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Sistemul bancar în viziunea lui Victor Slăvescu

Sistemul bancar în viziunea lui Victor Slăvescu

Author(s): Augustin Poenaru / Language(s): Romanian Issue: 1/2017

Professor Slăvescu is considered the most important historian of the Romania’s banking system. His meticulous monographs dedicated to the banking phenomenon, contributed decisively to the actual knowledge of the credit’s past in Romania. Victor Slăvescu has developed the most comprehensive monograph of the credit system in Romania in the context of postwar period. This event took place in 1922, when he published „Romania’s credit organization”, in which are clearly defined the program and the working methods for the country's reconstruction. In this study, are summarized the main coordinates considered appropriate for a credit institution. Thus: the objectives had to be compatible with public interests of the State, the bank having the duty to do everything possible to avoid to become an instrument of the political power; its activity should be directed towards a wider circle of interests, especially to finance productive economic enterprises; a credit institution should never deviate from two principles: prudence and balance; every bank should be aware that it has national and social obligations, both in relation to helping the many and deprived and developing national culture. These principles were developed as part of a comprehensive and original vision of the great Romanian finance’s role. It is structured in three dimensions: internal consolidation of the national capital, its permanent affirmation and the expansion ”by ourselves”. To achieve these goals, banking theoretical foundations had to be developed.

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Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Örneği

Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişki: Türkiye Örneği

Author(s): Nurhan Kuş,Anıl Bölükoğlu / Language(s): Turkish Issue: 2/2022

The aim of this study is to analyze the relationship between financial development and economic growth in Turkey by means of three financial development indices that are developed by the IMF. In this study, which covers the years 1980-2018 and employs annual data set, the effect of financial development level on per capita output is estimated together with conventional growth factors. The results obtained by ARDL co-integration analysis have shown-that financial development is effective on per capita output. It has been revealed that the level of development of financial markets has a positive effect on economic performance, but the effect of development in financial institutions is neutral. The size of the effects was detected quite low compared to traditional indicators. In this context, policy suggestions were made to support the development of financial markets in Turkey.

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Devletin Ekonomideki Rolünün İslam İktisatçıları ile Klasik İktisatçıların Bakış Açılarına Göre Değerlendirilmesi

Devletin Ekonomideki Rolünün İslam İktisatçıları ile Klasik İktisatçıların Bakış Açılarına Göre Değerlendirilmesi

Author(s): Murat Fidan,Serkan Dilek / Language(s): Turkish Issue: 1/2022

The role of the state in the economy is one of the fundamental questions on which economists cannot have consensus. Adam Smith and classical economists argued that the state should intervene in the economy as little as possible. The role of the state in the economy in the studies of Islamic economy, which has increased since the second half of the 20th century, has also been revealed in the Qur'an and the Sunnah. The aim of the study is to examine the differences and similarities between Islamic economics and classical economics approaches about the role of the state in the economy. As a result of the study, it was concluded that both approaches have similar arguments about not interfering with market prices as much as possible. However, the Islamic economy transfers a significant portion of the supply of public goods to the voluntary sector through foundations. The classical economics approach, on the other hand, does not take kindly to public entrepreneurship, and in this respect, there are similarities between the two views. While classical economics does not prevent or even supports the accumulation of wealth, it is tried to prevent the accumulation of wealth in one hand in the Islamic economy. In short, similarities and differences between Islamic economics and classical economics have been determined.

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Tranzacţionarea algoritmică şi tranzacţionarea de mare frecvenţă. Evoluţia şi eficienţa cadrului de reglementare european şi naţional
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Tranzacţionarea algoritmică şi tranzacţionarea de mare frecvenţă. Evoluţia şi eficienţa cadrului de reglementare european şi naţional

Author(s): Radu N. Catană,Ioan Sumandea Simionescu / Language(s): Romanian Issue: 01/2022

Algorithmic trading and high-frequency trading have developed extensively in the last years, becoming the major trading techniques on the financial instruments markets. These technologies offer both benefits and risks for global markets. Through our study, we will identify the risks associated with these technologies. Then, we will critically analyze the regulation framework in the European Union and in Romania, concluding on the level of efficiency in tackling the associated risks.

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The US economy. A sociological analysis (part I)

The US economy. A sociological analysis (part I)

Author(s): Gabriel Săpunaru / Language(s): English Issue: 1/2013

The recent financial crisis showed how the world is systemically related especially when it comes to sharing faults. The recession started by the Lehman Brothers collapse hit the entire world depriving it of at least 12 trillion dollars (The Guardian, 2009). Is the current crisis part of a downturn of the economic knowledge? At first, it seems to be at least a ‘BlackSwan’ – in Taleb’s words, a much appreciated analyst of risk models –, i.e. a special form of hasty knowledge related to risk. The crisis is thus a phenomenon that not only economically, but also culturally struck the entire world, demonstrating that uncertainty and predictability are as far as ever and that there is no real progress in the social-economic field. The crisis is an opportunity and an emergency in the same time. The economics and the sociologic of economics must be overhauled. We will try to sort out the discussion on this matter starting from the “moral economy” of classics such as Adam Smith.

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Towards a critique of the world order -Part I

Towards a critique of the world order -Part I

Author(s): Radu Baltasiu,Ovidiana Bulumac,Gabriel Săpunaru / Language(s): English Issue: 3/2011

The actual crisis is an invitation to reconsider the role of knowledge and of sharing it across borders. It seems that the crisis is somewhat the by-product of a paradoxical combination between cultural-ethical illiteracy regarding the money, the society, the economics of society and the technical-mathematical abilities to handle computers and markets. Some analysts are even taking into consideration a new political phenomenon: the leaderless world – where leaders are either underperformers in front of serious decisions or faceless in face of those supposed to be led. Regional aspects of cross-border cultural exchanges will be also taken into account. Where is the place of superior education in this state of affairs? How is the crisis related to the way states are culturally communicating in a world almost exclusively market-centered is another major topic of discussion of our paper.

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World Furniture Industry

World Furniture Industry

Author(s): Nato Koridze / Language(s): English Issue: 15/2022

Furniture manufacturing is one of the most important sectors of the world economy. The world furniture market is developing dynamically and has undergone significant transformations over the last decade. The globalization of markets has led to changes in the structure of international trade. International furniture trade has been growing steadily since 2014 till outbreak of the COVID 19 pandemic in 2019. Population growth, high level of urbanization, development of construction business, increase in the number of business establishments, tourism development, demand for educational institutions, expansion of the medical sector, regular usage of outdoor spaces and many other factors contribute to the ever-increasing demand for furniture. The furniture manufacturing sector is one of the largest capital and labor-intensive sector, accounting for 4% of world production and providing jobs for 3% of the working population. China, USA, Germany and Italy are the largest exporters of furniture in the world. In the study we will look at the leading countries in the world of furniture production and the largest furniture manufacturers.

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THE CASE OF TURKEY IN SEARCH OF THE NEW ASPECTS OF FINANCIAL DEVELOPMENT: ECONOMIC GROWTH RELATIONSHIP

THE CASE OF TURKEY IN SEARCH OF THE NEW ASPECTS OF FINANCIAL DEVELOPMENT: ECONOMIC GROWTH RELATIONSHIP

Author(s): Gizay Daver / Language(s): English Issue: 11/2022

This study was conducted to determine the relationship between economic growth and financial development in Turkey for the period 1998:Q1 to 2021:Q1. For this purpose, following traditional practices, economic growth is monitored using the real gross domestic products’ changes. Financial development(FD) of Turkey’s monitored by using two aspects of financial development that are found equally important. These aspects are ‘financial institutions development’(FID) and ‘financial markets development’(FMD). Within the scope of the study, which is designed as a time series study, unit root and stationarity process tests were performed. Finding the series stationary, vector autoregressive model (VAR) is proposed. After lag length selection with the stable model, impulse response(IR) analyses were performed. After the IR analyses variance decomposition was performed using the Cholesky method. Both the economic development and financial development are considered to be important for Turkey and they have a relationship. The variables used in the study were found to be representative but not enough to conduct political or financial decisions. With the digital transformation, new variables should also be searched to represent the financial development and economic growth.

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Claim Management of Non-Life Insurance Companies in Ghana: Does It Impact on Profitability?

Claim Management of Non-Life Insurance Companies in Ghana: Does It Impact on Profitability?

Author(s): Alhassan BUNYAMINU,Shani Bashiru,Ibrahim NANDOM YAKUBU,Emmanuel AGGREY,Angelina APPIAH,Samuel AMPONSAH TUFFOUR / Language(s): English Issue: 76/2022

This study seeks to interrogate the impact of claim management on the profitability of non-life insurance companies in Ghana covering the years 2013-2020. The study employs the fixed effects and random effects techniques with data covering the period 2013-2020. Hausman test is used as an appropriate approach to conduct this study. Our work measured profitability utilizing interpretive financial tools such as return on assets (ROA) and returns on equity (ROE). The results of our research indicates that claim ratio and retention ratio have a profound adverse impact on return on asset. In terms of return on equity (ROE), claim ratio and expense ratio negatively and significantly affect profitability. This study recommends that non-life insurance companies should institute an effective claim processing system with highly qualified, experienced, trained and technical staff to ensure efficiency in claims management.

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A Review of the Monograph by T. Pimonenko, O. Lyulyov, N. Letunovska "Circular and Carbon-Free Economy: The Roadmap for Harmonizing National and European Standards for Energy Market"

A Review of the Monograph by T. Pimonenko, O. Lyulyov, N. Letunovska "Circular and Carbon-Free Economy: The Roadmap for Harmonizing National and European Standards for Energy Market"

Author(s): Jelena Titko / Language(s): English Issue: 3/2021

Circular and carbon-neutral economic development are the topical areas of implementing the climate strategy in many countries. According to these concepts, the main basis for economic development is the growth of the renewable energy share in the structure of energy consumption. The fact that Ukraine has announced that in the future its evolution will be determined by the European integration vector of development means that a prerequisite for the transition to the next steps of development is the synchronization of the national energy policy in accordance with the strategic guidelines of the European region. To develop an effective roadmap for harmonising Ukrainian and European standards of energy market regulation, it is advisable to analyse the experience of implementing energy efficiency practices in the policies of other countries in the European region. The authors forecast the structure of energy production from renewable sources, based on empirical calculations. The development and implementation of modernized mechanisms for regulating the energy market in European countries is a prerequisite for the successful adaptation of the Ukrainian energy sector and the introduction of effective approaches to the management of local businesses and all industries that depend on energy resources.

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EFFECTS OF THE 2008 GLOBAL RECESSION AND THE COVID-19 PANDEMIC ON FINANCIAL STABILITY OF THE REPUBLIC OF SERBIA

EFFECTS OF THE 2008 GLOBAL RECESSION AND THE COVID-19 PANDEMIC ON FINANCIAL STABILITY OF THE REPUBLIC OF SERBIA

Author(s): Milka Grbić / Language(s): English Issue: 24/2022

A series of financial crises in the last thirty years, among other things, serves as a reminder of the importance of financial stability. Therefore, preserving the financial system's stability, especially its most important segment - the banking sector, is the principal goal and the most significant challenge faced by the macro-prudential and economic leaders. The benefits of financial stability are manifold, starting from creating favourable circumstances for business and providing security for participants in the financial market to increased efficiency of financial intermediaries and better allocation of limited resources. Also, the greater resilience of the financial system and its ability to absorb financial and economic disruptions facilitates the achievement of other economic policy objectives. Starting from the position that financial stability is one of the fundamental preconditions for sustainable economic growth, this paper aims to analyse and assess the impacts of the global 2008 recession and the COVID-19 pandemic on the stability of the Serbian financial system.

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Financial Deepening and Stock Market Development in Nigeria: Evidence from Recent Data (1981-2019)

Financial Deepening and Stock Market Development in Nigeria: Evidence from Recent Data (1981-2019)

Author(s): Kehinde A. Tiamiyu,Taiwo H. Odugbemi,Adekunle O. Adelaja / Language(s): English Issue: 2/2022

This study has so far investigated the link between financial deepening and the development of the stock market over the period of 1981 and 2019 using Bound test conintegration ARDL approach on the ground that Nigeria's financial sector is still shallow and lacks the necessary liquidity and capital to bring about the required development of stock markets in Nigeria. The Bounds cointegration test revealed that cointegration existed among the variables under investigation. As a result, both the short and long term models were empirically examined. In the long run, the significant drivers of stock market development in Nigeria are financial development, domestic saving as a ratio of GDP, broad money diversification and GDP as they are all significant determinants in term of signs, magnitudeand size. This result parallels the findings of Okeya and Dare (2019). However, from 1981 to 2019, a considerable inverse relationship was seen between broad money diversification and stock market performance, contrary to projections. By implication, Nigerian financial sector lacks financial diversification in the long run. However, the finding supports the popular consensus that money is neutral in the long run as stock market mirrors economic condition of the country it represents. Nonetheless, the short-run counterpart of the regression model showed that stock market development follows adaptive expectation in Nigeria as its previous values significantly determined the present values. However, unlike in the long run, financial development indicator exerts negative influence to stock market and but only becomes significant after some lags. This therefore reinforces the reality that private sectors lacks enough liquidity, limiting its beneficial contribution to the development of the stock market in the near term. This, by inference, confirms the shallowness of the Nigerian financial sector, as it lacks sufficient liquidity in the short run. Besides, regardless of model considered be it long run or short run, total domestic saving ratio of GDP has been a good candidate driving stock market development in Nigeria. Based on this conclusion, the Central Bank of Nigeria (CBN) is enjoined to liberate interest rate so as to allow for more robust operations of financial sectors in Nigeria.

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Stock returns-inflation nexus in Indonesia: Evidence from conventional and Islamic stocks

Stock returns-inflation nexus in Indonesia: Evidence from conventional and Islamic stocks

Author(s): H. HAFASNUDDIN,M. Shabri Abd Majid / Language(s): English Issue: 4/2021

Objective: The objective of the article is to empirically explore the effects of actual, expected, and unexpected inflation on conventional and Islamic stock markets in Indonesia. Research Design & Methods: In the first stage, an auto-regressive integrated moving average (ARIMA) model is utilized to measure expected and unexpected inflations. In the second stage, a dynamic ordinary least squares (DOLS) estimator is used to explore the stock return-inflation nexus over the period from 1999 to 2019. Findings: The study documented that Islamic stock returns are independent of inflation following the Fisher hypothesis. Meanwhile, a negative relationship between stock returns and inflation is found in the conventional stock market. However, the Fama proxy hypothesis was incapable of describing the negative conventional stock returns-inflation relation in its entirety. However, our findings support the Mundell-Tobin hypothesis. Implications & Recommendations: Our findings imply that the Islamic stock market of Indonesia provides a full hedge against actual, while the conventional stock market does not. Contribution & Value Added: This study is the first attempt in the Islamic finance literature to comparatively explore the effects of inflation, expected, and unexpected inflation on conventional and Islamic stock markets from the perspective of the emerging Indonesian economy.

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The Human Factor in the Hungarian Business Services Sector Development in Comparison with Regional Competitors

The Human Factor in the Hungarian Business Services Sector Development in Comparison with Regional Competitors

Author(s): Robert Marciniak,Zoltan Gal / Language(s): English Issue: 56/2021

Objective: The Hungarian Business Services Sector (BSS) is an important part of the CEE business services market. As this market is not homogenous, Hungary is in several aspects different from the other regional countries. The study aims to examine the market position of the Hungarian Business Services Centres (BSC) in the Central and Eastern European region with special attention paid to the available human resources and the comparison of its advantages and disadvantages with that of Poland, the Czech Republic, Romania, and Bulgaria as the main competitors. Research Design & Methods: The research is based on literature review and statistical comparison made using databases of international and national business services associations and national statistical organisations. Findings: First, the study explores the literature on the development of the global, regional, and Hungarian BSS. Then, through a comparative statistical analysis, it presents the situation of the Hungarian market within the CEE region. The development of the region’s business services sectors was unbroken between 2015 and 2020, but there was a downward trend as to growth in most countries in terms of the number of employees. Implications/Recommendations: The study underlines the significance of intrinsic labour market and spatial distribution factors in the competition for business services investments, as well as it reveals how these factors influence the development paths of the countries under scrutiny. Contribution/Value Added: Different growth trajectories can be explained by different quantitative, qualitative, and spatial distributions of human resources. However, the study not only sheds light on regional disparities, but also helps to overcome inequalities, thereby recommending more effective investment promotion and human resource development policies.

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Ethics and integrity in the context of internal control system – a noble idea or the key of successful corporate governance

Ethics and integrity in the context of internal control system – a noble idea or the key of successful corporate governance

Author(s): Tamara Stojanović / Language(s): English,Serbian Issue: 3/2018

The aim of this paper is to explain the essence and significance of ethics and integrity, the problems of their management and evaluation as elements of control/internal environment, as well as the whole internal control system, risks management and corporate governance. The author emphasizes that if ethics and integrity are not properly understood and incorporated in control environment, it eventually leads to the collapse of the whole business system. On the contrary, if they permeate the organizational corporate culture, ethics and integrity become the key of its sustainable and long-term success. Regarding the role of auditing profession, especially internal auditing, it is very important to understand the criteria of ethics and integrity as they are the basis for their evaluation and the evaluation of the whole internal control system. However the main issue concerning the ethics’ and integrity’s management relates to the ‘tone on top’. Top leaders convey the message on ethics’ and integrity’s importance and certain way of behavior. Without stressing the significance of ethic and integrity by top management – through their own example, it is difficult to expect them to be something else but the mere noble idea and the mean of meeting the formal requirements of ‘good corporate governance’.

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IPO UNDERPRICING A WYSOKOŚĆ CENY EMISYJNEJ NA RYNKU NEWCONNECT

IPO UNDERPRICING A WYSOKOŚĆ CENY EMISYJNEJ NA RYNKU NEWCONNECT

Author(s): Sylwia Frydrych / Language(s): Polish Issue: 123/2022

Background: The article deals with companies debuting on NewConnect, an alternative trading system run by the Warsaw Stock Exchange S.A. outside the regulated market. It focuses on the evolution of the issue price of a company’s shares compared to its price at the end of the day of the first quotation. Research purpose: The aim of the article is to analyze IPO underpricing on the NewConnect market between 2007 and 2020 based on the share issue price on the debut date. The average change in the price of a security was also examined, as well as the number of companies according to the issue price. Attention is also paid to changes in prices in the NewConnect debut following the introduction of regulations regarding the increase in the nominal value of shares to PLN 0.10. Methods: The literature on the subject was reviewed, and the methods of deduction and observation were used. The source data and legal acts relating to the NewConnect market were analyzed. Statistics on the price change on the company’s debut on NewConnect are also included. Conclusions: The analysis of 620 companies admitted to trading on the NewConnect market shows that the shares of 60.22% of companies had a higher price at the end of the first trading day in relation to the issue price. The leading companies are debuts of penny companies, i.e., with an issue price below PLN 1. However, before April 1, 2010, the average price increase on the day of the debut was 176.06%. After the introduction of regulations concerning the increase of the nominal value of shares to PLN 0.10, the volatility of the price on the debut day among penny companies decreased, limiting the investment risk on the NewConnect market. Considering the number of companies debuting on NewConnect, entities that issued securities with an issue price above PLN 5 prevail, with the average price increase for these securities being the lowest at an average of 32.83%.

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Irregulatiries in presenting the budget execution and budget result in the Republic of Srpska municipalitiees

Irregulatiries in presenting the budget execution and budget result in the Republic of Srpska municipalitiees

Author(s): Jelena Poljašević,Bojan Ćurić / Language(s): English,Serbian Issue: 1/2017

In this work irregularities in the presentation of the budget execution and the budget result in the units of local government of the Republic of Srpska are considered through the conducting financial audits by the Audit Office of the Republic of Srpska. Although the definition of surplus, deficit and debt are easily understood, when determining the actual values of these parameters in practice there are significant problems. The part of these problems stems from the concept of financial reporting and general accounting inconsistencies budget but mainly because of the wrong approach to budget planning and unrealistic execution that usually occurs due to the forming and ac-cumulation of obligations over the available budget funds. It is very important to identify and analyze these problems to find possibilities to overcome them in order to gain a better insight into the actual/real budgetary result, because lack of information and knowledge on financial statements can lead to making wrong decisions or wrong public opinion.

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Niepewność a pieniądz gotówkowy w okresie pandemii: przypadek Polski

Niepewność a pieniądz gotówkowy w okresie pandemii: przypadek Polski

Author(s): Jacek Pietrucha,Michał Gulewicz / Language(s): Polish Issue: 3/2022

The increase in the cash supply is one of the most interesting monetary phenomena in recent years. In particular, the period of the COVID-19 pandemic was marked by a significant increase in the cash in circulation. The article considers whether the uncertainty related to the effects of the pandemic was the source of the increased cash supply during the pandemic in Poland. In order to measure uncertainty, the Pandemic Uncertainty Index and the Economic Uncertainty Index were constructed (monthly data for the years 2019–2021). It was assumed that the level of uncertainty experienced by households and non-financial enterprises is better illustrated by search terms in an internet search engine than (as is the case with other uncertainty measures) press publications or financial market indicators. Both new indicators are related to the cash supply in Poland during the pandemic, and this relationship is particularly strong in the case of the Pandemic Uncertainty Index. Changes in the cash supply in Poland were not related to the dynamics of retail sales (therefore, changes in the transactional demand for money can be excluded). The actual number of COVID-19 cases and the interest rate are also irrelevant. Maintaining a cash reserve is therefore treated by entities as an optimal strategy in a period of increased uncertainty. This cash function creates a new context in the discussions about the full waiver of cash.

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Demokracja bezpośrednia jako niespełniony model zarządzania oddolną inicjatywą non-profit „Wymiennik” (warszawski system waluty lokalnej)

Demokracja bezpośrednia jako niespełniony model zarządzania oddolną inicjatywą non-profit „Wymiennik” (warszawski system waluty lokalnej)

Author(s): Marlena Rycombel / Language(s): Polish Issue: 4/2021

The article asks the question if the vision of participative management in ‘Wymiennik’ – articulated by the founders of the system and described in “Wymiennik Community Rules” – relates to the practical realization of the participation model. The author shows problems associated with introducing the idea of direct democracy on the example of the grassroots, urban, and niche ‘Wymiennik’ initiative and referring to the experience of the Occupy Wall Street movement described by Manuel Castells. The conflicts within the Warsaw community will be shown, which were the effect of the experiment with the management model. The term consensus as stasis made by Marcus Miessen will be used.

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Investigarea criminalistică a infracțiunilor contra intereselor financiare ale UE

Author(s): Petruţ Ciobanu / Language(s): Romanian Issue: 1/2021

The phenomenon of globalization determines the new dimension in terms of state development, so that the protection of the financial interests of the European Union is an extremely important issue of our society. The funds allocated by the European Union to the Member States enjoy legal protection through a number of institutional instruments and means of criminal law. By the accession of our country to the European space, bodies, norms and rules for accessing European funds were created, correlated with the incrimination and sanctioning of crimes regarding the illegal access to these funds, in art.18/1 - art.18/5 of Law no. 78/2000, in a separate section entitled "Crimes against the financial interests of the European Union". Today, the fight against fraud against the financial interests of the European Union has new dimensions by identifying and using the most effective means to prevent, combat and cooperate. The forensic investigation of crimes against the EU's financial interests aims to establish the illicit activities by which the general budget of the European Union or the budgets administered by it has been defrauded, to identify the perpetrators and to establish the contribution of each to the commission of crimes. and the prosecution of guilty natural or legal persons.

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