Professor Bernd Hallier is the “designer” of the European Retail Academy (ERA, www.european-retail-academy.org), a virtual platform that brings more transparency about retail-research and retail-education and promotes the international transfer of know-how between business and universities. Since 1985 Managing Director of EHI Retail Institute (www.ehi.org) based in KÖLN, GERMANY (responsible especially for the business units ORGAINVENT, FOODPLUS and ERA) Dr. Hallier – an outstanding personality well understood and supported by his distinguished wife, Ingeborg and daughter, Marie-Cristin in his passion for transparency of the market and trends discovery, for promotion of the benchmarking in retail education and for one of the most internationalized markets, the Art market – is also the Chairman of the Advisory Board of EuroShop (world’s largest capital goods show in the retail sector) and Member of the Board of AIDA Brussels (Dr. Hallier was in Bucharest in 1998 on the occasion of the International Congress of AIDA and, in 2006 on the occasion of The 2006 International Conference on Commerce …organised by the Academy of Economic Studies in Bucharest ).

“The Magazine of the Year”: “The Romanian Economic and Business Review”, a real forum for analysis of the economic phenomena and institutions affecting the world economy in general, and Romania, in particular, a refereed journal published by the Romanian-American University. We think people should check out this journal having an international board of editors and publishing foreign and romanian authored articles.

It is refreshing to see that such a new romanian academic journal exists on the market. Romanian Economic and Business Review is concerned with both the broad issues of globalization and economic integration and specific problems of interest for romanian economy. The first no. is available at http://www.rau.ro/mydocuments/rebe/rebe-1-prt.pdf and, contains scholarly articles on issues like globalization, European Union and economic policy. The papers on the “spread of flat tax theology in Romania” (written by Anthony Evans), the uncertain future of EU (authored by Florin Bonciu) and the critique of cluster-based industrial policy (Bogdan Glavan) are particularly impressive.

The second no. brings together stimulating contributions from various authors, among which we mention a challenging perspective on the future of the international monetary order and an insightful article on welfare economics in the monopoly theory.

If it continues with such high quality articles, REBE will soon become recognized as one of the leading romanian journals in the field of economics. Look at this third no. too, check out and let’s the buzz start!

Statement of Purpose
The Romanian Economic and Business Review is the first peer-reviewed Romanian journal in the field of economics and business. This journal intends to provide a forum for academic analysis of the economic phenomena and institutions affecting the world economy in general, and Romania, in particular. REBE examines a wide variety of phenomena related to economic growth and business development and attempts to publish high quality research focusing on the role of institutions and public policy, within both a national and international context. REBE encourages cross-disciplinary research work of Romanian and foreign scholars.

Author Information
The ROMANIAN ECONOMIC AND BUSINESS REVIEW (REBE) is a refereed journal published four times annually by the Romanian-American University. The editors invite submissions of articles that deal with important issues in economy and business. Papers that focus on specific phenomena and events affecting Romanian economy are particularly encouraged. Because REBE seeks a broad audience, papers should be comprehensible beyond narrow disciplinary bounds.
Manuscripts should not exceed 8,000 words and must conform to the REBE’s style requirements, which are guided by The Chicago Manual of Style (14th edition). All submissions must include a cover sheet explaining the scope of the article, and including the authors’ names and affiliations, telephone and e-mail address. The text should be single-spaced. References are cited with parentheses using the author/date/page style. Example: (Marcus, 2005, p. 74). Authors should use footnotes, not endnotes to add only short comments. Bibliography should include only references cited in the text, in the alphabetical order of authors. An abstract of no more than 200 words should be included.
Submission of a paper implies that the paper will not be submitted for publication to another journal unless rejected by the REBE editor or withdrawn by the author, and that it is an original work. All submissions should be sent to the journal Editor:

Dr. Bogdan Glavan
Romanian-American University
Bulevardul Expozitiei nr. 1
Bucuresti
Telephone: 0723 177 820
E-mail: rebe@rau.ro
Subscription rates:
Institutions – $100/year
Individuals – $30/year

ISSN 1842-2497
© 2006 Romanian American University
No part of this journal may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. The opinions expressed in the articles are not necessarily those of the Editor or the publisher.

AUTUMN 2006

VOLUME 1

NUMBER 3

ROMANIAN ECONOMIC AND BUSINESS REVIEW

AUTUMN 2006

VOLUME 1

NUMBER 3

Editor:
BOGDAN GLAVAN

Associate Editors:

ADRIANA POPESCU
LUCIAN BOTEA
SORINA COSTACHE
COSMIN NEGRICEA

Editorial Board:

FLORIN BONCIU

Romanian American University

ANTHONY EVANS

European Business School

ANDRAS INOTAI

Institute of World Economy, Hungary Academy of Science

CONSTANTIN FLORICEL

Romanian American University

GEORGE IONESCU

Romanian-American University

NIKOLAY GERTCHEV

University of Paris

MARCEL MOLDOVEANU

Institute of World Economy, Romanian Academy of Sciences

ALEX SHARLAND

Barry University

ION POHOATA

Alexandru Ioan Cuza University

THEODOR PURCAREA

Romanian American University

NICOLAE IDU

European Institute of Romania

OVIDIU FOLCUT

Romanian American University

PUBLISHED BY THE SCIENTIFIC RESEARCH DEPARTMENT OF THE ROMANIAN-AMERICAN UNIVERSITY

ROMANIAN ECONOMIC AND BUSINESS REVIEW

CONTENTS

EDITORIAL

FLORIN BONCIU

January 1st, 2007: Romania’s accession into a changing European Union

ARTICLES

 BOGDAN GLĂVAN

Is There A Vision Behind Banking Supervision?

VICTOR MUNTEANU

INTERNAL AUDIT – AN ESSENTIAL ELEMENT FOR THE SUCCESS OF A COMPANY

LUCIAN-LIVIU ALBU

Trends in inflation-unemployment relationship before and after accession to EU

RADU MUŞETESCU

International labor migration: Between human rights and political objectives

ANTHONY J. EVANS

ARE ECONOMIC IDEAS A SUSTAINABLE COMMONS?
A STUDY OF THE EXCHANGE OF CREATIVE ECONOMICS

THEODOR PURCĂREA

A marketing reality and its implications

SORICA SAVA

The Opening – Dependence on the European Union and Globalization

MARIUS-DAN DALOTĂ

PRODUCT INNOVATION APPROACH IN SUCCESSFUL MANUFACTURING ORGANISATIONS

MIHAI SEBEA

Euro zone Eastern Enlargement and ECB’s Voting Mechanism Reform

ALEXANDRU IONESCU

THE IMPACT OF STN ON DEVELOPING MARKETS IN RELATION WITH GLOBALIZATION

IONUŢ COSMIN LUNGU
ANDREEA PAULA DUMITRU

Cumulative effect of a change in accounting principle:
Remove it from the Income Statement

FALL  2006

VOLUME 1

NUMBER 3