About the Hungarian Autonomous Territoriality of Szeklerland. The Autonomous Enclave Within Romania: A Second Territorial Entity Where the Hungarian Ethnic Group Is Concentrated

The fact that after World War II, during a historical period internationally considered as fully legitimate, a Hungarian autonomous entity was established in Transylvania that has not been possible to be eliminated by any fair and legal means, should be the focus of an ongoing fight for Hungarian territorial autonomy in Romania. This autonomous entity is able to provide the necessary structural, administrative and political framework for the Hungarian ethnic group and can also ensure security in the region. The structural build-up of Szeklerland as an autonomy is an important priority task. The option of depriving the Szekler region of its national and ethnic autonomy must be rejected and the boundaries of the entity should be modified and finalized in agreement with the Romanian nation

NATIONAL EXPERIENCES REGARDING CORPORATE GOVERNANCE - "PROPER PRACTICE" CODES

This paper is about the principles of proper governance codes, which even tough have blossomed in all parts of the world for more than a decade, the degree in which companies adopt the codes vary in different countries, and the decision to adopt a certain code does not automatically guarranty efficient corporate governance. The paper trys to identify the mechanisms needed for implementing the codes and that will lead to higher efficiency.corporate governance, proper practice codes, efficient management

THE ACCOUNTING PROCESS FOR ACCESSING EUROPEAN FUNDS

The beneficiaries of structural funds are various entities that can be classified on different criteria, and keeping the accounts for these entities can raise certain problems. Keeping accounts in Romania is organized in a double circuit. Information given to third parties, also used by the economic entity is supplied by financial accounting, and the confidential information, used only by the economic entity is supplied by management accounting. In accounting, reflecting the accession and the use of European funds by the economic entity, taking into consideration the classification of various entities, is done distinctly.structural funds, funds accounting, beneficiary entities

THE CORPORATE GOVERNANCE OF PUBLIC ENTITIES IN ROMANIA

The paper aims to examine the application of principles of corporate governance fortransparency and efficiency of decision and control at the level of local public entities. We intend toargue the importance of these principles of governance in the public entities to determineresponsibility and management decision-making bodies in achieving the objectives in terms ofreliability of financial reporting, effectiveness and efficiency of operations, compliance withapplicable legislation.corporate governance, public efficiency, public governance.

APPLYNG THE PRINCIPLES OF CORPORATE GOVERNANCE IN CENTRAL AND EASTERN EUROPEAN COUNTRIES, THE NATIONAL CHARACTERISTICS AND PARTICULARITIES OF CORPORATE GOVERNING IN THE ROMANIAN ECONOMY

With direct support of the OECD and the World Bank the East-Central European stateshave been encouraged to adopt and implement codes of conduct and corporate governance principlesto minimize risk, boost performance, improve business access on stock markets, strengthening themarket position of firms, professional management, demonstrating transparency and socialresponsibility.corporate governance, governance principles, stakeholders, Romanian companies

The Reduction of External Vulnerability and Easing of Monetary Conditions with a Targeted Non-Conventional Programme: The Self-Financing Programme of the Magyar Nemzeti Bank

In addition to its primary task of achieving and maintaining price stability, the Magyar Nemzeti Bank (Central Bank of Hungary – MNB) views the reduction of Hungary’s external vulnerability as a key priority. For that reason in the spring of 2014 the central bank introduced the Self-Financing Programme, in the context of which its policy instruments were restructured in order to crowd bank liquidity out of the sterilisation instruments and redirect it to the market of liquid securities. The Programme has met its initial goals as the external vulnerability of Hungary has decreased significantly. Between spring 2014 and December 2016 the Hungarian government repaid EUR 11 billion of its foreign currency debt from forints, the foreign currency ratio of government debt lowered to around 25 per cent from the previous 50 per cent, while gross external debt decreased also significantly. While the primary goal of the Programme was to reduce Hungary’s external vulnerability, the measures were also intended to facilitate the easing of monetary conditions in an unconventional way. The yield-impact of the Self-Financing Programme could be around 75–90 basis points which makes that the Programme supplemented the yield-effect of central bank interest rate cuts with a magnitude of one half of their effect between 2014 and 2016

What Shall We Do for a More Competitive Hungarian Economy? Thoughts About the Monograph Competitiveness and Growth of the Magyar Nemzeti Bank

Since 2010 Hungary has implemented a major turn in its fiscal policy which was followed by a fundamental change in its monetary policy resulting in a new era concerning the growth of the Hungarian economy. These changes form the basis of an economy being simultaneously characterised by balance and growth. Over the last six years the position of the Hungarian economy has been improving significantly especially concerning the quantitative aspects of competitiveness, the results of which have been recognized by financial and capital markets in addition to international organizations and the major credit-rating agencies. However, a faster and more sustainable convergence requires an improvement concerning the qualitative characteristics of the economic resources as well. For an outbreak from the moderately developed economic status it is essential to speed up the catch-up process with additional reforms focused on competitiveness. Along with the relevant international best practice and the theoretical background, the new volume of the book series of the Magyar Nemzeti Bank entitled “Competitiveness and Growth” presents also the necessary measures for that “competitiveness revolution”

Fenntartható hitelpiac, fenntartható fejlődés = Sustainable lending, sustainable development

A pénzügyi közvetítő rendszer akkor tudja betölteni társadalmi funkcióját, ha az általa megvalósított hitelezés támogatja az adott nemzetgazdaság és közösség fenntartható fejlődését. A magyar bankok nem mindig és nem minden szempontból feleltek meg ennek a feltételnek. Az utóbbi egy-másfél évtizedben több olyan banki gyakorlat is azonosítható, amely épp ezzel ellentétes hatású volt. Ilyennek tekinthető többek között a kkv-szektor nem elégséges mértékű hitelezése, illetve a háztartások devizában való túlhitelezése, amit súlyosbított, hogy a magyar lakosság pénzügyi tudatossága elmaradt a kívánatostól. A válság óta eltelt időszak második felében több stratégiai kezdeményezés történt és program indult annak érdekében, hogy a hitelpiacon mind a kínálat, mind pedig a kereslet a fenntartható és egyensúlyi fejlődést segítse elő, de további lépések szükségesek ezen a téren. --- The role of the financial system can be fulfilled in the society only if its lending activity supports the sustainable development of the society and the economy. Hungarian banks could not always meet these requirements from every perspective. Several practices with adverse effect can be identified in the last one and a half decade. The low SME lending activity of the banking sector can be considered as an example, or FX lending for the household sector which was aggravated by the Hungarian households’ poor financial literacy. Several strategic programs were launched in the last half decade to support the sustainable lending both on the supply and the demand side. But further step should be made in the future