4, Source: BCE.
The financial intermediation degree is another important indicator which allows an image on the level of development of the banking activity by means of weighing certain indicator of the GDP. Romania holds a lower degree of the financial intermediation, mainly when comparing with countries of Central and East-Europe. Out of the countries entering the European Union by the last but one wave, a better position is held by Czech Republic, Hungary and Slovenia, but none of these countries is closing up to the results recorded by the countries members of the Monetary Union or the EU As for Romania, there are two phenomena with contradictory effects on the financial intermediation degree.
On the one side, the effort paid by the RNB for the inflation targeting, which implies a temporization of the credit and, on the other side, the needs for financing which require for the credit extension, with direct effects on the financial intermediation. In terms of tendency, there is no doubt about the fact that Romania would secure, in time, a satisfactory weight in the GDP, close to other countries level, for both the assets and the credits.
This article attempts to name the differences between the Europeanization by deepening and the Europeanization by enlargement and thus it suggests that the context of the interactions the European Community has with its candidate countries needs a special attention. We will thus focus on identifying on conceptual level the institutional levers the Union uses in influencing the administrative order of non-Member States that made the first steps in becoming a part of the European project.
Romania — prior will constitute the subject of analysis for the instruments identified in the first part of the paper. It is for this reason yet not in the same vein as the debates on the socialization of sovereign entities 1 in the context of enlargement relations 2 , that in this article we will assume the direct influence EU places upon norms, practices and national values otherwise particular to national European states. Actually, twenty seven of the above since January have agreed on participating and contributing to common regional, social, agricultural and monetary markets, creating in between a single European space of security and defense.
Conceding an amount of their sovereignty to a supra-national entity such as the EU, the member states have also agreed on accepting the European acts as defined by Article I of the European Constitution as a special category of external demands to which answering is usually imperative and driven by common formulated models, standards or institutional arrangements Andersen, , pp. Possible packages of alternative solutions, the latter seem to replace the decrepit internal institutional arrangements, with minimum effort and political debate Andersen, , p.
Still, Europeanization may be and is, undoubtelly exported Papadimitriou, , p. Its products are concentrated in merely Supplement 95 Community has with its candidate countries 4 needs a special attention. We will thus focus on identifying on conceptual level the institutional levers the Union uses in influencing the administrative order of non- Member States that made the first steps in becoming a part of the European project.
In this article, the Europeanization by deepening is to be seen then as the bilateral interaction of the Community with its Member States which points towards the integration of the European economic and political dynamics to the national organizational logic of public policy making Ladrech,, p.
In such case, Europeanization basis itself on the a priori existence of national institutional adjustments e. At this point, Europeanization becomes similar to altering domestic structures according to the distribution of power and resources between the actors involved in the game e. Here, Europeanization becomes the process of institutional adaptation resulted from the changes of domestic strategies according to the newest national orientations.
In connection with the stimuli they receive, the Member States react. To which Radaelli , p. Secondly, classifying the eventual domestic reactions should be accompanied by a certain amount of prudence and self-limitation: after all, the effects we study represent only the perspective of national alterations and thus assume the unilateral relation between the Union and the Member State.
The approach to be employed here is again, the top — bottom one 6. This is mainly because the reports of the integration process are clearly established by the exclusive strategy the EU is known for F. Schimmelfennig in Linden , pp. Supplement 97 doing so, they will respect the rules of training usually unilaterally established by the EU. Of course, such a discourse raises at least two questions: is the existence of a certain degree of non-conformity to the minimum threshold sufficient for justifying an authoritarian Union in relation to the candidate states?
To the first question, the answer seems due to current practices in the area rather affirmative Grabbe, , p. On the other hand, there are standards for measuring the performance of candidate states; however, there are not for all the areas and certainly, not under the title of an ideal type, but rather, of unformulated standards as it proves to be the European Administrative Space — SIGMA, The levers of the Europeanization of public administration — the specific of Europeanization by enlargement For the public administration and in accordance to the idea of deepening, the Europeanization is to be seen as a two level process: the European level, referring to the evolution of a distinct governing system, a new set of structures and public processes which interact with those already established by the Member States, forming the second level.
Article Supplement 99 This enumeration refers strictly to the Europeanization by deepening. In regard to the European enlargement, the following paragraphs may be seen as relevant. In , the Copenhagen European Council established the access conditions that the Central and Eastern Europe candidates required in order to become Members of the Union point 7. Stability of institutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities; 2.
Existence of a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the Union; and 3. Ability to take on the obligations of membership including adherence to the aims of political, economic and monetary union. To summarize, the levers of Europeanization by enlargement, as they appear in the Strategic European documents of the European Council, are non-exhaustive 14 : 1.
Demetropoulu in Spendzharova , p. It provides structural assistance at regional level institutional construction for economic and social cohesion and finances measures taken in the fields of cross border cooperation and nuclear security; ISPA — organized under the rule of Council Regulation CE no. Institutional twinning — One of the main challenge the candidate countries of the last enlargement had to deal with was the administrative capacity criterion established in Madrid. In this sense, EU launched in a human resources and financial mobilization of twinning of administrations and agencies.
Concentrated at the beginning on the top one priority sectors agriculture, environment, public finance, justice and home affairs and preparatory measures for introducing the structural funds , the twinning projects are now covering all the areas of the acquis Thus, the cost-benefit balance will depend on: a The importance of the norm to be absorbed — is it seen by the EU as a pre-condition for rewarding?
According to Sedelmeier , p. In support of this statement, next to the country reports and the conclusions of annual monitoring, comes the list of benefits EU links to the membership status. Supplement investment markets, new equipment and high tech; presence of domestic economic agents on a single, large market; strengthening the national security in order to integrate to ECSP; the European citizenship; perspectives for professional training and access to the European labor market for national citizens Conclusions, point I From this moment on, it became clear the impact of the Union on the Romanian domestic order; it can be also quantified thanks to the three classical, and already mentioned institutional levers of the Europeanization: the acquis communautaire, the pre-accession financial assistance and the institutional twinning.
Acquis communautaire Between and , Romania was involved in a constant process of negotiation of the acquis — see table 2. Supplement administrative capacity, respect the obligations deriving from the acquis and accomplish the economic and social cohesion via national programs of cross border cooperation and specific measures. It includes an amount of over 2 billion Euros public and private expenses , of which 1.
According to the EU data available online in the information brochure: Twinning, ; between , Romania was the candidate state with the largest number of twinning programs developed of Conclusions To recap the initial argument: EU counts also for candidate states. Retrieved 19 December Retrieved 16 December How Nicolae Dobrin impressed the Moldovans: "I was shaking when he entered the locker room"] in Romanian.
Retrieved 20 December Retrieved 17 June Gazeta Sporturilor Romanian Footballer of the Year. Namespaces Article Talk. Views Read Edit View history. Help Learn to edit Community portal Recent changes Upload file.
Download as PDF Printable version. Wikimedia Commons. Attacking midfielder. Romania [b]. Romanian League. Romanian Cup. Stadio San Paolo , Naples , Italy. Euro qualifiers. Stadionul 23 August , Bucharest , Romania.
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|Candles forex book||Besides, the tendency is not the outcome of the separate parts management but the result of favouring the confluences. As a result of the privatization process, in state- owned banks have fewer assets than in Considerable progress is being made in the field of bank regulations: the application of a more advanced bank rating system, more severe penalty rules and criteria for bank shareholders and managers, by means of a new regulation of the bank survey period 1 year. In other words, the evolution as result of a battle for tendencies is not occurring by itself; is it merely the consequence of a project, of an ample and of long run vision, even if, sometimes, it failed into social engineering. In this florin dobrin forex exchange, the Europeanization by deepening is to be seen then as the bilateral interaction of the Community with its Member States which points towards the integration of the European economic and political dynamics to the national organizational logic of public policy making Ladrech, p. Modernization ultimatum Romania acceded to the European process of modernization by about two centuries later.|
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|Florin dobrin forex exchange||The societal deficit The strategic positioning of Romania in the frame of the external transition, as a project of the second modernization, has no economic solutions only. Internal rating and SMEs It is possible that internal rating methods can penalize financing of SMEs, on pushing banks to reduce credits and to increase interest rate. Shall we manage to absorb a larger part of the European funds so that we can be in the position to reduce the gaps as against the EU countries? Volksbank 0. Supplement 35 With Internal Ratings-Based Approach IRB the banks have the possibility to make use of an internal rating system, under the condition it is accepted by supervision authorities. However, the real challenge consists of the success of the integration with the European mode as, finally, the modernization of Romania depends on a successful outcome of this process. As for the corporate credit the reduction was smaller from|
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