THE FIGHT AGAINST FRAUD AND TAX EVASION IN THE EUROPEAN UNION. THE PROTECTION OF COMMUNITY FINANCIAL INTERESTS IN ROMANIA

The European Union budget is financed by taxes paid by European taxpayers andserves for the development of projects of common interest. The European Community and itsMember States attach great importance to its protection, both in terms of proper collection of taxesand duties and also in terms of proper use of appropriations. This is one of the priorities of theinstitutions involved, as an obligation imposed by the Treaty establishing the EuropeanCommunity. The protection of European Union financial interests involve the detection, controland effective monitorising of fraud and any other illegal acts which result form the misuse of EUfunds and thus prejudicing the Community budget. Cooperation between national authorities andbetween them and EU institutions is a prerequisite for successful fight against fraud. In Romania,national coordinator of the fight against fraud, with responsibilities in control line use ofcommunity funds is European Anti-Fraud Office (OLAF).OLAF, DLAF, European funds, fraud

THE POWER’S MECHANISM OF A MONOPOLY IN A MARKET ECONOMY Antoniu Predescu, Spiru Haret University Iuliana Predescu, Romanian- American University Bucharesti Stela Aurelia Toader, Romanian- American University Bucharest Mihai Aristotel Ungureanu , Romanian- American University Bucharest

Monopolies make their presence felt in a market economy, not necessarilythrough 100% ownership control of a market, nor less, because there is a law thatsanction its existence; in most cases, the existence of a monopoly and hence its corollary,i.e. monopoly power, has as the primary cause the presence of market imperfections, thatis if those are present on the long term, become state of fact. Thus, in our approach, weconsider that to bet appropriate to release the mechanism of a monopoly, based on amathematical tool, which begins from the immutable economic concepts of monopoly.monopoly, monopolist, elasticity, demand

CREDIT RISK. DETERMINATION MODELS

The internationalization of financial flows and banking and the rapid development of markets have changed the financial sector, causing him to respond with force and imagination. Under these conditions, the concerns of financial and banking institutions, rating institutions are increasingly turning to find the best solutions to hedge risks and maximize profits. This paper aims to present a number of advantages, but also limits the Merton model, the first structural model for modeling credit risk. Also, some are extensions of the model, some empirical research and performance known, others such as state-dependent models (SDM), which together with the liquidation process models (LPM), are two recent efforts in the structural models, show different phenomena in real life

7 YEARS OF EUROPEAN FUNDING IN ROMANIA - BETWEEN SUCCESS AND FAILURE

This paper aims to achieve an overall picture of the absorption rate of European funds in Romania for the 2007-2013 programming period and to propose a series of recommendations on the steps our country needs to follow in order to improve the process of accessing and implementation of structural instruments at national level. These recommendations focus on preventing obtaining a low rate of absorption of EU funds allocated to Romania in the multiannual financial framework 2014-2020 , thus preventing wastage prospects of economic and social modernization , that these funds offer

Regional development of Romania – a premise for better project financing

The article approaches important aspects regarding the regional development process in Romania in direct correlation with the European Union views and directives in this field. This paper argues that regionalization implies a new reorganization of Romania in view of a balanced development and to increase the absorption of European Funds, which consequently engages regional development, the development of local communities and the decentralization of public administration. Furthermore, in this paper we present the consistency issue concerning the request for territorial- administrative development in Romania, as it originates from the strategic documents, namely the "National Plan of Governance 2017-2020" and the "Action Plan for the Implementation of the Strategy for Strengthening the Public Administration 2014-2020", and we highlight a number of shortcomings of this process

Tax Efficiency vs. Tax Equity – Points of View regarding Tax Optimum

Objectives. Starting from the idea that tax equity requirements, administration costs and the tendency towards tax evasion determine the design of tax systems, it is important to identify a satisfactory efficiency/equity deal in order to build a tax system as close to optimum requirements as possible. Prior Work Previous studies proved that an optimum tax system is that through which it will be collected a level of tax revenues which will satisfy budgetary demands, while losing only a minimum ‘amount’ of welfare. In what degree the Romanian tax system meets these requirements? Approach We envisage analyzing the possibilities of improving Romanian tax system as to come nearest to optimum requirements. Results We can conclude fiscal system can uphold important improvements in what assuring tax equity is concerned, resulting in raising the degree of free conformation in the field of tax payment and, implicitly, the degree of tax efficiency. Implications Knowing to what extent it can be acted upon in the direction of finding that satisfactory efficiency/equity deal may allow oneself to identify the blueprint of a tax system in which the loss of welfare is kept down to minimum. Value For the Romanian institutions empowered to impose taxes, the knowledge of the possibilities of making the tax system more efficient can be important while aiming at reducing the level of evasion phenomenon

THE EVALUATION OF RISK REGARDING INSURANCE. STATISTICAL METHODS OF RISK DISSIPATION

Value at risk (VaR) is a summary statistic that quantifies the exposureof an asset or portfolio to market risk. Value at risk is now viewed by many as indispensableammunition in any serious corporate risk manager’s arsenal. VaR is often used as anapproximation of the maximum reasonable loss a company can expect to realize from all itsfinancial exposures. The purpose of any risk measurement system and summary risk statistic isto facilitate risk reporting and control decision. VaR certainly is not the only way a firm cansystematically measure its financial risk. But, its appeal is mainly its conceptual simplicity andits consistency across financial products and activities