CONTEMPORARY ECONOMY JOURNAL

5-25

Authors: Rodica PERCIUN, Viorica POPA

This paper aims to provide a complete picture of EU experience in the field of microfinance. This sector has been actively developing in EU in recent years, after the increased attention and interest from the public authorities. Thus, the purpose of this research is to describe the microfinance model characteristic for EU justifies the correlation between microfinance and small and medium-sized enterprises (SMEs). The paper defines microcredit and presents its current status in the EU. Following this, the author summarizes the main microfinance institutions in selected CEE countries. In the final section, the author shares his professional recommendations and puts forward a directive on the hallmarks of good micro financing.

38-50

Authors: Nicolae GRĂDINARU

The mortgage lender may petition the court for enforceability the mortgage securities by selling the mortgaged movable asset. At the request for the approval there will be attached documents proving the existence mortgages and of the mortgage securities along with proof of drawing up the mortgage. The court will consider the existence of debt, and of the mortgage legally executed and will approve the sale, summoning the interested parties. Application for a declaration of enforceability of the mortgage securities by selling the mortgaged movable asset interrupt the prescription right to obtain enforcement. The mortgage lender can sell mortgaged movable property in the state in which they are, or after taking commercially reasonable measures to their recovery. The lender may sell the mortgaged movable property by public auction or by private treaty through one or more contracts, in bulk or separately in any time or place, on reasonable commercial terms. The creditor may take for itself the mortgaged asset to settle the claim, unless the law provides otherwise, the settler consents and those mentioned, do not oppose. The consent of the settlor to take over the property by the creditor in the account of the claim must be expressed in writing and be subsequently non-performance. The lender who wants to take over the mortgaged asset to settle his claim, will score in the archive, a notice of taking in the account of the claim and notify the persons referred to, this offer.

75-83

Authors: Daniel-Petru VÂRTEIU

European funds are an important source of financing both the private and public institutions that make capital investments of national interest. After accessing some European projects, auditing is mandatory and is performed by auditors authorized by the Chamber of Financial Auditors of Romania. The reference framework which underpins the auditing of European projects is ISRS 4400 "Missions on agreed upon procedures regarding financial information" and The Code of Ethics emitted by the International Federation of Accountants. The Code of Ethics presents the fundamental ethical principles that a professional must comply when offering his services and these are: integrity, objectivity, professional competence, confidentiality, professional behavior.

105-116

Authors: Camelia ISTRATE, Narcisa-Liliana LEICIU

Education is a productive investment from economic and moral point of view. In many developing countries education is funded and provided mainly by the state, the expansion of education depending on the size of fiscal resources. The funding reform of education, of tuition, represents a component of education reform in general, on one hand, and the reform of financial systems and me chanisms of funding, on the other hand. In this regard, education funding reform implies a coherent and consistent approach to human capital formation needs and to direct financial implications of beneficiaries and users of education, detaching the following aspects:the individual invests in himself, in his education and in his training, he decides if he uses or not the knowledge, the compentences and the abilities obtained through education; the individual can not be forced to be educated or trained in a particular way, or forced to use what he learned. Because individuals and their families often don’t have money to finance their education or have difficultions in obtaining loans from banks, the educational institutions, of education, are currently funded, mainly, by the state.

133-162

Authors: Irina NASALCIUC

Nowadays, humanity is in a position to choose carefully every step it makes in order to ensure economic development without compromising the welfare of future generations who will need a social and ecological climate as favorable it could be. On the other hand, the conventional energy production is achieved taking the risks of the Earth overheating and its aggregate economic consequences, actually this climatic changes already appear in a more and more aggressive way, including on global economies. Over the past few years international organizations such as OECD, the IMF, the IEA, the World Bank are focusing their attention on the fossil fuel subsidies impacts over the energy production and consumption, quantifying the economic and social impacts of fossil fuel reform. The reason this study had to be done is the disadvantageous position of renewable energy industry compared with the fossil fuel’s industry situation which lies actually in the adopted subsidy strategy and the lack of measures for internalizing externalities on the sector, which are considered by IMF also a type of fossil fuel subsidy. So, this study presents an updated overlook on the fossil fuel externality problem, revises the identified literature linked to the”externality” notion, outlines the identified trends and polices of internalizing the fossil fuels externalities, and tries to review the estimations of the potential costs of the global warming as a consequence of too high social costs of the fossil fuel installed technologies. In this purpose there are on their way of implementation different systemic methods of research, including scientific abstraction, deduction, analysis and synthesis and quantitative analysis in order to outline the current situation of fossil fuel externality problem and its potential impact over the economic welfare.